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FOR THE MONTH AUGUST 2017
FUND MANAGER REPORT
AWTINVESTMENTS
AWT INVESTMENTS LIMITED
Fund Manager Report - August 2017
Key Economic Indicators
3 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er 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 O�ering Document to understand the investment policies and risks involved.”
n.a.=Not AvailableSource: SBP, MoF, PBS
Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17External Sector IndicatorsOverall Balance of Payments USD million (54) (298) (520) 484 88 926 309 606 397 (336) 271 1,532 n.a.Current Account Balance USD million (721) (161) (381) (839) (1,083) (1,189) (744) (562) (1,234) (1,581) (1,431) (2,053) n.a.Exports USD million 1,658 1,543 1,756 1,762 1,727 1,780 1,638 1,801 1,766 1,944 1,865 1,631 n.a.Imports USD million 4,331 3,858 4,026 4,255 4,488 4,737 4,445 5,009 4,052 4,572 5,054 4,835 n.a.Worker's Remittances USD million 1,761 1,609 1,560 1,616 1,584 1,488 1,417 1,695 1,539 1,867 1,840 1,542 n.a.Foreign Direct Investment USD million 113 249 67 460 595 81 123 297 132 295 199 223 n.a.Foreign Portfolio Investment USD million 41 28 (67) (95) (302) (75) 1 (8) (41) 26 (871) (11) n.a.Forex Reserves USD billion 23.08 23.42 24.33 23.29 23.20 22.24 22.07 21.80 21.57 21.19 21.40 20.44 20.00 Exchange Rate against PKRUSD Period End 104.66 104.50 104.58 104.85 104.38 104.75 104.79 104.81 104.73 104.81 104.84 105.40 105.23 Inflation IndicatorsGeneral CPI YoY change 3.60% 3.90% 4.20% 3.81% 3.70% 3.66% 4.22% 4.94% 4.78% 5.02% 3.93% 2.91% 3.42%Food CPI YoY change 3.40% 4.00% 4.40% 3.30% 3.00% 2.60% 3.70% 5.00% 4.40% 4.90% 2.40% -0.10% 1.30%Core (NFNE) YoY change 4.60% 4.80% 5.20% 5.30% 5.20% 5.40% 5.30% 5.30% 5.50% 5.50% 5.50% 5.60% 5.50%Core (Trimmed) YoY change 3.50% 3.70% 3.80% 3.80% 3.70% 3.80% 4.10% 4.50% 4.80% 4.80% 4.20% 4.00% 4.20%Interest RatesSBP Policy Rate Current 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75%6 Month KIBOR Month Avg. 6.02% 6.05% 6.08% 6.08% 6.15% 6.12% 6.13% 6.14% 6.16% 6.15% 6.15% 6.14% 6.15%12 Month KIBOR Month Avg. 6.33% 6.35% 6.37% 6.40% 6.43% 6.41% 6.41% 6.41% 6.47% 6.45% 6.46% 6.46% 6.46%3 Month T-Bill Yield Month Avg. 5.83% 5.87% 5.88% 5.91% 6.67% 5.90% 5.92% 5.94% 5.97% 5.99% 5.99% 5.98% 5.98%6 Month T-Bill Yield Month Avg. 5.87% 5.90% 5.91% 5.93% 5.98% 5.91% 5.96% 5.98% 6.00% 6.01% 6.01% 6.00% 6.00%12 Month T-Bill Yield Month Avg. 5.89% 5.91% 5.92% 5.97% 6.03% 5.94% 5.98% 5.99% 6.03% 6.05% 6.04% 6.03% 6.03%10 Year PIB Yield Month Avg. 7.80% 7.80% 7.80% 7.80% 7.80% 7.94% 7.94% 7.94% 7.94% 7.94% 7.94% 7.94% 7.94%
Market ReviewFund Manager Report - August 2017
Equity Market Review:
Money Market Review:
4 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er 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 O�ering Document to understand the investment policies and risks involved.”
In the three T Bill auctions held in the outgoing month, SBP raised amount worth PKR 1.8 billion against the target of PKR 1.55 billion. The cut o� rates for 3M, 6M, and 12M remained unchanged in all three auctions at 5.9910%, 6.0109%, and 6.0386%. Meanwhile, in the third auction the bids were rejected for the 12M paper. Fixed income yields have remained stable indicating expectation of no change in interest rate.
No participation was witnessed in the PIBs auction held on 23 August 2017.
The KSE100 posted a decline of 10.4%/4,803pts MoM in Aug’17. The index is now down 14% CYTD and o� 22% from peak. Amid this rout in the stock market, there have been constant barrage of negative news on the economic front i.e, deterioration in current account de�cit and increase in �scal de�cit. Domestic political noise after the Panama case and US statement alleging Pakistan of harboring terrorists and threatening to cut payments (Coalition Support Fund) made to Pakistan in lieu of �ghting terrorism dampened the overall market sentiment along with some negative corporate development in Cement (price reduction) and Banks (possible sizable �ne on HBL by the New York State regulator). Meanwhile, average traded volume increased by 20% to 201 million shares in the outgoing month.
Foreigners again remained net sellers o�-loading shares worth USD 80.5mn (vs. USD 37.9mn in Jul’17). The major buy support came from Companies (net buy of USD 28mn), Banks/DFIs (net buy of USD 25mn), and Insurance companies (net buy of USD 14mn).
Performance at the local bourse remained dull with none of the key sectors making it into the green. Whereas, there were few sectors which posted positive return that were Glass & Ceramics (+25% MoM) and Leasing Companies (+41%). Amongst the key sectors, Cements (-16% MoM), Pharma (-17% MoM) and Automobile Assembler (-13% MoM) declined the most. A reduction in the cements prices in the North region escalated concerns of a possible breakdown in pricing discipline. The devaluation fears pushed down both the Autos, Engineering (-10% MoM), and Pharma (where signi�cant inputs are imported) sector as well. Meanwhile, Banks declined by 10% MoM on account of possible hefty �ne on HBL (contributes > 7% to the KSE100).
Majority of the leading stocks have underperformed the index with short term moving averages (50 dma) falling below 200 dma, a clear sign of bearish trend in the equity market. Valuations across various sectors have fallen to attractive levels on historic comparison and relative to other emerging markets. These are good levels to gradually start adding exposure in selective stocks, from a long-term perspective. Headwinds on the economic front with government inability to address key economic challenges may continue to negatively in�uence investors’ sentiments in the near term.
Economic Review:The CPI in�ation reading came at 3.4% YoY in Aug’17 mostly on the back of increase in prices of petroleum and perishable products. MoM rise was 0.2%, compared to 0.3% increase in July, and 0.3% in August 2016. SBP in�ation forecast for FY18 stands at 5% as per the latest MPC Meeting Minutes.
On the external front, CAD for the month July’17 widened to USD 2.05bn vs USD 662 mn last year. De�cit amounts to 7.2$ of GDP vs. 2.6% gap last year fueled by 78% increase in trade de�cit. Exports grew by 21% YoY meanwhile imports witnessed a jump of 51% to USD 4.7 billion. Remittance grew 16% YoY in July while in�ows dropped 16.2% over the preceding month. The country received remittances of USD 1.54 billion in July against USD 1.33 billion in the corresponding period. FDI jumped 163% YoY to USD 222.6 million in July. FDI continued showing upward trend that began in the second half of the preced-ing �scal year. It grew 4.6% in FY17.
Economic growth is intact (FY17 LSM growth: 5.6% YoY vs 3.1% YoY in FY16). Major growth has been observed across Iron & steel products and Food and Beverages that should bode well for steel and Food and personal care sector. As in�ation remains benign, SBP is expected to keep interest rates unchanged in upcoming MPS in Sep’17.
The objective of the fund is to generate consistent returns with minimal risk by investing primarily in Government Securities, cash and near cash instruments
Fund Objective
Fund Manager’s Review
Investment Committee Members
Salman H. Sheikh
Hamza Saboor
M. Samir Malik, CFAKhawar Salman
Chief Executive O�cer
Chief Financial O�cer
Chief Investment O�cerFund Manager
Asif Iqbal
M. Saeed Khalid
Head of Compliance and Risk
Acting Head of Research
The scheme has maintained a provision gainst Worker's Welfare Fund's liability to the tune of Rs.1,627,005, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.1.1492/8.30% enhancing the YTD return to 13.77% p.a
SWWF Disclosure
Total Expense Ratio is 0.35% which Includes 0.04% of Governement Levy and 0.01% of SECP Fee calculated as % of Average Net Asset Value.
Total Expense Ratio
PIML Daily Reserve Fund
5 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er 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 O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Fund Stability Rating
Benchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
**Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Money Market
AA(f ) by PACRA (13th December 2016)
70% average of 3 Month PKRV rate +30 % 3-Month average deposit rate of three scheduled banks rated AA as selected by MUFAP.
Management Co. Rating AM3+ by JCR-VIS (15 December 2016)
1st January 2013
Daily (days when Banks are open for business)
4.00 pm
Forward
0.75%
0% (Front-end) 0% (Back-end)
Low Risk
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
Deloitte Yousuf Adil ‘Chartered Accountants’
Mohsin Tayebaly & Co.
Khawar Salman
Fund Manager Report - August 2017
During the month under review, PIML-DRF generated an annualized return of 6.87% as compared to the benchmark return of 4.09%, outperforming its benchmark by 278bps. The fund reduced its Treasury Bills exposure to zero, while increased its allocation to cash at bank to 97.8%. The weighted average time to maturity of the portfolio is at 1 day.
Portfolio Allocation (as % of total assets) Aug. ‘17*
Credit Quality of Portfolio (as % of T.A.) Aug. ‘17 July. ‘17
Fund returns are calculated NAV with dividends reinvested (excluding sales load)“Performance data does not include the cost incurred directly by an investor in the form of salesloads etc.”
ratS gninroM**dezilaunnA elpmiS doirep gnitroper fo egarevA****
Fund Performance PIML - DRF
Fund Statistics
* Annualized
Portfolio Allocation (as % of T.A.) Aug. ‘17 July. ‘17
Portfolio Allocation (as % of total assets) July. ‘17
0.00%
84.29%
14.58%
1.13%Placements withDFIs
T-Bills
Cash at Bank
Others includingreceivables (NR)
PDRF* PDRF** Benchmark***FYTD 5.47% 5.60% 4.11%CYTD 6.63% 6.71% 5.25%12M Trailing 6.22% 6.22% 4.34%Since Inception 9.04% 7.83% 6.13%AAR-Since Inception 9.25% 0.00% 6.71%Last 3Yrs 8.11% 0.00% 5.65%Jul-17 4.05% 4.13% 4.14%Aug-17 6.87% 7.09% 4.09%
Fund Performance Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17Performance 4.56% 5.02% 4.79% 4.88% -3.97% 18.86% 4.30% 4.38% 4.91% 4.26% 4.17% 4.05% 6.87%Benchmark 4.94% 4.94% 4.39% 4.40% 6.14% 4.39% 4.40% 4.41% 4.42% 4.42% 4.19% 4.14% 4.09%
Period FY13 FY14 FY15 FY16 FY17 FY18TDPerformance 9.87% 8.91% 9.58% 6.00% 4.05% 5.47%Benchmark 7.93% 8.43% 7.77% 5.40% 4.14% 4.11%
Net Assets (PKR mn) 115.37NAV per Unit (PKR) 81.49
Weighted Average Maturity (days) 1Sharpe Ratio* -0.33Information Ratio 0.129Standard Deviation 1.16%
Placements with DFIs 0.00% 0.00%T-Bills 0.00% 84.29%Cash at Bank 97.83% 14.58%Others including receivables (NR) 2.17% 1.13%Total 100.00% 100.00%
0.00%
0.00%
97.83%
2.17%Placements withDFIs
T-Bills
Cash at Bank
Others includingreceivables (NR)
AAA (Government Securities 0.00% 84.29%AA+ 0.00% 14.57%AA 97.82% 0.01%Other including recievables (NR) 2.17% 1.13%Total 100.00% 100.00%
The scheme has maintained a provision gainst Worker's Welfare Fund's liability to the tune of Rs.10,429,942, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.2.1556/11.94% enhancing the YTD return to 19.25% p.a
SWWF Disclosure
Fund Manager’s Review
Portfolio Allocation (as % of T.A.)
Top TFCs Holdings (as % of T.A.)
Fund Statistics
* Annualized
Fund Performance PIML -IF
*Simple Annualized **Morning Star***Average of reporting period
PIML Income Fund
6 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er 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 O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Fund Stability Rating
Benchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
**Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Income Scheme
A+ (f ) by PACRA (30th December 2016)
Average of 6M KIBOR rates for the period under review.*
Management Co. Rating
9th August 2012
Daily (days when Banks are open for business)
5.00 pm
Forward
1%
1% (Front-end) 0% (Back-end)
Low to Moderate Risk
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
Mohsin Tayebaly & Co.
Khawar Salman
The objective of PIML - Income Fund (formerly Primus Cash Fund) is to generate competitive returns by invest-ing in short to long term debt instruments and securities.
Fund Objective
Portfolio Allocation (as % of total assets) Aug. ‘17
Fund Manager Report - August 2017
Investment Committee Members
Salman H. Sheikh
Hamza Saboor
M. Samir Malik, CFA
Khawar Salman
Chief Investment O�cer
Fund Manager
Asif Iqbal
M. Saeed Khalid
Head of Compliance and Risk
Acting Head of Research Total Expense Ratio is 0.39% which Includes 0.06% of Governement Levy and 0.01% SECP Fee calculated as % Average Net Asset Value.
Total Expense Ratio
Aug. ‘17 July. ‘17
Chief Executive O�cer
Chief Financial O�cer
Credit Quality of Portfolio (as % of T.A.) Aug. ‘17 July. ‘17
Aug. ‘17
AM3+ by JCR-VIS (15 December 2016)
Fund returns are calculated NAV to NAV with dividends reinvested (excluding sales load)
During the month under review, PIML-IF generated an annualized return of 7.87% as compared to its benchmark return of 6.15%, outperforming its benchmark by 172bps.The fund exposure in TFC/Sukuks was 23% of net assets as compared to 30% of net asset in previous month, while cash at bank has increased to 57% from 47% of net assets in previous month. The weighted average time to maturity of the portfolio is at 356days.
Deloitte Yousuf Adil ‘Chartered Accountants’
“Performance data does not include the cost incurred directly by an investor in the form of salesloads etc.”
PIML-IF* PIML-IF** Benchmark***FYTD 7.31% 7.53% 6.15%CYTD 6.78% 6.86% 6.14%12M Trailing 4.67% 4.67% 6.12%Since Inception 11.35% 9.94% 7.36%AAR-Since Inception 11.55% 0.00% 47.66%Last 3 Yrs 12.56% 0.00% 6.58%Jul-17 6.70% 6.90% 6.14%Aug-17 7.87% 8.16% 6.15%
Fund Performance Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17Performance 4.12% 2.35% 7.57% 3.09% 6.70% 11.52% 5.00% 4.98% 5.13% 4.84% 7.01% 6.70% 7.87%Benchmark 5.56% 5.57% 6.07% 6.09% 4.41% 6.12% 6.13% 6.13% 6.16% 6.15% 6.15% 6.14% 6.15%
Period FY13 FY14 FY15 FY16 FY17 FY18TDPerformance 8.72% 8.24% 16.96% 11.71% 6.70% 7.31%Benchmark 9.46% 9.46% 8.35% 5.92% 6.14% 6.15%
Net Assets (PKR mn) 514.43NAV per Unit (PKR) 106.32Weighted Average Maturity (days) 356Sharpe Ratio* 1.95Information Ratio 0.036Standard Deviation 0.77%
Placements With Banks 19.63% 24.53%TFCs/Sukuks 21.60% 27.14%
Cash at Bank 57.32% 46.81%Others including receivables (NR) 1.45% 1.52%Total 100.00% 100.00%
20%
22%
0%
0%
57%
1% Placements With Banks
TFCs/Sukuks
PIBs
Tbill's
Cash at Bank
Others includingreceivables (NR)
AA+ 0.00% 0.24%AA- 74.22% 67.73%A+ 4.70% 5.97%A 19.63% 24.53%Other including recievables (NR) 1.45% 1.52%Total 100.00% 100.00%
AKBL TFC-IV 23-Dec-11 - 23-Dec-21 13.72
TPL Sukuk 15-Apr-16 -13-Aug-21 4.70
HPL Sukuk 07-Jan-16 - 07-Jan-22 3.19
Name of Non-Compliant Type of Value of Investment Provisioning Value of Investment Limit % of Gross % of NetInvestment Investment Before Provisioning held (if any) After Provisioning Asset AssetAKBL-TFC-V TFC 75,861,587 - 75,861,587 10.00% 13.72% 14.75%Mobilink Micro Finance Bank TDR 108,547,945 - 108,547,945 10.00% 19.63% 21.10%
KSE 100 index and six (6) months KIBOR rates on the basis of actual proportion held by the scheme during the period under review.*
1yr PKRV yield used as Risk‐Free rate. * Annualized
**R‐Square measures the correlation between the benchmark and the funds return
Fund Statistics
Top 10 Holdings (as % of T.A.) Symbol Aug. ‘17
Fund Performance PIML - SMAF
The scheme has maintained a provision gainst Worker's Welfare Fund's liability to the tune of Rs.1,405,626, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.0.9248/5.04% declining the YTD return to -4.46% p.a
SWWF Disclosure
Portfolio Allocation (as % of total assets) Aug. ‘17
Fund Manager’s Review
PIML Strategic Multi Asset Fund
7 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er 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 O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Benchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Balanced Fund
Management Co. Rating
23rd August 2013
Daily (days when Banks are open for business)
4.00 pm
Forward
2% p.a.
2% (Front-end) 0% (Back-end)
Moderate to High
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
Mohsin Tayebaly & Co.
M. Samir Malik, CFA
Fund Manager Report - August 2017
Portfolio Allocation (as % of T.A.)
Sector Allocation (as % of T.A.)
Credit Quality of Portfolio (as % of T.A.)
Aug. ‘17 July. ‘17
Aug. ‘17 July. ‘17
Aug‘17 July‘17
Investment Committee Members
Salman H. Sheikh
Hamza Saboor
M. Samir Malik, CFA
M. Samir Malik, CFA
Chief Investment O�cer
Fund Manager
Asif Iqbal
M. Saeed Khalid
Head of Compliance and Risk
Acting Head of Research
Chief Executive O�cer
Chief Financial O�cer
Fund returns are calculated NAV to NAV with dividends reinvested (excluding sales load)
AM3+ by JCR-VIS (15 December 2016)
Total Expense Ratio is 0.66% which Includes 0.05% of Governement Levy and 0.01% of SECP Fee calculated as % of Average Net Asset Value.
Total Expense Ratio
During the month under review, the fund generated a return of -7.67% as comapred to the benchmark return of -6.50%.Major contribution in funds negative return came from its cement exposure (LUCK & DGKC), PAEL, and ENGRO. Due to the negative corporate development in cement sector, the exposure in the sector was reduced and meanwhile increased in Banks, Power, and OMCs. While headwinds on the economic front may imapct equities in the near term, valuations across sectors have fallen to attractive levels on historic comparison and relative to emerging markets.
Deloitte Yousuf Adil ‘Chartered Accountants’
“Performance data does not include the cost incurred directly by an investor in the form of salesloads etc.”
PIML-SMAF* PIML-SMAF** Benchmark***FYTD -9.50% 0.00% -6.63%CYTD -11.33% 0.00% -7.70%12M Trailing -0.63% 0.00% 4.39%Since Inception 57.10% 0.00% 61.75%AAR-Since Inception 11.14% 0.00% 11.98%Last 3 Yrs 47.66% 0.00% 25.63%Jul-17 -1.98% 0.00% -0.49%Aug-17 -7.67% 0.00% -6.50%
Fund Performance Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17Performance 1.03% 0.07% -2.31% 5.25% 8.92% 1.89% -0.32% -1.10% 2.78% 1.68% -6.68% -1.98% -7.67%Benchmark 0.64% 1.35% -0.89% 4.87% 8.88% 1.52% -0.18% -0.39% 1.77% 1.93% -4.84% -0.49% -6.50%
Period FY14 FY15 FY16 FY17 FY18TDPerformance 9.27% 28.64% 6.82% -1.98% -9.50%Benchmark 18.80% 13.40% 8.59% -0.49% -6.63%
Equity Securities 62.11% 60.95%Cash at Bank 34.60% 35.35%Others including recievables (NR) 3.29% 3.71%Total 100.00% 100.00%
62%
35%
3%Equity Securities
Cash at Bank
Others includingrecievables (NR)
CEMENT 11.26% 13.52%OIL & GAS MARKETING COMPANIES 10.46% 9.01%COMMERCIAL BANKS 5.22% 2.00%POWER GEN & DISTRIBUTION 4.23% 2.45%FERTILIZER 4.10% 3.91%Others 26.84% 30.06%
Lucky Cement Ltd LUCK 7.76%Sui Northern Gas Co Ltd SNGP 5.50%Pakistan State Oil Co Ltd PSO 4.96%Engro Corp Ltd ENGRO 4.10%Oil & Gas Development Co OGDC 3.91%Adamjee Insurance Co Ltd AICL 3.58%D.G Khan Cement Co Ltd DGKC 3.50%International Industries Ltd INIL 2.88%Bank Alfalah BAFL 2.85%Pak Electron Ltd PAEL 2.59%
AA & above 0.00% 0.03%AA- 34.59% 35.32%(NR) (includes equity investments) 65.40% 64.65%Total 100% 100%
Net Assets (PKR mn) 164.23NAV per Unit (PKR) 108.05
Sharpe Ratio* -1.04Standard Deviation* 13.16%Treynor Ratio -0.120Beta 1.14R - Square** 89.58%Value at Risk 1.37%
The scheme has maintained a provision gainst Worker's Welfare
Fund's liability to the tune of Rs.1,582,196, if the same were not
made the NAV per unit/year to date (YTD) return of the scheme
would be higher by Rs.0.9790/4.99% declining the YTD return to
-10.61% p.a
SWWF Disclosure
Portfolio Allocation (as % of T.A.) Aug.’17 July.’17
Sector Allocation (as % of T.A.) Aug. ‘17 July. ‘17
Top 10 Equty Holdings (as % of T.A.) Symbol Aug. ‘17
Credit Quality of Portfolio (as % of T.A.) Aug‘17 July ‘17
1yr PKRV yield used as Risk‐Free rate. * Annualized
**R‐Square measures the correlation between the benchmark and the funds return
Fund Statistics
The objective of PIML-IEF is to achieve long term capital growth by investing mainly in Shariah Compliant listed equity securities.
Fund Objective
Portfolio Allocation (as % of total assets) Aug ‘17
Fund Manager’s Review
PIML Islamic Equity Fund
8 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er 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 O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Benchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Islamic Equity Scheme
KMI - 30 Index
Management Co. Rating
4th March 2014
Daily (days when Banks are open for business)
4.00 pm
Forward
2% p.a.
2% (Front-end) 0% (Back-end)
Moderate to High
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
KPMG Taseer Hadi & Co.
Mohsin Tayebaly & Co.
Haris Saeed Khan
Fund Manager Report - August 2017
Investment Committee Members
Fund Performance PIML - IEF
Fund returns are calculated NAV to NAV with dividends reinvested (excluding sales load)
AM3+ by JCR-VIS (15 December 2016)
Salman H. Sheikh
Hamza Saboor
M. Samir Malik, CFA
Haris Saeed Khan
Chief Investment O�cer &
Asif Iqbal
M. Saeed Khalid
Head of Compliance and Risk
Acting Head of Research
Chief Executive O�cer
Chief Financial O�cer
Fund Manager
Total Expense Ratio is 0.68% which Includes 0.06% of Governement Levy and 0.02% of SECP Fee calculated as % of Average Net Asset Value.
Total Expense Ratio
During the month under review, the fund generated a return of -12.60% as compared to the benchmark return of -11.94%. Major contribu-
tion in funds negative return came from its cement exposure (LUCK & DGKC), PAEL, ENGRO, and SEARL. Due to the negative corporate
development in cement sector, the exposure was decreased from 23% in the preceding month to 18.67%. And while at the same time
exposure was increased in the OMCs from 9.62% in the preceding month to 12.93%. While headwinds on the economic front may imapct
equities in the near term, valuations across sectors have fallen to attractive levels on historic comparison and relative to emerging
markets.
“Performance data does not include the cost incurred directly by an investor in the form of salesloads etc.”
PIML-IEF* PIML-IEF** Benchmark***FYTD -15.60% 0.00% -11.31%CYTD -19.47% 0.00% -14.78%12M Trailing -5.88% 0.00% 0.44%Since Inception 38.49% 0.00% 61.75%AAR-Since Inception 9.75% 0.00% 14.74%Jul-17 -3.44% 0.00% 0.72%Aug-17 -12.60% 0.00% -11.94%
Fund Performance Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17Performance -0.05% 0.70% -2.48% 6.33% 11.94% 2.34% -1.45% -2.50% 4.19% 0.93% -8.93% -3.44% -12.60%Benchmark -0.99% -0.64% -3.36% 7.18% 14.51% 2.47% -0.29% -2.09% 3.23% 3.53% -8.99% 0.72% -11.94%
Period FY14 FY15 FY16 FY17 FY18TDPerformance 4.58% 24.96% 7.30% -3.44% -15.60%Benchmark 10.70% 20.10% 15.53% 0.72% -11.31%
Equity Securities 86.49% 78.51%Cash at Bank 10.89% 19.79%Others including recievables (NR) 2.62% 1.70%Total 100.00% 100.00%
86%
11%3%Equity Securities
Cash at Bank
Others includingrecievables (NR)
CEMENT 18.67% 23.00%OIL & GAS MARKETING COMPANIES 12.93% 9.62%OIL AND GAS 8.63% 5.99%FERTILIZER 6.83% 6.47%POWER GEN & DISTRIBUTION 6.21% 3.64%Others 33.22% 29.79%
Lucky Cement Ltd LUCK 11.14%Oil & Gas Development Co OGDC 8.63%Pakistan State Oil Co Ltd PSO 7.62%Engro Corp Ltd ENGRO 6.83%Sui Northern Gas Co Ltd SNGP 5.32%Pak Electron Ltd PAEL 4.94%International Industries Ltd INIL 4.91%D.G Khan Cement Co Ltd DGKC 4.43%Nishat Mills Ltd NML 4.07%Searl Co Ltd SEARL 3.55%
AA 0.0% 11%AA+ 0.00% 0.01%AA- 10.88% 8.62%NR (includes equity investments) 89.11% 80.21%Total 100% 100%
Net Assets (PKR mn) 186.50NAV per Unit (PKR) 115.4
Sharpe Ratio -1.02Standard Deviation* 19.28%Treynor Ratio -0.222Beta 0.89R - Square** 87.05%Value at Risk 2.01%
Fund Manager’s Review
Investment Committee Members
Credit Quality of Portfolio (as % of T.A.) Aug. ‘17 July. ‘17
The scheme has maintained a provision gainst Worker's Welfare Fund's liability to the tune of Rs.275,844, if the same were not made the NAV per unit/year to date (YTD) return of the scheme would be higher by Rs.0.2628/1.51% enhancing the YTD return to 6.72% p.a
SWWF Disclosure
PIML Islamic Income Fund
9 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er 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 O�ering Document to understand the investment policies and risks involved.”
During the month under review, PIML-IIF generated an annualized return of 7.22% as compared to benchmark return of 2.31%, outperforming its benchmark by 491bps. The fund maintained its exposure in cash at bank at 98%. The weighted average time to maturity of the portfolio is at 01 day.
Fund Details
Fund Type
Category
Fund Stability Rating
Benchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
**Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Islamic Income Scheme
A(f ) by PACRA (13th December 2016)
6 month average deposit rates of three (3) A rated scheduled Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP.*
Management Co. Rating
4th March 2014
Daily (days when Banks are open for business)
5.00 pm
Forward
1%
2% (Front-end) 0% (Back-end)
Low to Moderate Risk
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
KPMG Taseer Hadi & Co
Mohsin Tayebaly & Co.
Khawar Salman
The investment objective of the fund is to generate competitive risk adjusted returns by investing in short, medium and long-term Shariah Compliant Fixed Income Instruments.
Fund Objective
Portfolio Allocation (as % of T.A.) Aug. ‘17 July. ‘17
Fund Statistics
* Annualized
Apr‘15
Fund Manager Report - August 2017
Salman H. Sheikh
Hamza Saboor
M. Samir Malik, CFA
Khawar Salman
Chief Investment O�cer
Fund Manager
Asif Iqbal
M. Saeed Khalid
Head of Compliance and Risk
Acting Head of Research
Portfolio Allocation (as % of total assets) Aug. ‘17
Fund Performance PIML - IIF
*Simple Annualized **Morning Star***Average of reporting period Fund returns are calculated NAV to NAV with dividends reinvested (excluding sales load)
Chief Executive O�cer
Chief Financial O�cer
AM3+ by JCR-VIS (15 December 2016)
Total Expense Ratio is 0.49% which Includes 0.05% of Governement Levy and 0.01% of SECP Fee calculated as % of Average Net Asset Value.
Total Expense Ratio
“Performance data does not include the cost incurred directly by an investor in the form of salesloads etc.”
PIML-IIF* PIML-IIF** Benchmark***FYTD 5.21% 5.33% 2.35%CYTD 3.41% 3.43% 2.59%12M Trailing 4.30% 4.30% 2.75%Since Inception 5.63% 5.27% 4.66%AAR-Since Inception 6.64% 0.00% 5.67%Jul-17 3.19% 3.23% 2.39%Aug-17 7.22% 7.46% 2.31%
Fund Performance Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17Performance 6.16% 4.77% 5.28% 7.23% 6.35% 2.02% 3.11% 3.12% 3.19% 3.10% 1.97% 3.19% 7.22%Benchmark 3.91% 3.88% 2.84% 2.80% 2.82% 2.75% 2.75% 2.83% 2.74% 2.74% 2.37% 2.39% 2.31%
Period FY14 FY15 FY16 FY17 FY18TDPerformance 5.46% 5.08% 6.26% 3.19% 5.21%Benchmark 6.49% 6.18% 4.59% 2.39% 2.35%
Net Assets (PKR mn) 107.22NAV per Unit (PKR) 102.15
Weighted Average Maturity (days) 1Sharpe Ratio* (1.29) Information Ratio 0.31Standard Deviation 0.51%
98%
0%
2%
Cash at Bank
Sukuk
Others includingreceivables (NR)
Cash at Bank 97.80% 98.05%Others including receivables (NR) 2.20% 1.95%Total 100.00% 100.00%
AAA 0.00% 0.01%AA+ 0.00% 0.02%
AA- 97.80% 98.01%
A 0.00% 0.02%Other including recievables (NR) 2.20% 1.95%Total 100.00% 100.00%
Portfolio Allocation (as % of T.A.) Aug. ‘17 July. ‘17
The scheme has maintained a provision gainst Worker's Welfare
Fund's liability to the tune of Rs.1,188,726, if the same were not
made the NAV per unit/year to date (YTD) return of the scheme
would be higher by Rs.0.9068/4.71% declining the YTD return
to -9.08% p.a.
SWWF Disclosure
1yr PKRV yield used as Risk‐Free rate. * Annualized
**R‐Square measures the correlation between the benchmark and the funds return
Fund Statistics
Sector Allocation (as % of T.A.) Aug. ‘17 July. ‘17
Top 10 Equty Holdings (as % of T.A.) Symbol Aug. ‘17
Fund Performance PIML - VEF
The objective of PIML-Value Equity Fund is to achieve long term capital growth by investing mainly in listed equity securities.
Fund Objective
Portfolio Allocation (as % of total assets) Aug. ‘17
PIML Value Equity Fund
10 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er 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 O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Benchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Equity Scheme
KSE 100 Index
Management Co. Rating
13th March 2015
Daily (days when Banks are open for business)
4.00 pm
Forward
2% p.a.
2% (Front-end) 0% (Back-end)
Moderate to High
Pakistan Stock Exchange
Leverage Nil
Central Depository Company o f Pakistan Ltd.
KPMG Taseer Hadi & Co.
Mohsin Tayebaly & Co.
M. Samir Malik, CFA
Fund Manager Report - August 2017
Credit Quality of Portfolio (as % of T.A.) Aug. ‘17 July. ‘17
Investment Committee Members
Salman H. Sheikh
Hamza Saboor
M. Samir Malik, CFA
M. Samir Malik, CFA
Chief Investment O�cer
Asif Iqbal
M. Saeed Khalid
Head of Compliance and Risk
Acting Head of Research
Chief Executive O�cer
Chief Financial O�cer
Fund returns are calculated NAV to NAV with dividends reinvested (excluding sales load)
AM3+ by JCR-VIS (15 December 2016)
Fund Manager
Total Expense Ratio is 0.66% which Includes 0.05% of Governement Levy and 0.02% of SECP Fee calculated as % of Average Net Asset Value.
Total Expense Ratio
Fund Manager’s ReviewDuring the month under review. the fund generated a return of -11.33% as compared to the benchmark return of -10.44%. major contribution in funds
negative return came from its cement exposure (LUCK&DGKC), PAEL, ENGRO and AICL. Due to the negative corporate development in cement sector , the
exposure was decreased from 22.4% in the preceding month to 15.7%. While headwinds on the economic front may imapct equities in the near term,
valuations across sectors have fallen to attractive levels on historic comparison and relative to emerging markets.
“Performance data does not include the cost incurred directly by an investor in the form of salesloads etc.”
PIML-VEF* PIML-VEF** Benchmark***FYTD -13.79% 0.00% -11.51%CYTD -17.21% 0.00% -13.81%12M Trailing -1.71% 0.00% 3.51%Since Inception 20.84% 0.00% 26.47%AAR-Since Inception 8.15% 0.00% 9.80%Jul-17 -2.78% 0.00% -1.19%Aug-17 -11.33% 0.00% -10.44%
Fund Performance Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17Performance 2.35% 1.13% 3.20% 8.21% 10.92% 3.20% -1.59% -1.15% 3.91% 1.34% -9.16% -2.78% -11.33%Benchmark 0.71% 1.84% 1.99% 6.84% 12.16% 1.99% -0.46% -0.78% 2.38% 2.62% -8.23% -1.19% -10.44%
Period FY15 FY16 FY17 FY18TDPerformance 9.11% 4.99% -2.78% -13.79%Benchmark 4.64% 9.84% -1.19% -11.51%
Equity Securities 84.56% 87.10%Cash at Bank 11.20% 9.24%Others including recievables (NR) 4.25% 3.66%Total 100.01% 100.00%
85%
11%4%
Equity Securities
Cash at Bank
Others includingrecievables (NR)
CEMENT 15.70% 22.40%OIL & GAS MARKETING COMPANIES 13.08% 10.13%ENGINEERING 8.89% 7.67%COMMERCIAL BANKS 7.51% 6.07%INSURANCE 5.46% 4.98%Others 33.92% 35.85%
Lucky Cement Ltd LUCK 7.80%Pakistan State Oil Co Ltd PSO 6.86%Sui Northern Gas Co Ltd SNGP 6.22%D.G Khan Cement Co Ltd DGKC 6.10%Adamjee Insurance Co Ltd AICL 5.46%Oil & Gas Development Co OGDC 4.79%Engro Corp Ltd ENGRO 4.63%Aisha Steel Mills Ltd ASL 4.16%Pak Electron Ltd PAEL 3.60%International Industries Ltd INIL 3.41%
AA- 11.2% 9%A 0.00% 0.11%A- 0.00% 0.01%NR (includes equity investments) 88.81% 90.76%Total 100% 100%
Net Assets (PKR mn) 148.71NAV per Unit (PKR) 113.44
Sharpe Ratio* -0.99Standard Deviation* 18.11%Treynor Ratio -0.177Beta 1.01R - Square** 88.42%Value at Risk 1.88%
The scheme has maintained a provision gainst Worker's Welfare
Fund's liability to the tune of Rs.1,049,743, if the same were not
made the NAV per unit/year to date (YTD) return of the scheme
would be higher by Rs.0.4601/2.89% declining the YTD return to
-6.66% p.a
SWWF Disclosure
Weighted average of 6-month KIBOR and KSE-100 index as per amount invested in equities and �xed income investments including cash & cash equivalent respectively
Fund Performance PIML - AAF
The investment objective of this fund is to earn competitive returns by investing in the various asset classes / instruments based on the market outlook.
Portfolio Allocation (as % of total assets) Aug. ‘17
Fund Manager’s Review
PIML Asset Allocation Fund
11 of 12 MUFAP’s recommended format
“This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an o�er 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 O�ering Document to understand the investment policies and risks involved.”
Fund Details
Fund Type
Category
Performance RankingBenchmark
Inception Date
Dealing Days
Cut-o� Time
Pricing Mechanism
Management Fee
Load
Risk Pro�le
Listing
Trustee
Auditor
Legal Advisor
Fund Manager
Open End
Asset Allocation
Not Available
Management Co. Rating
12th April 2016
Daily (days when Banks are open for business)
4.30 pm
Forward
2% p.a.
Front end 3%
Moderate to High
Pakistan Stock Exchange
Leverage Nil
Central Depository Company of Pakistan Ltd.
KPMG Taseer Hadi & Co.
Mohsin Tayebaly & Co.
M. Samir Malik, CFA
Fund Manager Report - August 2017
During the month under review, the fund generated a return of -7.21% as compared to the benchamrk return of -6.28%. Major contribu-
tion in funds negative return came from its cement exposure (LUCK & DGKC) and AICL. We increased our exposure in OMCs, Banks, and
Pharma meanwhile the exposure in cements was decreased. While headwinds on the economic front may imapct equities in the near
term, valuations across sectors have fallen to attractive levels on historic comparison and relative to emerging markets.
Portfolio Allocation (as % of T.A.)
Credit Quality of Portfolio (as % of T.A.)
Aug.’17 July.’17
Aug. ‘17 July. ‘17Investment Committee Members
Salman H. Sheikh
Hamza Saboor
M. Samir Malik, CFA
M. Samir Malik, CFA
Chief Investment O�cer
Fund Manager
Asif Iqbal
M. Saeed Khalid
Head of Compliance and Risk
Acting Head of Research
Chief Executive O�cer
Chief Financial O�cer
Fund Statistics
* Annualized
Fund Objective
Fund returns are calculated NAV to NAV with dividends reinvested (excluding sales load)AM3+ by JCR-VIS (15 December 2016)
Top 10 Holdings (as % of T.A.) Symbol Aug. ‘17
Sector Allocation (as % of T.A.) Aug. ‘17 July. ‘17
Total Expense Ratio is 0.66% which Includes 0.05% of Governement Levy and 0.02% of SECP Fee calculated as % of Average Net Asset Value.
Total Expense Ratio
Name of Non-Compliant Type of Value of Investment Provisioning Value of Investment Limit % of Gross
% of Net
Investment Investment Before Provisioning held (if any) After Provisioning Asset Asset Mobilink Micro�inance Bank TDR 54,273,973 - 54,273,973 10.00% 24.81% 25.40%
“Performance data does not include the cost incurred directly by an investor in the form of salesloads etc.”
Period FY16 FY17 FY18TDPerformance 4.99% -2.52% -9.55%Benchmark 9.84% -0.57% -6.40%
Fund Performance Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17Performance 0.23% -0.15% -1.08% 0.13% 4.82% 2.56% -1.08% -0.66% 2.93% 2.51% -7.58% -2.52% -7.21% 2.51% -7.58% -2.52% -7.21%Benchmark 0.51% 0.62% -0.07% 1.51% 6.45% 1.45% -0.07% -0.44% 1.82% 1.95% -5.79% -0.57% -6.16% 1.95% -5.79% -0.57% -6.16%
PIML-AAF PIML-AAF BenchmarkFYTD -9.55% 0.00% -6.40%CYTD -11.10% 0.00% -7.89%12M Trailing -7.71% 0.00% 4.71%Since Inception -4.41% 0.00% 13.99%AAR-Since Inception -6.09% 0.00% 5.17%Jul-17 -2.52% 0.00% -0.57%Aug-17 -7.21% 0.00% -6.16%
Equity Securities 60.08% 61.37%Placement with Banks 24.81% 16.56%Cash at Bank 9.80% 18.70%Others including receivables (NR) 5.31% 3.37%Total 100.00% 100.00%
60%25%
10%5% Equity Securities
Placement with Banks
Cash at Bank
Others includingreceivables (NR)
OIL & GAS MARKETING COMPANIES 9.37% 7.62%CEMENT 8.74% 11.57%COMMERCIAL BANKS 7.52% 2.97%ENGINEERING 7.22% 10.01%PHARMACEUTICALS 4.03% 1.95%Others 23.19% 27.25%
Sui Northern Gas Co Ltd SNGP 5.27%Lucky Cement Ltd LUCK 4.96%Pakistan State Oil Co Ltd PSO 4.11%D.G Khan Cement Co Ltd DGKC 3.78%International Industries Ltd INIL 3.74%Aisha Steel Mills Ltd ASL 3.65%Mughal Iron & Steel Industries Ltd MUGHAL 3.56%Synthetic Products Enterprises Ltd SPEL 2.99%Adamjee Insurance Co Ltd AICL 2.83%MCB Bank MCB 2.69%
AA- 9.8% 19%A 24.81% 16.56%Other including recievables (NR) 65% 65%Total 100% 100.00%
Net Assets (PKR mn) 213.71 NAV per Unit (PKR) 93.67
Standard Deviation* 12.71%Sharpe Ratio* (1.08) Information Ratio -0.093
www.awtinvestments.com
Karachi O�ce:3rd Floor, Horizon Vista, Plot No. Commercial 1, Block No.4, Scheme No.5, Clifton, Karachi.
Board: (+92-21) 38658883
Islamabad O�ce:O�ce#11, Executive Business Centre (Ground Floor), Saudi Pak Tower, Jinnah Avenue, Islamabad.Board: (+92-51) 2800397-8
Lahore O�ce:1st Floor, Commercial Plaza, 852-D, Faisal Town, Akber Chowk, Lahore.Board: (+92-42) 35221632-4
Headquarter:AWT Plaza , 2nd �oor, Mall Road Rawalpindi.Tel: 051-9272379 (Direct)
AWT INVESTMENTS LIMITED
AWTINVESTMENTS
“A Joint venture of Army Welfare Trust and Pak Brunei Investment Company”