Anda di halaman 1dari 12

March, 2015

Fund Managers Report


Economic & Capital Markets Review
Economic Review & Outlook
Headline inflation for March 2015 made another low by clocking in at 2.49% YoY. Period inflation for 9MFY15 now stands at
5.1% compared to 8.6% in the corresponding period last year. Food inflation was the only sub-head which saw a profound
MoM hike of 0.55%, while other key heads remained mostly flat on monthly basis - resulting in overall MoM inflation of
0.23%.
Despite a cumulative 200bps policy rate cut since November 2014, real interest rate still stands at a hefty 5.5%, highest since
August 2003. This hints at further monetary easing to support economic growth and increase demand for loanable funds.

Current account numbers posted a surplus of USD 877mn in February 2015 as opposed to deficit of USD 74mn in the
preceding month. This is the highest monthly surplus since August 2012, owed primarily to CSF receipt of USD 700mn.
Resultantly, foreign exchange reserves held up comfortably at USD 16bn, and should increase further once IMF tranche is
disbursed and HBL SPO is executed successfully

Money Market Review & Outlook

The State Bank of Pakistan reduced the discount rate by another 50bps during March, bringing the key policy rate down to
8.0%. PIB yields inched lower by 24-29bps in the secondary market, yielding gains for money managers sitting on high bond
exposures.

Equity Market
inflation
clocking
2.49%the
for22,000
Marchpoints
2015, mark
demand
for back
longer
bonds turn
may of
continue
to the
persist
as thefront.
market
In September, 2013, the KSE100With
lost 1.5%
or 328
pointsintoatbreach
on the
ontenor
unexpected
events on
economic
The continued
envisages
easing
of 50-100bps.
That said,
interest
may
from
longer
tenor
bonds
to medium
or even
shorter
FIPI flow, approval of fresh IMF loan
underfurther
EFF drove
the KSE100
index through
better
part of
theshift
month.
The
market
rallied
approx.
7% on tenor
the back
of investor
optimism
tenor
bonds.
the previous
auction,
composition
at aid
42%
for from
3Y PIB,
35%
for 5Y PIB lender
and 23%
for 10Y Although
that the approval of IMF will bring
stability
toIn
swindling
PKRUSD
parityparticipation
and will pave
the way forstood
further
flows
other
international
institutions.
PIB. easing cycle, the market ignored the development to continue the upward march. As the news regarding government securing fresh
the month witnessed end of monetary
IMF failed to stabilize the PKR parity, the market witnessed outflow from foreign quarter in the last week wiping off all the gains made earlier in the month. The SBPs
The State Bank of Pakistan conducted a record eleven OMO injections over March to address illiquidity concerns, a number
move of pegging the minimum deposit rate with repo rate also battered the equities with Banks losing more than 10% in last few trading sessions. The record profitability
last seen in August 2010. No mop-ups were conducted during the month.
and strong payout announcements by DGKC, LUCK and NML also failed to keep the investor interest intact.
Going forward, we expect the market
stay range
in absence
any strong
positive
triggers.
The expected
interest
rate hike
will
market movement
Goingtoforward,
we bound
anticipate
money of
managers
with
high bond
exposures
to generate
periodic
gains
inalso
line limit
with the
monetary
with selective buying recommended
infrequency
Cements, Textiles
and IPPs.
policy
and timing.
We believe the government will continue its cautious stance of steady easing as opposed to large
one-time cuts. That said, with inflation below 3%, there is certainly ample room for further easing.

Equity Market Review & Outlook


The equity market lost 10% over March 2015, pushing loss over the past two months to 14%. Consequently, return over
9MFY15 was clipped further to 2%. A correction of this magnitude was last seen in May 2010 when CGT was about to
implemented. We attribute this decline to tightened regulatory vigilance, hefty foreign selling and suspected un-rolling of
leveraged financing.
Sector wise performance shows that Pharmaceuticals, Commercial Banks & Personal Goods underperformed the most over
the month. Foods Producers and Electricity Sector lost the least value among the key sectors.
Interestingly, positive developments like decline in the discount rate, Moody's outlook upgrade on Pakistan Bonds, IMF's
quarterly tranche disbursement and an external account surplus were all ignored by the market during this correction. This
hefty fall on non-fundamental issues makes us optimistic that the market has the ability to recoup lost ground on abatement
of investor apprehensions and external selling pressure.
A 19% correction in the index from its February 2015 high coupled with 50bps rate cut in March has made valuations
attractive across the board. Investors with a medium-term horizon should see decent gains from here onwards.
%

KSE-100 Index

7.0

31-Mar

27-Mar

25-Mar

20-Mar

18-Mar

16-Mar

12-Mar

10-Mar

4-Mar

2-Mar

6-Mar

Members of Investment Committee

30 Y

28,000

15 Y

8.0

10 Y

75

3Y

29,000

5Y

9.0

1Y

150

30,000

9M

10.0

6M

225

31,000

4M

32,000

Mar-15

11.0

3M

300

2M

33,000

Feb-15

12.0

1M

375

2W

KSE100 Index [L.H.S]

34,000

1W

Vol [R.H.S, mn shares]

Yield Curve

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 capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future

Alfalah GHP Cash Fund


Fund Rating: "AA (f)" by PACRA 19-Mar-15
AMC Rating: "AM3+" by PACRA 20-Jun-14
Investment Objective
The investment objective of Alfalah GHP Cash Fund (AGCF) is to provide regular stream of income at comparative rate of return while preserving capital to extent
possible by investing in assets with low risk and high degree of liquidity from a portfolio constituted of mostly money market securities and placements.
Basic Information
Category: Money Market Scheme Management Fee: 1.00%
Fund Type: Open Ended
Min. Initial Investment: PKR 5,000/Benchmark: Avg. 3 Mth Dep.
Min. Subseq.l Investment: PKR 1,000/Rates of 3 "AA" Rated Banks
Trustee: MCB Financial Services Limited
Launch Date: March 12, 2010
Auditor: KPMG Taseer Hadi
Par Value: PKR 500
Listing: Karachi Stock Exchange
Pricing: Forward Day
Dealing Days: Monday - Friday
Sales Load: NA
Cut-off Time: 9:00 am - 4:00 pm
Risk Profile: Low
Leverage: Nil
Asset Allocation (as % of Total Assets)
Feb

88

Mar

66

2,170
534.5000
2.15
11.86%

Fund Performance
YTD
Month (Mar '15):
0.1
2.3

PIBs

TFCs/Sukuks

Spread Trans.

Govt. Backed/
Gov. Guar.

Rev. Repo ag.


other Secs.

MTS

Rev. Repo ag.


GS

Plac. with
NBFCs

CPs

Plac. with
Banks/DFIs

1.2
6.6

44
22

Chief Executive Officer


Head of Corporate Strategy
Chief Operating Officer
Head of Risk & Compliance
Head of Investments
Head of Investment Advisory/
Senior Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager

Imran Altaf, CFA


Kashif Kasim
Fund Statistics
Fund Size (PkR mn; as on Mar 31, 2015):
NAV (PkR):
Wtd. Average Maturity (months):
Since Inception

98.7
91.1

110

Investment Committee
Maheen Rahman,
Ather H. Medina
Noman Soomro
Shariq Mukhtar Hashmi
Nabeel Malik
Muddasir Ahmed Shaikh

Others

T-Bills

Cash

Historical Performance (%)

BM
7.09%
6.02%

Credit Quality (as % of Total Assets)


91.08%
Govt. Guar.
AAA
0.00%
AA+
0.00%
AA
6.62%
AA0.00%
A+
0.00%

AGCF
8.44%
6.65%

A
ABBB+
BBB
Below IG
NR/UR

0.00%
0.00%
0.00%
0.00%
0.00%
2.30%

Portfolio Credit Quality

18
BM
11.0

7.1

7.2

8.1

Gov. Secs.,
91.08%

9.1

8.8

9.6

12

11.6

AGCF

6
AA, 6.62%

0
FY11

FY12

FY13

NR/UR/MTS,
2.30%

FY14

Details of Non-Compliant Investments


Name

1 Year - Rolling Returns


Mar-14
Apr-14
AGCF
8.25%
8.37%
BM
7.63%
7.38%

Value before
Provisioning

Type

May-14
8.31%
7.38%

Jun-14
8.32%
7.38%

Jul-14
8.17%
7.67%

Provisioning
Held, if any

Aug-14
8.25%
7.38%

Sep-14
8.15%
7.67%

Value after
Provisioning

Oct-14
8.19%
7.43%

Nov-14
9.39%
7.43%

% Gross
Assets

Dec-14
7.91%
7.18%

Jan-15
9.94%
6.35%

% Net
Assets

Feb-15
7.40%
6.63%

Mar-15
6.65%
6.02%

WWF Disclaimer
The Fund/Scheme has maintained provisions amounting to Rs. 18.710mn against Workers' Welfare Fund liability, if the same were not made the NAV per unit/return
of the Scheme would be higher by Rs.4.6080 / 0.92%. For details, investors are advised to read the latest Financial Statements of the Scheme.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to
understand the investment policies and risks involved.
MUFAP's Recommended Format

Alfalah GHP Money Market Fund

(Formerly IGI Money Market Fund)

Fund Rating: "AA (f)" by PACRA 19-Mar-15


AMC Rating: "AM3+" by PACRA 20-Jun-14

Investment Objective
An open-ended Money Market Scheme which shall seek to generate competitive returns consistent with low risk from a portfolio constituted of short term instruments
including cash deposits, money market placements and government securities. The Fund will maintain a high degree of liquidity, with time to maturity of single asset
not exceeding six months and with weighted average time to maturity of Net Assets not exceeding 90 days.
Basic Information
Category: Money Market Scheme Management Fee: 0.80%
Fund Type: Open Ended
Min. Initial Investment: PKR 5,000/Benchmark: Avg. 3 Mth Dep.
Min. Subseq. Investment: PKR 1,000/Trustee: CDC Pakistan Limited
Rates of 3 "AA" Rated Banks
Launch Date: May 27, 2010
Auditor: E&Y, Ford Rhodes Sidat Hyder
Par Value: 100
Listing: Lahore Stock Exchange
Pricing: Forward Day
Dealing Days: Monday - Friday
Sales Load: 1.00%
Cut-off Time: 9:00 am - 4:00 pm
Risk Profile: Low
Leverage: Nil
Asset Allocation (as % of Total Assets)
Mar

60

5.0

0.2

0.3
2.8

40
20

Others

Spread Trans.

MTS

CPs

T-Bills

PIBs

TFCs/Sukuks

Govt. Backed/ Gov.


Guar.

Rev. Repo ag.


other Secs.

Rev. Repo ag. GS

Plac. with
Banks/DFIs

Plac. with NBFCs

0
Cash

Chief Executive Officer


Head of Corporate Strategy
Chief Operating Officer
Head of Risk & Compliance
Head of Investments
Head of Investment Advisory/
Senior Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager

Imran Altaf, CFA


Kashif Kasim
Fund Statistics
Fund Size (PkR mn; as on Mar 31, 2015):
NAV (PkR):
Wtd. Average Maturity (months):

92.1

Feb

80

99.5

100

Investment Committee
Maheen Rahman,
Ather H. Medina
Noman Soomro
Shariq Mukhtar Hashmi
Nabeel Malik
Muddasir Ahmed Shaikh

Historical Performance (%)

Fund Performance
YTD
Month
(Mar'15):
Credit Quality (as % of Total Assets)
92.14%
Govt. Guar.
AAA
2.83%
AA+
0.00%
AA
0.00%
AA0.00%
A+
0.00%

2,963
107.4537
2.35
BM
7.06%
5.72%

AGMMF
8.63%
7.19%

A
ABBB+
BBB
Below IG
NR/UR

0.00%
0.00%
0.00%
0.00%
0.00%
5.03%

Portfolio Credit Quality

18
11.8

BM

6.9

6.9

8.2

Gov. Secs.,
92.14%

9.5
7.0

8.8

12

11.9

AGMMF

AAA, 2.83%

NR/UR/MTS,
5.03%

0
FY11

FY12

FY13

FY14

Details of Non-Compliant Investments


Name

Rolling Returns
Mar-14
AGMMF
8.40%
BM
7.38%

Value before
Provisioning

Type

Apr-14
8.56%
7.38%

May-14
8.36%
7.38%

Jun-14
8.44%
7.38%

Jul-14
8.42%
7.67%

Provisioning
Held, if any

Aug-14
8.41%
7.67%

Sep-14
8.33%
7.43%

Value after
Provisioning

Oct-14
8.66%
7.45%

Nov-14
9.04%
7.43%

% Gross
Assets

Dec-14
8.08%
7.18%

Jan-15
10.01%
6.35%

% Net
Assets

Feb-15
7.45%
6.63%

Mar-15
7.19%
5.72%

WWF Disclaimer
The Board of Directors of the Management Company in their meeting held in July 2013 have decided to start prospective provisioning against WWF effective from July
1, 2013. The Fund/Scheme has not made provisions amounting to Rs. 17.028mn upto June 30, 2013 against Workers' Welfare Fund liability, if the same were made
the NAV per unit/return of the Scheme would be lower by Rs.0.6175 / 0.61%. The sum provided in this regard stands at Rs. 7,938,535 had this provision not been
made, the YTD return would be higher by Rs. 0.2879 / 0.29%. For details, investors are advised to read the latest Financial Statements of the Scheme.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to
understand the investment policies and risks involved.
MUFAP's Recommended Format

Alfalah GHP Sovereign Fund

Fund Rating: "AA-(f)" by PACRA 22-May-2014


AMC Rating: "AM3+" by PACRA 20-Jun-2014

Investment Objective
The investment objective of the Scheme is to provide an investment medium whereby investors can participate in a portfolio that will seek to generate competitive
income.
Basic Information
Category: Income Scheme
Management Fee: 1.00%
Fund Type: Open Ended
Min. Initial Investment: PKR 5,000/Benchmark: 70% 6M T-Bill +
Min. Subseq. Investment: PKR 1,000/Trustee: CDC Pakistan Limited
30% 6M DR (3"AA-" or above Banks)
Launch Date: May 09, 2014
Auditor: E&Y, Ford Rhodes Sidat Hyder
Par Value: 100
Listing: Lahore Stock Exchange
Pricing: Forward Day
Dealing Days: Monday - Friday
Sales Load: 1.00%
Cut-off Time: 9:00 am - 4:00 pm
Risk Profile: Low
Leverage: Nil
Asset Allocation (as % of Total Assets)

Investment Committee
Maheen Rahman,
Ather H. Medina
Noman Soomro
Shariq Mukhtar Hashmi
Nabeel Malik
Muddasir Ahmed Shaikh
Imran Altaf, CFA
Kashif Kasim
Fund Statistics
Fund Size (PkR mn; as on Mar 31, 2015):
NAV (PkR):
Wtd. Average Maturity (months):

Feb

80

69.5
70.4

100
Mar

5,384
114.1918
40.73
17.38%

Since Inception Return

0.6
1.3

3.8
1.5

40

26.0
26.8

60

20

Chief Executive Officer


Head of Corporate Strategy
Chief Operating Officer
Head of Risk & Compliance
Head of Investments
Head of Investment Advisory/
Senior Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager

Others

Spread Trans.

MTS

CPs

T-Bills

PIBs

TFCs/Sukuks

Govt. Backed/
Gov. Guar.

Rev. Repo ag.


other Secs.

Rev. Repo ag.


GS

Plac. with
NBFCs

Plac. with
Banks/DFIs

Cash

Historical Performance (%)


AGSF

BM

8.7

12

BM
8.74%
7.51%

AGSOF
18.79%
14.20%
0.00%
0.00%
0.00%
0.00%
0.00%
1.33%

9.1

18

Fund Performance
YTD
Month
(Mar-15):
Credit Quality (as % of Total Assets)
97.18%
A
Govt. Secs.
AAA
0.00%
AAA+
0.00%
BBB+
AA
1.49%
BBB
AA0.00%
Below IG
A+
0.00%
NR/UR
TFC/Sukuk Holdings (% of Total Assets)

0
FY11

FY12

FY13

FY14

Details of Non-Compliant Investments


Name

1 Year -Rolling Returns


Mar-14
Apr-14
AGSOF
BM
-

Value before
Provisioning

Type

May-14
8.03%
9.13%

Jun-14
9.11%
9.11%

Jul-14
11.85%
9.12%

Provisioning
Held, if any

Aug-14
9.41%
9.24%

Sep-14
11.28%
9.24%

Value after
Provisioning

Oct-14
28.38%
9.22%

Nov-14
21.95%
8.98%

% Gross
Assets

Dec-14
20.36%
8.90%

Jan-15
29.62%
8.21%

% Net
Assets

Feb-15
12.67%
7.84%

Mar-15
14.20%
7.51%

WWF Disclaimer
The Fund/Scheme has maintained provisions amounting to Rs. 13.71mn against Workers' Welfare Fund liability, if the same were not made the NAV per unit/return of
the Scheme would be higher by Rs.0.2908 / 0.29%. For details, investors are advised to read the latest Financial Statements of the Scheme.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to
understand the investment policies and risks involved.
MUFAP's Recommended Format

Alfalah GHP Income Fund


(Formerly IGI Income Fund)

Fund Rating: "A+(f)" by PACRA 13-Mar-14


AMC Rating: "AM3+" by PACRA 20-Jun-14

Investment Objective
The investment objective of Alfalah GHP Income Fund (AGIF) is to minimize risk, construct a liquid portfolio of fixed income instruments and provide competitive returns to
the Unit Holders. The management team shall ensure the active implementation of prudent investment practices, the highest professional standards and compliance with
applicable laws.

46.4
45.6
22.7
22.1

MTS

Spread
Trans.

CPs

T-Bills

PIBs

6.0
4.9

20.1
19.5
TFCs/Sukuk
s

Govt.
Backed/ -

Rev. Repo
ag. GS

Plac. with
NBFCs

Plac. with
Banks/DFIs

Rev. Repo
ag. other

3.0
5.9
Cash

1.8
2.0

Mar

40

20

Imran Altaf, CFA


Kashif Kasim
Fund Statistics
Fund Size (PkR mn; as on Mar 31, 2015):
NAV (PkR):
Wtd. Average Maturity (months):

Assets)

60
Feb

Investment Committee
Maheen Rahman,
Ather H. Medina
Noman Soomro
Shariq Mukhtar Hashmi
Nabeel Malik
Muddasir Ahmed Shaikh

Management Fee: 1.25%


Min. Initial Investment: PKR 5,000/Min. Subseq. Investment: PKR 1,000/Trustee: CDC Pakistan Limited
Auditor: E&Y, Ford Rhodes Sidat Hyder
Listing: Lahore Stock Exchange
Dealing Days: Monday - Friday
Cut-off Time: 9:00 am - 4:00 pm

Others

Basic Information
Category: Income Scheme
Fund Type: Open Ended
Benchmark: 6 Month KIBOR
Launch Date: April 14, 2007
Par Value: 100
Pricing: Forward Day
Sales Load: 1.00%
Risk Profile: Low
Leverage: Nil
Asset Allocation (as % of Total

13.4

11.3

11.2

BM
9.9

8.0

12

9.8

AGIF

9.9

18

12.2

Historical Performance (%)

Chief Executive Officer


Head of Corporate Strategy
Chief Operating Officer
Head of Risk & Compliance
Head of Investments
Head of Investment Advisory/
Senior Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager
1,259
110.8650
39.45

Fund Performance
BM
YTD
9.56%
Month (Mar '15):
8.18%
Credit Quality (as % of Total Assets)
67.69%
A
Govt. Sec / Guar.
AAA
0.00%
AAA+
0.00%
BBB+
AA
7.56%
BBB
AA11.55%
Below IG
A+
6.27%
MTS/NR/UR
TFC/Sukuk Holdings (% of Total Assets)
Bank Alfalah Ltd. V - (20-Feb-13)
NIB Bank 19-06-2014
E. Fert Sukuk (09-07-2014)
Faysal Bank Ltd. - (27-Dec-10)
Pak Mobile Communication - (18-Apr-12)
Bank Al Falah (2Dec09) Floating
Askari Bank Limited (18-Nov-09)

AGIF
13.85%
11.79%
0.00%
0.00%
0.00%
0.00%
0.00%
6.92%
6.21%
2.34%
3.93%
3.51%
1.70%
0.73%
1.11%

0
FY11

FY12

FY13

FY14

Details of Non-Compliant Investments


Name

Rolling Returns
Mar-14
AGIF
9.61%
BM
10.11%

Value before
Provisioning

Type

Apr-14
6.42%
10.18%

May-14
7.39%
10.17%

Jun-14
7.81%
10.17%

Jul-14
9.29%
10.17%

Provisioning
Held, if any

Aug-14
9.75%
10.18%

Sep-14
9.86%
10.18%

Value after
Provisioning

Oct-14
14.62%
10.19%

Nov-14
16.87%
9.86%

% Gross
Assets

Dec-14
13.72%
9.65%

Jan-15
21.18%
9.18%

% Net
Assets

Feb-15
12.64%
8.49%

Mar-15
11.79%
8.18%

WWF Disclaimer
The Board of Directors of the Management Company in their meeting held in July 2013 have decided to start prospective provisioning against WWF effective from July 1,
2013. However, the Fund/Scheme has not made provisions amounting to Rs. 15.570mn upto June 30, 2013 against Workers' Welfare Fund liability, if the same were made
the NAV per unit/return of the Scheme would be lower by Rs.100.4208 or 1.37%. The sum provided in this regard stands at Rs. 5,132,660 had this provision not been
made, the YTD return would have been higher by Rs. 0.4520 or 0.45%. For details, investors are advised to read the latest Financial Statements of the Scheme.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand
the investment policies and risks involved.
MUFAP's Recommended Format

Alfalah GHP Income Multiplier Fund


Fund Rating: "A(f)" by PACRA 19-Mar-15
AMC Rating: "AM3+" by PACRA 20-Jun-14
Investment Objective
The investment objective of Alfalah GHP Income Multiplier Fund (AGIMF) is to generate stable and consistent returns while seeking capital preservation through a
diversified portfolio of high quality debt securities and liquid money market instruments and placements.
Basic Information
Category: Aggressive Income
Fund Type: Open Ended
Benchmark: 12 Month KIBOR
Launch Date: June 15, 2007
Par Value: PKR 50/Pricing: Forward Day
Sales Load: 3.00%
Risk Profile: High
Leverage: Nil

Investment Committee
Maheen Rahman,
Ather H. Medina
Noman Soomro
Shariq Mukhtar Hashmi
Nabeel Malik
Muddasir Ahmed Shaikh

Management Fee: 1.25%


Min. Initial Investment: PKR 5,000/Min. Subseq. Investment: PKR 1,000/Trustee: CDC Pakistan Limited
Auditor: E&Y, Ford Rhodes Sidat Hyder
Listing: Karachi Stock Exchange
Dealing Days: Monday - Friday
Cut-off Time: 9:00 am - 5:00 pm

Imran Altaf, CFA


Kashif Kasim

Asset Allocation (as % of Total Assets)


Mar

Fund Statistics
Fund Size (PkR mn; as on Mar 31, 2015):
NAV (PkR):
Wtd. Average Maturity (months):
Since Inception Return

62.3

Feb

60

65.0

70
50

1.6
6.3

4.7
4.3

13.6
12.6
-

10

6.1
4.9

20

8.9
9.6

40
30

Others

Spread Trans.

MTS

CPs

T-Bills

PIBs

TFCs/Sukuks

Gov. Guar./
Ijara Sukuk

Rev. Repo ag.


other Secs.

Rev. Repo ag.


GS

Plac. with
NBFCs

Plac. with
Banks/DFIs

Cash

10.2

12.4

11.2

12.8

13.9

12

10.3

Historical Performance (%)


18

6
0
FY12
-3.9

-2.4

FY11
-6

FY13
AGIMF

Chief Executive Officer


Head of Corporate Strategy
Chief Operating Officer
Head of Risk & Compliance
Head of Investments
Head of Investment Advisory/
Senior Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager
3,070
54.1173
42.74
7.00%

Fund Performance
YTD
Month (Mar '15):

BM
9.83%
8.39%

AGIMF
16.75%
14.50%

Credit Quality (as % of Total Assets)


71.9%
Govt. Guar.
AAA
0.0%
AA+
12.6%
AA
5.8%
AA0.2%
A+
2.3%

A
ABBB+
BBB
Below IG
NR/UR
TFC/Sukuk Holdings (% of Total Assets)
Engro Fertilizer - SUKUK
Maple Leaf Cement - (3-Dec-07)
K-Electric - (19-Mar-14)
GOP Ijara Sukuk (28-Jun-15)
Bank Alfalah Ltd. - (20-Feb-13)
Security Leasing - (28-Mar-06)

0.0%
1.0%
0.0%
0.0%
0.0%
6.3%
1.62%
0.98%
0.83%
0.00%
0.20%
0.03%

FY14
BM

Details of Non-Compliant Investments


Name

1- Year Rolling Returns


Mar-14
Apr-14
AGIMF
13.18%
8.15%
BM
10.41%
10.46%

Value before
Provisioning

Type

May-14
9.36%
10.44%

Jun-14
31.56%
10.45%

Jul-14
8.91%
10.45%

Provisioning
Held, if any

Aug-14
9.29%
10.48%

Sep-14
9.65%
10.50%

Value after
Provisioning

Oct-14
19.36%
10.50%

Nov-14
18.22%
10.14%

% Gross
Assets

Dec-14
19.28%
9.95%

Jan-15
29.98%
9.38%

% Net
Assets

Feb-15
13.92%
8.76%

Mar-15
14.50%
8.39%

WWF Disclaimer
The Fund/Scheme has maintained provisions amounting to Rs. 13.751mn against Workers' Welfare Fund liability, if the same were not made the NAV per unit/return of
the Scheme would be higher by Rs.0.2424 / 0.50%. For details, investors are advised to read the latest Financial Statements of the Scheme.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to
understand the investment policies and risks involved.
MUFAP's Recommended Format

Alfalah GHP Islamic Income Fund

(Formerly IGI Islamic Income Fund)

Fund Rating: "A+(f)" by PACRA 13-Mar-14


AMC Rating: "AM3+" by PACRA 20-Jun-14

Investment Objective
The investment objective of Alfalah GHP Islamic Income Fund (AGIIF) is to minimize risk, construct a liquid portfolio of shariah approved fixed income investments and provide
competitive returns to the Unit Holders. The management team shall ensure the active implementation of prudent investment practices, the highest professional standards and
compliance with applicable laws.
Basic Information
Category: Islamic Income Scheme Management Fee: 1.00%
Fund Type: Open Ended
Min. Initial Investment: PKR 5,000/Benchmark: Avg. 6 Mth Dep.
Min. Subseq. Investment: PKR 1,000/Trustee: CDC Pakistan Limited
Rates - 3 Islamic Banks
Launch Date: December 3, 2009 Auditor: E&Y, Ford Rhodes Sidat Hyder
Par Value: 100
Listing: Lahore Stock Exchange
Pricing: Forward Day
Dealing Days: Monday - Friday
Sales Load: 1.00%
Cut-off Time: 9:00 am - 4:00 pm
Risk Profile: Low
Leverage: Nil
Asset Allocation (as % of Total Assets)
Feb

80

Mar

1.9
2.1

27.6
19.2

20

Others

Spread Trans.

MTS

CPs

T-Bills

PIBs

TFCs/Sukuks

Govt. Backed/
Gov. Guar.

Rev. Repo ag.


other Secs.

Rev. Repo ag.


GS

Plac. with
NBFCs

Plac. with
Banks/DFIs

Cash

Historical Performance (%)

6.7

6.0

7.2

7.4

BM

8.4

8.6

10.2

AGIIF

9.7

18

12

103
106.3287
15.21
9.84%

Since Inception Return

60
40

Chief Executive Officer


Head of Corporate Strategy
Chief Operating Officer
Head of Risk & Compliance
Head of Investments
Head of Investment Advisory/
Senior Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager

Imran Altaf, CFA


Kashif Kasim
Fund Statistics
Fund Size (PkR mn; as on Mar 31, 2015):
NAV (PkR):
Wtd. Average Maturity (months):

70.5
78.7

100

Investment Committee
Maheen Rahman,
Ather H. Medina
Noman Soomro
Shariq Mukhtar Hashmi
Nabeel Malik
Muddasir Ahmed Shaikh

Fund Performance
YTD
Month (Mar '15):

BM
6.69%
6.33%

Credit Quality (as % of Total Assets)


49.77%
Govt. Guar.
AAA
19.19%
AA+
0.00%
AA
0.00%
AA0.00%
A+
28.92%

AGIIF
7.09%
7.44%

A
ABBB+
BBB
Below IG
NR/UR

0.00%
0.00%
0.00%
0.00%
0.00%
2.12%

TFC/Sukuk Holdings (% of Total Assets)


K. Electric Sukuk - 3 year
Engro Fertilizer Sukuk
GOP Ijara Sukuk - IX
GOP Ijara Sukuk - XII

14.65%
14.28%
43.07%
6.70%

0
FY11

FY12

FY13

FY14

Details of Non-Compliant Investments


Name
Karachi Electic

1 Year - Rolling Returns


Mar-14
Apr-14
AGIIF
5.92%
3.82%
BM
6.69%
6.67%

Value before
Provisioning
15,438,000

Type
Sukuk

May-14
9.85%
6.67%

Jun-14
3.30%
6.67%

Jul-14
-1.31%
6.70%

Provisioning
Held, if any
0

Aug-14
6.96%
6.69%

Sep-14
9.42%
6.70%

Value after
Provisioning
15,438,000

Oct-14
6.10%
6.73%

Nov-14
9.74%
6.86%

% Gross
Assets
14.65%

Dec-14
8.02%
6.76%

Jan-15
8.89%
6.68%

% Net
Assets
15.04%

Feb-15
6.46%
6.74%

Mar-15
7.44%
6.33%

WWF Disclaimer
The Board of Directors of the Management Company in their meeting held in July 2013 have decided to start prospective provisioning against WWF effective from July 1, 2013.
The Fund/Scheme has not made provisions amounting to Rs. 2.248mn upto June 30, 2013 against Workers' Welfare Fund liability, if the same were made the NAV per unit/return
of the Scheme would be lower by Rs.2.3281 / 2.31%. The sum provided in this regard stands at Rs. 227,809 had this provision not been made, the YTD return would have been
higher by Rs. 0.2133 / 0.21%. For details, investors are advised to read the latest Financial Statements of the Scheme.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies
and risks involved.
MUFAP's Recommended Format

Alfalah GHP Alpha Fund


Fund Rating: "2 Star" by PACRA 21-Nov-14
AMC Rating: "AM3+" by PACRA 20-Jun-14
Investment Objective
The investment objective of Alfalah GHP Alpha Fund (AGAF) is seeking long term capital appreciation from a portfolio that is substantially constituted of equity and
equity related securities.
Basic Information
Management Fee: 1.75%
Category: Equity Scheme
Min. Initial Investment: PKR 5,000/Fund Type: Open Ended
Min. Subseq. Investment: PKR 1,000/Benchmark: KSE100
Launch Date: September 9, 2008 Trustee: CDC Pakistan Limited
Auditor: E&Y, Ford Rhodes Sidat Hyder
Par Value: PKR 50/Listing: Karachi Stock Exchange
Pricing: Forward Day
Dealing Days: Monday - Friday
Sales Load: 5.00%
Cut-off Time: 9:00 am - 5:00 pm
Risk Profile: Moderate to High
Leverage: Nil
Asset Allocation (as % of Total Assets)
93.5
82.9

125
100

Feb

Investment Committee
Maheen Rahman,
Ather H. Medina
Noman Soomro
Shariq Mukhtar Hashmi
Nabeel Malik
Muddasir Ahmed Shaikh
Imran Altaf, CFA
Kashif Kasim
Fund Statistics
Fund Size (PkR mn; as on Mar 31, 2015):
NAV (PkR):

Mar

16.8

0.6

5.9
0.3

50

Others

Spread Trans.

MTS

CPs

T-Bills

PIBs

TFCs/Sukuks

Govt. Backed/
Gov. Guar.

Rev. Repo ag.


other Secs.

Rev. Repo ag.


GS

Stocks/
Equities

T-Bills

Cash

Historical Performance (%)


100

AGAF

BM

41.6
0.0

10.5

2.7

28.5

16.7

20

39.8

60

52.2

80

40

0
FY11

452
61.6700
5.06%
23.58%

Standard Deviation
Since Inception

75

25

Chief Executive Officer


Head of Corporate Strategy
Chief Operating Officer
Head of Risk & Compliance
Head of Investments
Head of Investment Advisory/
Senior Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager

FY12

FY13

FY14

Fund Performance
YTD
Month (Mar'15):

BM
1.96%
-10.10%

AGAF
7.16%
-10.39%

Asset Allocation (Sector Wise as a % of Total Assets)


Construction & Materials
Chemicals
Automobile & Parts
Electricity
HOUSEHOLD GOODS
Others
Total

20.3%
19.0%
16.0%
15.3%
4.3%
7.9%
82.9%

Top 10 Holdings (% of Total Assets)


Engro Corporation
Honda Atlas Cars (Pakistan) Limited
Kot Addu Power
Pak Suzuki Motor Company
Engro Fertilizer Limited
Hub Power Company
Lucky Cement
Pak Electron
Nishat Power Limited
Maple Leaf Cement Factory Limited

7.29%
6.42%
6.26%
5.97%
5.46%
5.04%
4.58%
4.33%
4.00%
3.65%

Details of Non-Compliant Investments


Name

1 - Year Rolling Returns


Mar-14
Apr-14
AGAF
3.85%
5.90%
BM
5.34%
6.45%

Value before
Provisioning

Type

May-14
1.84%
2.85%

Jun-14
0.14%
-0.29%

Jul-14
3.53%
2.23%

Provisioning
Held, if any

Aug-14
-6.92%
-5.76%

Sep-14
6.17%
4.06%

Value after
Provisioning

Oct-14
3.36%
2.19%

Nov-14
3.32%
2.70%

% Gross
Assets

Dec-14
5.31%
2.99%

Jan-15
5.72%
7.20%

% Net
Assets

Feb-15
-1.70%
-2.36%

Mar-15
-10.39%
-10.10%

WWF Disclaimer
The Fund/Scheme has maintained provisions amounting to Rs. 4.389mn against Workers' Welfare Fund liability, if the same were not made the NAV per unit/return of
the Scheme would be higher by Rs.0.5994 / 1.04%. For details, investors are advised to read the latest Financial Statements of the Scheme.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to
understand the investment policies and risks involved.
MUFAP's Recommended Format

Alfalah GHP Stock Fund

(Formerly IGI Stock Fund)


Fund Rating: "3 Star" by PACRA 21-Nov-14
AMC Rating: "AM3+" by PACRA 20-Jun-14

Investment Objective
The investment objective of Alfalah GHP Stock Fund (AGSF) is to seek long-term capital growth by investing primarily in a diversified pool of equities and equity related
instruments, management team shall ensure the active implementation of prudent investment practices, the highest professional standards and compliance of applicable
laws.
Basic Information
Category: Equity Scheme
Fund Type: Open Ended
Benchmark: KSE-100
Launch Date: July 15, 2008
Par Value: 100
Pricing: Forward Day
Sales Load: 2.50%
Risk Profile: High
Leverage: Nil
Asset Allocation (as % of Total
100

Imran Altaf, CFA


Kashif Kasim
Fund Statistics
Fund Size (PkR mn; as on Mar 31, 2015):
NAV (PkR):
Standard Deviation
Since Incepetion (Avg. Annual)

Assets)

91.3
91.8

125

Investment Committee
Maheen Rahman,
Ather H. Medina
Noman Soomro
Shariq Mukhtar Hashmi
Nabeel Malik
Muddasir Ahmed Shaikh

Management Fee: 2.00%


Min. Initial Investment: PKR 5,000/Min. Subseq. Investment: PKR 1,000/Trustee: CDC Pakistan Limited
Auditor: E&Y, Ford Rhodes Sidat Hyder
Listing: Lahore Stock Exchange
Dealing Days: Monday - Friday
Cut-off Time: 9:00 am - 4:00 pm

Feb

Mar

75

0.4
1.6

25

8.2
6.7

50

Others

Spread Trans.

MTS

CPs

T-Bills

PIBs

TFCs/Sukuks

Govt. Backed/
Gov. Guar.

Rev. Repo ag.


other Secs.

Rev. Repo ag. GS

Stocks/ Equities

T-Bills

Cash

Historical Performance (%)


100
BM
66.4

AGSF

20

24.6
10.4

13.3

28.5

40

30.3

60

41.2

52.2

80

0
FY11

FY12

FY13

FY14

Fund Performance
YTD
Month (Mar '15):

Chief Executive Officer


Head of Corporate Strategy
Chief Operating Officer
Head of Risk & Compliance
Head of Investments
Head of Investment Advisory/
Senior Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager
989.573
110.0441
7.62%
28.91%
BM
1.96%
-10.10%

AGSF
7.15%
-10.17%

Asset Allocation (Sector Wise as a % of Total Assets)


Construction & Materials
Chemicals
Automobile & Parts
Electricity
Oil & Gas
Others
Total

21.70%
21.48%
14.51%
13.84%
5.67%
1.58%
91.77%

Top 10 Holdings (% of Total Assets)


Engro Corporation
Kot Addu Power
Engro Fertilizer Limited
Pak Suzuki Motor Company
Hub Power Company
Honda Atlas Cars (Pakistan) Limited
Lucky Cement
Maple Leaf Cement Factory Limited
Pak Electron
United Bank Limited

7.75%
7.12%
6.55%
6.39%
5.59%
5.02%
4.53%
4.07%
3.87%
3.82%

Details of Non-Compliant Investments


Name

1 year - Rolling Returns


Mar-14
Apr-14
AGSF
3.22%
5.27%
BM
5.34%
6.45%

Value before
Provisioning

Type

May-14
1.93%
2.85%

Jun-14
1.00%
-0.29%

Jul-14
2.87%
2.23%

Provisioning
Held, if any

Aug-14
-6.78%
-5.76%

Sep-14
5.78%
4.06%

Value after
Provisioning

Oct-14
3.05%
2.19%

Nov-14
3.81%
2.70%

% Gross
Assets

Dec-14
5.27%
2.99%

Jan-15
6.59%
7.20%

% Net
Assets

Feb-15
-2.05%
-2.36%

Mar-15
-10.17%
-10.10%

WWF Disclaimer
The Board of Directors of the Management Company in their meeting held in July 2013 have decided to start prospective provisioning against WWF effective from July
1, 2013. However, the Fund/Scheme has not made provisions amounting to Rs. 4.780mn upto June 30, 2013 against Workers' Welfare Fund liability, if the same were
made the NAV per unit/return of the Scheme would be lower by Rs.0.5315 / 0.52%. The YTD sum provided in this regard stands at Rs.2.90mn, had this provision not
been made, the YTD return would have been higher by Rs.0.3229 / 0.31%. For details, investors are advised to read the latest Financial Statements of the Scheme.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to
understand the investment policies and risks involved.
MUFAP's Recommended Format

Alfalah GHP Value Fund


Fund Rating: "3 Star" by PACRA 21-Nov-14
AMC Rating: "AM3+" by PACRA 20-Jun-14
Investment Objective
The investment objective of Alfalah GHP Value Fund (AGVF) is to generate stable and consistent returns from a well diversified portfolio consisting of high quality
equity and debt securities.
Basic Information
Category: Asset Alloc. Scheme
Fund Type: Open Ended
Benchmark: 50% KSE100 Index
Perfor. + 50% 6 Month KIBOR
Launch Date: October 29, 2005
Par Value: PKR 50/Pricing: Forward Day
Sales Load: 5.00%
Risk Profile: Moderate to High
Asset Allocation (as % of Total
71.9
64.9

80
70

Investment Committee
Maheen Rahman,
Ather H. Medina
Noman Soomro
Shariq Mukhtar Hashmi
Nabeel Malik
Muddasir Ahmed Shaikh

Management Fee: 2.00%


Min. Initial Investment: PKR 5,000/Min. Subseq. Investment: PKR 1,000/Trustee: CDC Pakistan Limited
Auditor: E&Y, Ford Rhodes Sidat Hyder
Listing: Karachi Stock Exchange
Dealing Days: Monday - Friday
Cut-off Time: 9:00 am - 5:00 pm
Leverage: Nil
Assets)
Feb

Imran Altaf, CFA


Kashif Kasim
Fund Statistics
Fund Size (PkR mn; as on Mar 31, 2015):
NAV (PkR):
Since Inception (Avg. Annualized)

Mar

60
50

MTS

Spread Trans.

2.0
10.3

TFCs/Sukuks

CPs

Govt. Backed/
Gov. Guar.

0.0
-

Rev. Repo ag.


other Secs.

9.8
11.0
-

10

Rev. Repo ag.


GS

20

16.2
13.7

40

30

Others

T-Bills

PIBs

Stocks/
Equities

T-Bills

Cash

Historical Performance (%)


100

AGVF

BM

80

5.8

25.5

19.5

31.1

11.5

20.1
5.7

20

30.1

60
40

0
FY11

FY12

FY13

Chief Executive Officer


Head of Corporate Strategy
Chief Operating Officer
Head of Risk & Compliance
Head of Investments
Head of Investment Advisory/
Senior Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager

FY14

501
59.4313
9.36%

Fund Performance
YTD
Month (Mar '15):

BM
4.15%
-4.70%

AGVF
7.98%
-7.53%

Asset Allocation (Sector Wise as a % of Total Assets)


Electricity
Chemicals
Construction & Materials
Automobile & Parts
Commercial Banks
Others
Total

20.07%
14.35%
9.12%
7.68%
3.02%
10.69%
64.94%

Top 10 Holdings (% of Total Assets)


KAPCO
HUBC
ENGRO
EFERT
PSMC
LUCK
MLCF
HASCOL
UBL
KTML

9.00%
8.20%
6.44%
5.83%
4.76%
3.85%
3.37%
3.22%
2.05%
1.96%

Details of Non-Compliant Investments


Name
Agritech Limited

Type
Term Finance Cert.

1- Year Rolling Returns


Mar-14
Apr-14
AGVF
2.32%
3.20%
BM
3.10%
3.65%

May-14
0.79%
1.84%

Jun-14
1.49%
0.27%

Value before
Provisioning
5,705,000

Jul-14
1.33%
1.51%

Provisioning
Held, if any
-5,705,000

Aug-14
-4.84%
-2.49%

Sep-14
4.60%
2.42%

Value after
Provisioning
0

Oct-14
1.91%
1.53%

Nov-14
2.73%
1.77%

% Gross
Assets
0.0%

Dec-14
3.90%
1.91%

Jan-15
6.44%
3.99%

% Net
Assets
0.0%

Feb-15
0.01%
-0.86%

Mar-15
-7.53%
-4.70%

WWF Disclaimer
The Fund/Scheme has maintained provisions amounting to Rs. 11.54mn against Workers' Welfare Fund liability, if the same were not made the NAV per unit/return of
the Scheme would be higher by Rs.1.3694 / 2.49%. For details, investors are advised to read the latest Financial Statements of the Scheme.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to
understand the investment policies and risks involved.
MUFAP's Recommended Format

Alfalah GHP Islamic Fund


Fund Rating: "4 Star" by PACRA 21-Nov-14
AMC Rating: "AM3+" by PACRA 20-Jun-14
Investment Objective
The investment objective of Alfalah GHP Islamic Fund (AGIF) is seeking long term capital appreciation and income from a diversified portfolio developed in consistence
with the principles of Shariah.
Basic Information
Category: Islam. Asset Allo.
Management Fee: 2.00%
Fund Type: Open Ended
Min. Initial Investment: PKR 5,000/Benchmark: 50% KMI30 Index
Min. Subseq. Investment: PKR 1,000/Perfor. + 50% 6 Month Dep. Rate Trustee: CDC Pakistan Limited
Launch Date: September 4, 2007 Auditor: E&Y, Ford Rhodes Sidat Hyder
Par Value: PKR 50/Listing: Karachi Stock Exchange
Pricing: Forward Day
Dealing Days: Monday - Friday
Sales Load: 5.00%
Cut-off Time: 9:00 am - 5:00 pm
Risk Profile: Moderate to High
Leverage: Nil
Asset Allocation (as % of Total Assets)
63.4
67.7

80

Feb

Investment Committee
Maheen Rahman,
Ather H. Medina
Noman Soomro
Shariq Mukhtar Hashmi
Nabeel Malik
Muddasir Ahmed Shaikh
Imran Altaf, CFA
Kashif Kasim
Fund Statistics
Fund Size (PkR mn; as on Mar 31, 2015):
NAV (PkR):

Mar

40

Fund Performance
YTD
Month (Mar '15):
-

T-Bills

CPs

MTS

Spread Trans.

Govt. Backed/
Gov. Guar.

PIBs

Rev. Repo ag.


other Secs.

16.6
13.2
Rev. Repo ag.
GS

2.1
6.2

Since Inception
17.9
13.0

60

20

Others

TFCs/Sukuks

Stocks/
Equities

T-Bills

Cash

Historical Performance (%)


100

AGIF

BM

80

17.1

18.4

30.5

36.3
10.6

10.2

20

12.1

25.6

60
40

0
FY11

FY12

FY13

Chief Executive Officer


Head of Corporate Strategy
Chief Operating Officer
Head of Risk & Compliance
Head of Investments
Head of Investment Advisory/
Senior Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager

FY14

479
58.1414
14.97%
BM
4.29%
-3.70%

AGIF
6.92%
-7.34%

Asset Allocation (Sector Wise as a % of Total Assets)


Electricity
Construction & Material
Chemicals
Autos
Personal Goods
Other
Total

19.88
14.09
10.95
9.22
4.57
8.97
67.69

Top 10 Holdings (% of Total Assets)


Kot Addu Power Co.
Hub Power Co, Limited
Engro Corporation Ltd.
K-Electric Sukuk (19-Mar-14)
Engro Fertilizer Sukuk (9-Jul-14)
Pak Suzuki Motor Co.
Maple Leaf Cement Factory
Lucky Cement
DG Khan Cement
Nishat Mills

10.87%
9.02%
6.72%
6.27%
6.11%
5.87%
3.99%
3.91%
3.39%
2.84%

Details of Non-Compliant Investments


Name

1 - Year Rolling Returns


Mar-14
Apr-14
AGIF
1.70%
2.30%
BM
2.29%
1.94%

Value before
Provisioning

Type

May-14
0.46%
1.24%

Jun-14
1.74%
0.18%

Jul-14
1.29%
1.63%

Provisioning
Held, if any

Aug-14
-3.81%
-2.26%

Sep-14
3.68%
2.31%

Value after
Provisioning

Oct-14
0.99%
0.62%

Nov-14
2.70%
1.38%

% Gross
Assets

Dec-14
3.00%
1.23%

Jan-15
7.14%
3.40%

% Net
Assets

Feb-15
-0.19%
0.00%

Mar-15
-7.34%
-3.70%

WWF Disclaimer
The Fund/Scheme has maintained provisions amounting to Rs. 8.971mn against Workers' Welfare Fund liability, if the same were not made the NAV per unit/return of
the Scheme would be higher by Rs.1.0899 / 2.00%. For details, investors are advised to read the latest Financial Statements of the Scheme.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to
understand the investment policies and risks involved.
MUFAP's Recommended Format

Alfalah GHP Capital Preservation Fund

Fund: Not Yet Rated


AMC: "AM3+" by PACRA 20-Jun-14

Investment Objective
The objective of the Fund is to earn a potentially high return through dynamic asset allocation between Equities and Sovereign Income/Money Market based Collective
Investment Schemes in order to provide capital preservation of the Initial Investment Value at completion of the Duration of Fund
Basic Information
Category: Fund of Funds Scheme
Fund Type: Open Ended
Benchmark: W.A daily return of
KSE100 & 6M D.Rate of 'AA-' &
Above Banks, based on actual
participation in equity & debt
component
Pricing: Forward Day
Load:5.00% (Front & Backend)
Cut-off
Time:Low
9:00
am - 4:00
pm
*Not
if invested
in funds
Risk Applicable
Profile:

Management Fee: 1.25%*


Min. Initial Investment: PKR 5,000/Min. Subseq. Investment: PKR 1,000/Trustee: MCBFSL
Launch Date: Sep 18, 2014
Par Value: 100
Auditor: E&Y, Ford Rhodes Sidat Hyder
Dealing Days: Monday - Friday
Listing: Lahore Stock Exchange
Leverage:byNilAGIML
managed

Holdings (as % of Total Assets)


Feb

50

Mar

21.7

22.7

23.9

30.2

40

30

20

0.1

0.0

0.1

0.1

10

0
Equity Funds Money Market Sovereign /
Funds
Income Funds

Others

Chief Executive Officer


Head of Corporate Strategy
Chief Operating Officer
Head of Risk & Compliance
Head of Investments
Head of Investment Advisory/
Senior Portfolio Manager
Portfolio Manager
Jr. Portfolio Manager

Imran Altaf, CFA


Kashif Kasim
Fund Statistics
Fund Size (PkR mn; as on Mar 31st, 2015):
NAV (PkR):
Since Inception Return

47.0

54.3

60

Investment Committee
Maheen Rahman,
Ather H. Medina
Noman Soomro
Shariq Mukhtar Hashmi
Nabeel Malik
Muddasir Ahmed Shaikh

Cash

Leverage

Fund Performance
YTD
Month (Mar '15):
Asset Allocation (as % of Total Assets)
Equity Funds
Money Market Funds
Sovereign/Income Funds
Others
Cash
Leverage
Credit Quality (as % of Total Assets)
AAA (f)
AA+ (f)
AA
AA- (f)
A+
2 Star
3 Star
NR/UR

1,660
103.0611
3.06%
13.62%
BM
1.71%
-3.51%

AGCPF
3.06%
-3.74%
22.68%
46.97%
30.21%
0.07%
0.08%
0.00%
29.67%
17.30%
0.08%
30.21%
0.00%
11.42%
11.26%
0.07%

Details of Non-Compliant Investments


Name

1 Year -Rolling Returns


Mar-14
Apr-14
AGCPF
BM
BM
---

Value before
Provisioning

Type

May-15
--

Jun-14
--

Jul-14
--

Provisioning
Held, if any

Aug-14
--

Sep-14
9.10%

Value after
Provisioning

Oct-14
0.01%
0.06%
9.11%

Nov-14
0.63%
0.90%
9.20%

% Gross
Assets

Dec-14
2.59%
1.50%
9.24%

Jan-15
3.94%
3.81%

% Net
Assets

Feb-15
-0.67%
-1.07%

Mar-15
-3.74%
-3.51%

WWF Disclaimer
The Fund/Scheme has maintained provisions amounting to Rs. 1.00mn against Workers' Welfare Fund liability, if the same were not made the NAV per unit/return of the
Scheme would be higher by Rs.0.0620 / 0.06%. For details, investors are advised to read the latest Financial Statements of the Scheme.
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/profit lock in thereon are dependent on forces and
factors affecting the capital markets. Past performance is not necessarily indicative of future results. Capital Preservation only applies to the unit holders who hold their
investments until maturity date. All returns are calculated assuming reinvested dividends. Please read the Offering Document to understand the investment policies and
risks involved.
* Not Applocable, if invested in funds managed by AGIML
MUFAP's Recommended Format