From CIO s Desk The benchmark KSE Index gained 5.4% MoM during the month of. However, participation remained subdued with average daily volumes reducing to 193mn shares during the month declining by 5% MoM while traded value also dropped by 8% to USD96mn. Foreign investors remained net sellers in the market with an outflow of USD22mn during the month preceded by a net outflow of USD33mn during Feb 18. Major outflows were seen in the Power Generation (USD 18.1mn), Commercial Banks (USD 8.3mn), Fertilizer (USD 4.8mn), and OMCs (USD 2.3mn) sectors. Cement sector stood as the major outperformer during the month, which can be attributed to a series of price hikes. We maintain our view on the sector that the expected oversupply situation, post commissioning of expansions, would lead to significant shrinkage of margins. Amongst the other heavy weights, Foods, Chemicals, Power, and Commercial Banks outperformed the benchmark index. Despite further PKR devaluation during the month, Oil & Gas Exploration & Production and Textile sectors underperformed the index. Other underperformers included Engineering, Automobile & Parts, Pharma, OMCs, and Fertilizer sectors. External account of the country remained at elevated levels with 8MFY18 Current Account Deficit (CAD) reaching USD10.8bn (4.8% of GDP) compared to USD7.2bn (3.6% of GDP) during the same period last year. Highlighting the concerning situation further, CAD for the month of March 18 stood at USD1.2bn compared to a monthly average CAD of USD1bn during FY17. The balance of trade however, during the month of March 18, showed a healthy trend where exports increased by 15.1% YoY and imports inched up by 5.2% YoY. Slowdown of growth in machinery imports coupled with healthy improvement in valueadded textile exports can be attributed to this development. Balance of Payments situation remains a cause of concern where the country s foreign exchange reserves have reduced to USD17.8bn by the end of. Consequently, import cover on SBP s reserves has shrunk below 2.7 months of imports. During the month, PKR depreciated against the greenback by ~5% reaching PKR116/USD taking the cumulative devaluation during the past four months to over 10%. Piling up of external debt is so far the current strategy of the government, where we do not rule out the possibility of renegotiating another IMF program as debt repayments come closer. inflation resided at 3.3% YoY, lower than 3.8% YoY witnessed last month. The continued slowdown in inflation is mainly contributed by lower prices of food items despite the petroleum product prices remaining on the higher side. Benign inflation enabled the central bank to maintain status quo in its latest monetary policy announcement. In, SBP borrowed total funds worth PKR 361bn in the TBill auction against a monthly target of PKR 1,0bn with a total maturing amount of PKR 1,317bn. The bidding pattern was skewed towards 3month tenor. In the first auction, SBP borrowed PKR 288bn against the target of PKR 650bn, with maturing amount of PKR 621bn. However, the total borrowed amount in the second auction was PKR 53bn against the target of PKR 350bn with maturing amount of PKR 1bn. In the third auction, SBP borrowed PKR bn against the target of PKR 0bn with maturing amount of PKR 576bn. In the last auction, the cutoff yield for 3month tenor T Bill stood at 6.2591%, whereas no bids were received for 6month and 12month tenor in the given auction. Furthermore, SBP rejected the PIB auction where total bid amounted to PKR 10bn against the target amount of PKR bn. Policy rate remained at 6.0% in the last Monetary Policy Committee meeting. The current account remains under pressure coupled with external factors that can potentially enhance the policy rate in the next MPC meeting to be held in May 18. Going forward, we remain concerned over the external account position of the country with possible implications resulting from the FATF watchlist. During the current month, the government is set to announce the federal budget for FY19, which we believe largely to remain neutral to positive for the stock market on the backdrop of amnesty scheme for foreign and domestic assets. We maintain our view on another round of devaluation of the PKR and interest rate hike going forward. Shares in mn KSE 30 Perfomance 16.0% Monthly YoY Inflation 1 1 1Mar 7Mar 13Mar Volume (L.H.S) 19Mar 26Mar 30Mar KSE30 (R.H.S) 23,000 22,0 22,0 22,0 22,0 22,000 21,0 21,0 21,0 21,0 21,000,0 12.0% 8.0% 4.0% 0.0% Apr12 Sep12 Feb13 Jul13 Dec13 May14 Oct14 Mar15 Aug15 Jan16 Jun16 Nov16 Apr17 Sep17 Feb18 1
Unit Trust of Pakistan (UTP) UTP is a balanced fund that aims to preserve and grow investor s capital in the long term while providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and fixed income investments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income investments help generate the current income. Balanced Scheme Fund launch date 27 October, 1997 Net Assets (PKR mn) 1,486. Net Assets Excluding JSIL FoFs (PKR mn) 1,486. NAV (PKR) 170.41 BM # 2.00% (Exclusive of SST & FED) Frontend Load 3.00% Backend Load Central Depository Company of Pakistan Ltd. Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. Deloitte Yousuf Adil Medium Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO / Fund Manager Mr. Khawar Iqbal CFO Mr. Shahab Farooq Head of Research Mr. Syed Ali Turab AlviCSO 1 1 1 1 Mar15 Jun15 Sep15 3 Years Return on PKR Invested in UTP Vs Dec15 Mar16 UTP Jun16 Sep16 Non Compliant Investments under Circular 16/10 Provision Name of Value before Value after Type held Investment provision provision (if any) Dec16 Mar17 Jun17 % of Net Assets Sep17 Dec17 Mar18 % of Gross Assets Agritech Ltd. Sukuks 112,298,115 112,298,115 0.00 0.00 Azgard Nine Ltd.a PPTFC 31,9,766 (31,9,766) 0.00 0.00 Agritech Ltd.b PPTFC 0.00 0.00 Azgard Nine Ltd.c PPTFC 0.00 0.00 (a) The commercial paper amounting to Rs. 75 mn of Azgard Nine Ltd has been settled through Issuance of 15,000 PPTFC's of an equivalent amount in the name of the fund. The said PPTFCs were restructured and ANL provided 772,253 shares of Agritech Limited at the rate of Rs. 35 each which reduced our provision accordingly. During the month of January 13 5000 PPTFC'S have been disposed off. (b) Fund has received Agritech PPTFC's against interest receivable of Agritech Sukuk which is valued at zero but cost is carried at 18,665,000. (c) The Fund has received 3,853 Zero Coupon PPTFC against interest receivable of unlisted TFC's. Since these PPTFC's are received against already defaulted securities and even MUFAP started its revaluation, the management as a matter of prudence is not revaluing said PPTFC's. These PPTFC's are valued at zero but cost is carried at 19,265,000. Statistical analysis Fund Fund BM Information Ratio (0.10) Beta 0.5 1.0 Correlation 0.96 Largest Month Gain 14.0% 19.3% Standard Deviation 14.7% Largest Month Loss 24.0% 33.8% Expense Ratio* 2.99% % Positive Months 71.1% 65.0% * This is annualized and includes 0.41% government levy, Sindh Worker s Welfare Fund and SECP fee. # Effective from 01Sep 16: Rate of return of KSE30 Index and six (6) month KIBOR, for any period of return, on the basis of actual proportions of the portfolio. Previously 50% 6M KIBOR & 50% KSE 30 Index. Cumulative return is based as per MUFAP stated methodology. 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 3.95 8.41 30.56 89.01 1,817.57 15.55 4.14 2.51 24.27.25 970.91 12.30 Difference 0.19 5.90 6.29 28.76 846.66 3.25 * Average Annualized Return since inception as per Morning Star formula FY18 FY17 FY16 FY15 FY14 July 0.01 3.34 2.89 2.42 5.47 August 9.18 1.82 0.90 6.41 5.57 September 0.51 3.28 4.24 3.76 0.66 October 5.33 2.91 5.66 3.43 2.44 November 1.07 5.75 2.36 5.31 6. December 1.24 6.69 2.10 3.88 4.53 January 7.07 3.26 0.99 4.50 1.18 February 3.14 0.09 4.01 1.95 0.19 March 3.95 0.54 2.85 8.59 4.49 April 3.22 2.25 8.55 4.07 May 3.66 1.84 2.10 1.18 June 5.96 0. 1.35 1.36 YTD 8.98 24.49 6.98 13.52 23.56 0.17 12.09 3.84 7.85 18.21 Difference 8.81 12. 3.14 5.67 5.35 the form of sales load etc. Cash 12.92 17.46 Placement with Banks and DFIs Equity 68.54 65.83 TFCs / Sukkuks 15.33 15.75 PIBs T Bills MTS / Spread Transactions 1.41 0.24 Other including receivables 1. 0.73 Total.00.00 Asset quality (%age of total assets) AA+ 12.27% AA 0.15% AA 2.88% A 4.32% AAA 8.64% Sector Allocation Equity (%age of total assets) Commercial Banks 19.66 14.41 Oil & Gas Exploration Companies 15.06 13.59 Power Generation & Distribution 5.47 5.46 Glass & Ceramics 3.77 2.64 Engineering 3.38 6.69 Others 21.21 23.05 Total 68.54 65.83 Top holding Equity (%age of total assets) Mari Petroleum Co. Ltd. 7.92 Bank Alfalah Ltd. 7.18 Bank Al Habib Ltd. 6.87 Oil & Gas Development Co. Ltd. 6.13 The Hub Power Co. Ltd. 3.91 Faysal Bank Ltd. 3. Shabbir Tiles & Ceramics Ltd. 3.31 Synthetic Products Enterprises Ltd. 2.82 Pakistan National Shipping Corporation Ltd. 2.34 Searle Company Ltd. 2.28 Fund's liability to the tune of Rs. 9,297,174/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.06/0.65%. For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme. 2
EQUITY SCHEME JS Growth Fund (JS GF) The main objective of JSGF is to enable the Certificate Holders to participate in a diversified portfolio of high quality equity securities listed on the stock exchanges and to maximize the investment return, by prudent investment management. Equity Scheme Fund launch date 06 June, 06 * Net Assets (PKR mn) 2,242.41 Net Assets Excluding JSIL FoFs (PKR mn) 2,242.41 NAV (PKR) 195.58 KSE30 (Total Return Index) Effective from 01Sep '16. 2.00% (Exclusive of SST & FED) Frontend Load 3.00% Backend Load MCB Financial Services Ltd Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. Grant Thorton High Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Syed Ali Turab AlviCSO Mr. Zahid Ullah Khan CIO / Fund Manager Mr. Shahab Farooq Head of Research Mr. Khawar Iqbal CFO 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 3.11 14.09.72 133.53 215.93 10.22 6.10 5.47 30.77 77.01 106.49 6.32 Difference 2.99 8.62 9.95 56.52 109.44 3.89 * Average Annualized Return since inception as per Morning Star formula FY18 FY17 FY16 FY15 FY14 July 0.76 3.46 3.44 2.92 11.41 August 11.28 3.45 2. 9.21 8.85 September 0.26 3.02 6. 4.22 0.45 October 5.86 0.94 6.53 1.46 1.83 November 0.73 10.55 4.82 3.53 15.14 December 2. 9.87 3.81 8.28 4.63 January 9.28 7.16 0.79 8.17 1.43 February 3.76 1.51 4.46 5.12 0.06 March 3.11 0.73 4.74 11.16 6.43 April 2.78 3.49 11.54 3.18 May 3.12 1.02 2.67 1.78 June 8.37 1.06 2.53 1.28 YTD 11.54 37.56 3.88 12.42.12 1.50 17.92 0.37 5.67 25.96 Difference 10.04 19.64 3.51 6.75 14.16 the form of sales load etc. 0 150 3 Years Return on PKR Invested in JS Growth Fund Vs JSGF Cash 5.83 9.57 Equity 92.52 89.43 Other including receivables 1.66 1.00 Total.00.00 50 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Statistical analysis Fund Fund BM Information Ratio (0.14) Beta 0.8 1.0 Correlation 0.95 Largest Month Gain 18.9% 25.2% Standard Deviation 23.2% Largest Month Loss 35.2% 45.1% Expense Ratio* 3.04% % Positive Months 62.0%.6% * This is annualized and includes 0.% government levy, Sindh Worker s Welfare Fund and SECP fee.selling & Marketing Expense PKR 2,191,226. Sep16 Dec16 Mar17 Jun17 Equity Cash Other including receivables Fund's liability to the tune of Rs. 18,411,165/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.61/0.82%. For details investors are advised to read the Note 12.1 of the latest Financial Statements of the Scheme. Sep17 Dec17 Mar18 Sector Allocation Equity (%age of total assets) Commercial Banks 17.93 13.21 Insurance 14.64 15.44 Oil & Gas Exploration Companies 13.95 12.61 Power Generation & Distribution 6.50 4.63 Sugar & Allied Industries 6.45 7.51 Others 33.04 36.03 Total 92.52 89.43 Top holding Equity (%age of total assets) Bank Alfalah Ltd. 8.01 IGI Insurance Ltd. 7.58 Adamjee Insurance Co. Ltd. 7.06 Mari Petroleum Co. Ltd. 6.67 Oil & Gas Development Co. Ltd. 6.32 Bank Al Habib Ltd. 6.22 The Hub Power Co. Ltd. 5.65 Shahtaj Sugar Mills Ltd. 5.42 Rafhan Maize Products Ltd. 4.79 Orix Leasing Pakistan Ltd. 4.22 Non Compliant Investments under Circular 16/10 Name of Investment Type Value before provision Provision held (if any) Value after provision % of Net Assets % of Gross Assets AZGARD9 TFC TFC 13,681,024 (13,681,024) AZGARD9 ZERO COUPON PPTFC ISSUE 5 PPTFC AZGARD9 CONVERTABLE PPTFC PPTFC 42,649,553 (42,649,553) * Converted into open end scheme on 19 July, 13. Cumulative return is based as per MUFAP stated methodology. 3
JS Value Fund (JS VF) The fund maintains a portfolio of high yielding equity securities aiming at earnings derived from capital appreciation and dividend income. The portfolio seeks capital growth through investments in listed equity securities with betterthanaverage appreciation potential and liberal dividend policies. To benefit from changing interest rate environment and some portion of the portfolio is also kept in cash and near cash instruments (excluding TDR) which may include Government securities not exceeding ninety (90) days maturity. Equity Scheme Fund launch date 14 January, 1996 * Net Assets (PKR mn) 1,073.44 Net Assets Excluding JSIL FoFs (PKR mn) 1,073.44 NAV (PKR) 227.07 KSE30 (Total Return Index) Effective from 01Sep '16. 2.00% (Exclusive of SST & FED) Frontend Load 3.00% Backend Load MCB Financial Services Ltd Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. Deloitte Yousuf Adil High Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO Mr. Khawar Iqbal CFO Mr. Khurram M. Arif, CFA Fund Manager Mr. Syed Ali Turab AlviCSO Mr. Shahab Farooq Head of Research 0 150 50 Mar15 Jun15 Sep15 3 Years Return on PKR Invested in JS Value Fund Vs Dec15 Mar16 JSVF Jun16 Sep16 Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Dec16 Mar17 Jun17 Equity Cash Other including receivables Statistical analysis Fund Fund BM Information Ratio (0.09) Beta 0.6 1.0 Correlation 0.95 Largest Month Gain 21.4% 25.2% Standard Deviation.8% Largest Month Loss 24.4% 45.0% Expense Ratio* 2.99% % Positive Months 64.0% 61.8% * This is annualized and includes 0.44% government levy, Sindh Worker s Welfare Fund and SECP fee.selling & Marketing Expense PKR 1,023,174. Sep17 Dec17 Mar18 1M 1Y 3Y 5Y 10Y Avg. Ann.* Fund 4.75 11..81 127.88 78.45 5.96 6.10 5.47 30.77 77.01 36. 3.15 Difference 1.35 6.13 10.04 50.87 42.05 2.81 * Average Annualized Return since last ten years as per Morning Star formula FY18 FY17 FY16 FY15 FY14 July 0.07 2.99 5.69 2.04 8.16 August 11.07 3.04 2.69 6. 7. September 1.28 2.65 5.87 4.69 0.82 October 7.26 1.84 7.55 1.33 3.02 November 0.41 6.48 3.25 2.17 12.94 December 1.29 11.35 4.21 5.83 4.30 January 11. 3.18 0.09 6.26 0.57 February 2.74 0.75 5.23 2.35 0.73 March 4.75 0.90 5.88 10.97 6.46 April 3.38 3.44 10.44 2.87 May 2.65 1.74 3.52 2.13 June 8.06 2.49 2.16 1.00 YTD 9.39 25.53 13.72 9.72 35.52 1.50 17.92 0.37 5.67 25.96 Difference 7.89 7.61 13.35 4.05 9.56 the form of sales load etc. Cash 5.05 9.50 Equity 92.76 89.53 Other including receivables 2.19 0.97 Total.00.00 Sector Allocation Equity (%age of total assets) Commercial Banks 23.59 14. Power Generation & Distribution 12.44 13.68 Oil & Gas Exploration Companies 11.57 11.63 Sugar & Allied Industries 6.11 6.13 Insurance 5.12 5.38 Others 33.93 37.91 Total 92.76 89.53 Top holding Equity (%age of total assets) Bank Alfalah Ltd. 9.59 The Hub Power Co. Ltd. 9.47 Bank Al Habib Ltd. 9.33 Mari Petroleum Co. Ltd. 9.26 AlAbbas Sugar Mills Ltd. 6.11 Faysal Bank Ltd. 4.66 Thal Ltd. 3.88 Shabbir Tiles & Ceramics Ltd. 3.43 Lalpir Power Ltd. 2.73 Adamjee Insurance Co. Ltd. 2.57 Non Compliant Investments under Circular 16/10 Name of Investment Type Value before provision Provision held (if any) Value after provision % of Net Assets % of Gross Assets AZGARD9 TFC TFC 16,990,191 (16,990,191) AZGARD9 ZERO COUPON PPTFC ISSUE 5 PPTFC Fund's liability to the tune of Rs. 8,143,945/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.72/0.76%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. * Converted into open end scheme on 27 June, 13. Cumulative return is based as per MUFAP stated methodology. 4
EQUITY SCHEME JS Large Cap. Fund (JS LCF) JS LCF is an openend Equity Scheme that aims to benefit from an attractive Capital Market in an economy with growth potential, to maximize the total investment return consisting of a combination of capital appreciation and dividend income. Consistent with its Investment Objective, the Fund shall invest primarily in equity securities of listed LargeCap companies with market capitalization of over Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash and/or near cash instruments which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity. Equity Scheme Fund launch date 14 May, 04 * Net Assets (PKR mn) 822.16 Net Assets Excluding JSIL FoFs (PKR mn) 722.17 NAV (PKR) 146.91 KSE30 (Total Return Index) Effective from 01Sep '16. 2.00% (Exclusive of SST & FED) Frontend Load 3.00% Backend Load Central Depository Company of Pakistan Ltd. Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. Deloitte Yousuf Adil High Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Syed Ali Turab AlviCSO Mr. Zahid Ullah Khan CIO Mr. Shahab Farooq Head of Research Mr. Khawar Iqbal CFO Mr. Syed Sanakhawan Fund Manager 0 150 50 Mar15 Jun15 Sep15 3 Years Return on PKR Invested in JS Large Cap Fund Vs JSLCF Dec15 Mar16 Jun16 Sep16 Dec16 Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Mar17 Jun17 Sep17 Equity Cash Other including receivables Statistical analysis Fund Fund BM Information Ratio 0.03 Beta 0.7 1.0 Correlation 0.93 Largest Month Gain 14.7% 25.2% Standard Deviation 22.1% Largest Month Loss 30.8% 45.0% Expense Ratio* 3.39% % Positive Months 59.9% 61.1% * This is annualized and includes 0.44% government levy, Sindh Worker s Welfare Fund and SECP fee.selling & Marketing Expense PKR 754,009. Dec17 Mar18 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 4.98 3.47 56.36 195.02 687.97 16.03 6.10 5.47 30.77 77.01 2.82 9.23 Difference 1.12 2.00 25.59 118.01 447.15 6.79 * Average Annualized Return since inception as per Morning Star formula FY18 FY17 FY16 FY15 FY14 July 0.41 6.71 6.07 3.43 12.94 August 9.76 2.91 3.30 10.37 8.41 September 0.63 5.10 7.28 8.70 1.23 October 6.50 2.91 7.83 6.87 3.16 November 0.05 9.81 5.91 7.34 12.98 December 0.93 8.99 4.67 9.16 5.55 January 9.67 6.12 0.49 8.86 4.48 February 2.54 1.70 5.33 3.83 6.70 March 4.98 0.04 6.35 9.81 8.30 April 5.35 2.23 12.66 3.63 May 4.76 0.21 3.00 3. June 6.50 1.50 1.18 1.79 YTD 6.46 44.30 4.77 31.74 39.64 1.50 17.92 0.37 5.67 25.96 Difference 4.96 26.38 4. 26.07 13.68 the form of sales load etc. Cash 9.21 9.70 Equity 89.71 89.66 Other including receivables 1.08 0.64 Total.00.00 Sector Allocation Equity (%age of total assets) Commercial Banks 21.83 17.73 Power Generation & Distribution 11.84 12.63 Oil & Gas Exploration Companies 11.13 11.79 Oil & Gas Marketing Companies 7.21 7.66 Glass & Ceramics 4.14 2.59 Others 33.56 37.26 Total 89.71 89.66 Top holding Equity (%age of total assets) Bank Al Habib Ltd. 9.86 The Hub Power Co. Ltd. 8.79 Bank Alfalah Ltd. 8.78 Mari Petroleum Co. Ltd. 8.35 Ittefaq Iron Industries Ltd. 3.58 Agriautos Industries Ltd. 3.43 Faysal Bank Ltd. 3.19 Thal Ltd. 3.01 Oil & Gas Development Co. Ltd. 2.79 Orix Leasing Pakistan Ltd. 2.78 Non Compliant Investments under Circular 16/10 Name of Investment Type Value before provision Provision held (if any) Value after provision % of Net Assets % of Gross Assets Agritech Limited Sukuks 4,991,429 (4,991,429) Agritech Limited zero coupon PPTFC Azgard Nine Limited PPTFC PPTFCs 52,000,000 (52,000,000) Fund's liability to the tune of Rs. 5,875,542/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.09/0.78%. For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme. * Converted into open end scheme on 26 September, 10. 5
JS Islamic Fund (JS ISF) JS Islamic Fund [JS ISF] aims to grow investor s capital in the long term in adherence with principles of Shariah compliance as advised by the Shariah Advisory Council (SAC) of this fund. The fund investments are limited to asset classes approved by the Shariah Advisory Council (SAC) and all companies under investment consideration are semiannually screened for Shariah compliance. Shariah Compliant Equity Scheme Fund launch date 27 December, 02 Net Assets (PKR mn) 1,515.57 Net Assets Excluding JSIL FoFs (PKR mn) 1,079.25 NAV (PKR) 112.01 KMI30 Index 2.00% (Exclusive of SST & FED) Frontend Load 3.00% Backend Load Central Depository Company of Pakistan Ltd. Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. A. F. Ferguson & Co. Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited High Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO / Fund Manager Mr. Khawar Iqbal CFO Mr. Syed Ali Turab AlviCSO Mr. Shahab Farooq Head of Research 250 3 Years Retun on PKR Inveseted in JS Islamic Fund Vs JSISF 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 1.96 12.97 57.34 196.09 922.83 16.45 5.31 5.91 55.96 143.64 761. 15.15 Difference 3.35 7.06 1.38 52.45 161.43 1.30 * Average Annualized Return since inception as per Morning Star formula FY18 FY17 FY16 FY15 FY14 July 0.13 9.76 2.96 3.79 15.35 August 10.34 1.98 4.33 11.70 11.98 September 1.03 7.51 6.10 9.19 1.59 October 6.99 2.04 5.97 8.71 1.02 November 1.01 10.44 5.64 7.98 10.07 December 1.92 8.12 4.56 8.68 4.84 January 9.21 3.13 0.54 7.41 5.64 February 3.83 1.21 5. 1.86 3.33 March 1.96 0.27 7.66 10.57 7.37 April 6.12 2.37 13.79 3.46 May 2.94 1.85 1.15 0.81 June 7.02 2.33 5.55 0.67 YTD 14.31 46.06 5.88 42.90 38.43 2.05 18. 15.53.10 29.89 Difference 12.26 27.26 9.65 22. 8.54 the form of sales load etc. Cash 11.97 11.07 Equity 87.55 88.23 Other including receivables 0.48 0.70 Total.00.00 0 150 50 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Sector Allocation Equity (%age of total assets) Oil & Gas Exploration Companies 23.33.17 Power Generation & Distribution 10.22 8.15 Oil & Gas Marketing Companies 6.01 5.75 Engineering 5.83 11.92 Pharmaceuticals 5.61 5.11 Others 36.56 37.13 Total 87.55 88.23 Equity Cash Other including receivables Top holding Equity (%age of total assets) Mari Petroleum Co. Ltd. 12.17 Oil & Gas Development Co. Ltd. 8. The Hub Power Co. Ltd. 8.54 Engro Corporation Ltd. 4.62 Agriautos Industries Ltd. 4.52 Meezan Bank Ltd. 3.74 Ittefaq Iron Industries Ltd. 3.54 Attock Petroleum Ltd. 3.52 Shabbir Tiles & Ceramics Ltd. 3.47 Thal Ltd. 3.31 Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Statistical analysis Fund Fund BM Information Ratio (0.12) Beta 0.9 1.0 Correlation 0.93 Largest Month Gain 15.4%.2% Standard Deviation 21.8% Largest Month Loss 28.7% 37.1% Expense Ratio* 3.23% % Positive Months 66.8% 64.5% * This is annualized and includes 0.42% government levy, Sindh Worker s Welfare Fund and SECP fee.selling & Marketing Expense PKR 1,465,308. Fund's liability to the tune of Rs. 9,243,107/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.68/0.61%. For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme. Cumulative returns are based as per MUFAP stated methodology. 6
JS Islamic Dedicated Equity Fund (JS IDEF) The objective of JS Islamic Dedicated Equity Fund (JSIDEF) is to provide other Fund of Funds schemes a Shariah compliant avenue for taking exposure in Shariah Compliant Equities. Shariah Compliant Equity Scheme Fund launch date 21 March, 18 Net Assets (PKR mn) 301.85 Net Assets Excluding JSIL FoFs (PKR mn) Nil NAV (PKR).58 KMI30 Index 2.00% (Exclusive of SST & FED) Frontend Load 3.00% Backend Load Central Depository Company of Pakistan Ltd. Dealing Days & Cutoff time (Monday to Friday) 4:00 p.m. KPMG Taseer Hadi & Co. Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited High Management Quality Rating AM2 by JCRVIS n/a Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO Mr. Khawar Iqbal CFO Mr. Khurram M. Arif, CFA Fund Manager Mr. Syed Ali Turab Alvi CSO Mr. Shahab Farooq Head of Research 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 0.58 n/a n/a n/a 0.58 23.50 2.36 n/a n/a n/a 2.36 134.29 Difference 1.78 n/a n/a n/a 1.78 110.79 * Average Annualized Return since inception as per Morning Star formula FY18 FY17 FY16 FY15 FY14 July n/a n/a n/a n/a n/a August n/a n/a n/a n/a n/a September n/a n/a n/a n/a n/a October n/a n/a n/a n/a n/a November n/a n/a n/a n/a n/a December n/a n/a n/a n/a n/a January n/a n/a n/a n/a n/a February n/a n/a n/a n/a n/a March 0.58 n/a n/a n/a n/a April n/a n/a n/a n/a May n/a n/a n/a n/a June n/a n/a n/a n/a YTD 0.58 n/a n/a n/a n/a 2.36 n/a n/a n/a n/a Difference 1.78 n/a n/a n/a n/a the form of sales load etc. Cash 46.97 n/a Equity 52.91 n/a Other including receivables 0.12 n/a Total.00 n/a Sector Allocation Equity (%age of total assets) Oil & Gas Exploration Companies 22.32 n/a Fertilizer 6.45 n/a Power Generation & Distribution 6.09 n/a Oil & Gas Marketing Companies 5.79 n/a Paper & Board 3.36 n/a Others 8.89 n/a Total 52.91 n/a Top holding Equity (%age of total assets) Mari Petroleum Co. Ltd. 8.75 Pakistan Petroleum Ltd. 7.10 Oil & Gas Development Co. Ltd. 6.47 Engro Corporation Ltd. 5.49 The Hub Power Co. Ltd. 4.93 Pakistan State Oil Co. Ltd. 4.63 Packages Ltd. 3. Shabbir Tiles & Ceramics Ltd. 2.83 ICI Pakistan Ltd. 2.13 National Refinery Ltd. 1.82 Statistical analysis Fund Fund BM Standard Deviation 1.4% Beta 0.2 1.0 Expense Ratio* 0.02% Largest Month Gain 0.6% 2.4% Largest Month Loss 0.0% 0.0% % Positive Months.0%.0% * This is annualized and includes 0.00% government levy, Sindh Worker s Welfare Fund and SECP fee. Fund's liability to the tune of Rs. 34,682/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.01/0.01%. For details investors are advised to read the latest Financial Statements of the Scheme. Cumulative returns are based as per MUFAP stated methodology. 7
JS Fund of Funds (JS FoF) JS FoF is a fund of funds that aims to grow investor s capital in the long term while diversifying the asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens. Fund of Fund Scheme Fund launch date 31 October, 05 Net Assets (PKR mn) 289.48 Net Assets Excluding JSIL FoFs (PKR mn) 289.48 NAV (PKR) 55.38 BM FOF # 1.00% (Exclusive of SST & FED) Frontend Load 3.00% Backend Load Central Depository Company of Pakistan Ltd. Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. Deloitte Yousuf Adil Medium Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO / Fund Manager Mr. Khawar Iqbal CFO Mr. Syed Ali Turab AlviCSO Mr. Shahab Farooq Head of Research 0 150 3 Years Return on PKR Invested in JS Fund of Fund Vs JS FoF 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 4.69 4.05 37.27 118.08 373.12 13.33 4.94 3.65 30.52 87.85 198.67 9.21 Difference 0.25 0. 6.75 30.23 174.45 4.12 * Average Annualized Return since inception as per Morning Star formula FY18 FY17 FY16 FY15 FY14 July 0.22 1.09 2.66 4.88 13. August 8.63 0.94 2.28 7.37 8.62 September 0.17 2.85 6.25 3.52 6.78 October 3.18 3.09 5.78 2.93 0.05 November 1.32 5.77 2.97 4.47 7.87 December 0.28 8.27 3.78 5.34 4.63 January 6.74 4.48 1.11 5.35 3.32 February 2.11 0.28 3.30 0.95 2.52 March 4.69 0.78 6.21 7.01 5.38 April 3.95 3.63 10.03 4.43 May 3.85 3.71 1.97 1.77 June 6.62 0.24 1.01 0.67 YTD 4.83 21.37 9.08.44.09 1.29 15.74 3.98 21.16 19.79 Difference 3.54 5.63 5.10 0.72.30 the form of sales load etc. Open End / Closed End Funds 91.50 89.31 T Bills Cash 8.35 10.50 Other including receivables 0.15 0.19 Total.00.00 50 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Top holding OE/CE (%age of total assets) JS Large Cap. Fund 33.98 NAFA Financial Sector Fund 31.13 National Investment Trust 10.10 JS Income Fund 8.59 JS Islamic Fund 6.72 NAFA Islamic Energy Fund 0.98 Open End / Closed End Funds Cash Total 91.50 Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Statistical analysis Fund Fund BM Information Ratio 0.01 Beta 0.9 1.0 Correlation 0.95 Largest Month Gain 13.6% 11.0% Standard Deviation 16.0% Largest Month Loss 13.7% 25.1% Expense Ratio* 1.27% % Positive Months 65.3% 68.0% * This is annualized and includes 0.21% government levy, Sindh Worker s Welfare Fund and SECP fee. Fund's liability to the tune of Rs. 1,519,908/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.29/0.53%. For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme. Cumulative returns are based as per MUFAP stated methodology. # 'Weighted Average of "Three (3) months PKRV rates", "Six (6) months KIBOR rates" and "KSE Index", on the basis of actual investment in money market, income and equity schemes '. " 8
SHARIAH COMPLIANT FUND OF FUNDS SCHEME JS Islamic Hybrid Fund of Funds (JS IHFoF) JS Islamic Hybrid Fund of Funds aims to generate need based returns for its clients by offering several Allocation Baskets/Plans with varying mix of exposures to low / high risk asset classes via underlying mutual funds. Investment Objectives of the Allocation Baskets/Plans initially offered under JSIHFOF are Mustanad, Mustahkem, Mutanasib, Mufeed & Munafa. Shariah Compliant Fund of Funds Fund launch date 7 June, 17 BM IHFOF* Nil (Up to 1% M.Fee p.a. applicable on investments made in CIS not managed by JSIL Frontend Load Mustanad 0% Mustehkam 0.5% Mutanasib Up to 3% Mufeed Up to 3% Munafa Up to 3% of NAV(FED & SST rate applicable) Backend Load MCB Financial Services Ltd. Dealing Days & Cutoff time (Monday to Friday) 4:00 p.m. KPMG Taseer Hadi & Co. LowModerateHigh (as per allocation basket/plan) Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO Mr. Khawar Iqbal CFO Mr. Syed Ali Turab AlviCSO Mr. Khurram M. Arif, CFA Fund Manager Mr. Shahab Farooq Head of Research NAV (PKR) Net Assets (PKR mn) JSIHFOF Mustanad 105.47 33.35 JSIHFOF Mustahkem 97.87 3.63 JSIHFOF Mutanasib 86.48 44.32 JSIHFOF Munafa 85.43 15.72 JSIHFOF Mufeed 85.35 64.98 1M 1Y 3Y 5Y Launch JSIHFOF Mustanad * 6.28 n/a n/a n/a 6.96 * 2.23 n/a n/a n/a 1.97 JSIHFOF Mustahkem 0.95 n/a n/a n/a 2.13 1.65 n/a n/a n/a 0.51 JSIHFOF Mutanasib 1.63 n/a n/a n/a 13.52 4.11 n/a n/a n/a 5.95 JSIHFOF Munafa 1.87 n/a n/a n/a 14.57 4. n/a n/a n/a 5.29 JSIHFOF Mufeed 1.76 n/a n/a n/a 14.65 4.79 n/a n/a n/a 5.17 * Annualized returns JSIHFOF JSIHFOF Mustanad* Mustahkem JSIHFOF Mutanasib JSIHFOF Munafa JSIHFOF Mufeed FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 Jul 2.24 n/a 0.38 n/a 0.59 n/a 0.64 n/a 0.61 n/a Aug 4.46 n/a 2.85 n/a 9.97 n/a 9.43 n/a 9.82 n/a Sep 32.15 n/a 0.08 n/a 0.75 n/a 0.81 n/a 0.95 n/a Oct 3.87 n/a 1.29 n/a 5.94 n/a 6.67 n/a 6.56 n/a Nov 3.52 n/a 0.03 n/a 0.90 n/a 1.27 n/a 1.00 n/a Dec 3.17 n/a 0. n/a 1.54 n/a 1.48 n/a 1.65 n/a Jan 4.74 n/a 2.38 n/a 7.95 n/a 8.18 n/a 8.47 n/a Feb 2.99 n/a 0.77 n/a 2.87 n/a 3.49 n/a 3.44 n/a Mar 6.28 n/a 0.95 n/a 1.63 n/a 1.87 n/a 1.76 n/a Apr n/a n/a n/a n/a n/a May n/a n/a n/a n/a n/a Jun 3.02 0.72 1.62 2.14 2.08 YTD 7.15 3.02 1.42 0.72 12.10 1.62 12.70 2.14 12.84 2.08 BM 2.12 0.11 1.31 1. 2.32 3.72 0.34 4.97 0. 4.41 Diff. 5.02 2.91 2.73 1.08 9.78 2.10 12.36 2.83 12.04 2.33 * Annualized returns the form of sales load etc. 90 70 50 30 10 Expense ratio Islamic Hybrid Fund of Fund Allocation Mustehkam Munafa Mustanad Mutansib Mufeed Cash Investment in Mutual Funds Other including receivables Expense Ratio Government levy, Sindh Worker s Welfare Fund and SECP fee* JS Islamic Hybrid Fund Of FundsMustanad 0.62% 0.29% JS Islamic Hybrid Fund Of FundsMustahkem 0.50% 0.14% JS Islamic Hybrid Fund Of FundsMutanasib 0.64% 0.14% JS Islamic Hybrid Fund Of FundsMunafa 0.67% 0.17% JS Islamic Hybrid Fund Of FundsMufeed 0.63% 0.13% All ratios are annualized *Included in Expense Ratio Asset Allocation (%age of total assets) JSIHFOF Mustanad JSIHFOF Mustahkem Mar18 JSIHFOF Mutanasib JSIHFOF Munafa JSIHFOF Mufeed Cash 6.19 9.44 7.99 8.48 8.13 Open End Funds 89.55 90.05 90.49 87.27 90.86 Other 4.26 0.51 1.52 4.25 1.01 Total.00.00.00.00.00 Top holding OE/CE (%age of total assets) JSIHFOF Mustanad JS Islamic Income Fund JSIHFOF Mustahkem JS Islamic Income Fund JS Islamic Fund JSIHFOF Mutanasib JS Islamic Fund JS Islamic Income Fund 85.50.72 28. 72.35 14.02 BM IHFOF* Weighted average daily return of KMI 30 index, six (6)/ three (3) month average deposit rates of three (3) 'A' rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Baskets". Fund's liability to the tune of Rs. 127,834/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.(Mustanad), Rs. 0.00(Mustahkem), 0.38% (Mustanad), 0.00% (Mustahkem).For details investors are advised to read the Note 12.1 of the latest Financial Statements of the Scheme. JSIHFOF Munafa JS Islamic Fund JSIHFOF Mufeed JS Islamic Fund 85.19 88.61 9
SHARIAH COMPLIANT FUND OF FUNDS SCHEME JS Islamic Hybrid Fund of Funds JS Islamic Active Allocation Plan I (JS IAAP I) JS Islamic Active Allocation Plan I is a limitedterm (2 Years) active allocation plan offered under JS Islamic Hybrid Fund of Funds. The plan aims to generate superior returns by dynamically managing the plan s exposure in Income Portion and Equity Portion based on the investment view on the different asset classes. 1M 6M 1Y 2Y Launch Avg. Ann.* Fund 1.28 n/a n/a n/a 2.08 n/a 2.29 n/a n/a n/a 3.64 n/a Difference 1.01 n/a n/a n/a 1.56 n/a * Average Annualized Return since inception as per Morning Star formula Shariah Compliant Fund of Funds Scheme Allocation Plan Fund launch date 21 September, 17 BM IHFOF* 1% (No M.Fee to be charged on investments made in CIS managed by JSIL) Frontend Load Up to 3% of NAV (FED & SST rate applicable) Contingent Load 4% of NAV on redemption requests during 1st year of subscription and 2% of NAV on redemption requests during 2nd year of subscription Backend Load MCB Financial Services Ltd. Dealing Days & Cutoff time (Monday to Friday) 4:00 p.m. KPMG Taseer Hadi & Co. Medium to High Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey _ CEO Mr. Zahid Ullah Khan CIO Mr. Khawar Iqbal CFO Mr. Syed Ali Turab Alvi CSO Mr. Khurram M. Arif, CFA Fund Manager Mr. Shahab Farooq Head of Research NAV (PKR) Net Assets (PKR mn) JSIHFOF JS IAAPI 102.08 131.01 JS IAAP_I Diff. July 17 n/a n/a n/a August 17 n/a n/a n/a September 17 0.11 0.00 0.11 October 17 0. 0.04 0.16 November 17 0.07 0.05 0.02 December 17 0.13 0.28 0.15 January 18 1.38 1.48 0.10 February 18 0.95 0.42 0.53 March 18 1.28 2.29 1.01 April 18 May 18 June 18 YTD 2.08 3.64 1.56 the form of sales load etc. Cash 4.08.00 Open End / Closed End Funds 95.84 90.47 Other including receivables 0.08 0.08 Total.00.00 Top holding OE/CE (%age of total assets) JS Islamic Income Fund 45. JS Islamic Fund 29.98 NAFA Islamic Energy Fund 10.26 JS Islamic Dedicated Equity Fund 9.99 Alhamra Islamic Income Fund 0.00 Expense Ratio Expense Ratio Government levy, Sindh Worker s Welfare Fund and SECP fee* JS Islamic Hybrid FOFIAAP1 0.55% 0.% Total 95.84 All ratios are annualized * Included in Expense Ratio BM IHFOF* Weighted average daily return of KMI 30 index, six (6)/ three (3) month average deposit rates of three (3) 'A' rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Baskets". Fund's liability to the tune of Rs. 52,648/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.04/0.04%. For details investors are advised to read the Note 12.1 of the latest Financial Statements of the Scheme 10
SHARIAH COMPLIANT FUND OF FUNDS SCHEME JS Islamic Hybrid Fund of Funds 2 JS Islamic Active Allocation Plan II (JS IAAP II) JS Islamic Active Allocation Plan II is a limitedterm (2 Years) active allocation plan offered under JS Islamic Hybrid Fund of Funds2. The plan aims to generate superior returns by dynamically managing the plan s exposure in Income Portion and Equity Portion based on the investment view on the different asset classes. Shariah Compliant Fund of Funds Scheme Allocation Plan Fund launch date 11 December, 17 BM IHFOF* 1% (No M.Fee to be charged on investments made in CIS managed by JSIL) Frontend Load Up to 3% of NAV (FED & SST rate applicable) Contingent Load 2.00% Backend Load Central Depository Company of Pakistan Ltd. Dealing Days & Cutoff time (Monday to Friday) 4:00 p.m. KPMG Taseer Hadi & Co. Moderate to High Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey _ CEO Mr. Zahid Ullah Khan CIO Mr. Khawar Iqbal CFO Mr. Syed Ali Turab Alvi CSO Mr. Khurram M. Arif, CFA Fund Manager Mr. Shahab Farooq Head of Research 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 1.31 n/a n/a n/a 1.51 n/a 2.31 n/a n/a n/a 3.13 n/a Difference 1.00 n/a n/a n/a 1.62 n/a * Average Annualized Return since inception as per Morning Star formula JS IAAP_2 Diff. July 17 n/a n/a n/a August 17 n/a n/a n/a September 17 n/a n/a n/a October 17 n/a n/a n/a November 17 n/a n/a n/a December 17 0.16 0.12 0.04 January 18 0.99 1.11 0.12 February 18 0.94 0.43 0.51 March 18 1.31 2.31 1.01 April 18 May 18 June 18 YTD 1.51 3.13 1.62 the form of sales load etc. Cash 2.57 8.79 Open End / Closed End Funds 97.13 90.93 Other including receivables 0.30 0.28 Total.00.00 NAV (PKR) Net Assets (PKR mn) JSIHFOF JS IAAP_2 101.51 688.67 Top holding OE/CE (%age of total assets) JS Islamic Income Fund 46.42 JS Islamic Fund 30.33 NAFA Islamic Energy Fund 10.38 JS Islamic Dedicated Equity Fund 9.99 Total 97.13 Expense Ratio Expense Ratio Government levy, Sindh Worker s Welfare Fund and SECP fee* JS Islamic Hybrid FOFIAAP2 0.74% 0.24% All ratios are annualized * Included in Expense Ratio BM IHFOF* Weighted average daily return of KMI 30 index, six (6)/ three (3) month average deposit rates of three (3) A rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Baskets. Fund's liability to the tune of Rs. 0,008/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.03/0.03%. For details investors are advised to read the Note 11.1 of the latest Financial Statements of the Scheme. 11
SHARIAH COMPLIANT FUND OF FUNDS SCHEME JS Islamic Hybrid Fund of Funds 2 JS Islamic Capital Preservation Allocation Plan I (JS ICPAP I) JS Islamic Capital Preservation Allocation Plan I aims to earn a potentially high return through dynamic asset allocation between Shariah Compliant Equities and Shariah Compliant Sovereign Income/Money Market based Collective Investment Schemes, while providing principal preservation of the Initial Investment Value at completion of the life of the Plan. 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 0.31 n/a n/a n/a 0.31 6.13 0.47 n/a n/a n/a 0.47 9.43 Difference 0.16 n/a n/a n/a 0.16 3.30 * Average Annualized Return since inception as per Morning Star formula Shariah Compliant Fund of Funds Scheme (CPPI) Allocation Plan Fund launch date 12 March, 18 BM JSICPAP_I* 1% (No M.Fee to be charged on investments made in CIS managed by JSIL) Frontend Load Up to 3% of NAV (FED & SST rate applicable) Contingent Load 2.00% Backend Load Central Depository Company of Pakistan Ltd. Dealing Days & Cutoff time (Monday to Friday) 4:00 p.m. KPMG Taseer Hadi & Co. Moderate Management Quality Rating AM2 by JCRVIS Multiplier During the month, the multiplier was kept constant at 2.5 times. Mr. Hasnain Raza Nensey _ CEO Mr. Zahid Ullah Khan CIO Mr. Khawar Iqbal CFO Mr. Syed Ali Turab Alvi CSO Mr. Khurram M. Arif, CFA Fund Manager Mr. Shahab Farooq Head of Research NAV (PKR) Net Assets (PKR mn) JSIHFOF JS ICPAP_I.31 1,581.66 JS ICPAP_I Diff. July 17 n/a n/a n/a August 17 n/a n/a n/a September 17 n/a n/a n/a October 17 n/a n/a n/a November 17 n/a n/a n/a December 17 n/a n/a n/a January 18 n/a n/a n/a February 18 n/a n/a n/a March 18 0.31 0.47 0.16 April 18 May 18 June 18 YTD 0.31 0.47 0.16 the form of sales load etc. Cash.72 n/a Equity n/a Open End / Closed End Funds 19.05 n/a Other including receivables 0.24 n/a Total.00 n/a Top holding OE/CE (%age of total assets) JS Islamic Dedicated Equity Fund 19.05 Expense Ratio Expense Ratio Government levy, Sindh Worker s Welfare Fund and SECP fee* JS ICPAP_I 0.82% 0.15% Total 19.05 All ratios are annualized * Included in Expense Ratio BM JSICPAP_I* The of each Allocation Plan in the Fund will be the weighted average daily return of KMI 30 index, six (6) month average deposit rates of three (3) A rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, and three (3)month average deposit rates of three (3) A rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Plans as approved by SECP. Fund's liability to the tune of Rs. 97,573/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.01/0.01%. For details investors are advised to read the latest Financial Statements of the Scheme. 12
JS Cash Fund (JS CF) JS Cash Fund (JS CF) is an openend 'Money Market Scheme' that mainly invests in low risk shortterm fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The Fund shall invest primarily in short duration instruments and may even hold some or all of its assets in cash for the purpose maintaining liquidity. Money Market Scheme Fund launch date 29 March, 10 Net Assets (PKR mn) 594.90 Net Assets Excluding JSIL FoFs (PKR mn) 594.90 NAV (PKR) 105.51 BM CF 1 0.50% (Exclusive of SST & FED) Frontend Load 1.00% Backend Load Backward MCB Financial Services Ltd Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co. Extremely Low Fund stability rating (PACRA) AA+ (f) Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO Mr. Khawar Iqbal CFO Mr. Syed Ali Turab AlviCSO Mr Asim Ilyas Fund Manager Mr. Shahab Farooq Head of Research 1 1 Mar15 May15 Jul15 3 Years Return on PKR Invested in JS Cash Fund Vs Sep15 Nov15 Jan16 Mar16 JSCF May16 Jul16 T Bills Sep16 Nov16 Cash Jan17 Mar17 May17 Jul17 Sep17 Nov17 Jan18 Annualized performance 2 1M 1Y 3Y** 5Y** Launch** Fund 5.19 5.05 5.93 6.96 8.48 5.49 5.38 5.59 6.81 8.01 Difference 0.30 0.33 0.34 0.15 0.47 ** Average Annualized Return as per Morning Star formula Annualized performance 2 FY18 FY17 FY16 FY15 FY14 July 4.98 5.51 5.87 8.62 7.28 August 4.96 5.37 5.72 8.69 7.24 September 4.87 5.06 6.94 8.68 5.83 October 4.92 4.99 5.66 9.05 7.27 November 4.83 4.90 4.54 9.34 7.65 December 4.88 5.28 5.61 8.33 8.04 January 5.09 10.85 5.70 10.03 8.06 February 5.19 4.91 5.47 7.62 8.17 March 5.19 5.41 5.54 7.17 8.86 April 4.43 5.35 8.93 8.88 May 4. 5.38 6.65 8.91 June 5.33 4.95 14.10 8.84 YTD 5.07 5.71 5.71 9.30 8.21 5.35 5.29 5.74 8. 8.73 Difference 0.27 0.41 0.03 1.10 0.52 the form of sales load etc. Cash 99.50 0.64 Placement with Banks and DFIs T Bills 99.07 Other including receivables 0.50 0.28 Total.00.00 Asset quality (%age of total assets) AA+ 98.93% AA 0.17% AA 0.38% AAA 0.02% * Govt. securities (00.0 %) Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Statistical analysis Fund BM Fund BM Standard Deviation 0.8% 0.6% Largest Month Gain 1.2% 0.9% Expense Ratio* 0.99% Largest Month Loss 0.0% 0.0% Duration (Days) 1 % Positive Months.0%.0% WAM (Days) 1 * This is annualized and includes 0.26% government levy, Sindh Worker s Welfare Fund and SECP fee. Fund's liability to the tune of Rs. 1,3,255/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.28/0.27%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. 1. 70% three (3) months PKRV rates + 30% three (3) months average deposit rate of three (3) AA rated scheduled Banks as selected by MUF AP 2. Annualized returns are based on MUFAP recommended methodology. 3. 13
JS Income Fund (JS IF) JS IF is an income fund that aims to preserve investor s capital while providing a regular stream of current income on an annual basis which is higher than that offered by commercial banks on deposits of a similar liquidity profile as this fund. The fund operates a diverse portfolio of investmentgrade debt securities, government securities and money market instruments. The fund may maintain liquidity in the form of spread transactions and bank deposits. Income Fund Scheme Fund launch date 26 August, 02 Net Assets (PKR mn) 2,762.03 Net Assets Excluding JSIL FoFs (PKR mn) 2,736.77 NAV (PKR) 99.96 BM IF # 0.75% (Exclusive of SST & FED) Frontend Load 1.00% Backend Load MCB Financial Services Ltd Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. Grant Thorton Anjum Rahman & Co Low To Medium Fund stability rating (PACRA) A+ (f) Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO Mr. Khawar Iqbal CFO Mr Asim Ilyas Fund Manager Mr. Syed Ali Turab AlviCSO Mr. Shahab Farooq Head of Research 150 50 Mar15 Jun15 Sep15 3 Years Return on PKR Invested in JS Income Fund Vs JS IF Non Compliant Investments under Circular 16/10 Name of Investment Type Dec15 Mar16 Value before provision Jun16 Sep16 Provision held (if any) Dec16 Mar17 Jun17 Value after provision Sep17 Dec17 % of Net Assets Mar18 % of Gross Assets Azgard Nine a TFC 6,661,110 (6,661,110) Azgard Nine b PPTFCs 31,9,766 (31,9,766) Agritech Ltd. c Sukuk 59,572,782 (59,572,782) Agritech Ltd. d PPTFC Dewan Cement e TFC 50,000,000 (49,990,000) 10,000 0.00 0.00 Azgard Nine f PPTFC a) The fund has made a full provision against the principal amount in accordance with the requirements of regulatory body & the provisioning policy of the Fund. (b) The CP of ANL has been settled through issuance of 15,000 PPTFCs in the name of the Fund. These PPTFCs have been restructured however, the mgt. as a matter of prudence has maintained the provision against the said PPTFCs. In lieu of restructuring of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank ( of the Issuer) CDS account. These shares are booked and marked to market accordingly. (c) The fund has made a full provision against the principal amount in accordance with the requirements of Circular 1 & the provisioning policy of the Fund. (d) The Fund has made a full provision against the principal amount of Agritech Limited s Sukuk in accordance with the requirements of Circular 1 of 09 issued by the SECP and the provisioning policy of the Fund. The Fund has received Agritech Limited s PPTFC of face value of Rs. 11.245 million against interest due on Agritech Limited s Sukuk which is not recognized as income by the Fund and these PPTFCs are valued at zero. (e) Non rated securities. (f) The fund received 4,827 zero coupon PPTFCs against interest receivable of listed and unlisted TFCs. Since these PPTFCs are received against already defaulted securities and have nonperforming status in MUFAP, therefore the management as a matter of prudence maintained the provision against the said PPTFCs. These PPTFCs are valued at zero but cost is carried at 24,135,000. Statistical analysis Fund BM Fund BM Standard Deviation 4.2% 1.0% Largest Month Gain 3.7% 1.2% Expense Ratio* 1.38% Largest Month Loss 10.3% 0.0% Duration (Yr) 0.08 % Positive Months 93.1%.0% WAM (Yr) 2.09 * This is annualized and includes 0.30% government levy, Sindh Worker s Welfare Fund and SECP fee. Annualized performance 1 1M 1Y 3Y** 5Y** Launch** Fund 6.58 5.85 6.49 7.57 7.93 6.51 6. 6.55 7.97 8.51 Difference 0.07 (0.55) (0.06) (0.) (0.58) **Average Annualized Returns as per Morning Star formula Annualized performance 1 FY18 FY17 FY16 FY15 FY14 July 6.02 13.78 11.50 7.44 4.86 August 4. 5.72 5.82 9.04 6.71 September 6.41 7.13 3.69 9.55 0.15 October 4. 5.17 3.31 8.90 5.81 November 5.36 9.04 5.95 14.85 12.33 December 4.68 6.66 6.58.84 7.77 January 7.07 5.32 3.76 16.64 10.36 February 4.92 4.82 9.81 7.55 7.29 March 6.58 5.75 6.23 5.65 12.38 April 4.10 0.86 17.17 13.93 May 6.17 11.44 2.59 0.41 June 8.03 4.86 1.75 8.34 YTD 5.67 7.04 6.33 10.65 7.67 6.37 6.27 6.70 9.35 10.30 Difference 0.70 0.76 0.37 1.30 2.63 the form of sales load etc. Asset Allocation (%) Cash 39.56 30.63 Placement with Banks and DFIs 3.84 Equity* 0.01 0.29 T Bills PIBs TFCs / Sukkuks 46.84 51.81 MTS / Spread Transactions Other including receivables 13.59 13.43 Total.00.00 * Under debtswap arrangement with Azgard Nine Limited (ANL), the fund has received shares of Agritech Limited (AGL), against the investments of ANLPPTFC and listed TFCs, these listed TFCs and PPTFCs had been fully provided. Top Holdings TFC/Sukuks (%age of total assets) Mar18 Byco Oil Pakistan Limited 17Jan17 10.26 JS Bank Limited TFC 14Dec16 8.99 ASPIN Pharma (Pvt) Ltd 30Nov17 8.97 Dawood Hercules Corpoation Ltd 16Nov17 7.46 Pak Elektron Limited Sukuk 19Feb18 4.97 AGP Limited 09Jun17 2.31 Dawood Hercules Corpoation LtdII 28Feb18 1. Ghani Gases Limited 03Feb17 1.51 Asset quality (%age of total assets) A+ 8.99% AA 1.% AA 14.69% A 24.65% AAA 10.26% A 12.06% AA+ 11.86% * Govt. securities (0.00%) Fund's liability to the tune of Rs. 3,106,367/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.11/0.11%. For details investors are advised to read the Note 13.3 of the latest Financial Statements of the Scheme. 1 Annualized returns are based on MUFAP recommended methodology. #The performance benchmark of the Fund shall be 'Average Return of Six (6) months KIBOR for any period of return. Effective from September 01 16: Previously % 1Year PKRV rate + % 6M kibor. 14
JS Islamic Income Fund (JSIIF) The objective of JS Islamic Income Fund (JSIIF) is to generate stable returns and ensure capital preservation over medium to long term, by investing primarily in quality Sukuks, Shariahcompliant Government Securities, Shariahcompliant Bank Deposits and other Shariahcompliant debt instruments. Shariah Compliant Income Scheme 3 Fund launch date 5 June, 13 Net Assets (PKR mn) 938.21 Net Assets Excluding JSIL FoFs (PKR mn) 391.78 NAV (PKR) 103.75 # BM IIF 1 0.50% (Exclusive of SST & FED) Frontend Load 1.00% Backend Load MCB Financial Services Ltd. Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. Grant Thorton Anjum Rahman & Co Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited Low to Medium Fund stability rating (PACRA) AA (f) Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO Mr. Khawar Iqbal CFO Mr. Syed Ali Turab AlviCSO Mr Asim Ilyas Fund Manager Mr. Shahab Farooq Head of Research 150 3 Years Return on PKR Invested in JS Islamic Income Fund Vs JSIIF Annualized performance 2 1M 1Y 2Y** 3Y** Launch** Fund 6.88 3.94 3.48 3.66 5.13 2.48 3.07 3.69 4.50 5.61 Difference 4. 0.87 0.21 0.84 0.48 ** Average Annualized Return as per Morning Star formula Annualized performance 2 FY18 FY17 FY16 FY15 FY14 July 4.64 4.22 4.58 2.42 6.83 August 0.47 4. 3.98 3.13 6.91 September 6.50 4.69 0.12 4.26 7.88 October 2.90 9.15 2.33 6.45 6.81 November 1.79 9.62 1.56 5.54 12.54 December 3.92 6.16 6.75 5. 9.47 January 5.18 2.06 1.27 12.25 6.55 February 3.76 0.13 3.34 5.95 11.28 March 6.88 1.95 7.50 8.08 13.07 April 1.90 4.03 7.13 6.10 May 2.41 6.06 7.42 10.17 June 16.77 4.33 4.05 4.19 YTD 2.87 3.58 3.66 6.22 8. 2.69 4.21 5.49 7.62 7.16 Difference 0.18 0.63 1.83 1.41 1.64 the form of sales load etc. Asset allocation (%age of total assets) Cash 37.97 39.44 Placement with Banks and DFIs Sukuks.97 59.31 Other including receivables 1.06 1.25 Total.00.00 Asset quality (%age of total assets) AAA.97% 50 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 AA 0.02% AA 0.00% A AA+ 37.94% * Govt. securities (0.00)%) 0.00% TFCs / Sukkuks Cash Other including receivables Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Statistical analysis Fund BM Fund BM Standard Deviation 1.2% 0.5% Largest Month Gain 1.4% 0.7% Expense Ratio* 1.66% Largest Month Loss 0.5% 0.0% WAM (Yr) 2.57 % Positive Months 86.4%.0% * This is annualized and includes 0.27% government levy, Sindh Worker s Welfare Fund and SECP fee. Sukuks allocation Top Holding 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Byco Oil Pakistan Limited 17Jan 17 ASPIN Pharma (Pvt) Ltd 30 Nov17 Dawood Hercules Corpoation LtdII 28Feb 18 Pak Elektron Limited Sukuk 19Feb 18 AGP Limited Dawood 09Jun17 Hercules Corpoation Ltd 16Nov17 Fund's liability to the tune of Rs. 1,838,193/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0./0.%. For details investors are advised to read the Note 12.1 of the latest Financial Statements of the Scheme. 1. From 18 th Aug 17 the performance benchmark of the scheme shall be Six (6) months average deposits rate of three (3) A rated scheduled Islamic banks or Islamic windows of conventional banks as selected by MUFAP. 2. Annualized return is based as per MUFAP stated methodology. 3. The fund had converted from a Shariah Compliant Government Securities Fund to a Shariah Compliant Income Fund effective 18 th Aug 17. 15
JS Capital Protected Fund V (JSCPF_V) Investment Philosophy JS Capital protected Fund V aims at protecting investor capital through the investment structure by placing 88% of the Fund s Deposited property as term deposit(s) with Bank Alfalah Limited, having rating of AA with a positive outlook (Capital Protected Portion). The remaining Investment Portion of the Fund shall be invested in equity market or any other Authorized Investment instrument. Capital Protected Scheme Fund launch date 30 May, 16 Net Assets (PKR mn) 245.71 NAV (PKR) 102.90 BM 1 1.00% (Exclusive of SST & FED) Frontend Load 1.00% Backend Load Contingent Load Up to 2.0% of NAV during the first 12 months and three weeks Up to 1.0% of NAV during the last 12 months and three weeks MCB Financial Services Limited Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. Grant Thornton Anjum Rahman Chartered Accountants Very Low Capital Protection Rating CP2+ (CP Two plus) by PACRA Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Syed Ali Turab AlviCSO Mr. Zahid Ullah Khan CIO Mr. Shahab Farooq Head of Research Mr. Khawar Iqbal CFO Mr. Syed Sanakhawan Fund Manager 1 Sep16 Oct16 Nov16 Dec16 3 Years Return on PKR Invested in JS Capital Protected Fund V Vs JSCPF_V Jan17 Feb17 Mar17 Apr17 May17 Jun17 Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 1M 6M 1Y 2Y Launch Avg. Ann.* Fund 0.34 1.32 1.96 n/a 7.08 3. 0.50 2.55 4.67 n/a 10.21 5.44 Difference 0.16 1.23 2.71 n/a 3.13 1.64 * Average Annualized Return since inception as per Morning Star formula FY18 FY17 FY16 July 0.31 0. n/a August 0.75 0.83 n/a September 0.31 0.91 n/a October 0.24 0.08 n/a November 0.16 0.97 n/a December 0.38 0.83 n/a January 0.35 0.89 n/a February 0.31 0.24 n/a March 0.34 0.42 n/a April 0.63 n/a May 0. n/a June 0.26 0.10 YTD 1.19 5.71 0.10 3.45 6.37 0.15 Difference 2.26 0.66 0.05 the form of sales load etc. Cash 0.33 0.74 Equity 0.00 0.00 TDR 2.24 1.76 Placement with Banks and DFIs 97.43 97.50 Total.00.00 Sector Allocation Equity (%age of total assets) Oil & Gas Marketing Companies 0.00 0.00 Total 0.00 0.00 98 96 94 92 90 88 86 84 Placement with Banks and DFIs Equity TDR Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Top holding Equity (%age of total assets) Pakistan State Oil Co. Ltd. 0.00 1 The benchmark of the Fund for any period of return shall be the Weighted Average Daily Return of KSE Index and Three (3) Months Deposit Rate of a Double A minus (AA) or above rated Bank based on the Fund s actual Proportion in the Investment and Capital Protection Portions. Statistical analysis Fund Fund BM Standard Deviation 1.5% Beta 1.1 1.0 Expense Ratio* 2.09% Largest Month Gain 1.0% 1.3% Largest Month Loss 0.7% 0.2% % Positive Months 78.3% 91.3% * This is annualized and includes 0.27% government levy, Sindh Worker s Welfare Fund and SECP fee. Capital protection only applies to unit holders who hold their investments until the maturity date Fund's liability to the tune of Rs. 356,337/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.15/0.15%. For details investors are advised to read the Note 13.1 of the latest Financial Statements of the Scheme. 16
JS Pension Savings Fund (JS PSF) JS Pension Savings Fund (JS PSF) is designed to provide a secure source of savings and retirement income to individuals. JS PSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity and fixed income investment avenues suited to their specific needs and risk profile. Voluntary Pension Scheme Fund launch date 26 June, 07 n/a 1.50% (Exclusive of SST & FED) Frontend Load 3.00% Backend Load Central Depository Company of Pakistan Ltd. Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co Investor dependent Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO Mr. Khawar Iqbal CFO Mr. Syed Ali Turab AlviCSO Mr. Syed Sanakhawan Fund Manager Ms. Salvina Lakhani Fund Manager Mr. Shahab Farooq Head of Research Net Assets (PKR mn) JSPSF Equity Sub Fund 232.11 JSPSF Debt Sub Fund 170.95 JSPSF MM Sub Fund 119.95 NAV (PKR) JSPSF Equity Sub Fund 511.99 JSPSF Debt Sub Fund 235.58 JSPSF MM Sub Fund 189.71 0 1 1 1 1 Mar15 Jun15 3 Years Return on PKR Invested in JS Pension Saving Fund PSFEquty PSFDebt PSFMM Sep15 Dec15 Mar16 Jun16 Sep16 Jan18 Dec17 Nov17 Oct17 Sep17 Equity Cash Other T Bills & PIBs Cash T Bills Cash Other JS Pension Equity JS Pension Debt JS Pension Money Market Fund's liability to the tune of Rs. 2,296,521/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 4.16 (ESF), Rs. 0.34(DSF), Rs. 0.25 (MMF) / 0.81% (ESF), 0.14% (DSF), 0.13% (MMF). For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme. 1 Annualized performance return is based as per MUFAP recommended methodology. ** Fund returns are Average Annualized as per Morning Star formula. Equity sub fund return is absolute. Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 1M 1Y 3Y** 5Y** Launch** Equity Sub Fund 4.82 9.10.84 227.23 16.37 Debt Sub Fund 1 5.93 3.94 4.79 5.65 8.28 MM Sub Fund 1 4.61 3.06 4.21 5.19 6.13 Annualized performance 1 Equity Debt 1 MM 1 FY18 FY17 FY18 FY17 FY18 FY17 July 0.12 3.67 3.86 7.38 4.53 10.72 August 11.77 3.10 3.54 3.43 1. 3.03 September 1.81 6.25 3.97 3.25 4.46 3.47 October 7.58 1.66 3.67 0.59 1. 0.72 November 1. 8.43 3.47 4.23 2.61 6.91 December 2.56 9.81 3. 3.61 2. 3.46 January 11.14 2.96 3.69 13.90 3.77 12.87 February 3. 0.49 3.96 3.30 7.77 2.49 March 4.82 0.89 5.93 3. 4.61 3.91 April 3.81 3.22 0.79 May 5. 4.14 2.88 June 6.81 3.36 0. YTD 10.69 41.25 4.02 4.63 3.61 4.42 the form of sales load etc. Equity Sub Fund Cash 2.90 6.96 Equity 96.26 92.73 Other including receivables 0.84 0.32 Total.00.00 Debt Sub Fund Cash 21.71 3.58 Equity* 0.00 0.12 TFCs / Sukkuks 22.28 13.69 T Bills & PIBs 55.52 82.28 Other including receivables 0.49 0.34 Total.00.00 Money Market Sub Fund Cash.64 19.95 Placement with Banks 38.91 Equity* 0.00 0.82 T Bills 79.00 Other including receivables 0.45 0.23 Total.00.00 * Under debtswap arrangement with Azgard Nine Limited (ANL), debt and money market sub funds have received shares of Agritech Limited (AGL), against the investments of ANLPPTFC, these PPTFCs in sub funds had been fully provided. Sector Allocation Equity (%age of total assets) Commercial Banks 22.37 18.66 Oil & Gas Exploration Companies 12.68 12.35 Power Generation & Distribution 12.56 13.89 Oil & Gas Marketing Companies 6.54 4. Automobile Assembler 4.81 3.06 Others 37.30 39.96 Total 96.26 92.73 Top holding Equity (%age of total assets) Bank Al Habib Ltd. 10.58 Bank Alfalah Ltd. 9.84 The Hub Power Co. Ltd. 9.32 Mari Petroleum Co. Ltd. 8.84 Indus Motor Co. Ltd. 4.13 Agriautos Industries Ltd. 3. Ittefaq Iron Industries Ltd. 3.69 Thal Ltd. 3.64 Singer Pakistan Ltd. 3.05 Oil & Gas Development Co. Ltd. 2.95 17
VPS SHARIAH COMPLIANT FUND JS Islamic Pension Savings Fund (JS IPSF) JS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and secure source of savings and retirement income to individuals according to the principles of Islamic Shariah. JS IPSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity, fixed income and other Halal investment avenues suited to their specific needs and risk profile. Shariah Compliant Voluntary Pension Scheme Fund launch date 16 June, 08 n/a 1.50% (Exclusive of SST & FED) Frontend Load 3.00% Backend Load Central Depository Company of Pakistan Ltd. Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited Investor dependent Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO Mr. Khawar Iqbal CFO Mr. Syed Ali Turab AlviCSO Mr. Syed Sanakhawan Fund Manager Ms. Salvina Lakhani Fund Manager Mr. Shahab Farooq Head of Research Net Assets (PKR mn) JSIPSF Equity Sub Fund 1.03 JSIPSF Debt Sub Fund 75.94 JSIPSF MM Sub Fund 58.18 NAV (PKR) JSIPSF Equity Sub Fund 674.36 JSIPSF Debt Sub Fund 198.58 JSIPSF MM Sub Fund 172.13 0 150 50 Mar15 Jun15 3 Years Return on PKR Invested in JS Islamic Pension Saving Fund IPSFEquty IPSFDebt IPSFMM Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 1M 1Y 3Y** 5Y** Launch** Equity Sub Fund 2.30 15.57 38.64 186.82 21.46 Debt Sub Fund 1 4.17 2.30 3.79 4.51 7.21 MM Sub Fund 1 3.71 2.51 3.10 4.24 5.66 Annualized performance 1 Equity Debt 1 MM 1 FY18 FY17 FY18 FY17 FY18 FY17 July 0.54 4.52 6.23 8.31 0.90 2.96 August 11.30 3.09 1.50 4.94 1.67 2.73 September 1.30 7.76 2.24 4.57 2.01 3.11 October 8.37 3.66 3.48 8.07 2.49 5.08 November 1.22 10.64 3.52 14. 2.79 6.92 December 2.29 7.42 3.10 2.19 2.69 1.25 January 9.81 3.64 0.48 8.66 2.34 9.45 February 4.09 1.11 0.46 0.00 1.37 1.71 March 2.30 2.01 4.17 1.57 3.71 0.49 April 4.49 1.07 2.39 May 2.34 2.06 2.52 June 7.14 12.57 6.71 YTD 14.98 38.01 1.32 5.17 2.04 3.85 the form of sales load etc. Equity Sub Fund Cash 9.01 11.36 Equity 90.65 87.68 Other including receivables 0.34 0.96 Total.00.00 Debt Sub Fund Cash 38.73 24.35 IJARA Sukuk Bond.10 74.75 Other including receivables 1.17 0.90 Total.00.00 Money Market Sub Fund Cash 39. 38.15 IJARA Sukuk Bond 1.69.34 TDR 58.47.61 Other including receivables 0.64 0.90 Total.00.00 Sector Allocation Equity (%age of total assets) Oil & Gas Exploration Companies 16. 13.70 Power Generation & Distribution 13.72 15.74 Oil & Gas Marketing Companies 8.99 5.00 Miscellaneous 6.92 7.13 Fertilizer 5.98 6.18 Others 38.45 39.93 Total 90.65 87.68 0 Jan18 Dec17 Nov17 Oct17 Sep17 Equity Cash Other Ijara Cash Other Ijara Cash TDR Other JS Islamic Pension Equity JS Islamic Pension Debt JS Islamic Pension Money Market Fund's liability to the tune of Rs. 1,516,978/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 5.42 (ESF), Rs. 0.36 (DSF), Rs.0.27 (MMF) / 0.% (ESF), 0.18% (DSF), 0.16% (MMF). For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme. Top holding Equity (%age of total assets) The Hub Power Co. Ltd. 9.25 Mari Petroleum Co. Ltd. 9.21 Engro Corporation Ltd. 5.98 Oil & Gas Development Co. Ltd. 4.88 Meezan Bank Ltd. 4.82 Synthetic Products Enterprises Ltd. 4.78 Thal Ltd. 4.72 Ittefaq Iron Industries Ltd. 3.79 Attock Petroleum Ltd. 3.73 Singer Pakistan Ltd. 3.61 ** Fund returns are Average Annualized as per Morning Star formula. Equity sub fund return is absolute. 1 Annualized performance return is based as per MUFAP stated methodology. 18