Fund Select April 2012+(1)

7/31/2019 Fund Select April 2012+(1)

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This document has been prepared by IGI Investment Bank Limited and is for information purposes only. Whilst every effort has been made to ensure that all the information (including any recommendations or opinions expressed)contained in this document (the information) is not misleading or unreliable, IGI Investment Bank Limited makes no representation as to the accuracy or completeness of the information. Neither IGI Investment Bank Limited nor any director, officer or employee of IGI Investment Bank Limited shall in any manner be liable or responsible for any loss that may be occasioned as consequence of a party relying on the information. This document takes noaccount of the investment objectives, financial situation and particular needs of investors, who shall seek further professional advice before making any investment decision. This document and the information may not be reproduced,distributed or published by any recipient for any purpose.

Copyright 2007 IGI Investment Bank Limited

For subscription to the Fund Select Monthly Bulletin, call our toll free number or e-mail us at [email protected] Long-term credit rating of A-Short-term credit rating of A2 by PACRA

An Investment Guide to Mutual Funds

Investment Highlights

Industry UpdateDuring Mar 12, the open-ended industry posted a negative outflow of 9.08% MoM with totalassets under management (AUM) standing at PKR 308.39bn from PKR 339.19n. A total of 7 AMCsposted a net inflow of PKR 0.63bn whereas 14 AMCs posed a net outflow of PKR 31.43bn

In the Income Fund Category NAFA Savings Plus Fund registered a growth of 10.6% to close atPKR 1.283bn. KASB Cash Fund registered a growth of 42.68% in the Money Market Category.MCB Islamic Income Fund registered a growth of 10.98% in the Islamic Income fund category.Meezan Cash Fund registered a growth of 12.63% in the Islamic Money Market Category; AtlasIslamic Stock Fund registered a growth of 15.25% in the Islamic equity category. Finally in theAsset Allocation and balanced fund category Pak Oman Advantage Asset Allocation Fund registereda growth of 29.17%.

Performance UpdateDuring Mar 12 average returns were 18.05% for overall income funds. Category returns remainedvolatile ranging between 7.69% and 8.12%. TFC price volatility and change in MUFAP revaluationprices remained the cause of volatility

Mar 12 average returns for Money Market and Government Security Funds was 10.2%. Returnsfor YTD 12 and 6mo averaged 11.31% and 10.78% respectivelyAn average return for IslamicIncome funds was 15.11% during Mar 12. Overall funds have shown positive performance.Returns for FY 12 averaged 10.43% and 6mo average return was 10.8%. During Mar 12 averagereturns for Islamic Money Market stood at 9.93%. Average returns for YTD 12 and 6mo were10.62% and 10.28% respectively.

In March, the KSE 100 index increased to 13,761.76. Average returns for pure equity fundsunderperformed KSE 100 index and stood at 5.28% for Mar 12. During 12mo average returns forpure equity funds were 11.3% while the KSE 100 return was 15.66%.

During Mar 12 the return for Islamic equity funds averaged 4.63% with 12mo average returnsincreased to 15.3%. Furthermore, balanced and asset allocation fund returns showed an averagereturn of 2.82% while for 12mo it showed 7.32% average return.

Fund Select Monthly Bulletin,April, 2012

Hira Rashid

[email protected](+92-21) 111-234-234 Ext. 964

www.igiinvestmentbank.com.pk(+92-21) 0800-2-34-34


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Fund Select

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Table of Contents

Industry Update 3

Income Funds 4

Islamic Income Funds 9

Islamic Money Market Funds 10

Money Market & Govt. Security Funds 11

Equity Funds 12

Pure Equity Funds 12

Islamic Equity Funds 13

Balanced and Asset Allocation Funds 14

Pension Funds 15

Standard Dev & Sharp Ratio 16

Income Funds (Return) 17

Equity Funds (Return) 18

Rating Guide 19

Fund Size, Sales Load & Management Fee 21

Portfolio Composition - February 12 23


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Industry UpdateDuring Mar 12, the open-ended industry posted a negative outflow of 9.08% MoM with total assets

under management (AUM) standing at PKR 308.39bn from PKR 339.19n. A total of 7 AMCs posted a netinflow of PKR 0.63bn whereas 14 AMCs posed a net outflow of PKR 31.43bn.

In the Income Fund Category NAFA Savings Plus Fund registered a growth of 10.6% to close at PKR1.283bn. KASB Cash Fund registered a growth of 42.68% in the Money Market Category. MCB IslamicIncome Fund registered a growth of 10.98% in the Islamic Income fund category. Meezan Cash Fundregistered a growth of 12.63% in the Islamic Money Market Category; Atlas Islamic Stock Fund registereda growth of 15.25% in the Islamic equity category. Finally in the Asset Allocation and balanced fundcategory Pak Oman Advantage Asset Allocation Fund registered a growth of 29.17%.

Income Funds stood at PKR 68.12bn constituting 23% of total industry AUM. Islamic Income Funds andIslamic Money Market constituted 10% and 3% respectively to industry AUM standing at PKR 29.75bnand PKR 8.18bn respectively. Money Market Fund showed a decrease of 12.45% of the industry share

to stand at PKR 127.16bn from PKR 145.24 bn in total assets during the month and constituted 42% of the total AUM industry size. Equity funds decreased marginally by 0.71% of the industry share to standat PKR 48.43bn from PKR 48.78bn and constituted 16% to industry AUM.

3

Open end Funds Industry Update

* Excluding NIT (LOC)Source: MUFAP & IGI Fund Select

(PKR mn)

Asset Manager

National Investment Trust Limited *UBL Fund Managers LimitedArif Habib Investments Ltd(A subsidiary of MCB Bank Ltd)Al Meezan Investment Management LimitedABL Asset Management Company LimitedNational Fullerton Asset Management LimitedHBL Asset Management LimitedAskari Investments Management LimitedLakson Investments LimitedFaysal Asset Management LimitedAtlas Asset Management LimitedIGI Funds LimitedJS Investments LimitedPICIC Asset Management Ltd.

Habib Asset Management LimitedKASB Funds LimitedAlfalah GHP Investment Management LimitedAKD Investment Management LimitedBMA Asset Management Company LimitedPak Oman Asset Management Company LimitedDawood Capital Management Limited**

# of Open

ended Funds

3111765

12656676

123

3854242

Mar-12

42.99946.08534.62935.79145.72325.69113.54613.4298.3596.2587.0946.3017.9663.370

2.3352.8422.2801.2090.8640.8140.801

MoM PKR

(bn) chg

(0.20)(3.45)(0.47)

0.15(18.06)

0.06(0.10)(7.39)

0.04(0.36)(0.46)(0.32)(0.05)

0.03

(0.39)0.23

(0.08)0.050.07

(0.06)(0.03)

Feb-12

43.19949.53735.09835.64063.78525.62913.64520.8218.3156.6167.5526.6268.0203.342

2.7212.6162.3641.1570.7960.8740.832

IndustryShare (%)

13.9414.9411.2311.6114.838.334.394.352.712.032.302.042.581.09

0.760.920.740.390.280.260.26

Fund Size (bn) MoM% chg

(0.46)(6.97)(1.34)

0.42(28.32)

0.24(0.73)

(35.50)0.53

(5.41)(6.06)(4.90)(0.67)

0.84

(14.19)8.63

(3.55)4.478.55

(6.84)(3.71)

Mar12: Open ended fund category as a % of Industry AUM

Source: Bloomberg

Islamic Equity 3%AssetAlloc.

&Balan.

2%

CapitalProte.

1%

Income23%

Equity 16%Islamic Income 10%

Money Market 41%

Islamic Money Market 3%

Pens-ion.1%


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April, 2012

Income FundMoney Market Update for March 2012

During the month of March, the money market remained illiquid. To normalize the liquidity situation,SBP conducted regular OMOs with average overnight rate at 11.23%. It injected approximately PKR1,211bn while it mopped up PKR 3bn. Yields on long term government securities in the secondary marketincreased further during the month as a result of the prevailing macro-economic concerns.

The State Bank of Pakistan conducted two T-Bill auctions during the month of March 2012. The firstauction for the month was held on March 07, 2012. Target was set at PKR 100bn against a maturity of PKR 80.842bn. It sold T-bill worth PKR 121.75bn. SBP accepted face value of PKR 60.54bn, PKR 53.158bnand PKR 8.05bn in 3, 6 and 12-month treasury bills respectively. Cut-off yields for all three tenors increasedas expected to 11.83%, 11.90% and 11.94%.

The State Bank of Pakistan conducted another T-bill auction on March 21, 2012. The target was set atPKR 125bn against a maturity of PKR 119.16bn, the government accumulated PKR 57.3bn. Cut-off yieldsincreased by 4 bps for both 3-month and 6-month T-bill. The 12-months paper was left unchanged at11.94%. Similar to previous auction, participation remained heavily skewed towards 3-months T-bill (PKR67.5bn). T-bill auction results for the month of March are summarized below.

SBP also conducted a PIB auction on March 14, 2012. The target was set at PKR 25bn against a maturity

of PKR 27.94bn. Total accepted amount stood at PKR 25.09bn. As expected, the cut off yield increasedfor all tenors. 3-year and 5-year PIBs increased by 14 bps and 13 bps respectively with an acceptedamount of PKR 5.3bn and PKR 12.3bn. While 10-year PIBs increased by 29 bps with an accepted amountof PKR 7.49bn. PIB auction results are summarized below:

TFC Market Update for March 2012Activity in the corporate debt market picked up during the month of March 2012. Total traded valueincreased by 34.44% MoM from PKR 1.114bn to PKR 1.498bn. TFCs worth PKR 1.402bn were traded inthe listed TFC category while PKR 95.91mn in the unlisted category. With regard to sector-wise performance,the fertilizer sector generated the highest trade value contributing 42.13% or PKR 631.09mn to the totalwhile the banking sector contributed 34.84% or PKR 521.98mn.

In terms of individual trades, major activity was witnessed Pak Arab Fertilizers Limited TFC II and PakistanMobile Comunication Limited TFC which attributed 36.88% and 22.87% to the total trade value respectively.

Yields to maturity averaged 13.55% for TFCs/Sukuks traded during the month of March 2012 (assuming6M KIBOR rates to be uniform at 11.50% for future coupon payments).

4

Source: SBP, IGI Fund Select

T Bill Auction

03 Month06 Months12 Months

Cutoff yields

(7-3-12)

11.83%11.90%11.94%

Cutoff yields

(21-3-12)

11.87%11.94%11.94%

Change

in yields

4 bps4 bps

-

Source: SBP, IGI Fund Select

PIB Auction

03 Years05 Years10 Years15 Years20 Years

Cutoff yields

(15-2-11)

12.45%12.81%12.91%

--

Cutoff yields

(14-3-12)

12.59%12.94%13.20%

--

Change

in yields

14 bps13 bps29 bps

--


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March 2012 TFC Trades

Source: MUFAP, IGI Investment Advisory

Valuation Prices (PKR)Price (PKR)

Issue Date

28/02/200828/10/200805/03/200828/08/200930/11/200702/12/200923/12/201104/02/200517/12/200914/02/200830/06/201128/09/2007

Ratings

AAA+A+

AA-AA

AA-AA-AA-AAAAAA

-

Low

99.5096.6199.0099.2497.00

104.00101.40101.25100.00100.95106.20

74.00

Total Trade Value(PKR '000)

552,528.08342,654.95273,496.06109,551.8448,422.4047,608.3840,612.5030,289.9530,142.8715,118.275,308.942,378.57

Change

0.19-0.411.181.28

-1.310.090.400.54

-1.000.12

-0.03-

1-Mar-12

99.8797.0798.5798.5798.31

104.11101.00100.71101.55100.59106.09

-

30-Mar-12

100.0696.6799.7599.8597.00

104.20101.40101.25100.56100.70106.07

-

Name of Issue

Pak Arab Fertilizers Ltd. TFC IIPak Mobile Comm. Ltd. TFCNIB Bank Ltd. TFC IAllied Bank Ltd. TFC IIEngro Fertilizer Ltd TFC IIIBank Alfalah Ltd.-Fixed TFC IVAskari Bank Ltd. IVAskari Bank Ltd. IEngro Fertilizer Limited IVUnited Bank Ltd. TFC IVBank Al-Habib Ltd. TFC IVPak Electron Ltd Sukuk

High

100.2097.1199.75

100.0097.00

104.20101.75101.25101.67100.95106.20

74.00

Fund Select

April, 2012

Overall, valuation prices showed a mixed trend. The highest increase in revaluation price was seen inKohat Cement Sukuk and WorldCall Telecom Limited TFC bringing their valuation prices up by PKR 8.2and PKR 6.19 to PKR 75 and PKR 93.18 respectively. While Quetta Textile Mills Limited Sukuk and EngroFertilizer Limited TFC PRP II experienced a decrease in their prices, decreasing by PKR 18.19 and PKR1.92 respectively, bringing them to PKR 75 and PKR 99.65.

5

Sector Wise Value of Trade - Month on Month Comparison (PKR 000)

Source: MUFAP and IGI Investment Advisory

March 2012

Bank521,985.94

35%

Fertilizer631,093.3542%

Telecom342,654.9523%

Household Goods2,378.570%

February 2012

Bank896,586.3180%

Fertilizer120,033.6611%

Telecom88,071.058%

Oil & Gas9,657.591%


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Details of TFCs with major changes in their valuation prices are mentioned in the following table:

Credit Rating of Quetta Textile Mills Limited Sukuk downgradedCredit rating of Quetta Textile Mills Limited Sukuk has been revised twice during the month of March.At the start of the month, JCR-VIS revised the rating to BBB- from BBB+ . This was mainly due to thecompany s weakening cash flows over time which has raised concerns regarding the company s abilityto service its debt in a timely manner. Later by the end of March its sukuk rating was revised from BBB-

to Non-Investment category. This was due to the coupon payment which was due on March 26, 2012,which has not yet been paid out.

Overall, the textile industry is facing compressed margins since the last quarter of the out-going yearwhich has adversely affected the risk profile of highly leveraged companies. Apart from that, lack of gas

6

MoM Changes in Valuation Prices of TFCs

TFCs and Sukuks

Kohat Cement -SukukWorldcall Telecom Ltd -TFCOptimus Ltd - TFCSummit Bank Ltd - TFCBank Al-Habib Ltd-TFC 10% cap - AmortizationAlied Bank Ltd -TFCNIB Bank Ltd -TFCAskari Bank Ltd-TFCUnited bank Ltd -TFC AmortizationAvari Hotels-TFCTrust Investment Bank Ltd -TFCOrix Leasing Pakistan Ltd -TFC- AmortizationAskari Bank Ltd -TFCAl Abbas Sugar Mills Ltd-TFCHouse Building Finance Corporation Ltd - SukukJDW Sugar Mills Ltd . SukukJDW Sugar Mills Ltd . TFCAskari Bank Ltd -TFCBank Al-Habib Ltd -TFCCentury Paper & Board Mills Ltd - SukukFinancial Rec'bles Sec'zation Co Ltd - TFC Class "A"Pak Mobile Comm Ltd -TFCEden Builders Ltd- SukukSoneri Bank Ltd -TFCFinancial Rec'bles Sec'zation Co Ltd - TFC Class "B"Dawood Hercules-SukukOrix Leasing Pak Ltd-TFCWAPDA-SukukPak Mobile Comm Ltd -TFCFaysal Bank Ltd -TFC (10-02-05) (Formerly: RBS - TFC )Jahangir Siddiqui & Company Ltd-TFCBank Alfalah Ltd -TFCEngro Corporation Ltd -TFCAskari Bank Ltd -TFCPak Arab Fertilizers Ltd-TFCKarachi Shipyard & Engineering Works Ltd - SukukFaysal Bank LtdKarachi Shipyard & Engineering Works Ltd-SukukAllied Bank Ltd-TFCNational Industrial Park Devel & Mgmt Co SukukPak Libya Holding Company Pvt Ltd-TFCEngro Fertilizer Ltd -TFCEngro Fertilizer Ltd -TFCEngro Corporation Ltd -TFCWAPDA-SukukBank Al-Habib Ltd -TFCEngro Fertilizerr Ltd-TFC (PRP-II)Quetta Textile Mills Ltd -SUKUK

Source: MUFAP, IGI Investment Advisory

Issue Date

20-12-0707-10-0810-10-0727-10-1115-07-0428-08-0905-03-0818-11-0910-08-0430-04-09

04-07-0825-05-0704-02-0521-11-0708-05-0819-06-0823-06-0823-12-1107-02-0725-09-07

-31-05-0608-09-0805-05-05

-18-09-0715-01-0805-01-0628-10-0810-02-0504-07-0725-11-0501-02-1131-10-0516-12-0902-11-0712-11-0704-02-0806-12-0611-08-0707-02-1117-12-0930-11-0716-09-1113-07-0715-06-0918-03-0826-09-08

1-Mar

66.8087.0088.9699.1392.3298.5798.57

105.9094.9497.0294.4897.95

100.7199.8397.9598.2599.30

101.00102.4799.55

100.04100.8199.4399.89

100.78100.30100.65100.39

97.07101.11101.10100.71100.94100.91102.41100.41100.86100.40101.77101.73102.04101.5598.31

102.9296.51

107.65101.5893.19

Change

8.206.192.151.511.351.281.181.020.770.770.700.580.540.530.480.460.410.400.370.360.360.330.320.250.23

-0.27-0.31-0.35-0.41-0.43-0.48-0.51-0.67-0.67-0.68-0.71-0.75-0.78-0.80-0.93-0.99-1.00-1.31-1.34-1.57-1.58-1.92

-18.19

Rating

Non-RatedBBB

AA

AAAA-A+

AA-AAA-

BBB-AA+AA-A+AA

A+AA-AAA+A+

AA-A

A+A+

Non-RatedAA+AAAAA-AA-AA

AA-AA

AA-AA

AAAAA-

AAAAA-

AAAAAAAAAAA

AAAAAAA

Non-Investment

Valuation Prices (PKR)

30-Mar

75.0093.1891.11

100.6493.6799.8599.75

106.9295.7297.7995.1898.52

101.25100.3698.4398.7199.70

101.40102.8399.92

100.41101.1499.76

100.14101.01100.03100.34100.0396.67

100.68100.61100.20100.28100.24101.7399.70

100.1199.62

100.97100.80101.05100.5697.00

101.5894.94

106.0799.6575.00


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Fund Select

April, 2012

availability in Punjab, where majority of the company s plants are located, forced the company to runon furnace oil which increased its production costs significantly.

Pakistan Mobile Communication Limited TFCs upgraded to AA-

PACRA has upgraded the long term entity rating of Pakistan Mobile Communication Limited (PMCL) fromA+ to AA- . The two TFCs of PMCL were also upgraded to AA- category. The rating denotes strong

capacity of timely payment of financial commitments. PMCL maintains a leading market position amongits competitors with largest operational network, improving gross margins which are expected to improveeven more. PMCL posted revenues of PKR 135.6bn during the fiscal year ended December 31, 2011, thatis 5% increase from 129.2bn in the year 2010.

Portfolio allocationAverage TFC allocation in income funds was 25.6% during Feb 12. Cash and equivalents decreased to10.13%. Average T-bills increased to 39.31% of portfolio. PIB averaged 2.33% during the month.

Fund classificationWe have used Feb 12 asset allocation data to classify each income fund according to their TFC exposure.Top performing funds for Mar 12, 6mo and FY 12 are highlighted.

Average returnsDuring Mar 12 average returns were 18.05% for overall income funds. Category returns remained volatileranging between 7.69% and 8.12%. TFC price volatility and change in MUFAP revaluation prices remainedthe cause of volatility.

For the month of Mar 12 the top performers were:l AGIMF at 73.56%l BCSF at 63.5%l KIOF at 50.73%

For 6mo the top performing funds were:l JS AIF at 29.13%l IGI AIF at 22.84%l KIOF at 20.56%

7

Source: IGI Fund Select

TFCs/ Sukuk 25.6%

Cash10.1%

T-Bills39.3%

Govt. Securities 1.5%

GoP IjaraSukuk 3.5%

Income Funds: Feb 12 Asset AllocationMargin Trading System 2.7%

Others6.1%

PIB2.3%

PlacementwithBanks &

DFIs4.0%

TDR/COI/COM 0.8%

Commercial Paper 2.1%

Govt. Backed GuaranteedSecurities 2.1%

Dec 11 TFC Exposure SnapshotNo (0%) TFC Exposure

Faysal Savings Growth FundNAFA Savings Plus FundPICIC Income FundUBL Savings Income fundUBL Government Securities FundPak Oman Government Securities FundLow to Medium (1-39%) TFC Exposure

Pakistan Income Enhancment FundHBL Income FundAtlas Income FundIGI Aggressive Income FundUnited Growth & Income FundMCB Dynamic Cash FundJS-Income FundNIT Income FundDawood Income FundLakson Income FundIGI Income FundBMA Chundrigar Road Saving FundCrosby Phoenix FundFaysal Income & Growth FundABL Income FundFirst Habib Income Fund

39.40%37.70%36.70%36.06%34.00%27.60%25.79%25.68%18.86%12.00%8.69%6.67%6.06%4.70%2.95%0.67%

High (40-59%) TFC Exposure

NAFA Income FundAlfalah GHP Income Multiplier FundJS-Aggressive Income FundPakistan Income FundAKD Aggressive Income Fund

Very High (60-100%) TFC Exposure

NAFA Income Opportunity FundKASB Income Opportunity FundAskari High Yield Scheme

50.28%48.19%42.12%42.10%40.48%

91.13%69.18%60.96%



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Fund Select

April, 2012

For 9mo FY 12 the top performers were:l JS AIF at 26.54%l IGI AIF at 21.66%l FIGF at 15.03%

No (0%) TFC exposurel NSPF as mentioned in FMR it cannot invest in any avenue which has more than six months maturity,

nor can it invest in TFCs/Sukuks.

Top performing funds in the category during Mar 12 were:l NSPF at 10.02%l FSGF at 9.97%l USIF at 9.86%

For 6mo the top performing funds were:l USIF at 11.19%l UBL GSF at 11.09%l NSPF at 10.89%

For 9mo FY 12 the top performing funds were:l UBL GSF at 12.46%l USIF at 12.35%l PICIC IF at 11.9%

Low to Medium (1-39%) TFC exposureTop performing funds in the category during Mar 12 were:l BCSF at 63.5%l FIGF at 26.26 %l IGI AIF at 24.75%

For 6mo the top performing funds were:l IGI AIF at 22.84%l FIGF at 15.37%l HBL IF at 14.27%

For 9mo FY 12 the top performers were:l IGI AIF at 21.66%l FIGF at 15.03%l JS IF at 14.10%

High (40-59%) TFC ExposureThe top performing funds in the category during Mar 12 were:l AGIMF at 73.56%l JS AIF at 23.14%l AKD AIF at 21.25%

8

No TFC Exposure: Annualized Returns


15%

10%

5%

0%

U B L G S F

U S I F

P I C I C I F

N S P F

F S G F

P O G S F

Mar-12 9mo YTD6 mo

Low to Medium TFC Exposure: Annualized Returns


70%

50%30%

10%

-10%

-30%

-50%

I G I A I F

F I G F

J S I F

H B L I F

N I T I F

A B L I F

D I F

L a k s o n I F

I G I I F

M C B D C F

F H I F

C P F

P I E F

A t l a s I F

Mar-12 9mo YTD6mo B C S F

U G I F


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Fund Select

April, 2012

For 6mo the top performing funds were:l JS AIF at 29.13%l AKD AIF at 11.93%l PIF at 9.25%

Ranking for 9mo FY 12 is as follows:l JS AIF at 26.54%l AKD AIF at 11.98%l PIF at 9.18%

Very High (60-100%) TFC ExposureDuring Mar 12 the top performing funds were:l KIOF at 50.73%l NIOF at 32.52%l AHYS at 6.93%

For 6mo the top performing funds were:l KIOF at 20.56%l AHYS at 7.64%l NIOF at 0.13%

During 9mo FY 12 the top performers were:l KIOF at 11.24%l AHYS at 5.82%l NIOF at -2.37%

Islamic Income Funds

Average returnsAn average return for Islamic Income funds was 15.11% during Mar 12. Overall funds have shown positiveperformance. Returns for FY 12 averaged 10.43% and 6mo average return was 10.8%. With Sukuks beinghighly illiquid assets they remain a major reason behind the volatility in Islamic fund returns.

Fund performanceDuring Mar 12 the top performing Islamic Income Funds were:l NIAIF at 74.62%l UIIF at 27.94%l

MIIF at 11.47%

During 6mo the top performing Islamic Income Funds were:l NIAIF at 30.12%

9

High TFC Exposure: Annualized Returns


80%

60%

40%

20%

0%

-20%

Mar-12 9mo YTD6mo

J S A I F

A K D A I F

P I F

A G I M F

N I F


Islamic Income Funds: Asset Allocation Feb12

TFCs/ Sukuk15.4%

GoP Ijara Sukuk28.4%

Cash 24.3%

Others 3.4%

GoP Backed GuaranteedSecurities 16.5%

Govt. Securities 3.3%

Placement withBanks & DFIs4.1%

Commercial Paper 2.2%

S/T Corporate Sukuk 1.5%

Mar-12 9mo YTD6mo

Very High TFC Exposure: Annualized Returns


60%

40%

20%

0%

-20% K I O F

A H Y S

N I O F


10/27

Fund Select

April, 2012

l Askari IIF at 12.85%l POAIIF at 11.28%

For 9mo FY 12 the top performing Islamic Income Funds were:l NIAIF at 21.31%l Askari IIF at 12.98%l POAIIF at 11.81%

Portfolio allocationIn Islamic Income funds, exposure in GoP Ijara Sukuk averaged 28.47% during Feb 12. MCB IIF 73.2% andABL IIF 72% had the highest exposures. In TFCs/Sukuk category the averaged exposure was 15.39%,POAIIF 71.87% and NIAIF 55.52% had the highest exposure to the highly illiquid asset class. Cash andequivalents averaged 24.36% with Atlas IIF with the highest cash allocation at 51% during the month.

Islamic Money Market Funds

Average returnsDuring Mar 12 average returns for Islamic Money Market stood at 9.93%. Average returns for YTD 12and 6mo were 10.62% and 10.28% respectively.

During Mar 12 the top performing Islamic Money Market were:l Meezan CF at 10.14%l HBL IMMF at 9.72%

For 6mo the top performing Islamic Money Market were:l Meezan CF at 10.72%l HBL IMMF at 9.83%

For 9mo FY 12 the top performing Islamic Money Market were:l Meezan CF at 11.11%l HBL IMMF at 10.12%

Portfolio allocationThe category s exposure to Cash & equivalents increased to 44.16% during Feb 12. Exposure to TDRdecreased to 40.02% during the month.

10

Islamic MM Funds: Asset Allocation Feb12


Cash44.16%

Others 0.83%Placementswith Banksand DFIs7.00%

TDR/COI/COM,40.02%

CommercialPaper,8.00%

Islamic Income Funds: Annualized Returns


80%

70%

60%

50%

40%

30%

20%

10%

0%

-10%

Mar-12 9mo YTD6mo

N I A I F

A s k a r i I I F

P O A I I F

M e e z a n S F

F I S G F

U I S F

N R S F

A B L I I F

M C B I I F

A t l a s I I F

I G I I I F

K I I O F

M I I F

U I I F

13%

10%

7%

4%

1%

Islamic Money Market: Annualized Returns


Mar-12 6mo 9mo YTD

MCF HBL IMMF


11/27

Fund Select

April, 2012

Money Market and Govt. Security FundsAverage returns

Mar 12 average returns for Money Market and Government Security Funds was 10.2%. Returns forYTD 12 and 6mo averaged 11.31% and 10.78% respectively. We continue to recommend Money MarketFunds for investors wishing to park their money for a short time frame. Generally funds in this categoryallow same day redemption process allowing quick liquidity to investors. Standard deviation remainsextremely low in Money Market Funds making them an ideal investment avenue for a short timeframe.However, some volatility can be witnessed in Government Security Funds owing to investments in assetclasses of longer tenor.

During Mar 12 the top performing Money Market and Government Security Funds were:l AKD CF at 12.38%l IGI MMF at 10.5%l NAFA MMF at 10.49%

For 6mo the top performing Money Market and Government Security Funds were:l Askari SCF at 11.23%l IGI MMF at 11.18%l KASB CF at 11.06%

For 9mo FY 12 the top performing Money Market and Government Security Funds were:l Askari SCF at 11.81%l IGI MMF at 11.81%l JS CF at 11.74%

Portfolio allocationThe category s exposure to T-bills has increased to 71.52% during Feb 12. Cash & equivalents were 6.44%

and TDR decreased to 2.55%.

11

Money Market & Government Security Funds: Annualized Returns


16%

12%

8%

4%

0%

A s k a r i S C F

I G I M M F

J S C F

K A S B C F

H B L M M F

P I C I C C F

M C B C M O F

P C M F

A B L C F

U L P F

A t l a s M M F

L M M F

B M A E C F

F H C F

F M M F

A l f a l a h G C F

N A F A G S L F

A K D C F

N A F A M M F

Mar-12 9mo YTD6mo

Money Market and Government Security

Funds: Asset Allocation Feb12


T-Bills71.52%

Comm.Paper0.83%

Other 1.67%

Cash 6.44%

TDR/ COI/COM 2.25%

Placements withBanks & DFIs 10.55%

S/T CorporateSukuk 0.47%

Govt. BackedGuaranteed

Securities 4.21%

ReverseRepo

1.77%


12/27

Fund Select

April, 2012

Equity FundsEquity Market Mar 12 Review

In March, the market continued its upward trend as the index posted a stellar 12 month high, closingat 1, 3761 pts. The positivity at the local bourse was also driven by improvement in global economic dataand investors positively surprised by the ability of companies to perform well in the face of economicand politic instability. Regional markets were up with the KSE100 outperforming amongst peers, advancing6.9%MoM. This helped KSE live up to its reputation of outperforming peer markets in1Q (+21% in 1Q12).The market was able to attract foreign interest for the second consecutive month as FPIs clocked in atUSD8mn. Activity in the market also improved significantly as average trading volumes were up by 82%MoM to 336mn shares per day.

On the macroeconomic front, CPI registered MoM inflation of 1.17% during Mar12, translating intoannual CPI of 10.79%. By and large, headline inflation during the month was driven by food, clothingand transport baskets. As has often been the case in the past, prices of a set of perishable food itemsremained highly volatile during the month, adding uncertainty to the index. On the other hand, Current

account deficit has been estimated at USD2.96bn during the month under review. Remittances senthome by overseas Pakistanis have increased by 23.40% YoY to USD8.59bn during 8M FY12 againstUSD6.96bn received in the same period last year. The federal government from the central bank hasincreased to about Rs294bn by end of 3QFY12. Pakistan s foreign exchange reserves witnessed an increaseto USD16.44bn as on March 23, 2012 against USD16.41bn at the end of February, 2012. Reserves withSBP stood at USD11.77bn, while reserves held by commercial banks stood at USD4.67bn.

Going forward, chief concerns highlighted are, outcome of SRO regarding CGT implementation and thetax rates in the upcoming budget for 2012-13. The discount rate is expected to remain unchanged in thenext monetary policy statement (MPS) scheduled on Apr 13, 2012 by SBP. Absence of foreign flows inprevailing circumstances also highlights vulnerability of the balance of payment position. This situationalso demands to have better ties with USA as well as neighboring countries. Resultantly, continueddeterioration of FX reserves would put pressure on the PKR which may slide to another 5% - 7% duringFY13.

Pure Equity Funds

Average returnsIn March, the KSE 100 index increased to 13,761.76. Average returns for pure equity funds underperformedKSE 100 index and stood at 5.28% for Mar 12. During 12mo average returns for pure equity funds were11.3% while the KSE 100 return was 15.66%.

Fund performanceDuring Mar 12 all equity funds showed high performance. The top performing funds were:

l AKD OF at 15.96%l NSF at 9.94%l ABL SF at 6.76%

12


CY12 Monthly Foreign Flow Trend (USD mn)

0 50-100 -50

Mar12Feb12

Jan12

Dec11

Nov11

Oct11

Sep11

Aug11

Jul11

Jun11

May11

Apr11

Mar11

-75 25-25

Monthly CY12 KSE - 100 return and KSE All ADV (mn shares)


Return (LHS) ADT shares (RHS)

350

300

250

200

150

100

50

0-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

M a r - 1

1

A p r - 1 1

M a y - 1

1

J u n - 1

1

J u l - 1 1

A u g - 1 1

S e p - 1

1

O c t - 1

1

N o v - 1 1

D e c - 1

1 J a n - 1

2

F e b

- 1 2 M

a r - 1

2


18%16%14%12%10%8%6%4%2%0%

Pure Equity Funds: Mar12 Performance

K S E 1 0 0

A K D O F N

S F

A B L S F

A K D I T F

A t l a s S M F

P S M F

U S A F

M C B D S F N I T

P S A F

J S - L

C F P P F

J S K S E 3 0 L E F

I G I S F

A l f a l a h G A F

A H D J F

F H S F

P I C I C S F

H B L S F K S F C

D F


13/27

Fund Select

April, 2012

For 12mo returns the top performer funds were:l ABL SF at 23.03%l AKD OF at 22.78%l NSF at 19.19%

Portfolio allocationPure equity funds had 27.73% exposure in Oil & Gas marketing and exploration sector in Feb 12. AKDITF and JS KSE 30 Index Fund had the highest exposure in the category at 38.10% & 36.27% respectively.Pure equity funds average cash position was 10.61%.

Islamic Equity Funds

Average returnsDuring Mar 12 the return for Islamic equity funds averaged 4.63% with 12mo average returns increased

to 15.3%. We highlight that the category includes Islamic Asset Allocation and Islamic balanced funds.Fund performanceThe top performing funds in the category were:l JS ISF at 12.78%l PIIF at 6.63%l AISF at 6.37%

During 12mo top performing funds were:l JS ISF at 26.97%l AISF at 24.34l MIF at 20.90

Portfolio allocationDuring Feb 12 the category s Oil & Gas sector came at the top position in asset allocation at 28.09%.Cash & equivalent averaged decreased to 18.21% for the month. MIF and HBL ISF had the heaviestexposure in Oil & Gas marketing and exploration category at 40% and 38.4% respectively.

13

Pure Equity Funds: Portfolio Allocation Feb12


Electricity 6%

Chemical 17%

Oil & Gas27%

Construction &Material 5%

Banks 19%

Personal Goods 2%

Misc. OtherEquities8%

Food Producers 2%

Others 2%

Cash &Equivalents11%

T-bills 1%

Islamic Equity Funds: Portfolio Allocation Fec12


Construction& Material6.0%

Chemical 8.6%

Cash &Equivalents

18.2%TFC/Sukuk

8.0%

Oil & Gas28.1%

Other7.0%

Misc./OtherEquities9.1%

Electricity6.4%

Govt. IjaraSukuk 5.3% Banks 3.3%

Pure Equity Funds: 12mo Performance

Source: IGI Fund Select * Funds launched in last 365 days

24%

20%

16%

12%

8%

4%

0%

K S E 1 0 0

A B L S F

A K D O F

N S F

A t l a s S M F

I G I S F

M C B D S F

U S A F

A K D I T F

J S - L

C F

J S K S E 3 0

A H D J F

H B L S F

P S A F

L E F

N I T

P P F

C D F

P S M F

A l f a l a h G A F

F H S F

K S F

Islamic Equity Funds: 12mo Performance


28%24%20%16%12%

8%4%0%

J S I S F

A I S F

M I F

A M M F

U C I F

N I M

A F

A l f a l a h G I S F

P O A I S F

A I A

A F

P I I F

D I S F


14/27

Fund Select

April, 2012

Balanced and Asset Allocation FundsAverage returns

During Mar 12 balanced and asset allocation fund returns showed an average return of 2.82% while for12mo it showed 7.32% average return. The increase in returns was due to high returns on some equity.However, since there are TFCs/Sukuks in the portfolio of the Asset allocation funds and there pricesfluctuates unexpectedly, it also effect the returns of the funds.

Fund performanceDuring Mar 12 top performing funds were:l JS AAAF at 6.94%l POAAAF at 4.93%l UTP at 4.88%

During 12mo top performing funds were:l NAAF at 18.11%l JS FOF at 17.48%l NMAF at 14.97%

Portfolio allocationThe category s allocation towards T-Bills average increased to 7.47%, UTP was the leading fund in theT-bill investments at 30.37%. Cash & equivalents averaged 17.93% in Feb 12. TFC/Sukuks categoryallocation was decreased to averaged 7.4% during the month. NMF maintained its position at 28.2%. Inequity portion, Oil & Gas category had the major asset allocation at 19.54%.

14

Balanced & Asset Allocation Funds: Mar12Performance


8%

7%

6%

5%

4%

3%

2%

1%

0%

J S A A A F

P O A A A F

U T P

J S F O F

N M A F

N A A F

F A A F

A G V F

H M A F

P C M F

A A A F

K A A F

M D A F

F B G F

L A A D M F

L A A E M F

L A A G C F

Balanced & Asset Allocation Funds: 12mo Performance

Source: Bloomberg

20%

15%

10%

5%

0%

-5%

-10%

-15%

N A A F

J S F O F

N M A F

H M A F

A A A F

U T P

A G V F

M D A F

J S A A A F

P C M F

F A A F

P O A A A F

F B G F

K A A F

Balanced & Asset Allocation Funds: Portfolio Allocation Feb12


T Bills 7.5%

Other Equities / Miscellaneous 3.8%

Banks 9.5%

Chemical 6.1%

Oil & Gas 19.5%

Cash &Equivalentsotherassets 17.9%

TFC/Sukuk 7.4%

Electricity 4.4%

Others 11.1%

Open End Fund 3.1%

Construction & Material 2.9%

Govt Securities 3.0%

Personal Goods 1.9%

Close End Fund 1.8%


15/27

Pension Funds

Fund Select

April, 2012 15


Fund Name

Pakistan Pension Fund

PPF - EquityPPF - DebtPPF - Money MarketPakistan Islamic Pension Fund

PIPF -EquityPIPF -DebtPIPF -Money Market

Atlas Pension Fund

APF Equity Sub-Fund

APF Debt Sub-FundAPF Money Market Sub-FundAtlas Pension Islamic Fund

APIF Equity Sub-FundAPIF Debt Sub-FundAPIF Money Market Sub-Fund

JS Pension Savings Fund

JSPSF-ESFJSPSF-DSFJSPSF-MMSFJS Islamic Pension Savings Fund

JSIPSF-ESFJSIPSF-DSFJSIPSF-MMSF

Meezan Tahaffuz Pension Fund

MTPF-ESFMTPF-DSFMTPF-MMSF

UBL Retirement Savings Fund

URSF-ESFURSF-DSF

URSF-MMSFUBL Islamic Retirement Savings Fund

UIRSF-ESFUIRSF-DSFUIRSF-MMSF

AMC Name

Arif Habib Investment

Atlas Asset Management

JS Investments

Al Meezan Investments

UBL Fund Managers Limited

Inception

Date

29-Jun-07

2-Nov-07

28-Jun-07

6-Nov-07

30-Jul-07

7-Mar-08

30-Jun-07

19-May-10

19-May-10

Since Inception

30-Mar-12

14.63%9.67%

10.91%

31.55%10.38%

7.47%

48.32%

10.68%11.39%

103.14%9.22%

11.23%

4.71%12.30%6.56%

74.88%11.19%7.26%

57.28%11.26%11.51%

37.91%11.42%

10.98%

46.80%9.44%8.02%

31-Mar-11

30-Mar-12

9.02%11.74%10.67%

18.44%9.87%8.35%

10.54%

10.68%10.78%

24.37%6.72%

10.37%

12.24%11.48%11.13%

19.78%8.83%9.82%

17.93%10.14%11.41%

9.47%11.80%

10.77%

13.92%10.24%9.11%

29-Feb-12

30-Mar-12

5.94%9.47%

10.27%

7.56%9.99%7.89%

5.89%

8.77%9.62%

6.97%8.22%8.80%

7.77%9.66%9.86%

5.78%-28.99%

2.72%

4.86%10.36%10.29%

5.65%8.18%

9.46%

5.51%9.17%8.85%

30-Jun-11

30-Mar-12

12.77%11.62%10.45%

20.96%10.12%8.31%

13.48%

10.17%10.38%

23.06%6.65%

10.03%

10.41%11.36%10.75%

15.44%9.39%9.65%

14.65%9.18%

11.18%

9.86%11.11%

10.46%

13.09%9.94%8.78%

Fund Sizes (mn)

30-Mar-12

64.6094.7669.69

49.8551.6242.06

53.00

52.0045.00

60.0060.0046.00

34.0681.6874.29

44.4041.8638.45

278.00195.00123.00

52.2258.40

55.24

49.5941.0437.42


16/27

Standard Deviation and Sharpe Ratio


Open End Income/Money Market Fund

Money MarketPakistan Cash Management FundNAFA Government Securities Liquid FundUBL Liquid Plus FundKASB Cash fundMCB Cash Management Optimizer FundAskari Sovereign Cash FundLakson Money Market FundBMA Empress Cash FundAtlas Money Market FundNIT- Government Bond FundMetro Bank- Pakistan Sovereign FundAlfalah Cash FundJS Cash Fund

ABL Cash FundIGI Money Market FundHBL Money Market Fund*Income Fund

ABL Income FundAKD Aggressive Income FundAlfalah GHP Income Multiplier FundAskari High Yield SchemeAtlas Income FundBMA Chundrigar Road Saving FundCrosby PhoenixDawood Income FundFirst Habib Income Fund

HBL Income FundIGI Income FundJS Aggr Income FundJS Income FundKASB Income Opportunity FundNAFA Income Opportunity FundNAFA Income FundPakistan Income Enhancement FundPakistan Income FundIGI Aggressive Income FundUnited Growth & Income FundNAFA Savings Plus FundLakson Income FundPICIC Income Fund

Faysal Saving Growth FundMCB Dynamic Cash FundNIT Income Fund

Note:6 month T-bills are used as a risk free rate for calculating sharpe ratio3 month T-bills are used as a risk free rate for calculating sharpe ratio for Money Market FundsFunds launched after Jan10 are not included in the standard deviation and sharpe ratioStandard deviation and Sharpe Ratio are calculated on monthly annualized return data from March 11 - March 12

Standard

Deviation

1.12%1.11%1.35%1.37%1.19%1.43%1.28%0.94%1.24%5.39%3.65%1.27%1.51%

1.27%1.20%1.36%

3.12%7.32%

56.36%17.86%16.99%

136.58%2.53%

13.82%1.70%

5.92%3.52%34.25%20.58%41.02%28.46%39.49%

4.37%4.66%

22.58%36.02%0.62%1.97%4.16%

3.49%2.26%2.53%

Sharpe

Ratio

(1.00)(1.39)(0.89)(0.80)(1.03)(0.57)(1.08)(1.55)(1.02)(0.51)(0.33)(1.23)(0.52)

(0.91)(0.77)(0.79)

(0.28)0.28

(0.13)0.02

(0.48)(0.12)(0.75)

0.47(1.26)

0.13(0.46)0.15

(0.31)(0.42)(0.41)(0.60)(0.38)(0.49)(0.02)(0.63)(2.76)(0.74)(0.26)

(0.47)(0.55)(0.17)

Fund Select

April, 2012 16


17/27

Income Funds (Annualized Return)


Money Market & Govt. Security FundABL Cash FundAlfalah Cash FundAskari Sovereign Cash FundAtlas Money Market FundBMA Empress Cash FundFaysal Money Market FundFirst Habib Cash FundsHBL Money Market Fund*IGI Money Market FundJS Cash FundKASB Cash fundLakson Money Market FundMCB Cash Management Optimizer FundMetro Bank- Pakistan Sovereign FundNAFA Government Securities Liquid FundNIT- Government Bond FundPakistan Cash Management FundPICIC Cash Fund

UBL Liquid Plus FundIncome FundABL Income FundAKD Income FundAlfalah GHP Income Multiplier FundAskari High Yield SchemeAtlas Income FundBMA Chundrigar Road Saving FundCrosby PhoenixDawood Income FundFaysal Saving Growth FundFirst Habib Income FundHBL Income FundIGI Aggressive Income fundIGI Income FundJS Aggr Income Fund

JS Income FundKASB Income Opportunity FundLakson Income FundMCB Dynamic Cash FundNAFA Income FundNAFA Income Opportunity FundNAFA Savings Plus FundNIT Income FundPakistan Income Enhancement FundPakistan Income FundPICIC Income FundUnited Growth & Income FundUnited Savings Income FundUBL Government Securities FundPak Oman Government Securities FundHybrid Funds

Faysal Income & Growth FundIslamic Money MarketMeezan Cash fundHBL Islamic Money Market FundIslamic Income FundsABL Islamic Income FundAskari Islamic Income FundAtlas Islamic Income FundFaysal Islamic savings Growth FundIGI Islamic Income FundKASB Islamic Income Opportunity FundMCB Islamic Income FundMeezan Islamic Income FundMeezan Sovereign FundNAFA Islamic Aggressive Income FundNAFA Riba Free Savings Fund

Pak Oman Advantage Islamic Income FundUnited Islamic Income FundUnited Islamic Savings Fund

Mar-1210.09%9.88%

10.21%10.04%10.14%9.93%9.76%9.91%

10.50%10.33%0.00%9.90%9.93%9.73%9.86%

-5.50%10.17%10.12%

9.85%

9.81%21.25%73.56%6.93%8.20%

63.50%9.51%

12.86%9.97%8.75%

15.56%24.75%9.19%

23.14%

11.38%0.00%9.84%

10.20%15.18%32.52%10.02%11.00%9.35%

10.37%9.44%9.23%9.86%9.69%9.36%

26.26%

10.14%9.72%

10.07%9.66%8.72%9.00%5.35%0.00%8.90%

11.47%10.07%74.62%9.78%

8.25%27.94%10.23%

Sep-1111.71%11.14%11.75%11.49%11.17%11.29%11.43%11.95%12.08%12.16%11.97%11.82%11.88%12.10%11.07%11.91%11.86%11.87%

11.93%

12.23%8.26%

-27.97%-20.15%15.27%-8.01%10.69%13.15%12.05%10.97%9.81%

28.68%13.48%12.30%

12.90%-44.32%12.10%12.80%12.85%

-37.76%10.97%13.59%6.12%8.07%

12.28%-47.97%13.30%13.39%11.77%

11.74%

11.07%10.42%

10.58%10.37%12.62%9.62%

10.43%8.58%

10.01%-8.51%11.86%

-12.11%10.67%

8.24%-48.35%11.96%

Oct-1113.71%12.76%14.27%13.20%12.48%13.09%13.45%13.77%13.73%13.81%13.97%13.14%13.70%19.17%12.80%15.88%13.00%13.46%

13.68%

19.39%8.53%

22.78%13.50%12.63%

-417.68%10.71%14.89%16.63%12.62%6.52%

51.50%14.71%59.53%

19.77%8.31%

15.48%9.63%5.58%6.82%

11.58%15.35%9.30%

10.13%19.32%2.94%

21.96%22.09%15.48%

14.11%

11.50%10.37%

11.05%20.57%14.70%19.48%10.34%14.99%12.74%11.50%11.26%-1.55%10.86%

19.98%4.32%10.79%

Fund Select

April, 2012 17

Nov-1110.41%9.76%

10.61%10.21%9.61%9.56%9.96%

10.12%10.44%10.43%9.84%

10.03%10.20%9.86%

10.29%9.67%

10.31%10.05%

10.16%

10.25%5.93%9.90%4.60%

10.89%30.09%10.85%12.42%9.01%8.89%9.09%

11.30%8.75%

18.90%

10.81%7.99%9.75%

10.18%10.48%7.42%

11.40%11.07%9.59%6.23%9.92%4.37%9.22%9.47%8.96%

6.93%

10.60%9.77%

11.44%11.77%

3.39%10.20%18.45%8.21%9.64%

-37.24%10.81%14.02%11.58%

10.88%3.51%10.49%

Dec-119.53%9.15%9.95%9.50%9.88%9.19%9.39%9.73%9.95%9.52%9.67%9.19%9.91%4.94%

10.06%6.52%

10.14%8.39%

9.38%

6.68%7.46%

-117.83%9.59%

11.40%145.68%

6.29%3.15%2.83%8.06%

24.43%9.42%

13.90%12.32%

6.37%22.17%8.56%8.55%

-97.17%-8.84%10.48%

6.07%13.04%12.58%2.79%

-82.19%5.32%5.68%7.63%

0.23%

9.41%10.42%

12.44%10.59%8.79%5.88%7.98%6.81%9.18%

24.71%11.99%4.18%

12.11%

9.19%-145.33%12.37%

Jan-1211.00%10.27%10.88%10.68%11.01%10.83%10.34%10.73%10.90%11.03%10.25%10.77%10.81%13.18%10.10%12.37%10.52%10.69%

10.75%

12.42%14.72%

-41.70%-0.63%10.73%28.40%10.67%11.47%14.54%9.67%

18.13%22.92%11.39%26.15%

13.39%17.95%10.37%11.46%3.36%

-43.39%10.75%14.36%9.41%7.28%

15.96%21.81%12.48%12.16%11.89%

28.90%

10.35%9.25%

9.72%13.58%9.22%9.77%6.18%4.05%9.75%

12.36%10.43%24.74%9.76%

8.90%97.25%10.61%

Feb-129.71%9.34%9.85%9.65%

10.34%9.15%9.40%9.83%9.99%9.72%

10.14%9.46%9.86%8.35%9.17%7.52%

10.06%9.63%

9.58%

8.20%11.96%16.62%8.74%9.69%8.10%9.10%9.92%7.47%8.37%9.77%

10.18%13.22%24.53%

11.42%8.97%9.10%9.50%

18.31%11.16%10.05%11.01%2.41%7.91%7.11%2.84%8.60%7.92%7.01%

51.82%

10.46%9.29%

10.25%8.44%8.66%7.31%7.62%6.26%8.81%

13.74%10.41%9.90%9.57%

8.71%20.59%10.43%

YTD11.46%10.98%11.81%11.36%11.25%11.00%11.21%11.60%11.81%11.74%11.65%11.26%11.47%11.98%10.89%

9.51%11.47%11.49%

11.41%

12.04%11.98%-7.78%5.82%3.60%

-21.09%10.37%12.01%11.10%10.40%13.63%21.66%11.20%26.54%

14.10%11.24%11.43%11.06%-9.84%-2.37%11.14%12.70%9.51%9.18%

11.90%-18.88%12.35%12.46%10.96%

15.03%

11.11%10.12%

11.12%12.98%10.32%11.49%10.01%8.68%

10.76%6.06%

11.53%21.31%11.22%

11.81%-2.70%11.46%


18/27

Equity Funds (Monthly Return)


Pure Equity Funds

ABL Stock Fund

AKD Index Tracker FundAKD Opportunity FundAlfalah GHP Alpha FundAtlas Stock Market FundCrosby Dragon FundFirst Habib Stock FundHBL Stock FundIGI Stock FundKASB Stock Market FundMCB Dynamic Stock FundNAFA Stock FundNational Investment TrustPakistan Stock Market FundUnited Stock Advantage Fund

JS KSE 30 Index FundLakson Equity FundPICIC StockIslamic Funds

Alfalah GHP Islamic fundAtlas Islamic Stock FundDawood Islamic FundMeezan Islamic FundNAFA Islamic Multi Asset FundPak Oman Advantage Islamic Asset Allocation FundPakistan Int'l Islamic Fund - AUnited Composite Islamic FundJS Islamic Fund

Askari Islamic Asset Allocation fundHBL Islamic Stock FundAsset Allocation and Balanced Funds

Alfalah GHP Value FundAskari Asset Allocation fundFaysal Balanced Growth FundHBL Multi Asset FundJS Aggr Asset Alloc FundKASB Asset Allocation FundMCB Dynamic Allocation fundNAFA Multi Asset FundPakistan Capital Market FundPak Oman Advantage Asset Allocation FundUTP (Balanced Fund)

Faysal Asset Allocation FundNAFA Asset Allocation FundSector Specific or Hybrid Funds

JS Fund of FundsJS Principal Secure Fund IPakistan Capital Protected Fund-FISMeezan Capital Protected Fund IIUBL Capital Protected Fund IIIGI Capital Protected Fund

Fund Select

April, 2012 18

YTD

23.90%

7.93%23.73%8.95%

18.81%10.28%3.14%

10.77%13.63%4.82%

13.87%20.54%6.65%8.53%

15.51%

9.96%10.14%12.11%

10.50%22.92%6.29%

17.15%12.09%10.60%13.40%15.57%23.82%

8.33%15.47%

7.45%9.34%2.65%

10.35%10.88%

0.87%5.63%

14.27%6.57%0.30%

16.23%

5.02%14.89%

15.39%7.91%4.22%

10.54%5.51%3.41%

Dec-11

-5.12%

-1.90%-2.30%-5.98%-6.78%-4.45%-4.22%-5.60%-3.62%-4.82%-4.90%-4.56%2.59%2.79%

-5.72%

-5.19%6.13%

-

-2.60%-5.51%0.10%

-4.62%-1.22%-1.74%-3.64%-1.22%-7.14%

-3.06%-5.23%

-4.12%-4.21%1.26%

-4.32%-5.58%-3.64%-3.25%-1.95%-2.88%-3.69%-2.81%

-1.28%-0.43%

-1.88%0.87%0.48%0.00%0.02%

-0.26%

Sep-11

6.12%

5.91%4.50%6.51%6.83%4.14%4.97%5.55%7.37%4.12%5.88%5.10%6.99%4.19%5.54%

6.71%5.98%

-

3.14%6.41%1.45%5.84%

-0.45%0.21%4.99%3.22%7.38%

3.61%5.88%

3.23%6.16%2.75%4.01%4.89%1.22%3.10%1.49%3.89%

-0.10%4.13%

1.46%1.55%

6.18%0.88%0.50%1.50%0.77%

-

Nov-11

-3.46%

-2.83%-1.22%-3.06%-4.09%-3.09%-4.30%-3.15%-2.92%-3.19%-3.57%-3.91%-5.94%-4.95%-3.90%

-3.51%-2.97%-2.01%

-2.19%-4.37%0.29%

-4.04%-1.76%-1.47%-3.36%-2.80%-6.35%

-2.23%-4.35%

-1.98%-1.54%-3.78%-2.53%-4.44%0.37%

-2.26%-2.01%-2.54%-2.73%0.24%

-0.57%-1.07%

-0.37%0.81%0.60%

-0.52%0.46%0.37%

Oct-11

4.29%

0.87%-1.21%1.41%2.05%

-0.06%-1.31%0.27%0.40%

-0.19%1.10%1.88%1.54%

-0.08%3.40%

1.32%-0.33%0.93%

3.80%4.02%0.26%2.35%1.75%1.65%0.44%2.29%1.10%

0.22%4.18%

0.36%-1.72%1.64%0.02%

-0.88%-0.48%0.20%2.64%

-0.13%-0.58%0.39%

-0.52%1.35%

-0.83%0.85%0.30%1.24%0.56%0.64%

Jan-12

9.98%4.29%4.46%8.28%

12.08%0.10%6.54%8.75%8.85%7.57%8.06%8.54%6.06%7.18%9.32%

9.01%8.98%7.17%

3.86%10.57%1.14%9.75%3.41%3.35%8.16%6.45%

11.00%6.59%7.81%

6.39%9.88%2.34%6.08%9.40%7.17%4.94%4.43%5.71%3.86%7.79%

1.88%4.15%

4.34%0.92%0.00%2.80%1.25%1.76%

Feb-12

9.20%8.04%

14.56%5.04%8.02%5.69%6.08%6.21%7.18%6.20%5.30%8.41%3.79%6.39%7.48%

9.81%7.27%7.49%

3.41%5.89%0.97%5.98%3.66%3.67%5.16%4.92%6.68%2.95%5.64%

5.30%5.64%3.43%4.88%5.04%4.08%2.84%5.32%4.18%4.28%5.16%

4.02%4.67%

4.28%0.83%0.57%2.15%0.84%0.99%

Mar-12

6.76%6.35%

15.96%3.74%6.11%2.09%3.45%3.18%4.07%2.18%5.29%9.94%5.26%5.97%5.43%

4.48%4.20%3.23%

1.62%6.37%1.40%4.96%5.64%3.81%6.63%4.42%

12.78%1.72%1.32%

3.34%2.80%0.75%2.98%6.94%0.00%2.21%3.86%2.98%4.93%4.88%

3.36%3.46%

4.48%0.85%0.57%1.96%0.98%

-0.13%


19/27


20/27

Rating Guide


Fund Select

April, 2012 20

Open End Mutual Fund

Pure Equity Fund

ABL Stock FundAKD Index Tracker Fund

AKD Opportunity Fund

Atlas Stock Market Fund

Alfalah GHP Alpha Fund

Crosby Dragon Fund

First Habib Stock Fund

HBL Stock Fund

IGI Stock Fund

KASB Stock Market Fund

Lakson Equity Fund

MCB Dynamic Stock Fund

NAFA Stock Fund

NITPakistan Stock Market Fund

Pakistan Premier Fund

Pakistan Strategic Allocation Fund

United Stock Adv. Fund

JS KSE-30 Index Fund (UTP A30+ Fund)

Islamic Funds

Askari Islamic Asset Allocation Fund

Alfalah GHP Islamic Fund

Atlas Islamic Stock Fund

Dawood Islamic Fund

Meezan Islamic Fund

NAFA Islamic Multi Asset Fund

Pak Oman Islamic Asset Alloc. Islamic FundPakistan Int'l Islamic Fund

United Composite Islamic Fund

JS Islamic Fund

HBL Islamic Stock Fund

Asset Allocation & Balanced Funds

Alfalah GHP Value Fund

Askari Asset Allocation Fund

Faysal Balanced Growth Fund

Faysal Asset Allocation Fund

HBL Multi Asset Fund

KASB Asset Allocation Fund

MCB Dynamic Allocation Fund

NAFA Multi Asset FundPakistan Capital Market Fund

Pak Oman Advan. Asset Allocation Fund

UTP (Balanced Fund)

JS Aggr Asset Alloc Fund

NAFA Asset Allocation Fund

Principal Protected & Hybrid Funds

Alfalah GHP Principal Protected Fund II

JS - Fund of Funds

JS Principal Secure Fund I

Bench Mark

KSE 30KSE 100

KSE 100

KSE 100

KSE 100

KSE 100

KSE 100

KSE 100

KSE 100

KSE 100

KSE 100

KSE 30

KSE 30

KSE 100KSE 100

KSE 100

KSE 100

85% of KSE-100 Index + 15% of MSCI-ACWI Index

KSE 30

50% of KMI 30 Index + 50% of Avg of 3 M deposit rate of 3 Islamic Banks

50% KMI 30 Index + 50% Avg. 6 Month Islamic Deposit Rate / Markup Rate

KSE 30

25% KMI-30 + 75% Savings Rate

KMI-30

50% KMI - 30 Index & 50% average 3-month profit rate of Islamic banks

50% 6-month average deposit rate of 4 Islamic Banks + 50% KMI-3070% KMI 30 Index & 30% DJIM

50% KMI-30 Index + 20% Avg. 1Yr Placement rate of 3 Islamic Banks + 30% 6m KIBOR

KMI-30

KMI-30

50% KSE 100 Index & 50% 6 M KIBOR

KSE 100

KSE 100

KSE 100

50% KSE-100 Index & 50% 1-M KIBOR

50% 6 Month KIBOR + 50% KSE 30 Index

-

50% KSE-30 Index & 50% 3-month KIBOR50% KSE 100 Index & 50% T Bills

50% KSE 100 Index & 50% 6 M KIBOR

50% 6 M KIBOR & 50% KSE 30

KSE 30

1/3 of avg 3m bank deposit rate; 1/3 of 6m KIBOR; 1/3 of KSE 30 Index

125 bps over and above 2.5 year AA rated bank deposit rate

Composite BM of Top 10 open end funds wi th equal weightage

69% TDR Rate & 31% KSE-30 Index

Inception dates

28-Jun-09Oct-05

Mar-06

23-Nov-04

9-Sep-08

Dec-03

10-Oct-09

27-Aug-07

15-Jul-08

22-Mar-07

13-Nov-09

1-Mar-07

22-Jan-07

12-Nov-6211-Mar-02

1-Jan-03

11-Sep-04

4-Aug-06

29-May-06

18-Sep-09

4-Sep-07

15-Jan-07

14-Jul-07

8-Aug-03

29-Oct-07

30-Oct-082-May-06

24-Dec-06

27-Dec-02

10-May-11

28-Oct-05

10-Sep-07

14-Apr-04

24-Jul-06

14-Dec-07

31-Dec-07

17-Mar-08

22-Jan-0724-Jan-04

30-Oct-08

27-Oct-97

28-Jun-05

21-Aug-10

1-Sep-09

31-Oct-05

24-Apr-09

AMC Rating

AM2- JCR-VISAM3 JCR-VIS

AM3 JCR-VIS

AM2- PACRA

AM3 JCR-VIS

AM3+ JCR-VIS

AM3- PACRA

AM3+ JCR-VIS

AM2- JCR-VIS

AM3+ PACRA

AM3+ PACRA

AM2 PACRA

AM2- PACRA

AM2 PACRAAM2 PACRA

AM2 PACRA

AM2 PACRA

AM2 JCR-VIS

AM2- JCR-VIS

AM3+ PACRA

AM3 JCR-VIS

AM2- PACRA

AM3- PACRA

AM2 JCR-VIS

AM2- PACRA

AM3 JCR-VISAM2 PACRA

AM2 JCR-VIS

AM2- JCR-VIS

AM3+ JCR-VIS

AM3 JCR-VIS

AM3+ PACRA

AM2- JCR-VIS

AM2- JCR-VIS

AM3+ JCR-VIS

AM3+ PACRA

AM2 PACRA

AM2- PACRAAM2 PACRA

AM3 JCR-VIS

AM2- JCR-VIS

AM2- JCR-VIS

AM2- PACRA

AM3 JCR-VIS

AM2- JCR-VIS

AM2- JCR-VIS

Fund Rating

5 Star JCR-VISNot rated as yet

2 Star JCR-VIS

4 Star PACRA

4 Star PACRA

5 Star JCR-VIS

-

3 Star JCR-VIS

4 Star PACRA

2 Star PACRA

2 Star PACRA

5 Star PACRA

3 Star PACRA

3 Star PACRA4 Star PACRA

4 Star PACRA

3 Star PACRA

5Star JCR-VIS

-

4 Star PACRA

-

4 Star PACRA

2 Star PACRA

5Star JCR-VIS

3 Star PACRA

5 Star PACRA3 Star PACRA

3 Star JCR-VIS

4 Star PACRA

N/R

4 Star PACRA

2 Star PACRA

5 Star JCR-VIS

5 Star JCR-VIS

3 Star JCR-VIS

1 Star PACRA

4 Star PACRA

3 Star JCR-VIS4 Star PACRA

3 Star PACRA

-

-

Not rated as yet

Not rated as yet

4 Star PACRA

AA+ PACRA


21/27

Fund Size, Sales Load & Management Fee

Open End Mutual FundMoney Market & Govt. Security FundsFaysal Money Market FundNAFA Government Securities Liquid FundFirst Habib Cash FundBMA Empress Cash FundMCB Cash Management Optimizer FundHBL Money Market FundPakistan Cash Management FundJS Cash FundAskari Sovereign Cash FundLakson Money Market FundNIT- Government Bond FundPICIC Cash FundAtlas Money Market FundIGI Money Market FundUnited Liquidity Plus FundMetro Bank Pak Sovereign FundAlfalah GHP Cash FundKASB Cash FundABL Cash FundIncome FundABL Government Securities FundPak Oman Government Securities FundUBL Government Securities FundBMA Chundrigar Road Saving FundMCB Dynamic Cash FundAKD Aggressive Income FundPakistan Income Enhancement FundKASB Income Opportunity FundLakson Income FundJS Aggressive Income FundHBL Income FundCrosby Phoenix FundIGI Aggressive Income FundUnited Savings Income FundAtlas Income FundAskari High Yield SchemeFirst Habib Income FundNIT Income FundPakistan Income FundNAFA Income Opportunity FundABL Income FundDawood Income FundIGI Income FundNAFA Income FundNAFA Savings Plus FundJS Income FundUnited Growth & Income FundAlfalah GHP Income Multiplier FundFaysal Savings Growth FundPICIC Income FundHybrid FundsFaysal Income & Growth FundIslamic Money MarketMeezan Cash FundHBL Islamic Money Market FundIslamic Income FundsFaysal Islamic Savings Growth FundUnited Islamic Savings FundMCB Islamic Income FundABL Islamic Income FundNAFA Riba Free Saving FundMeezan Sovereign FundAskari Islamic Income FundNAFA Islamic Aggressive Income FundKASB Islamic Income Opportunity FundPak Oman Advantage Islamic Income FundUnited Islamic Income FundIGI Islamic Income FundMeezan Islamic Income FundAtlas Islamic Income Fund


Back-endLoad

NilNil

N/ANilNilNilNilNilNilNilNil

0.10%NilNilNilNilNilNilNil

NilNilNil

Upto 1%NilNilNilNilNil

Nil6

NilNilNilNil

Nil3

NilNilNilNilNilNilNilNilNil

Nil5

NilNilNilNilNil

2%2

0.10%Nil

Nil1%NilNilNilNil

1%4

NilNilNilNil

1%10

-1.5% Class A

% ChangeMOM

4.36%-1.51%-2.65%13.47%-4.65%-3.28%16.43%-3.99%

-40.54%-1.15%-7.41%5.08%

-12.18%-3.03%

-11.96%-3.00%-9.86%42.68%

-21.70%

-38.15%-32.49%-0.84%0.49%4.64%1.88%

-1.14%5.42%8.84%5.06%2.74%

-40.78%8.93%1.43%1.86%

-0.66%-24.32%

0.00%0.28%

-7.23%-4.71%-6.31%

-12.17%1.22%

10.60%2.51%0.54%5.92%

-15.48%-8.50%

4.71%

12.63%0.75%

1.91%4.12%

10.98%-2.96%1.91%

-3.99%1.22%5.99%1.38%4.36%2.36%

-18.47%-18.24%

4.93%

Front-endLoad

NilNil

N/A1.00%1.00%1.00%

NilNil

0.10%Nil

1.00%NilNilNilNilNil

1.00%NilNil

Nil1.00%3.00%

Upto 2%1.00%1.00%

Nil1.00%

NilNilNilNil

1.00%1.00%

Nil1.50%1.50%

Nil1.00%

Nil1.00%1.35%1.35%

-1.50%

Nil1.00%1.00%

NilNil

1.00%

NilNil

Nil1%

1.00%NilNil

1.00%0.50%0.50%1.00%

Nil1.00%

1%9

-1.5% Class A

Mgt Fee

1.00%1.00%1.25%1.50%1.00%0.80%1.25%10%12

10%11

1.25%1.25%10%11

1.25%0.80%1.00%1.25%1.00%1.25%1.00%

1.50%1.50%1.25%1.50%1.50%1.50%1.50%1.00%1.50%1.50%1.50%1.25%1.50%1.50%2.00%1.50%1.50%1.50%2.00%2.00%1.25%1.50%1.50%1.00%1.50%1.25%1.25%1.25%1.10%0.50%

1.50%

1.00%1.00%

1.00%1.50%1.00%1.50%1.50%1.25%1.50%1.00%2.00%1.50%2.00%1.25%1.00%0.25%

Fund Sizesas at March'12

2.08415.9381.1000.559

12.2488.2482.3671.535

10.8545.8452.5002.3184.2603.54825.685.9781.1090.896

20.092

19.6420.2335.2150.3056.4450.4431.2960.4281.3540.0721.7250.1220.7405.2560.8781.4991.1202.2001.4221.7064.9930.4541.1440.4151.2830.7062.7790.2512.5720.937

0.480

7.7420.438

0.5793.8651.0610.7970.802

18.8730.7460.1770.2210.3200.3040.3251.2280.447

Fund Sizesas at February'12

1.99716.1821.1300.493

12.8458.5282.0331.599

18.2535.9132.7002.2064.8513.65929.176.1631.2300.628

25.661

31.7560.3455.2590.3046.1590.4351.3110.4061.2440.0691.6790.2060.6795.1820.8621.5091.4802.2001.4181.8395.24

0.4851.3030.4101.1600.6892.7640.2373.0431.024

0.458

6.8740.435

0.5683.7120.9560.8210.787

19.6580.7370.1670.2180.3070.2970.3981.5020.426

Load 1. 0.25% if redeemed within 2 month 2. If redeemed within a year and 1% if redeemed in the 2nd year of investment and 1% if redeemed in the 3rd year of investment and after that no load 3.

0.5% if redeemed within 15 days4.

If redeemed within 6 month and after that .5% load 5. Back end load charge on Growth fund: 1 yr 3%, yr 2 2% and yr 1% 6. 0.5% if redeemed within 15 days7. Only for seed investors 8. If redeemed within a year and 1% if redeemed in the 2nd year of investment and .5% if redeemed in the 3rd year of investment and after that no load 9. 1% Frond End load on Income Fund, No. load on Growth 10. No Back End load on Income, and on Growth, if redeemed < 6 month 1% if redeemed = 1year 0.5 %, after that no load * Type A 2.5% and Type B, C and D None ** Type A None and B, C, D: 1 yr 3%, yr 2 2% and yr 3 1%*** Type A & B: 3% and Type C&D: 2% 11. PCF s Management Fee is 10% of gross earnings and of MSF s 10% of operating income.12. MCB DCMOF Managemnet Fee is 10% of gross earnings 13. 5% back end load applicable only to "A" class unit holders.14. Back end load - 4% (2nd year) 15. Back end load - 5% (1st year) 16. 3% of equity Segment 1% of Capital Protected Segment

Fund Select

April, 2012 21

Inceptiondates

13-Dec-1016-May-09

9-Mar-1112-Nov-09

1-Oct-0912-Jul-10

20-Mar-0829-Mar-1018-Sep-0913-Nov-0918-Nov-0914-Dec-10

Jan-1027-May-1021-Jun-091-Mar-03

Mar-1012-Aug-0930-Jul-10

-28-Jul-1127-Jul-11

23-Aug-071-Mar-07

Mar-0728-Aug-089-May-06

13-Nov-0922-Jan-08

19-Mar-076-Apr-09

25-Oct-0714-Oct-10

22-Mar-0416-Mar-0630-May-0719-Feb-1011-Mar-0222-Apr-0620-Sep-0818-Apr-0316-Apr-0729-Mar-0821-Nov-0926-Aug-022-Mar-0615-Jun-07

14-May-0724-Jul-10

10-Oct-05

22-Jun-0910-May-11

14-Jun-107-Nov-10

16-Jun-1130-Jul-10

21-Aug-1010-Feb-1018-Sep-0929-Oct-0710-Jun-0829-Oct-08

2-Oct-073-Dec-09

15-Jan-07Oct-08


22/27

Fund Size, Sales Load & Management Fee

Open End Mutual FundPure Equity FundABL Stock FundAKD Index Tracker FundAKD Opportunity FundAlfalah GHP Alpha FundAtlas Stock Market FundCrosby Dragon FundFirst Habib Stock FundHBL Stock FundIGI Stock FundKASB Stock Market FundLakson Equity FundMCB Dynamic Stock FundNAFA Stock FundNITPakistan Stock Market Fund

Pakistan Premier FundPakistan Strategic Allocation FundUnited Stock Advantage FundJS KSE-30 Index Fund (UTP A30+ Fund)PICIC Stock FundIslamic FundsDawood Islamic FundNAFA Islamic Multi Asset FundAtlas Islamic Stock FundAlfalah GHP Islamic FundAskari Islamic Asset Allocation FundUnited Composite Islamic FundJS Islamic FundHBL Islamic Stock FundMeezan Islamic FundPakistan Int'l Element Islamic Asset Allocation Fund

Pak Oman Advantage Islamic Asset Allocation FundAsset Allocation & Balanced FundsAlfalah GHP Value FundAskari Asset Allocation FundFaysal Balanced Growth FundFaysal Asset Allocation FundPak Oman Advantage Asset Allocation FundHBL Multi Asset FundJS Aggr Asset Alloc FundKASB Asset Allocation FundMCB Dynamic Allocation FundNAFA Multi Asset FundNAFA Asset Allocation FundPakistan Capital Market FundUTP (Balanced Fund)Lakson Asset Allocation Developed Markets FundLakson Asset Allocation Emerging Markets FundLakson Asset Allocation Global Commodities FundPrincipal Protected & Hybrid FundsKASB Capital Protected Gold FundJS - Fund of FundsJS Principal Secure Fund IMeezan Capital Protected Fund IIUBL Capital Protected Fund IIIGI Capital Protected Fund


Load

1. 0.25% if redeemed within 2 month 2. If redeemed within a year and 1% if redeemed in the 2nd year of investment and 1% if redeemed in the 3rd year of investment and after that no load 3. 0.5% if redeemed within 15 days 4. If redeemed within 6 month and after that .5% load 5. Back end load charge on Growth fund: 1 yr 3%, yr 2 2% and yr 1% 6. 0.5% if redeemed within 15 days7. Only for seed investors 8. If redeemed within a year and 1% if redeemed in the 2nd year of investment and .5% if redeemed in the 3rd year of investment and after that no load 9. 1% Frond End load on Income Fund, No. load on Growth 10. No Back End load on Income, and on Growth, if redeemed < 6 month 1% if redeemed = 1year 0.5 %, after that no load

* Type A 2.5% and Type B, C and D None ** Type A None and B, C, D: 1 yr 3%, yr 2 2% and yr 3 1%*** Type A & B: 3% and Type C&D: 2% 11. PCF s Management Fee is 10% of gross earnings and of MSF s 5% of operating income.12. MCB DCMOF Managemnet Fee is 10% of gross earnings 13. 5% back end load applicable only to "A" class unit holders.14. Back end load - 4% (2nd year) 15. Back end load - 5% (1st year) 16. 3% of equity Segment 1% of Capital Protected Segment

Back-endLoad

Nil2%7

NilNilNilNilNilNilNilNil

-NilNil

0.00%Nil

NilNilNilNil

-

NilUpto 5%

1.5%8

NilNilNilNil**Nil

-

Nil

Nil2.50%

Nil5%13

NilNilNilNilNilNilNilNilNilNilNilNil

-Nil

5.00%-

5.00%5.00%

% ChangeMOM

-35.50%0.73%

19.96%4.17%1.65%1.92%3.88%3.66%

-12.77%0.80%

-1.32%-21.86%

2.42%0.00%

-3.18%

-1.62%-1.31%-12.62%47.58%2.68%

-0.20%5.51%

15.25%1.64%2.95%3.80%

10.45%9.44%4.77%6.48%

5.42%

3.00%2.07%

-0.83%-1.33%29.17%3.81%6.23%2.57%

-65.36%2.46%1.86%0.28%0.12%0.63%0.31%0.27%

0.38%1.86%0.86%1.87%1.00%0.05%

Mgt Fee

3.00%0.75%3.00%1.75%2.00%2.00%3.00%3.00%2.00%3.00%3.00%3.00%3.00%1.00%2.00%

2.00%2.00%3.00%1.50%3.00%

2.25%3.00%3.00%1.50%2.00%3.00%3.00%2-3%

3.00%2.00%

2.00%

2.50%3.00%2.00%3.00%3.00%2.00%2.00%2.00%1.50%2.50%2.00%2.00%2.00%2.00%2.00%2.00%

1.75%1.00%1.75%1.50%1.50%1.75%

Front-endLoad

3.00%1.00%3.00%5.00%2.00%

Nil2.00%2.50%2.50%2.50%3.00%2.50%3.00%3.00%2.00%

2.00%2.00%2.50%2.00%3.00%

5.00%2.50%1.00%1.50%2.00%3.00%2.50%2.00%2.50%3.00%

2.00%

5.00%2.50%2.25%3.00%2.50%2.00%3.00%2.00%3.00%3.00%2.00%2.00%3.00%2.50%2.50%2.50%

3.00%3.00%3.50%3.00%

Nil2.00%

Fund Sizesas at March'12

0.1980.1930.5220.1240.6790.1590.1152.2100.2700.1260.1500.6221.101

38.2990.974

0.4850.4521.5510.0880.115

0.3470.2680.5140.3400.1280.5190.2740.3425.2740.312

0.119

0.4570.2020.2300.3130.1410.3710.1250.3590.1150.6250.4380.3601.6180.3220.3210.367

0.5290.8741.0720.4360.2030.274

Fund Sizesas at January'12

0.3070.1920.4350.1190.6680.1560.1112.1320.3100.1250.1520.7961.075

38.2991.006

0.4930.4581.7750.0600.112

0.3480.2540.4460.3350.1240.5000.2480.3135.0340.293

0.113

0.4440.1980.2320.3170.1090.3570.1180.3500.3320.6100.4300.3591.6160.3200.3200.366

0.5270.8581.0630.4280.2010.274

Fund Select

April, 2012 22

Inceptiondates

28-Jan-09Oct-05

Mar-065-Sep-08

23-Nov-04Dec-03

10-Oct-0927-Aug-0715-Jul-08

22-Mar-0713-Nov-091-Mar-0722-Jan-07

12-Nov-6211-Mar-02

1-Jan-0311-Sep-044-Aug-06

29-May-0627-Sep-11

14-Jul-07

29-Oct-0715-Jan-073-Sep-07

18-Sep-0924-Dec-0627-Dec-0210-May-11

8-Aug-032-May-06

30-Oct-08

28-Oct-0510-Sep-0714-Apr-0424-Jul-06

30-Oct-0814-Dec-0728-Jun-0531-Dec-0717-Mar-0822-Jan-07

21-Aug-1024-Jan-0427-Oct-9710-Oct-1110-Oct-1110-Oct-11

19-Mar-1031-Oct-0524-Apr-09

5-Jul-1123-May-10

5-Oct-11


23/27

Portfolio Composition % - February 12


Asset AllocationMoney Market & Govt. Security FundsABL Cash FundAlfalah GHP Cash FundAskari Sovereign Cash FundAtlas Money Market FundBMA Empress Cash FundHBL Money Market FundIGI Money Market fundJS Cash FundKASB Cash FundLakson Money Market FundMCB Cash Management Optimizer FundMetro Bank- Pakistan Sovereign FundNAFA Government Securities Liquid FundNIT GBFPakistan Cash Management FundUnited Liqidity Plus Fund

Faysal Money Market FundPICIC Cash FundFirst Habib Cash FundIncome FundABL Income FundAKD Aggressive Income FundAlfalah GHP Income Multiplier FundAskari High Yield SchemeAtlas Income FundBMA Chundrigar Road Saving FundCrosby Phoenix FundDawood Income FundFaysal Savings Growth FundFirst Habib Income FundHBL Income FundIGI Aggressive Income FundIGI Income Fund

JS-Aggressive Income FundJS-Income FundKASB Income Opportunity FundLakson Income FundMCB Dynamic Cash FundNAFA Income Opportunity FundNAFA Income FundNAFA Savings Plus FundNIT Income FundPakistan Income Enhancment FundPakistan Income FundPICIC Income FundUBL Savings Income fundUnited Growth & Income FundUBL Government Securities FundPak Oman Government Securities FundHybrid FundsFaysal Income & Growth FundIslamic Money Market FundsMeezan Cash FundHBL Islamic Money Market FundIslamic Income FundsABL Islamic Income FundAskari Islamic Income FundAtlas Islamic Income FundFaysal Islamic Savings Growth FundIGI Islamic Income FundKASB Islamic Income Opportunity FundMCB Islamic Income FundMeezan Islamic Income FundMeezan Sovereign FundNAFA Islamic Aggressive Income FundNafa Riba Free Savings Fund

Pak Oman Advantage Islamic Income fundUnited Islamic Savings FundUnited Islamic Income Fund

*Fund Suspended

Fund Select

April, 2012 23

Comm.Paper

12.20%

Place. withBanks & DFIs

6.98%16.15%

44.66%

8.80%

39.68%1.00%8.30%

9.27%

16.00%

24.70%25.00%

22.75%

13.70%

7.87%

4.80%

17.68%

19.00%5.00%

10.00%

19.30%

14.00%

10.76%

36.13%

11.00%

Place. withNBFCs

5.54%

3.23%

4.00%

PIB

2.00%

1.97%

11.25%

1.41%18.60%

0.80%

0.12%

3.70%

14.00%

17.00%1.00%

Place.

3.29%

5.30%

Cash

9.69%5.40%5.14%3.80%2.39%0.42%0.90%

35.05%3.94%

15.30%8.80%3.17%

18.91%0.80%4.00%

3.30%1.00%0.26%

1.11%23.42%6.60%

4.10%13.25%71.54%

4.43%25.30%0.39%1.09%1.31%7.87%

54.33%14.45%1.48%1.00%7.40%3.25%2.31%6.06%

21.38%1.80%3.80%1.00%1.00%

8.93%

15.20%

77.00%11.31%

25.58%33.85%51.00%30.70%24.70%10.67%23.90%2.00%

21.00%13.10%28.47%

24.04%26.00%26.00%

TFCs/Sukuk

2.95%40.48%48.19%60.96%36.70%6.67%6.06%

18.86%

0.67%37.70%36.06%8.69%

42.12%25.79%69.18%12.00%27.60%91.13%50.28%

25.68%39.40%42.10%

34.00%

4.70%

40.00%

55.52%

71.87%48.00%

S/T HUBCOSukuk

S/T Corport.Sukuk

9%

2.61%

16.00%

12.10%

8.83%

S/T KAPCOSukukT-Bills

82.16%77.86%89.43%89.90%50.39%89.35%84.75%64.90%55.43%81.00%69.10%75.80%88.43%

74.80%80.00%

56.60%64.00%84.91%

68.24%0.20%

35.60%2.37%

60.70%73.99%

71.00%40.00%91.89%47.67%28.40%67.84%

58.50%24.21%69.00%25.70%

44.88%30.23%

34.50%25.50%68.00%76.00%36.00%84.00%

14.90%

TDR/COI/COM

5.43%6.20%

9.93%

18.00%

8.82%

1.32%

6.67%8.82%

4.00%

2.23%

80.03%


24/27



Asset AllocationMoney Market & Govt. Security FundsABL Cash FundAlfalah GHP Cash FundAskari Sovereign Cash FundAtlas Money Market FundBMA Empress Cash FundHBL Money Market FundIGI Money Market fundJS Cash FundKASB Cash FundLakson Money Market FundMCB Cash Management Optimizer FundMetro Bank- Pakistan Sovereign FundNAFA Government Securities Liquid FundNIT GBFPakistan Cash Management FundUnited Liqidity Plus FundFaysal Money Market FundPICIC Cash FundFirst Habib Cash FundIncome FundABL Income FundAKD Aggressive Income FundAlfalah GHP Income Multiplier FundAskari High Yield SchemeAtlas Income FundBMA Chundrigar Road Saving FundCrosby Phoenix FundDawood Income FundFaysal Savings Growth FundFirst Habib Income FundHBL Income FundIGI Aggressive Income Fund

IGI Income FundJS-Aggressive Income FundJS-Income FundKASB Income Opportunity FundLakson Income FundMCB Dynamic Cash FundNAFA Income Opportunity FundNAFA Income FundNAFA Savings Plus FundNIT Income FundPakistan Income Enhancment FundPakistan Income FundPICIC Income FundUBL Savings Income fundUnited Growth & Income FundUBL Government Securities FundPak Oman Government Securities FundHybrid FundsFaysal Income & Growth FundIslamic Money Market FundsMeezan Cash FundHBL Islamic Money Market FundIslamic Income FundsABL Islamic Income FundAskari Islamic Income FundAtlas Islamic Income FundFaysal Islamic Savings Growth FundIGI Islamic Income FundKASB Islamic Income Opportunity FundMCB Islamic Income FundMeezan Islamic Income FundMeezan Sovereign FundNAFA Islamic Aggressive Income FundNafa Riba Free Savings FundPak Oman Advantage Islamic Income fundUnited Islamic Savings FundUnited Islamic Income Fund

Fund Select

April, 2012 24

Prefer.shares

4.50%

MarginTradingSystem

25.12%

18.82%

36.03%

Govt. backed/Guaranteed

Securities

80.02%

61.67%

62.21%49.76%

42.00%77.00%

Govt.Securities

46.00%

46.70%

GOPIjara

Sukuk

3.50%

8.00%

22.70%

18.20%25.50%

4.00%

4.00%

21.50%

72.00%43.29%

54.10%

73.20%

25.15%51.86%

59.00%20.00%

MSF12/12

2.00%

TFAs

5.29%

LeaseAssets

5.01%

Nationalsavings

Bond

1.40%

ReverseRepo

0.92%

6.90%7.60%

18.30%

7.30%

Proper.

4.85%

Others

0.25%0.59%

0.20%2.56%0.30%0.04%0.05%0.95%

0.40%0.30%

-0.87%1.07%6.10%

5.30%1.00%6.01%

2.98%2.63%9.61%8.95%1.50%2.79%3.58%0.41%0.60%0.38%2.43%

15.64%

0.55%3.56%1.25%1.90%

2.30%5.62%1.19%2.67%1.37%2.40%3.10%1.00%

4.00%

29.40%

3.40%

1.00%0.66%

2.42%

2.30%2.80%4.26%3.43%2.90%3.00%2.00%6.23%1.88%4.09%5.00%7.00%

IslamicComm.

Paper

5.51%

10.20%

12.10%

0.88%

7.18%

14.00%

1.22%7.33%3.34%

16.10%

8.00%8.00%

13.00%

17.79%


25/27

Fund Select

April, 2012 25



Pure Equity Funds

Oil & Gas

Gas Water and Multiutilities

Food Producers

TFC/Sukuk

T-Bills

Bank

Electricity

Chemical

Industrial Engineering

Other Equities / Miscellaneous

Cash & Equivalents

Others

Personal Goods

Media

Technology & Communication

International Investment

General Industrials

Ind. Metal & Mining

Government Securities

Construction & Material


Islamic Funds

Oil & Gas

TFC/Sukuk

Banks

Electricity

Chemical


Shariah Complaint Commercial Paper

Cash & Equivalents

Govt.Ijara Sukuk

Food Producers

Others

Auto Assemblers

Pharma & Bio TechPersonal Goods

Musharika Investment

Construction & Materials

Fixed Line Telecom

Government Securities

General Industrials

AISF

34.40%

13.00%

12.40%

13.50%

5.90%

1.40%

9.20%

10.20%

MIF

40.00%

9.00%

16.00%

14.47%

3.98%

0.54%

11.00%

5.00%

AGIF

22.40%

4.57%

7.80%

9.00%

49.06%

1.48%

0.50%

4.90%

NIMF

34.25%

32.38%

4.38%

5.63%

10.06%

6.04%

4.08%

3.18%

PIIF

33.80%

11.20%

4.40%

3.70%

22.70%

9.90%

5.80%

8.50%

UCIF

35.00%

14.00%

5.00%

6.00%

9.00%

16.00%

5.00%

10.00%

JS ISF

38.07%

18.77%

9.60%

17.37%

1.79%

7.71%

1.12%

5.57%

POIAAF

15.96%

13.22%

17.73%

43.97%

7.82%

1.30%

DIF

23.99%

10.39%

23.82%

29.18%

5.24%

7.39%

AIAAF

16.72%

1.35%

7.35%

3.38%

1.38%

37.67%

23.95%

5.45%

1.84%

1.31%

HBL ISF

38.40%

8.97%

22.30%

5.63%

8.37%

3.97%

12.37%

AKDOF

9.43%

13.44%

1.12%

13.19%

14.98%

33.72%

0.42%

0.73%

12.79%

ASMF

25.50%

20.80%

10.80%

18.40%

11.30%

4.10%

1.00%

8.00%

CDF

20.57%

15.90%

20.36%

35.78%

-0.53%

4.95%

2.95%

HBLSF

31.31%

7.86%

18.41%

11.39%

15.30%

8.34%

1.66%

1.74%

3.99%

KSMF

20.01%

16.93%

19.93%

34.54%

0.42%

4.80%

2.94%

MCB DSF

34.30%

23.00%

9.10%

6.00%

4.20%

16.90%

6.50%

ABL SF

23.80%

14.70%

11.20%

23.60%

3.76%

10.78%

2.10%

10.10%

NSF

29.02%

27.34%

18.56%

1.94%

1.86%

1.56%

3.48%

2.42%

13.82%

NIT

22.00%

4.00%

16.00%

18.00%

22.00%

9.29%

0.58%

8.00%

PSM

32.70%

20.00%

9.50%

6.10%

6.40%

15.30%

2.90%

7.10%

USF

33.00%

18.00%

7.00%

24.00%

6.00%

4.00%

8.00%

JS KSE-30 Index Fund

36.27%

3.79%

21.77%

5.93%

22.03%

7.66%

1.71%

0.83%

AKD ITF

38.10%

8.76%

21.82%

3.17%

12.38%

14.14%

1.79%

0.08%

IGI SF

31.71%

23.66%

15.96%

9.92%

9.23%

1.28%

8.24%

HSF

27.61%

8.80%

16.88%

10.45%

19.94%

5.07%

5.31%

3.38%

2.56%

LSF

32.10%

21.26%

4.69%

14.37%

4.47%

15.00%

7.62%

AGAF

33.40%

14.40%

20.20%

0.15%

17.98%

2.87%

5.40%

5.20%


26/27


Fund Select

April, 2012 26


Balanced Funds & Asset Allocation

Oil & Gas

TFC/Sukuk

Industrial Transportation

Banks

Electricity

Chemical


Cash & Equivalents/other assets

Preference Shares

Others

Govt Securities

PIB

T BillsMargin Trading system(MTS)

Placements with NBFCs

Personal Goods

Construction & Material

Food Producers

General Industrials

Commercial Paper

National Savings Bond

Fixed Line Telecom

Open End Fund

Close End Fund

AGVF

25.60%

10.37%

11.00%

4.80%

10.70%

2.17%

32.57%

0.89%

2.00%

AAAF

15.56%

2.45%

4.06%

12.84%

4.48%

12.76%

9.71%

10.92%

17.77%

4.17%

4.15%

0.65%

JS AAAF

32.31%

8.66%

12.48%

7.86%

17.51%

11.95%

9.22%

HBL MAF

23.58%

9.71%

14.24%

9.82%

9.29%

1.93%

8.41%

1.95%

13.64%

7.43%

KAAF

6.47%

9.77%

7.89%

4.60%

8.61%

1.37%

47.51%

0.91%

9.05%

3.81%

PCMF

27.50%

14.90%

5.00%

5.90%

17.80%

2.80%

16.00%

3.50%

6.60%

UTP

22.01%

1.85%

7.93%

9.26%

6.93%

5.75%

5.45%

0.85%

1.47%

30.37%

8.12%

FBGF

23.35%

11.10%

16.00%

23.50%

14.80%

11.02%

FAAF

20.50%

9.40%

0.43%

4.01%

2.55%

13.80%

3.80%

27.50%

15.09%

2.24%

0.61%

NAAF

22.61%

17.22%

16.04%

7.96%

6.01%

10.44%

3.90%

15.82%

POAAAF

8.14%

3.51%

20.82%

0.49%

14.26%

42.77%

7.02%

1.85%

1.14%

MCB DAF

21.10%

13.90%

7.10%

5.60%

4.60%

24.60%

5.60%

14.20%

3.30%

JS FOF

30.23%

0.07%

43.90%

25.80%

NMF

24.76%

28.20%

12.11%

12.13%

7.20%

3.99%

4.90%

4.39%

2.32%


Sector Specific & Hybrid Funds

Oil & Gas

Cash & Equivalents

Placements with Banks & DFIs

Others

TDR

Commodities

Chemicals

Govt Securities

JS PSF-I

0.42%

70.62%

28.95%

IGI CPF

6.19%

11.52%

9.03%

73.26%

KASB CPGF

16.09%

15.78%

68.13%

UCPF II

3.00%

8.00%

89.00%


27/27

Disclaimer: All investments in mutual funds are subject to market risk. The NAV, any dividends and/or returns have been provided by the asset management company/(ies), and are dependent on forces affecting the capital markets. Past performance is not necessarily indicative of future results.Fund Select does not take any responsibility for the financial soundness of any scheme or guarantee any returns on investment made in the productsby users. The information, data, analysis and opinions contained herein (1) include the confidential and proprietary information of Fund Select, (2)may not be copied or redistributed, and (3) are not warranted to be complete, accurate or timely. Fund Select shall not be responsible for any tradingdecisions, damage or other losses resulting thereof.

IGI Investment Bank Limited

Karachi7th Floor, The Forum,Suite No. 701-713,

G-20, Block 9, Khayaban-e-Jami,Clifton, KarachiPhone: 021-111-234-234Fax: 021-111-567-567

IslamabadMezzanine Floor,Razia Sharif Plaza,

90 Blue Area G-7,IslamabadPhone: 051-111-234-234Fax: 051-111-567-567

Lahore5 F.C.C, Ground Floor,Syed Maratib Ali Road,

Gulberg, LahorePhone: 042-111-234-234,042-5756701, 5777861-70

Fax: 042-111-567-567

Documents

Fund Select April 2012+(1)