Fund Select Bulletin - December 2016 - IGI Investment Bank€¦ · nd Performa Date: Monday stry ly...

MonMonday, 2

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Disclaimer: Thisfor informational economic conditimaterial fact regaLimited makes nLimited shall in aobjectives, financAll investments ithe capital markeany returns on inLimited, (2) may other losses resu

DeContIndustry

Month

Asset uCategoCategoCategoEcono

Market Equity

MonthlyOctobe

Top HoNovemBy scr

Top PerCategoCatego

Fund inPerformJamaPuContactDisclaim

nthly F3 January 201

ption to the Fund N number or [email protected]

21) 111-234-234 007 IGI Investme

An investgeneral psubsidiaryliteracy in

s document has bee purposes only and ions are subject to raarding the country, r

no representation asany manner be liabcial situation and pan mutual funds are sets. Past performancnvestment made in t not be copied or reulting thereof.

eceents

y Update ......ly Performance

under Managorized by Asseorized by Fundorized by Assemic and Money

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y Macro Snaer 2016 ...........

ldings of AMmber 2016 ........ip – Monthly ch

rformers ......orized on Montorized on Year

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Fund P7

Select Bulletin,

com.pk,

ent Bank Limited

tor education propublic with skills ay of the Securitie

n Pakistan. It aim

en prepared by IGI Ishould not be consiapid change, the infregion, market, induss to the accuracy, coble or responsible forticular needs of invesubject to market risce is not necessarilythe products by usedistributed, and (3)

emb.....................e Review ........

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nvestment Bank Limidered individual invformation is renderedstry, investment or sompleteness or timeor any loss that mayestors, who shall sesk. The NAV, any divy indicative of future ers. The information,are not warranted to

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e Rev

Exchange Commd financial decisiof Pakistan, Jamaancial markets an

ormation (including aecommendations to

publication and may ry effort has been m

mation. Neither IGI In consequence of a nal advice before marns have been provi

ment Bank Limited do opinions contained urate or timely. IGI In

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oes not take any res herein (1) include tnvestment Bank Lim

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tan (SECP). ‘Jame their money wisiversal approachfferent segments

nions and analyses) ity, fund or to adopt ce. The information he information is no

mited nor any directoe information. This dnt decision. anagement Compansponsibility for the finhe confidential and

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maPunji’ is to equsely. Establishedh to improve finans of the society.

contained in this do any investment strais not intended as at misleading or unreor, officer or employdocument takes no

ny/ (ies), and are denancial soundness oproprietary informatsponsible for any tra

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uip the , as a ncial

ocument (the informaategy. Because mar complete analysis o

eliable, IGI Investmeyee of IGI Investmen account of the inve

pendent on forces a

of any scheme or gution of IGI Investmeading decisions, dam

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ation) is rket and of every nt Bank nt Bank estment

affecting arantee nt Bank mage or

Monthly FuPublishing

InduMonth Industry According industry’s A586.8bn. EPKR 19.1b234.8bn, w ConventioAggressivestand at PK-13%MoM) By Asset CDuring the However, iCash ratio 124bn/ PKR By Asset MIn terms of AMC recordNational Infollowed by(or +6.5%M Returns For the mofollowed byAsset Alloc

Exhibit: Se

Source: Fun

USDmn

Banks

OMCs

Others

Power

Textile

Tech.

Oil & Gas

Fertilizer

Food

Cement

Total

und PerformaDate: Monday

ustry ly Perfor

to the data cAsset-Under Mxcluding the im

bn (or +3.7%Mwhile Conventio

onal vs Shariahe funds attracteKR 333.6bn, wh).

Class month, Equitie

investment in decreased du

R 564bn).

Management CAsset Manageded highest gro

nvestment Trusy Al Meezan InMoM).

onth of Dec-16,y Shariah Comcation Funds +7

ector-wise Fore

nd Select, NCCP

nce Review y, 23 January 2

Updarmance R

compiled by thManagement (Ampact of Funds

MoM). Shariah onal funds asse

h ed highest growhile Shariah Co

es asset classT-BILLs decre

uring the mont

Company ement Companowth of PKR 1st Limited (NITnvestment Man

Equity Funds mplaint Equity 7.2%MTD(+16

egin Investors P

PL

Buy Value

65.96

27.21

57.61

8.68

5.38

20.99

28.94

24.74

6.31

63.37

309.21

2017

ate Review

he Mutual FunAUM) increases of Funds, theComplaint fun

et increased by

wth of PKR 37ompliant incom

s attracted largeased by PKR th to 21% (PK

ny (AMC), JS In.1bn (or +10.3%T) attracted canagement Limit

recorded an avFunds +9.4%.6%YTD).

Portfolio invest

Sell Value

(94.02)

(20.30)

(102.50)

(19.16)

(10.83)

(17.94)

(78.61)

(21.68)

(6.36)

(82.22)

-453.62

nds Associatioed by PKR 22e increase in Ands asset advay +1.7%MoM to

7.0bn (or +12.5me funds contra

gest inflows of 34.43bn (or -

KR 150bn / PK

nvestment Limi%MoM). In termash inflow of Pted (Al-MEZ) A

verage return oMTD (+23.3%Y

tments (USDm

Net V

(2

(4

(1

(4

(1

(144

on of Pakistan.8bn (or +4.0%

AUMs during thanced by +7.8o PKR 352bn.

5%MoM) durinacted by PKR 5

PKR 36.8bn (-67%MoM) durKR 586.8bn) fr

ited ms of volumetrPKR 8.4bn (orAMC, attracting

of +10.8%MTDYTD) and Sha

n) Exhibit:

Value

28.1)

6.9

44.9)

10.5)

(5.4)

3.1

49.7)

3.1

(0.1)

18.8)

4.41)

‐150

‐100

‐50

0

50

100

150

(MUFAP), th%MoM) to PKRe month was o%MoM to PKR

ng the month t5.8bn (or

(or +14%MoMring the monthrom 22% (PKR

ric inflows, r +9%MoM), g PKR 6.3bn

D (+28.6%YTDariah Complian

Foreign Invest

(34)(50)

(40)

e R of R

o

). h. R

), nt

tors Portfolio In

(11) (18)

4

7

FIPI (USD

nvestments (US

74

23

(20)

41

Dmn)

Pa

SDmn)

(2)

(117)

(144)

age | 2


AssCatego


et unorized by


der My Asset M

2017

ManagManage

gemenment Co

nt ompany

Paage | 4


AssCatego


et unorized by


der My Fund T

2017

ManagType

gemennt

Paage | 5


AssCatego


et unorized by


der My Asset A

2017

ManagAllocatio

gemenon

nt

Paage | 6


Source: MUF

Exhibit: Av

Exhibit: Av

Exhibit: Mo

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

MM

(10.0)

(5.0)

-

5.0

10.0

15.0

20.0

6

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0


FAP

verage Year-to

verage rate of r

onthly AUMs

5.1 4.9

MoneyMarket

Agg.Fixed

Income

II

YTD %

Dec

-15

Jan-

16

Feb

-16

M16

Agg. Fixed Income

62.1

91.0

62.9

Money Market

Inco

De


-date returns

returns Conven

5.6 5.1

Islamicncome

Income

Mar

-16

Apr

-16

May

-16

Jun

16

e Cash

157.1

101.4

140

ome Equity

ec-16

2017

ntional Funds

4.6

28.6

IslamicMoneyMarket

Equity

Jun-

16

Jul-1

6

Aug

-16

Sep

-16

Equity

39.8

0.4

45.6

Shariah Compliant

Income

Nov-

23.3

11.8

IslamicEquity

Others

Sep

16

Oct

-16

Nov

-16

Dec

-16

Income

109.9

126.

91.3

Shariah Compliant

Equity

O

-16

Exhibit: A

Exhibit: A

Exhibit: C

-

2.0

4.0

6.0

8.0

10.0

12.0

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

.9 122.5

thers400

420

440

460

480

500

520

540

560

580

600

De

Average Month

Average rate of

Changes in AU

5.1

3.6

MoneyMarket

Agg.Fixed

Income

MTD %

Dec

-15

Jan-

16

Feb

-16

Agg. Fixed Incom

ec-15 Feb-16

AUM (

-to-date return

f returns Sharia

Ms

3.3 3.9

IslamicIncome

Income

Mar

-16

Apr

-16

May

-16

me Cash

Apr-16 Jun-1

PKRbn)

s

ah based Fund

4.4

10.8

e IslamicMoneyMarket

Equity

Jun-

16

Jul-1

6

Aug

-16

h Equity

6 Aug-16 O

%YoY - RHS

Pa

ds

9.4

4.6

IslamicEquity

Others

Sep

-16

Oct

-16

Nov

-16

D16

Income

Oct-16 Dec-16

age | 7

Dec

-16

-5%

0%

5%

10%

15%

20%

25%

30%

35%


MarEcono

Monthly Ininflation lev+3.8%YoY food prices+5.3% (+0.withholding Exports recontinues t5MFY16. Fdeficit of UUSD 17.3bprices and particularly

FX Reservdown by U4.9bn. Pakfunding exp Tax Collec(+2.3%YoY

Mon+3.7

Expo

FX R

Tax


ket Romic and

nflation print vel as measur(+0.2%MoM).

s (-2.2%MoM). .2%MoM). Going price increase

emain shy; ‘Exto deteriorate, For Nov-16 moSD 0. 20bn in

bn as oil pricesstronger rupe

targeted towa

ves deterioratSD ~200mn. R

kistan import copected we expe

ction slips: OnY) against a tar

nthly Inflation 7%YoY

orts remain s

Reserves dete

Collection sli


Review Money

below consered by CPI cloLower than coCore inflation cng forward, wee for POL prod

xport Packagwith deficit ex

onth alone, CuNov-15. Coun

s recover. Expee (PKR). The rds Textile sec

es: Country’s Reserves held overage standsect FX reserve

n fiscal front, prrget of PKR 1,2

print below c

hy; ‘Export Pa

eriorates

ips

2017

w Market

ensus growth ocked in at +3onsensus inflaticlocked in at +5e expect the CPucts.

e’ finally getsxtending to USurrent account ntry’s import shport decline by

recently annoctor, will bode w

foreign exchanby SBP stood

s just under ~6s to remain sta

rovisionally tax 200bn.

onsensus gro

ackage’ finall

of +3.7%YoY.7%YoY (-0.7%ion during the m5.2%YoY (+0.1PI to moderate

s a nod: On exSD 2.6bn for 5 recorded a d

howed a modery 2%YoY due tounced specialwell for overall e

nge reserves sd at USD 18.3b6months. Lookiable, extend su

collection stoo

owth of

y gets a nod

Y: For the mo%MoM) compamonth was on1%MoM) compe given governm

xternal front, c5MFY17 comp

deficit of USD rate growth of to benign reco Export Packaexport oriented

stand at USD 2bn while bankining ahead, with

upport to PKR.

od at PKR 1,07

Exhibit:

5.00

5.50

6.00

6.50

7.00

7.50

8.00

8.50

9.00

9.50

10.00

nth of Dec-16ared to previouthe back of de

pared to previoument recent de

current accountpared to USD 0.84bn compa+7%YoY in 5M

overy in Textileages worth PKd sectors.

23.2bn by Decng FX reserveh major uni/mu

73bn during 5M

Yield Curve

5.95

3M 6M

31-Dec-16

, general us month crease in us month ecision of

t balance 1.4bn in

ared to a MFY17 to e product

KR 180bn

c-16 end, stood at

ulti-lateral

MFY17

5.98 6.03

M 1 YR

6 30-N

6.67

7

3YR 5YR

Nov-16

Pa

7.38

7.88

8

7YR 10Y

31-Dec-15

age | 8

8.44

YR


MarEquity

Market touKSE100 in47,807poinworld and Banks andaverage 35Index recoindex returexpect bluelimelight. Acompared t Markets rewell-liquid oTwo T-BillsparticipatioPKR 100bn3 and 6 mo Key globaOPEC agreproduction

Thsigpr

TheaRs

ThEx

Mar

Marslig

Key


ket Ry

uched a newndex recordednts translating i

top Asian ma E&Ps. The av50mn shares crded return of n of -1.3% ande chip stocks (As of Dec-16, to MSCI ACWI

emain well-liqowing to OMOs auction was n of PKR 499bn and participaonths’ tenor ins

l and domestieed its first limby around 4.5

he US Federagnaled a fasteromises to booshe Economic Carlier decision s400/mmbtu he Chinese coxchange at Rs

rket touched a

rkets remain whtly

y global and d


Review

w high close td a robust grinto return of ~rket for 2016.Mverage tradingcompared to a13.4% for Dec

d Asia region +(in particularly

Pakistan trad P/E of 15.7x.

quid, Yield cuO injections, wit

conducted dubn.On PIB fronation of PKR 47struments incre

c news duringmit on oil output

percent, or ab

l Reserve raisr pace of increst growth. Coordination Cto reduce the

onsortium has 28.00 per shar

a new high cl

well-liquid, Yi

domestic new

2017

w

to 48k level: owth of ~5,18

~46%, making Major positive

g volumes of thaverage 449mnc-16 taking CY+5.6%. With MS

those includeddes at an attr

rve moved upth participation uring the mont, auction was

7bns citing highased slightly to

g the month: t since 2008, oout 1.2 million

sed interest raeases in 2017 a

Committee (ECgas sale price

won bid to are against rese

ose to 48k lev

eld curve mo

ws during the m

For the mont87 points (upPakistan 5th Bmomentum w

he market reconhigh witnesseY16 return to 3SCI emerging d in Pakistan Mractive CY17 f

p slightly: Ovat yields of 50

th with acceptnot accepted b

her bids by paro 5.99% and 6.

on a proposal barrels per day

tes by a quaras the Trump a

CC) of the cabie for industrial

cquire 40 percerve price of Rs

vel

ved up

month

th of Dec-16, p by 12%MoMBest performin

was witnessed ording decline ed in Nov-16. 32.7% comparestatus timelineMSCI EM indeforward P/E m

erall money m0-100bps abovtance of PKR by SBP againsrticipants. The .01%.

by member Aly.

rter point on Wadministration

inet on Thursdsector from R

cent stake of s 26.00 per sha

Exhibit:

43,000

44,000

45,000

46,000

47,000

48,000

the benchmarM), to close ag market in thin in Cementsof 28%MoM tMSCI Pakistaed to MSCI FM

e closing up, wex) to remain imultiple of 11.

market remaineve T-Bills yields

297bn againsst initial target o

cutoff yields fo

geria to reduc

Wednesday antakes over wit

day reversed itRs600/mmbtu t

Pakistan Stocare.

KSE 100

44,495.0

4

.0

.0

.0

.0

.0

.0

12/07/16

Index

rk at e s, to n M

we n 1

d s. st of or

e

d h

ts o

ck

46,185.3

02 390

6 12/14/16

46,993.3

0 363

12/21/16

Pa

47,424.6 228

‐

10

20

30

40

50

12/28/16

age | 9

00

00

00

00

00


Exhibit: P

Exhibit: V

Exhibit: Fo

Oil & Ga

Food &

Power G

Oil & G

Oil & G

Rea

Oil & Ga

USDmn

Banks

OMCs

Others

Power

Textile

Tech.

Oil & Gas

Fertilizer

Food

Cement

Total


Positive Contrib

Volume Leaders

oreign Investor

s Exploration Com

Commercial

To

C

& Personal Care Pr

Automobile Asse

Generation & Distr

Ch

as Marketing Com

Pharmace

Commercial

C

as Marketing Com

Engin

Re

Insu

Tra

l Estate Investmen

s Exploration Com

Paper &


buting Sector

s – Top 10 Sec

s Portfolio Inve

0% 5%

panies

Banks

obacco

Cement

oducts

embler

ribution

emical

panies

euticals

3

2

1

6

0

2

0

0 10

Banks

Cement

panies

neering

efinery

urance

ansport

nt Trust

panies

Board

Buy Value

65.96

27.21

57.61

8.68

5.38

20.99

28.94

24.74

6.31

63.37

309.21

2017

ctors (PKRmn)

estments (USD

14%

14%

9%

11%

6%

17%

8%

10%

10% 15% 20%

12

26

20 30 40

Sell Value

(94.02)

(20.30)

(102.50)

(19.16)

(10.83)

(17.94)

(78.61)

(21.68)

(6.36)

(82.22)

-453.62

Dmn)

21%

30%

%

% 25% 30% 35%

63

50 60 70

Net Va

(28

6

(44

(10

(5

3

(49

3

(0

(18

(144.

Exhibit: N

Exhibit: V

Exhibit: L

%

Techno

Su

Vanas

FABL

BAFL

BOP

FCCL

SSGC

ISL

AKBL

SNBL

ATRL

HUBC

alue

8.1)

6.9

4.9)

0.5)

5.4)

3.1

9.7)

3.1

0.1)

8.8)

41)

-150

-100

-50

0

50

100

150

Negative Contr

Volume Leade

Local Investors

ology & Communica

Textile Wea

Miscellane

Synthetic & Ra

Leather & Tanne

Textile Spin

ugar & Allied Indus

Glass & Cera

Modara

spati & Allied Indus

5.8

3.4

4.9

2.4

2.9

0.7

1.8

1.4

- 10.0

34 50

40

1

ributing Sector

rs – Top 10 Co

s Portfolio Inve

-11%

-12% -10%

ation

aving

eous

ayon

eries

nning

stries

mics

abas

stries

14.1

0 20.0

11 18

(4)

(7

LIPI (USD

ompanies (PKR

estments (USDm

-4%

-6%

-8%

-4%

-8% -6% -4

30.0

74)

(23)

20

(4

Dmn)

Pag

Rmn)

mn)

-1%

-2%

-2%

-1%

-1%

4% -2% 0%

43.7

40.0 50

1)

2

117

14

ge | 10

.0

44


Source: IGI F

MonNovem


Fund Select, SB

nthly Mmber 201


P, NCCPL

Macro16

2017

o Snaapshoot

Pagge | 11


TopDecem


Holdmber 201


dings 16

2017

of AMMCs’ in Equitiess

Pagge | 12




Pagge | 13


TopBy scr


Holdrip – Mon


dings nthly cha

2017

of AMange

MCs in Equuities

Pagge | 14


TopCatego

ConservatiMoney MarShariah CoShariah CoCapital ProtModerateIncome Shariah CoShariah CoFund of FunShariah CoFund of FunAggressiveEquity Shariah CoAsset AllocaShariah CoAggressive Shariah CoIndex TrackShariah CoBalanced Shariah CoCommoditie

STAR FCategoryIncome FunSource: FM

Category


Perfoorized o

iveket mpliant Money Mmpliant Capital Ptected

mpliant Income mpliant Fund of Fndsmpliant Fund of Fnds - CPPI

mpliant Equity ation mpliant Aggressi Fixed Income mpliant Asset Allker mpliant Index Tra

mpliant Balancedes

UND

ndsMRs / MUFAP


ormern Month

Market Protected

Funds

Funds - CPPI

ive Fixed Income

location

acker

d

2017

rs -to-date

NAFA GoverAl Ameen IslaNAFA IslamicHBL Mustahe

NAFA IncomABL Islamic INAFA IslamicJS Fund of FNAFA IslamicJS Fund of F

AKD OpportuNAFA IslamicNAFA Asset

e NAFA IslamicAKD AggressFaysal IslamAKD Index TKSE MeezanNAFA Multi AMeezan BalaUBL Gold Fu

Fund NameAtlas Stock M

Fund Name

(MTD) b

rnment Securitiesamic Cash Fundc Principal Protecekum Sarmaya F

e FundIncome Fund (Fo

c Active AllocatioFundsc Principal Prese

Funds

unity Fundc Stock FundAllocation Fundc Aggressive Incsive Income Fundic Asset Allocatioracker Fund

n Index FundAsset Fundanced Fundund

Market Fund

basis

s Liquid Fund

cted Fund IIFund 1

rmerly: ABL Islamic C

on Plan I

ervation Fund

ome Fundd (Formerly: AKD In

on Fund

Cash Fund)

come Fund)

M

10.42 102.68 137.79 106.27

10.07 10.33

136.25 57.75

115.34 57.75

113.66 14.92 18.52 9.74

53.28 109.84

17.82 96.81 19.48 18.27 79.39

NAV668.25

NAVMTD 18

4.96 5.02 8.08 1.00

5.40 5.27 8.01 8.27 4.99 8.27

5.90 9.73 7.11 5.04 4.58 6.75

11.88 0.30 7.38 0.11

(1.11)

MTD14.57

Ret

Pag

80D 365

N/A 4.88 - 3

5.01

N/A 6.44 N/A

16.45 2 N/A 1

16.45 2

40.52 5 N/A 4 N/A 3 N/A

6.32 13.53 1 24.31 3 21.51 4

N/A 3 14.76 2

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180D34.02 4

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5.67 4.88

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13.00 38.35 42.16 37.37 25.99 7.08

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Pagge | 19




Pagge | 20




Pagge | 21




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Pagge | 23


JamFundame

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er repared by IGI Ition) is for inform

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92-51) 2273861

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92-41) 2540815

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92-68) 5871651

Investment Banmational purpostment strategy. may change wi

ustry, investmen makes no reprofficer or emplo

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ct to market riskrces affecting thility for the finanopinions conta

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Floor, The Forck-09, Clifton, 4-234 | (+92-269, 35301780

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nk Limited and ases only and shBecause markeithout notice. Thnt or strategy. Wresentation as tooyee of IGI Invethe information

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ge | 25

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Fund Select Bulletin - December 2016 - IGI Investment Bank€¦ · nd Performa Date: Monday stry ly...

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