MCB DYNAMIC CASH FUND April 30, 2011

PERSPECTIVENAV - PKR 102.8657

Macro-Environment Review and Outlook YoY CPI Inflation (%)

On the political front, ruling party continued its efforts of taking more parties on board
before the presentation of budget FY12 – thereby keeping the political arena relatively
active. On the economic side, external account has remained robust with Mar’11 current 30%

account posting a sizeable surplus of US$ 347 million, thereby taking the 9M FY11 25%

current account balance to a surplus of US$ 99 million. Headline inflation has remained 20%

contained during Mar’11 also with YoY CPI Inflation touching 13.2%, while taking the
15%
average YTD inflation to 14.2%. Government borrowing from SBP, on the other hand,
10%
has started picking up once again in the absence of foreign flows and has reached
around Rs. 114 billion till Mid-April 2011 on an YTD basis. 5%

0%

May-08

Nov-08

May-09

Nov-09

May-10

Nov-10
Although, robust growth in remittances as well as rising exports owing to better cotton

Jan-08
Mar-08

Jul-08

Jan-09
Mar-09

Jul-09

Jan-10
Mar-10

Jul-10
Sep-08

Sep-09

Sep-10

Jan-11
Mar-11
prices has served to keep current account balance under-control, its sustainability could
become questionable if oil prices continue to rise. We believe that the timely
materialization of foreign flows from US and WB/ADB as well as fiscal reforms would
hold the key in shaping up country’s macroeconomic outlook.

KSE During April 2011

Equities Market Performance Review and Outlook

While posting a 2.1% return during the month of March 2011, the KSE-100 Index moved
in a narrow range with average daily turnover shrinking by 25% on m-o-m basis. Foreigners KSE-100 Index
12,100
mn shares

remained net sellers with an outflow of US$7.3 million during the month while the local Volume 180
12,000 KSE-100 Index
160
remaining generally on the sidelines amid domestic concerns. Towards the end of the
11,900 140
month, healthy results announcements by some of the heavy weight stocks and dividend
11,800 120
payout by OGDC lifted the confidence of the investors where trading volumes also 100
11,700
started picking up and the KSE-100 Index managed to close above the 12,000 level. 80
11,600
60
11,500
Despite some occasional buying from the foreign investors, they are still net sellers in 40
11,400
the market at the moment, while local investors are also cautious over upcoming budget 20

11,300 -
and tax related issues. Although the overall macroeconomic scenario seems stable for
12-Apr
13-Apr
14-Apr
15-Apr
18-Apr
19-Apr
20-Apr
21-Apr
22-Apr
25-Apr
26-Apr
27-Apr
28-Apr
29-Apr
11-Apr
1-Apr
4-Apr
5-Apr
6-Apr
7-Apr
8-Apr

the time being, pre-budget uncertainties and lack of short-term triggers are likely to
keep the market performance in check. Measures planned to resolve circular debt issue
and fiscal funding through offshore divestments alongside realization of foreign flows
could play a critical role in the determination of medium-term direction of the interest
rates and the equities market.

Yield Curve (April 30,2011)

Money Market Performance Review and Outlook

Unlike the previous month, the short-end money market rates remained in a lower 14.7
region during the month owing to relatively improved liquidity position in the system.
14.2
Average 1 month PKRV went down by 18 bps to 12.9% during the month, while average
1 year PKRV remained largely flat at around 13.8%. 13.7

13.2
Despite a gradual rise in government borrowing from the Central Bank recently, the
pace of monetary growth has remained muted amid a) NFA accretion due to annual 12.7

debt repayments and b) delay in the commodities procurement financing, which stimulates 12.2
monetary growth.
1 Month

3 Month

6 Month

15 Year

30 Year
1 Week

1 Year

3 Year

5 Year

7 Year

9 Year

We believe that the materialization of recently approved US$ 775 million from donor
agencies as well as US flows under Kerry Lugar and CSF worth around US$ 1.0 billion
should improve liquidity outlook – thus ease pressure off the domestic interest rates
in our opinion.
 MCB DYNAMIC CASH FUND
April 30, 2011 NAV - PKR 102.1439

Investment Objective Manager’s Comment

To provide an attractive return to short term investors or investors with a very During the month, the fund exposure towards Government papers reduced
low appetite for risk while taking into account capital security and liquidity
considerations. marginally to around 57% with a focus on keeping its portfolio duration on
higher side. On the other hand, the fund’s exposure towards Term Finance
General Information Certificates (TFCs) was also marginally reduced to 31% while the rest was kept
Fund Type An Open End Scheme in TDRs and other bank deposits.
Category Income Scheme (SECP
categorization in process)
Asset Manager Rating AM2- (AM Two Minus) with Positive We believe that the fund’s exposure towards good quality TFCs along with well-
Outlook by PACRA timed accumulation of Government papers should contribute towards decent
Stability Rating A+(f) by PACRA
Risk Profile Low returns going forward.
Launch Date 1-Mar-07
Fund Manager Kashif Rafi
Trustee Central Depository Company of Pakistan Performance Information (%) MCB DCF Benchmark
Limited
Auditor A. F. Ferguson & Co. Year to Date Return 12.6 12.8
Management Fee 1.5% p.a. Month to Date Return 11.4 13.2
Front / Back end Load 1.5% / 0%
Min. Subscription Since inception** 12.5 11.7
Growth Units PKR 5,000 **One off hit of 4% due to SECP directive on TFCs’ portfolio
Cash Dividend Units PKR 5,000 Adjustment of accumulated WWF since July 1, 2008
Income Units PKR 100,000
Listing Lahore Stock Exchange
Benchmark 1 Month KIBOR Asset Allocation (%age of Total Assets) Apr-11 Mar-11
Pricing Mechanism Forward
Dealing Days Monday - Saturday Cash 7.0% 0.9%
Cut Off Timing Mon-Fri (9:00AM to 4:30 PM), Term Deposits with Banks 2.8% 3.0%
Sat (9:00AM to 1:00 PM) Reverse Repo against Government Securities 0.0% 0.0%
Leverage Nil PIBs 5.4% 2.4%
Visit our website for detailed Portfolio Allocations Report TFCs 31.2% 34.5%
Top 10 TFC Holdings (%age of Total Assets) National Saving Bonds 2.3% 2.4%
Top 10 TFC Holdings (%age of Total Assets) GOP Ijara Sukuk 15.9% 17.0%

United Bank Limited (14-Feb-2008) 5.7% T-Bills 33.4% 38.2%

Maple Leaf Cement (03-Dec-2007) 4.9% Others including receivables 2.0% 1.6%
NIB Bank Limited (05-Mar-2008) 3.3% Fund Facts / Technical Information
Jahangir Siddiqui Company Limited (04-Jul-2007) 2.7%
NAV per Unit (PKR) 102.1439
Askari Bank Limited (18-Nov-2009) 2.7%
Net Assets (PKR M) 4,210
United Bank Limited (08-Sept-2006) 1.7%
Weighted average time to maturity (Year) 2.5
Bank Al-Falah Limited (23-Nov-2004) 1.6%
Duration (Year) 2.2
Bank Al-Falah Limited (02-Dec-2009) 1.3%
Sharpe Measure* 0.018
Allied Bank Limited (06-Dec-2006) 1.3%
Correlation* -1.1%
JDW Sugar Mills Limited (23-Jun-2008) 1.1%
Standard Deviation 0.13
Asset Quality (%age of Total Assets) Alpha* 0.00%
*as against benchmark
A BB+ D Not rated Government
A+
1.1% 5.1% 0.5% 2.4% Securities
3.7%
57.0% Members of the Investment Committee
AA-
8.7% Yasir Qadri Chief Executive Officer
Kashif Rafi Fund Manager
Muhammad Asim, CFA Fund Manager
AA
Shahab Farooq Head of Research
20.2%
AA+ Syed Akbar Ali, CFA Senior Research Analyst
AAA
0.2%
1.0%

Details of non-compliant investments with the investment criteria of assigned category (securities below investment grade - Rs. in millions)
Outstanding Value of investment Value of investment % of % of Gross
Name & Type of Non-Compliant Investment Provision held Assets
Face Value before provision after provision Net Assets
Maple Leaf Cement Factory Limited - Sukuk 216.63 - 216.63 5.15% 4.91%
354.62
Maple Leaf Cement Factory Limited - Sukuk II 13.31 9.30 - 9.30 0.22% 0.21%
Saudi Pak Leasing Company Limited - TFC 35.74 23.05 - 23.05 0.55% 0.52%
Security Leasing Corporation Limited - Sukuk 11.39 6.91 - 6.91 0.16% 0.16%
Security Leasing Corporation Limited - TFC 13.67 8.26 - 8.26 0.20% 0.19%
New Allied Electronics Industries - TFC 21.98 21.98 - 0.0% 0.0%
21.98
New Allied Electronics Industries - Sukuk 35.23 35.23 35.23 - 0.0% 0.0%

MUFAP’s Recommended Format.

DISCLAIMER
This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell
a n y f u n d . A l l i n v e s t m e n ts i n m u t u a l f u n d s a r e s u b j e c t t o m a r k e t r i s k s . T h e N AV b a s e d p r i c e s o f u n i ts a n d a n y d i v i d e n d s / r e t u r n s t h e r e o n a r e
dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results.
 MCB DYNAMIC STOCK FUND
April 30, 2011 NAV - PKR 104.2084
NAV - PKR 102.8657
Investment Objective
General Information
MCB Dynamic Stock Fund is an equity fund and its objective is to provide long
Fund Type An Open End Scheme
Category Equity Scheme (SECP term capital appreciation.
categorization in process)
Asset Manager Rating AM2- (AM Two Minus) with Positive
Outlook by PACRA
Stability Rating Not Applicable Manager’s Comment
Risk Profile Moderate to High
Launch Date 1-Mar-07 The fund marginally under-performed
out-performed itsby
its benchmark benchmark by 0.1%
1.6% during while the
the month. marketa
Despite
Fund Manager M. Asim, CFA
remained almost on
cautious stance flatthe
during the month.
equities market, the fund re-aligned its portfolio by
Trustee Central Depository Company of Pakistan
Limited increasing allocations in selective value stocks mainly from Chemicals and
Auditor A. F. Ferguson & Co. Allocations were increased during the initial part of the month in the anticipation
Personal Goods sectors, while reducing exposure from relatively matured stocks
Management Fee 3.0% p.a. of better corporate results but have been brought down lately amid continued
from Oil & Gas and Electricity sectors.
Front / Back end Load 2.5% / 0% dull activity along with rising concerns on possible tough budgetary measures
Min. Subscription PKR 5,000
as well as no major development on committed external flows. Overall Sector
Listing Lahore Stock Exchange The fund would remain cautious on the overall market direction, while remain
Benchmark KSE 30 Index Allocation remained stable with major alignment within Banking, Oil & Gas,
vigilant on the macroeconomic variables especially foreign flows. Meanwhile,
Pricing Mechanism Forward Chemicals and Electricity sectors.
Dealing Days Monday - Friday consistent review of comparative valuations and theme-based re-alignment of
Cut Off Timing Mon-Fri (9:00 AM to 4:30 PM) portfolio would be followed.
Leverage Nil

Visit our website for detailed Portfolio Allocations Report

Fund Facts / Technical Information MCB DSF KSE-30 Asset Allocation (%age of Total Assets) Apr-11 Mar-11
NAV per Unit (PKR) 104.2084 Stock / Equities 90.2% 86.8%
Net Assets (PKR M) 646 Cash 2.4% 4.6%
Price to Earning (x)* 6.5 7.6
7.7 T-Bills 5.4% 6.0%
Dividend Yield (%) 7.4 7.1 Others including receivables 2.0% 2.6%
No. of Holdings 26 30
71.10 183.00 Top 10 Equity Holdings (%age of Total Assets)
Wt. Avg Mkt Cap (PKR Bn)
Sharpe Measure** 0.015 -0.022 Pakistan Oil Fields Limited 9.9%
Beta 0.77 1.0 Pakistan State Oil Company Limited 8.0%
Correlation 95.2%
Fauji Fertilizer Company Limited 7.6%
Max draw up 176.2% 181.8% Pakistan Petroleum Limited 7.3%
Max draw Down -60.4% -76.7%
Engro Corporation Limited 6.9%
Standard Deviation 1.4 1.7
0.06% Hub Power Company Limited 4.8%
Alpha
*prospective earnings, **as against 3 Year PIB Attock Petroleum Limited 4.5%
Lotte Pakistan PTA Limited 4.2%
Performance Information (%) MCB DSF Benchmark Allied Bank Limited 3.8%
Year to Date Return 33.6 22.6 MeezanBank Limited 3.7%
Month to Date Return 1.2 1.3
Since inception* 59.3 -16.6
Sector Allocation (%age of Total Assets)
*Adjustment of accumulated WWF since July 1, 2008
Government Cash & Other
Other Equities Securities
Members of the Investment Committee Assets
3.9% 5.4% 4.4%
Yasir Qadri Chief Executive Officer
Oil & Gas
Kashif Rafi Fund Manager Personal Goods
31.2%
5.0%
Muhammad Asim, CFA Fund Manager
Shahab Farooq Head of Research Electricity
11.0%
Syed Akbar Ali, CFA Senior Research Analyst

Banks
16.9% Chemicals
22.2%
MUFAP’s Recommended Format.
DISCLAIMER
This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or
s e l l a n y f u n d . A l l i n v e s t m e n ts i n m u t u a l f u n d s a r e s u b j e c t t o m a r k e t r i s k s . T h e N AV b a s e d p r i c e s o f u n i ts a n d a n y d i v i d e n d s / r e t u r n s t h e r e o n a r e
dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results.
 MCB DYNAMIC ALLOCATION FUND
April 30, 2011 NAV - PKR 81.3290

General Information Investment Objective

Fund Type An Open End Scheme MCB Dynamic Allocation Fund is an asset allocation fund and its objective
Category Asset Allocation Scheme (SECP
is to aim at providing a high absolute return by investing in equity and debt
categorization in process)
Asset Manager Rating AM2- (AM Two Minus) with Positive markets.
Outlook by PACRA
Stability Rating Not applicable
Risk Profile Moderate to High Manager’s Comment
Launch Date 17-Mar-08
Fund Manager Kashif Rafi/M.Asim, CFA
Equity exposure has been increased during the month to take advantage of
Trustee Central Depository Company of Pakistan
Limited short term opportunities on the back of corporate result season at the local
Auditor A. F. Ferguson & Co. bourse with a view of reducing it before budgetary announcements. Potential
Management Fee 1.5% p.a.
Front / Back end Load 3% / 0% major additions this month include selected stocks in Oil & Gas and Banking
Min. Subscription PKR 5,000 Sector while weights were shed mainly in Personal Goods and Chemicals Sector.
Listing Lahore Stock Exchange
Benchmark Proposed, SECP’s approval pending
Pricing Mechanism Forward On fixed income side, TFC allocations remained stable while allocation in Treasury
Dealing Days Monday - Friday Bills is slightly reduced.
Cut Off Timing Mon-Fri (9:00AM to 4:30 PM),
Sat (9:00AM to 1:00 PM)
Leverage Nil

Visit our website for detailed Portfolio Allocations Report

Fund Facts / Technical Information Asset Allocation (%age of Total Assets) Apr-11 Mar-11
NAV per Unit (PKR) 81.3290 Cash 6.1% 11.0%
Net Assets (PKR M) 334 T-Bills 27.8% 30.6%
Sharp Measure* -0.05 TFCs 10.5% 9.8%
Beta** 0.46 Stocks / Equities 47.5% 42.8%
Max draw up 76.6% CFS (Margin Trading) 0.0% 0.7%
Max draw down -48.6% Others including receivables 8.0% 5.1%
Standard Deviation 0.81
Alpha 0.00%
Top 10 Holdings (%age of Total Assets)
*as against 3 Year PIB, ** against KSE 30
Askari Bank Limited (18-Nov-2009) TFC 7.6%
Pakistan State Oil Company Limited Equity 6.5%
Performance Information (%) MCB DAF
Fauji Fertilizer Company Limited Equity 5.0%
Year to Date Return 19.4
Pakistan Oil Fields Limited Equity 4.7%
Month to Date Return 0.8
Pakistan Petroleum Limited Equity 3.8%
Since inception* -6.6
Hub Power Company Limited Equity 2.6%
*Adjustment of accumulated WWF since July 1, 2008
Engro Corporation Limited Equity 2.4%
Benchmark is proposed to SECP and is currently under consideration of SECP
Bank Al-Habib Limited Equity 2.4%
Meezan Bank Limited Equity 2.3%
Members of the Investment Committee
Kot Addu Power Company Limited Equity 2.3%
Yasir Qadri Chief Executive Officer
Kashif Rafi Fund Manager Sector Allocation (%age of Total Assets)
Muhammad Asim, CFA Fund Manager
Cash
Shahab Farooq Head of Research Other Assets Banks
6.1%
Syed Akbar Ali, CFA Senior Research Analyst 8.1% 19.8%
Government
Securities
Asset Quality (%age of Total Assets)
27.8%
Government
Securities Oil & Gas
27.8% 15.6%

Chemicals
Other sectors Electricity
AA+ Personal Goods 9.0%
2.1% 8.4%
0.7% 3.1%

AA
Not rated 6.0%
55.6% AA-
MUFAP’s Recommended Format.
9.9%
DISCLAIMER
This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or
s e l l a n y f u n d . A l l i n v e s t m e n ts i n m u t u a l f u n d s a r e s u b j e c t t o m a r k e t r i s k s , T h e N AV b a s e d p r i c e s o f u n i ts a n d a n y d i v i d e n d s / r e t u r n s t h e r e o n a r e
dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results.
 MCB CASH MANAGEMENT OPTIMIZER
April 30, 2011 NAV - PKR 100.1331
NAV - PKR 102.8657
General Information Investment Objective

Fund Type An Open End Scheme To provide unit-holders competitive returns from a low risk portfolio of short
Category Money Market Scheme duration assets while maintaining high liquidity.
Asset Manager Rating AM2- (AM Two Minus) with Positive
Outlook by PACRA
Stability Rating AA+(f) by PACRA
Risk Profile Low
Launch Date 1-Oct-09 Manager’s Comment
Fund Manager Kashif Rafi
Trustee Central Depository Company of Pakistan During the month, the fund’s exposure in Government papers was reduced to
Limited around 79% with a continued focus on keeping its duration on higher levels.
Auditor A. F. Ferguson & Co.
Management Fee 10% of Gross earnings Overall, the fund increased its WAM to around 89 days as compared to 82 days
Front / Back end Load 0% a month ago.
Min. Subscription
Growth Units PKR 5,000
Cash Dividend Units PKR 5,000 The fund plans to keep its portfolio duration at higher levels while keeping a
Income Units PKR 100,000 close track of changes in key macroeconomic variables.
Listing Lahore Stock Exchange
Benchmark Avg. 3 Month deposit rates of AA and
above rated Scheduled
banks, net of expenses
Pricing Mechanism Backward
Dealing Days Monday - Saturday
Cut Off Timing Mon-Fri (9:00AM to4:30 PM),
Sat (9:00AM to 1:00 PM)
Leverage Nil

Visit our website for detailed Portfolio Allocations Report

Fund Facts / Technical Information MCB CMOP Benchmark Asset Allocation (%age of Total Assets) Apr-11 Mar-11
NAV per Unit (PKR) 100.1331 Cash 9.4% 1.6%
Net Assets (PKR M) 10,031 Term Deposits with banks 11.1% 13.1%
Weighted average time to maturity (Days) 89 Reverse Repo Against Government Securities 0.0% 0.0%
Sharpe Measure* 0.18 -2.15 T-Bills 79.3% 85.2%
Correlation* -26% 6% Others including receivables 0.2% 0.1%
Standard Deviation 0.018 0.002
Alpha* 0.005% -0.015% Performance Information (%) MCB CMOP Benchmark
*as against 3 month PKRV net of expenses Year to Date Return 11.5 5.5
Month to Date Return 11.9 5.4
Members of the Investment Committee Since inception* 11.6 5.8
Yasir Qadri Chief Executive Officer *Adjustment of accumulated WWF since Oct 1, 2009
Kashif Rafi Fund Manager
Muhammad Asim, CFA Fund Manager Asset-wise Maturity (No. of Days)
Shahab Farooq Head of Research
Syed Akbar Ali, CFA Senior Research Analyst
Government
100
Securities

Asset Quality (%age of Total Assets)

Term Deposit with
80
Banks

AA Not rated
AA+ 0.2%
14.1% Cash & Cash
5.1% 1
Equivalent

AAA 0 20 40 60 80 100 120

1.3%

Government
Securities
79.3%

MUFAP’s Recommended Format.

DISCLAIMER
This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or
s e l l a n y f u n d . A l l i n v e s t m e n ts i n m u t u a l f u n d s a r e s u b j e c t t o m a r k e t r i s k s , T h e N AV b a s e d p r i c e s o f u n i ts a n d a n y d i v i d e n d s / r e t u r n s t h e r e o n a r e
dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results.
 MCB SARMAYA MEHFOOZ FUND - 1
December
April 30, 2011
31, 2010 NAV - PKR 107.5407
104.8059
NAV - PKR 102.8657
General Information Investment Objective

Fund Type An Open End Scheme The primary objective of MCB SMF 1 is to protect the Initial Investment Value of
The primary
investors objectivewith
at maturity of MCB SMF 1 isobjective
secondary to protect
of the Initial Investment
providing growth overValue
the of
Category Capital Protected Scheme period.
investors at maturity with secondary objective of providing growth over the
Asset Manager Rating AM2- (AM Two Minus) with by PACRA
Positive
period.
Stability Rating Not Applicable
Outlook by PACRA
Risk Profile
Stability Rating Low
Not Applicable
Launch Date
Risk Profile 14-Jun-10
Low
Fund Manager
Launch Date M. Asim, CFA
14-Jun-10 Manager’s Comment
Fund Manager
Trustee M. Asim,Depository
Central CFA Company of Pakistan
Trustee Limited Depository Company of Pakistan
Central For the capital protection segment, the fund kept its allocation to around 88%
90%
Auditor A. F. Ferguson & Co.
Limited in TDRs. Within the investment/ growth segment,
segment, the
the fund
fund reduced
preferred
itstooverall
book
Management
Auditor Fee 2.25% p.a
A. F. Ferguson & Co.
Front / Back end
Management FeeLoad 0%/5%
2.25% p.a profits inexposure
equities certain stocks
as itthat
preferred
appreciated
to book
reasonably
profits well
in selected
over thestocks
last month,
that
Min. Subscription
Front / Back end Load PKR 5,000
0%/5% while increasing
appreciated reasonably
its overall
well
equities
over the
allocation
period.slightly in some momentum stocks.
Listing
Min. Subscription Lahore
PKR Stock Exchange
5,000
Benchmark
Listing 1Lahore
year Term
StockDeposit of AA+ rated bank
Exchange
Benchmark 1for theTerm
year sameDeposit
amountofandAA+KSE-30
rated Index
bank in The fund
fundreduced
would remain
its exposure
cognizant
in T-Bills
ofduring
the changes
the month
in the
whilemacroeconomic
diverting some
the the
for weightings of Capital
same amount Protected.
and KSE-30 Index in of its exposure
environment andinwould
bank deposits
capitalizeoffering
on the attractive
attractiveopportunities
returns near Dec-end.
in the overall
The
Segment and Investment
the weightings of CapitalSegment
Protectedof the fund would
capital markets.
remain cognizant of the changes in the macroeconomic environment
Fund. and Investment Segment of the
Segment
Pricing Mechanism Forward
Fund. and would capitalize on the attractive opportunities in the equities market also.
DealingMechanism
Pricing Days Monday - Friday
Forward
Cut Off Days
Dealing Timing Mon-Fri
Monday (9:00 AM to 4:30PM)
- Friday
Leverage
Cut Off Timing Nil
Mon-Fri (9:00 AM to 4:30PM)
Leverage Nil
Visit our website for detailed Portfolio Allocations Report
Visit our website for detailed Portfolio Allocations Report

Fund Facts / Technical Information MCB SMF-1 Benchmark Asset Allocation (%age of Total Assets) Dec-10
Apr-11 Nov-10
Mar-11
NAV per Unit (PKR) 104.8059
107.5407 Cash 2.1%
0.4% 1.3%
1.0%
Net Assets (PKR M) 645
649 Term Deposits with banks 89.6%
88.4% 89.7%
88.6%
Sharpe Measure* -0.070
0.035 -0.058
0.016 Stock / Equities 2.2%
1.2% 1.5%
1.8%
Correlation* 19.3%
4.1% 0.0%
0.0% T-Bills 0.0% 1.5%
0.0%
Standard Deviation 0.00
0.00 0.001
0.001 Others including receivables 6.1%
10.0% 6.0%
8.6%
Alpha* 0.00%
0.00% 0.00%
0.00%
*as against 1 year PKRV Performance Information (%) MCB SMF-1 Benchmark
Year to Date Return 4.8%
7.6% 6.5%
4.4%
Last Month
Month to Date
Return
Return 0.8%
0.6% 0.6%
1.0%
Since inception 5.1%
7.9% 5.0%
7.2%
Asset Quality (%age of Total Assets)
Top Equity Holdings (%age of Total Assets)
Not rated Pakistan Oil
State
Fields
Oil Company
Limited Limited 0.3%
1.1%
AA 11.2% Pakistan
D.G KhanOil
Cement
FieldsCompany
Limited Limited 0.2%
0.5%
0.4%
Engro Corporation Limited 0.3%
0.2%
Nishat Chunian
Pakistan State Oil
Power
Company
Limited
Limited 0.2%
0.2%
Pakistan
Nishat Chunian
Petroleum
Power
Limited
Limited 0.1%
0.2%
Hub Power
Allied Bank Company
Limited Limited 0.1%
Nishat Mills
National BankLimited
of Pakistan Limited 0.0%

Members of the Investment Committee

Yasir Qadri Chief Executive Officer
Kashif Rafi Fund Manager
AA+ Muhammad Asim, CFA Fund Manager
88.4%
Shahab Farooq Head of Research
Syed Akbar Ali, CFA Senior Research Analyst

MUFAP’s Recommended Format.

DISCLAIMER
This publication is for informational purposes 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 risks, The NAV based prices of units and any dividends/returns thereon are
dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results.