JS Aggressive Asset Allocation Fund · Foreign investors remained active in the local equity market as shown by the movement in SCRA ... on April 24, 2008. JS Aggressive Asset

JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)

Quarterly Report for the periodended March 31, 2008


01

Core ValuesShareholder Value Integrity Commitment

MissionPursuit of Professional Excellence

VisionTo be Industry Leaders in Financial Services

Contents

Organization......................................................................................................................

Directors’ Report to the Unit Holders....................................................................

Condensed Interim Statement of Assets and Liabilities...................................

Condensed Interim Income Statement..................................................................

Condensed Interim Cash Flow Statement...........................................................

Condensed Interim Statement of Movement in Unitholders’ Fund...........

Condensed Interim Distribution Statement.......................................................

Notes to the Condensed Interim Financial Statements....................................

Branch Network...............................................................................................................

03

04

05

06

07

08

09

10

13


02


03

Organization

Management Company JS Investments Limited(formerly JS ABAMCO Limited)7th Floor, The Forum, G-20Khayaban-e-Jami, Block-9, CliftonKarachi-75600

Tel: (92-21) 111 - 222 - 626 Fax : (92-21) 5361724E-mail: [email protected]: www.jsil.com

Board of Directors Munawar Alam Siddiqui ChairmanMuhammad Najam Ali Chief Excutive OfficerAli Raza Siddiqui Executive DirectorNazar Mohammad ShaikhSiraj Ahmed DadabhoyLt. General (R) Masood ParwaizSadeq Sayeed

Audit Committee Nazar Mohammad Shaikh ChairmanMunawar Alam Siddiqui MemberLt. General (R) Masood Parwaiz Member

Chief Financial Officer& Company Secretary Suleman Lalani

Trustee Central Depository Company of Pakistan LimitedCDC House, 99-B, Block “B”, S.M.C.H.S.,Shahra-e-Faisal, Karachi-74000 PakistanTel: (92-21) 111-111-500Fax: (92-21) 4326061

Auditors KMPG Taseer Hadi & Co.Chartered Accountants

Legal Adviser Bawaney & Partners

Transfer Agent Technology Trade (Pvt.) Limited241-C, Block-2, P.E.C.H.S, KarachiTel: (92-21) 4391316-7Fax: (92-21) 4391318


04

Directors’ Report to the Unit HoldersThe board of directors of JS Investments Limited (formerly JS ABAMCO Limited) the ManagementCompany of JS Aggressive Asset Allocation Fund (formerly UTP - Aggressive Asset Allocation Fund)(the Fund) is pleased to present the financial statements of the Fund for the period ended March31, 2008.

Market Outlook

During the nine months period under review, the KSE-100 index gained 9.8% to close at 15,125 onMarch 31, 2008. The index remained volatile during the period under review due to prolonged periodof political uncertainty and made a low of 11,955 (August 27, 2007) and a high of 15,274 (March 27,2008).

Foreign investors remained active in the local equity market as shown by the movement in SCRAnumber, which achieved foreign investment inflow of USD 1 billion. However, the outgoing ninemonths, saw no net inflow.

The best performing sector during the period was Investment Bank / Cos. / Securities, which was up94.3%, followed by Insurance at 73.9%. While the worst performing sector during the outgoing ninemonths was Tobacco, which was down by 23.3%, followed by Textile Weaving and Power sector,which shown a dip of 23.1% and 18.3%, respectively.

On the Policy front SBP continued tightening of monetary policy by further raising the discount rateby 50 basis points to 10.5% in January 2008 in order to counter the higher than targeted inflationand M2 growth rate. The latter is mainly due to record influx of FDI into Pakistan. The one monthKIBOR has averaged 9.72% for the period under review as against 9.56% in FY07. This is an indicationthat SBP’s monetary tightening in July 2007 has had little impact on market interest rates due toample availability of funds in the system.

Average CFS rates fell to 11.22% in the first nine months of FY08 versus 13.7% in FY07. Ready futurespreads have also contracted in FY08, falling on average to 4.52% in the period under review ascompared to 6.52% last year. This has primarily been the result of greater availability of funds dueto the increase in fixed income funds in the market.

Results of Operations

The Fund earned net income of Rs. 2.728 million during the period ended March 31, 2008 includingunrealized gain on investments of Rs. 37.282 million. The net assets value per unit as on March 31,2008 was Rs. 112.65 – an appreciation of 0.60% on the beginning NAV on July 1, 2007. Investmentin marketable securities was Rs. 451.863 million which is 72 % of total net assets.

Acknowledgement

The Board of JS Investments Limited thanks the Securities and Exchange Commission of Pakistanfor its valuable support, assistance and guidance. The Board also thanks the employees of theManagement Company and the Trustee for their dedication and hard work and the Unit Holders fortheir confidence in the management.

For and on behalf of the Board

Muhammad Najam AliChief Executive OfficerKarachi: April 24, 2008


05

Muhammad Najam AliChief Executive Officer

Munawar Alam SiddiquiChairman

Ali Raza SiddiquiExecutive Director

1,669,203111,194

1,947,7501,883,703

March 312008

(Unaudited)

171,095,075451,863,330

9,067,191409,727

632,435,323

5,611,850

626,823,473

626,823,473

5,564,141

112.65

Condensed Interim Statement of Assets and LiabilitiesAs at March 31, 2008


06




Condensed Interim Income Statement (Un-audited)For The Period Ended March 31, 2008

March 312008

5,796,7802,398,7501,753,634

(9,552,612)396,552

93,456,82693,853,378

4,759,898317,080

158,5406,188

156,39428,835

530,67389,36349,686

6,121,682

87,731,696

March 312008

(42,570,251)

10,697,985(12,001,829)

37,282,19425,280,365

15,350,3451,022,562

511,28218,334

256,94099,771

4,298,692405,750513,435

22,552,136

2,728,229

7,331,549

12,538,888

75,025 25,025


07




(148,696,091)

259,412,089

(428,321,961)

599,417,036

171,095,075

(279,625,870)

2,604,078,348(2,834,545,185)

(49,159,033)

(44,170,267)

(311,374)(20,871)

(43,838,022)

(2,457,340)

(2,531,426)

(5,259,655)

(10,697,985)(37,282,194)

42,570,251150,273

2,728,229

March 312008

Condensed Interim Cash Flow Statement (Un-audited)For The Period Ended March 31, 2008

(408,108,180)


08




626,823,473

2,728,229

(10,697,985)

(408,108,180)

259,412,089

March 312008

783,489,320

Condensed Interim Statement of Movementin Unitholders’ Funds (Un-audited)For The Period Ended March 31, 2008

12,311,284

4,121,960


09

March 312008

21,050,829

(150,934,326)

2,728,229

169,256,926

Condensed Interim Distribution Statement (Un-audited)For The Period Ended March 31, 2008





10

171,095,075171,095,075

Notes to the Condensed Interim Financial Statements (Un-audited)For The Period Ended March 31, 2008


11

71.83

7.241.81

-

7.47

34,781,000 5.54

2.343.20

10.62

-10.62

1.19-

2.04---

19.521.58

14,82

0.24

92,902,505

7,464,375

12,815,000

122,375,0009,906,250

152,560,625

66,541,80066,541,800

14,696,00020,085,000

46,838,400

45,400,00011,350,000

56,750,000

450,374,330

9.05

24.33

----

-

-

---

-----

401,130,893

451,863,330

450,374,330

1,023,334

on April 24, 2008.


12




409,727

1,000,000(590,273)

2,648,75036,666

773,4752,008,3003,600,0009,067,191


13

JS Investments (Head Office)7th Floor, The Forum, G-20Khayaban-e-Jami, Block-9, CliftonKarachi-75600Tel: (92-21) 111-222-626Fax: (92-21) 5361724

JS Investments (Shahra-e-Faisal branch)Shop No. 8, Ground Floor,Plot No 26-A, Block 6,Business Avenue, PECHS,Main Shahra - e -Faisal,Karachi - 75350Ph: 021-4322094-96Fax: 021-4322093

JS Investments (Park Tower branch)Office No. 209, 2nd FloorPark Tower, Shahrah-e-FirdusiClifton Karachi.Ph: 021-5820100Fax: 021-5821655

JS Investments (Hyderabad branch)Property No 41/97, Ground Floor,Saddar, Hydrabad Cantonment,HyderabadPh: 022-2720250, 2720077, 2720010Fax: 022-2720581

JS Investments (Islamabad branch)65-W, Ground Floor # 6,Chaudhary Plaza, Fazal-e-Haq Road,Blue Area - IslamabadUAN: 051-111-222-626Fax: 051-2806323

JS Investments (Lahore branch)Ground Floor,307-Upper Mall,Lahore - 54000UAN: 042-111-222-626Fax: 042-5789108

Branch Network of the Managment Company

JS Investments (Gujranwala branch)Shop No. 40, Ground Floor,Trust Plaza, GT, Road,Gujranwala - 52250Ph: 055-3252953Fax: 055-3253373

JS Investments (Multan branch)1st & 2nd Floor,185-Quaid-e-Azam Road,Multan Cantt.Ph: 061-450142-47

JS Investments (Sialkot branch)27th Paris Road,Sialkot - 53100Ph: 052-4298501-02Fax: 052-4298503

JS Investments (Peshawar branch)1st FloorState Life Building,34-The Mall, PeshawarPh: 091-5253844-6Fax: 091-5253850

JS Investments (Mirpur branch)Azad Khasmir, Jarral PlazaBuilding No. 63/F,Sector F-1, Kotli Road,Mirpur AJKPh: (+92-058610) 39670-2 (+92-058610) 39669Fax: (+92-058610)39668

JS Investments Limited(Formerly JS ABAMCO Limited)

7th Floor, The Forum,G-20 Khayaban-e-Jami,Block-9, Clifton, Karachi-75600

Phone: +92 21 111 222 626Fax: +92 21 5361724E-mail: [email protected]: www.jsil.com

Documents

JS Aggressive Asset Allocation Fund · Foreign investors remained active in the local equity market as shown by the movement in SCRA ... on April 24, 2008. JS Aggressive Asset