IGI Life Funds Performance Report April 2017 IGI Life Insurance Limited
FUND MANAGER REPORT July 2015 Macro Review and Outlook: Inflation gains momentum in printing a 4.8%YoY growth CPI Inflation For the month of, headline inflation printed a growth of +4.8%YoY (+1.4%MoM) compared to +4.9%YoY (+0.8%MoM) recorded in. Key price drivers during the month were Food, Quarterly adjustment of House Rent Index (HRI) and Education index. For 10MFY17, headline CPI inflation now averages +4.1%YoY compared to +2.6%YoY in corresponding period last year. we expect monthly inflation to grow steadily. Current account balance recorded a deficit of USD 6.1bn For the period ending 9MFY17, Current account balance recorded a deficit of USD 6.1bn, compared to USD 2.4bn in corresponding period last year. Country export during the period stood at USD 16.1bn, down by 1.4%YoY, whereas import bill increased to USD 33.9bn, up by 14.2%YoY. Resultantly, country's trade terms further deteriorated to USD 17.8bn compared to USD 13.4bn recorded in same period last year. Worker's remittances during the period also slowed down and decreased to 14.1bn compared to USD 14.4bn in corresponding period last year, showing a decline of 2%YoY. External Account FX Reserves deteriorates FX reserves by declined to USD 21.6bn (down by 500mn)from that recorded in. With increasing import bill and lowering FX reserves, country's import cover also reduced to 3.8months, compared to a FY17 high of 5.9months witnessed in Jul 16. Tax Collection clocked in at PKR2,520bn in 10MFY17 FBR managed to collect PKR262 billion in month of. As a result, overall tax collection for 10MFY17 clocked in at PKR2,520 billion, reflecting an increase of 9.1% YoY. Despite this growth in tax collection, it lik l f FBR t hi it FY17 t t Equity Market Review and Outlook: KSE100 index posted an increase of 2.4% MoM in For the month of, the benchmark KSE100 index increased by ~1145 points (2.4%MoM), to close at 49,300 points. Average trading volumes of the market were recorded at 241mn shares, down by 6.2%MoM as compared to average 257mn shares registered in. Panama verdict, a long awaited result, dusted the uncertainity off the market and increased the confidence of investors. KSE 100 The prime outperformers in the market during the month of were Automobile Assemblers, Oil & Gas exploration companies and Cements followed by Commercial Banks, Cable & Electrical Goods, Chemicals, Refinery & Automobile Parts & Accessories. Key domestic news during the month The Securities and Exchange Commission of Pakistan (SECP) has taken action against unlicensed entities carrying out trading operations in currency and commodity markets across the country. Much awaited Panama case verdict announced; stocks notch biggest ever intraday swing after verdict announcement. Money Market Review and Outlook: Markets remain well liquid Money market remained stable amid frequent liquidity injections by central bank with a sizable OMO size of over a trillion rupees. T bill auction gathered cumulative participation of PKR751 billion against the target of PKR550 billion and maturity of PKR527 billion. Thus, central bank comfortably achieved its predefined target by accepting bids worth PKR629 billion mainly in 3 and 6 months tenors. The cut off yields for 3, 6 and 12 months tenors stand at 5.99%, 6.01% and 6.03% respectively. Yield Curve Source: SBP, PBS, Bloomberg
IGI Aggressive Fund IAF To provide investors with an opportunity to earn long term capital appreciation optimizing through broad mix of asset classes largely driven by equity with a proportion of fixed income & money market instruments. Fixed Income / Equity High 1.5% 25 Apr 08 absolute return of 2.36% against its last month absolute return of 0.08%. 398 NAV per Unit (PKR) 337.6 329.8 2.36% Net Assets Value (PKR '000) 442,510 407,768 8.52% 348 298 248 198 148 98 3% 59% 27% 2% T Bills 4% 5%, 4%, 70%, 17%, 2%, 6% IGI Aggressive Fund IAF 2.36% 2.28% 1.82% 19.66% 33.00% 12.89% 14.44% IGI Aggressive Fund IAF BID PRICE: 350.00 300.00 250.00 253.83 259.76 266.25 277.51 279.30 284.13 282.12 297.44 323.86 331.54 330.07 329.80 337.59 200.00 150.00 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI Balanced Fund IBF The investment objective of the Fund is to earn competitive long term return by investing in mix of equity, fixed income and money market instrument. This fund is suited for investors with moderate risk tolerance. Fixed Income / Equity Moderate 1.5% 25 Apr 08 NAV per Unit (PKR) 289.0 284.3 1.64% Net Assets Value (PKR '000) 456,365 439,701 3.79% 6% 35% 32% absolute return of 1.64% against its last month absolute return of 0.07%. 278 258 238 218 198 178 158 138 118 98 44% 9% 27% 13% T Bills 5% 9% 12% T Bills 1% 6% IGI Balanced Fund IBF 1.64% 1.71% 2.34% 14.66% 23.71% 15.94% 12.48% IGI Balanced Fund IBF BID PRICE: 310.00 290.00 270.00 250.00 230.00 210.00 190.00 170.00 150.00 282.34 284.11 284.30 288.96 274.56 260.50 247.77 249.40 252.30 252.01 233.57 237.43 241.22 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI Conservative Fund ICF To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a liquid portfolio of low risk short term investments yielding competitive returns. Fixed Income Low 1.5% 25 Apr 08 NAV per Unit (PKR) 198.0 196.5 0.80% Net Assets Value (PKR '000) 583,600 576,281 1.27% absolute return of 0.80% against its last month absolute return of 0.37%. 168 158 148 138 128 118 108 98 8% 14% 14% T Bills 15% 40% 9% 17% 15% PIB's 1% 18% 34% T Bills 2% 13% IGI Conservative Fund ICF 0.80% 1.17% 1.39% 5.00% 7.96% 8.41% 7.87% IGI Conservative Fund ICF BID PRICE: 210.00 200.00 190.00 183.43 184.64 185.44 186.87 187.38 188.14 188.61 190.28 192.71 195.31 195.75 196.46 198.03 180.00 170.00 160.00 150.00 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI Islamic Fund IIF To provide maximum possible preservation of capital and a reasonable rate of return via investing in Shariah Compliant money market and debt securities having good credit quality rating and liquidity. Islamic Fixed Income Low 1.5% 25 Apr 08 absolute return of 0.26% against its last month absolute return of 0.29%. 160 NAV per Unit (PKR) 144.1 143.8 0.26% Net Assets Value (PKR '000) 192,526 189,360 1.67% 150 140 130 120 110 100 90 80 34% 1% 35% 2% 29% 36% 29% 34% IGI Islamic Fund IIF 0.26% 0.55% 0.82% 2.18% 5.04% 4.29% 4.13% IGI Islamic Fund IIF BID PRICE: 146.00 144.00 142.00 140.00 138.00 136.00 134.00 132.00 142.95 143.33 143.75 144.13 141.71 142.12 141.06 140.39 139.81 139.13 138.41 137.79 137.21 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI FutureSecure Adventurous Fund IHA To provide investors with an opportunity to earn long term capital appreciation optimizing through broad mix of asset classes encompassing equity, fixed income & money market instruments. Fixed Income / Equity High 1.5% 25 Feb 10 absolute return of 2.55% against its last month absolute return of 0.00%. 395 NAV per Unit (PKR) 454.4 443.1 2.55% Net Assets Value (PKR '000) 49,280 48,356 1.91% 345 295 245 195 145 95 62% 22% 4% 6% 2% T Bills 4% 73% 6% 13% 4% 2% IGI FS Aggressive Fund IHA 2.55% 2.55% 1.82% 20.04% 34.36% 14.54% 23.46% IGI FutureSecure Aggressive Fund IHA BID PRICE: 500.00 400.00 338.19 346.08 356.48 372.48 375.01 381.22 378.52 398.59 433.66 446.25 443.10 443.10 454.39 300.00 200.00 100.00 0.00 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI FutureSecure Balanced Fund IHB The investment objective of the Fund is to earn competitive return by investing in various asset classes/instruments based on the market outlook. Fixed Income / Equity Moderate 1.5% 18 Feb 10 NAV per Unit (PKR) 257.9 253.7 1.68% Net Assets Value (PKR '000) 211,169 211,446 0.13% absolute return of 1.68% against its last month absolute return of 0.00%. 255 235 215 195 175 155 135 115 95 7% 36% 30% 5% T Bills 9% 13% 10% 44% 26% T Bills 1% 13% IGI FS Balanced Fund IHB 1.68% 1.68% 1.46% 13.14% 22.71% 11.36% 14.06% IGI FutureSecure Balanced Fund IHB BID PRICE: 300.00 250.00 200.00 150.00 100.00 50.00 210.20 213.90 217.97 224.32 225.68 228.20 227.98 235.63 248.64 254.22 253.67 253.66 257.93 0.00 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI FutureSecure Cautious Fund IHC To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a liquid portfolio of low risk short term investments yielding competitive returns. Fixed Income Low 1.5% 18 Mar 10 absolute return of 0.81% against its last month absolute return of 0.36%. 175 NAV per Unit (PKR) 155.7 154.4 0.81% Net Assets Value (PKR '000) 51,503 52,126 1.19% 165 155 145 135 125 115 105 95 15% 14% 9% 39% T Bills 15% 8% 17% 15% PIB's 1% 18% 34% T Bills 2% 13% IGI FS Cautious Fund IHC 0.81% 1.18% 1.43% 5.79% 8.82% 10.54% 6.41% IGI FutureSecure Cautious Fund IHC BID PRICE: 160.00 155.00 150.00 145.00 143.07 143.97 144.60 145.51 146.03 146.64 147.17 148.31 150.48 153.49 153.88 154.43 155.69 140.00 135.00 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI FutureSecure Fund IHS The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities. Govt. Securiities Low 1.5% 18 Mar 10 absolute return of 0.62% against its last month absolute return of 0.52%. NAV per Unit (PKR) 195.4 194.2 0.62% Net Assets Value (PKR '000) 16,603 16,313 1.78% 185 175 165 155 145 135 125 115 105 95 ASSET ALLOCATION: 17% 16% PIB's 83% PIB's 84% IGI FS Secure Fund IHS 0.62% 1.15% 1.56% 3.24% 8.13% 8.53% 9.86% IGI FutureSecure Secure Fund IHS BID PRICE: 200.00 195.00 190.00 185.00 180.00 180.76 183.93 187.00 188.24 188.55 188.93 189.31 189.91 190.11 192.45 193.23 194.23 195.44 175.00 170.00 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI Sarmaya Pakistan Income Fund SPI The objective of the Fund is to deliver competitive above inflation returns primarily from debt and fixed income investments without taking excessive risk. The fund Is suited for investors with low risk tolerance. Fixed Income Low Sarmaya Plus 1.5% / Sarmaya Premium 2.4% 22 Jul 10 absolute return of 0.31% against its last month absolute return of 0.46%. 165 NAV per Unit (PKR) 176.8 176.2 0.31% Net Assets Value (PKR '000) 2,720 2,715 0.18% 155 145 135 125 115 105 95 33% 38% 36% 34% 7% T Bills 3% 18% 10% T Bills 3% 17% Sarmaya Pakistan Income SPI 0.31% 0.77% 1.07% 4.48% 7.28% 10.90% 8.76% IGI Sarmaya Pakistan Income Fund SPI BID PRICE: 180.00 175.00 170.00 165.00 164.78 165.67 166.24 166.92 167.43 168.37 169.19 169.91 170.66 174.90 175.42 176.23 176.77 160.00 155.00 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI Sarmaya United Growth & Income Fund SUG Invest in medium to long term fixed income instruments as well as short tenor money market instruments to generate superior, long term, risk adjusted returns while preserving capital over the long term. Fixed Income Moderate Sarmaya Plus 1.5% / Sarmaya Premium 2.4% 05 Aug 10 NAV per Unit (PKR) 137.1 136.9 0.16% Net Assets Value (PKR '000) 1,253 1,252 0.03% absolute return of 0.16% against its last month absolute return of 0.68%. 155 145 135 125 115 105 95 85 75, 15% T Bills, 19%, 4%, 49%, 14%, 19%, 66%, 4%, 12% Sarmaya United Growth SUG 0.16% 0.84% 1.30% 2.88% 8.98% 6.12% 4.79% IGI Sarmaya United Growth Income Fund SUG BID PRICE: 138.00 136.00 134.00 132.00 130.00 128.00 126.00 124.00 122.00 120.00 125.81 127.73 129.04 132.92 133.04 133.31 133.26 133.97 134.40 135.34 135.96 136.89 137.11 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI Sarmaya Pakistan Fund SPS The objective of the fund is to provide investors long term capital appreciation through its investment in Pakistani equities. This fund is suited for investors with medium to long term horizon and high risk tolerance. Equity High Sarmaya Plus 1.5% / Sarmaya Premium 2.4% 03 absolute return of 2.30% against its last month absolute return of 0.18%. 450 NAV per Unit (PKR) 402.3 393.3 2.30% Net Assets Value (PKR '000) 96,948 80,492 20.44% 400 350 300 250 200 150 100 21%, 67%, 1%, 26% 78% T Bills, 5% Sarmaya Pakistan SPS 2.30% 2.12% 0.52% 18.61% 37.74% 12.88% 24.98% IGI Sarmaya Pakistan Fund SPS BID PRICE: 450.00 400.00 350.00 300.00 250.00 200.00 150.00 100.00 50.00 0.00 386.00 400.27 394.01 393.29 402.34 333.72 339.45 340.13 339.21 356.57 292.11 307.50 313.41 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI Sarmaya United Fund SUS The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of listed equity securities offering long term capital gains and dividend yield potential. Equity High Sarmaya Plus 1.5% / Sarmaya Premium 2.4% 05 Aug 10 absolute return of 2.18% against its last month absolute return of 0.64%. 395 NAV per Unit (PKR) 461.9 452.1 2.18% Net Assets Value (PKR '000) 684,179 563,810 21.35% 345 295 245 195 145 95 38% 26% 61% 73% Sarmaya United SUS 2.18% 2.83% 2.31% 16.25% 32.51% 9.74% 25.48% IGI Sarmaya United Fund SUS BID PRICE: 500.00 399.79 398.77 405.77 397.35 348.59 356.46 375.68 400.00 300.00 200.00 100.00 425.09 447.59 451.47 449.19 452.07 461.92 0.00 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI Sarmaya Secure Fund SSE The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities. Govt. Securiities Low Sarmaya Plus 1.5% / Sarmaya Premium 2.4% 22 Jul 10 absolute return of 0.56% against its last month absolute return of 0.50%. 240 NAV per Unit (PKR) 236.5 235.2 0.56% Net Assets Value (PKR '000) 6,070,627 6,281,876 3.36% 220 200 180 160 140 120 100 ASSET ALLOCATION: 3% T Bills 9%, 2% T Bills, 9% PIB's 88% PIB's, 93% IGI Sarmaya Secure SSE 0.56% 1.06% 1.42% 3.21% 7.43% 8.35% 13.54% IGI Sarmaya Secure Fund SSE BID PRICE: 240.00 235.00 230.00 225.00 220.00 220.16 223.03 225.83 227.41 227.79 228.58 229.17 230.00 230.20 233.20 234.03 235.20 236.52 215.00 210.00 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17
IGI Sarmaya United Money Market Fund SUI The objective of Money Market Fund is to generate competitive returns within a low risk portfolio to provide a regular stream of income and easy liquidity to its investors by investing more than 50% of the portfolio in short term government securities Fixed Income Low Sarmaya Plus 1.5% / Sarmaya Premium 2.4% 19 Jul 12 absolute return of 0.26% against its last month absolute return of 1.01%. Value of 100 Rupees invested since inception 125 NAV per Unit (PKR) 138.6 138.3 0.26% Net Assets Value (PKR '000) 50,569 53,001 4.59% 120 115 110 105 100, 9%, 1%, 7%, 90%, 92%, 1% Sarmaya United Money SUI 0.26% 1.27% 1.56% 3.00% 5.67% 6.73% 7.07% IGI Sarmaya United Money Market Fund SUI BID PRICE: 140.00 138.00 136.00 134.00 132.00 130.00 128.00 126.00 138.28 138.65 136.51 136.90 133.54 134.09 134.61 135.14 135.65 132.95 131.82 132.36 131.21 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17