TPL LIFE. Fund Performance Report

Transcription

1 TPL LIFE Fund Performance Report

2 FUND MANAGER REPORT July 2015 Macro Review and Outlook: CPI increased by 4.YoY (1.4%MoM) in compared to an increase of 4.9%YoY (0.MoM) in the previous month. The main contributors to such increase were food, house rent and education. The overall inflation for 10MFY17 was recorded at 4. as compared to 2. in 10MFY16. However, this was well below the SBP forecast of % for FY17. The current account witnessed a deficit of USD 6.1 billion during 9MFY17 compared to USD 2.4 billion last year due to heavy imports of machinery and petroleum. In view of such strong growth in imports and taking stock of developments in international commodity prices and global economic trends, the current account deficit is likely to increase; however, the country s foreign exchange reserves will remain at comfortable level. CPI Inflation CPI Inflation Further, the unchanged monetary policy combined with a comfortable liquidity position in the interbank market will lead to a continuation of stable market interest rates. Source: PBS Equity Market Review and Outlook: Though the political uncertainty continued to strain equity market initially in April, the Panama case verdict triggered a gain of 2.4%MoM (1,145 points) as the decision was positively conceived by the market. Sectors that contributed the most to index gain were Automobile Assemblers and Oil and Gas. Further, Mutual Funds appeared as the largest net buyers, absorbing almost the entire net selling by Foreigners, Individuals, and Banks/DFIs. On the other hand, the Fertilizer and Food sector underperformed the benchmark. KSE 100 Performance During the month of May, the key events that will determine the direction of the market include Pakistan's inclusion to MSCI EM Index, upcoming budget to be announced by the current regime and newsflows over the JITs findings with respect to Panama Case. Money Market Review and Outlook: Source: PSX During the period under review, SBP conducted two T-Bill auctions with the month target of PKR 550 billion against maturity of PKR 527 billion. Major participation during both the T-bill auction was witnessed in 3M T-bill. Cumulative participation in the auction was PKR 751 billion with a major amount accepted in 3M T-bill, total amount accepted was PKR 629 billion. The cutoff yields in the last auction were 5.991, % and % for 3, 6 and 12M respectively. In the PIB auction, due to participation by market participants at much higher yield than the previous auction, the SBP decided to reject the auction. Thus, no major change in monetary policy stance is foreseen in near future. Pakistan Yield Curve Source: SBP, Average Monthly Rates

3 TPL Progressive Fund - TPF This is an investment fund designed on an aggressive investment strategy to provide higher returns in long term by investing primarily in equities along with debt / money market instruments. Aggressive High NAV per Unit (PKR) % Net Assets Value (PKR '000) 3,019 2, return of 1.57% against its last month absolute return of -0.04% Days 60 Days 90 Days 180 Days 365 Days CYTD TPL Progressive Fund - TPF 1.57% 1.53% 0.84% 1.66% N/A % 66% 14% 4% 65% / 1 4% 5% TPL Progressive Fund - TPF BID PRICE: Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

4 TPL Steady Fund - TSF The primary investment objective of this fund is to provide stable returns by balancing the investment in equities and debt / money market instruments. Balanced Moderate NAV per Unit (PKR) Net Assets Value (PKR '000) 4,070 4, % return of 1.4 against its last month absolute return of -0.22% Days 60 Days 90 Days 180 Days 365 Days CYTD TPL Steady Fund - TSF % % N/A 5.33% 4.05% 13% 29% 1 13% / TPL Steady Fund - TSF BID PRICE: Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

5 TPL Reliance Fund - TRF The primary investment objective of this fund is to generate income by investing in a range of debt instruments of various maturities with a view to maximize the optimal balance between yield, safety and liquidity. Conservative Low NAV per Unit (PKR) % Net Assets Value (PKR '000) 1,530 1, % return of 0.43% against its last month absolute return of 0.39% Days 60 Days 90 Days 180 Days 365 Days CYTD TPL Reliance Fund - TRF 0.43% 0.82% 1.15% 2.0 N/A % 2% 24% 26% 6% 4 3% 13% 4 / 6% TPL Reliance Fund - TRF BID PRICE: IGI Conservative Fund - ICF BID PRICE: Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

6 TPL Booster Fund - TBF The primary investment objective of the fund is to provide stable returns by balancing the investment in equities and debt / money market instruments. Returns in this fund are maximized through low expense charge allocations. Balanced (without Bid-offer spread) Moderate Bid Offer Spread NAV per Unit (PKR) % Net Assets Value (PKR '000) 1,018 1, % return of 1.54% against its last month absolute return of Days 60 Days 90 Days 180 Days 365 Days CYTD TPL Booster Fund - TBF 1.54% N/A 5.02% % 22% 16% 15% 14% 3 / 15% 4% TPL Booster Fund - TBF BID PRICE: Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

7 TPL Interest Free Fund - TIFF The primary investment objective of this fund is to generate interest-free income by investing in a range of Islamic investment and shariah-compliant instruments. Islamic Balanced Moderate NAV per Unit (PKR) % Net Assets Value (PKR '000) 1,030 1, % return of 1.67% against its last month absolute return of 0.63% Days 60 Days 90 Days 180 Days 365 Days CYTD TPL Interest Free Fund - TIFF 1.67% N/A 8.57% 5.94% 32% 35% 22% % / 1 TPL Interest Free Fund - TIFF BID PRICE: Oct-16 Nov-16 Dec-16 Jan-17 Feb-17