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Fund Manager ReportJune 2016Use YourNAFA ATM Card Or Internet &Instantly Transfer MoneyFrom Your NAFA FUNDS Accountto any Bank in PakistanDisclaimer: 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. Allinvestments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investmentpolicies and the risks involved.

Table of ContentsPg. 01CEO’s Write-upPg. 02Capital Markets ReviewPg. 04NAFA Government Securities Liquid FundPg. 05NAFA Money Market FundPg. 06NAFA Government Securities Savings FundPg. 07NAFA Savings Plus FundPg. 08NAFA Riba Free Savings FundPg. 09NAFA Financial Sector Income FundPg. 10NAFA Islamic Aggressive Income FundPg. 11NAFA Income Opportunity FundPg. 12NAFA Income FundPg. 13NAFA Asset Allocation FundPg. 14NAFA Islamic Asset Allocation FundPg. 15NAFA Multi Asset FundPg. 16NAFA Islamic Stock FundPg. 17NAFA Stock FundPg. 18NAFA Pension FundPg. 19NAFA Islamic Pension FundPg. 20NAFA Islamic Principal Protected Fund-I (NIPPF-I)Pg. 21NAFA Islamic Principal Protected Fund-II (NIPPF-II)Pg. 22NAFA Islamic Principal Preservation Fund (NIPPF)Pg. 23NAFA Islamic Active Allocation Plan-I (NIAAP-I)Pg. 24NAFA Islamic Active Allocation Plan-II (NIAAP-II)Pg. 25NAFA Islamic Active Allocation Plan-III (NIAAP-III)Pg. 26NAFA Active Allocation Riba Free Savings FundPg. 27NAFA Islamic Active Allocation Equity FundPg. 28NAFA Islamic Energy FundPg. 29Table of ContentsPerformance Summary Sheet of NAFA’s Key Funds

Performance Summary of NAFA’s Key Funds“June 2016”FundNameFundNameFund SizeSize Stability InceptionFund(Rs.InIn Crore)Crore)(Rs.RatingDateJune2016Lowest RiskNMMFNGSLFAAA (f) 15-May-09711AA (f)23-Feb-12BenchmarkNSPFNAFA Savings Plus Fund52AA- (f) 21-Nov-09BenchmarkNRFSFNAFA Riba Free Savings Fund116A (f)20-Aug-10BenchmarkNAFA Financial Sector Income FundNFSIF125A (f)28-Oct-11BenchmarkRisk ProfileModerate RiskNIAIFNIOF317BenchmarkNAFA Money Market FundNAFA Income Opportunity Fund627A (f)21-Apr-06BenchmarkNAFA Islamic Aggressive Income Fund257A- (f)26-Oct-07BenchmarkNAAFNMFNIAAFHighest RiskNSFNISF11720-Aug-1013319-Jan-07BenchmarkNAFA Islamic Asset Allocation Fund54426-Oct-07BenchmarkNAFA Stock Fund79419-Jan-07BenchmarkNAFA Islamic Stock urnsCumulative ReturnsBenchmarkNAFA Multi Asset FundFY20145.7%Equity Related FundsNAFA Asset Allocation FundFY2015Annualized ReturnsFixed Income FundsNAFA Government Securities Liquid an/a16.8%4.6%15.5%n/an/an/an/a17.1%Notes: 1) Performance is net of management fee and all expenses. The calculation of performance does not include cost of front-end load. The performance reported is based ondividend reinvestment (gross of with-holding tax where applicable).2) Tax credit also available as per section 62 of Income Tax Ordinance, 2001.3) Taxes Apply.n/a Not applicable.Asset Manager Rating: AM2 by PACRA (High Investment Management Standards)Note: Detailed monthly reports of NAFA Funds are available on our website at www.nafafunds.comDisclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell the fund. All investments in mutual fundsand pension funds are subject to market risks. Past Performance is not necessarily indicative of future results. Please read the Offering Document to understand investment policies and the risks involved.Page 01

Fiscal Year 2017 Economic and Investment OutlookPakistan’s economy finished fiscal year 2016 on a promising note though mainly helped by the global developments, notably asharp decline in global commodity prices including crude oil. This is reflected in the following indicators: (i) low Inflationarypressures as captured by 2.9% average CPI inflation in FY16; (ii) strengthening balance of payments position as manifested inrecord foreign exchange reserves (USD23.1bn that translate to 27 weeks of import cover) ; (iii) stable exchange rate as reflectedin just 3.0% PKR depreciation against US Dollar during the fiscal year; (iv) budget deficit shrunk to under 4.5% of GDP due tolower subsidy burden and healthy tax revenue growth; (v) interest rates falling to mid-single digits; and (vi) economic growthaccelerating to an 8 year high of 4.7%.10%11%Inflationary pressures further subsided in FY1610%8%YoY InflationFY16 average CPI6%FY15 average CPI9%SBP DR8%1-Y Tbill -14Jul-14103%3.6%FY1015Mar-154.7%5%4%15Jan-15GDP growth hits multi-year highsFY1320Nov-14Jul-14206%FY12Forex reserves (USDbn)Import cover-weeks (LHS)2525FY11Significant improvement in reserves gnificant decline in interest ratesWe expect further pickup in domestic economy in FY17, driven by improving power supply situation, continuation of benignoil prices, a positive macroeconomic policy direction, and tangible progress on CPEC related projects. In fact, Pakistanieconomy, being mainly domestic demand driven with limited global financial and trade linkages, is among the few economiesprojected to do better in the current uncertain global political and macroeconomic environment.We expect GDP growth to hit 5% mark in FY17, on the back of robust consumption and rising investment demand, along witha reasonable degree of macroeconomic stability. For instance, though we foresee some increase in headline inflation numbersduring FY17 albeit from low levels, owing to reversal of base effect, gradual increase in commodity prices from their trough,levy of new taxes and measured PKR depreciation, we expect headline inflation to still stay subdued at 5.5%. On the externalside, we anticipate overall balance of payments position to remain comfortable on higher financial inflows even though thecurrent account deficit is likely to increase to 1.5% of GDP (US4.8bn) due to higher increase in imports, especially those relatedto energy and infrastructure projects, and a slowdown in remittances growth. On the fiscal front, while we find official fiscaldeficit target (3.8% of GDP) ambitious due to higher expected expenditure growth (pre-election spending and higher subsidies),we still think FY17 budget deficit would remain manageable at 4.5% of GDP.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 the fund. Allinvestments in mutual funds and pension funds are subject to market risks. The price of units may go up as well as down. Past Performance is not necessarily indicative of future results.Page 02

Foreign Exchange Market: In the foreign exchange market, Pak Rupee saw a modest 3.0% depreciation against the US Dollarduring FY16 compared to a larger decline in the emerging and regional currencies. Resultantly, an overvalued PKR hasnegatively impacted our export competitiveness as reflected in around 10% decline in exports during 11MFY16. Going forward,notwithstanding a comfortable balance of payments position, we expect around 4% depreciation of PKR against the US Dollarduring FY17 to partially restore export competitiveness.Fixed Income Market: During FY16, yield on fixed income avenues declined sharply driven by falling inflation and massiveliquidity injections by SBP. For instance, yield on 1 year T-bill decreased by around 107bp from 6.98% to 5.91% during thefiscal year. We think interest rates have bottomed out now and expect around 50bp rise in SBP policy rate in 2HFY17.Accordingly, we expect money market yields to move up by 50bps in 2HFY17 driven by rising inflation and healthy creditdemand from both public and private sector. In this backdrop, we prefer shorter-term fixed income avenues considering lowterm premium and lopsided upside risks to inflation and interest rates.Stock market: Despite improving macroeconomic fundamentals, the local stock market performance remained lackluster inFY16 amid heightened volatility, with the benchmark KSE 100 Index rising by around 10%. We attribute this subduedperformance to significant foreign selling and short-term corporate earnings slowdown led by energy, fertilizer and bank stocks.However, in an extremely positive development, Pakistani stock market has been recently upgraded to MSCI Emerging MarketIndex effective May 2017. It is widely estimated that around USD1.5trillion of emerging market funds follow MSCI EM Index.Though Pakistan would have a small 0.19% weight in the Index, it still equates to a staggering USD3billion. We expect sizableinflows to materialize in due course of time.Local stock market valuations, as captured in forward PE of 8.6 times and dividend yield of around 5%, are quite attractivevis-à-vis regional peers (average forward PE 12.4x) and a paltry 5-6% yield offered by the fixed income avenues. Post Pakistan’sre-entry in MSCI EM Index, we expect Pakistan’s market to rerate on improving macroeconomic fundamentals, attractive stockmarket valuations, and increasing foreign investor interest. Further, following a temporary hiccup in 2016, we expect corporateearnings growth to pick up momentum in 2017. Thus, we see local equity market to deliver healthy double-digit returns overthe next 12 months as Emerging Market funds gradually build position in Pakistani stocks.However, the stock market may exhibit higher volatility in the coming months on unfolding global political and policydevelopments (e.g. Brexit, US elections, monetary and exchange rate policies of major central banks etc.). We recommendinvestors to focus on improving local fundamentals, and ignore bouts of volatility, keeping a long-term perspective in mind.FY16 client-wise portfolio activity Thailand108PakistanSri LankaChinaTaiwan6IndiaForward PE ratioForeign aysia-300Mutual Funds-200NBFCs01414.11610015.118200-100Pakistani market at a sizable discount to PeersPage 03

Capital Markets ReviewJune 2016Stock Market ReviewThe month of June started on a positive note for the local equities, carrying the positive momentum that started after FY16lows hit in the last week of February. Adding to the investors’ optimism was the recently announced federal budgetFY2016-17 that envisages renewed focus on growth notably hard hit agriculture and exports sectors, without losing sight offiscal consolidation. Pakistan’s much awaited entry into widely tracked MSCI Emerging Market Index provided a tailwind tothe rally with the benchmark KSE 100 Index reaching a high of 38,777 on June 17, 2016. However, equities suffered ahorrific sell-off following a surprise decision by discontented UK voters to leave the EU (Brexit) in the historic referendum onJune 23, 2016, ignoring the consensus warnings of negative consequences for global economy and financial markets. PostBrexit, commodities (notably crude oil) with the exception of Gold pummeled, reflecting potential blow to the strugglingglobal economy. We believe that Pakistani economy being domestic demand driven with limited international trade andfinancial linkages is considerably immune to any slowdown in the global economy. We reiterate our view that the foreignportfolio activity will be the determining factor for the direction of local equities going forward. We expect gradual inflowsinto the local equities on the back of positive macroeconomic outlook, relatively attractive valuations, and improved securitysituation. The equities finished the month on an upswing with renewed pullback in crude oil prices and recovery in theglobal equities and recalibration of risk premium.Overall, during FY16, KSE 100 Index posted 10% return verses 16% return during FY15 driven by subdued corporateearnings growth led by Banking, Oil & Gas and fertilizer sectors. In addition, equities faced headwinds emanating fromunconventional and experimental monetary policies pursued by the global central banks; plunge in commodities, notablycrude oil with partial off late recovery; and rising concerns on the global economic growth. During the month, Cement,Banking, Refinery, and Pharmaceutical sectors performed better than the market whereas Engineering, Oil & Gas,Automobile, Fertilizer, and Textile sectors lagged behind.We hold a positive outlook on equities based on attractive stock market valuations, benign near-term inflation and interestrate outlook, improving macroeconomic prospects, and increasing odds of large portfolio inflows post PSX’s entry into MSCIEM Index effective May 2017. We expect equities to deliver a healthy double digit returns during FY17 that still looktantalizing given 6.1% return offered by 3 year PIB. That said, the volatility may remain elevated on the back of fluid global& domestic politics, concerns on the global growth, and global policy uncertainty.Money Market ReviewInflation as measured by CPI clocked in at 3.2% in line with the last month’s reading. We expect inflation to remain benignin the near term on still soft commodity prices and better supply side management. During June 2016, PIBs and longertenor-bills yield further declined by around 10-30 bps on account of more liquidity injections by State Bank of Pakistan (SBP)as reflected by increase in Open Market Operation (OMO) size to Rs1.45 trillion from Rs1.39 trillion in the beginning of themonth. Pak Rupee exhibited stability amid build up in foreign exchange reserves to over USD23.1 billion at month end,equivalent to 27 weeks of imports.During the month, SBP conducted two T-Bill auctions with a combined target of Rs. 200 billion and a maturity of Rs. 72billion. In the first T-Bill auction, Ministry of Finance (MoF) accepted Rs. 132 billion against the target of Rs. 100 billion andmaturity of Rs. 44 billion at a cut-off yield of 5.95%, 5.97% and 6.00% for 3, 6 and 12 month tenors, respectively. Bid patternremained skewed towards 6 months as compared to 3 and 12 months. Moreover, in the second T-Bill auction, an amount ofRs. 193 billion was accepted against the target of Rs. 100 billion and maturity of Rs. 28 billion. Cut-off yield declined to5.90%, 5.93% and 5.96% for 3, 6 and 12 month tenors, respectively. Bid pattern shifted towards 12 months as compared to3 and 6 months. In the PIB auction held on 15-Jun-2016, Ministry of Finance (MoF) accepted Rs. 45 billion against the targetof Rs. 100 billion and maturity of Rs. 2 billion at a cut-off yield of 6.41%, 6.91% and 8.02% in the 3, 5 year and 10 yearsrespectively, while no bids were received in 20 year tenors.We have adjusted the portfolio of our money market and income funds based on our capital market expectations. We areclosely monitoring the developments in the capital markets and will rebalance our portfolio accordingly.Our ContactsContact our Investment Consultant for free Investment adviceCall 0800-20002UAN 111-111-632sms NAFA INVEST to 8080www.nafafunds.cominfo@nafafunds.comDisclaimer: 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 mutualfunds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved.Page 04

NAFA Government Securities Liquid Fund (NGSLF)June 2016Unit Price (30/06/2016): Rs. 10.1464Performance ce LaunchMay 15, 2009*NAFA Government Securities Liquid Fund .6%8.9%10.8%9.3%Performance PeriodBenchmark* Annualized Return Based on Morning Star MethodologyAll other returns are Annualized Simple ReturnLaunch Date:Fund Size:Type:Dealing Days:Dealing Time:Settlement:Pricing Mechanism:Load:Management Fee:Risk Profile:Fund Stability Rating:Listing:Custodian & Trustee:Auditors:Benchmark:Fund Manager:MinimumSubscription:Asset Manager Rating:The performance reported is net of management fee & all other expenses and based ondividend reinvestment gross of with-holding tax where applicable.May 15, 2009Rs. 3,172 millionOpen-end – Money Market FundDaily – Monday to Saturday(Mon - Thr) 9:00 A.M to 5:00 P.M(Friday) 9:00 A.M to 5:30 P.M(Saturday) 9:00 A.M to 1:00 P.M2-3 business daysForward PricingFront end: 0%, Back end: 0%8% of Net Income (Min 0.5% p.a., Max1.0% p.a.)Exceptionally Low"AAA (f)" by PACRAPakistan Stock ExchangeCentral Depository Company (CDC)KPMG Taseer Hadi & Co.Chartered Accountants70% 3-Month T-Bills & 30% average 3-Monthdeposit rates (AA & above rated banks)Muhammad Ali Bhabha, CFA, FRMGrowth Unit: Rs. 10,000/Income Unit: Rs. 100,000/AM2 by PACRA (High InvestmentManagement Standards)Asset Allocation (% of Total Assets) 30-June-16 31-May-16T-BillsPlacements with DFIsBank DepositsOther including 3%6.9%4.5%0.3%100.0%NilWORKERS' WELFARE FUND (WWF)The scheme has maintained provisions against Workers' Welfare Fund'sliability to the tune of Rs. 115,240,318/-. If the same were not made the NAVper unit/ last one year return of scheme would be higher by Rs. 0.3686/3.83%.For details investors are advised to read note 5 of the Financial Statements ofthe Scheme for the period ended March 31, 2016. From July 01, 2015 WorkersWelfare Fund (WWF) is not being charged.To generate optimal return with minimum risk, to provide easy liquidity andreasonable income to its unit holders by investing primarily in short-termGovernment Securities.The Fund earned an annualized return of 5.7% during June 2016 versus theBenchmark return of 5.5%. The annualized return for FY16 is 5.7% against theBenchmark return of 6.0%. The return generated by the Fund is net ofmanagement fees and all other expenses.NGSLF's stability rating is 'AAA (f)' awarded by PACRA. NGSLF is the largestFund in Pakistan with this rating. The rating reflects exceptionally strong creditand liquidity profile of the Fund. Average daily allocation for the last 365 daysin short-term T-Bills was around 80.7% of the Fund size. While at the end of themonth, T-Bills comprised around 7.0% of the Total Assets and 17.1% of NetAssets. Weighted average time to maturity of the Fund is 4 days.We will rebalance the allocation of the portfolio proactively based on thecapital market outlook.Monthly average yield of 3-month T-Bills for the last 12 months8%7%6%5%4%3%2%1%0%Credit Quality of the Portfolio as of June 30, 2016 (% of Total Assets)T-Bills (AAA rated)AAAAA AAAA- & belowOther including . Amjad Waheed, CFASajjad Anwar, CFAMuhammad Ali Bhabha, CFA, FRMSyed Suleman Akhtar, CFANotes: 1) The calculation of performance does not include cost of front end load.2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001.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. Allinvestments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investmentpolicies and the risks involved.Page 05

NAFA Money Market Fund (NMMF)MONTHLY REPORT (MUFAP's Recommended Format)Unit Price (30/06/2016): Rs. 9.8377June 2016Performance %Performance e LaunchFebruary 23, 2012*NAFA Money Market 9%6.8%6.4%* Annualized Return Based on Morning Star MethodologyAll other returns are Annualized Simple ReturnLaunch Date:Fund Size:Type:Dealing Days:Dealing Time:Settlement:Pricing Mechanism:Load:Management Fee:Risk Profile:Fund Stability Rating:Listing:Custodian & Trustee:Auditors:Benchmark:Fund Manager:MinimumSubscription:Asset Manager Rating:February 23, 2012Rs. 7,110 MillionOpen-end – Money Market FundDaily – Monday to Saturday(Mon - Thr) 9:00 A.M to 5:00 P.M(Friday) 9:00 A.M to 5:30 P.M(Saturday) 9:00 A.M to 1:00 P.M2-3 business daysForward PricingFront end: without Life Insurance: 0.5%,with LifeInsurance 3% (Nil on investmentabove Rs. 16 million), Back end: 0%8% of Net Income (Min 0.5% p.a., Max1.00% p.a.)Very Low"AA (f)" by PACRAPakistan Stock ExchangeCentral Depository Company (CDC)A. F. Ferguson & CoChartered Accountants3-Month deposit rates (AA & above rated banks)Muhammad Ali Bhabha, CFA, FRMGrowth Unit: Rs. 10,000/Income Unit: Rs. 100,000/AM2 by PACRA (High InvestmentManagement Standards)Asset Allocation (% of Total Assets) 30-June-16T-BillsPlacements with DFIsBank DepositsOthers including 168.7%8.8%82.0%0.5%100.0%NilThe performance reported is net of management fee & all otherexpenses and based on dividend reinvestment gross of with-holdingtax where applicable.To provide stable income stream with preservation of capital by investing inAA and above rated banks and money market instruments.The Fund earned an annualized return of 6.8% during June 2016 versus theBenchmark return of 4.2%, thus registering an outperformance of 2.6% p.a.Since its launch in February 2012, the Fund has outperformed its Benchmarkby 1.9% p.a. by earning an annualized return of 8.3%. This outperformanceis net of management fee and all other expenses.Being a money market scheme, the Fund has very restrictive investmentguidelines. The authorized investments of the Fund include T-Bills, BankDeposits and Money Market instruments. Minimum eligible rating is AA,while the Fund is not allowed to invest in any security exceeding six monthsmaturity. The weighted average time to maturity of the Fund cannot exceed90 days. The Fund is rated AA(f) by PACRA which denotes a very strongcapacity to maintain relative stability in returns and very low exposure torisks.Weighted average time to maturity of the Fund is 1 day. We will rebalancethe allocation of the portfolio proactively based on the capital marketoutlook.Credit Quality of the Portfolio as of June 30, 2016 (% of Total Assets)AA AAAA- & belowOther's including receivablesTotal34.8%4.7%0.1%60.4%100.0%WORKERS' WELFARE FUND (WWF)The scheme has maintained provisions against Workers' Welfare Fund'sliability to the tune of Rs. 69,380,310/-. If the same were not made the NAVper unit/ last one year return of scheme would be higher by Rs. 0.0962/1.04%.For details investors are advised to read note 5 of the Financial Statements ofthe Scheme for the period ended March 31, 2016. From July 01, 2015 WorkersWelfare Fund (WWF) is not being charged.Dr. Amjad Waheed, CFASajjad Anwar, CFAMuhammad Ali Bhabha, CFA, FRMSyed Suleman Akhtar, CFANotes: 1) The calculation of performance does not include cost of front end load.2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001.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. Allinvestments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investmentpolicies and the risks involved.Page 06

NAFA Government Securities Savings Fund (NGSSF)June 2016Unit Price (30/06/2016): Rs. 10.2882Performance %Performance PeriodJune2016CYTD2016FY2016Since LaunchJuly 10, 2014*NAFA Government Securities Savings Fund4.7%5.8%6.5%10.3%Benchmark5.7%6.0%6.2%7.7%* Annualized Return Based on Morning Star Methodology The performance reported is net of management fee & all other expensesAll other returns are Annualized Simple Returnand based on dividend reinvestment gross of with-holding tax where applicable.Launch Date:Fund Size:Type:Dealing Days:Dealing Time:July 10, 2014To provide competitive return from portfolio of low credit risk by investingRs. 304 Millionprimarily in Government Securities.Open-end – Income FundDaily – Monday to Saturday(Mon - Thr) 9:00 A.M to 5:00 P.M(Friday) 9:00 A.M to 5:30 P.MDuring the month under review, the Fund has generated an annualized return(Saturday) 9:00 A.M to 1:00 P.Mof 4.7% against the benchmark return of 5.7%. Since its launch in July 2014,Settlement:2-3 business daysthe Fund offered an annualized return of 10.3% against the Benchmark returnPricing MechanismForward Pricingof 7.7%, hence an outperformance of 2.6% p.a. This outperformance is net ofLoad:Front end: 1% (Nil on investment above Rs.management fee and all other expenses.16 million) Back end: 0%Management Fee:10% of Net Income (Min 0.5% p.a., Max1.0% p.a.)NAFA Government Securities Savings Fund (NGSSF) invests a minimum ofRisk Profile:Low70% in Government Securities. The Fund invests a minimum 10% of its assetsFund stability rating"AA- (f)" by PACRAin less than 90 days T-Bills or saving accounts with banks, which enhancesListing:Pakistan Stock Exchangeliquidity profile of the Fund.Custodian & Trustee:Central Depository Company (CDC)Auditors:KPMG Taseer Hadi & Co.Chartered AccountantsAs the asset allocation of the Fund shows, exposure in Government SecuritiesBenchmark:70% average 6-Month PKRV & 30% averagewas 59.9% of the Total Assets and 74.0% of Net Assets at the end of the month3-Month deposit rates (A & above rated banks)with average time to maturity of 0.6 year and Yield to Maturity of 5.9% p.a.Fund Manager:Asad HaiderLast one year allocation in Government Securities was 77.3%. The weightedMinimumGrowth Unit: Rs. 10,000/average time-to-maturity of the Fund is 0.4 year.Subscription:Income Unit: Rs. 100,000/Asset Manager Rating:AM2 by PACRA (High InvestmentManagement Standards)We will rebalance the allocation of the fund proactively based on the capitalAsset Allocation (% of Total Assets) 30-June-16 31-May-16 market outlook.PIBs15.7%14.2%Tbills44.2%61.4%Placements with Banks6.7%13.2%Credit Quality of the Portfolio as of June 30, 2016 (% of Total Assets)Bank Deposits18.5%10.0%59.9%Government Securities (AAA rated)Other including A LeverageNilNilAA0.6%WORKERS' WELFARE FUND (WWF)AA4.5%7.4%The scheme has maintained provisions against Workers' Welfare Fund's A & below14.9%liability to the tune of Rs. 1,621,195/- If the same were not made the NAV per Other including receivables100.0%unit/ last one year return of scheme would be higher by Rs. 0.0549/0.57%. TotalFor details investors are advised to read note 5 of the Financial Statements ofthe Scheme for the period ended March 31, 2016. From July 01, 2015Workers Welfare Fund (WWF) is not being charged.Dr. Amjad Waheed, CFASajjad Anwar, CFAMuhammad Ali Bhabha, CFA, FRMSyed Suleman Akhtar, CFAAsad HaiderNotes: 1) The calculation of performance does not include cost of front end load.2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001.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. Allinvestments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand investmentpolicies and the risks involved.Page 07

NAFA Savings Plus Fund (NSPF)June 2016Unit Price (30/06/2016): Rs. 10.1194Performance %Performance 12Since LaunchNovember 21, 2009*NAFA Savings Plus 4.4%4.7%6.7%7.1%7.3%8.4%7.2%* Annualized Return Based on Morning Star MethodologyAll other returns are Annualized Simple ReturnLaunch Date:Fund Size:Type:Dealing Days:Dealing Time:Settlement:Pricing Mechanism:Load:Management Fee:Risk Profile:Fund Stability Rating:Listing:Custodian & Trustee:Auditors:Benchmark:Fund Manager:MinimumSubscription:Asset Manager Rating:November 21, 2009Rs. 523 millionOpen-end – Income fundDaily – Monday to Saturday(Mon - Thr) 9:00 A.M to 5:00 P.M(Friday) 9:00 A.M to 5:30 P.M(Saturday) 9:00 A.M to 1:00 P.M2-3 business daysForward PricingFront end: without Life Insurance: 0.5%,withLife Insurance 3% (Nil on investment aboveRs. 16 million), Back end: 0%10% of Net Income (Min 0.5% p.a., Max1.50% p.a.)Very Low"AA- (f)" by PACRAPakistan Stock ExchangeCentral Depository Company (CDC)KPMG Taseer Hadi & Co. Chartered AccountantsAverage 6-Month deposit rate (A & aboverated banks)Muhammad Ali Bhabha, CFA, FRMGrowth Unit: Rs. 1,000/Income Unit: Rs. 100,000/AM2 by PACRA (High InvestmentManagement Standards)Asset Allocation (% of Total Assets)T-BillsMargin Trading System (MTS)Placements with BanksBank DepositsOther including receivablesTotalLeverageThe performance reported is net of management fee & all other expenses and based ondividend reinvestment gross of with-holding tax where applicable.30-June-1631-May-164.6%13.9%8.0%

Page 01 Performance Summary of NAFA’s Key Funds Fund Size Fund Name (Rs. In Crore) “June 2016” 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 the fund.All investments in mutual funds and pension funds are subject to market risks.

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