Fund Managers Report October 218
1Oct18 2Oct18 3Oct18 4Oct18 5Oct18 8Oct18 9Oct18 1Oct18 11Oct18 12Oct18 15Oct18 16Oct18 17Oct18 18Oct18 19Oct18 22Oct18 23Oct18 24Oct18 25Oct18 26Oct18 29Oct18 3Oct18 31Oct18 1 W 2 W 1 M 2 M 3 M 4 M 6 M 9 M 1 Y 3Y 5 Y 1 Y 15 Y 3 Y 1 Alfalah GHP Investment Management Limited Fund Managers' Report October 218 Economic & Capital Markets Review Economic Review & Outlook Large scale manufacturing (LSM) contracted 1.17% in 2M FY19, on the back of decline in pharmaceuticals and nonmetallic mineral products. POL product sales, which are a leading indicator of demand growth in an economy, also depicted a decline during the month of October. Even though majority of the decline is in Furnace oil (FO) sales, as it was principally decided to reduce the import of FO, however both motor gasoline and high speed diesel sales have also shown a decline of 2.5% and 19% YoY respectively. There are fears that economic growth is likely to recede due to the government s measures to contain the fiscal and current account deficits. These measures include raising gas and electricity tariffs and slashing down of development budget, all of which will negatively affect economic growth. CPI grew by 7.% in October due to a hike in gas prices, growth in house rent index and persistent rise in nonfood nonenergy (NFNE) items. Inflation is expected to surge further in the coming months due to (i) persistently high local fuel prices and their lagged effect on other items, (ii) PKR devaluation, (iii) gas and electricity tariff hike and their lagged effect on NFNE, and (iv) base effect. Pakistan s external position continued to worsen during the month of October, with foreign exchange reserves down to USD 14.2bn from USD 14.9bn at the end of September. The country is awaiting inflows following promises of a bailout package by Kingdom of Saudi Arabia. Pakistan is currently also pursuing China and IMF for loans, which will help the country s reserves position in the coming months. Meanwhile, current account deficit remained at an improved level in September. Total deficit for 1QFY19 was recorded at USD 3.7bn, which is lower than the deficit of USD 3.8bn posted for the corresponding period last year. Given the outlook on inflation and external position, it is likely that SBP will raise policy rate by a further 51bps in November 218. Money Market Review & Outlook During the period under review, the yield curve remained steep signaling signs of deteriorating economic conditions; the shif t is in line with the expectations of further monetary tightening. Little to no activity was witnessed in longer tenure bonds as the market participants remained on the si delines during the bond auction. However, overwhelming participation was witnessed in both the Tbill auctions as the central bank was able to fetch PKR 3.3 trillion compared to PKR 41.2 billion in the preceding month. Participation was mostly concentrated in the 3 months followed by 6 months with no participation in 12 months. Cutoffs for 3months and 6 months initially stood at 8.8% and 8.84% respectively, the cutoff for 3 month was maintained at second auction whereas 6 months and 1year bids were rejected. Going forward, with the support funds from friendly countries especially Saudi Arabia and China shall provide a much needed b reather to our constantly deteriorating economic indicators especially the balance of payment and current account deficit; however the required stability in economy will stem from deep rooted structural reforms. Equity Market Review & Outlook After two consecutive months of declines, the KSE1 Index posted a positive return for the month of October, gaining 1.6% to close at 41,649. Activity was robust during the month with KSE1 index s daily turnover averaging at 128m shares in October, up 64.6% MoM. This is the highest daily average for any month this calendar year. During the first half of the month, the index declined by 1.6% to its low of 36,663 points on the back of dismal quarterly results and ambiguity regarding the balance of payment issues. HBL was the top contributor to the Index s declines as it surprised investors yet again with a significant jump in administrative expenses. Other banks too disappointed investors as their net interest income took a hit by repricing of deposits and a lag in repricing of assets. However, during the 2 nd half of the month, the index recovered 13.6% from its intramonth low as the market rejoiced on the back of assurance by the Kingdom of Saudi Arabia to commit USD 3bn to Pakistan as balance of payment support for one year and to supply USD 3bn worth of oil on deferred payment for three years. The rally was further fueled by expectations that other friendly countries will also offer support for Pakistan s balance of payments. Fertilizer and Oil and Gas E&P, Power Generation and Cement Sectors drove the Index upwards. On the other hand, however, the index heavyweight Banking Sector held the market back as it posted poor results in the earnings season for the September quarter. Going forward, prospects of loans from friendly countries and IMF will drive the market forward. Other key events that are likely to impact are market are i) MSCI Semiannual Index review scheduled for midnovember and ii) Monetary policy announcement at the end of November, wherein a 5 1bps policy rate hike is expected. KSE1 Index (Monthly) Yield Curve (Monthly) 43, 42, 41, 4, 39, 38, 37, 36, 35, 34, KSE1 (Volume ['Mn]) KSE1 (Closing Index) 3 25 2 15 1 5 13.1 12.1 11.1 1.1 9.1 8.1 Sep18 Oct18 7.1 : 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 dependant 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.
2 Alfalah GHP Investment Management Limited Fund Managers' Report October 218 Alfalah GHP Fund Fund Stability Rating: "AA+ (f)" by PACRA 3Jun18 AMC Rating: "AM2+" by PACRA 1Aug18 The investment objective of Alfalah GHP Fund (AGCF) is to provide regular stream of income at comparative rate of return while preserving capital to extent possible by investing in assets with low risk and high degree of liquidity from a portfolio constituted of mostly money market securities and placements. Category: Money Market SchemManagement Fee: 1.% Maheen Rahman Chief Executive Officer Fund Type: Open Ended Min. Initial Investment: PKR 5,/ Noman Soomro Chief Operating Officer Benchmark: 7% 3month PKRV rates Min. Subseq. Investment: PKR 1,/ +3% 3months average deposit rates Nabeel Malik Chief Investment Officer of 3 'AA' rated schedule banks as selected by MUFAP Trustee: MCB Financial Services Limited Muddasir Ahmed Shaikh Head of Equities Launch Date: March 12, 21 Auditor: A.F Ferguson & Co. Pakistan Par Value: PKR 5 Listing: Pakistan Stock Exchange Shariq Mukhtar Hashmi Head of Compliance Pricing: Forward Day Dealing Days: Monday Friday Kashif Kasim Portfolio Manager Sales Load: NA Cutoff Time: 9: am 4: pm Risk Profile: Low 1 Fund Size (PkR mn; as on October 31, 218) 21.892 September October Fund size including fund of fund schemes (PkR mn) 13.163 78 NAV (PkR): 56.94 56 34 Sharpe Ratio* Wtd. Average Maturity (months): 3.98 2.31 Standard Deviation* Total Expense Ratio***.31%.87% 99.2.8 12 Fund Performance BM AGCF Since Inception Return** 6.46% 8.11% 1 YTD 6.83% 6.5% Month (October, 218): 7.5% 6.61% Credit Quality (as % of Total Assets) Govt. Guar. 96.33% A.% AAA.14% A.% AA+ 2.71% BBB+.% AA.% BBB.% AA.% Below IG.% Amount invested by fund of funds is Rs. 81 million subtracted from total A+.% NR/UR.82% Historical Performance (%) Portfolio Credit Quality 18 2.8 Plac. with Banks/DFIs Plac. with NBFCs AGCF Rev. Repo ag. GS Rev. Repo ag. other Secs. BM Govt. Backed/ Gov. Guar. TBills 96.3.8 Gov. Secs., 96.33% 12 9.1 7.2 8.1 7.1 8.6 6.7 6.8 6 5.2 4.8 5. 4.7 5.4 FY13 FY14 FY15 FY16 FY17 FY18 AA,.% NR/UR/,.82% AAA.14% AA+, 2.71% Details of NonCompliant Investments 1 Year Rolling Returns Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGCF 4.37% 4.16% 4.58% 4.71% 4.74% 4.88% 4.89% 3.88% 7.72% 5.87% 5.73% 5.74% 6.61% BM 5.16% 5.19% 5.22% 5.22% 5.38% 5.48% 5.54% 5.64% 5.91% 6.29% 6.65% 6.89% 7.5% 3 The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 2.344mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 11.5176 / 2.32%. 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. All returns are calculated assuming reinvested dividends. Performance data does not include the cost incurred directly by an investor in the form of sales load etc. * Calculated on 12 month trailing data ** Since Inception return is calculated on Compounded Annual Growth Rate (CAGR) ***This include.127% representing government levy, Worker s Welfare Fund and SECP Fee
3 Alfalah GHP Investment Management Limited Fund Managers' Report October 218 Alfalah GHP Money Market Fund Fund Stability Rating: "AA+ (f)" by PACRA 3Jun18 AMC Rating: "AM2+" by PACRA 1Aug18 An openended Money Market Scheme which shall seek to generate competitive returns consistent with low risk from a portfolio constituted of short term instruments including cash deposits, money market placements and government securities. The Fund will maintain a high degree of liquidity, with time to maturity of single asset not exceeding six months and with weighted average time to maturity of Net Assets not exceeding 9 days. Category: Money Market Scheme ¹Management Fee:.45% of average daily Net Assets of the Scheme subject to the maximum limit defined in the Regulations. Maheen Rahman Chief Executive Officer Fund Type: Open Ended ¹Min. Initial Investment: PKR 5/ Noman Soomro Chief Operating Officer Benchmark: 7% 3month PKRV rates +3% 3months average deposit ¹Min. Subseq. Investment: PKR 1/ Nabeel Malik Chief Investment Officer rates of 3 AA rated schedule banks as selected by MUFAP. Trustee: CDC Pakistan Limited Muddasir Ahmed Shaikh Head of Equities Launch Date: May 27, 21 Auditor: EY Ford Rhodes, Chartered Accountants Par Value: 1 Listing: Pakistan Stock Exchange Shariq Mukhtar Hashmi Head of Compliance Pricing: Forward Day Dealing Days: Monday Friday Kashif Kasim Portfolio Manager Sales Load: 1.% Cutoff Time: 9: am 4: pm Risk Profile: Low September October Fund Size (PkR mn; as on Oct 31, 218): 11,257.943 1 Fund size including fund of fund schemes (PkR mn) 11,541.342 8 NAV (PkR): 97.744 Sharpe Ratio* 2.15 6 Standard Deviation*.26% 4 Wtd. Average Maturity (months): 1.12 2 Total Expense Ratio***.31% Fund Performance BM AGMMF Since Inception Return ** 6.46% 8.28% YTD 6.83% 7.12% 99.4 41.6 19.5 Month (Oct'18): 7.5% 7.92% Credit Quality (as % of Total Assets) Govt. Guar. 38.44% A.% AAA 4.52% A.% AA+ 18.63% BBB+.% AA 37.93% BBB.% AA.% Below IG.% Amount invested by fund of funds is Rs. 283 million subtracted from total A+.% NR/UR.49% Historical Performance (%) 18 Plac. with Banks/DFIs Plac. with NBFCs AGMMF Rev. Repo ag. GS Rev. Repo ag. other Secs. BM Govt. Backed/ Gov. Guar.. TBills 38.4.6.5 Portfolio Credit Quality AA+, 18.63% 12 9.5 8.2 8.7 AAA, 4.52% AA, 37.93% 6 6.9 6.9 6.6 5.4 4.8 5.7 5. 5.5 5.4 FY13 FY14 FY15 FY16 FY17 FY18 Gov. Secs., 38.44% NR/UR/,.49% Details of NonCompliant Investments Rolling Returns Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGMMF 5.2% 5.13% 5.31% 5.34% 5.22% 5.51% 5.77% 5.11% 6.8% 6.76% 6.47% 7.4% 7.92% BM 5.16% 5.19% 5.22% 5.22% 5.38% 5.48% 5.54% 5.64% 5.91% 6.29% 6.65% 6.89% 7.5% The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 8.389mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs..711 /.7%. 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. All returns are calculated assuming reinvested dividends. Performance data does not include the cost incurred directly by an investor in the form of sales load etc. * Calculated on 12 month trailing data ** Since Inception return is calculated on Compounded Annual Growth Rate (CAGR) ***This include.1% representing government levy, Worker s Welfare Fund and SECP Fee ¹AGMMF Management fee and investment limits have been revised from Sep 6, 218 through Sixth Supplemental Offering Document duly approved by SECP on Sep 6, 218.
4 Alfalah GHP Investment Management Limited Fund Managers' Report October 218 Alfalah GHP Sovereign Fund Fund Stability Rating: "AA(f)" by PACRA 3Jun218 AMC Rating: "AM2+" by PACRA 1Aug18 The investment objective of the Scheme is to provide an investment medium whereby investors can participate in a portfolio that will seek to generate competitive income. Category: Income Scheme 1 Management Fee: 1% of the Gross Earnings subject to a Maheen Rahman Chief Executive Officer minimum fee of.25% of average daily Net Assets and Fund Type: Open Ended maximum fee of 1.5% of average Annual Net Assets. Noman Soomro Chief Operating Officer Benchmark: Six (6) months PKRV Min. Initial Investment: PKR 5,/ Nabeel Malik Chief Investment Officer rates. **** Min. Subseq. Investment: PKR 1,/ Muddasir Ahmed Shaikh Head of Equities Launch Date: May 9, 214 Trustee: CDC Pakistan Limited Par Value: 1 Auditor: EY Ford Rhodes, Chartered Accountants Shariq Mukhtar Hashmi Head of Compliance Pricing: Forward Day Listing: Pakistan Stock Exchange Kashif Kasim Portfolio Manager Sales Load: 1.% Dealing Days: Monday Friday Risk Profile: Low Cutoff Time: 9: am 4: pm +Fund Size (PkR mn; as on Oct 31, 218): 72.41 1 September October 9 Fund Size including fund of fund schemes (PkR mn) 951.18 8 NAV (PkR): 17.6959 7 Wtd. Average Maturity (months): 24.23 6 Sharpe Ratio* 1.79 5 Standard Deviation*.83% 4 Total Expense Ratio***.72% 3 2 Fund Performance BM AGSOF 1 Since Inception Return** 6.71% 8.27% YTD 8.7% 5.44% Month October'18 9.1% 1.46% Credit Quality (as % of Total Assets) Govt. Secs. 4.57% A.% AAA.7% A.% AA+ 2.71% BBB+.% 47.6 45.1 7.6 5.5 9.5 7.7 5.4 4.9 28.9 35.7 1. +Amount invested by fund of funds is Rs231 million subtracted from total AA.3% BBB.% Historical Performance (%) AA 55.62% Below IG.% A+.% NR/UR/ 1.1% 18 12 6 Plac. with Banks/DFIs AGSF 8.7 9.1 Plac. with NBFCs BM Rev. Repo ag. GS 16.4 Rev. Repo ag. other Secs. 8.2 Govt. Backed/ Gov. Guar. 7.4 5.9 TBills 5.5 5.8 5. 6.2 1. TFC/Sukuk Holdings (% of Total Assets) The Bank of Punjab TFC (23418) 6.2% Habib Bank TFC (19Feb216) 1.72% FY14 FY15 FY16 FY17 FY18 Details of NonCompliant Investments**** 1 Year Rolling Returns Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGSOF 5.5% 5.9% 4.45% 5.6% 4.71% 4.75% 5.51% 5.22% 6.% 6.% 5.96% 1.8% 1.46% BM 6.1% 6.1% 6.2% 6.4% 6.25% 6.47% 6.35% 6.45% 6.84% 7.39% 7.85% 8.3% 9.1% The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 5.mn. If the same were not made the NAV per unit/return of the Scheme would be higher by Rs..5665 /.54% 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. All returns are calculated assuming reinvested dividends. Performance data does not include the cost incurred directly by an investor in the form of sales load etc. * Calculated on 12month trailing data. ** Since Inception return is calculated on Compound Annual Growth Rate (CAGR). *** This include.1713% representing government levy, Worker s Welfare Fund and SECP Fee. 1 AGSOF Management fee has been revised from March 12, 218 through Third Supplemental Offering Document duly approved by SECP on March 7, 218 Selling & marketing expenses for the period ended October, 218, PKR Mn 1.213
5.2 4.8 6.5 6.1 6.3 8. 7.6 9. 9.9 12.2 12.3 13.4 Plac. with Banks/DFIs Plac. with NBFCs Rev. Repo ag. GS Rev. Repo ag. other Secs. Govt. Backed/ Gov. Guar. TBills 1.2 8.7 3.6 8.2 19.6 33.2 53. 63.5 5 Alfalah GHP Investment Management Limited Fund Managers' Report October 218 Alfalah GHP Income Fund Fund Stability Rating: "A+(f)" by PACRA 3Jun18 AMC Rating: "AM2+" by PACRA 1Aug18 The investment objective of Alfalah GHP Income Fund (AGIF) is to minimize risk, construct a liquid portfolio of fixed income instruments and provide competitive returns to the Unit Holders. The management team shall ensure the active implementation of prudent investment practices, the highest professional standards and compliance with applicable laws. Category: Income Scheme 1 Management Fee: 1% of the Gross Earnings subject to a Maheen Rahman Chief Executive Officer Fund Type: Open Ended minimum fee of.25% of average daily Net Assets and Noman Soomro Chief Operating Officer Benchmark: 6 Month KIBOR maximum fee of 1.5% of average Annual Net Assets. Nabeel Malik Chief Investment Officer Launch Date: April 14, 27 Min. Initial Investment: PKR 5,/ Muddasir Ahmed Shaikh Head of Equities Par Value: 1 Min. Subseq. Investment: PKR 1,/ Shariq Mukhtar Hashmi Head of Compliance Pricing: Forward Day Trustee: CDC Pakistan Limited Kashif Kasim Portfolio Manager Sales Load: 1.% Auditor: A.F Ferguson & Co. Pakistan Risk Profile: Low Listing: Pakistan Stock Exchange Dealing Days: Monday Friday Cutoff Time: 9: am 4: pm 1 +Fund Size (PkR mn; as on Oct 31, 218): 264.88 9 September October 8 Fund Size including fund of funds (PkR mn) 328. 7 NAV (PkR): 113.5975 6 5 Sharpe Ratio* 2.1 4 Standard Deviation*.97% 3 Wtd. Average Maturity (months): 2 13.67 1 Total Expense Ratio***.71% Fund Performance BM AGIF Since Inception Return 9.86% 8.73% YTD 8.29% 4.32% Month (Oct '18): 9.43% 6.73% Credit Quality (as % of Total Assets) Govt. Sec / Guar..% A.% AAA.68% A.% +Amount invested by fund of funds is Rs63 million subtracted from total AA+ 3.84% BBB+.% Historical Performance (%) AA 1.68% BBB.% 18 AGIF BM AA 75.6% Below IG.% A+ 1.49% /NR/UR 8.25% 12 6 TFC/Sukuk Holdings (% of Total Assets) International Brands Ltd. SUKUK (151117) 6.61% The bank of Punjab Ltd (23Dec216) 4.31% Dawood Hercules Corp Limited Sukuk (1611217) 4.7% HBL TFC (19Feb216) 3.9% Dubai Islamic Bank Sukuk (14Jul217) 1.48% FY13 FY14 FY15 FY16 FY17 FY18 Details of NonCompliant Investments**** Name Type Provisioning Held, if any Provisioning Assets Assets Rolling Returns Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGIF 5.3% 4.81% 4.23% 5.21% 3.15% 6.12% 2.93% 6.77% 5.93% 2.77% 6.4% 1.24% 6.73% BM 6.17% 6.18% 6.21% 6.23% 6.44% 6.51% 6.51% 6.59% 6.98% 7.46% 8.5% 8.23% 9.43% The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs.2.11 mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs..7277/.65% 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. All returns are calculated assuming reinvested dividends. Performance data does not include the cost incurred directly by an investor in the form of sales load etc. * Calculated on 12month trailing data. **Since Inception return is calculated on Compound Annual Growth Rate (CAGR) ***This include.973% representing government levy, Worker s Welfare Fund and SECP Fee. 1 AGIF Management fee has been revised from March 12, 218 through Fourth Supplemental Offering Document duly approved by SECP on March 7, 218 Selling & marketing expense for the period ended October,218, PKR Mn.572
4.9 5.9 6.8 6.4 6.7 8.4 9.3 1.3 1.2 11.2 12.4 14.2 Plac. with Banks/DFIs Plac. with NBFCs Rev. Repo ag. GS Rev. Repo ag. other Secs. Gov. Guar./ Ijara Sukuk TBills 2.4 6.5 3.9 3.1 17. 3.6 57.4 79. 6 Alfalah GHP Investment Management Limited Fund Managers' Report October 218 Alfalah GHP Income Multiplier Fund Fund Stability Rating: "A+(f)" by PACRA 3Jun18 AMC Rating: "AM2+" by PACRA 1Aug18 The primary investment objective of the fund is to aim to generate stable and consistent returns while seeking capital growth through a diversified portfolio of high quality debt securities and liquid money market instruments and placements. Category: Aggressive Income Management Fee: 1.25% Maheen Rahman Chief Executive Officer Fund Type: Open Ended Min. Initial Investment: PKR 5,/ Noman Soomro Chief Operating Officer Benchmark: 12 Month KIBOR Min. Subseq. Investment: PKR 1,/ Nabeel Malik Chief Investment Officer Launch Date: June 15, 27 Trustee: CDC Pakistan Limited Muddasir Ahmed Shaikh Head of Equities Par Value: PKR 5/ Auditor: A.F Ferguson & Co. Pakistan Shariq Mukhtar Hashmi Head of Compliance Pricing: Forward Day Listing: Pakistan Stock Exchange Kashif Kasim Portfolio Manager Sales Load: 3.% Dealing Days: Monday Friday Risk Profile: High Cutoff Time: 9: am 4: pm 1 9 8 7 6 5 4 3 2 1 September October +Fund Size (PkR mn; as on October 31, 218): 279.67 Fund Size inluding fund of fund schemes (PkR mn) 385.68 NAV (PkR): 53.7233 Sharpe Ratio* 1.73 Standard Deviation* 1.38% Wtd. Average Maturity (months): 4.34 Total Expense Ratio***.87% Fund Performance BM AGIMF Since Inception 1.54% 5.88% YTD 8.81% 2.66% Month (Oct '18): 1.% 7.73% Credit Quality (as % of Total Assets) Gov. Secs. 2.4% A.1% AAA.4% A.% AA+ 7.5% BBB+.% +Amount invested by fund of funds is Rs. 16 million subtracted from total AA 19.7% BBB.% Historical Performance (%) AA 47.9% Below IG.% A+ 12.5% NR/UR/ 9.6% 18 AGIMF BM Top Ten TFC/Sukuk Holdings (% of Total Assets) 12 6 Dawood Hercules Corp LTD. SUKUK (161117) 9.4% Askari Bank Ltd. (3914) 9.% JS Bank Ltd TFC (14Dec216) 7.48% International Brands sukuk (151117) 6.76% Habib Bank TFC (19Feb216) 6.59% The bank of Punjab (23Dec216) 6.1% Dubai Islamic Bank Sukuk (14Jul217) 4.98% Dawood Hercules Sukuk II (1318) 3.91% TPL Corp Ltd TFC (191217) 3.66% FY13 FY14 FY15 FY16 FY17 FY18 Details of NonCompliant Investments**** Dawood Hercules Corp limited Sukuk Single Entity 52,996,448 52,996,448 12.96% 13.74% Commercial Banks Sector 139,317,543 139,317,543 34.6% 36.12% 1 Year Rolling Returns Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGIMF 5.41% 5.11% 4.17% 5.75% 3.2% 6.96%.61% 8.93% 4.67% 1.2% 4.82% 4.5% 7.73% BM 6.47% 6.47% 6.49% 6.53% 6.74% 6.85% 6.91% 7.5% 7.42% 8.2% 8.45% 8.77% 1.% The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 4.56mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs..6352 / 1.19% 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. All returns are calculated assuming reinvested dividends. Performance data does not include the cost incurred directly by an investor in the form of sales load etc. * Calculated on 12month trailing data. ** Since Inception return is calculated on Compound Annual Growth Rate (CAGR) *** This include.1228% representing government levy, Worker s Welfare Fund and SECP Fee. **** Due to reduction in Net Assets Selling & marketing expense for the period ended October,218, PKR Mn.738
3.29 2.44 6.2 4.91 4.66 5.35 4.22 7.35 7.21 6.69 6.85 6.45 Plac. with Banks/DFIs Plac. with NBFCs Rev. Repo ag. GS Rev. Repo ag. other Secs. Govt. Backed/ Gov. Guar. TBills 2.2 1.5 9.1 32.2 26. 56.5 72.5 7 Alfalah GHP Investment Management Limited Fund Managers' Report October 218 Alfalah GHP Islamic Income Fund Fund Stability Rating: "A+(f)" by PACRA 3Jun18 AMC Rating: "AM2+" by PACRA 1Aug18 The investment objective of Alfalah GHP Islamic Income Fund (AGIIF) is to minimize risk, construct a liquid portfolio of shariah approved fixed income investments and provide competitive returns to the Unit Holders. The management team shall ensure the active implementation of prudent investment practices, the highest professional standards and compliance with applicable laws. Category: Islamic Income Scheme ᶦManagement Fee: 1% of Gross Earnings Maheen Rahman Chief Executive Officer Fund Type: Open Ended ᶦMin. Initial Investment: PKR 5/* Noman Soomro Chief Operating Officer ***Benchmark: Avg. 6 Mth Dep. Rates 3 Islamic Banks provided ᶦMin. Subseq. Investment: PKR 1/* Nabeel Malik Chief Investment Officer by MUFAP Trustee: CDC Pakistan Limited Muddasir Ahmed Shaikh Head of Equities Launch Date: December 3, 29 Auditor: A.F Ferguson & Co. Pakistan Shariq Mukhtar Hashmi Head of Compliance Par Value: 1 Listing: Pakistan Stock Exchange Kashif Kasim Portfolio Manager Pricing: Forward Day Dealing Days: Monday Friday Sales Load: 1.% Cutoff Time: 9: am 4: pm Risk Profile: Low +Fund Size (PkR mn; as on Oct 31, 218): 1597.96 September October Fund size including fund of fund schemes (PkR mn) 599.67 NAV (PkR): 12.86 Wtd. Average Maturity (months): 18.25 Total Expense Ratio**.64% 1 9 8 7 6 5 4 3 2 1 Fund Performance BM AGIIF Since Inception Return* 5.96% 6.88% YTD 2.72% 4.76% Month (Oct '18): 2.86% 3.8% Credit Quality (as % of Total Assets) Govt. Guar..% A.% AAA.1% A.% AA+.% BBB+.% AA 18.52% BBB.% +Amount invested by fund of funds is Rs. 352 million subtracted from total AA 51.66% Below IG.% Historical Performance (%) A+ 28.26% NR/UR 1.54% 18 12 6 AGIIF BM TFC/Sukuk Holdings (% of Total Assets) Meezan Bank Tier II Modaraba Sukuk (22Sept216) 6.24% International Brands Limited (151117) 6.16% Dubai Islamic Bank Sukuk (14Jul217) 6.16% Dawood Hercules Corp Limited (16Nov217) 4.76% Hascol Petroleum Ltd Sukuk (7Jan216) 1.37% Fatima Fertilizer Company Ltd Sukuk (28Nov216) 1.32% FY13 FY14 FY15 FY16 FY17 FY18 Details of NonCompliant Investments***** 1 Year Rolling Returns Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGIIF 4.38% 4.62% 4.59% 4.14% 3.66% 4.99% 2.54% 5.89% 4.4% 4.68% 4.63% 6.86% 3.8% BM 2.51% 2.57% 2.61% 2.52% 2.5% 2.48% 2.34% 2.36% 2.38% 2.56% 2.69% 2.78% 2.86% The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs.8.43 mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs..1695/.17% 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. All returns are calculated assuming reinvested dividends. Performance data does not include the cost incurred directly by an investor in the form of sales load etc. * Since Inception return is calculated on Compound Annual Growth Rate (CAGR) ** This include.148% representing government levy, Worker s Welfare Fund and SECP Fee. Selling & marketing expense for the period ended October,218, PKR Mn 6.131 ᶦManagement fee and minimum amount of investment has been revised through Fifth Supplmental Offering Document duly approved by SECP on September28,218.
14.2 1. 14.1 9.8 16. 29.6 27.4 29. 23.2 39.8 41.6 52.2 TBills Stocks/ Equities Rev. Repo ag. GS Rev. Repo ag. other Secs. Govt. Backed/ Gov. Guar. TBills 1.4 1.6 9.3 16.5 89.3 81.9 8 Alfalah GHP Investment Management Limited Fund Managers' Report October 218 Alfalah GHP Alpha Fund AMC Rating: "AM2+" by PACRA 1Aug18 The investment objective of Alfalah GHP Alpha Fund (AGAF) is seeking long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities. Category: Equity Scheme Management Fee: 1.75% Maheen Rahman Chief Executive Officer Fund Type: Open Ended Min. Initial Investment: PKR 5,/ Noman Soomro Chief Operating Officer Benchmark: KSE1 Min. Subseq. Investment: PKR 1,/ Nabeel Malik Chief Invesment Officer Launch Date: Sept 9, 28 Trustee: CDC Pakistan Limited Muddasir Ahmed Shaikh Head of Equities Par Value: PKR 5/ Auditor: A.F Ferguson & Co. Pakistan Pricing: Forward Day Listing: Pakistan Stock Exchange Shariq Mukhtar Hashmi Head of Compliance Sales Load: 3.% Dealing Days: Monday Friday Kashif Kasim Portfolio Manager Risk Profile: High Cutoff Time: 9: am 4: pm 1 9 8 7 6 5 4 3 2 1 September October +Fund Size (PkR mn; as on 31 October, 218): 1,447.12 Fund size including fund of fund schemes (Pkr mn) 1,69.75 NAV (PkR): 67.48 Sharpe Ratio *.3 Information Ratio*.3 Standard Deviation* 22.16% Total Expense Ratio*** 1.13% Fund Performance BM AGAF Since Inception** 15.95% 19.41% YTD.62%.47% Month (October '18): 1.59% 1.98% Asset Allocation (Sector Wise as a % of Total Assets) Commercial Banks 26.3% Oil & Gas Exploration Companies 2.39% Fertilizer 13.63% Power Generation & Distribution 5.23% +Amount invested by fund of funds is Rs. 163 million subtracted from total Cement 5.5% Historical Performance (%) 11.56% 1 Total 81.9% 8 6 4 2 2 AGAF FY13 FY14 FY15 FY16 FY17 FY18 BM Top 1 Holdings (% of Total Assets) Pak Petroleum Ltd. 6.67% Oil & Gas Dev.Co 5.92% Engro Fertilizer Limited 5.26% United Bank Ltd. 5.3% Engro Corporation Limited 4.86% Bank AlFalah Limited 4.85% MCB Bank Limited 4.67% Mari Petroleum Company Limited 4.46% Habib Bank Ltd 4.21% Nishat Mills Ltd. 3.75% Details of NonCompliant Investments 1 Year Rolling Returns Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGAF 5.35%.58%.52% 7.7% 2.1% 4.91% 1.55% 4.14% 1.76% 2.74% 2.35% 1.8% 1.98% BM 6.58%.99% 1.15% 8.84% 1.84% 5.37%.16% 5.81% 2.18% 1.91% 2.27% 1.78% 1.59% The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 11.39mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs..4628 /.69% 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. All returns are calculated assuming reinvested dividends.performance data does not include the cost incurred directly by an investor in the form of sales load etc. * Calculated on 12month trailing data. ** Since Inception return is calculated on Compound Annual Growth Rate (CAGR) *** This include.1361% representing government levy, Worker s Welfare Fund and SECP Fee. Selling & marketing expenses for the period ended October, 218, PKR Mn 2.367
14.6 1. 24.6 16. 14.9 9.8 27.7 28.7 23.2 41.2 52.2 66.4 TBills Stocks/ Equities Rev. Repo ag. GS Rev. Repo ag. other Secs. Govt. Backed/ Gov. Guar. TBills 1.4.9 8.5 9.5 9.1 89.6 9 Alfalah GHP Investment Management Limited Fund Managers' Report October 218 Alfalah GHP Stock Fund AMC Rating: "AM2+" by PACRA 1Aug18 The investment objective of Alfalah GHP Stock Fund (AGSF) is to seek longterm capital growth by investing primarily in a diversified pool of equities and equity related instruments, management team shall ensure the active implementation of prudent investment practices, the highest professional standards and compliance of applicable laws. Category: Equity Scheme Management Fee: 2.% Maheen Rahman Chief Executive Officer Fund Type: Open Ended Min. Initial Investment: PKR 5,/ Noman Soomro Chief Operating Officer Benchmark: KSE1 Min. Subseq. Investment: PKR 1,/ Nabeel Malik Chief Investment Officer Launch Date: July 15, 28 Trustee: CDC Pakistan Limited Muddasir Ahmed Shaikh Head of Equities Par Value: 1 Auditor: EY Ford Rhodes, Chartered Accountants Shariq Mukhtar Hashmi Head of Compliance Pricing: Forward Day Listing: Pakistan Stock Exchange Kashif Kasim Portfolio Manager Sales Load: 2.5% Dealing Days: Monday Friday Risk Profile: High Cutoff Time: 9: am 4: pm 1 9 8 7 6 5 4 3 2 1 September October +Fund Size (PkR mn; as on October 31, 218): 2,38.33 Fund Size including fund of fund schemes (Pkr mn) 2,547.49 NAV (PkR): 119.8 Sharpe Ratio*.2 Information Ratio*.2 Standard Deviation* 24.67% Total Expense Ratio*** 1.13% Fund Performance BM AGSF Since Inception** 13.84% 22.78% YTD.62%.1% Month (October'18): 1.59% 1.58% Asset Allocation (Sector Wise as a % of Total Assets) Commercial Banks 28.81% Oil & Gas Exploration Companies 21.83% Fertilizer 14.68% Power Generation & Distribution 5.77% +Amount invested by fund of funds is Rs. 167 million subtracted from total Cement 5.55% Historical Performance (%) 12.99% 1 Total 89.63% 8 6 AGSF BM Top 1 Holdings (% of Total Assets) Pak Petroleum Ltd. 7.4% Oil & Gas Dev.Co 6.3% 4 United Bank Ltd. 5.58% 2 Engro Fertilizer Limited 5.5% Bank AlFalah Limited 5.36% Engro Corporation Limited 5.3% FY13 FY14 FY15 FY16 FY17 FY18 2 MCB Bank Limited 5.17% 4 Mari Petroleum Company Limited 4.94% Habib Bank Ltd 4.76% Nishat Mills Ltd. 4.2% Details of NonCompliant Investments 1 year Rolling Returns Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGSF 5.48%.63%.51% 7.14% 2.1% 5.2% 1.52% 4.17% 1.73% 2.46% 2.33% 1.54% 1.58% BM 6.58%.99% 1.15% 8.84% 1.84% 5.37%.16% 5.81% 2.18% 1.91% 2.27% 1.78% 1.59% The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs.17.625 mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs..8239/.69% 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. All returns are calculated assuming reinvested dividends.performance data does not include the cost incurred directly by an investor in the form of sales load etc. * Calculated on 12month trailing data. ** Since Inception return is calculated on Compound Annual Growth Rate (CAGR) *** This include.1396% representing government levy, Worker s Welfare Fund and SECP Fee. Selling & marketing expense for the period ended October,218, PKR Mn 3.385
14.4 9.6 18.4 17.1 23.8 14.8 2.3 15.5 24.8 18.8 36.3 3.5 TBills Stocks/ Equities Rev. Repo ag. GS Rev. Repo ag. other Secs. Govt. Backed/ Gov. Guar. TBills 1.6 2.3 13.3 1.4 85.2 87.3 1 Alfalah GHP Investment Management Limited Fund Managers' Report October 218 Alfalah GHP Islamic Stock Fund AMC Rating: "AM2+" by PACRA 1Aug18 Alfalah GHP Islamic Stock Fund (AGISF) is an Open Ended Shariah Compliant Islamic Equity Fund; The investment objective of the Fund is to achieve long term capital growth by investing primarily in shariah compliant equity securities. Category: Islamic Equity Scheme Management Fee: 2.% Maheen Rahman Chief Executive Officer Fund Type: Open Ended Min. Initial Investment: PKR 5,/ Noman Soomro Chief Operating Officer Benchmark: KMI 3 Index Min. Subseq. Investment: PKR 1,/ Nabeel Malik Chief Investment Officer Performance Trustee: CDC Pakistan Limited Muddasir Ahmed Shaikh Head of Equities Launch Date: September 4, 27 Auditor: A.F Ferguson & Co. Pakistan Par Value: PKR 5/ Listing: Pakistan Stock Exchange Shariq Mukhtar Hashmi Head of Compliance Pricing: Forward Day Dealing Days: Monday Friday Kashif Kasim Portfolio Manager Sales Load: 3.% Cutoff Time: 9: am 4: pm Risk Profile: High +Fund Size (PkR mn; as on October 31, 218): 3,98.2 1 September October Fund size including fund of fund schemes (Pkr mn) 4,124.44 9 NAV (PkR): 8 51.2517 7 Sharpe Ratio*.3 6 Standard Deviation* 16.38% 5 Information Ratio*.18 4 Total Expense Ratio*** 1.12% 3 2 1 Fund Performance BM AGIsF Since Inception** 7.71% 8.9% YTD.95% 2.4% Month (October '18): 3.62% 3.5% Asset Allocation (Sector Wise as a % of Total Assets) Oil & Gas Exploration Companies 3.52% Fertilizer 2.13% Power Generation & Distribution 9.76% Cement 8.78% +Amount invested by fund of funds is Rs. 144 million subtracted from total Textile Composite 4.98% Historical Performance (%) 13.13% 1 Total 87.3% 8 AGIsF BM Top 1 Holdings (% of Total Assets) Pak Petroleum Ltd. 9.7% 6 Oil & Gas Dev.Co 9.41% 4 Engro Corporation Limited 8.66% 2 Engro Fertilizer Limited 7.18% Hub Power Company Limited 6.49% Pakistan Oilfields Ltd. 6.15% 2 FY13 FY14 FY15 FY16 FY17 FY18 Mari Petroleum Company Limited 5.26% 4 Nishat Mills Ltd. 4.97% Lucky Cement Limited 4.71% Kot Addu Power 3.27% 1 Year Rolling Returns Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGIsF 5.15%.64%.5% 6.87% 2.5% 4.55%.35% 4.4% 2.26% 1.86% 1.39% 1.5% 3.5% BM 5.8% 1.19%.76% 8.74% 2.2% 5.31%.5% 5.25% 2.63% 1.8% 2.11% 2.24% 3.62% The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 47.286 mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs..5876/1.17% 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. All returns are calculated assuming reinvested dividends.performance data does not include the cost incurred directly by an investor in the form of sales load etc. * Calculated on 12month trailing data. ** Since Inception return is calculated on Compound Annual Growth Rate (CAGR) *** This include.1326% representing government levy, Worker s Welfare Fund and SECP Fee. Selling & marketing expenses for the period ended October, 218, PKR Mn 5.512
11 Alfalah GHP Investment Management Limited Fund Managers' Report October 218 Alfalah GHP Value Fund AMC Rating: "AM2+" by PACRA 1Aug18 The investment objective of Alfalah GHP Value Fund (AGVF) is to generate stable and consistent returns from a well diversified portfolio consisting of high quality equity and debt securities. Category: Asset Alloc. Scheme Management Fee: 2.% Maheen Rahman Chief Executive Officer Fund Type: Open Ended Min. Initial Investment: PKR 5,/ Noman Soomro Chief Operating Officer Benchmark: Weighted average of Min. Subsquent Investment: PKR 1,/ Nabeel Malik Chief Investment Officer KSE1 Index and 6months PKRV rate based on actual Auditor: A.F Ferguson & Co. Pakistan allocation of the fund**** Muddasir Ahmed Shaikh Head of Equities Launch Date: October 29, 25 Trustee: CDC Pakistan Limited Par Value: PKR 5/ Listing: Pakistan Stock Exchange Shariq Mukhtar Hashmi Head of Compliance Pricing: Forward Day Dealing Days: Monday Friday Kashif Kasim Portfolio Manager Sales Load: 3.% Cutoff Time: 9: am 4: pm Risk Profile: Moderate to High Fund Size (PkR mn; as on October 31, 218): 1,975.42 September October NAV (PkR): 55.293 Sharpe Ratio*.9 Information Ratio.1 Standard Deviation* 21.4% Total Expense Ratio*** 1.13% 1 9 8 7 6 5 4 3 2 1 12.1 21.6 72.2 54.4 5. 14.6 9.2 7.7 1.5 1.8 Fund Performance BM AGVF Since Inception** 1.52% 1.18% YTD.53%.46% Month (October '18):.55%.43% Asset Allocation (Sector Wise as a % of Total Assets) Commercial Banks 17.24% Oil & Gas Exploration Companies 13.35% Fertilizer 9.16% Power Generation & Distribution 3.8% Textile Composite 3.31% Amount invested by fund of funds is Rs. million subtracted from total 7.51% Historical Performance (%) Total 54.37% 1 8 6 4 2 2 3.1 TBills 31.1 Stocks/ Equities AGVF 19.5 Rev. Repo ag. GS 25.5 Rev. Repo ag. other Secs. BM Govt. Backed/ Gov. Guar. 25.5 12.5 FY13 FY14 FY15 FY16 FY17 FY18 18.3 TBills 8.2 26.2 Placements 17.6 12. 6.8 Top 1 Holdings (% of Total Assets) International Brands Ltd. Sukuk ( 151117) 6.98% The Bank of Punjab TFC (231216) 4.39% Pak Petroleum Ltd. 4.34% Oil & Gas Dev.Co 3.87% Engro Fertilizer Limited 3.46% United Bank Ltd. 3.32% Engro Corporation Limited 3.24% Bank AlFalah Limited 3.17% MCB Bank Limited 3.13% Mari Petroleum Company Limited 2.97% Details of NonCompliant Investments Agritech Limited Term Finance Cert. 5,75, 5,75,.%.% 1 Year Rolling Returns Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGVF 4.32%.5%.35% 5.88% 1.76% 4.7% 1.17% 3.39% 1.33% 2.13% 1.77% 1.21%.43% BM 4.61%.86%.97% 6.48% 1.2% 3.95%.7% 4.33% 1.48% 1.48% 1.45% 1.8%.55% The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 12.4mn. If the same were not made the NAV per unit/return of the Scheme would be higher by Rs..3365 /.61%. 212 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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. All returns are calculated assuming reinvested dividends.performance data does not include the cost incurred directly by an investor in the form of sales load etc. * Calculated on 12month trailing data. ** Since Inception return is calculated on Compound Annual Growth Rate (CAGR). *** This include.1384% representing government levy, Worker s Welfare Fund and SECP Fee. Selling & marketing expenses for the period ended October,218, PKR Mn 2.745
12 Alfalah GHP Investment Management Limited Fund Managers' Report October, 218 Alfalah GHP Prosperity Planning Fund Fund: Not Yet Rated AMC: "AM2+" by PACRA 1Aug18 Alfalah GHP Prosperity Planning Fund is an Openended Fund of Funds Scheme that aims to generate returns on investment as per the respective Allocation Plan by investing in Collective Investment Scheme in line with the risk tolerance of the investor. Category: Fund of Funds Scheme Risk Profile: Plan Specific Maheen Rahman Chief Executive Officer Fund Type: Open Ended Management Fee: 1%* Noman Soomro Chief Operating Officer Benchmark: Min. Initial Investment: PKR 5/ ****** Nabeel Malik Chief Investment Officer AGHP CAP: Weighted average return of KSE 1 and 6 months PKRV on the basis of actual investments in Min. Subseq. Investment: PKR 1/ Muddasir Ahmed Shaikh Head of Equities underlying schemes. Trustee: CDC Pakistan Limited Shariq Mukhtar Hashmi Head of Compliance AGHP MAP: Weighted average return of KSE 1 and 6 months KIBOR on the basis of actual investments in underlying schemes. AGHP AAP: Weighted average return of KSE 1 index and 6 month KIBOR on the basis of actual investments in underlying schemes. Launch Date: Sep 11, 215 Kashif Kasim Portfolio Manager Par Value: 1 Auditor: EY Ford Rhodes, Chartered Accountants Dealing Days: Monday Friday Listing: Pakistan Stock Exchange Pricing: Forward Day Cutoff Time: 9: am 4: pm *AGPPFActive Front end load: 2% AGPPFActive Back end load: % AGPPFModerate Front end load: 1.5% AGPPFModerate Back end load: % AGPPFConservative Front end load: 1% AGPPFConservative back end load: % Alfalah GHP Active Allocation Plan (Holdings as % of Total Assets) Holdings Alfalah GHP Active Allocation Plan Fund Size (PkR mn; as on Oct 31, 218): 331.63 September October Portfolio Credit Quality NAV (PkR): 16.552.74%.58% ** 3 Star.% Total Expense Ratio**.12% Equity 54.75% 49.54% ** 2 Star.% Income 12.9% 17.27% AA.% Performance BM AGAAP Money Market 31.34% 3.79% AA 4.87% Since Inception Return***** 7.3% 4.52% 1.7% 1.81% A+ 12.41% YTD.37%.3% Total 1.% 1.% NR/UR 1.81% Month.71% 1.% Alfalah GHP Moderate Allocation Plan (Holdings as % of Total Assets) Alfalah GHP Moderate Allocation Plan Holdings Fund Size (PkR mn; as on Oct 31, 218): 453. Portfolio Credit Quality September October NAV (PkR): 1.1997.63%.17% ** 3 Star 1.18% Total Expense Ratio***.14% Equity 32.66% 28.13% ** 2 Star.% Income 51.31% 52.91% AA.% Performance BM AGMAP Money Market 15.27% 18.68% AA 34.3% Since Inception Return***** 7.37% 5.39%.11%.11% A+ 18.88% YTD 1.49%.42% Total 1.% 1.% NR/UR.11% Month.87%.74% Alfalah GHP Conservative Allocation Plan (Holdings as % of Total Assets) Alfalah GHP Conservative Allocation Plan Holdings Fund Size (PkR mn; as on Oct 31, 218): 322.65 Portfolio Credit Quality September October NAV (PkR): 14.8748 1.87% 1.2% ** 3 Star 2.5% Total Expense Ratio****.21% Equity 13.59% 14.21% ** 2 Star.% Income 31.12% 3.61% AA.% Performance BM AGCAP Money Market 52.98% 53.74% AA 18.1% Since Inception Return***** 7.14% 5.21%.44%.43% A+ 12.51% YTD 2.4% 1.47% Total 1.% 1.% NR/UR.43% Month 1.2%.87% Details of NonCompliant Investments Fund Name Type Provisioning Held, if any Provisioning Assets Assets Alfalah GHP Active Allocation Plan (1 Year Rolling Returns) Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGAAP 3.5%.5%.4% 4.11% 1.1% 3.%.82% 2.39%.93% 1.19% 1.6%.81% 1.% BM 3.62%.83%.93% 5.18%.81% 3.34%.12% 3.36% 1.8% 1.33%.97%.69%.71% Alfalah GHP Moderate Allocation Plan (1 Year Rolling Returns) Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGMAP 1.43%.44%.35% 2.57%.63% 2.11%.47% 1.18%.44%.69%.45%.55%.74% BM 1.67%.7%.76% 3.24%.34% 2.33%.28% 1.8%.44% 1.6%.29%.14%.87% Alfalah GHP Conservative Allocation Plan (1 Year Rolling Returns) Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGCAP.55%.41%.34% 1.45%.17% 1.23%.3%.37%.3%.51%.9%.2%.87% BM.61%.59%.61% 1.87%.6% 1.44%.42%.59%.1%.82%.25%.29% 1.2% AGAAP The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1.33mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs..4274 /.4%. AGMAP The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 2.549mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs..5638 /.57%. AGCAP The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1.74mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs..3491 /.34%. 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. Past performance is not necessarily indicative of future results. All returns are calculated assuming reinvested dividends. Please read the Offering Document to understand the investment policies and risks involved. Performance data does not include the cost incurred directly by an investor in the form of sales load etc. * Not Applicable, if invested in funds managed by AGIML **AGAAP: This include.297% representing government levy, Worker's Welfare Fund and SECP Fee ***AGMAP: This include.375% representing government levy, Worker's Welfare Fund and SECP Fee ****AGCAP: This include.581% representing government levy, Worker's Welfare Fund and SECP Fee ***** Since Inception return is calculated on Compounded Annual Growth Rate (CAGR) ****** AGPPF Minimum investment has been revised from April 2, 218 through Second Supplemental Offering Document duly approved by SECP on March 1, 218.
13 Alfalah GHP Investment Management Limited Fund Managers' Report October, 218 Alfalah GHP Islamic Prosperity Planning Fund Fund: Not Yet Rated AMC: "AM2+" by PACRA 1Aug18 Alfalah GHP Islamic Prosperity Planning Fund is an Openended Shariah Complaint Fund of Funds Scheme that aims to generate returns on investment as per the respective Allocation Plan by investing in Shariah complaint Mutual funds in line with the risk tolerance of the investor. Category: Shariah Fund of Funds Scheme Risk Profile: Plan Specific Maheen Rahman Chief Executive Officer Fund Type: Open Ended Management Fee: 1.25%* Noman Soomro Chief Operating Officer 1 Min. Initial Investment: PKR 5/ Nabeel Malik Chief Investment Officer 1 Min. Subseq. Investment: PKR 1/ Muddasir Ahmed Shaikh Head of Equities Benchmark: AGIPPFBAP: Weighted Avg. of KMI3 index and avg. return on 6M deposit rate of 3 (three) A or above rated islamic bank as selected by MUFAP. On the basis of actual investments in underlying schemes. ******** 1 AGIPPFMAP, AAP2 & AAP3: Weighted Avg. of KMI3 index and avg. return on 6M deposit rate of 3 (three) A or above rated islamic bank as selected by MUFAP. based on actual proportion of investment in equity and income/ money market component made by the allocation plan. Cutoff Time: 9: am 4: pm Pricing: Forward Day AGIPPFBAP Backend Load: % AGIPPFBAP Frontend Load: 1.25% 1 AGIPPFMAP Backend Load ****** 1 AGIPPFMAP Frontend Load: 2.5% AGIPPFAAP 2 Backend Load******* AGIPPFAAP 2 Frontend Load: 2.5% AGIPPFAAP 3 Backend Load******* Trustee: CDC Pakistan Limited Launch Date: June 9, 216 Shariq Mukhtar Hashmi Head of Compliance AAP2 Launch Date: Nov 1, 216 Kashif Kasim Portfolio Manager AAP3 Launch Date: June 21, 217 Par Value: 1 Auditor: A.F Ferguson & Co. Pakistan Dealing Days: Monday Friday Listing: Pakistan Stock Exchange AGIPPFAAP 3 Frontend Load: 2.5% Alfalah GHP Islamic Balanced Allocation Plan (Holdings as % of Total Assets) Alfalah GHP Islamic Balanced Allocation Plan Holdings Portfolio Credit Fund Size (PkR mn; as on Oct 31, 218): 95.92 September October Quality NAV (PkR): 1.822 1.87% 1.66% ** 3 Star 98.27% Total Expense Ratio**.13% Equity 16.1% 12.38% ** 2 Star.% Performance BM AGIBAP Income 82.5% 85.89% AA.% Since Inception Return******** 3.48% 4.6%.6%.8% AA.% YTD.79% 1.4% Total 1.% 1.% A+.% Month.52%.48% 1 Alfalah GHP Islamic Moderate Allocation Plan (Holdings as % of Total Assets) 1 Alfalah GHP Islamic Moderate Allocation Plan Holdings Portfolio Credit Fund Size (PkR mn; as on Oct 31, 218): 544.26 September October Quality NAV (PkR): 99.4375.39%.46% ** 3 Star 99.53% Total Expense Ratio***.13% Equity.%.% ** 2 Star.% Performance BM AGIAAP Income 99.6% 99.53% AA.% Since Inception Return******** 2.97% 2.54%.2%.1% AA.% YTD.94% 1.52% Total 1.% 1.% A+.% Month.26%.25% Alfalah GHP Islamic Active Allocation Plan 2 (Holdings as % of Total Assets) Alfalah GHP Islamic Active Allocation Plan 2 Holdings Portfolio Credit Fund Size (PkR mn; as on Oct 31, 218): 1,715.38 September October Quality NAV (PkR): 92.659.18%.14% ** 3 Star 99.53% Total Expense Ratio****.9% Equity 55.15% 31.84% ** 2 Star.% Performance BM AGIAAP2 Income 44.64% 68.% AA.% Since Inception Return******** 1.88% 1.3%.3%.3% AA.% YTD 1.61%.38% Total 1.% 1.% A+.% Month.12%.16% Alfalah GHP Islamic Active Allocation Plan 3 (Holdings as % of Total Assets) Alfalah GHP Islamic Active Allocation Plan 3 Holdings Portfolio Credit Fund Size (PkR mn; as on Oct 31, 218): 967.97 September October Quality NAV (PkR): 95.8179.45%.37% ** 3 Star 99.53% Total Expense Ratio*****.11% Equity 5.35% 37.82% ** 2 Star.% Performance BM AGIAAP3 Income 49.18% 61.81% AA.% Since Inception Return******** 2.87% 3.6%.%.% AA.% YTD.26%.58% Total 1.% 1.% A+.% Month 1.5%.94% Details of NonCompliant Investments Name Fund Alfalah GHP Islamic Balanced Allocation Plan (1 Year Rolling Returns) Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGIBAP.48%.2%.14% 1.32%.24% 1.13%.1%.25%.8%.63%.1%.18%.48% BM.62%.38%.33% 1.52%.19% 1.9%.18%.72%.27%.6%.14%.18%.52% 1 Alfalah GHP Islamic Moderate Allocation Plan (1 Year Rolling Returns) Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 1 AGIMAP 2.41%.51%.27% 3.15%.97% 2.25%.19% 3.25%.45%.39%.37%.5%.25% BM 2.77%.57%.54% 3.88%.73% 2.48%.1% 3.21%.32%.22%.23%.22%.26% Alfalah GHP Islamic Active Allocation Plan 2 (1 Year Rolling Returns) Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGIAAP2 2.39%.48%.26% 3.23% 1.8% 2.54%.18% 2.4% 1.45%.59%.58%.54%.16% BM 2.77%.66%.51% 3.97%.86% 2.77%.2% 2.72% 1.72%.69% 1.6% 1.12%.12% Alfalah GHP Islamic Active Allocation Plan 3 (1 Year Rolling Returns) Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Jul18 Aug18 Sep18 Oct18 AGIAAP3 1.42%.44%.37% 2.8%.65% 1.9%.8% 1.31% 1.22%.56%.5%.41%.94% BM 1.68%.49%.4% 2.48%.52% 2.%.% 1.7% 1.51%.66%.95% 1.% 1.5% 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/profit lock in thereon are dependent on forces and factors affecting the capital markets. Past performance is not necessarily indicative of future results. Capital Preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. Please read the Offering Document to understand the investment policies and risks involved. Performance data does not include the cost incurred directly by an investor in the form of sales load etc. *Continued on the next page.