From CIO s Desk The KSE index declined by 2.3% and closed at 41,742 for the month of August. Commercial Banks were the largest contributors to the index decline at 584 points followed by the Fertilizer sector at 109 points. Cement and Power Generation contributed ~ points each. Specifically, Habib Bank Limited (HBL) and United Bank Limited (UBL) declined by 14.2% and 8.6% respectively during the month due to continued foreign selling. Being index heavy weights, they contributed.5% towards the index decline of 970 points. The market has remained nearly flat this year with a meagre 3.1 % gain to date. Although political certainty has been somewhat restored, the market continues to await the new government's response to Pakistan's Balance of Payment issues. The situation was not helped by the Current Account Deficit (CAD) of USD 2.2 billion for the month of July. The CAD rose 11.3% MoM despite relatively flat oil prices and a further 2.2% currency devaluation. The higher CAD was due to worsening trade balance as exports remained flat while imports rose by 8.4% MoM. The jump in imports was due to a 154% increase in petroleum products import (due to an unusual decline in June that set a low base and a 103% increase in LNG imports due to increasing reliance on LNG based power generation. These categories added USD 775 million to the import bill. Worryingly, despite a 17.7% currency adjustment since November 17 and a 175bps increase in the State Bank of Pakistan's (SBP) Discount Rate (DR), the NonEnergy import bill has increased by 9.1 % since November. Exports meanwhile have declined by 6.5% since November 17 and 12.8% since their high in March 18. While lagged effects of the recent policy decisions may yet materialize, we believe further monetary tightening and currency devaluation is in order to arrest the worsening current account deficit. In the meantime Pakistan requires immediate financing to bridge the gap until policy decisions start to have an effect. Pakistan's entry into another IMF program seems inevitable given the situation, although some sources have pointed towards a possible bilateral bailout by Saudi Arabia and China. We do see sufficient grounds for such an extraordinary bailout but we consider the IMF program as the likely base case. Putting aside the economic situation, the main challenge for equity market returns over the coming year will be a rising dollar that has so far led to emerging market outflows across the board. The reversal of the US Federal Reserve's ~USD 4 trillion balance sheet and rising interest rates in the US have propped up the dollar. This has in turn created problems for emerging markets especially ones with significant dollar denominated debt. Problems in Argentina, Venezuela and Turkey have shifted focus towards other emerging markets that may be vulnerable to external shocks such as the current oil price rally. Pakistan being one of these markets has seen foreign outflows of USD 0 million in JunAug 18; a significant sum considering the size of the stock market. The tide will eventually turn in favor of emerging equities and further currency adjustments may speed up the process although a full recovery shall depend upon an improved economic outlook. Until then, foreign outflows will continue to drag price performance of Pakistan's largest listed companies and this in turn will continue to drag the benchmark KSE index. On the fixed income side, SBP borrowed funds worth PKR 1,032 billion in the TBill auction during August, against a monthly target of PKR 2,000 billion and a total maturing amount of PKR 1,862 billion. Market interest remained on the very short end i.e. the 3 month tenor due to expectations of rising interest rates. In the first auction, SBP managed to borrow PKR 933.8 billion against the target of PKR 0 billion, with maturing amount of PKR 517 billion. The borrowed amount in the second auction was PKR 48.3 billion against the target of PKR billion while maturity amount was PKR 12 billion and in the last auction of the month SBP borrowed PKR 49.6 billion against a huge target of PKR 1,300 billion and the maturity was PKR 1,332 billion. In all three auctions, the cutoff yield for 3month TBill at 7.75%. Compared to the first auction of the month, the market did not show interest in the latter auctions which points toward market wide expectations that the coming Monetary Policy Committee (MPC) meeting will lead to an interest rate hike decision. Participation within the fixed income space continues to remain concentrated towards shorterend government securities and floating rate corporate bonds. Fixed income managers are trying their best to avoid capital losses. The market awaits clarity on whether Pakistan will enter into an IMF program and how that will affect the SBP s monetary policy. We believe interest rate lift off has just begun and we will continue to remain on the shorter end of the yield curve for the time being. Shares in mn KSE 30 Perfomance 16.0% Monthly YoY Inflation 1 21,0 21,0 12.0% 21,000,0,0,0 8.0% 4.0%,0 1Aug 7Aug 13Aug Volume (L.H.S) Aug 29Aug KSE30 (R.H.S),000 0.0% Apr12 Sep12 Feb13 Jul13 Dec13 May14 Oct14 Mar15 Aug15 Jan16 Jun16 Nov16 Apr17 Sep17 Feb18 Jul18 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) 1,445.85 Net Assets Excluding JSIL FoFs (PKR mn) 1,445.85 NAV (PKR) 167.50 BM # 2.00% (Exclusive of SST) Frontend Load 3.00% 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 1 1 1 Aug15 Nov15 Feb16 3 Years Return on PKR Inv ested in UTP Vs May16 Aug16 UTP Nov16 Feb17 Non Compliant Investments under Circular 16/10 Name of Investment Type Value before provision Provision held (if any) May17 Aug17 Value after provision Nov17 Feb18 % of Net Assets May18 % of Gross Assets Agritech Ltd. Sukuks 117,1,483 (117,1,483) 0.00 0.00 Azgard Nine Ltd. (a) PPTFC 31,9,766 (31,9,766) 0.00 0.00 Agritech Ltd. (b) TFC 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 (0.13) Beta 0.5 1.0 Correlation 0.87 Largest Month Gain 14.0% 19.3% Standard Deviation* 14.6% Largest Month Loss 24.0% 33.8% Expense Ratio** 0.61% % Positive Months 70.5% 64.1% * Since inception ** This includes 0.12% 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 0.19 1.48 16.85 67. 1,784.82 15.12 2.14 3.70 10.87 35.65 9.19 11.78 Difference 2.33 5.18 5.98 32.15 864.63 3.34 * Average Annualized Return since inception as per Morning Star formula FY19 FY18 FY17 FY16 FY15 July 2.07 0.01 3.34 2.89 2.42 August 0.19 9.18 1.82 0.90 6.41 September 0.51 3.28 4.24 3.76 October 5.33 2.91 5.66 3.43 November 1.07 5.75 2.36 5.31 December 1.24 6.69 2.10 3.88 January 7.07 3.26 0.99 4.50 February 3.14 0.09 4.01 1.95 March 3.95 0.54 2.85 8.59 April 0.63 3.22 2.25 8.55 May 1.73 3.66 1.84 2.10 June 1.57 5.96 0. 1.35 YTD 2.27 12.51 24.49 6.98 13.52 0.72 5.58 12.09 3.84 7.85 Difference 1.55 6.93 12. 3.14 5.67 the form of sales load etc. Jul18 Cash 7.16 14.01 Placement with Banks and DFIs Equity 64.91 64.31 TFCs / Sukkuks 14.68 14.71 PIBs T Bills 0. MTS / Spread Transactions 8.89 2.36 Other including receivables 4.36 4.41 Total.00.00 Asset quality (%age of total assets) AA 1.43% AAA 8.91% AA+ 0.68% AA 6.43% A 4.% Sector Allocation Equity (%age of total assets) Jul18 Commercial Banks 24.36 22.98 Oil & Gas Exploration Companies 13.49 18.79 Fertilizer 9.59 2.13 Power Generation & Distribution 4.24 4.33 Chemical 3.97 3.53 Others 9.26 12.56 Total 64.91 64.31 Top holding Equity (%age of total assets) Mari Petroleum Co. Ltd. 8.26 Bank Alfalah Ltd. 7.77 Faysal Bank Ltd. 4.88 Bank Al Habib Ltd. 4.87 Fauji Fertilizer Bin Qasim Ltd. 3.83 Pakistan Petroleum Ltd. 3.71 The Hub Power Co. Ltd. 3.69 Habib Bank Ltd. 2.91 United Bank Ltd. 2.67 Ittehad Chemicals Ltd. 2.02 Fund's liability to the tune of Rs. 9,951,688/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.15/0.69%. For details investors are advised to read the Note 10.1 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) 2,114.41 Net Assets Excluding JSIL FoFs (PKR mn) 2,114.41 NAV (PKR) 185.88 KSE30 (Total Return Index) Effective from 01Sep '16. 2.00% (Exclusive of SST) Frontend Load 3.00% MCB Financial Services Ltd Dealing Days & Cutoff time (Monday to Friday) 3:00 p.m. Grant Thorton Anjum Rahman & Co. High Management Quality Rating AM2 by JCRVIS Mr. Hasnain Raza Nensey CEO Mr. Zahid Ullah Khan CIO / Fund Manager 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 1.26 5.95 19.00 86.36 0.26 9. 3.30 3.32 7.99 32.83 88.13 5.30 Difference 2.04 9.27 11.01 53.53 112.13 4.10 * Average Annualized Return since inception as per Morning Star formula FY19 FY18 FY17 FY16 FY15 July 1.27 0.76 3.46 3.44 2.92 August 1.26 11.28 3.45 2. 9.21 September 0.26 3.02 6. 4.22 October 5.86 0.94 6.53 1.46 November 0.73 10.55 4.82 3.53 December 2. 9.87 3.81 8.28 January 9.28 7.16 0.79 8.17 February 3.76 1.51 4.46 5.12 March 3.11 0.73 4.74 11.16 April 0.30 2.78 3.49 11.54 May 3.02 3.12 1.02 2.67 June 2.29 8.37 1.06 2.53 YTD 0.01 15.92 37.56 3.88 12.42 0.25 10.03 17.92 0.37 5.67 Difference 0.24 5.89 19.64 3.51 6.75 the form of sales load etc. 0 150 3 Years Return on PKR Inv ested in JS Growth Fund Vs JSGF Jul18 Cash 10.11 8.99 Equity 87.01 84.19 Other including receivables 2.88 6.81 Total.00.00 50 Aug15 Nov15 Feb16 May16 Aug16 Nov16 Feb17 May17 Aug17 Nov17 Equity Cash Other including receivables Feb18 May18 Sector Allocation Equity (%age of total assets) Jul18 Commercial Banks 26.36 22.82 Oil & Gas Exploration Companies 17.87 18.83 Fertilizer 7.99 0.61 Insurance 5.88 6.39 Power Generation & Distribution 5.56 6.01 Others 23.34 29.54 Total 87.01 84.19 95 90 85 75 Mar18 Apr18 May18 Jun18 Jul18 Statistical analysis Fund Fund BM Information Ratio (0.21) Beta 0.8 1.0 Correlation 0.87 Largest Month Gain 18.9% 25.2% Standard Deviation* 22.9% Largest Month Loss 35.2% 45.1% Expense Ratio** 0.61% % Positive Months 61.2% 59.2% * Since inception ** This includes 0.08% government levy, Sindh Worker s Welfare Fund and SECP fee. Selling & Marketing Expense PKR 1,435,945. 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. 1.62/0.87%. For details investors are advised to read the Note 11.1 of the latest Financial Statements of the Scheme. Top holding Equity (%age of total assets) Bank Alfalah Ltd. 8.69 Mari Petroleum Co. Ltd. 6.44 Adamjee Insurance Co. Ltd. 5.88 Oil & Gas Development Co. Ltd. 5.66 The Hub Power Co. Ltd. 5.29 Faysal Bank Ltd. 4.99 Pakistan Petroleum Ltd. 4.90 Rafhan Maize Products Ltd. 4.57 Bank Al Habib Ltd. 4.52 Shahtaj Sugar Mills Ltd. 4.29 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 AZGARD9 CONVERTABLE PPTFC 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) 1,096.75 Net Assets Excluding JSIL FoFs (PKR mn) 1,049.64 NAV (PKR) 223.54 KSE30 (Total Return Index) 2.00% (Exclusive of SST) Frontend Load 3.00% 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. Khurram M. Arif, CFA Fund Manager 1 1 1 Aug15 Nov15 Feb16 3 Years Return on PKR Inv ested in JS Value Fund Vs May16 Aug16 JSVF Nov16 Feb17 May17 Aug17 Equity Cash Other including receivables Mar18 Apr18 May18 Jun18 Jul18 Statistical analysis Fund Fund BM Information Ratio (0.05) Beta 0.6 1.0 Correlation 0.86 Largest Month Gain 21.4% 25.2% Standard Deviation*.5% Largest Month Loss 24.4% 45.0% Expense Ratio** 0.75% % Positive Months 63.4%.7% * Since inception ** This includes 0.14% government levy, Sindh Worker s Welfare Fund and SECP fee.selling & Marketing Expense PKR 745,528. Nov17 Feb18 May18 1M 1Y 3Y 5Y 10Y Avg. Ann.* Fund 0.38 0.38 23.81 88.64 161.69 10.09 3.30 3.32 7.99 32.83 124.69 8.43 Difference 2.92 2.94 15.82 55.81 37.00 1.66 * Average Annualized Return since last ten years as per Morning Star formula FY19 FY18 FY17 FY16 FY15 July 2.67 0.07 2.99 5.69 2.04 August 0.38 11.07 3.04 2.69 6. September 1.28 2.65 5.87 4.69 October 7.26 1.84 7.55 1.33 November 0.41 6.48 3.25 2.17 December 1.29 11.35 4.21 5.83 January 11. 3.18 0.09 6.26 February 2.74 0.75 5.23 2.35 March 4.75 0.90 5.88 10.97 April 0.33 3.38 3.44 10.44 May 2.78 2.65 1.74 3.52 June 1.32 8.06 2.49 2.16 YTD 2.28 12.79 25.53 13.72 9.72 0.25 10.03 17.92 0.37 5.67 Difference 2.53 2.76 7.61 13.35 4.05 the form of sales load etc. Jul18 Cash 8.39 11.39 Equity 90.43 64.89 Other including receivables 1.17 23.72 Total.00.00 Sector Allocation Equity (%age of total assets) Jul18 Commercial Banks 25.03 14.35 Oil & Gas Exploration Companies 18.47 14.22 Fertilizer 9.55 2.94 Sugar & Allied Industries 6.19 5.59 Power Generation & Distribution 5.89 5.47 Others 25.30 22.33 Total 90.43 64.89 Top holding Equity (%age of total assets) Bank Alfalah Ltd. 8.34 Fauji Fertilizer Bin Qasim Ltd. 6.92 AlAbbas Sugar Mills Ltd. 6.19 Mari Petroleum Co. Ltd. 5.43 Faysal Bank Ltd. 4.91 Pakistan Oilfields Ltd. 4.52 Oil & Gas Development Co. Ltd. 4.48 Pakistan Petroleum Ltd. 4.05 Habib Bank Ltd. 3.86 Bank Al Habib Ltd. 3.78 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 AZGARD9 TFC TFC 16,990,191 (16,990,191) AZGARD9 ZERO COUPON PPTFC ISSUE 5 PPTFC Fund's liability to the tune of Rs. 8,700,987/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.77/0.79%. 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) 792. Net Assets Excluding JSIL FoFs (PKR mn) 745.02 NAV (PKR) 141.19 KSE30 (Total Return Index) Effective from 01Sep '16. 2.00% (Exclusive of SST) Frontend Load 3.00% 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. Zahid Ullah Khan CIO Mr. Syed Sanakhawan Fund Manager 0 150 50 Aug15 Nov15 Feb16 3 Years Return on PKR Inv ested in JS Large Cap Fund Vs May16 Aug16 JSLCF Nov16 Feb17 Mar18 Apr18 May18 Jun18 Jul18 May17 Aug17 Equity Cash Other including receivables Statistical analysis Fund Fund BM Information Ratio (0.09) Beta 0.7 1.0 Correlation 0.87 Largest Month Gain 14.7% 25.2% Standard Deviation* 21.8% Largest Month Loss 30.8% 45.0% Expense Ratio** 0.72% % Positive Months 59.3% 59.9% * Since inception ** This includes 0.13% government levy, Sindh Worker s Welfare Fund and SECP fee. Selling & Marketing Expense PKR 518,379. Nov17 Feb18 May18 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 1.04 0.78 32.52 141.71 657.29 15. 3.30 3.32 7.99 32.83 210.51 8.24 Difference 4.34 4.10 24.53 108.88 446.78 6.96 * Average Annualized Return since inception as per Morning Star formula FY19 FY18 FY17 FY16 FY15 July 1.18 0.41 6.71 6.07 3.43 August 1.04 9.76 2.91 3.30 10.37 September 0.63 5.10 7.28 8.70 October 6.50 2.91 7.83 6.87 November 0.05 9.81 5.91 7.34 December 0.93 8.99 4.67 9.16 January 9.67 6.12 0.49 8.86 February 2.54 1.70 5.33 3.83 March 4.98 0.04 6.35 9.81 April 0.58 5.35 2.23 12.66 May 3.29 4.76 0.21 3.00 June 2.23 6.50 1.50 1.18 YTD 2.24 12.07 44.30 4.77 31.74 0.25 10.03 17.92 0.37 5.67 Difference 2.49 2.04 26.38 4. 26.07 the form of sales load etc. Jul18 Cash 9.88 15.98 Equity 89.58 73.72 Other including receivables 0.54 10.30 Total.00.00 Sector Allocation Equity (%age of total assets) Jul18 Commercial Banks 25. 18.29 Oil & Gas Exploration Companies 15.90 17.15 Fertilizer 8.71 5.78 Glass & Ceramics 6.96 6.51 Oil & Gas Marketing Companies 6.37 7.75 Others 26.03 18.25 Total 89.58 73.72 Top holding Equity (%age of total assets) Bank Alfalah Ltd. 8.24 Oil & Gas Development Co. Ltd. 5.13 Pakistan Petroleum Ltd. 4.85 Bank Al Habib Ltd. 4.68 Faysal Bank Ltd. 4.65 Shabbir Tiles & Ceramics Ltd. 4.63 Engro Fertilizers Ltd. 4.00 Mari Petroleum Co. Ltd. 3.68 The Hub Power Co. Ltd. 3.31 United Bank Ltd. 2.72 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 PPTFC zero coupon Azgard Nine Limited PPTFC 52,000,000 (52,000,000) PPTFCs Fund's liability to the tune of Rs. 6,221,961/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.11/0.79%. 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 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) 1,008.85 Net Assets Excluding JSIL FoFs (PKR mn) 1,008.85 NAV (PKR) 105.39 KMI30 Index 2.00% (Exclusive of SST) Frontend Load 3.00% 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 1 1 1 1 Aug15 Nov15 Feb16 3 Years Retun on PKR Inv eseted in JS Islamic Fund Vs May16 Aug16 JSISF Nov16 Feb17 May17 Aug17 Equity Cash Other including receivables Nov17 Feb18 May18 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 1.15 9.96 26.57 142.92 862.38 15.53 2.11 1.59 22.45 86. 692.36 14.10 Difference 3.26 11.55 4.12 56.32 170.02 1.42 * Average Annualized Return since inception as per Morning Star formula FY19 FY18 FY17 FY16 FY15 July 0.66 0.13 9.76 2.96 3.79 August 1.15 10.34 1.98 4.33 11.70 September 1.03 7.51 6.10 9.19 October 6.99 2.04 5.97 8.71 November 1.01 10.44 5.64 7.98 December 1.92 8.12 4.56 8.68 January 9.21 3.13 0.54 7.41 February 3.83 1.21 5. 1.86 March 1.96 0.27 7.66 10.57 April 0.56 6.12 2.37 13.79 May 4.28 2.94 1.85 1.15 June 2.73 7.02 2.33 5.55 YTD 0.49 19.77 46.06 5.88 42.90 0.34 9.59 18. 15.53.10 Difference 0.83 10.18 27.26 9.65 22. the form of sales load etc. Jul18 Cash 16.16 4.44 Equity 83.24 89.16 Other including receivables 0. 6. Total.00.00 Sector Allocation Equity (%age of total assets) Jul18 Oil & Gas Exploration Companies 25.22 25.74 Fertilizer 13.24 10.63 Power Generation & Distribution 9.34 11.47 Commercial Banks 8.65 5.08 Chemical 5.43 5.97 Others 21.36 30.26 Total 83.24 89.16 Top holding Equity (%age of total assets) Pakistan Petroleum Ltd. 11.69 Mari Petroleum Co. Ltd. 10.16 The Hub Power Co. Ltd. 8.97 Meezan Bank Ltd. 8.65 Engro Corporation Ltd. 5.66 Engro Fertilizers Ltd. 3.82 Fauji Fertilizer Co. Ltd. 3.76 Thal Ltd. 3.25 Ittefaq Iron Industries Ltd. 2.53 Shifa International Hospitals Ltd. 2.18 Mar18 Apr18 May18 Jun18 Jul18 Statistical analysis Fund Fund BM Information Ratio (0.25) Beta 0.8 1.0 Correlation 0.88 Largest Month Gain 15.4%.2% Standard Deviation* 21.6% Largest Month Loss 28.7% 37.1% Expense Ratio** 0.63% % Positive Months 66.1% 63.7% * Since inception ** This includes 0.09% government levy, Sindh Worker s Welfare Fund and SECP fee. Selling & Marketing Expense PKR 6,906. Fund's liability to the tune of Rs. 9,345,796/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.98/0.93%. For details investors are advised to read the Note 11.1 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) 1,106.62 Net Assets Excluding JSIL FoFs (PKR mn) Nil NAV (PKR) 99.91 KMI30 Index 2.00% (Exclusive of SST) Frontend Load 3.00% 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. Khurram M. Arif, CFA Fund Manager 105 95 90 85 Feb18 3 Years Return on PKR Inv ested in JS Islamic Dedicated Equity Fund Vs JSIDEF BM JSIDEF Mar18 Apr18 May18 Jun18 Equity Cash Other including receivables Apr18 May18 Jun18 Jul18 Jul18 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 0.08 n/a n/a n/a 0.09 0. 2.11 n/a n/a n/a 5.84 12.61 Difference 2.19 n/a n/a n/a 5.75 12. * Average Annualized Return since inception as per Morning Star formula FY19 FY18 FY17 FY16 FY15 July 2.00 n/a n/a n/a n/a August 0.08 n/a n/a n/a n/a September n/a n/a n/a n/a October n/a n/a n/a n/a November n/a n/a n/a n/a December n/a n/a n/a n/a January n/a n/a n/a n/a February n/a n/a n/a n/a March 0.58 n/a n/a n/a April 0.37 n/a n/a n/a May 2.12 n/a n/a n/a June 0.95 n/a n/a n/a YTD 2.08 2.13 n/a n/a n/a 0.34 5.52 n/a n/a n/a Difference 2.42 3.39 n/a n/a n/a the form of sales load etc. Jul18 Cash 19.50 9.76 Equity.21 81.97 Other including receivables 0.29 8.27 Total.00.00 Sector Allocation Equity (%age of total assets) Jul18 Oil & Gas Exploration Companies 31.52 28.98 Fertilizer 11.63 16.94 Power Generation & Distribution 8.85 11.70 Commercial Banks 8.38 5.27 Engineering 4.46 1.21 Others 15.36 17.87 Total.21 81.97 Top holding Equity (%age of total assets) Pakistan Petroleum Ltd. 12. The Hub Power Co. Ltd. 8.85 Oil & Gas Development Co. Ltd. 8.50 Meezan Bank Ltd. 8.38 Engro Corporation Ltd. 6.69 Pakistan Oilfields Ltd. 6.56 Mari Petroleum Co. Ltd. 3.86 Engro Fertilizers Ltd. 3.12 Crescent Steel & Allied Products Ltd. 2.71 Thal Ltd. 2.58 Statistical analysis Fund Fund BM Information Ratio 0.68 Beta 0.4 1.0 Correlation 0.90 Largest Month Gain 2.0% 2.4% Standard Deviation* 4.4% Largest Month Loss 2.1% 5.3% Expense Ratio** 0.59% % Positive Months 71.4% 57.1% * Since inception ** This includes 0.07% government levy, Sindh Worker s Welfare Fund and SECP fee. Selling & Marketing Expense PKR 792,868. Fund's liability to the tune of Rs. 583,425/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.05/0.05%. For details investors are advised to read the Note 10.3 of 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) 269.69 Net Assets Excluding JSIL FoFs (PKR mn) 269.69 NAV (PKR) 53.57 BM FOF # 1.00% (Exclusive of SST) Frontend Load 3.00% 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 0 150 3 Years Return on PKR Inv ested in JS Fund of Funds Vs JS FoF 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 0.24 0.98 21.49 98.09 357.66 12.57 0.81 5.17 12.01 62.57 186.11 8.53 Difference 0.57 4.19 9.48 35.52 171.55 4.04 * Average Annualized Return since inception as per Morning Star formula FY19 FY18 FY17 FY16 FY15 July 2.01 0.22 1.09 2.66 4.88 August 0.24 8.63 0.94 2.28 7.37 September 0.17 2.85 6.25 3.52 October 3.18 3.09 5.78 2.93 November 1.32 5.77 2.97 4.47 December 0.28 8.27 3.78 5.34 January 6.74 4.48 1.11 5.35 February 2.11 0.28 3.30 0.95 March 4.69 0.78 6.21 7.01 April 0.74 3.95 3.63 10.03 May 3.22 3.85 3.71 1.97 June 1.05 6.62 0.24 1.01 YTD 1.77 9.54 21.37 9.08.44 3.76 8.88 15.74 3.98 21.16 Difference 1.99 0.66 5.63 5.10 0.72 the form of sales load etc. Jul18 Open End / Closed End Funds 34.52 4.94 T Bills Cash 64.72 94.70 Other including receivables 0.76 0.36 Total.00.00 Top holding OE/CE (%age of total assets) JS Large Cap. Fund 17.27 JS Value Fund 17.25 50 Aug15 Nov15 Feb16 May16 Aug16 Nov16 Feb17 May17 Aug17 Nov17 Feb18 May18 Open End / Closed End Funds Cash Total 34.52 Mar18 Apr18 May18 Jun18 Jul18 Statistical analysis Fund Fund BM Information Ratio 0.12 Beta 0.9 1.0 Correlation 0.91 Largest Month Gain 13.6% 11.0% Standard Deviation* 15.8% Largest Month Loss 13.7% 25.1% Expense Ratio** 0.30% % Positive Months 63.9% 66.5% * Since inception ** This includes 0.08% government levy, Sindh Worker s Welfare Fund and SECP fee. Fund's liability to the tune of Rs. 101,523/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.02/0.04%. For details investors are advised to read the Note 10.1 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 (SST rate applicable) 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. Khurram M. Arif, CFA Fund Manager NAV (PKR) Net Assets (PKR mn) JSIHFOF Mustanad 103.61 93.74 JSIHFOF Mustahkem 98.56 29.72 JSIHFOF Mutanasib 82.61 27.89 JSIHFOF Munafa 81.19 8.49 JSIHFOF Mufeed 81. 62.27 150 50 Islamic Hybrid Fund of Fund Allocation Mustehkam Munafa Mustanad Mutansib Mufeed Cash Investment in Mutual Funds Other including receivables Expense ratio Expense Ratio Government levy, Sindh Worker s Welfare Fund and SECP fee* JS Islamic Hybrid Fund Of FundsMustanad** 1.09% 0.27% JS Islamic Hybrid Fund Of FundsMustahkem 0.17% 0.04% JS Islamic Hybrid Fund Of FundsMutanasib 0.25% 0.06% JS Islamic Hybrid Fund Of FundsMunafa 0.% 0.06% JS Islamic Hybrid Fund Of FundsMufeed 0.18% 0.06% ** Ratios are annualized *Included in Expense Ratio 1M 1Y 2Y 5Y Launch JSIHFOF Mustanad * 5.25 6.68 n/a n/a 6.15 * 2.34 2.22 n/a n/a 2.06 JSIHFOF Mustahkem 0.28 1. n/a n/a 1.44 0.37 3.32 n/a n/a 1.33 JSIHFOF Mutanasib 0.12 7.27 n/a n/a 17.39 0.48 2.28 n/a n/a 11.55 JSIHFOF Munafa 0.11 8.98 n/a n/a 18.81 2.03 1.34 n/a n/a 12. JSIHFOF Mufeed 0.12 7.93 n/a n/a 18. 1.27 3.03 n/a n/a 11.49 * Annualized returns JSIHFOF JSIHFOF Mustanad* Mustahkem JSIHFOF Mutanasib JSIHFOF Munafa JSIHFOF Mufeed FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 Jul 4.81 2.24 1.59 0.38 1.30 0.59 1.71 0.64 1.77 0.61 Aug 5.25 4.46 0.28 2.85 0.12 9.97 0.11 9.43 0.12 9.82 Sep 32.15 0.08 0.75 0.81 0.95 Oct 3.87 1.29 5.94 6.67 6.56 Nov 3.52 0.03 0.90 1.27 1.00 Dec 3.17 0. 1.54 1.48 1.65 Jan 4.74 2.38 7.95 8.18 8.47 Feb 2.99 0.77 2.87 3.49 3.44 Mar 6.28 0.95 1.63 1.87 1.76 Apr 3.35 0.37 0.47 0.35 0.50 May 3.67 1.03 3.54 4.43 3.95 Jun 4.47 0.49 2.82 2.47 2.56 YTD 5.04 6.37 1.88 2.56 1.42 17.21 1. 18.34 1.89 18.01 BM 2.32 2.13 1.38 0.90 1.11 9.14 0.32 7.95 0.41 7.79 Diff. 2.72 4.25 0.50 1.66 0.31 8.07 1.92 10.39 1.48 10.22 * Annualized returns the form of sales load etc. Asset Allocation (%age of total assets) Mustanad Mustahkem Mutanasib Munafa Mufeed Cash 0.49 7.02 4.31 3.99 8.73 Open End Funds 97.75 89.67 93.39 88.56 90.25 Other 1.75 3.31 2.31 7.45 1.02 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 Dedicated Equity Fund JSIHFOF Mutanasib JS Islamic Income Fund JS Islamic Dedicated Equity Fund 97.75 71.75 17.92 71.13 22.25 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. 50,430/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.03/0.04% (Mufeed), Rs. 0.03/0.03% (Munafa), Rs. 0.02/0.02% (Mustahkem), Rs. 0.01/0.01% (Mustanad) & Rs. 0.03/0.03% (Mutanasib). For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. JSIHFOF Munafa JS Islamic Dedicated Equity Fund JSIHFOF Mufeed JS Islamic Dedicated Equity Fund JS Islamic Income Fund 88.56 59.91 30.34 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 1Y 2Y Launch Avg. Ann.* Fund 0.27 2.37 n/a 2.37 2.52 0.92 1.58 n/a 1.58 1.68 Difference 1. 3.95 n/a 3.95 4.19 * 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 Contingent Load Up to 3% of NAV (SST rate applicable) 4% of NAV on redemption requests during 1st year of subscription and 2% of NAV on redemption requests during 2nd year of subscription 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. Khurram M. Arif, CFA Fund Manager NAV (PKR) Net Assets (PKR mn) JSIHFOF JS IAAPI 102.37 112.82 JS IAAP_I Diff. July 18 2.43 2.39 0.04 August 18 0.27 0.92 1. September 18 October 18 November 18 December 18 January 19 February 19 March 19 April 19 May 19 June 19 YTD 2.71 1.44 1.27 the form of sales load etc. Jul18 Cash 9. 9.98 Open End / Closed End Funds 90.27 89.91 Other including receivables 0.12 0.12 Total.00.00 Top holding OE/CE (%age of total assets) JS Islamic Income Fund 45.32 JS Islamic Dedicated Equity Fund 44.95 Expense Ratio Expense Ratio Government levy, Sindh Worker s Welfare Fund and SECP fee* JS Islamic Hybrid FOFIAAP1 0.17% 0.08% * Included in Expense Ratio Total 90.27 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. 59,649/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.05/0.05%. For details investors are advised to read the Note 10.1 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. 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 0.19 n/a n/a n/a 0.11 n/a 0.92 n/a n/a n/a 2.77 n/a Difference 1.11 n/a n/a n/a 2.88 n/a * Average Annualized Return since inception as per Morning Star formula 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 (SST rate applicable) Contingent Load 2.00% 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. Khurram M. Arif, CFA Fund Manager NAV (PKR) Net Assets (PKR mn) JSIHFOF JS IAAP_2.11 665.16 Expense Ratio Expense Ratio Government levy, Sindh Worker s Welfare Fund and SECP fee* JS Islamic Hybrid FOFIAAP2 0.13% 0.06% * Included in Expense Ratio JS IAAP_2 Diff. July 18 1.92 1.88 0.04 August 18 0.19 0.92 1.11 September 18 October 18 November 18 December 18 January 19 February 19 March 19 April 19 May 19 June 19 YTD 2.11 0.94 1.17 the form of sales load etc. Jul18 Cash 0.26 24.83 Open End / Closed End Funds 99.52 74.90 Other including receivables 0.22 0.27 Total.00.00 Top holding OE/CE (%age of total assets) JS Islamic Income Fund 54.68 JS Islamic Dedicated Equity Fund 44.84 Total 99.52 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. 279,717/. 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. 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 0.42 n/a n/a n/a 1.47 3.15 0.50 n/a n/a n/a 1.90 3.99 Difference 0.92 n/a n/a n/a 3.37 7.13 * 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 (SST rate applicable) Contingent Load 2.00% 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 in a range of 2.75x to 3.0x Mr. Hasnain Raza Nensey _ CEO Mr. Zahid Ullah Khan CIO Mr. Khurram M. Arif, CFA Fund Manager NAV (PKR) Net Assets (PKR mn) JSIHFOF JS ICPAP_I 101.26 1,584.52 JS ICPAP_I Diff. July 18 0.82 0.39 0.43 August 18 0.42 0.50 0.92 September 18 October 18 November 18 December 18 January 19 February 19 March 19 April 19 May 19 June 19 YTD 1.24 0.12 1.36 the form of sales load etc. Jul18 Cash 27.46 25.31 Equity Placement with Banks and DFIs 47.24 47.22 Open End / Closed End Funds 24.78 27.01 Other including receivables 0.52 0.46 Total.00.00 Top holding OE/CE (%age of total assets) JS Islamic Dedicated Equity Fund 24.78 Expense Ratio Expense Ratio Government levy, Sindh Worker s Welfare Fund and SECP fee* JS ICPAP_I 0.16% 0.05% * Included in Expense Ratio Total 24.78 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. 398,758/. 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 12.1 of the latest Financial Statements of the Scheme. 12
SHARIAH COMPLIANT FUND OF FUNDS SCHEME JS Islamic Hybrid Fund of Funds 2 JS Islamic Capital Preservation Allocation Plan 2 (JS ICPAP2) JS Islamic Capital Preservation Allocation Plan 2 aims to earn a potentially high return through dynamic asset allocation between Shariah Compliant Equities, Shariah Compliant Sovereign Income/Money Market based Collective Investment Schemes and Shariah Compliant bank saving accounts /term deposits, while providing principal preservation of the Initial Investment Value at completion of the life of the Plan. Shariah Compliant Fund of Funds Scheme (CPPI) Allocation Plan Fund launch date 31 May, 18 BM JSICPAP_2* 1% (No M.Fee to be charged on investments made in CIS managed by JSIL) Frontend Load Up to 3.00% (SST rate applicable) Contingent Load 2.00% 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 in a range of 2.75x to 3.0x Mr. Hasnain Raza Nensey _ CEO Mr. Zahid Ullah Khan CIO Mr. Khurram M. Arif, CFA Fund Manager 1M 1Y 3Y 5Y Launch Avg. Ann.* Fund 0.44 n/a n/a n/a 0.93 4.06 0.44 n/a n/a n/a 0.77 3.26 Difference 0.88 n/a n/a n/a 1.70 7.32 * Average Annualized Return since inception as per Morning Star formula JS ICPAP_2 Diff. July 18 0.69 0.33 0.36 August 18 0.44 0.44 0.88 September 18 October 18 November 18 December 18 January 19 February 19 March 19 April 19 May 19 June 19 YTD 1.13 0.11 1.24 the form of sales load etc. N AV to NAV return with dividend reinvestment. Jul18 Cash 78.19 77.67 Equity Placement with Banks and DFIs Open End / Closed End Funds 21.31 21.88 Other including receivables 0.50 0.44 Total.00.00 NAV (PKR) Net Assets (PKR mn) JSIHFOF JS ICPAP_2.93 1,741.48 Top holding OE/CE (%age of total assets) JS Islamic Dedicated Equity Fund 21.31 Expense Ratio Expense Ratio Government levy, Sindh Worker s Welfare Fund and SECP fee* JS ICPAP_2 0.17% 0.05% Total 21.31 * Included in Expense Ratio BM JSICPAP_2* 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. 396,991/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.02/0.02%. For details investors are advised to read the Note 12.1 of the latest Financial Statements of the Scheme. 13
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) 4.88 Net Assets Excluding JSIL FoFs (PKR mn) 4.88 NAV (PKR) 102.61 BM CF 1 0.15% (Exclusive of SST) Frontend Load 1.00% 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 Asim Ilyas Fund Manager 1 115 110 3 Years Return on PKR Invested in JS Cash Fund Vs JSCF Annualized performance 2 1M 1Y 3Y** 5Y** Launch** Fund 7.23 5.64 5.63 6.82 8.37 6.67 5.73 5.53 6.64 7.92 Difference 0.56 0.10 0.10 0.18 0.45 ** Average Annualized Return as per Morning Star formula Annualized performance 2 FY19 FY18 FY17 FY16 FY15 July 6.78 4.98 5.51 5.87 8.62 August 7.23 4.96 5.37 5.72 8.69 September 4.87 5.06 6.94 8.68 October 4.92 4.99 5.66 9.05 November 4.83 4.90 4.54 9.34 December 4.88 5.28 5.61 8.33 January 5.09 10.85 5.70 10.03 February 5.19 4.91 5.47 7.62 March 5.19 5.41 5.54 7.17 April 5.62 4.43 5.35 8.93 May 4.81 4. 5.38 6.65 June 6.51 5.33 4.95 14.10 YTD 7.03 5.27 5.71 5.71 9.30 6.52 5.50 5.29 5.74 8. Difference 0.51 0.23 0.41 0.03 1.10 the form of sales load etc. Jul18 Cash 90.31 99.45 Commercial Papers 9.33 Placement with Banks and DFIs T Bills Other including receivables 0.36 0.55 Total.00.00 Asset quality (%age of total assets) 105 95 90 Aug15 Oct15 Dec15 Feb16 Apr16 Jun16 Aug16 Oct16 Dec16 Feb17 Apr17 Jun17 Aug17 Oct17 Dec17 Feb18 Apr18 Jun18 AAA 0.49% AA+ 0.00% AA 0.08% T Bills Cash CP AA 99.07% * Govt. securities (00.0 %) Mar18 Apr18 May18 Jun18 Jul18 Statistical analysis Fund BM Fund BM Standard Deviation* 0.8% 0.6% Largest Month Gain 1.2% 0.9% Expense Ratio** 0.78% Largest Month Loss 0.0% 0.0% WAM (Days) 18 % Positive Months.0%.0% * Since inception ** 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. 1,893,112/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.32/0.31%. For details investors are advised to read the Note 11.0 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. 14
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) 2,9.00 Net Assets Excluding JSIL FoFs (PKR mn) 2,9.00 NAV (PKR) 96.39 BM IF # 0.75% (Exclusive of SST) Frontend Load 1.00% 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 Asim Ilyas Fund Manager 150 125 75 Aug15 Nov15 Feb16 3 Years Return on PKR Inv ested in JS Income Fund Vs May16 Aug16 JS IF Nov16 Feb17 May17 Non Compliant Investments under Circular 16/10 Name of Investment Type Value before provision Provision held (if any) Aug17 Value after provision Nov17 Feb18 % of Net Assets May18 % 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* 4.1% 1.0% Largest Month Gain 3.7% 1.2% Expense Ratio** 1.54% Largest Month Loss 10.3% 0.0% Duration (Yr) 0.07 % Positive Months 93.3%.0% WAM (Yr) 2.01 * Since inception ** This is annualized and includes 0.34% government levy, Sindh Worker s Welfare Fund and SECP fee. Annualized performance 1 1M 1Y 3Y** 5Y** Launch** Fund 7.49 6.24 6.33 7.55 7.90 8.05 6.84 6.55 7.77 8.48 Difference (0.56) (0.) (0.22) (0.22) (0.58) **Average Annualized Returns as per Morning Star formula Annualized performance 1 FY19 FY18 FY17 FY16 FY15 July 6.32 6.02 13.78 11.50 7.44 August 7.49 4. 5.72 5.82 9.04 September 6.41 7.13 3.69 9.55 October 4. 5.17 3.31 8.90 November 5.36 9.04 5.95 14.85 December 4.68 6.66 6.58.84 January 7.07 5.32 3.76 16.64 February 4.92 4.82 9.81 7.55 March 6.58 5.75 6.23 5.65 April 2.99 4.10 0.86 17.17 May 7.69 6.17 11.44 2.59 June 8.56 8.03 4.86 1.75 YTD 6.92 5.93 7.04 6.33 10.65 7.83 6.54 6.27 6.70 9.35 Difference 0.91 0. 0.76 0.37 1.30 the form of sales load etc. Asset Allocation (%) Jul18 Cash 47.00 51.47 Placement with Banks and DFIs Equity* T Bills PIBs TFCs / Sukkuks 39.91.15 MTS / Spread Transactions 10.43 7.41 Other including receivables 2.66 0.97 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) JS Bank Limited TFC 14Dec16 9.28 ASPIN Pharma (Pvt) Ltd 30Nov17 8.83 Byco Oil Pakistan Limited 17Jan17 8.76 Dawood Hercules Corpoation Ltd 16Nov17 7.58 AGP Limited 09Jun17 2.21 Dawood Hercules Corpoation LtdII 28Feb18 1.84 Ghani Gases Limited 03Feb17 1. Asset quality (%age of total assets) AA 22.93% AA 9.43% A 23.85% A 12.48% A+ 9.45% AAA 8.76% * Govt. securities (0.00%) Fund's liability to the tune of Rs. 6,042,384/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.22/0.23%. For details investors are advised to read the Note 12.2 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. 15
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) 852.42 Net Assets Excluding JSIL FoFs (PKR mn) 284.55 NAV (PKR) 102.19 # BM IIF 1 0.50% (Exclusive of SST) Frontend Load 1.00% 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 Asim Ilyas Fund Manager 115 110 105 95 90 Aug15 Nov15 3 Years Return on PKR Inv ested in JS Islamic Income Fund Vs Feb16 May16 Aug16 JSIIF Nov16 Feb17 May17 Aug17 Nov17 TFCs / Sukkuks Cash Other including receivables Mar18 Apr18 May18 Jun18 Jul18 Statistical analysis Fund BM Fund BM Standard Deviation* 1.2% 0.6% Largest Month Gain 1.4% 0.7% Expense Ratio** 1.35% Largest Month Loss 0.5% 0.0% WAM (Yr) 1.87 % Positive Months 87.5%.0% * Since inception ** This is annualized and includes 0.30% government levy, Sindh Worker s Welfare Fund and SECP fee. Feb18 May18 Annualized performance 2 1M 1Y 2Y** 3Y** Launch** Fund 6.81 5.01 3.69 3.68 5.17 2.69 2.52 3.27 3.90 5.36 Difference 4.11 2.49 0.42 0.22 0.19 ** Average Annualized Return as per Morning Star formula Annualized performance 2 FY19 FY18 FY17 FY16 FY15 July 6.09 4.64 4.22 4.58 2.42 August 6.81 0.47 4. 3.98 3.13 September 6.50 4.69 0.12 4.26 October 2.90 9.15 2.33 6.45 November 1.79 9.62 1.56 5.54 December 3.92 6.16 6.75 5. January 5.18 2.06 1.27 12.25 February 3.76 0.13 3.34 5.95 March 6.88 1.95 7.50 8.08 April 4.30 1.90 4.03 7.13 May 4.95 2.41 6.06 7.42 June 5.53 16.77 4.33 4.05 YTD 6.46 3.42 3.58 3.66 6.22 2.63 2.62 4.21 5.49 7.62 Difference 3.83 0. 0.63 1.83 1.41 the form of sales load etc. Asset allocation (%age of total assets) Jul18 Cash 56.81 22.00 Placement with Banks and DFIs Sukuks 42.25 76. Other including receivables 0.94 1. Total.00.00 Asset quality (%age of total assets) A+ 56.42% AA 0.38% AAA 6.79% Sukuks allocation Top Holding 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Byco Oil Pakistan Limited 17Jan17 ASPIN Pharma (Pvt) Ltd 30 Nov17 A 18.58% AA+ AA 0.00% 16.88% * Govt. securities (0.00%) Dawood AGP Limited 09 Hercules Jun17 Corpoation Ltd II 28Feb18 Dawood Hercules Corpoation Ltd 16Nov17 Fund's liability to the tune of Rs. 2,357,944/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.28/0.28%. For details investors are advised to read the Note 11.1 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. 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 0.50% (Exclusive of SST) Frontend Load 3.00% 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. Syed Sanakhawan Fund Manager Ms. Salvina Lakhani Fund Manager Net Assets (PKR mn) JSPSF Equity Sub Fund 234.23 JSPSF Debt Sub Fund 179.54 JSPSF MM Sub Fund 127.75 NAV (PKR) JSPSF Equity Sub Fund 489.96 JSPSF Debt Sub Fund 241.25 JSPSF MM Sub Fund 194.28 0 150 50 0 Aug15 Nov15 3 Years Return on PKR Inv ested in JS Pension Saving Fund Feb16 PSFEquty PSFDebt PSFMM May16 Aug16 Equity Cash Other T Bills & PIBs Nov16 Feb17 May17 Aug17 Nov17 Jul18 Jun18 May18 Apr18 Mar18 Cash & others TFCs / Sukkuks Feb18 May18 CP T Bills Cash Other CP JS Pension Equity JS Pension Debt JS Pension Money Market Fund's liability to the tune of Rs. 2,757,7/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 4.10 (ESF), Rs. 0.64 (DSF), Rs. 0.49 (MMF) / 0.84% (ESF), 0.26% (DSF), 0.25% (MMF). For details investors are advised to read the Note 8.1 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. 1M 1Y 3Y** 5Y** Launch** Equity Sub Fund 0.93 3.24 21.91 137.23 15.26 Debt Sub Fund 1 5.84 4.84 4.67 6.47 8.19 MM Sub Fund 1 6.58 4.66 4.24 5.26 6.12 Annualized performance 1 Equity Debt 1 MM 1 FY19 FY18 FY19 FY18 FY19 FY18 July 0.67 0.12 6.76 3.86 5.76 4.53 August 0.93 11.77 5.84 3.54 6.58 1. September 1.81 3.97 4.46 October 7.58 3.67 1. November 1. 3.47 2.61 December 2.56 3. 2. January 11.14 3.69 3.77 February 3. 3.96 7.77 March 4.82 5.93 4.61 April 0.02 3.62 5.32 May 2.98 6.33 4.82 June 2.90 5.84 5.98 YTD 1. 15.88 6.31 4.38 6.19 4.09 the form of sales load etc. Equity Sub Fund Jul18 Cash 3. 11.07 Equity 96.16 83. Other including receivables 0.24 5.33 Total.00.00 Debt Sub Fund Jul18 Cash 0.38 0.83 Commercial Papers 4.75 TFCs / Sukkuks 41.41 41.79 T Bills & PIBs 51.92 56.21 Other including receivables 1.54 1.17 Total.00.00 Money Market Sub Fund Jul18 Cash 22.72.31 Placement with Banks 19.07 Commercial Papers 4.82 T Bills 71.73 59.90 Other including receivables 0.73 0.72 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) Jul18 Commercial Banks 29.06 19.43 Oil & Gas Exploration Companies 19.08 18.27 Oil & Gas Marketing Companies 8.12 7.87 Glass & Ceramics 7.29 6.81 Fertilizer 6.96 5.89 Others 25.65 25.34 Total 96.16 83. Top holding Equity (%age of total assets) Bank Alfalah Ltd. 8.90 Pakistan Petroleum Ltd. 5.92 Mari Petroleum Co. Ltd. 5.51 Oil & Gas Development Co. Ltd. 4.95 Bank Al Habib Ltd. 4.90 Faysal Bank Ltd. 4.87 Shabbir Tiles & Ceramics Ltd. 4.58 Engro Fertilizers Ltd. 4.14 The Hub Power Co. Ltd. 3.79 Meezan Bank Ltd. 3.53 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 0.50% (Exclusive of SST) Frontend Load 3.00% 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. Syed Sanakhawan Fund Manager Ms. Salvina Lakhani Fund Manager Net Assets (PKR mn) JSIPSF Equity Sub Fund 159.00 JSIPSF Debt Sub Fund.57 JSIPSF MM Sub Fund 59.94 NAV (PKR) JSIPSF Equity Sub Fund 633.35 JSIPSF Debt Sub Fund 2.49 JSIPSF MM Sub Fund 175.79 0 150 50 Aug15 Nov15 Feb16 3 Years Return on PKR Inv ested in JS Islamic Pension Saving Fund IPSFEquty IPSFDebt IPSFMM May16 Aug16 Nov16 Feb17 May17 Aug17 Nov17 Feb18 May18 1M 1Y 3Y** 5Y** Launch** Equity Sub Fund 1.96 9.49 15.24 131.85 19.76 Debt Sub Fund 1 5.67 3. 3.67 4.30 7.11 MM Sub Fund 1 5.72 3.62 3.02 4.14 5.64 Annualized performance 1 Equity Debt 1 MM 1 FY19 FY18 FY19 FY18 FY19 FY18 July 0.93 0.54 2.52 6.23 5.00 0.90 August 1.96 11.30 5.67 1.50 5.72 1.67 September 1.30 2.24 2.01 October 8.37 3.48 2.49 November 1.22 3.52 2.79 December 2.29 3.10 2.69 January 9.81 0.48 2.34 February 4.09 0.46 1.37 March 2.30 4.17 3.71 April 0.47 5.45 4.45 May 4.71 4.90 4.77 June 2.89 4. 5.19 YTD 1.01.95 4.10 2.27 5.37 2.75 the form of sales load etc. Equity Sub Fund Jul18 Cash 7.75 15.03 Equity 91.98 84.70 Other including receivables 0.27 0.27 Total.00.00 Debt Sub Fund Jul18 Cash 36.90 24.94 Commercial Papers 4.70 IJARA Sukuk Bond 38.13 36.11 TDR Placement 19.29 36.82 Other including receivables 0.98 2.13 Total.00.00 Money Market Sub Fund Jul18 Cash 73.30 77.17 Commercial Papers 4.73 IJARA Sukuk Bond 1.63 1.59 TDR Placement 19.29.41 Other including receivables 1.04 0.82 Total.00.00 Jul18 Jun18 May18 Apr18 Mar18 Sector Allocation Equity (%age of total assets) Jul18 Oil & Gas Exploration Companies 28.89 22.46 Power Generation & Distribution 10.64 7.99 Commercial Banks 9.62 8.59 Oil & Gas Marketing Companies 9.07 8.52 Fertilizer 8.61 11.14 Others 25.15 25.99 Total 91.98 84.70 0 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. 1,4,258/. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 5.24 (ESF), Rs. 0.43 (DSF), Rs.0.35 (MMF) / 0.83% (ESF), 0.21% (DSF), 0.% (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 stated methodology. Top holding Equity (%age of total assets) Meezan Bank Ltd. 9.62 Oil & Gas Development Co. Ltd. 9. Mari Petroleum Co. Ltd. 9.05 Pakistan Petroleum Ltd. 7.29 The Hub Power Co. Ltd. 7.11 Engro Fertilizers Ltd. 4.83 Shabbir Tiles & Ceramics Ltd. 4.71 Thal Ltd. 4.19 Attock Petroleum Ltd. 4.15 Engro Corporation Ltd. 3.78 ** Fund returns are Average Annualized as per Morning Star formula. Equity sub fund return is absolute. 18