May 2015
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Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer tobuy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon aredependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarilyindicative of future results.
May, 2015 MUFAPs Recommended Format
ECONOMIC REVIEW
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units
and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
May15 witnessed the CPI edge up to 3.16% compared to a low of 2.11% in the previous month. Average 11MFY15 CPI stood at 4.65%
compared to 8.66% in its comparable period last year. On a Year-on-Year basis major increase was witnessed in food items (non
perishable) as well as the housing and electricity index.
On the other hand, 11MFY15 SPI averaged at 1.80% whereas WPI averaged at -0.14%.
In the bi-monthly Monetary Policy statement announced in May15, SBP decided to slash benchmark policy rate by 100bps to 7%. The
decision was broadly in line with market expectations on the back of declining inflation (10MFY15 average CPI at 4.81% pre MPS), soft
international commodity prices, stability in exchange rate, hike in foreign exchange reserves and improving trade deficit. In addition to a cut
of 100bps in the discount rate, SBP also decided to reduce the interest rate corridor by 50bps by setting floor rate at 200bps below ceiling
rate. A target rate which is set at 50bps below discount rate was also introduced.
On the external front, current account continued its positive trajectory and reported a surplus of $275 million in the month of April15 against
a deficit of $20 million in Mar15 (revised figures). 10MFY15 current account balance currently stands at $ 1,364 million against $2,931
million in its comparable period last year. During the month of April, positivity on the external front is primarily attributed to a decline in
imports by approximately 9.7% to $ 2,984 million against $3,304 million in the previous month. During the month oil imports, agriculture
products and machinery which contribute about 22%, 18% and 16% (collectively 56%) registered decline of 9.75%, 4.13% and 1.94%
respectively. On the other hand, exports showed negligible increase of 0.39% and stood at $2,059 million against $2,059 million. Overseas
workers remittances in May stood at $ 1,641 million against 1,578 million, improving by approximately 4% on a MoM basis.
On the revenue side, FBR provisional tax collection for the month of April15 stood at PKR 200 billion. Cumulative tax collection for
10MFY15 now stands at PKR 1.745 trillion substantially below the governments target of PKR 2.691 trillion.
Other major macro-economic developments during May include S&Ps upgrade on Pakistan sovereign credit rating to Positive from
Stable and successful completion of IMFs 7th review. The upcoming Budget FY16 (due on 5th June) will crystalize governments dual
focus on improving fiscal imbalance (Rs200bn new tax measures) and outlining its policies on promoting medium-term growth via
investment.
May, 2015 MUFAPs Recommended Format
EQUITY MARKET REVIEW
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units
and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
FIXED INCOME REVIEW
During the month of May, State Bank of Pakistan announced its bi-monthly monetary policy slashing the discount rate by 100bps to a 42
year low of 7 %. This decision was based on declining headline inflation (10MFY15 average CPI at 4.81%-Pre MPS), soft international
commodity prices, stability in exchange rate, increasing foreign exchange reserves and improving trade deficit. SBP also decided to narrow
the interest rate corridor by 50bps by setting the floor rate at 5%. Another initiative taken by SBP includes introduction of a target rate at
50bps below discount rate which will effectively be treated as an OMO rate. These initiatives taken by SBP are aimed at reducing short term
volatility in the money market.
During the month of May15, yields across short term papers witnessed sharp decline of 66bps, 36bps and 22bps and stood at 6.60%,
6.67% and 6.81% for 3 month, 6 month and 12 month paper respectively. Yields across longer tenor instruments closed the month at
7.38%, 8.12% and 9.21%, fluctuating by, -6 bps, 18 bps and 17 bps for 3 year, 5 year and 10 year bond respectively.
In the bi-monthly T-bill auctions conducted during May SBP raised an aggregate of PKR 211 billion against the target of PKR 425 billion
with last cut-off yield settling at 6.61%, 6.65% and 6.75% for 3 month, 6 month and 12 month paper respectively. In addition to this SBP
also raised a total of PKR 61 billion through PIBs against a target of PKR 50 billion. The last cut-off yields settled at 7.55%, 8.10% and
9.25% for the 3 year, 5 year and 10 year bond respectively.
KSE 100 index yielded a negative return of 2% in the month of May 2015 dragging the YTD return to 11.48%.
The month started with the index under pressure ignoring encouraging macroeconomic data including upgrade of the countrys sovereign
credit rating to Positive from Stable by Standard and Poor. Political tensions kept investors at bay as they remained skeptical regarding
election tribunals decision regarding the Lahore elections. Too add fuel to the fire was news regarding National Accountability Bureaus
(NAB) investigations which kept activity subdued. Investor sentiment was also hurt by the approval of Gas Infrastructure Development Cess
(GIDC).
Month ended proved to be a positive surprise as the State Bank slashed the policy rate by 100bps to 7%. This however failed to garner
investor interest as pre budget speculation about a proposed hike in the capital gain tax (CGT) acted as a dampener with the index closing
the month at 33,056.79.
During May, KSE 100 index witnessed net buying of USD 14.955mn compared to a net buy of USD 33.926mn in the previous month.
Banks/DFIs made a net buy of USD 25.351mn whereas mutual funds were net sellers of USD 29.414mn, respectively. Average traded
volume in the month declined to 168.37mn shares compared to 275.92mn in the previous month.
MSCI Indices during May also remain subdued. MSCI Frontier Market Index and MSCI Emerging Market index posted a decline of 4.1%
and 3.7% respectively.
KEY STATISTIC
Apr-15 May-15
NAV* 107.5818 108.2406
Net Assets (million) 2,889 2,409
Duration (Years) 0.10 0.09
Since Inception* 10.02%
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units
and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
May, 2015 MUFAPs Recommended Format
PORTFOLIO QUALITY (% OF TOTAL ASSETS)
AAA, 65.64% AA+,
9.30%
AA, 25.06%
ASSET ALLOCATION (% OF TOTAL ASSETS)
FUND PERFORMANCE
Period ASCF* ASCF** Benchmark
Month to Month 7.21% 7.45% 6.67%
Year to Date 8.37% 8.39% 8.52%
365 day 8.37% 8.37% 8.57%
ASSET ALLOCATON (% OF TOTAL ASSETS)
ASSETS Apr-15 May-15
Treasury Bill 71.20% 65.63%
Placements / TDRs 26.91% 17.60%
Cash 1.63% 16.52%
Other Including Receivables 0.26% 0.25%
STATTIC INFORMATION
Fund Objective:
The objective of the Fund is to provide investors a money market instrument with high level of
liquidity, stability in earning and very high level of credit. The Fund will target to deliver rolling
returns closer to a mix of Treasury Bills (70%) + Bank Deposits (30%) - fund expenses on short
term basis. The Fund would AIM to achieve top quartile performance in its category through
active fund management.
Investment Committee Member:
Saqib Mukhtar CEO
Mustafa Iqbal CIO Equities
Mustafa Kamal SVP Fund Management
Adeel Shahid CFO (Acting)
Sumaira Shaukat Asst. Manager Fixed Income
Minimum Investment 5,000.00
Sales Load Nil
Management Fee 1.0%
Fund Stability rating AAA by PACRA
Management Co. Rating AM3+ (Positive Outlook) by PACRA
Price Mechanism Backward
Benchmark 70% 3 month T-bill's + 30% Average 3-month deposit rate of
at least 3 banks (AA and above)
Dealing day and Cutoff times Monday Friday 10.00 am
Fund Manager Mustafa Kamal
Fund type Open End
Category Money Market Fund
Fund Launch Date September 18, 2009
Risk Low
Registrar Askari Investment Management Ltd.
Trustee Central Depository Company of Pakistan Ltd. (CDC)
Auditors A. F. Ferguson & Company
5 YEAR RETURN
FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010
Return 8.37% 8.07% 9.24% 11.47% 12.26% 10.67%
Benchmark 8.52% 8.88% 8.87% 10.66% 11.32% 10.66%
HISTORIC
RETURNS
*Morning Star Jun-14 July-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15
Return 8.12% 8.60% 8.72% 8.63% 8.91% 8.71% 8.34% 11.13% 7.45% 7.34% 7.48% 7.45%
Benchmark 9.23% 9.23% 9.24% 9.24% 9.20% 9.03% 8.95% 8.53% 7.68% 7.89% 7.67% 6.67%
WORKERS WELAFRE FUND (WWF)
The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 60.39 million, if the same were not made the NAV per unit and (YtD) return of
the Scheme would be higher by Rs. 2.7133 and 294bps respectively enhancing
the YtD return to 11.31%. For details investors are advised to read the Note: 12.1of
the latest Financial Statements of the Scheme.
RISK GRID
Low High
MONTHLY REVIEW
*Annualized **Morning Star
*Adjusted for Dividend
71.2
0%
26.9
1%
1.6
3%
0.2
6%
65.6
3%
17.6
0%
16.5
2%
0.2
5%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
T. Bills Placements/TDRs Cash Other Receivables
Apr-15
May-15
Weighted Average Rating: AAA
Leverage Nil
In the month of May15, ASCF delivered a return of 7.21% against the
benchmark return of 6.67%, outperforming its benchmark by 54bps. By
the end of the month, asset under management of the fund stood
declined by approximately 17% and stood at PKR 2.409 billion against
PKR 2.889 billion in previous month.
Exposure against Treasury bills closed at 65.63% against 71.20% in
previous month. Approximately 7.24% of the funds were invested as
Term deposits with commercial banks while money market placements
constituted 10.86% of the fund size. Remaining funds which constitutes
about 16.52% of the fund size were invested as cash with AA and
above rated banks.
KEY STATISTIC
Apr-15 May-15
NAV (PKR per unit) 112.7839 112.9159
Net Assets (PKR million) 4,021 4,187
Duration (Years) 3.50 3.29
Since Inception* 5.74%
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units
and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
May, 2015 MUFAPs Recommended Format
PORTFOLIO QUALITY (% OF TOTAL ASSETS)
AAA, 49.49%
AA+, 7.79%
AA, 4.20%
AA-, 12.98%
A, 3.84%
A+, 16.25%
A-, 0.01%
BBB, 2.82% Non-Inv Grade/un-
Rated, 2.63%
ASSET ALLOCATION (% OF TOTAL ASSETS)
32.1
4%
1.6
9%
2.4
0%
50.1
2%
6.0
4%
0.5
8%
4.5
2%
0.0
8%
0.2
1%
2.2
2%
26.8
4%
1.6
3%
2.3
5%
46.5
2%
7.0
7%
5.8
9%
0.5
6%
6.0
2%
0.0
7%
0.1
1%
2.9
4%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
TF
Cs/S
ukuk T
ier-
1
TF
Cs/S
ukuk T
ier-
2
T.
Bill
s
PIB
TF
C S
uku
k -
IP
O
TF
C P
re-I
PO
Pro
pert
ies
Cash
Ord
inary
Share
s
MT
S
O.
Receiv
able
s
Apr-15 May-15
FUND PERFORMANCE
Period AHYS* AHYS** Benchmark
Month to Month 1.47% 1.48% 7.07%
Year to Date 14.80% 14.89% 9.17%
180 day 16.35% 17.35% 8.42%
Top Exposures
Exposure
(% Total
Assets)
Valued At
PKR
YTM
(%)
Bank Al Falah Ltd (20-02-13) 6.28% 100.8681 7.94%
NIB Bank TFC (19-06-14)* 6.15% 98.5516 8.26%
Engro Chemical PRP-I (18-03-08) 2.46% 102.25 8.48%
Engro Fertilizer Sukuk (09-07-14) 3.15% 103.625 7.245
Maple Leaf Cement Sukuk (3-12-07) 1.63% 84.6803 14.31%
Faysal Bank Ltd (27-12-10) 2.41% 102.55 7.69%
Engro Chemical PRP-II (18-03-08)* 1.75% 93.9383 11.53%
Bank Al-Habib Ltd. TFC (30-06-11) 1.58% 111.8883 12.46%
K-Electric Ltd (19-03-14) 1.33% 102.6053 7.52%
Al Baraka Bank (Pak) Ltd (26-09-14)* 0.83% 99.3618 8.42%
STATTIC INFORMATION
Fund Objective:
The objective of the Fund is to provide investors an opportunity to make competitive returns from
fixed income securities while targeting a portfolio duration of six months. In addition to accruing
benefits from fixed income securities, the Fund would target capitalizing on yield enhancing
opportunities available in the market using its proprietary investment efficiency tools. The Fund
would aim to achieve top quartile performance in its category.
Investment Committee Member:
Saqib Mukhtar CEO
Mustafa Iqbal CIO Equities
Mustafa Kamal SVP Fund Management
Adeel Shahid CFO (Acting)
Sumaira Shaukat Asst. Manager Fixed Income
Minimum Investment 5,000.00
Sales Load Up to 2.0% Front End
Up to 1.0% Back End
Management Fee 2.0%
Fund Stability rating A by PACRA
Management Co. Rating AM3+ (Positive Outlook) by PACRA
Price Mechanism Forward
Benchmark Average 6 month KIBOR
Dealing day and Cutoff times Monday Friday 9.00 am to 4.30 pm
Fund Manager Mustafa Kamal
Fund type Open End
Category Aggressive Fixed Income Scheme
Fund Launch Date March 16, 2006
Risk Moderate
Registrar Askari Investment Management Ltd.
Trustee Central Depository Company of Pakistan Ltd. (CDC)
Auditors A. F. Ferguson & Company
5 YEAR RETURN
FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010
Return 14.80% 11.63% 1.61% -0.03% 5.40% -7.09%
Benchmark 9.17% 9.83% 9.93% 12.37% 14.77% 12.33%
HISTORIC
RETURNS
*Moring Star Jun-14 July-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15
Return 24.18% 9.41% 8.29% 10.38% 17.24% 17.26% 27.84% 19.59% 13.40% 12.61% 27.91% 1.48%
Benchmark 10.17% 10.17% 10.18% 10.18% 10.19% 9.87% 9.65% 9.20% 8.49% 8.18% 7.88% 7.07%
WORKERS WELAFRE FUND (WWF)
The Scheme has maintained provisions against Workers Welfare Funds liability to the tune of Rs. 22.67 million, if the same were not made the NAV per unit/ year to date (YtD) return of the Scheme
would be higher by Rs. 0.6114/0.67bps enhancing the YtD return to 15.47%. For details investors
are advised to read the Note: 13.1 of the latest Financial Statements of the Scheme.
RISK GRID
Low High
MONTHLY REVIEW
*Annualized **Morning Star
*Discretion Applied
Weighted Average Rating: AA
Leverage Nil
In the month of May15, AHYS posted a return of 1.47% against the benchmark return of 7.07%, underperforming its benchmark by 560bps.
However in 11MFY15, the fund delivered a return of 14.80%, significantly
outperforming its benchmark by 563bps. Underperformance during the month was due to volatility in prices of Pakistan Investment Bonds as the
fund has significant exposure against this asset class.
During the month, assets under management of the fund increased by
approximately 4% and stood at PKR 4.187 billion against PKR 4.02 billion in
previous month.
By month end, allocation against Treasury Bills and Pakistan Investment
Bonds stood at 2.35% and 45.52% respectively. Exposure in Tier-1 TFC(s)
was realigned during the month as fresh exposure of approximately 12.96%
was built against Soneri Bank TFC together with K-Electric Sukuk to increase
funds recurring return. Few corporate and banking sector TFCs were also sold by the fund to realize capital gains. This movement resulted in the
reduction of the overall exposure against Tier 1 TFC(s) by 5.25% closing at 26.84% against 32.14% in previous month. Cash of approximately 6.02% of
the funds were invested with A and above rated banks.
The cycle of providing against non-performing assets under regulations has
virtually been completed. One significant aspect of the fund is that the return
of the fund could substantially improve going forward once some of these
assets are classified as performing again.
KEY STATISTIC
Apr-15 May-15
NAV (Rs/unit)* 106.4520 106.9789
Net Assets (million) 505 520
Duration (Years) 0.07 0.05
Since Inception* 9.46%
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units
and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
May, 2015 MUFAPs Recommended Format
PORTFOLIO QUALITY (% OF TOTAL ASSETS)
A-, 0.12%
A+, 18.25%
AA, 60.25%
AA+, 9.45%
AAA, 1.56%
A, 9.70%
Other, 0.39%
ASSET ALLOCATION (% OF TOTAL ASSETS)
1.6
1%
27.8
3%
69.2
3%
0.0
0%
1.3
3%
1.5
6%
27.0
8%
60.3
6%
9.4
3%
1.5
7%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
Ijara Sukuk CorporateSukuk
Cash K-ElectricSukuk (Pre-
IPO)
OtherReceivables
Apr-15
May-15
FUND PERFORMANCE
Period AIIF* AIIF** Benchmark
Month to Month 6.23% 6.41% 5.81%
Year to Date 6.97% 6.99% 6.51%
90 day 6.07% 6.15% 5.80%
TOP EXPOSURES
EXPOSURE
(% TOTAL
ASSETS)
VALUED
AT PKR
YTM
(%)
Engro Fertilizer Sukuk (9-7-14) 13.63% 103.6250 7.24%
Al Barka Bank Sukuk (26-9-14)* 9.57% 99.3618 8.42%
K-Electric Sukuk (19-3-14) 3.87% 102.6053 7.52%
Ijara Sukuk (18-09-12) 1.56% 100.8800 6.07%
STATTIC INFORMATION
Fund Objective:
The objective of the Fund is to provide investors a Shariah compliant product with stable halal
income. The fund would target on capitalizing available opportunities in the Shariah compliant
income generating instruments. The Fund will focus on superior quality portfolio compared with
average portfolio quality of Islamic income funds in the industry and enhanced returns over a 3
month horizon. The Fund would AIM to achieve top quartile performance in its category.
Investment Committee Member:
Saqib Mukhtar CEO
Mustafa Iqbal CIO Equities
Mustafa Kamal SVP Fund Management
Adeel Shahid CFO (Acting)
Sumaira Shaukat Asst. Manager Fixed Income
Minimum Investment 5,000.00
Sales Load Up to 1.0% Front End
Up to 1.0% Back End
Management Fee 1.10%
Fund Stability rating A+ by PACRA
Management Co. Rating AM3+ (Positive Outlook) by PACRA
Price Mechanism Forward
Benchmark Average 3-month Placement (Deposit) rate of 3 Islamic Banks
Dealing day and Cutoff times Monday Friday 9.00 am to 4.30 pm
Fund Manager Faisal Raza
Fund type Open End
Category Shariah Compliant Islamic Income Fund
Fund Launch Date September 18, 2009
Risk Low
Registrar Askari Investment Management Ltd.
Trustee MCB Financial Services Ltd
Auditors A. F. Ferguson & Company
5 YEAR RETURN
FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010
Return 6.97% 7.93% 8.74% 12.06% 12.24% 8.35%
Benchmark 6.51% 7.34% 6.65% 7.74% 8.24% 7.79%
HISTORIC
RETURNS
*Moring Star Jun-14 July-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15
Return 4.02% 0.37% 6.15% 7.83% 6.20% 9.69% 10.98% 9.51% 7.26% 3.85% 8.59% 6.41%
Benchmark 7.94% 7.99% 7.99% 6.98% 6.30% 6.30% 6.23% 6.23% 6.23% 5.85% 5.73% 5.81%
WORKERS WELAFRE FUND (WWF)
The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 5.60 million, if the same were not made the NAV per unit and (YtD) return of the
Scheme would be higher by Rs. 1.1518 and 125bps respectively, enhancing the
YtD return to 8.22%For details investors are advised to read the Note: 12.1 of the
latest Financial Statements of the Scheme.
RISK GRID
Low High
MONTHLY REVIEW
*Annualized **Morning Star
*Discretion Applied
*Adjusted for Dividend
Weighted Average Rating: AA
Leverage Nil
During the month of May15, AIIF delivered a return of 6.23% against
the benchmark return of 5.81%, outperforming its benchmark by 42bps.
Fund size increased by approximately 4% and closed the month at
PKR 520 million against PKR 504 million in previous month.
By month end, allocation against GoP Ijarah Sukuk stood at 1.56%
whereas Corporate Sukuk constituted 27.08% of the fund size.
Approximately 9.43% of the funds were invested in fresh Sukuk issue
of Karachi Electric offering attractive accounting yield. The remaining
funds constituting 60.36% of the fund size were invested as cash with
Islamic Banking windows of commercial banks.
KEY STATISTIC
Apr-15 May-15
NAV (PKR per unit) 111.3524 111.9196
Net Assets (PKR million) 1,047 1,053
Duration (Years) 2.84 2.32
Since Inception* 10.87%
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units
and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
May, 2015 MUFAPs Recommended Format
PORTFOLIO QUALITY (% OF TOTAL ASSETS)
AAA, 73.96%
AA+, 1.04%
AA, 6.34%
A+, 9.13%
AA-, 8.11%
Non-Rated, 1.42%
ASSET ALLOCATION (% OF TOTAL ASSETS)
13.2
7%
45.1
5%
34.7
5%
4.7
0%
0.7
9%
1.3
4%
13.1
4%
40.4
3%
33.5
0%
4.6
8%
6.4
0%
1.8
6%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
TCFs T. Bills PIB TFC Pre-IPO
Cash OtherReceivables
Apr-15
May-15
FUND PERFORMANCE
Period ASYE* ASYE** Benchmark
Month to Month 6.41% 6.60% 6.62%
Year to Date 12.98% 13.06% 8.48%
120 day 11.59% 12.05% 7.51%
TOP EXPOSURES
EXPOSURE
(% TOTAL
ASSETS)
VALUED
AT PKR
YTM
(%)
NIB Bank Limited (19-06-14)* 4.61% 98.5516 8.26%
Bank Al Falah Ltd. TFC (20-02-13) 4.67% 100.8681 7.94%
Faysal Bank Ltd. TFC (27-12-10) 2.87% 102.5500 7.69%
Bank Al-Habib Ltd. TFC (30-06-11) 0.99% 111.8883 12.46%
STATTIC INFORMATION
Fund Objective:
The objective of the Fund is to generate relatively higher yield than the conventional bank
deposits, from a portfolio constituted of credit worthy sovereign instruments and banking sector
fixed income instruments and deposits.
Investment Committee Member:
Saqib Mukhtar CEO
Mustafa Iqbal CIO Equities
Mustafa Kamal SVP Fund Management
Adeel Shahid CFO (Acting)
Sumaira Shaukat Asst. Manager Fixed Income
Minimum Investment 5,000.00
Sales Load Front End 1.25%
Back End - Nil
Management Fee 1.10%
Fund Stability rating AA- by PACRA
Management Co. Rating AM3+ (Positive Outlook) by PACRA
Price Mechanism Forward
Benchmark 70% Average 6 month PKRV plus 30% three month average
deposit rate of 3 Banks having A+ or above rating.
Dealing day and Cutoff times Monday Friday 9.00 am to 4.30 pm
Fund Manager Mustafa Kamal
Fund type Open End
Category Income Scheme
Fund Launch Date September 07, 2012
Risk Low
Registrar Askari Investment Management Ltd.
Trustee Central Depository Company of Pakistan ltd. (CDC)
Auditors A. F. Ferguson & Company
5 YEAR RETURN
FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010
Return 12.98% 8.83% 10.98% 10.32% - -
Benchmark 8.48% 8.90% 8.92% 10.58% - -
HISTORIC
RETURNS
*Moring Star Jun-14 July-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15
Return 8.59% 8.61% 9.70% 11.42% 17.30% 16.01% 14.66% 18.79% 11.11% 9.29% 20.89% 6.60%
Benchmark 9.24% 9.23% 9.21% 9.22% 6.99% 8.99% 8.93% 8.20% 7.65% 7.81% 7.60% 6.62%
WORKERS WELAFRE FUND (WWF)
The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 7.92 million, if the same were not made the NAV per unit and (YtD) return of the
Scheme would be higher by Rs. 0.8414 and 0.93bps respectively, enhancing the
YtD return to 13.91%. For details investors are advised to read the Note: 12.1 of the
latest Financial Statements of the Scheme.
RISK GRID
Low High
MONTHLY REVIEW
*Annualized **Morning Star
Weighted Average Rating: AA+
Leverage Nil
*Discretion Applied
In the month of May15, ASYE delivered a return of 6.41% against the
benchmark return of 6.62 resulting in underperformance of 21bps. This
was attributed to volatility in the price of Pakistan Investment Bonds.
Assets under management saw a negligible increase and closed the
month at PKR 1.053 billion against PKR 1.048 billion in the previous
month.
By month end, allocation against PIB(s) and Treasury Bills stood at
33.50% and 40.43% against 34.75% and 45.15% respectively in
previous month. Banking Sector TFC(s) closed the month at 13.14%.
Approximately 4.68% of the funds were diverted towards a fresh TFC
issue of Soneri Bank to increase funds recurring return. The remaining
funds, constituting about 6.40% of the fund size, were invested as cash
with AA ad above rated banks.
KEY STATISTIC
Apr-15 May-15
NAV (PKR per unit) 57.9209 56.3422
Net Assets (PKR million) 341.492 333.403
Credit Quality AA -
Since Inception* 4.32% *Annualized return for year since inception
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units
and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
May, 2015 MUFAPs Recommended Format
TOP HOLDINGS (% OF TOTAL ASSETS)
EFERT, 7.35%
POL, 7.08%
PPL, 6.27%
MTL, 6.04%
FECTC, 5.99%
UBL, 5.18%
JSCL, 5.17%
KTML, 4.02%
BAFL, 3.79%
ICL, 2.98%
ASSET ALLOCATION (% OF TOTAL ASSETS)
80.8
9%
16.3
7%
2.7
4%
67.3
0%
31.1
9%
1.5
1%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
Equity Cash Other Receivables
Apr-15
May-15
FUND PERFORMANCE
Period AAAF Benchmark KSE-100
Month on Month -2.73% -1.32% -2.00%
Quarter on Quarter -3.51% -1.08% -1.71%
Year to Date 10.19% 6.02% 11.48%
SECTOR ALLOCATION (% OF TOTAL ASSETS)
SECTOR Apr-15 May-15
Oil & Gas Exploration Companies 13.08% 13.35%
Oil & Gas Marketing Companies 7.07% 7.17%
Cement 10.16% 7.87%
Textile Composite 8.19% 4.03%
Commercial Bank 11.33% 8.97%
Chemicals 2.95% 2.98%
Automobile Parts & Accessories 0.99% 0.96%
Automobile Assembler 5.92% 6.04%
Power Generation & Distribution 3.47% -
Fertilizer 4.52% 8.17%
Technology & Communication 3.50% 2.59%
Insurance 3.96% -
Inv.Banks/Inv.Cos./Securities Cos. 5.75% 5.17%
STATTIC INFORMATION
Fund Objective:
The objective of the Fund is to provide investors an investment solution through disciplined and
structured investment techniques. The Fund shall target capitalizing on opportunities available in
both fixed income and equity markets using in-house research and proprietary investment matrix.
Investment Committee Member:
Saqib Mukhtar CEO
Mustafa Iqbal CIO Equities
Mustafa Kamal SVP Fund Management
Adeel Shahid CFO (Acting)
Komal Niazi Asst. Manager Equities
Minimum Investment 5,000.00
Front End Load 2.5%
Back End Load 2.5%
Management Fee 2.0%
Fund Performance Ranking Short term - 2 Star, Long term 4 Star by PACRA
Management Co. Rating AM3+ (Positive Outlook) by PACRA
Price Mechanism Forward
Benchmark 50% KSE-30 Index + 50% 6 months KIBOR.
Dealing day and Cutoff times Monday Friday 9.00 am to 4.30 pm
Fund Manager Mustafa Iqbal
Fund type Open End
Category Asset Allocation Fund
Fund Launch Date September 10, 2007
Risk Moderate
Registrar Askari Investment Management Ltd.
Trustee Central Depository Company of Pakistan ltd. (CDC)
Auditors A. F. Ferguson & Company
5 YEAR RETURN
FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010
Return 10.19% 19.31% 39.87% 12.12% 13.47% 7.61%
Benchmark 6.02% 18.24% 22.73% 8.35% 17.78% 35.74%
HISTORIC
RETURNS
*Moring Star Jun-14 July-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15
Return 0.12% 1.75% -5.00% 4.55% 2.16% 3.10% 2.97% 5.85% -1.58% -11.77% 12.43% -2.73%
Benchmark 0.60% 2.02% -2.40% 1.31% 0.17% 0.96% 1.54% 4.00% -0.51% -5.91% 6.53% -1.32%
WORKERS WELAFRE FUND (WWF)
The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 4.88 million, if the same were not made the NAV per unit and (YtD) return of the Scheme would
be higher by Rs. 0.8248 enhancing the absolute YtD return to 11.80%. For details
investors are advised to read the Note: 6.1 of the latest Financial Statements of the Scheme.
RISK GRID
Low High
MONTHLY REVIEW
For the month of May 2015, Askari Asset Allocation Fund (AAAF)
posted a negative return of 2.73% compared to its benchmark return of
negative 1.32%.The underperformance was mainly attributed to Bank
Al Falah delivering a MTD negative return of 12.76% and United Bank
Limited depreciating by 9.59% Month end assets under management
stood at PKR 333.403 million versus PKR 341.492 million last month.
During the month, equity exposure reduced drastically from 80.89% to
67.30% as capital gains were booked. Exposure in Cements reduced
considerably from 10.16% to 7.87%. Allocation in Commercial banks
was decreased from 11.33% to 8.97%.On the other hand Fertilizer
sector allocation was increased from 4.52% to 8.17% as the fund
participated in SPO (Secondly Public Offering) of Engro Fertilizer. Cash
and bank balances at month end stood at 31.19% compared to 16.37%
last month.
KEY STATISTIC
Apr-15 May-15
NAV (Rs/unit)* 121.7183 118.2575
Net Assets (Rs/million) 152.594 131.467
Credit Quality (Debt Instrument) AAA -
Since Inception* 13.23% *Annualized return for year since inception
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units
and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
May, 2015 MUFAPs Recommended Format
TOP HOLDINGS (% OF TOTAL ASSETS)
MTL, 9.48%
EFERT, 9.26%
POL, 8.87%
PSO, 8.23%
NML, 8.16%
PPL, 7.77%
LUCK, 6.62%
FECTC, 4.38%
DGKC, 4.27%
PTC, 3.07%
ASSET ALLOCATION (% OF TOTAL ASSETS)
69.2
9%
19.9
4%
4.3
4%
6.4
3%
70.0
9%
27.4
4%
2.4
7%
0.0
0%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
Equity Cash Other Receivables Ijara Sukuk
Apr-15
May-15
FUND PERFORMANCE
Period AIAAF Benchmark* RFR+3%
Month on Month -2.84% -0.32% 0.80%
Quarter on Quarter -1.98% 1.65% 2.65%
Year to Date 8.38% 9.65% 11.71%
SECTOR ALLOCATION (% OF TOTAL ASSETS)
SECTOR Apr-15 May-15
Oil & Gas Exploration Companies 14.44% 16.64%
Oil & Gas Marketing Companies 7.39% 8.23%
Cement 23.67% 15.27%
Textile Composite 6.08% 8.16%
Automobile Assembler 8.24% 9.48%
Technology & Communication - 3.07%
Fertilizer 9.47% 9.26%
STATTIC INFORMATION
Fund Objective:
The objective of the Fund is to provide investors a unique AIM Based Shariah compliant
Investment solution focused on a Total Return based philosophy. The Fund AIMs to provide
Risk free rate + 3% returns on rolling period of two years, targeting to capitalize on opportunities available in equity and debt markets based on in-house research and proprietary investment
techniques.
Investment Committee Member:
Saqib Mukhtar CEO
Mustafa Iqbal CIO Equities
Mustafa Kamal SVP Fund Management
Adeel Shahid CFO (Acting)
Komal Niazi Asst. Manager Equities
Minimum Investment 5,000.00
Front End Load 2.5%
Back End Load Up to 5%
Management Fee 2.0%
Fund Performance Ranking Short term 2 star by PACRA
Management Co. Rating AM3+ (Positive Outlook) by PACRA
Price Mechanism Forward
Benchmark The Benchmark of the fund is 50% three months average
deposit rate of 3 Islamic Banks + 50% KMI 30 Equity index.
Dealing day and Cutoff times Monday Friday 9.00 am to 4.30 pm
Fund Manager Mustafa Iqbal
Fund type Open End
Category Shariah Compliant Islamic Asset Allocation Fund
Fund Launch Date September 18, 2009
Risk Moderate
Registrar Askari Investment Management Ltd.
Trustee MCB Financial Services Ltd
Auditors A. F. Ferguson & Company
5 YEAR RETURN
FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010
Return 8.38% 12.53% 30.80% 10.50% 11.77% 3.02%
Benchmark 9.65% 17.21% 27.51% 9.88% 16.65% 2.46%
HISTORIC
RETURNS
*Moring Star Jun-14 July-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15
Return -0.25% 1.76% -4.18% 3.54% 0.71% 2.00% 1.41% 6.17% -0.98% -9.02% 10.89% -2.84%
Benchmark 0.99% 1.58% -2.31% 2.27% 0.53% 1.32% 1.18% 3.28% -0.08% -3.78% 6.01% -0.32%
WORKERS WELAFRE FUND (WWF)
The Scheme has maintained provisions against Workers Welfare Funds liability of Rs.2.11 million, if the same were not made the NAV per unit and (YtD) return of the
Scheme would be higher by Rs. 1.8981 enhancing the absolute YtD return to
10.12%. For details investors are advised to read the Note: 9.1 of the latest
Financial Statements of the Scheme.
RISK GRID
Low High
MONTHLY REVIEW
*50% KMI-30 + 50% 3m-deposit
For the month under review AIAAF posted an absolute return of -2.84%
against the benchmark return of -0.32%. The underperformance
primarily came from Lucky Cement, D.G. Khan Cement and Pakistan
Petroleum Limited shedding 7.65%, 6.02% and 5.73% respectively.
Month end net assets stood at PKR131.467mn as compared to PKR
152.594mn in the previous month. During the month, equity exposure
increased moderately to 70.09% from 69.29% as fresh exposure was
taken in the technology and communication sector. Exposure in cement
was reduced from 23.67% and to 15.27% on account of profit
realization.
By month end, the funds exposure in Ijara Sukuk was completely
eliminated from 6.43% last month, whereas cash balance stood at
27.44% of the fund size.
KEY STATISTIC
Apr-15 May-15
NAV (Rs/unit) 131.4354 126.6281
Net Assets (Rs. million) 160.622 127.336
Credit Quality - -
Since Inception* 25.33% *Annualized return for year since inception
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units
and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
May, 2015 MUFAPs Recommended Format
TOP HOLDINGS (% OF TOTAL ASSETS)
ASSET ALLOCATION (% OF TOTAL ASSETS)
85.0
0%
12.3
8%
2.6
2%
73.5
9%
21.4
5%
4.9
6%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
Equity Cash Other Receivables
Apr-15
May-15
FUND PERFORMANCE
Period AEF KSE-30
Month on Month -3.66% -3.21%
Quarter on Quarter -3.30% -4.28%
Year to Date 12.05% 2.76%
SECTOR ALLOCATION (% OF TOTAL ASSETS)
SECTOR Apr-15 Mays-15
Oil & Gas Exploration Companies 8.10% 10.14%
Oil & Gas Marketing Companies 13.52% 12.63%
Commercial Banks 10.72% 7.87%
Textile Composite 7.99% 8.84%
Cement 16.26% 10.48%
Fertilizer 9.58% 7.96%
Automobile Parts Accessories 2.09% 2.50%
Power Generation & Distribution 0.45% -
Insurance 2.80% -
Inv.Banks/Inv.Cos./Securities Cos. 3.21% 3.53%
Technology & Communication 3.19% 3.64%
Miscellaneous 2.29% -
Automobile Assembler 4.80% 5.99%
STATTIC INFORMATION
Fund Objective:
The objective of Askari Equity Fund (AEF) is to provide equity investors a vehicle for their long
term investment needs, capable of locking in capital appreciation and securing reasonable
dividends from listed equity securities. The Fund would seek to replicate benchmark returns and
reduce volatility compared with the benchmark through efficient equity allocations, enhancing
"Risk Adjusted Returns".
Investment Committee Member:
Saqib Mukhtar CEO
Mustafa Iqbal CIO Equities
Mustafa Kamal SVP Fund Management
Adeel Shahid CFO (Acting)
Komal Niazi Asst. Manager Equities
Minimum Investment 5,000.00
Front End Load 2.0%
Back End Load Nil
Management Fee 3.0%
Fund Performance Ranking Short term 2 star by PACRA
Management Co. Rating AM3+ (Positive Outlook) by PACRA
Price Mechanism Forward
Benchmark KSE-30 Index
Dealing day and Cutoff times Monday Friday 9.00 am to 4.30 pm
Fund Manager Mustafa Iqbal
Fund type Open End
Category Equity Fund
Fund Launch Date March 30, 2012
Risk High
Registrar Askari Investment Management Ltd.
Trustee Central Depository Company of Pakistan Ltd. (CDC)
Auditors A. F. Ferguson & Company
5 YEAR RETURN
FY-2015 FY-2014 FY-2013 FY-2012 FY-2011 FY-2010
Return 12.05% 28.73% 42.07% -0.31% - -
Benchmark 2.76% 25.96% 35.95% -1.58% - -
HISTORIC
RETURNS
*Moring Star Jun-14 July-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15
Return 0.09% 2.27% -7.01% 4.97% 1.96% 2.60% 2.33% 6.10% 2.20% -10.96% 12.72% -3.66%
Benchmark 0.31% 3.26% -5.71% 1.69% -0.54% 1.13% 2.16% 7.32% -1.68% -12.25% 12.69% -3.21%
WORKERS WELAFRE FUND (WWF)
The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 1.70 million, if the same were not made the NAV per unit and (YtD) return of the Scheme would be higher by
Rs. 1.6880 enhancing the absolute YtD return to 13.55%. For details investors are advised to
read the Note: 7 of the latest Financial Statements of the Scheme.
RISK GRID
Low High
MONTHLY REVIEW
FECTC, 8.03%
EFERT, 7.96%
SSGC, 6.06%
MTL, 5.99%
POL, 5.45%
PPL, 4.69%
NML, 4.66%
UBL, 4.24%
KTML, 4.18% APL,
3.73%
For the month of April 2015, AEF recorded a negative return of 3.66%
compared to its benchmark negative return of 3.21%. The scripts which
dragged the funds return were Fecto Cement, Engro Fertilizer, United
Bank Limited and Nishat Mills Ltd. Net assets under management stood
at PKR 127.336 million compared to PKR 160.622 million in April 2015.
On a MoM basis, equity exposure decreased from 85% to 73.59%.
Allocation in Cements was decreased from 16.26% to 10.48% on
account of reduced exposure in Lucky Cement as capital gains were
realized. Allocations in Commercial Banks were also reduced from
10.72% to 7.87% on account of booking profits in Bank of Punjab and
decreasing allocation in National Bank of Pakistan. Month end, bank
deposits remained at 21.45% compared to 12.38% in the last month.
May, 2015 MUFAPs Recommended Format
Below are the details of non-complaint exposure/assets in our funds. These non-compliant exposures/assets include non-performing assets
which have been classified in line with the applicable SECP circulars and the provisioning policy** (available on our web site) approved by
the Board of Directors of Askari Investment Management Limited.
Name Of Non Compliant
Investment
Type of
Investment
Value of
Investment
Before
Provisioning
Provision
held if any
Value of
Investment
After
Provisioning
Suspended
Markup
% of Net
Assets
% of Gross
Assets
Properties Held for Sale* Property 95,622,260 64,840,385 23,874,525 - 0.57% 0.56%
Saudi Pak Leasing TFA 15,000,000 15,000,000 - - 0% 0%
Trust Investment Bank TFA 129,111,798 129,111,798 - 46,037,504 0% 0%
Pace Pakistan Limited TFC 74,895,000 74,895,000 - 39,693,824 0% 0%
Agritech Limited (30-11-2007) TFC 59,952,000 59,952,000 - 29,617,996 0% 0%
Agritech Limited (01-01-2012) TFC 11,875,000 11,875,000 - 4,451,986 0% 0%
Azgard Nine Limited TFC 13,007,622 13,007,622 - 17,002,798 0% 0%
New Allied Electronics (LG) PPTFC 10,221,613 10,221,613 - 12,439,539 0% 0%
Trust Investment Bank
Limited TFC 18,742,500 18,742,500 - 7,791,160 0% 0%
Agritech Limited Ordinary
Shares 16,968,378 13,395,328 3,151,276 - 0.08% 0.07%
Deewan Cement Limited TFC 125,000,000 125,000,000 - 142,722,432 0% 0%
Worldcall Telecom Limited TFC 8,994,598 8,995,598 - - - -
Security Leasing Company
Limited TFC 12,322,907 12,922,307 - - 0% 0%
TOTAL 591,713,676 557,959,151 27,025,801 299,757,239 0.65% 0.63%
*Represents settlement value (together with related direct cost incurred) of four different properties situated in Karachi. The fair value of these five properties
have been assessed by independent valuators as at March 31, 2015 to be PKR 23,874,525 (Book value PKR 40,200,000 as at December 31,2014).
Non Compliant Exposures / Assets in Askari High Yield Scheme
CONTACT DETAILS
Mr. Moiz Ali [email protected]
NORTH REGION - Office 2/W, Kashmir Plaza, Jinnah Avenue, Blue Area Islamabad.
Saba Abid [email protected] 051-2801138
INVESTOR SERVICES - 20-C, Khayaban-e-Nishat, Ittehad Commercial Area, DHA Phase VI, Karachi.
BUSINESS DEVELOPMENT
Mr. Rehan-ur-Rehman [email protected] Cell : 0333-2343581
PABX: (021) 111-246-111 Ext.129
Wealth Management
Mr. Waqas Ahmed Sheikh(Central)
[email protected] Cell: 0345 430 0434
Mr. Zeeshan Younus [email protected] Cell : 0321-2421321
SOUTH REGION - 20-C, Khayaban-e-Nishat, Ittehad Commercial Area, DHA Phase VI, Karachi.
Ms. Zubdah Tun Nisa [email protected] PABX: (021) 111-246-111 Ext.129
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