Funds Performance Report - IGI Lifeigilife.com.pk/wp-content/uploads/2018/02/Fund... · Money Market Review and Outlook: Money Market Review Yield Curve The State Bank of Pakistan

IGI|Life

Funds Performance ReportJanuary 2018

IGI Life Insurance Limited

July 2015

Source: SBP, PBS, Bloomberg

Equity Market Review and Outlook:

FUND MANAGER REPORT

For the month of January 2018

Macro Review and Outlook:CPI InflationCPI inflation clocks in at +4.42%YoY; Food prices gain steam

As per the latest data published by Pakistan Bureau of Statistics (PBS), headline CPI inflation clocked in at +4.42%YoY (+0.03%MoM) for the month of Jan-18 compared to +3.66%YoY (+0.18%MoM) in the same period last year, bringing 7MFY18 average inflation to +3.85%YoY. Key drivers include House Rent Index (HRI) and Food Index, rising by +5.43%YoY and +3.71%YoY respectively.Food prices have rebounded from the initial subdued start to FY18. During the month, food index rose by +3.71%YoY (down 1.05%MoM); a percentage point impact (ppt) of 1.50. Within the food index, the food & non-alcoholic beverages group has grown by +5.10%YoY (Weightage: 34.83), primarily led by +20.40%YoY increase in prices of perishables. We also highlight that Jan-18 food inflation is considerably higher than the average of +2.00%YoY in 1HFY18, taking 7MFY18 average to +2.24%YoY and underlining the higher food price momentum.

External AccountCurrent account balance reached a deficit of USD 1.13bn in month of Dec-17During the month of Dec-17, Current account deficit clocked in at USD 1.13bn, down by 21.6%MoM or up by +4.3%YoY, on the back of monthly/yearly high/low base effect. In CY17 collectively, current account deficit reached to USD 14.10bn, rising significantly by 2.0x on the back of growth in imports, up by +24%YoY, decline in remittances by 3%YoY and simultaneous decline in foreign direct investment, down by 19%YoY.During the Month of Dec-17, Country’s exports stood at USD 2.0bn, down by 7.2%MoM, whereas import bill also declined by 5.5%MoM to record at USD 4.2bn, on account of higher base effect. Resultantly, trade term for the month improved, wherein, Country’s trade deficit reached USD 2.2bn, declining by 4.0%MoM.

FX Reserves increased by 7.5%MoM in Jan-18 FX reserves by the end of Jan-18 stood at USD 20.2bn as compared to USD 18.8bn in Dec-17 (up by 1.4bn).

New Year euphoria Index geared up by posting 8.8% in Jan-18, coupled with foreign inflows of USD 85.7mn.After posting the worst performance in CY17 (post 2007 crisis), down by 15.3%YoY, KSE 100 Index reached the level of ~40,470. However during the month of Jan-18, KSE 100 Index hit the level of 45,000 on 24-Jan, which is the peak of its recent rally, and later on made a correction of ~2%, whereby index lost ~1014 points and settled at ~44,050 Points, posting a return of 8.8%MoM. We attribute this sharp activity in KSE-100 Index foreign inflows (USD 85.7 Mn), devaluation of PKR, and clarity on Senate elections.Average trading volumes of the market were recorded at 241mn shares, up significantly by 43%MoM in Jan-18 as compared to average volume of 167.8mn shares registered in Dec-17. Increase in volume depict attractive price level coupled with foreign inflows. Leaders and Laggards by Market Capitalization: In the month of Jan-18, where index posted a healthy return of 8.8%MoM, Cements, Pharmaceutical and Engineering sector were in limelight while posting a return of 17%/17%/16% respectively, however Oil and Gas Exploration Companies remained under pressure, posting a meagre return of 1%.Volume wise, Banks led the chart, up by +16.1%MoM, followed by Cements, Power Generation & Distribution Companies, Oil & Gas Marketing Companies and Textile Composite, up by +9.4%/6.6%/3.6%MoM respectively.

Key domestic/international news• SBP increased the Target rate by +25bps in its January monetary policy statement. • Sharp rebound in international oil prices on the back of supply cuts by the 14-nation OPEC oil cartel and other producers led by Russia.• US placed Pakistan on special watch list on account of violation of religious freedom.• US suspends military related funds to Pakistan.

KSE 100

Money Market Review and Outlook:

Yield CurveMoney Market ReviewThe State Bank of Pakistan (SBP) has increased policy rate by +25bps (compared to market consensus of status quo), finally bringing a halt to ~3-year long monetary easing cycle. As per the statement, the rate increase decision came amid a) rising international oil prices, b) depreciating PKR and c) rising aggregate demand.Expecting upside risks of interest rates, investor’s preference remained towards short positions. In the last T-Bill auction of the month, an amount of PKR 1,154bn was accepted at a cut-off yield of 6.21% for 3 month tenor, and no bids were received in 6 month and 12 month tenors. In the PIB auction during the month, against the target of PKR 50bn, bids worth PKR 33bn were received for 3 year and 10 year tenors. However, the auction was rejected.

42,524.0

42,933.7

44,178.8

44,551.1

227 266

191

274

‐

50

100

150

200

250

300

41,500.0

42,000.0

42,500.0

43,000.0

43,500.0

44,000.0

44,500.0

45,000.0

01/07/18 01/14/18 01/21/18 01/28/18

Index Vol. (mn) ‐RS

5.50

6.00

6.50

7.00

7.50

8.00

8.50

9.00

3M 6M 9M 1 YR 3YR 5YR 7YR 10YR

31/Jan/18 31/Dec/17 31/Jan/17

(3,500)

(3,000)

(2,500)

(2,000)

(1,500)

(1,000)

(500)

‐

(2,500)

(2,000)

(1,500)

(1,000)

(500)

‐

Trade Balance (USDmn) Current Acc. Bal. (USDmn)

-2%

0%

2%

4%

6%

8%

10%

12%

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Non-food inflation Food inflationCPI inflation

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Jan‐18 Dec‐17 MoM %

NAV per Unit (PKR) 307.7 296.5 3.79%

Net Assets Value (PKR '000) 558,892 530,116 5.43%

* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.

30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception

IGI Aggressive Fund ‐ IAF 3.79% 4.49% 4.98% ‐4.02% ‐7.19% 44.65% 12.18%

During the month the fund generated an

absolute return of 3.79% against its last

month absolute return of 0.68%.

Value of 100 Rupees invested 5 years ago

Fixed Income / Equity

IGI Aggressive Fund‐IAF


INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes largely driven by equity with a

proportion of fixed income & money market instruments.

FUND INFORMATION: RETURNS:

Note: Fund returns are gross of management fee.

High

Daily Forward Pricing

Monday to Friday

1.5%

25‐Apr‐08

ASSETS UNDER MANAGEMENT:

IGI Aggressive Fund ‐ IAF BID PRICE:

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:

Absolute Return Annualized Return

331.54 330.07 329.80 337.59 346.69324.46 320.61

299.57 301.83 293.13 294.48 296.47307.72

150.00

200.00

250.00

300.00

350.00

400.00

Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18

22.3%

2.8%

24.0%

7.4%

40.4%

3.1%

Cash TFC's /Sukuk

T‐Bills TDR PIB's Stock DFI &Others

19.7%

3.1%

24.6%

7.5%

42.5%

2.7%

Cash TFC's /Sukuk


98

148

198

248

298

348

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 277.1 271.4 2.07%




IGI Balanced Fund ‐ IBF 2.07% 2.66% 3.12% ‐1.51% ‐1.87% 24.40% 10.98%


absolute return of 2.07% against its last month

absolute return of 0.58%.



IGI Balanced Fund‐IBF


INVESTMENT OBJECTIVE:The investment objective of the Fund is to earn competitive long term return by investing in mix of equity, fixed income and money market instrument.

This fund is suited for investors with moderate risk tolerance.



Moderate


Monday to Friday

1.5%

25‐Apr‐08


IGI Balanced Fund ‐ IBF BID PRICE:



ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:


25.4%

3.7%

34.4%

11.9%

19.8%

4.8%

Cash TFC's /Sukuk


24.1%

4.1%

35.1%

12.8%

20.5%

3.4%

Cash TFC's /Sukuk


98

118

138

158

178

198

218

238

258

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

282.34 284.11 284.30 288.96 294.16283.09 281.32

270.91 272.48 268.68 269.87 271.43 277.06

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 201.0 199.5 0.78%




IGI Conservative Fund ‐ ICF 0.78% 1.26% 1.71% 1.53% 2.92% 9.23% 7.40%





Fixed Income

IGI Conservative Fund ‐ ICF


INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a

liquid portfolio of low risk short term investments yielding competitive returns.



Low


Monday to Friday

1.5%

25‐Apr‐08


IGI Conservative Fund ‐ ICF BID PRICE:



ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:


18.6%

6.1%

55.2%

11.2%4.2% 4.8%

Cash TFC's /Sukuk


17.2%

6.1%

57.1%

11.3%4.4% 3.8%

Cash TFC's /Sukuk


98

108

118

128

138

148

158

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

195.31 195.75 196.46 198.03 199.97 198.04 197.98 196.52 197.43 197.64 198.51 199.45 201.02

150.00

160.00

170.00

180.00

190.00

200.00

210.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 148.9 148.3 0.38%




IGI Islamic Fund ‐ IIF 0.38% 0.74% 1.11% 2.21% 4.16% 4.49% 4.16%





Islamic Fixed Income

IGI Islamic Fund ‐ IIF


INVESTMENT OBJECTIVE:To provide maximum possible preservation of capital and a reasonable rate of return via investing in Shariah Compliant money market and debt securities

having good credit quality rating and liquidity.



Low


Monday to Friday

1.5%

25‐Apr‐08


IGI Islamic Fund ‐ IIF BID PRICE:



ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:


49.4%

22.0%16.7%

11.9%

Cash TFC's /Sukuk


55.9%

21.8%

12.1% 10.2%

Cash TFC's /Sukuk


80

90

100

110

120

130

140

150

160

170

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

142.95 143.33 143.75 144.13 144.60145.32 145.68 146.12

146.68147.28

147.81148.34

148.90

138.00

140.00

142.00

144.00

146.00

148.00

150.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 410.8 393.7 4.33%




IGI FS Aggressive Fund ‐ IHA 4.33% 5.18% 5.65% ‐4.13% ‐7.95% 50.97% 19.48%






IGI FutureSecure Adventurous Fund‐ IHA


INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes encompassing equity, fixed

income & money market instruments.



High


Monday to Friday

1.5%

25‐Feb‐10


IGI FutureSecure Aggressive Fund ‐ IHA BID PRICE:



ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:


13.0%

2.6%

24.1%

10.9%

46.0%

3.5%

Cash TFC's /Sukuk


15.0%

2.6%

25.1%

9.8%

45.0%

2.5%

Cash TFC's /Sukuk


95

145

195

245

295

345

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

446.25 443.10 443.10 454.39 466.60435.23 428.47

398.38 401.34 388.79 390.53 393.72 410.77

0.00

100.00

200.00

300.00

400.00

500.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 247.4 241.8 2.32%




IGI FS Balanced Fund ‐ IHB 2.32% 2.93% 3.39% ‐1.37% ‐2.67% 27.27% 12.06%






IGI FutureSecure Balanced Fund‐ IHB


INVESTMENT OBJECTIVE:

The investment objective of the Fund is to earn competitive return by investing in various asset classes/instruments based on the market outlook.



Moderate


Monday to Friday

1.5%

18‐Feb‐10


IGI FutureSecure Balanced Fund ‐ IHB BID PRICE:



ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:


15.8%

4.2%

39.4%

13.3%

22.0%

5.3%

Cash TFC's /Sukuk


16.3%

4.1%

41.3%

12.9%

21.8%

3.5%

Cash TFC's /Sukuk


95

115

135

155

175

195

215

235

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

254.22 253.67 253.66

257.93

262.74

252.60250.86

241.33 242.79239.31 240.37 241.82

247.42

225.00

230.00

235.00

240.00

245.00

250.00

255.00

260.00

265.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 157.6 156.4 0.80%




IGI FS Cautious Fund ‐ IHC 0.80% 1.29% 1.75% 1.23% 2.70% 9.44% 5.94%





Fixed Income

IGI FutureSecure Cautious Fund‐ IHC


INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a

liquid portfolio of low risk short term investments yielding competitive returns.



Low


Monday to Friday

1.5%

18‐Mar‐10


IGI FutureSecure Cautious Fund ‐ IHC BID PRICE:



ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:


13.8%5.9%

60.3%

11.1%4.1% 4.7%

Cash TFC's /Sukuk


12.7%6.0%

62.0%

11.3%4.4% 3.6%

Cash TFC's /Sukuk


95

105

115

125

135

145

155

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

153.49153.88

154.43

155.69

157.24

155.61 155.71

154.01

154.79 154.91

155.63

156.38

157.63

151.00

152.00

153.00

154.00

155.00

156.00

157.00

158.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 201.9 201.8 0.02%

Net Assets Value (PKR '000) 17,522 17,542 ‐0.11%


IGI FS Secure Fund ‐ IHS 0.02% 0.19% 0.69% 1.79% 4.90% 0.25% 9.32%





Govt. Securiities

IGI FutureSecure Fund‐ HIS



The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.



Low


Monday to Friday

1.5%

18‐Mar‐10


IGI FutureSecure Secure Fund ‐ IHS BID PRICE:



ASSET ALLOCATION:

Jan‐18 Dec‐17

FUND PERFORMANCE:


22.2%

77.8%

Cash TFC's /Sukuk


22.1%

77.9%

Cash TFC's /Sukuk


95

105

115

125

135

145

155

165

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

192.45193.23

194.23195.44

196.35197.65 198.32 198.92

199.64200.49

201.50 201.83 201.88

186.00

188.00

190.00

192.00

194.00

196.00

198.00

200.00

202.00

204.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 183.5 182.6 0.50%




Sarmaya Pakistan Income ‐ SPI 0.50% 0.72% 1.09% 2.27% 4.91% 5.87% 8.39%





Fixed Income

IGI Sarmaya Pakistan Income Fund ‐ SPI


INVESTMENT OBJECTIVE:The objective of the Fund is to deliver competitive above inflation returns primarily from debt and fixed income investments without taking excessive risk.

The fund Is suited for investors with low risk tolerance.


Sarmaya Plus 1.5% / Sarmaya Premium 2.4%


Low


Monday to Friday

22‐Jul‐10


IGI Sarmaya Pakistan Income Fund ‐ SPI BID PRICE:



ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:


46.6%

28.0%

3.4%

12.9%

0.5%

8.5%

Cash TFC's /Sukuk


41.8%

29.0%

3.6%

13.2%

0.5%

11.9%

Cash TFC's /Sukuk


95

105

115

125

135

145

155

165

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

174.90 175.42176.23 176.77

177.90178.70

179.41180.05

180.87 181.50182.17 182.58

183.49

170.00

172.00

174.00

176.00

178.00

180.00

182.00

184.00

186.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 367.2 341.1 7.64%




Sarmaya Pakistan Stock ‐ SPS 7.64% 9.08% 10.24% ‐1.74% ‐8.27% 89.91% 20.42%





Equity

IGI Sarmaya Pakistan Stock Fund ‐ SPS


INVESTMENT OBJECTIVE:The objective of the fund is to provide investors long term capital appreciation through its investment in Pakistani equities. This fund is suited for investors

with medium to long term horizon and high risk tolerance.




High


Monday to Friday

03‐Feb‐11


IGI Sarmaya Pakistan Stock Fund ‐ SPS BID PRICE:



ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:


14.3%

84.3%

1.4%

Cash TFC's /Sukuk


10.3% 5.3%

78.3%

6.1%

Cash TFC's /Sukuk


100

150

200

250

300

350

400

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

400.27 394.01 393.29 402.34 407.74381.42 373.67

346.35 350.30 333.05 336.59 341.12367.17

0.00

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00

450.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 142.1 141.4 0.49%




Sarmaya United Growth ‐ SUG 0.49% 0.70% 0.99% 1.87% 4.99% 5.74% 4.80%





Fixed Income

IGI Sarmaya United Growth & Income Fund ‐ SUG


INVESTMENT OBJECTIVE:Invest in medium to long‐term fixed income instruments as well as short‐tenor money market instruments to generate superior, long‐term, risk‐adjusted

returns while preserving capital over the long‐term.




Moderate


Monday to Friday

05‐Aug‐10


IGI Sarmaya United Growth Income Fund ‐ SUG BID PRICE:



ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:


65.6%

32.5%

1.9%

Cash TFC's /Sukuk


51.2%

39.2%

3.8% 5.7%

Cash TFC's /Sukuk


75

95

115

135

155

175

195

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

135.34135.96

136.89 137.11138.18

138.77139.48 139.67

140.34 140.70 141.10 141.40142.09

130.00

132.00

134.00

136.00

138.00

140.00

142.00

144.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 421.8 393.4 7.22%




Sarmaya United Stock ‐ SUS 7.22% 8.40% 8.83% ‐4.33% ‐6.57% 85.00% 21.16%





Equity

IGI Sarmaya United Stock Fund ‐ SUS


INVESTMENT OBJECTIVE:The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of listed equity securities offering long term capital

gains and dividend yield potential.




High


Monday to Friday

05‐Aug‐10


IGI Sarmaya United Stock Fund ‐ SUS BID PRICE:



ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:


18.7%

80.3%

1.0%

Cash TFC's /Sukuk


17.7%

82.3%

Cash TFC's /Sukuk


95

145

195

245

295

345

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

451.47 449.19 452.07 461.92 480.85446.39 440.87

403.39 406.68 387.55 389.12 393.39421.79

0.00

100.00

200.00

300.00

400.00

500.00

600.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 143.9 143.3 0.48%

Net Assets Value (PKR '000) 39,038 41,417 ‐5.74%



Sarmaya United Money ‐ SUI 0.48% 0.86% 1.24% 2.51% 5.44% 5.67% 6.79%




Value of 100 Rupees invested since inception

Fixed Income

IGI Sarmaya United Money Market Fund ‐ SUI


INVESTMENT OBJECTIVE:The objective of Money Market Fund is to generate competitive returns within a low risk portfolio to provide a regular stream of income and easy liquidity

to its investors by investing more than 50% of the portfolio in short term government securities




Low


Monday to Friday

19‐Jul‐12


IGI Sarmaya United Money Market Fund ‐ SUI BID PRICE:



ASSET ALLOCATION *:

Jan‐18 Dec‐17

FUND PERFORMANCE:


55.7%

33.2%

11.1%

Cash TFC's /Sukuk


84.8%

4.1% 6.1% 5.1%

Cash TFC's /Sukuk


100

105

110

115

120

125

130

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

136.51 136.90138.28 138.65 139.14

139.77140.41

141.01 141.57142.18 142.72 143.25

143.94

132.00

134.00

136.00

138.00

140.00

142.00

144.00

146.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 246.8 246.1 0.31%

Net Assets Value (PKR '000) 4,884,871 5,025,197 ‐2.79%


IGI Sarmaya Secure ‐ SSE 0.31% 0.78% 1.31% 2.75% 5.85% 3.62% 12.74%





Govt. Securiities

IGI Sarmaya Secure Fund ‐ SSE



The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.




Low


Monday to Friday

22‐Jul‐10


IGI Sarmaya Secure Fund ‐ SSE BID PRICE:



ASSET ALLOCATION:

Jan‐18 Dec‐17

FUND PERFORMANCE:


4.4%11.4%

84.2%

Cash TFC's /Sukuk


2.6%11.8%

85.6%

Cash TFC's /Sukuk


100

120

140

160

180

200

220

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

233.20 234.03235.20

236.52237.69

239.00240.24 241.23

242.44243.66

244.95246.09 246.85

225.00

230.00

235.00

240.00

245.00

250.00


Documents

Funds Performance Report - IGI Lifeigilife.com.pk/wp-content/uploads/2018/02/Fund... · Money Market Review and Outlook: Money Market Review Yield Curve The State Bank of Pakistan