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AUGUST 2017: Message From CIO S Desk Fund Wise Performance and Review Review and Outlook Review and Outlook
AUGUST 2017: Message From CIO S Desk Fund Wise Performance and Review Review and Outlook Review and Outlook
Fund Wise
Message from Review and Review and Performance
CIOs Desk Outlook Outlook and Review
Equity Funds Money Market Funds
Al Meezan Funds
August 2017
40,000 65,000 -
Pakistan
Srilanka
Dubai
Hong Kong
Saudi
China
Malaysia
Indonesia
Japan
India
Apr-17
Feb-17
Mar-17
May-17
Jun-17
Jan-17
Aug-17
Jul-17
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. Performance data does not include cost incurred by investor in the form of
sales-load etc. (This report has been prepared in line with MUFAPs recommended Format)
August 2017
FY18TD (%)
Islamic Equity Al Meezan Mutual Fund AMMF 7,902 13-Jul-95 -12.5 -11.3 16.7 15.5
Islamic Equity Meezan Islamic Fund MIF 46,619 8-Aug-03 -12.5 -11.3 20.2 17.2
Islamic Index Tracker KSE Meezan Index Fund KMIF 1,743 23-May-12 -11.5 -11.3 19.1 22.2
Islamic Balanced Meezan Balanced Fund MBF 8,679 20-Dec-04 -7.5 -6.0 15.3 12.6
Islamic Asset Allocation Meezan Asset Allocation Fund MAAF 3,168 18-Apr-16 -10.0 -8.4 6.6 8.0
Islamic Income Meezan Islamic Income Fund MIIF 12,277 15-Jan-07 1.9 2.4 14.2 5.1
Islamic Income Meezan Sovereign Fund MSF 4,014 10-Feb-10 -2.4 4.5 10.7 6.4
Islamic Money Market Meezan Cash Fund MCF 5,514 15-Jun-09 4.0 2.5 10.9 6.3
Islamic Commodity Meezan Gold Fund MGF 471 13-Aug-15 4.9 4.4 3.6 8.1
Islamic Equity Meezan Energy Fund MEF 1,197 29-Nov-16 -3.1 -11.3 - -
Meezan Financial Planning Fund of Fund
Islamic Fund of Funds Scheme MFPF-Aggressive Allocation Plan MFPF - AGG 561 11-Apr-13 -9.1 -8.4 15.3 14.7
Islamic Fund of Funds Scheme MFPF-Moderate Allocation Plan MFPF - MOD 363 11-Apr-13 -6.0 -5.3 12.6 12.8
Islamic Fund of Funds Scheme MFPF-Conservative Allocation Plan MFPF - CON 367 11-Apr-13 -2.8 -2.4 9.5 8.8
Islamic Fund of Funds Scheme Meezan Asset Allocation Plan-I MFPF - MAAP-I 1,142 10-Jul-15 -5.5 -9.0 11.1 9.7
Islamic Fund of Funds Scheme Meezan Asset Allocation Plan-II MFPF - MAAP-II 847 24-Nov-15 -10.2 -9.0 11.8 13.5
Islamic Fund of Funds Scheme Meezan Asset Allocation Plan-III MFPF - MAAP-III 2,540 26-Jan-16 -10.2 -9.0 12.2 14.2
Islamic Fund of Funds Scheme Meezan Asset Allocation Plan-IV MFPF - MAAP-IV 680 23-May-16 -10.8 -8.9 4.0 3.4
Meezan Strategic Allocation Fund
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-I MSAP - I 2,327 19-Oct-16 -9.9 -9.0 - -
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-II MSAP - II 1,488 21-Oct-16 -10.0 -8.9 - -
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-III MSAP - III 1,581 16-Feb-17 -9.9 -8.8 - -
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-IV MSAP - IV 1,778 20-Apr-17 -9.0 -8.5 - -
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-V MSAP - V 33 10-Aug-17 -1.3 0.1 - -
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. Performance data does not include cost incurred by investor in the form of
sales-load etc. (This report has been prepared in line with MUFAPs recommended Format)
August 2017
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 thirteen 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 Financial
Planning Fund of Funds, KSE Meezan Index Fund, Meezan Gold Fund, Meezan Asset Allocation Fund, Meezan Strategic Allocation Fund and
Meezan Energy Fund.
The total funds under management of Al Meezan, the only full-fledged Shariah compliant asset management company in Pakistan, have
reached Rs. 99.99 billion as on August 31, 2017. With an AM1 credit rating denoting high management quality, the company clearly stays well
ahead of all its competitors in the Islamic asset management market in Pakistan.
During the month of August 2017, the KSE-100 index declined by The money market faced relatively tight liquidity scenario evidenced
10.44% to close at 41,206 points. Cable and Electric, Textile Weaving, by Rs. 5.82 trillion worth of OMO injections carried out by the SBP
and Pharmaceuticals stocks remained major negative contributors. coupled with Rs. 37 billion worth of discounting availed by various
The average daily volume of the market was 143.23 mn shares, counters during this month. Both 3MK and 6MK closed flat at 6.14%
down by 18% on a MoM basis. and 6.15% respectively. The T-bill yields remained flat while PIB
yields increased by 7-17 bps during this period.
Foreigners reported a net sell of USD 80.4 mn in August while
Companies were major buyers with a reported buying worth of Inflation for the month of August 2017 clocked in at 3.42% as
USD 28 mn and Banks buyers of USD 25.4 mn during the month. compared to 2.91% in July 2017 and 3.56% in August, 2016 taking
Battle for survival by the ruling party took to the streets as the 2MFY18 reading to 3.17% vs 3.84% in the same period last year.
former PM Nawaz Sharif staged a rally to garner support against Moreover, two T-bill auctions were conducted during this period
the verdict by the Supreme Court. Although, the rally failed to gain whereby in total Rs. 1.128 trillion was accepted against the
the required traction, this was enough to induce local market participation of Rs. 1.180 trillion with major participation and
participants to sell their holdings. Additional pressure was created acceptance in 3 months category. A PIB auction was also conducted
by the sudden imposition of USD629mn penalty on HBL by US where total participation was Rs. 25.34 bn against the target of Rs.
Regulator. Oil prices were marginally down 0.51% at the end of the 100 bn with major participation in 3 year category. However, no
month. Brent closed at USD 52.38/barrel compared to USD bid was accepted by SBP in this PIB auction.
52.64/barrel a month earlier.
On the forex front, the rupee gained value; in interbank market it
Going forward, we continue to reassert our earlier bullish stance closed Rs. 0.09 stronger at Rs. 105.31/$ while in the open market,
on the market as we believe that the bearish spell has most probably it closed Rs. 1.40 stronger at Rs. 106.10/$ during the month.
run its course. We believe that investors will re-focus on the attractive
valuations of stocks this bearish spell has resulted into once the
political dust settles.
0 38,000 5.80
15-Aug
18-Aug
23-Aug
28-Aug
31-Aug
1-Aug
4-Aug
9-Aug
31-Aug
28-Aug
25-Aug
22-Aug
19-Aug
16-Aug
13-Aug
10-Aug
1-Aug
4-Aug
7-Aug
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. Performance data does not include cost incurred by investor in the form of
sales-load etc. (This report has been prepared in line with MUFAPs recommended Format)
August 2017
Fund Review
Net assets of Meezan Islamic Fund stood at Rs. 46.62 billion as on August 31, 2017. The fund's NAV decreased by 10.92% during the month of August as compared
to 11.94% decrease in benchmark index (KMI-30) while KSE-100 Index during the same period decreased by 10.44%. As on August 31, the fund was 93% invested
in equities.
Annual Returns
MIF
Benchmark
SWWF Disclosure: The Fund has provided an amount of Rs. 340.48 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would
have been higher by Rs. 0.49 / 0.73%.
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
The net assets of Al Meezan Mutual Fund (AMMF) as at August 31, 2017 stood at Rs. 7.90 billion. The fund's NAV decreased by 11.11% during the month of
August as compared to 11.94% decrease in benchmark index (KMI-30) while KSE-100 Index during the same period decreased by 10.44%. As on August 31,
the fund was 92% invested in equities.
Fund Details
Fund Type: Open End
Risk Level High
Launch Date 13th July 1995
Trustee CDC
Auditors KPMG Taseer Hadi & Co.
Registrar Meezan Bank Ltd.
Unit Types A, B,C and D
Management Fee 2%
Front End Load 2%
Fund Category Equity
Back End Load Contingent Load
Benchmark KMI-30
Leverage Nil
Listing PSX
AMC Rating AM1
Rating Agency JCRVIS
Top Ten Equity Holdings: (% of Total Assets):
Pricing Mechanism Forward Engro Corporation 8% Packages Ltd. 5%
Valuation Days Mon-Fri
Lucky Cement Ltd. 7% The Hub Power Co. Ltd. 5%
Subscription/Redemption Days Mon-Fri 9am - 4pm
Fund Manager Ahmed Hassan, CFA
Oil & Gas Development Co. Ltd. 7% Pakistan State Oil Co. Ltd. 4%
Members of Investment Committee Mohammad Shoaib, CFA
Mari Petroleum Ltd. 6% Engro Fertilizer 4%
Muhammad Asad
Sui Northern Gas Pipelines Ltd. 5% Pakistan Oilfields Ltd. 4%
Ali Asghar, CFA
Ali Khan, CFA, FRM Sector Allocation:
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik, CFA
Imad Ansari 11% Cement
Fund Net Assets 32% Power Generation & Distribution
Jul17 Aug17 MoM% 14%
Net Assets (Rs mn) 8,969 7,902 -11.89% Oil & Gas Exploration Companies
NAV Per Unit (Rs) 20.80 18.49 -11.11% Fertilizer
Oil & Gas Marketing Companies
Asset Allocation 18%
18%
Jul17 Aug17 Others
Equity (%) 91.57 92.42 7%
Cash (%) 7.96 7.20
Other receivables (%) 0.47 0.39
P/E 9.95
Expense Ratio* 3.10%
*This includes 0.37% representing government levy, Worker's Welfare Fund and SECP fee. (Annualized)
Annual Returns
AMMF
Benchmark
SWWF Disclosure: The Fund has provided an amount of Rs. 50.07 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would
have been higher by Rs. 0.12 / 0.63%.
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 12.28 billion as on August 31, 2017. MIIF has provided an annualized return of 1.21% for the month
of August as compared to its benchmark which has provided an annualized return of 2.31% during the same period.
Fund Details
Fund Type: Open End
Risk Level Minimal
Launch Date 15th Jan 2007
Trustee CDC
Auditors KPMG Taseer Hadi & Co.
Registrar Meezan Bank Ltd.
Unit Types A, B and C
Management Fee 1.5%
Front End Load 0.5%
Mar-17
Jan-17
Feb-17
Apr-17
May-17
Jun-17
Aug-17
Jul-17
Fund Category Income
Leverage Nil
Listing PSX
AMC Rating AM1
Rating Agency JCRVIS
Fund Stability Rating A- (f) Top Holdings: (% of Total Assets):
Pricing Mechanism Forward
Weighted average time to maturity 1.13 Years K-Electric Limited-III 9% GoP Ijarah Sukuks XVII 2%
Back End Load Contingent load for Type C investors GoP Ijarah Sukuks XIX 3% Fatima Fertilizer Sukuk 1%
Benchmark 6 Months average deposit DIB Sukuk 3% GoP Ijarah Sukuks XVIII 1%
rates of 3 A-rated Islamic Banks Engro Fertilizer Limited - I 2%
Valuation Days Mon-Fri
Hascol Sukuk 2%
Subscription/ Redemption Days Mon-Fri Mon-Fri 9am 4pm
Fund Manager Zain Malik, CFA
Members of Investment Committee Mohammad Shoaib, CFA
Asset Allocation:
Muhammad Asad
Ali Asghar, CFA Jul17 Aug17
Ali Khan, CFA, FRM Sukuks 20% 18%
Ahmed Hassan, CFA Government backed / Guaranteed Securities 3% 6%
Asif Imtiaz, CFA Placements with Banks and DFIs 22% 27%
Zain Malik, CFA Cash 52% 47%
Imad Ansari Others Including receivables 2% 2%
Annual Returns
MIIF
Benchmark
SWWF Disclosure: The Fund has provided an amount of Rs. 13.76 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would
have been higher by Rs. 0.06 / 0.11%.
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
Net assets of Meezan Cash Fund (MCF) stood at Rs. 5.51 billion as on August 31, 2017. MCF has provided an annualized return of 3.95% for the month of August
as compared to its benchmark which has provided an annualized return of 2.52% during the same period.
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Unit Types A, B and C
Management Fee 1%
Front End Load Nil Portfolio Composition
Back End Load* 0.1% if redemption within 3 days
Fund Category Money Market Jul17 Aug17
Leverage Nil Cash 95% 88%
Listing PSX Other Including receivables 5% 12%
AMC Rating AM1
Rating Agency JCRVIS Portfolio: Salient Features
Fund Stability Rating AA (f)
Pricing Mechanism Forward
Key Benefits Maximum Preservation of Principal Investment
High Liquidity (Redemption within two working days)
Weighted average time to maturity 1 Day
*No Sales Load (No Entry or Exit charges)
Benchmark 3 Months average deposit rates of 3 AA
Tax Credit as per tax laws
rated Islamic Banks
Valuation Days Mon-Fri Investment Policy Investments in High Grade & Liquid avenues:
Subscription/ Redemption Days Mon-Fri 9am - 4pm and Strategy Instrument/Issuer Rating: Minimum 'AA'
Fund Manager Zain Malik, CFA Maximum Maturity of Instruments: Six Months
Members of Investment Committee Mohammad Shoaib, CFA Average Time to Maturity of Portfolio: Three Months
Muhammad Asad
Benchmark Average return on 6-month Islamic bank deposits
Ali Asghar, CFA
Ali Khan, CFA, FRM
Ahmed Hassan, CFA
Asset Allocation
Asif Imtiaz, CFA
Zain Malik, CFA
12%
Imad Ansari
Rating Exposure
AAA 66.37%
AA+ 0.20%
AA 21.31%
Performance - Annualized Returns
Annual Returns
MCF
Benchmark
* 15 days of operations
SWWF Disclosure: The Fund has provided an amount of Rs. 6.73 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would
have been higher by Rs. 0.06 / 0.12%.
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 4.01 billion as on August 31, 2017. For the month of August, the fund has provided an annualized
return of 2.33% as compared to its benchmark which has provided an annualized return of 4.65% during the same period.
Fund Details
Fund Type: Open End
Risk Level Minimal
Launch Date 10th Feb 2010
Trustee CDC
Auditors KPMG Taseer Hadi & Co.
Registrar Meezan Bank Ltd.
Unit Types A, B, C and D
Management Fee 1%
Front End Load 0.5%
Back End Load Nil
Fund Category Income
-8%
Aug-17
Feb-17
Jan-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Leverage Nil
Listing PSX -12%
AMC Rating AM1
Rating Agency JCRVIS
Fund Stability Rating AA (f)
Portfolio: Salient Feature
Pricing Mechanism Forward Key Benefits Maximum Preservation of Principal Investment
Weighted average time to maturity 1.10 years Primary Investments in securities issued by Government
Benchmark 6 Months PKISRV Rate of Pakistan
Valuation Days Mon-Fri Very Low Risk
Subscription/ Redemption Days Mon-Fri 9am - 4pm Liquidity (Redemption on average in 2-3 working days)
Fund Manager Zain Malik, CFA Tax Credit as per tax laws
Members of Investment Committee Mohammad Shoaib, CFA
Investment Policy Investments in High Grade & Liquid avenues:
Muhammad Asad and Strategy Minimum 70% Investment in Government backed /
Ali Asghar, CFA issued securities (rated 'AAA')
Placements in top rated banks and financial institutions
Ali Khan, CFA, FRM Weighted Average Time to Maturity of Portfolio : Not
Ahmed Hassan, CFA more than 4 years
Asif Imtiaz, CFA
Zain Malik, CFA Benchmark Average return on 6-month Islamic bank deposits
Imad Ansari
Asset Allocation:
Asset Rating
Jul17 Aug17 MoM%
Net Assets (Rs mn) 4,006 4,014 0.20%
NAV Per Unit (Rs) 51.09 51.19 0.20% 1%
Expense Ratio* 1.49%
*This includes 0.22% representing government levy, Worker's Welfare Fund and SECP fee. (Annualized) 26%
Annual Returns
MSF
Benchmark
* 140 days of operations
SWWF Disclosure: The Fund has provided an amount of Rs. 12.69 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would
have been higher by Rs. 0.16 / 0.32%.
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
As at August 31, 2017, total size of net assets of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 8,397 million. For the month of August, NAV of equity sub
fund decreased by 10.86%, the same for gold sub fund increased 1.78%, while the NAVs of debt and money Market sub funds provided annualized returns of
2.42% and 2.35% respectively.
Investment Objective (MTPF -- Equity Sector Allocation & Top Holdings (Aug-17)
To provide participants a regular Halal income stream after retirement/disability Oil & Gas Exploration Companies 18% Engro Corporation 8.11%
when they can no longer earn regular income to support their living so that they Cement 17% Oil & Gas Development Co. Ltd. 6.53%
are not dependent on other members of the society. Fertilizer 14% Lucky Cement Ltd. 5.86%
Oil & Gas Marketing Companies 12% Mari Petroleum Ltd. 5.56%
Fund Details Power Generation & Distribution 7%
Pakistan State Oil Co. Ltd.
Sui Northern Gas Pipelines Ltd.
5.50%
5.26%
Fund Type: Open End Other Sectors 27% Packages Ltd. 5.00%
Risk Level Investor Dependent Cash & Others including receivable 5% The Hub Power Co. Ltd. 4.15%
Engro Fertilizer 4.11%
Launch Date 28th June 2007
Pakistan Oilfields Ltd. 3.34%
Trustee CDC
Auditors Deloitte Yousuf Adil MTPF Debt Sub Fund
Registrar Meezan Bank Ltd.
Fund Category Pension 3.5%
Management Fee 1.5%
Front End Load 3% GoP Guaranteed Securities
Leverage Nil 32.7%
Sukuk
AMC Rating AM1 52.4%
Placement
Rating Agency JCRVIS
Pricing Mechanism Forward Cash & Other Including receivables
Valuation Days Mon-Fri 11.4%
Subscription/ Redemption Days Mon-Fri 9am - 4pm
Fund Manager Ahmed Hassan, CFA
Members of Investment Committee Mohammad Shoaib, CFA MTPF Money Market Sub Fund
Muhammad Asad
Ali Asghar, CFA
Ali Khan, CFA, FRM 41.8%
Ahmed Hassan, CFA Placement
Fund Review
As at August 31, 2017, the net assets of KSE-Meezan Index Fund (KMIF) stood at Rs. 1.74 billion. For the month of August, KMIF provided a return of -12.04%.
Fund Details
Fund Type Open End
Risk Level High
Launch Date 23rd May 2012
Trustee CDC
Auditors KPMG Taseer Hadi & Co.
Registrar Meezan Bank Ltd.
Unit Types A and B
Management Fee 1%
Front End Load 2%
Fund Category Index Tracker Scheme
Back End Load Nil
Leverage Nil
Listing PSX
AMC Rating AM1 Top Ten Equity Holdings: (% of Total Assets)
Rating Agency JCRVIS
Oil & Gas Development Co. Ltd. 9% Pakistan Oilfields Ltd. 5%
Pricing Mechanism Forward
Benchmark KMI-30 Index
The Hub Power Co. Ltd. 9% Sui Northern Gas Pipelines Ltd. 4%
Valuation Days Mon-Fri Engro Corporation 8% Dawood Hercules 4%
Subscription/ Redemption Days Mon-Fri 9am 1pm Pakistan Petroleum Ltd. 8% DG Khan Cement Co. Ltd. 4%
Fund Manager Asif Imtiaz, CFA Lucky Cement Ltd. 8% Engro Fertilizer 4%
Members of Investment Committee Mohammad Shoaib, CFA
Muhammad Asad Sector Allocation
Ali Asghar, CFA
Ali Khan, CFA, FRM
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik, CFA
20% 10%
Imad Ansari Cement
Annual Returns
KMIF
Benchmark
* 38 days of operations
SWWF Disclosure: The Fund has provided an amount of Rs. 9.27 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would
have been higher by Rs. 0.37 / 0.53%.
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
As at August 31, 2017, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 6,500 million. For the month of August, the NAV
of Aggressive plan decreased by 8.07% while the NAVs of Moderate plan, Conservative plan, MAAP-I, MAAP-II, MAAP-III and MAAP-IV provided returns of -5.25%,
-2.54%, -4.06%, -8.82%, -8.81% and -9.35% respectively.
Annual Returns
Aggressive
Benchmark
Moderate
Benchmark
Conservative
Benchmark
MCPP -- II
Benchmark
MAAP -- I
Benchmark
MAAP -- II
Benchmark
MAAP -- III
Benchmark
MAAP -- IV
Benchmark
1
80 days of operations, 2 196 days of operations, 3 356 days of operation, 4 219 days of operation, 5 156 days of operation, 6 37 days of operation.
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
As at August 31, 2017, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 6,500 million. For the month of August, the NAV
of Aggressive plan decreased by 8.07% while the NAVs of Moderate plan, Conservative plan, MAAP-I, MAAP-II, MAAP-III and MAAP-IV provided returns of -5.25%,
-2.54%, -4.06%, -8.82%, -8.81% and -9.35% respectively.
Expense Ratio
Aug17
Aggressive 0.34% 0.11%*
Moderate 0.34% 0.11%*
Conservative 0.40% 0.11%*
MAAP - I 0.39% 0.11%*
MAAP - II 0.31% 0.11%*
MAAP - III 0.31% 0.11%*
MAAP - IV 0.32% 0.11%*
*This represents government levy, Worker's Welfare Fund and SECP fee. (Annualized)
SWWF Disclosure: The Fund has provided an amount of Rs. 3.38mn (Aggressive), Rs.1.92mn (moderate), Rs.1.21mn (Conservative), 6.89mn (MAAP - I), 5.61mn (MAAP - II), 16.34mn (MAAP - III) and 2.62mn (MAAP - IV)
against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would have been higher by Rs. 0.44/0.60% (Aggressive), Rs. 0.36/0.53% (Moderate), Rs. 0.21/0.33%
(Conservative), Rs. 0.36/0.60% (MAAP - I), Rs. 0.37/0.66% (MAAP - II), Rs. 0.36/0.64% (MAAP - III) and Rs. 0.19/0.39% (MAAP - IV).
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
Net assets of Meezan Gold Fund (MGF) as at August 31, 2017 stood at Rs. 471 million. The fund's NAV increased by 1.83% during the month.
Annual Returns
MGF
Benchmark
* 322 days of operations.
SWWF Disclosure: The Fund has provided an amount of Rs. 1.01 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would
have been higher by Rs. 0.11 / 0.21%.
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
Net assets of Meezan Energy Fund (MEF) as at August 31, 2017 stood at Rs. 1.20 billion. The fund's NAV decreased by 7.30% during the month.
Assets Allocation
Jul17 Aug17
Equity (%) 77.40 90.76
Cash (%) 8.76 7.75
Other receivables (%) 13.84 1.49
Expense Ratio* 3.49%
*This includes 0.42% representing government levy, Worker's Welfare Fund and SECP fee.
(Annualized)
(Selling and Marketing expenses -for the period ended August 31, 2017 were Rs. 0.85 million)
Annual Returns
MEE
Benchmark
SWWF Disclosure: The Fund has provided an amount of Rs. 1.53 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would
have been higher by Rs. 0.06 / 0.13%.
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
As at August 31, 2017, total size of net assets of Meezan Strategic Allocation Fund (MSAF) stood at Rs. 7.17 billion. For the month of August, NAV of Meezan Strategic
Allocation Plan- I (MSAP-I) decreased by 8.73%, Meezan Strategic Allocation Plan- II (MSAP-II) decreased by 8.76%, Meezan Strategic Allocation Plan- III (MSAP-III) decreased
by 8.65%, Meezan Strategic Allocation Plan- IV (MSAP-IV) decreased by 8.28% and Meezan Strategic Allocation Plan- V (MSAP-V) decreased by 1.27% respectively.
Annual Returns
MSAP-I
Benchmark
MSAP-II
Benchmark
MSAP-III
Benchmark
MSAP-IV
Benchmark
SWWF Disclosure: The Fund has provided an amount of Rs. 4.48mn (MSAP - I) against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period
would have been higher by Rs. 0.09 / 0.19% (MSAP - I).
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
Net assets of Meezan Asset Allocation Fund (MAAF) as at August 31, 2017 stood at Rs. 3.17 billion. The fund's NAV decreased by 9.06% during the month.
Fund Details
Fund Type Open End
Risk Level Low to Moderate
Launch Date 18th Apr 2016
Trustee CDC
Auditors KPMG Taseer Hadi & Co.
Registrar Meezan Bank Ltd.
Management Fee 1.5%
Fund Category Asset Allocation
(Selling and Marketing expenses -for the period ended August 31, 2017, Rs.2.25 million)
Front End Load 3%
Back End Load Nil
Leverage Nil
Listing To be listed on PSX
AMC Rating AM1 Top Ten Equity Holdings: (% of Total Assets)
Rating Agency JCRVIS
Oil & Gas Development Co. Ltd. 10% DG Khan Cement Ltd. 4%
Pricing Mechanism Forward
Valuation Days Mon-Fri
Engro Corporation 10% Engro Fertilizer 4%
Subscription/ Redemption Days Mon-Fri 9am 4pm Sui Northern Gas Pipelines Ltd. 7% Pak Elektron Ltd. 3%
Benchmark Weighted avg. return of KMI 30 Lucky Cement Ltd. 6% K-Electric Ltd. 2%
Index and Fixed Income/Money Market Pakistan State Oil Co. Ltd. 5% The Searle Co. Ltd. 2%
Scheme as per actual allocation
Fund Manager Ahmed Hassan, CFA Sector Allocation
Members of Investment Committee Mohammad Shoaib, CFA
Muhammad Asad
Ali Asghar, CFA
Ali Khan, CFA, FRM
40% Cement
Ahmed Hassan, CFA 4%
Asif Imtiaz, CFA Oil & Gas Exploration Companies
Zain Malik, CFA
14% Oil & Gas Marketing Companies
Imad Ansari
Fertilizer
Fund Net Assets 15%
Power Generation & Distribution
Jul '17 Aug '17 MoM% 13% Others
Net Assets (Rs mn) 3,347 3,168 -5.33% 14%
NAV Per Unit (Rs) 50.35 45.79 -9.06%
Expense Ratio* 2.69%
*This includes 0.33% representing government levy, Worker's Welfare Fund and SECP fee.
(Annualized),
Assets Allocation
Jul '17 Aug '17
Equity (%) 72.8 80.3
Money Market (%) 0.0 0.0
Cash (%) 26.9 19.3
Other Including receivables (%) 0.3 0.4
Annual Returns
MAAF
Benchmark
* 37 days of operations.
SWWF Disclosure: The Fund has provided an amount of Rs. 10.08 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would
have been higher by Rs. 0.15 / 0.32%.
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
Fund Review
Net assets of Meezan Balanced Fund (MBF) as at August 31, 2017 stood at Rs. 8.68 billion. The fund's NAV decreased by 6.49% during the month.
Annual Returns
MBF
Benchmark
SWWF Disclosure: The Fund has provided an amount of Rs. 38.66 million against Sindh Workers' Welfare Fund (SWWF) Liability. Had that not been provided, the NAV per unit/return for the period would
have been higher by Rs. 0.07 / 0.45%.
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. Performance data does not include cost incurred by investor in the form of sales-load etc.
August 2017
MIF
Benchmark
AMMF
Benchmark
MIIF
Benchmark
MCF
Benchmark
MSF
Benchmark
MTPF-Equity
MTPF-Debt
MTPF-MMKT
MTPF-Gold
KMIF
Benchmark
MBF
Benchmark
Aggressive
Benchmark
Moderate
Benchmark
Conservative
Benchmark
MCPP -- I
Benchmark
MCPP -- II
Benchmark
MAAP -- I
Benchmark
MAAP -- II
Benchmark
MAAP -- III
Benchmark
MAAP -- IV
Benchmark
MGF
Benchmark
MAAF
Benchmark
MEF
Benchmark
MSAP-I
Benchmark
MSAP-II
Benchmark
MSAP-III
Benchmark
MSAP-IV
Benchmark
NAV to NAV return with dividend reinvested
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. Performance data does not include cost incurred by investor in the form of sales-load etc.