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AMC Rating - AM2- by JCR-VIS
FUND MANAGER’S REPORT
(Islamic Funds)
March 2015
Disclaimer: Past results are not indicative of future performance. This report should not be considered an offer to buy or
sell, or solicitation. The information contained herein has been compiled from sources believed to be reliable. This
information is being circulated for information purposes only and may not be copied or distributed to any other person
without the prior written permission of HBL Asset Management Co.
Fund's Manager's Report Mar 2015
Fund Manager's Commentary
31-Mar-15
For the month of Mar 2015, HBL Islamic Money Market Fund generated an annualized return of 5.72% against the benchmark return of 6.61%. The Fund's YoY
return 7.27% against the benchmark return of 6.96%. The Fund continued to maintain its major exposure in Cash equivalents. The monthly yield of the fund
declined as compared to previous months due to the downward revision of Discount Rate by 50 bps.
Fund Returns (%)
0.03%
0.03%
6.86%
8.45%
10.34%
n/a
0.02%
0.00%
6.62%
6.89%
7.41%
n/a
n/a
n/a
n/a
n/a
Daily Average Return (Since Inception)
Standard Deviation (Since Inception)
Annualized Return FY-14
Annualized Return FY-13
Annualized Return FY-12
Annualized Return FY-11
Net Assets
Rs. 471.607 million (31-Mar-15)
NAV
Launch Date
Management Fee
PKR 105.6565*
10-May-11
1% p.a
Listing
Lahore Stock Exchange
* Returns have been calculated as per MUFAP's formula
Trustee
Central Depository Co. of Pakistan
HBL Islamic Money Market Fund Vs benchmark (MoM Returns)
Auditor
Benchmark
Type
Category
Front end Load
Back end Load
AMC Rating
KPMG Taseer Hadi & Co.
3-Month Deposit Rate
Open End
Islamic Money Market Scheme
Nil
Nil
AM2- ( by JCRVIS)
Dealing Days
Cut off time
Price Mechanism
Fund Stability Rating
Leverage
Investment Committee
Monday-Friday
9:00 AM-3:00 PM (Mon-Fri)
Forward Pricing
N/A
Nil
Annualized Return FY-10
Beta Since Inception
12.0%
HBL-IMMF
Benchmark
10.0%
8.0%
6.0%
4.0%
2.0%
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
0.0%
Mar-15
Fund Facts
Benchmark
7.04%
6.96%
6.81%
6.61%
6.81%
6.95%
6.97%
Feb-15
Optimum returns
No front end and back end load
HBL-IMMF*
9.45%
7.27%
6.56%
5.72%
6.56%
7.35%
7.09%
Jan-15
Investment Features
Easy encashability
Annualized Return Since Inception
Year to Date Annualized Return
Calendar Year to Date Annualized Return
1 Month Annualized Return
3 Month Annualized Return
6 Month Annualized Return
1 Year Annualized Return
Dec-14
Investment Objective
The objective of HBL Islamic Money Market Fund is to seek
high liquidity, competitive return and maximum possible
preservation of capital for investors by investment in low risk
Shariah Compliant securities
Rehan N. Shaikh, Amir Khan
Asset Allocation (% of Total Assets)
Mar'15
Feb'15
Naseer Ladhani, Fahad Aziz
Provision against WWF liability
Cash
Govt Securities (Ijara Sukuk)
Others Including receivables
Term Deposit Receipts
98.29%
0.00%
1.71%
0.00%
99.35%
0.00%
0.65%
0.00%
* The scheme has maintained provisions against Worker Welfare
Fund's liability to the tune of PKR 2.733 mn if the same were not
made, the NAV per unit/return would be higher by Rs. 0.61/0.57%.
Weighted Average time to Maturity 1 Day
Asset Quality Portfolio (As at 31-Mar-15)
Non Rated,
1.71%
Risk Level (Low)
AA+, 0.17%
MODERATE
AA, 0.02%
LOW
HIGH
AAA,
98.10%
MUFAP's Recommended Format
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are
subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market
conditions. Past performance is not necessarily indicative of future results.
Fund's Manager's Report Mar 2015
31-Mar-15
Fund Manager's Commentary
During the month under review, the Fund posted a return of -8.0% against the benchmark KMI-30 Index which yielded -7.95%. The overall stock market performance was tainted
position. This was further exacerbated by outflows from CPPI-based mutual funds owing to their market-directional, momentum-based strategies. Despite a significant number of
positive developments (to mention a few, such as, reduction in policy rate to 13-year low, approval of 7th tranche by the IMF, upgrade in outlook from stable to positive by
disconnect between market fundamentals and (irrational) investor behavior, prudence necessitated to dispel market noise and remain invested in fundamentally attractive scrips
hence the Fund maintained its market exposure and retained its solid position in Cements, Electricity and Chemicals.
Fund Returns (%)
0.10%
0.88%
20.58%
30.17%
44.87%
16.52%
0.10%
0.94%
25.69%
29.89%
54.41%
13.57%
n/a
n/a
n/a
n/a
Daily Average Return (Since Inception)
Standard Deviation (Since Inception)
Since Inception (CAGR)
Return FY-14
Return FY-13
Return FY-12
Net Assets
Rs. 795.703 million (31-Mar-15)
NAV
Launch Date
Management Fee
PKR 132.1370*
10-May-11
2% p.a
Listing
Trustee
Lahore Stock Exchange
Central Depository Co. of Pakistan
* Returns have been calculated as per MUFAP's formula
Auditor
KPMG Taseer Hadi & Co.
HBL Islamic Stock Fund Vs KMI 30 Index (MoM Returns)
Benchmark
Type
Category
Front end Load
Back end Load
AMC Rating
KMI 30 Index
Open End
Equity Scheme
2.0%
Nil
AM2- ( by JCRVIS)
Return FY-11
Return FY-10
Mar-15
Oct-14
Sep-14
Aug-14
KMI-30 Index
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
HBL-ISF
Jan-14
Dealing Days
Monday-Friday
Cut off time
9:00 AM-3:00 PM (Mon-Fri)
Price Mechanism
Forward Pricing
Leverage
Nil
Investment Committee
Rehan N. Shaikh, Amir Khan, Samia Aslam, CFA
Naseer Ladhani
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
-2.00%
-4.00%
-6.00%
-8.00%
-10.00%
Feb-15
Fund Facts
Benchmark
143.58%
3.52%
-2.70%
-7.95%
-2.70%
2.03%
10.66%
Jan-15
Diversified Islamic Equity Portfolio
No exit load
HBL-ISF*
107.19%
0.17%
-4.88%
-8.02%
-4.88%
-0.38%
5.74%
Dec-14
Investment Features
Easy encashability
Cumulative Return Since Inception
Year to Date Return (Cumulative)
Calendar Year to Date Return (Cumulative)
1 Month Cumulative Return
3 Month Cumulative Return
6 Month Cumulative Return
1 Year Cumulative Return
Nov-14
Investment Objective
The objective of HBL Islamic Stock fund is to achieve longterm capital growth by investing mainly in Shariah Compliant
Equity securities
Provision against WWF liability
Asset Allocation (% of Total Assets)
Mar'15
Feb'15
* The scheme has maintained provisions against Worker Welfare
Fund's liability to the tune of PKR 7.305 mn if the same were not
made, the NAV per unit/return would be higher by Rs. 1.21/0.90%.
Cash
Stock/Equities
Others
4.30%
88.32%
7.38%
10.20%
86.66%
3.14%
Sector Allocation (% of Total Assets)
Oil & Gas
General Industrials
Electricity
Others
Construction and
materials
Food Producers
Chemicals
Mar'15
11.73%
14.25%
12.53%
10.16%
Feb'15
11.26%
11.94%
9.59%
9.18%
15.64%
18.37%
7.53%
16.48%
6.56%
19.78%
Top Ten Holding (31-Mar-15)
%
Hub Power Company Limited
Pakistan State Oil
National Foods
Lucky Cement Limited
ICI Pakistan Limited
D G Khan Cement Company Ltd.
Synthetic Products Enterprises Ltd.
Engro Corporation
Pak Suzuki Motor Co. Limited
Indus Motor Company Ltd
9.66%
7.97%
7.53%
6.81%
6.64%
5.89%
5.56%
5.35%
5.12%
5.04%
Risk Level (High)
MODERATE
LOW
HIGH
MUFAP's Recommended Format
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds
are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market
conditions. Past performance is not necessarily indicative of future results.
Fund's Manager's Report Mar 2015
31-Mar-15
Fund Manager's Commentary
DF: We maintained the fund exposure in government securities 87.66%. The Fund's return for the month stood at 8.47%.
MMF: In Islamic Money market Fund we maintained he Fund exposure in government securities up to 85.33%. Return of the fund for the month under review stood at 9.06%.
SF: During the month under review SF return stood at -7.94%. In the month of March KSE 100 Index declined by 10.10% mainly due to selling pressure from International Investors. We are
expecting rebound in market in the month of April.
Investment Objective
Fund Returns (%)
To provide a secure and Shariah compliant source of
savings and regular income after retirement to the
Participants
Return Since Inception
Year to Date Return
Calendar Year to Date Return
1 Month Return
3 Month Return
6 Month Return
1 Year Return
Investment Features
Hassle-free investment
Competitive returns
Flexible allocation schemes
Daily Average Return (Since Inception)
Standard Deviation (Since Inception)
Return FY-14
Return FY-13
Return FY-12
Return FY-11
Fund Facts
Launch Date
16-Dec-11
Management Fee
Trustee
Auditor
1.5% p.a
Central Depository Co. of Pakistan
KPMG Taseer Hadi & Co.
Type
Category
Open End
Shariah Compliant scheme
* Returns have been calculated as per MUFAP's formula
**Equity fund returns are cumulative
Front end Load
Max 3%
Credit Quality-Debt
Debt p.a
7.65%
4.91%
8.45%
8.47%
8.45%
6.02%
5.29%
**Equity
190.96%
11.78%
-2.84%
-7.94%
-2.84%
12.59%
24.30%
MM p.a
7.20%
4.99%
9.08%
9.06%
9.08%
6.05%
5.08%
0.03%
0.12%
7.04%
8.67%
n/a
n/a
0.13%
0.98%
44.41%
50.30%
n/a
n/a
0.03%
0.07%
6.08%
7.70%
n/a
n/a
n/a
n/a
n/a
Return FY-10
Back end Load
Nil
AMC Rating
AM2- ( by JCRVIS)
Dealing Days
Monday-Friday
Cut off time
9:00 AM-3:00 PM (Mon-Fri)
Price Mechanism Forward Pricing
Investment Committee
Credit Quality-MMF
Non Rated
AAA
2.80%
6.10%
Non Rated
2.94%
A
0.01%
AA
0.08%
Rehan N. Shaikh, Amir Khan, Samia Aslam, CFA
Naseer Ladhani
Fund Size (million) as at 31-Mar-2015
Money Market
Debt
Equity
57.66
71.02
128.87
NAV (PKR)
124.0127
125.5235
290.96
Leverage
Nil
AAA
11.66%
AA
0.07%
Sukuks
3.34%
Government
Securities
87.66%
Government
Securities
85.33%
Provision against WWF liability
PKR 1.237 mn, PKR 0.258 mn, and PKR 0.216 mn respectively. If the same were not made, the NAV per unit/return
of ESF, DSF, and MSF would be higher by Rs. 2.80/0.94 %, Rs 0.46/0.36% and Rs 0.47/0.37% respectively.
Risk Level
Sector Allocation Equity
Construction and materials
Chemicals
Oil and Gas
General Industrials
Automobile and Parts
Food Producers
Other
%
19.70%
18.44%
12.64%
11.98%
10.65%
9.53%
8.85%
Top 10 Equities
%
National Foods
Hub Power Company Limited
Lucky Cement Limited
Engro Corporation
Pakistan State Oil
Thal Limited
D.G.K.Cement Company Limited
Pak Suzuki Motor Co. Ltd.
Synthetic Products Enterprises Ltd.
Fauji Fertilizer Company Limited
9.53%
8.85%
8.79%
8.38%
7.94%
6.39%
6.32%
5.65%
5.59%
5.05%
Asset Allocation
HBL Money Market
31-Mar-15
28-Feb-15
HBL Debt
31-Mar-15
Govt. Securities
Others
Cash
85.33%
2.94%
11.73%
85.95%
2.20%
11.86%
Returns (%)*
May-14
Jun-14
Jul-14
Aug-14
9.06%
11.59%
2.47%
1.74%
4.08%
3.91%
1.34%
0.26%
0.41%
3.00%
2.84%
-5.52%
HBL-IPF MMF*
HBL-IPF Debt*
HBL-IPF Equity**
Govt. Securities
Others
Sukuks
Cash
HBL-Equity
31-Mar-15
28-Feb-15
87.66%
2.80%
3.34%
6.19%
88.48%
2.05%
3.46%
6.02%
Equities
Others
Cash
Sep-14
Oct-14
Nov-14
Dec-14
4.12%
4.81%
4.65%
5.67%
5.88%
6.96%
0.31%
1.29%
6.81%
2.96%
3.46%
1.44%
Jan-15
28-Feb-15
91.78%
0.98%
7.25%
91.05%
3.14%
5.82%
Feb-15
Mar-15
12.01%
5.66%
9.06%
10.53%
5.94%
8.47%
6.56%
-0.96%
-7.94%
MUFAP's Recommended Format
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual
funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on
market conditions. Past performance is not necessarily indicative of future results.
HOW TO INVEST?
Invest as low as Rs. 1,000/= in our Islamic funds
Rs. 500/= in our Islamic Pension funds
Three Simple Steps to Invest:
1. Make payment through cheque / demand draft in favor of “CDC-Trustee HBL (Name of fund)”
E.g: CDC-Trustee HBL Islamic Money Market Fund
2. Attach the documents as specified in the Account Opening Form
3. Submit the required documents along with payment at our Karachi office, Lahore Office or
Islamabad Office
Karachi Head Office Address
Lahore Office Address
Islamabad Office Address
Tel: (92-21) 111-425-262
Fax: (92-21) 35240634
Tel: (92-42) 36281610
Fax: (92-42) 36281686
Tel: (92-51) 2821183
Fax: (92-51) 2822206
24-C, Khayaban-e-Hafiz, Phase VI,
D.H.A, Karachi
102-103, Upper Mall,
Lahore
HBL Corporate Center, HBL
Building, Jinnah Avenue, Islamabad
Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in
mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or
down based on market conditions. Past performance is not necessarily indicative of future results.