IGI Fund Management Report - igilife.com.pk
Transcript of IGI Fund Management Report - igilife.com.pk
IGI Life Insurance Limited
IGI|Life
Funds Performance ReportJuly 2019
July 2015
Source: SBP, PBS, Bloomberg
Equity Market Review and Outlook:
FUND MANAGER REPORT
For the month of July 2019
Macro Review and Outlook:Jul-19 inflation clocked in at 10.3%YoY (+2.3% m/m)Jul-19, monthly inflation creeped to a double digit growth of +10.34% (+2.3% m/m) from +9.0% y/y (+0.5% m/m) in previous month, highest reading in more than 5-yrs years. Inflation print reflects recent budgetary measuresThe outturn was in line with the market consensus (Bloomberg median: 10.3%, mean 10.37%). The rise follows i) government’s decision to increase utility prices (gas and electricity), ii) +15% GST on domestic supplies of clothing, iii) increase in POL prices during the start of the month (HSD +12.3% y/y, MS +18.3% y/y) and iv) quarterly revision in house rental index. Subsequently, the largest impact came from Housing, Water, Electricity, Gas & Fuels (HWEG&F) head whereby monthly inflation rose by +1.1% m/m or +3.5% y/y. The breakdown shows that inflation increased across almost all goods and services last month. The only exception was perishable food items inflation, which decelerated by 0.06% m/m to 8.1%. Core inflation continue to rise on account of rise in HRI and exchange rateCore inflation (NFNE) inched up by +1.7% m/m to +7.8% reflecting the underlying price increase of mainly house rental index and recent budgetary measures. The wholesale price index (WPI) a proxy index to exchange rate movements is up by +13.5% y/y (+3.1% m/m).C/a deficit finally receding, down to 4.8% of GDP from 6.3% in 2018For the month of Jun-19, C/a deficit clocked in at USD 0.995bn (USD 1.97bn in Jun-18). C/a deficit for FY19, declined by ~32% to USD 13.6bn. or 4.8% of GDP, compared to 6.3% of GDP during FY18. Trade deficit during the period reduced by ~11% y/ y to USD 28.2bn, thanks to a faster slowdown in import bill 7% y/y to USD 52.4bn compared to exports 2% y/y to USD 24.2bn. Moreover, net services deficit also improved to USD 4.3bn down from USD 6.0bn last year and so has income surplus improved to USD 18.9bn from USD 17.9bn. up by +5% y/y.
CPI Inflation
External Account
KSE-100 index performance remained lackluster in the month of Jul-19, declining by 1,963.1pts m/m (down by 5.8%). Several positives in the month including formalization of Extended Fund Facility program (EFF) with the IMF and much awaited US visit by Imran Khan failed to attract volumes. Post IMF growth, exchange rate and interest rates outlook kept investors nervous Major attrition in the local bourse came from Power Generation (-270pts MoM) followed by Oil & Gas Exploration Companies (-231pts MoM), and Cements (-187.5pts). On the contrary, expected resolution of GIDC issue kept Fertilizer sector (+41pts) in limelight. Monthly volumes stood at 76mn (135mn previous month).
KSE 100
Money Market Review and Outlook:A healthy participation in Jul-19During the month of Jul-19, SBP conducted two T-bill auctions with a cumulative target of PKR 1.3trn against the maturity of PKR 1.094trn. The total accepted amount was PKR 2.308trn with a majority chunk in 3m tenure. The cut-off yields were 13.75% / 13.95% and 14.10% for the 3m, 6m and 12m tenure respectively. SBP conducted fixed PIB auction on July 24, 2019 with a target of PKR100bn against the maturity of PKR 83.1bn. the auction received a cumulative participation of PKR 566.8bn (5.6x) in all, 3/5 and 10 yrs tenure, however, SBP accepted PKR 172.4bn, (PKR 107 / 46 / 19bn for 3/5 and 10yrs). The cut-off yields and coupon rates were 14.25% / 7.5%, 13.80% / 8.0% and 13.55% / 8.75% respectively for 3/5 and 10 yrs bond. In the floating bond auction SBP accepted PKR 84.2bn and set spread at a cut-off of 75bps over the benchmark.
Yield Curve
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 260.4 270.6 ‐3.80%
Net Assets Value (PKR '000) 617,288 640,059 ‐3.56%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI Aggressive Fund ‐ IAF ‐3.80% ‐7.93% ‐8.75% ‐13.86% ‐15.08% ‐12.21% 8.86%
IGI Aggressive Fund ‐ IAF BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
High
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐3.80% against its last
month absolute return of ‐4.30%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Aggressive Fund
INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes largely driven by equity with a
proportion of fixed income & money market instruments.
FUND INFORMATION: RETURNS:
For the month of July 2019
306.59 303.86 301.76307.81
300.90
280.22
302.23297.12 295.82
285.34 282.80
270.63
260.36
250.00
260.00
270.00
280.00
290.00
300.00
310.00
320.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
8.3%
24.8%
65.7%
1.2%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
8.1%0.3%
26.0%
64.9%
0.7%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
98
148
198
248
298
348
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 266.0 269.1 ‐1.15%
Net Assets Value (PKR '000) 698,609 715,424 ‐2.35%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI Balanced Fund ‐ IBF ‐1.15% ‐2.63% ‐2.66% ‐4.32% ‐4.41% 1.25% 9.07%
IGI Balanced Fund ‐ IBF BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐1.15% against its last
month absolute return of ‐1.49%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Balanced Fund
INVESTMENT OBJECTIVE:The investment objective of the Fund is to earn competitive long term return by investing in mix of equity, fixed income and money market instrument.
This fund is suited for investors with moderate risk tolerance.
FUND INFORMATION: RETURNS:
For the month of July 2019
5.5%
24.8%
39.5%
29.6%
0.5%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
3.7%
26.2%
40.9%
28.9%
0.3%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
98
118
138
158
178
198
218
238
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
278.28276.98 276.08
280.30
275.99
264.09
278.02276.47 276.60
273.28 273.20
269.11
266.01
255.00
260.00
265.00
270.00
275.00
280.00
285.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 220.3 218.5 0.85%
Net Assets Value (PKR '000) 563,066 561,763 0.23%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI Conservative Fund ‐ ICF 0.85% 1.62% 2.31% 4.76% 7.06% 11.23% 7.26%
IGI Conservative Fund ‐ ICF BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 0.85% against its last
month absolute return of 0.76%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Conservative Fund
INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a
liquid portfolio of low risk short term investments yielding competitive returns.
FUND INFORMATION: RETURNS:
For the month of July 2019
0.7% 0.0%
40.1%
0.0%
56.3%
2.8% 0.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
41.1%
56.8%
2.7%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
98
108
118
128
138
148
158
168
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
205.80 206.35 206.93208.62 207.83 206.83
210.32212.41
213.99215.36
216.81218.47
220.33
200.00
205.00
210.00
215.00
220.00
225.00
230.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 163.3 161.8 0.90%
Net Assets Value (PKR '000) 222,492 220,342 0.98%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI Islamic Fund ‐ IIF 0.90% 0.92% 1.68% 3.69% 7.10% 7.53% 4.44%
IGI Islamic Fund ‐ IIF BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 0.90% against its last
month absolute return of 0.03%.
Value of 100 Rupees invested 5 years ago
Islamic Fixed Income
IGI Islamic Fund
INVESTMENT OBJECTIVE:To provide maximum possible preservation of capital and a reasonable rate of return via investing in Shariah Compliant money market and debt
securities having good credit quality rating and liquidity.
FUND INFORMATION: RETURNS:
For the month of July 2019
53.0%
26.0%
6.5%14.5%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
58.1%
24.2%
5.6%12.1%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
80
100
120
140
160
180
200
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
152.43153.15
153.84154.61
155.42156.41
157.45158.51
159.59160.56
161.76 161.81163.26
150.00
152.00
154.00
156.00
158.00
160.00
162.00
164.00
166.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 352.6 364.0 ‐3.13%
Net Assets Value (PKR '000) 23,608 24,398 ‐3.24%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI FS Aggressive Fund ‐ IHA ‐3.13% ‐6.59% ‐7.42% ‐12.50% ‐13.70% ‐8.63% 14.29%
IGI FutureSecure Aggressive Fund ‐ IHA BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
High
Daily Forward Pricing
Monday to Friday
1.5%
25‐Feb‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐3.13% against its last
month absolute return of ‐3.57%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Future Secure Adventurous Fund
INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes encompassing equity,
fixed income & money market instruments.
FUND INFORMATION: RETURNS:
For the month of July 2019
10.2%2.0%
30.8%
56.0%
1.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
9.7%2.5%
32.2%
55.1%
0.6%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
145
195
245
295
345
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
408.60404.53 401.60
410.56
400.68
371.22
402.99396.21 394.74
380.89377.50
364.02
352.62
350.00
360.00
370.00
380.00
390.00
400.00
410.00
420.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 237.6 240.3 ‐1.11%
Net Assets Value (PKR '000) 151,710 153,054 ‐0.88%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI FS Balanced Fund ‐ IHB ‐1.11% ‐2.55% ‐2.57% ‐4.40% ‐4.58% 1.43% 9.59%
IGI FutureSecure Balanced Fund ‐ IHB BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
18‐Feb‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐1.11% against its last
month absolute return of ‐1.45%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Future Secure Balanced Fund
INVESTMENT OBJECTIVE:
The investment objective of the Fund is to earn competitive return by investing in various asset classes/instruments based on the market outlook.
FUND INFORMATION: RETURNS:
For the month of July 2019
6.8%
17.1%
46.7%
28.9%
0.5%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
6.3%
18.0%
47.6%
27.8%
0.3%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
115
135
155
175
195
215
235
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
249.01247.47 246.45
250.35
246.38
235.64
248.53247.20
247.22
243.88 243.81
240.27237.60
230.00
235.00
240.00
245.00
250.00
255.00
260.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 173.0 171.5 0.85%
Net Assets Value (PKR '000) 39,104 38,777 0.84%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI FS Cautious Fund ‐ IHC 0.85% 1.59% 2.24% 4.72% 6.98% 10.82% 6.02%
IGI FutureSecure Cautious Fund ‐ IHC BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
1.5%
18‐Mar‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 0.85% against its last
month absolute return of 0.73%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Future Secure Cautious Fund
INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a
liquid portfolio of low risk short term investments yielding competitive returns.
FUND INFORMATION: RETURNS:
For the month of July 2019
0.8%
33.5%
62.8%
2.9% 0.1%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
34.4%
62.9%
2.8%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
105
115
125
135
145
155
165
175
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
161.69 162.04 162.44163.63 163.03 162.75
165.18166.70
168.08169.19
170.27171.52
172.97
158.00
160.00
162.00
164.00
166.00
168.00
170.00
172.00
174.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 217.8 216.3 0.68%
Net Assets Value (PKR '000) 17,176 17,073 0.60%
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI FS Secure Fund ‐ IHS 0.68% 1.61% 1.56% 3.80% 5.55% 8.38% 8.65%
IGI FutureSecure Secure Fund ‐ IHS BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
1.5%
18‐Mar‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 0.68% against its last
month absolute return of 0.92%.
Value of 100 Rupees invested 5 years ago
Govt. Securiities
IGI Future Secure Fund
INVESTMENT OBJECTIVE:
The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.
FUND INFORMATION: RETURNS:
For the month of July 2019
6.3%
93.7%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
5.9% 0.3%
93.8%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
105
115
125
135
145
155
165
175
185
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
206.32207.48 207.35 206.77 207.14 207.67
209.79
211.62212.71
214.42 214.33
216.31217.77
204.00
206.00
208.00
210.00
212.00
214.00
216.00
218.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 202.8 200.8 1.00%
Net Assets Value (PKR '000) 2,304 2,283 0.90%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
Sarmaya Pakistan Income ‐ SPI 1.00% 0.76% 1.20% 3.51% 7.53% 7.24% 8.14%
IGI Sarmaya Pakistan Income Fund ‐ SPI BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
22‐Jul‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 1.00% against its last
month absolute return of ‐0.24%.
Value of 100 Rupees invested 5 years ago
Fixed Income
IGI Sarmaya Pakistan Income Fund
INVESTMENT OBJECTIVE:The objective of the Fund is to deliver competitive above inflation returns primarily from debt and fixed income investments without taking excessive
risk. The fund Is suited for investors with low risk tolerance.
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of July 2019
64.4%
33.2%
2.4%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
28.7%32.6% 31.6%
4.1% 3.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
105
115
125
135
145
155
165
175
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
188.63189.89 190.79
192.15193.30
194.66195.97
197.49198.75
200.43 201.31 200.83202.84
180.00
185.00
190.00
195.00
200.00
205.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 278.3 293.2 ‐5.08%
Net Assets Value (PKR '000) 32,404 34,370 ‐5.72%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
Sarmaya Pakistan Stock ‐ SPS ‐5.08% ‐10.53% ‐12.63% ‐20.68% ‐22.57% ‐20.88% 12.80%
IGI Sarmaya Pakistan Stock Fund ‐ SPS BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
High
Daily Forward Pricing
Monday to Friday
03‐Feb‐11
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐5.08% against its last
month absolute return of ‐5.73%.
Value of 100 Rupees invested 5 years ago
Equity
IGI Sarmaya Pakistan Stock Fund
INVESTMENT OBJECTIVE:The objective of the fund is to provide investors long term capital appreciation through its investment in Pakistani equities. This fund is suited for
investors with medium to long term horizon and high risk tolerance.
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of July 2019
9.4%
88.5%
2.1%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
12.1%
87.5%
0.4%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
100
150
200
250
300
350
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
359.43352.83 349.24
358.12348.93
316.71
350.86
337.87 335.68
318.54311.03
293.21
278.30
260.00
280.00
300.00
320.00
340.00
360.00
380.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 176.0 175.2 0.48%
Net Assets Value (PKR '000) 0.60 147 ‐99.59%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
Sarmaya United Growth ‐ SUG 0.48% 0.46% 0.99% 7.81% 19.86% 14.54% 6.49%
IGI Sarmaya United Growth Income Fund ‐ SUG BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Moderate
Daily Forward Pricing
Monday to Friday
05‐Aug‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 0.48% against its last
month absolute return of ‐0.01%.
Value of 100 Rupees invested 5 years ago
Fixed Income
IGI Sarmaya United Growth & Income Fund
INVESTMENT OBJECTIVE:Invest in medium to long‐term fixed income instruments as well as short‐tenor money market instruments to generate superior, long‐term, risk‐adjusted
returns while preserving capital over the long‐term.
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of July 2019
63.7%
16.3%6.7%
13.4%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
100.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
75
95
115
135
155
175
195
215
235
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
146.86 147.46 148.18 149.04 149.77
162.32 163.28
171.10172.91 174.31 175.22 175.19 176.03
140.00
145.00
150.00
155.00
160.00
165.00
170.00
175.00
180.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 319.2 340.6 ‐6.27%
Net Assets Value (PKR '000) 284,108 315,219 ‐9.87%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
Sarmaya United Stock ‐ SUS ‐6.27% ‐11.62% ‐13.22% ‐21.16% ‐22.80% ‐21.13% 13.78%
IGI United Stock Fund ‐ SUS BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
High
Daily Forward Pricing
Monday to Friday
05‐Aug‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐6.27% against its last
month absolute return of ‐5.71%.
Value of 100 Rupees invested 5 years ago
Equity
IGI United Stock Fund (Formerly: IGI Sarmaya United Stock Fund)
INVESTMENT OBJECTIVE:The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of listed equity securities offering long term
capital gains and dividend yield potential.
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of July 2019
7.2%
91.8%
1.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
3.5%
96.5%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
145
195
245
295
345
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
413.54 405.17 398.72411.32
400.02
363.89
404.93393.04
384.14367.85 361.20
340.58
319.24
300.00
350.00
400.00
450.00
500.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 162.5 160.7 1.12%
Net Assets Value (PKR '000) 8,046 7,955 1.15%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
Sarmaya United Money ‐ SUI 1.12% 0.71% 1.40% 4.31% 9.59% 8.95% 7.14%
IGI Sarmaya United Money Market Fund ‐ SUI BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
19‐Jul‐12
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 1.12% against its last
month absolute return of ‐0.41%.
Value of 100 Rupees invested since inception
Fixed Income
IGI Sarmaya United Money Market Fund
INVESTMENT OBJECTIVE:The objective of Money Market Fund is to generate competitive returns within a low risk portfolio to provide a regular stream of income and easy
liquidity to its investors by investing more than 50% of the portfolio in short term government securities
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of July 2019
84.5%
15.5%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
7.6%
72.4%
20.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
100
105
110
115
120
125
130
135
140
145
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
148.23 149.20 150.19151.92
153.04154.43
155.74157.22
158.90160.21
161.31 160.65162.46
142.00
147.00
152.00
157.00
162.00
167.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jul‐19 Jun‐19 MoM %
NAV per Unit (PKR) 271.3 268.6 1.02%
Net Assets Value (PKR '000) 2,741,975 2,738,744 0.12%
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI Sarmaya Secure ‐ SSE 1.02% 1.62% 1.15% 3.97% 7.37% 8.24% 11.68%
IGI Secure Fund ‐ SSE BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION:
Jul‐19 Jun‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
22‐Jul‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 1.02% against its last
month absolute return of 0.59%.
Value of 100 Rupees invested 5 years ago
Govt. Securiities
IGI Secure Fund (Formerly: IGI Sarmaya Secure Fund)
INVESTMENT OBJECTIVE:
The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of July 2019
5.1%
27.7%
67.2%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
5.6%
25.9%
68.5%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
100
120
140
160
180
200
220
240
Jul‐13
Jul‐14
Jul‐15
Jul‐16
Jul‐17
Jul‐18
Jul‐19
252.72254.89 255.26
256.91 257.16258.96
261.00
264.09 265.07
268.27267.03
268.60271.35
245.00
250.00
255.00
260.00
265.00
270.00
275.00
Jul‐18 Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19