FMR - Jan 2015

February 05, 2015
MKT/FMR/07/15
Subject: Al Meezan Investments- Bringing Services at Your Doorstep
Dear Investor,
We are grateful to you for continuing to be a part of Al Meezan Family of Funds. We would like to extend our thanks for the trust and confidence that you
have always reposed in our investment management capabilities and entrusting us with the responsibility of managing your investments.
Currently, Al Meezan is the largest private sector asset management company in Pakistan with total assets under management clocking in at over Rs. 57
billion and we are also proud of having one of the largest investor base in the country. Alongside, we are also the managers of Pakistans Largest Equity FundMeezan Islamic Fund and Pension Fund- Meezan Tahaffuz Pension Fund in the private sector, with assets under management of around Rs. 25 billon and
Rs. 3.5 billion respectively.
Opening of Investment Centre- North Nazimabad, Karachi
To expand our reach and be closer to you, we are pleased to announce the opening of our new Investment Centre in your neighborhood. The centre will be
functional from this month at Shop # G-1, G-2, Ground Floor, Ajwa Residency, B-1, Block-L, North Nazimabad, Karachi. Our financial advisors will be there to
guide you to the best suited investment solution according to your needs. This is Al Meezan Investments sixth investment center in five major cities of Pakistan
including Karachi, Lahore, Faisalabad, Islamabad and Peshawar. We are further expanding our network in other major cities across the country in 2015.
Funds Performance
During January 2015, KSE-100 index produced an 8% MoM return and emerged as the best performing frontier market and 3rd best performing global equity
market. SBP continuing on its monetary easing stance coupled with current account turning into a surplus for Dec-14, turned out to be the main factors
driving the investors confidence in the equity market. We maintain a positive outlook on Pakistans equity market for this year. Based on the above mentioned
facts, our funds also reflected improved returns, as indicated in the table below:
FY15TD
3 Years Annualized
Risk
CYTD15
Returns%
Returns%
Returns%
Equity Funds
18.99
37.95
8.29
Meezan Islamic Fund (MIF)
High
19.82
38.68
7.94
High
Al Meezan Mutual Fund (AMMF)
25.07
9.34
42.79
High
Meezan Tahaffuz Pension Fund-(MTPF- Equity Sub Fund)
11.20
5.97
N/A
High
KSE Meezan Index Fund( KMIF)
Fixed Income Funds
Low
12.30
8.58
5.93
Meezan Tahaffuz Pension Fund-(MTPF- Debt Sub Fund)
Low
13.53
8.17
6.55
Meezan Tahaffuz Pension Fund-(MTPF- M. Mkt Sub Fund)
Low
12.76
9.23
6.30
Meezan Sovereign Fund (MSF)
Low
9.19
8.81
7.61
Meezan Cash Fund (MCF)
Low
13.05
8.75
13.89
Meezan Islamic Income Fund (MIIF)
Fund of Funds
High
5.97
13.69
N/A
Meezan Financial Planning Fund (MFPF- Aggressive Allocation Plan)
Moderate
4.52
10.57
N/A
Meezan Financial Planning Fund (MFPF- Moderate Allocation Plan)
Low
2.80
6.99
N/A
Meezan Financial Planning Fund (MFPF- Conservative Allocation Plan)
Medium-Low
N/A
Meezan Financial Planning Fund (MCPP-I)
6.15
10.92
Medium-Low
Meezan Financial Planning Fund (MCPP-II)
10.76
10.92
N/A
Medium-Low
N/A
Meezan Capital Preservation Fund-II (MCRPF-II)**
5.76
12.34
Medium-Low
Meezan Capital Preservation Fund-III*
6.37
13.50
N/A
Balanced and Capital Protected Funds
4.77
12.64
24.82
Meezan Balanced Fund (MBF)
Moderate
* MCPF-performance start date of Jan 31, 2014, ** MCPrF-II-performance start date of Jun 27, 2014,
We recommend taking additional exposure to equity funds with an investment horizon of 3 years or more. Our equity funds, MIF, AMMF and KMIF provided
a return of 24.68%, 27.06% and 16.50% respectively for calendar year 2014.
We are thankful for the support you have extended as usual for the launch of Meezan Capital Preservation Plan-II (MCPP-II), based on MFPF which is the fourth
scheme based on the dynamic asset allocation strategy of Constant Proportion Portfolio Insurance (CPPI) aimed at providing capital preservation, launched
by Al Meezan Investments. MCPP-II has successfully crossed Rs. 1.5 billion mark of assets under management during its ongoing open subscription period.
We will InshaAllah continue to work diligently to meet the demands of our investors and work towards our vision of making Shariah compliant investing
the first choice of investors.
Yours truly,
Talha Anwar
SVP- Head of Sales and Marketing
Customer Services
Call Centre
Internet Banking
Member Services
Email Services
SMS Alerts
Ground Floor, Block B, Finance & Trade Centre, Shahrah-e-Faisal, Karachi 74400, Pakistan.
UAN: (92-21) 111-633-926 (111-MEEZAN) Fax: (92-21) 35630808, Toll Free: 0800 -HALAL (42525)
E-mail: info@almeezangroup.com Web Site: www.almeezangroup.com
MKT/FMR/07/15
KSE-100
37.95
18.99
8.29
38.68
19.82
7.94
42.79
25.07
9.34
11.20
5.97
8.58
5.93
12.30
8.17
6.55
13.53
9.23
6.30
12.76
8.81
7.61
9.19
13.89
8.75
13.05
13.69
5.97
10.57
4.52
24.82
6.99
2.80
10.92
6.15
MCPP-I (MFPF)
10.92
10.76
MCPP-II (MFPF)
12.34
5.76
**(MCPrF-II)
13.50
6.37
*III-
12.64
4.77
(MBF)
MFPF
Customer Services
Call Centre
Internet Banking
Member Services
Email Services
SMS Alerts
January, 2015
Fund Managers
Report
AL Meezan Investment Management
Limited
0
\
Al Meezan Investments,
the company in operation since 1995, has one of the longest track record of managing mutual funds in the private sector
in Pakistan. Al Meezan Investments manages eleven mutual funds; namely Al Meezan Mutual Fund, Meezan Balanced Fund, Meezan Islamic Fund,
Meezan Islamic Income Fund, Meezan Tahaffuz Pension Fund, Meezan Cash Fund, Meezan Sovereign Fund, Meezan Capital Preservation Fund II,
Meezan Capital Preservation Fund III, Meezan Financial Planning Fund of Funds and KSE Meezan Index Fund.
The total funds under management of Al Meezan, the only full-fledged Shariah compliant asset management company in Pakistan, have reached
Rs. 60.01 billion as on January 31, 2015. With an AM2+ credit rating denoting high management quality, the company clearly stays well ahead of
all its competitors in the Islamic asset management market in Pakistan.
Stock Market Review
Money Market Review
The benchmark KSE-100 index gained 7.20% or 2,300 points during

the month of Jan 2014 to close at the level of 34,443. The index
rose amidst rising daily volumes which clocked in at 305mn on
average from an earlier 247mn depicting a 23.19% rise MoM.
This month the money market saw another massive change in

interest rates whereby the SBP slashed the key rate by 100bps
further, bringing it down to 8.50%. The market was already
anticipating a DR change in the range of 50-100bps and hence, the Tbills/PIBs secondary market trading yields had fallen considerably
before the announcement of bi-monthly MPS near the month end.
Post this cut, the 3MK and 6MK closed 1.07% and 1.05% down at
8.56% and 8.58% respectively while T-bills and PIBs were adjusted
downward by 0.95%-1.10% as well. The market faced a relatively
tight liquidity scenario evidenced by Rs. 3 trillion worth of OMO
injections carried out by the SBP coupled with Rs. 312 billion worth of
discounting availed by various counters during the month.
The Central Banks cut of 100bps in the discount rate took the
participants by surprise and hence led to sharp run up in prices
across the board. Furthermore, persistent decline in CPI along with
decline in oil prices fuelled speculation of another round of rate
cuts in the range of 50-100bps. This outlook was further support
from CPI figure of 3.8% for the month of Jan 2015.
Foreign flows remained mixed during the month with market
witnessing an inflow of USD2.7mn towards the end of the month
rebounding from a USD8.7mn net outflow during the mid of the
month.
During the month, Oil Exploration stocks continued to take the
brunt due to declining oil prices. However, PSO outperformed the
index due to expectations of resolution of circular debt. Amongst
other sectors, Cements and IPPs continued to outperform the index
due to favorable change in sector fundamentals.
Going forward, we reiterate our view that market is set to witness
strong gains in CY15 as Macro-economic and Political tail-winds
continue to support the investors confidence.
KSE-100 Index Performance
6 Month KIBOR
30-Jan
28-Jan
26-Jan
24-Jan
22-Jan
8.10
20-Jan
30-Jan
27-Jan
22-Jan
19-Jan
14-Jan
9-Jan
32,000
6-Jan
8.50
18-Jan
32,600
16-Jan
100
8.90
14-Jan
33,200
12-Jan
200
9.30
10-Jan
33,800
9.70
8-Jan
34,400
300
10.10
6-Jan
35,000
4-Jan
Index (RHS)
400
1-Jan
On the forex front, the rupee lost value; in the interbank market it
closed Rs. 0.60 weaker at Rs. 101.10/$ while in the open market, it
closed Rs. 1.00 weaker at Rs. 101.60/$.
2-Jan
Vol (mn) (LHS)
Moreover, two T-bill auctions were conducted during this period

whereby in total, Rs. 383 billion was accepted against a participation
of Rs. 1,149 billion with major acceptance in the 12 months category
as expected (Rs. 267 billion at cut off yields of 9.15% and 8.86%). A
PIB auction was also conducted which saw a heavy participation with
a relatively lower acceptance level; Rs. 73 billion was accepted
against a participation of Rs. 271 billion (highest acceptance in 5 Yrs
category: Rs. 65 billion at a cut off yield of 9.75%).
Disclaimer
This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in
mutual funds are subject to market risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These
may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
(This report has been prepared in line with MUFAPs recommended Format)
January, 2015
AMC RATING AM2+ (STABLE OUTLOOK)
Fund Review:
Net assets of Meezan Islamic Fund stood at Rs. 25.08 billion as on January 31, 2015. The funds NAV increased by 8.3% during the month of
January as compared to 6.2% increase in benchmark index (KMI-30) while KSE-100 Index during the same period increased by 7.2%. As on
January 31, the fund was 93% invested in equities.
Investment Objective:
Performance - Cumulative Returns:

3Yr
5Yr
MIF
8%
14%
15%
19%
29%
163%
269%
928%
22%
Benchmark#
6%
11%
10%
13%
22%
168%
292%
622%
19%
# KMI-30 replaced DJIIMPK as the Funds benchmark from July 01, 2009, while KSE-100 index
remained as the benchmark till June 30, 2006
Annual Returns:
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
MIF
29%
51%
19%
39%
31%
-30%
0%
29%
Benchmark
30%
54%
14%
44%
37%
-35%
1%
17%
Funds Performance:
1,000
700
600
500
400
300
200
Dec '14
Equity (%)
Jan '15
92.16
92.88
Cash (%)
7.25
6.23
Other receivables (%)
0.59
0.89
2.09%
2.69%
8.7
9.0
Expense Ratio*
P/E
Top Ten Equity Holdings:(% of Total Assets):

Packages Ltd.
Lucky Cement Ltd.
The Hub Power Co. Ltd.
Asset Allocation:
Pakistan State Oil Co. Ltd.

Engro Chemicals
11%
9%
8%
7%
7%
DG Khan Cement Ltd.

Mari Petroleum Ltd.
Nishat Mills Ltd.
5%
4%
4%
Oil & Gas Development Co. Ltd.

Pakistan Oilfields Ltd.
3%
3%
Sector Allocation:
Oil & Gas
12%
22%
Chemicals
*Management fee is included in the expense ratio
Construction and Materials
Risk MeasuresJanuary 15:
Standard Deviation (%)

Sharpe Ratio
Jan-15
MoM %
18.5%
8.3%
Nov-13
Sep-12
100
Aug-11
Jan '15
25,077
59.78
Benchmark
800
Jun-10
Dec '14
21,161
55.20
MIF
900
Fund Net Assets:

Net Assets (Rs mn)
NAV Per Unit (Rs)*
PSD* CAGR*
* Performance start date of August 08, 2003, CAGR since inception
Apr-09
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Fuad khan
Zain Malik
Fahad Sultan, ACA
1Yr
Mar-08
Members of
Investment Committee
FYTD
Jan-07
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Back End Load
Benchmark
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Subscription/ Redemption Days
Fund Manager
6M
Nov-05
Auditors
Open End
High
8th Aug 2003
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A, B and C
2%
2%
Equity
Nil
KMI-30
Nil
KSE
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 3pm
Muhammad Asad
3M
Sep-04
Funds
Details
Fund
Details:
1M
Aug-03
To maximize total investor returns by investing in

Shariah Compliant equities focusing on both capital
gains and dividend income.
Fund Type:
Risk Level
Launch Date
Trustee
EQUITY
MEEZAN ISLAMIC FUND (MIF)
MIF
KSE-100
Index
KMI-30
Index
0.55
0.49
0.70
13.76
13.18
7.90
21%
25%
Electricity
General Industries
11%
9%
Others
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund
from the date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund).
Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
adf
Effective from January 1, 2013, the Fund has maintained provisions against Workers Welfare Fund liability to the tune of Rs. 165.59mn, if the same were not made the NAV per unit/return of
the fund would be higher by Rs. 3.95/6.60%. For further details, investors are advised to read financial statements of the fund.
Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results.
January, 2015
Fund Review:
The net assets of Al Meezan Mutual Fund (AMMF) as at January 31, 2015 stood at Rs. 3.59 billion. The funds NAV increased by 7.9% during the
month January as compared to 6.2% increase in benchmark index (KMI-30) while KSE-100 Index during the same period increased by 7.2%. As
on January 31, the fund was 94% invested in equities.
The objective of Al Meezan Mutual Fund is to optimize

the total investment returns, both capital gains and
dividend
income,
through
prudent
investment
management.
1M
3M
6M
FYTD
1Yr
3Yr
AMMF
8%
14%
16%
20%
31%
167%
272% 2,132%
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Back End Load
Benchmark
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Fund Manager
Members of
18%
Benchmark#
6%
11%
10%
13%
22%
168%
292% 1,777%
17%
Open End
High
13th Jul 1995
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A, B,C and D
2%
2%
Equity
Contingent Load
KMI-30
Nil
ISE
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 3pm
Fuad Khan
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Fuad Khan
Zain Malik
Fahad Sultan, ACA
Dec '14
3,316
15.43
Jan '14
3,587
16.66
Dec '14
Jan '14
93.53
94.40
Cash (%)
5.81
3.87
Other receivables (%)
0.66
1.73
1.67%
2.05%
8.7
9.0
MoM %
8.17%
7.94%
Asset Allocation:
P/E
Annual Returns:
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
AMMF
30%
51%
19%
38%
31%
-32%
0%
27%
Benchmark
30%
54%
14%
44%
37%
-35%
1%
17%
Investment Growth from FY 1996 - to Date

2,500,000
2,137,571
2,000,000
1,500,000
1,172,192
968,549
1,000,000
500,000
-
Conversion from
close end fund to
100,000
487,122
122,800

Packages Ltd.
Lucky Cement Ltd.
Engro Chemicals
11%
11%
9%
7%
6%
DG Khan Cement Ltd.

Nishat Mills Ltd.
Pakistan Petroleum Ltd.
Meezan Bank Ltd.
Sharpe Ratio
4%
4%
4%
3%
3%
Sector Allocation:
12%
20%
Oil & Gas

General Industrials
22%
*Management
fee is included
in the expense
ratio
Risk
Measures
January
14:
Standard Deviation (%)
CAGR*
# KMI-30 replaced DJIIMPK as the Funds benchmark from July 01, 2009, while KSE-100 index
remained as the benchmark till June 30, 2006.
Fund Net Assets:
Expense Ratio*
PSD*
June 96
June 98
June 00
June 02
June 04
June 06
June 08
June 10
Jul 11
Sep 11
Nov 11
Jan 12
Mar 12
Mar 12
Jul 12
Sep 12
Nov 12
Jan 12
Mar 13
May 13
Jul 13
Sep 13
Nov 13
Jan 14
Mar 14
May 14
Jul 14
Sep 14
Nov 14
Jan 15
Fund Type:
Risk Level
Launch Date
Trustee
Equity (%)
5Yr
* Performance start date of July 13, 1995, CAGR since inception
Fund
Details:
Funds
Details
Net Assets (Rs mn)

NAV Per Unit (Rs)
EQUITY
AL MEEZAN MUTUAL FUND (AMMF)

Electricity
AMMF
KSE-100
Index
KMI-30
Index
0.55
0.49
0.70
13.17
13.18
7.90
23%
Chemicals
11%
12%
Others
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund
from the date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus,
the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
Effective from January 1, 2013, the Fund has maintained provisions against Workers Welfare Fund liability to the tune of Rs. 30.53mn, if the same were not made the NAV per unit/return of
the fund would be higher by Rs.0.14/0.85%. For further details, investors are advised to read financial statements of the fund.
January, 2015
Fund Review
Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 5.5 billion as on January 31, 2015. MIIF has provided an annualized return of
13.05% for the month of January as compared to its benchmark which has provided an annualized return of 5.23% during the same period.
To provide investors with a high and stable rate of
current income consistent with long term preservation
of capital in a Shariah compliant way. A secondary
objective is to take advantage of opportunities to
realize capital appreciation.
Fund Details:
FundFunds
Type: Details
Open End
Minimal
15-Jan-07
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A, B and C
1.5%
0.5%
Income
Nil
KSE
AM2+
JCRVIS
A(f)
Forward
Risk Level
Launch Date
Trustee
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Leverage
Listing
AMC Rating
Rating Agency
Fund Stability Rating
Pricing Mechanism
Weighted average time to
maturity
Back End Load
0.68 Years
FYTD
1Yr
3Yr
5Yr
PSD*
8.75%
10.99%
13.89%
13.66%
14.76%
5.23%
5.28%
5.28%
5.28%
5.29%
5.54%
5.68%
5.75%
* Performance start date of Jan 15, 2007
Annual Returns:
MIIF
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
11.90%
14.45%
7.79%
11.77%
7.31%
10.14%
9.28%
10.07%*
5.38%
5.54%
6.02%
5.88%
5.80%
6.12%
5.75%
5.00%
Benchmark
* 163 days of operations
Monthly Performance:
25%
MIIF
Benchmark
20%
15%
5%
0%
Jan-14
Dec-14
Nov-14
Top Portfolio Holdings:(% of Total Assets):

GoP Ijarah Sukuks IX
Engro Fertilizer Limited - I
LALPIR Power Sukuks
K-Electric Limited
Engro Fertilizer Limited
19.38%
7.18%
4.77%
3.26%
3.17%
Maple Leaf Sukuk - I

GoP Ijarah Sukuks XII
K-Electric Limited - I
2.53%
1.80%
1.29%
Asset Allocation:
Dec '14
Jan '15
MoM %
6,213
52.17
5,518
52.75
-11.18%
1.11%
Credit Quality of Portfolio:

AAA
AA+
AA
A+
A
A-
21.7%
6.3%
9.5%
10.4%
41.1%
2.5%
Sukuks
Government backed / Guaranteed Securities
Commercial Paper
Placements with Banks and DFIs
Cash
Others Including receivables
Dec 14
16%
22%
4%
0%
56%
2%
Jan 15
18%
21%
5%
28%
21%
9%
Details of Non Performing Investments:
41%
Credit Quality
22%
6%
10%
10%
AA+
AA
A+
30%
6M
7.28%
Oct-14
Fund Net Assets:
60%
3M
9.59%
Sep-14
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Fuad Khan
Zain Malik
Fahad Sultan, ACA
Net Assets (Rs mn)

NAV Per Unit (Rs)*
Benchmark
1M
13.05%
Aug-14
Members of
MIIF
Jul-14
Valuation Days
Fund Manager
Performance - Annualized Returns:
10%
Contingent load for

Type C investors
Average bank deposit
rate of three Islamic
banks
Mon-Fri
Mon-Fri 9am 3pm
Zain Malik
Benchmark
INCOME
MEEZAN ISLAMIC INCOME FUND (MIIF)
3%
0%
A-
AAA
WWF Disclosure: The Scheme has maintained provisions against Workers Welfare Funds liability to the tune of
Rs.44.43mn. If the same were not made the NAV per unit/return of the Scheme would be higher by Rs.0.42/0.81%.
For details investors are advised to read Financial Statements of the Scheme.
January, 2015
Fund Review
Net assets of Meezan Cash Fund (MCF) stood at Rs. 4.0 billion as at January 31, 2015. MCF has provided an annualized return of 9.19% for the
month of January as compared to its benchmark which has provided an annualized return of 6.33% during the same period.
To seek maximum possible preservation of capital and
a reasonable rate of return via investing primarily in
liquid Shariah compliant money market and debt
securities.
Fund Details:
FundFunds
Type: Details
1M
3M
6M
FYTD
1Yr
3Yr
5Yr
PSD*
MCF
9.19%
8.33%
7.70%
7.61%
7.29%
8.81%
9.88%
11.58%
Benchmark
6.33%
6.47%
6.56%
6.56%
6.58%
6.94%
7.37%
7.38%
* Performance start date of June 15, 2009

Open End
Minimal
15-Jun-09
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A, B and C
1%
Nil
0.1% if redemption
within 3 days
Money Market
Nil
ISE
AM2+
JCRVIS
AA (f)
Forward
Risk Level
Launch Date
Trustee
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Back End Load*
Fund Category
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
maturity
Benchmark
3.72 Days
FY13
8.78%
FY12
10.71%
FY11
11.02%
FY10
10.09%
FY09
8.03%
FY07
Benchmark
6.55%
6.91%
8.13%
8.24%
7.50%
7.60%
15 days of operations
MCF
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Benchmark
Jan-14
Dec-14
Oct-14
Sep-14
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Fuad Khan
Zain Malik
Fahad Sultan, ACA
FY14
7.08%
FY08
MCF
Aug-14
Members of
Average return on
6-month Islamic
bank deposits
Mon-Fri
Mon-Fri 9am 3pm
Zain Malik
Annual Returns:
Jul-14
Valuation Days
Fund Manager
Portfolio: Salient Features

Maximum Preservation of Principal Investment
High Liquidity (Redemption within two working days)
Key Benefits
*No Sales Load (No Entry or Exit charges)

Tax Credit as per tax laws
Investments in High Grade & Liquid avenues:
Fund Net Assets:

Net Assets (Rs mn)
NAV Per Unit (Rs) *
Performance Annualized Returns:
MONEY MARKET
MEEZAN CASH FUND (MCF)
Dec '14
Jan '15
4,348
51.91
4,022
52.31
MoM %
-7.48%
0.78%
Investment Policy and

Strategy
AAA
67%
AA+
22%
AA
Maximum Maturity of Instruments : Six Months

Average Time to Maturity of Portfolio : Three
Months
Benchmark
Rating Exposure:
Instrument/Issuer Rating : Minimum AA
Average return on 6-month Islamic bank deposits
Asset Allocation:
46%
9%

Cash
Government Guaranteed
Portfolio Composition:
Commercial Paper
Dec 14
Cash
Other Including receivables
Jan 15
22%
24%
0%
22%
70%
46%
Commercial Paper
6%
6%
2%
2%
24%
22%
2%
6%
WWF Disclosure: The Scheme has maintained provisions against Workers Welfare Funds liability to the tune of
Rs.57.29mn. If the same were not made the NAV per unit/return of the Scheme would be higher by Rs.0.75/1.42%.
For details investors are advised to read Financial Statements of the Scheme.
MEEZAN SOVEREIGN FUND (MSF)
Fund Review
Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 10.53 billion as on January 31, 2015. For the month of January, the fund has provided
an annualized return of 12.76% as compared to its benchmark which has provided an annualized return of 6.33% during the same period.
To seek maximum possible preservation of capital and
a reasonable rate of return
Fund Type:
Funds
Risk Level
Launch Date
Trustee
1M
3M
6M
FYTD
1Yr
3Yr
5Yr
PSD*
12.76%
7.53%
6.29%
6.30%
7.22%
9.23%
11.59%
6.33%
6.47%
6.56%
6.56%
6.58%
6.94%
7.37%
Benchmark
Details
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Back End Load
Fund Category
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
maturity
Benchmark
0.78 Years
FY12
11.19%
FY11
11.45%
FY10
9.76%*
FY08
FY07
Benchmark
6.55%
6.91%
8.13%
8.24%
7.50%
* 140 days of operations
14%
MSF
12%
8%
6%
4%
2%
0%
10,674
51.79
10,532
52.35
-1.33%
1.08%
Asset Rating:
AAA
AA+
AA
97.4%
0.2%
0.1%
Portfolio: Salient Features

Maximum Preservation of Principal Investment
Primary Investments in securities issued by
Government of Pakistan
Very Low Risk
Liquidity (Redemption on average in 2-3 working
days)
Tax Credit as per tax laws
Investments in High Grade & Liquid avenues:
Investment Policy and
Strategy
Benchmark
Asset Allocation:
Dec 14
Jan 15
73%
25%
2%
75%
22%
3%
Jan-14
MoM %
Dec-14
Jan '15
Nov-14
Dec 14
Benchmark
10%
Key Benefits
Fund Net Assets:
Cash
FY13
9.11%
Oct-14
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Fuad Khan
Zain Malik
Fahad Sultan, ACA
FY14
8.50%
FY09
MSF
Sep-14
Average return on
6-month Islamic
bank deposits
Mon-Fri
Mon-Fri 9am 3pm
Zain Malik
Annual Returns:
Aug-14
Members of
Open End
Minimal
10-Feb-10
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A, B, C and D
1%
0.5%
Nil
Income
Nil
ISE
AM2+
JCRVIS
AA
Forward
* Performance start date of Feb 10, 2010,
Jul-14
Valuation Days
Fund Manager
Net Assets (Rs mn)

NAV Per Unit (Rs)*
Performance - Annualized Returns:

MSF
Fund Details:
INCOME
January, 2015
Minimum 70% Investment in Government backed /

issued securities (rated AAA)
Placements in top rated banks and financial
institutions
Weighted Average Time to Maturity of Portfolio : Not
more than 4 years
Average return on 6-month Islamic bank deposits
Asset Allocation:
75%
WWF Disclosure: The Scheme has maintained provisions

against Workers Welfare Funds liability to the tune of
Rs.130.38mn. If the same were not made the NAV per unit/return
of the Scheme would be higher by Rs.0.65/1.24%. For details
investors are advised to read Financial Statements of the Scheme.
Cash
3%
22%
January, 2015
Fund Review:
As at January 31, 2015, total size of net assets of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 3,660 million. For the month of January,
the NAV of equity sub fund increased by 9.34% while the NAV of debt and money sub funds provided an annualized return of 12.30% and
13.53% respectively.
To provide participants a regular Halal income stream
after retirement/disability when they can no longer
earn regular income to support their living so that they
are not dependent on other members of the society.
Fund Details:
FundFunds
Type: Details
Risk Level
Launch Date
Trustee
Auditors
Registrar
Fund Category
Management Fee
Front End Load
Leverage
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Fund Manager
Members of
Open End
Minimal
28-Jun-07
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
Pension
1.5%
3%
Nil
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 3pm
Muhammad Asad
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Fuad Khan
Zain Malik
Fahad Sultan, ACA
Fund Net Assets:

Rs (Mn)
MTPF- Equity
MTPF- Debt
MTPF- MMkt
Total Fund
Dec '14
1,879
1,207
325
3,410
Jan '15
2,095
1,236
329
3,660
MoM %
11.5%
2.4%
1.3%
7.3%
Dec '14
376.6
188.3
187.7
Sukuk Holdings
MTPF - Allocation Schemes
High Volatility
Med. Volatility
Low Volatility
Lower Volatility
1M
8%
3M
14%
6M
17%
YTD
21%
1Yr
31%
3Yr
158%
5Yr
250%
PSD*
267%
CAGR*
19%
5%
9%
12%
14%
22%
108%
176%
201%
16%
3%
1%
6%
2%
7%
3%
9%
4%
14%
7%
67%
25%
115%
53%
146%
90%
13%
9%
* Performance start date of June 28, 2007. CAGR since inception

Allocation Scheme
Equity
Debt
Money Market
High Volatility
80%
20%
0%
Medium Volatility
50%
40%
10%
Low Volatility
Lower Volatility
25%
0%
60%
50%
15%
50%
Annual Returns:
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
MTPF- Equity
32.4%
54.9%
16.8%
36.0%
31.5%
-25.8%
3.1%
MTPF- Debt
MTPF- MMkt
7.7%
8.3%
9.5%
10.9%
8.5%
10.2%
8.3%
6.9%
7.8%
10.9%
10.7%
8.5%
11.1%
7.7%
(MTPF Equity): Sector Allocation & Top Holdings (Jan15)

23%
Oil & Gas
20%
Chemicals
14%
General Industrials
11%
Electricity
11%
Other Sectors
18%
Cash & Others including receivable
3%
Packages Ltd.
Lucky Cement Ltd.
DG Khan Cement Co. Ltd.
Engro Chemicals
Mari Petroleum
Nishat Mills Ltd.
ICI Chemicals Pakistan Ltd.
10%
9%
9%
8%
7%
6%
6%
4%
4%
3%
MTPF Debt Sub Fund:

81.4%
NAV per unit:

Rs
MTPF- Equity
MTPF- Debt
MTPF- MMkt
PENSION
MEEZAN TAHAFFUZ PENSION FUND (MTPF)
Jan '15
411.7
190.3
189.9
MoM %
9.34%
1.04%
1.15%
MTPF(Debt Fund)
GoP Ijarah Sukuks IX
47.12%
GoP Ijarah Sukuks X
17.19%
GoP Ijarah Sukuks XII
8.72%
GoP Ijarah Sukuks XI
8.33%
K-Electric Limited - Sukuk
4.24%
K-Electric Limited - Sukuk - I
1.19%
GoP Ijarah Sukuks XIV
0.02%
5.4%
GoP Guaranteed Securities

Sukuk
Cash & Other Including receivables
13.2%
MTPF Money Market Sub Fund:

94.5%
Cash & Other Including receivables
5.5%
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the
date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus, the Fund is no
longer liable to pay any expense under WWF until December 31, 2012.
Effective from January 1, 2013, the Fund has maintained provisions against Workers Welfare Fund liability to the tune of Rs. 20.43mn (Equity), Rs. 2.95mn (Debt) and Rs. 0.875mn (MMKT), if the
same were not made the NAV per unit/return of the fund would be higher by Rs. 4.02/0.98% (Eq.), Rs. 0.45/0.24% (Dt.) and Rs. 0.50/0.26 (MM.). For further details, investors are advised to read
financial statements of the fund.
January, 2015
Fund Review:
As at January 31, the net assets of KSE-Meezan Index Fund (KMIF) stood at Rs. 1,331 million. For the month of January, KMIF provided a return
of 5.97%.
KSE Meezan Index Fund (KMIF) is a Shariah Compliant

Index
Fund
that
aims
to
provide
investors
an
1M
3M
6M
FYTD
1Yr
3Yr
5Yr
PSD*
6.0%
6.2%
9.6%
10.7%
8.5%
10.0%
11.2%
13.0%
18.8%
22.0%
105.5%
122.5%
opportunity to track closely the performance of the
KMIF
Benchmark
KSE-Meezan Index 30 (KMI 30) by investing in
* Performance start date of May 23, 2012.
companies
of
the
Index
in
proportion
to
their
weightages.
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Back End Load
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Benchmark
Valuation Days
Fund Manager
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Fuad Khan
Zain Malik
Fahad Sultan, ACA
Fund Net Assets:

Net Assets (Rs mn)
NAV Per Unit (Rs)
Dec '14
1,257
65.93
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
KMIF
26.5%
49.6%
-2.4%*
Benchmark
29.9%
54.4%
-1.9%
* 38 days of operations.
Funds Performance:
250
KMIF
230
MoM %
5.93%
5.97%
Benchmark
210
190
170
150
130
110
90

Fauji Fertilizer Co. Ltd.
Lucky Cement Ltd.
Pakistan Petroleum Ltd.
Jan '15
1,331
69.87
12%
10%
9%
8%
7%
Equity (%)
Cash (%)
Other Including receivables (%)
6%
5%
4%
K-Electirc Ltd.
Nishat Mills Ltd.
3%
3%
Jul' 11
50.28
Oil & Gas

23%
Assets Allocation:
Jan '15
98.5
1.2
0.3

Kot Addu Power Co. Ltd
DG Khan Cement Co. Ltd.
306
Sector Allocation:
26%
Dec '14
98.6
1.0
0.4
30.7%
34.67%
Jan-15
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
Members of
Open End
High
23-May-12
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A and B
1%
2%
Index Tracker Scheme
Nil
Nil
ISE
AM2+
JCRVIS
Forward
KMI-30 Index
Mon-Fri
Mon-Fri 9am 1pm
Fuad Khan
CAGR
Annual Returns:
Fund Details:
Fund Type:
Risk Level
Launch Date
Trustee
INDEX TRACKER
KSE-MEEZAN INDEX FUND (KMIF)

Electricity
Chemicals
13%
5%
19%
15%
Pharma and Bio Tech

Others
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the
date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus, the Fund is no longer
liable to pay any expense under WWF until December 31, 2012.
Effective from January 1, 2013, the Fund has maintained provisions against Workers Welfare Fund liability to the tune of Rs. 12.19mn, if the same were not made the NAV per unit/return of the fund
would be higher by Rs. 0.64/0.92%. For further details, investors are advised to read financial statements of the fund.
January, 2015
Fund Review:
As at January 31, 2015, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 3,840 million. For the month of
January, the NAV of Aggressive plan increased by 6.0% while the NAV of moderate, Conservative plan, Preservation plan I and Preservation plan
II provided a return of 4.5%, 2.8% ,6.2% and 1.3% respectively.
To generate returns on Investment as per respective
allocation plans by investing in Shariah Compliant
Fixed Income and Equity Mutual Funds in line with the
risk tolerance of the Investor.
Fund Details:
Fund Type:
Risk
Level Details
Funds
Launch Date
Trustee
Auditors
Registrar
Unit Types
Management Fee
Open End
Plan specific
11-April-13
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A and B
Same as underlying Funds
and 1% on Cash
Front End Load
Fund Category
Back End Load
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Aggressive Plan 2.0%

Moderate Plan
1.5%
Conservative Plan 1.0%
Fund of Funds
Nil
Nil
AM2+
JCRVIS
Forward
Fund Manager
Fuad Khan
MFPFOF - Allocation Plan:

Aggressive
Benchmark
Moderate
Benchmark
Conservative
Benchmark
MCPP I**
Benchmark
MCPP II**
Benchmark
1M
6.0%
4.2%
4.5%
3.4%
2.8%
1.7%
6.2%
4.3%
1.3%
0.5%
3M
10.1%
7.5%
7.6%
6.2%
4.7%
3.4%
9.4%
7.1%
-
6M
11.3%
7.7%
8.7%
6.7%
5.9%
4.6%
-
YTD
13.7%
9.8%
10.6%
8.4%
7.0%
5.7%
10.9%
7.6%
1.5%
0.5%
1Yr
21.4%
16.6%
16.8%
14.3%
11.8%
9.7%
-
3Yr
-
5Yr
-
PSD*
51.3%
45.4%
38.2%
37.6%
25.0%
22.2%
10.9%
7.6%
1.5%
0.5%
* Performance start date of April 12, 2013. ** Performance start date of September 01, 2014
Annual Returns:
Aggressive
22.1%
FY13
9.0%*
Benchmark
21.7%
7.9%
Moderate
17.3%
6.5%*
Benchmark
18.2%
6.2%
Conservative
12.6%
3.8%*
Benchmark
11.2%
3.6%
MCPP - I
Benchmark
Mon-Fri
MCPP II
Mon-Fri 9am 1pm
Benchmark
AGG.
MOD.
CON.
MCPP-I
MCPP-II
71.1
28.4
0.5
0.0
51.1
48.2
0.4
0.0
26.1
72.9
0.8
0.2
87.9
11.3
0.8
0.0
37.0
57.4
5.5
0.1
Benchmark
Aggressive Allocation Plan
Moderate Allocation Plan
Conservative Allocation Plan
Valuation Days
Subscription/ Redemption
Days
65% KMI-30 & 35% 6M dep. rate*
Members of Investment
Committee
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Fuad Khan
Zain Malik
Fahad Sultan, ACA
50% KMI-30 & 50% 6M dep. rate*

20% KMI-30 & 80% 6M dep. rate*
FUND OF FUNDS
MEEZAN FINANCIAL PLANNING FUND OF FUNDS (MFPFOF)
FY14
FY12
FY11
FY10
FY09
FY08
FY07
* 80 days of operations.
* Average return on 6-month Islamic bank deposits
Asset Allocation:
Fund Net Assets:

Rs (Mn)
Aggressive
Moderate
Conservative
MCPP - I
MCPP - II
Dec '14
344
334
430
1,561
66
MoM %
Jan '15
357
371
419
1,657
1,036
3.6%
10.9%
-2.5%
6.1%
1464.8%
Jan '15
68.4
62.6
59.6
55.5
50.7
MoM%
6.0%
4.5%
2.8%
6.2%
1.3%
Equity/ Index Funds (%)

Income/MMkt Funds (%)
Cash (%)
Others receivables (%)
NAV per unit:

Rs
Aggressive
Moderate
Conservative
MCCP - I
MCPP - II
Dec '14
64.5
59.9
57.9
52.2
50.07
WWF Disclosure: The Scheme has maintained provisions against Workers Welfare Funds liability
to the tune of Rs.2.54mn (Aggressive), Rs.1.69mn (moderate), Rs.1.57mn (Conservative), Rs.3.33mn
(Preservation Plan I) and 0.31mn (Preservation Plan II). If the same were not made the NAV per
unit/return of the Scheme would be higher by Rs. 0.49/0.71% (Aggressive), Rs. 0.28/0.46% (Moderate),
Rs. 0.22/0.37% (Conservative), Rs. 0.11/0.20% (Preservation Plan I) and (Preservation Plan II) Rs.
0.015/0.03%. For details, investors are advised to read Financial Statements of the Scheme.
January, 2015
Fund Review:
Meezan Capital Preservation Fund-II, which was launched on June 28th 2014. For the month of January 2015, KSE-Meezan Index (KMI-30)
increased by 6.24% with which the fund also increased its exposure to equities. The NAV as a result increased from Rs. 53.11 to Rs.56.17
translating into a gain of 5.76% for the month.
Performance - Cumulative Returns
Objective of this fund is to earn a potentially high

return
through
dynamic
asset
allocation
between
(net of expenses):
1M
3M
6M
FYTD
1Yr
3Yr
5Yr
PSD*
Shariah Compliant Equities and Shariah Compliant
MCPRF-II
5.8%
9.7%
11.5%
12.3%
12.3%
Income/Money
Market based Collective Investment
Funds Details
Benchmark
4.2%
7.4%
8.3%
8.7%
8.7%
Schemes.
* Performance start date of Jun 28, 2014,
FY11
FY10
FY09
FY08
FY07
MCPRF-II
Benchmark
Funds Performance:
57.00
MCPRF-II
Benchmark
56.00
55.00
54.00
53.00
52.00
51.00
50.00
49.00
28-Jan
14-Jan
31-Dec
16-Dec
2-Dec
18-Nov
31-Oct
17-Oct
48.00
30-Sep
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Fuad Khan
Zain Malik
Fahad Sultan, ACA
FY12
16-Sep
Members of
FY13
2-Sep
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Fund Manager
FY14
19-Aug
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Back End Load
Benchmark
Annual Returns:
4-Aug
Auditors
Open End
Low to Moderate
28-Jun-14
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A and B
1%
3%
Fund of Funds
Contingent Load
Combination of
KMI-30 Index and
Average return
on 6-month Islamic
bank deposits
Nil
ISE
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 3pm
Ahmed Hassan, CFA
15-Jul
Fund Type:
Risk Level
Launch Date
Trustee
1-Jul
Fund Details:
Asset Allocation:
Fund Net Assets:

Net Assets (Rs mn)
NAV Per Unit (Rs)
FUND OF FUNDS
MEEZAN CAPITAL PRESERVATION FUND-II
Dec 14
Jan '15
MoM %
2,170
53.11
2,292
56.17
5.63%
5.76%
Nov 14
Dec 14
Jan 15
65.3
63.8
80.2
34.2
35.9
19.5
Cash (%)
0.3
0.2
0.1
0.2
0.1
0.2
Jul' 11
306
50.28
Income/Money market Funds (%)
WWF Disclosure: The Scheme has maintained provisions against Workers Welfare Funds
liability to the tune of Rs.5.14mn. If the same were not made the NAV per unit/return of the
Scheme would be higher by Rs.0.13/0.22%. For details investors are advised to read Financial
Statements of the Scheme.
January, 2015
Fund Review:
Meezan Capital Preservation Fund-III, which was launched on Jan 31st 2014. For the month of January 2015, KSE-Meezan Index (KMI-30)
increased by 6.24% with which the fund also increased its exposure to equities slightly. The NAV as a result increased from Rs. 55.77 to Rs.
59.32 translating into a gain of 6.37% for the month.
Performance - Cumulative Returns
Objective of this fund is to earn a potentially high
(net of expenses):
1M
3M
6M
FYTD
1Yr
3Yr
5Yr
PSD*
Shariah Compliant Equities and Shariah Compliant
MCPF-III
6.4%
10.7%
11.1%
13.5%
19.9%
19.9%
Income/Money
Market based Collective Investment
Funds Details
Benchmark
4.6%
8.1%
7.6%
9.8%
15.3%
15.3%
dynamic
asset
allocation
between
Schemes.
* Performance start date of Jan 31, 2014,
FY10
FY09
FY08
FY07
MCPF-III
5.6%
Benchmark
5.0%
Funds Performance:
61.30
MCPR-III
Benchmark
59.30
57.30
55.30
53.30
51.30
Jan-15
Dec-14
49.30
Asset Allocation:
Fund Net Assets:

Net Assets (Rs mn)
NAV Per Unit (Rs)
FY11
Nov-14
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Fuad Khan
Zain Malik
Fahad Sultan, ACA
FY12
Oct-14
Members of
FY13
Sep-14
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Fund Manager
FY14
Aug-14
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Back End Load
Benchmark
Annual Returns:
Jun-14
Auditors
Open End
Low to Moderate
31-Jan-14
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A, B and C
1%
3%
Fund of Funds
Contingent Load
Combination of
KMI-30 Index and
Average return
on 6-month Islamic
bank deposits
Nil
ISE
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 3pm
Ahmed Hassan, CFA
May-14
Fund Type:
Risk Level
Launch Date
Trustee
Apr-14
Fund Details:
Mar-14
through
Feb-14
return
FUND OF FUNDS
MEEZAN CAPITAL PRESERVATION FUND (MCPF-III)
Dec 14
Jan '14
MoM %
3,288
55.77
3,488
59.32
6.08%
6.37%
Nov14
Dec14
Jan15
71.2
71.2
90.5
Income/Money market Funds (%)
28.7
28.6
9.4
Cash (%)
0.01
0.01
0.03
0.09
0.01
0.07
Jul' 11
306
50.28
WWF Disclosure: The Scheme has maintained provisions against Workers Welfare Funds
liability to the tune of Rs.11.86mn. If the same were not made the NAV per unit/return of the
Scheme would be higher by Rs.0.20/0.34%. For details investors are advised to read Financial
Statements of the Scheme.
January, 2015
Fund Review:
Net assets of Meezan Balanced Fund (MBF) as at January 31, 2015 stood at Rs. 2.62 billion. The funds NAV increased by 4.8% during the
month.
Investment
Objective:
Funds Details
The objective of Meezan Balanced Fund is to generate

long term capital appreciation as well as current
income by creating a balanced portfolio that is invested
both in high quality equity securities and Islamic
Income Instruments such as TFCs, COIs, Certificates of
Musharika, Islamic Sukuk, Ready-future hedges, and
other Shariah compliant instruments.
Fund Details:
1M
3M
6M
FYTD
1Yr
3Yr
5Yr
PSD*
CAGR*
MBF
5%
9%
11%
13%
20%
95%
150%
399%
17%
Benchmark
3%
6%
6%
8%
14%
87%
149%
240%
12%
* Performance start date of Dec 20, 2004, CAGR since inception
Annual Returns:
MBF
Fund Type:
Risk Level
Launch Date
Trustee
Auditors
Registrar
Management Fee
Fund Category
Front End Load
Back End Load
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Benchmark
Fund Manager
Members of
Open End
Minimal
20-Dec-2004
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
2%
Balanced
2%
Contingent Load
Nil
ISE
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 3pm
50% KMI-30 Index
50% Average bank
Deposit rate of three
Islamic banks
Ahmed Hassan, CFA
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Fuad Khan
Zain Malik
Fahad Sultan, ACA
Benchmark
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
20%
32%
17%
25%
23%
-11%
1%
26%
18%
30%
10%
25%
21%
-14%
3%
11%
Top Ten Portfolio Holdings:(% of Total Assets):

Packages Ltd.
Hub Power Co. Ltd.
Lucky Cement Co. Ltd.
Engro Chemicals
Equity
8%
6%
5%
5%
4%
Dec 14
Equity
Sukuk
Commercial Paper
Cash
53%
16%
5%
7%
19%
Jan '14
2,615
15.04
Sukuk
6%
6%
4%
4%
3%
Jan 15
54%
15%
4%
6%
21%
Sector Allocation:
Sukuk
7%
9%
9%
Chemicals
12%
Funds Net Asset:

Dec '14
2,385
14.35
LALPIR Power Sukuks

GoP Ijarah Sukuk IX
GoP Ijarah Sukuk XII
GoP Ijarah Sukuks XI
Engro Fertilizer Limited - II
Asset Allocation:
25%
Net Assets (Rs mn)

NAV Per Unit (Rs)*
BALANCED
MEEZAN BALANCED FUND (MBF)
Oil & Gas

General Industrials
MoM %
9.66%
4.77%

38%
Cash & others
WWF Disclosure: The Scheme has maintained provisions

against Workers Welfare Funds liability to the tune of Rs.34.34
mn. If the same were not made the NAV per Unit/return of the
Scheme would be higher by Rs.0.20/1.31%. For details
investors are advised to read Financial Statements of the
Scheme.

FMR - Jan 2015

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FMR - Jan 2015

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February 05, 2015

Subject: Al Meezan Investments- Bringing Services at Your Doorstep

Money Market Review

The benchmark KSE-100 index gained 7.20% or 2,300 points during

This month the money market saw another massive change in

KSE-100 Index Performance

Vol (mn) (LHS)

Moreover, two T-bill auctions were conducted during this period

Performance - Cumulative Returns:

Other receivables (%)

Top Ten Equity Holdings:(% of Total Assets):

Pakistan State Oil Co. Ltd.

DG Khan Cement Ltd.

Oil & Gas Development Co. Ltd.

*Management fee is included in the expense ratio

Construction and Materials

Risk MeasuresJanuary 15:

Standard Deviation (%)

Fund Net Assets:

* Performance start date of August 08, 2003, CAGR since inception

To maximize total investor returns by investing in

MEEZAN ISLAMIC FUND (MIF)

AMC RATING AM2+ (STABLE OUTLOOK)

Performance - Cumulative Returns:

The objective of Al Meezan Mutual Fund is to optimize

Other receivables (%)

Investment Growth from FY 1996 - to Date

Top Ten Equity Holdings:(% of Total Assets):

DG Khan Cement Ltd.

Oil & Gas

Standard Deviation (%)

Fund Net Assets:

* Performance start date of July 13, 1995, CAGR since inception

Net Assets (Rs mn)

AL MEEZAN MUTUAL FUND (AMMF)

Construction and Materials

AMC RATING AM2+ (STABLE OUTLOOK)

* Performance start date of Jan 15, 2007

* 163 days of operations

Top Portfolio Holdings:(% of Total Assets):

Maple Leaf Sukuk - I

Credit Quality of Portfolio:

Details of Non Performing Investments:

Fund Net Assets:

Net Assets (Rs mn)

Performance - Annualized Returns:

Contingent load for

MEEZAN ISLAMIC INCOME FUND (MIIF)

* Performance start date of June 15, 2009

Portfolio: Salient Features

*No Sales Load (No Entry or Exit charges)

Fund Net Assets:

Performance Annualized Returns:

MEEZAN CASH FUND (MCF)

Investment Policy and

Maximum Maturity of Instruments : Six Months

Instrument/Issuer Rating : Minimum AA

Average return on 6-month Islamic bank deposits

Placements with Banks and DFIs

Other Including receivables

Other Including receivables

MEEZAN SOVEREIGN FUND (MSF)

AMC RATING AM2+ (STABLE OUTLOOK)