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12 IGI Fund Management Report Dec 2023 TKF
12 IGI Fund Management Report Dec 2023 TKF
12 IGI Fund Management Report Dec 2023 TKF
‐4.0%
‐3.8%
‐1,000 Index MTD ‐ % CYTD ‐ %
‐4.1%
Karachi 100 Pakistan 16.45% 35.72%
‐6.0% ‐1,500
‐5.6%
BSE Sensex India 4.87% 14.99%
‐8.0% ‐7.4% ‐7.4% ‐2,000 Dow Jones USA 8.77% ‐1.07%
S&P 500 USA 8.92% ‐4.16%
‐9.0%
‐10.0%
‐10.1%
‐2,500
Nasdaq USA 10.70% ‐9.07%
‐12.0% ‐3,000
FTSE 100 UK 1.80% 0.94%
30‐Nov‐21
31‐Dec‐21
31‐Jan‐22
28‐Feb‐22
31‐Mar‐22
30‐Apr‐22
30‐Jun‐22
31‐Jul‐22
30‐Sep‐22
30‐Nov‐22
31‐Dec‐22
31‐Jan‐23
28‐Feb‐23
31‐Mar‐23
30‐Apr‐23
30‐Jun‐23
31‐Jul‐23
30‐Sep‐23
30‐Nov‐23
31‐May‐22
31‐Aug‐22
31‐Oct‐22
31‐May‐23
31‐Aug‐23
31‐Oct‐23
35.0%
31.5%
31.4%
29.7%
29.4%
29.2%
27.4%
27.3%
30.0%
26.9%
26.6%
24.5%
23.8%
23.2%
25.0%
BRENT CRUDE OIL 85.91 80.86 77.15
21.3%
12.7%
17.00% 17.00%
12.3%
12.2%
13.75% 13.75%
15.00% 15.00% 15.00% 15.00% Steel (USD/ton) 744.00 1,044.00 1,135.00
12.25%
10.0% HRC (USD/ton) 4,167.00 3,973.00 4,088.00
9.75% 9.75% 9.75% 9.75%
5.0%
COPPER USD 3.81 3.85 3.89
GOLD 1,826.20 2,038.10 2,071.80
0.0%
PLATINUM 1,082.90 935.90 1,009.20
NATURAL GAS 4.48 2.80 2.51
Series1 Series2
SILVER 24.04 25.66 24.03
FUNDS MANAGEMENT REPORT
For the month of December 2023
July 2015
Macroeconomic Review:
Pakistan's headline inflation number, the National Consumer Price Inflation (NCPI) stood at 29.7% in Dec-2023, showing
considerable increase from the previous month's reading of 29.2%. Housing and utilities, household maintenance, and
recreational items indexes were up by 37.7%, 32.5% and 30.7% respectively on yearly basis. On a month-on-month basis,
inflation increased 0.8% in Dec-2023, compared to an increase of 2.7% in Nov-2023.
The Wholesale Price Inflation (WPI) index on a year-on-year basis increased to 27.3% in Dec-2023 as compared to the
previous month's increase of 26.4% on yearly basis.
The Real Effective Exchange Rate (REER) of Pakistan experienced a slight decrease of 0.34% from Nov-2023 to Oct-
2023, with Nov-2023 REER at 98.2 and Oct-2023 number at 98.5. Overall, movement remained negative on a month-on-
month basis.
The Current Account Balance in Nov-2023 stood at a surplus of USD 9 million, a notable increase from the previous
month’s deficit of USD 184 million. Exports of goods increased on a month-on-month basis.
In the latest Pakistan Investment Bonds (PIBs) auction, cut-off yields were 17.19%, 15.88% and 15.00% in 3, 5 and 10
years tenor respectively. No bids were received for 15-year, 20-year, and 30-year tenor.
In its last monetary policy meeting, the SBP kept the policy rate at 22.00% considering the macro-economic situation. The
SBP stated that inflation is expected to come down going forward and further stated that it will be able to meet its medium-
term inflation target.
Net foreign portfolio recorded an inflow of USD 26.7 million during Dec-2023. Foreign corporates bought equities worth
USD 22.6 million, while overseas Pakistanis bough net equities of USD 3.9 million.
On the local activity side, individuals, brokers & mutual funds were the sellers with net outflows of USD 16.0/ 6.2/ 5.1
million respectively. Buying was witnessed only by Insurance companies of USD 7.2 million.
Dec‐21
Dec‐22
Dec‐23
Net Assets Value (PKR '000) 2,950,404 2,777,754 6.22%
ASSET ALLOCATION*:
Dec‐23 Nov‐23
55.6%
51.6%
25.5% 27.1%
18.9% 21.3%
Islamic Bank Sukuks Islamic TDRs Islamic Others Islamic Bank Sukuks Islamic TDRs Islamic Others
Deposits Equity Deposits Equity
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
FUND PERFORMANCE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of investment
can fall as well as rise.