Documente Academic
Documente Profesional
Documente Cultură
ECONOMY
Current account for the country posted a deficit of USD 513mn for March 2013, as compared to a deficit of USD 596mn in February. During Jul-March FY13 current account recorded a deficit of USD 1,028mn, an improvement from a deficit of USD 3,038mn during the same period last fiscal year. Workers remittances for February came in at USD 1.1bn accumulating to a total of USD 10.4bn for YTDFY13 posting a 6.34% increase YoY. Foreign Reserves held by the State Bank dropped to alarming levels of USD 6.7bn towards the end of April as compared to USD 8.7bn at the end of January and USD 10.8bn in June 2012. Nearing the elections the state finds itself overwhelmed with the elections preparation, with all major decision including a deal with the IMF held up till the elected government takes hold. Going forward the faith of the state lies with the new government and how they deal with the countrys problems specifically the power issue which inculcates with it several other matters of the state.
In April 2013 the State Bank of Pakistan borrowed funds worth PKR 371.5bn through three T-bill auctions while weighted average yields for 3M, 6M and 12M T-bills stood at 9.41%, 9.42% and 9.43% respectively. The SBP planned to borrow PKR75 bn in 3QFY13 through three PIB auctions, however all bids in the auctions were rejected. PIBs (3yr) worth 16.3bn were accepted nearing the end of April with a weighted average yield of 10.67%. CPI inflation, General, increased by 5.8% on a year-on-year basis in April 2013 as compared to 6.6% in the previous month. On a month-onmonth basis, it increased by 1.09% in April 2013 as compared to an increase of 0.4% in the previous month. During the month, the categories which recorded the highest price increases were: Onions (116.49%), Honey (17.25%), Tea (15.67%), Wheat (15.64%), Wheat Flour (15.30%), Rice (15.25%), Wheat Products (13.92%), Cigarettes (13.45%), Beans (12.15%), Milk Powder (11.81%), Cereals (10.84%), Eggs (10.07%) and Milk Fresh (9.69%). Status quo was maintained in the February 2013 Monetary Policy whereby the SBP maintained the Discount Rate at 9.5%, while average inflation for 10MFY13 stood at 7.5%.
Interbank rates
KIBOR (Average) Apr 13 vs. Mar 13
Apr'13 12.00
Mar'13
9.5 9.5
Market activity
Daily volume vs. KSE-30 movement
The KSE-30 Index gained 1.79% during April 2013, with an average daily increment of 0.09%. The volumes for the month of April averaged at 50.63mn, a 24% MoM decline. The KSE-100 index gained 3.89% for April with the index crossing the 19,000 mark on the last day of the month; accordingly the KMI-30 index posted a gain of 2.7%. Markets remained uncertain owing to the continued elections euphoria, coupled with the depleting state of the countrys Forex reserves. The Ministry of Finance met with the International Monetary Fund to discuss future prospects of the country, the IMF is said to have offered USD 5bn. Going forward the abrasive road towards the elections may affect the markets movement.
9.6 9.5
10.00
9.9 9.8
KSE30(R.H.S) 14,700
9.9 9.9
11.00
Apr-13
Apr-13 0.83 99.14 0.03 100.00 Mar-13 0.23 15.28 84.41 0.07 100.00
JS Cash Fund (JS CF) is an open-end 'Money Market Scheme' that mainly invests in low risk short-term fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The Fund shall invest primarily in short duration instruments and may even hold some or all of its assets in cash for the purpose maintaining liquidity.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Fund stability rating Leverage AMC Rating Open end Money Market Scheme 29 March, 2010 2,032.19 102.52 1 BM CF 1.00% (Exclusive of Sindh Sales Tax) 1.00% NIL Backward MCB Financial Services Ltd (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. Extremely Low LSE AA+(f) - (By JCR-VIS) NIL AM2- (By JCR-VIS)
AAA,99.14
Performance (%)
Fund Benchmark Difference 1M 8.29 8.16 0.13 6M 7.89 8.35 -0.46
Annualised performance 2 1Y Launch 9.49 12.30 9.20 11.08 0.29 1.22 Annualised performance 2 FY11 FY10 11.00 n/a 10.88 n/a 10.89 n/a 12.32 n/a 11.43 n/a 13.16 n/a 10.76 n/a 12.31 n/a 12.32 n/a 12.61 10.74 11.28 8.99 11.80 10.40 12.01 9.90 10.65 9.85 1.36 0.05
Statistical analysis
Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Duration (Days) Weighted Avg. Maturity (Days) Fund 0.7% 1.2% 0.0% 100.0% 55 55 Benchmark 0.5% 0.9% 0.0% 100.0%
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com
1. 2.
50% Average return of 3-months deposit rates of AA and above rated scheduled commercial Bank(s), and 50% average 3-months T-Bill rate. Annualised return is based as per MUFAP stated methodology.
The Fund/Scheme has not made provisions amounting to Rs. 9,832,546 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 0.50 / 0.5%. For details investors are advised to read the Note 7 of the latest Financial Statements of the Scheme.
Apr-13
Apr-13 18.49 0.00 1.31 76.17 0.00 3.78 0.25 100.00 Mar-13 0.78 0.00 1.19 78.65 15.21 3.63 0.54 100.00
JS IF is an income fund that aims to preserve investors capital while providing a regular stream of current income on an annual basis which is higher than that offered by commercial banks on deposits of a similar liquidity profile as this fund. The fund operates a diverse portfolio of investment-grade debt securities, government securities and money market instruments. The fund may maintains liquidity in the form of spread transactions and bank deposits.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Fund stability rating Leverage AMC Rating Open end Income Fund Scheme 26 August, 2002 952.99 89.08 BM IF1 1.50% (Exclusive of Sindh Sales Tax) 1.00% NIL Forward MCB Financial Services Ltd (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. Low To Medium LSE A+(F) PACRA Rating NIL AM2- (By JCR-VIS)
Annualised performance 2 3Y Launch 3.70 12.16 12.19 13.62 -8.50 -1.47 Annualised performance 2 FY10 FY09 9.32 13.22 10.48 11.26 13.41 13.88 37.73 14.68 -0.12 -27.24 0.57 14.41 4.78 12.43 11.66 15.08 -23.36 38.90 17.69 9.58 -72.06 15.35 -36.52 15.62 -8.47 11.58 9.94 14.23 -18.41 -2.65
* Under debt-swap arrangement with Azgard Nine Limited (ANL), the fund has received shares of Agritech Limited (AGL), against the investments of ANLPPTFC and listed TFCs, these listed TFCs and PPTFCs had been fully provided.
Performance (%)
Fund Benchmark Difference 1M 8.69 9.59 -0.90 6M 8.77 9.66 -0.89 1Y 11.44 10.86 0.58
A+ 0.68%
Statistical analysis
Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Duration (Yr) Weighted Avg. Maturity (Yr) Fund Benchmark 5.0% 1.2% 3.7% 1.2% -10.3% 0.0% 91.5% 100.0% 0.11 0.31
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com
1. 2.
a) The fund has made a full provision against the principal amount in accordance with the requirements of regulatory body & the provisioning policy of the Fund. (b) The CP of ANL has been settled through issuance of 15,000 PPTFCs in the name of the Fund. These PPTFCs have been restructured however, the mgt. as a matter of prudence has maintained the provision against the said PPTFCs. In lieu of restructuring of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDS account. These shares are booked and marked to market accordingly. (c) The fund has made a full provision against the principal amount in accordance with the requirements of Circular 1 & the provisioning policy of the Fund. (d) The Fund has made a full provision against the principal amount of Agritech Limiteds Sukuk in accordance with the requirements of Circular 1 of 2009 issued by the SECP and the provisioning policy of the Fund. The Fund has received Agritech Limiteds PPTFC of face value of Rs. 11.245 million against interest due on Agritech Limiteds Sukuk which is not recognized as income by the Fund and these PPTFCs are valued at zero. (e) Non rated securities. (f) The fund received 4,827 zero coupon PPTFCs against interest receivable of listed and unlisted TFCs. Since these PPTFCs are received against already defaulted securities and have non-performing status in MUFAP, therefore the management as a matter of prudence maintained the provision against the said PPTFCs. These PPTFCs are valued at zero but cost is carried at 24,135,000.
From Mar '12, the benchmark was changed from 60% 1Year PKRV Rate + 40% 6M KIBOR Rate to 40% 1Year PKRV Rate + 60% 6M KIBOR Annualized performance return is based as per MUFAP stated methodology.
The Fund/Scheme has not made provisions amounting to Rs. 19,889,157 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 1.86 / 2.1%. For details investors are advised to read the Note 9 of the latest Financial Statements of the Scheme.
Apr-13
Apr-13 10.67 0.02 88.85 0.00 0.46 Mar-13 9.51 0.02 90.03 0.00 0.45
JS AIF aims at generating current income on investments while maintaining the prospects of capital appreciation by investing in a diversified portfolio of money market and fixed income instruments. The fund may aggressively adjust asset weightings to take advantage of directional macro and micro economic trends and may hold some or even all of its assets in cash to either provide liquidity or for defensive purposes.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Fund stability rating Leverage AMC Rating Open end Aggressive Fixed Income Scheme 22 January, 2008 49.89 (29 Apr '13) 106.45 (29 Apr '13) 1 BM AIF 1.50% (Exclusive of Sindh Sales Tax) 1.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. Medium LSE BBB-(f) NIL AM2- (By JCR-VIS)
6M 5.66 9.62 -3.96 1Y 10.55 10.75 -0.20
Total
100.00
100.00
AAA, 88.85%
Performance (%)
Fund Benchmark Difference 1M 6.18 9.55 -3.37
Annualised performance 2 3Y Launch 11.59 8.74 12.15 14.94 -0.57 -6.20 Annualised performance 2 FY10 FY09 26.11 11.91 -2.25 9.07 6.67 13.75 -31.52 14.41 -5.54 -31.48 -6.30 17.38 0.00 13.61 10.37 15.08 -31.12 14.81 12.73 12.43 -4.91 35.60 13.20 -18.87 -2.72 7.72 9.94 14.23 -12.67 -6.51
% Net Assets 0.02 % Gross Assets 0.02
FY13 12.46 27.73 10.05 11.83 12.81 1.69 6.74 -0.74 6.59 6.18
FY12 28.90 13.55 12.71 59.53 18.90 12.17 26.73 24.53 22.75 37.34 12.49 12.42 26.16 12.97 13.19
FY11 11.26 10.63 33.28 -9.29 8.74 51.31 -60.02 29.14 26.56 33.08 31.61 -159.51 -1.99 10.02 -12.01
Statistical analysis
Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Duration (Yr) Weighted Avg. Maturity (Yr) Fund Benchmark 8.1% 0.8% 5.1% 1.2% -13.1% 0.0% 81.5% 100.0% 0.24 0.24
TFC
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com
1. 2.
From Mar '12, the benchmark was changed from 60% 1Year PKRV Rate + 40% 6-M KIBOR Rate to 1 Year PKRV Rate Annualized performance return is based as per MUFAP stated methodology.
The Fund/Scheme has not made provisions amounting to Rs. 1,014,477 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 2.16 / 2.0%. For details investors are advised to read the Note 7 of the latest Financial Statements of the Scheme.
Apr-13
Apr-13 2.51 63.81 31.35 2.33 100.00 Mar-13 1.21 6.38 59.92 3.21 27.48 1.80 100.00
UTP is a balanced fund that aims to preserve and grow investors capital in the long term while providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and fixed income investments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income investments help generate the current income.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark1 Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating Open end Balanced Scheme 27 October, 1997 1,542.14 133.00 50% 6M KIBOR & 50% KSE 30 Index 2.00% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co. Medium LSE NIL AM2- (By JCR-VIS)
1Y 27.62 15.32 12.30 3Y 55.47 42.92 12.55 7Y 57.72 39.81 17.91
Cumulative return2 Launch Avg. Ann.* 931.20 16.23 581.09 13.16 350.11 3.07
Performance (%)
Fund Benchmark Difference 1M 1.64 1.92 -0.28
AAA, 31.35%
Statistical analysis
Beta Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Fund 0.5 14.9% 14.0% -24.0% 73.3% Benchmark 1.0 23.0% 19.3% -33.8% 64.2%
(31,980,766)
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com
(a) The commercial paper amounting to Rs. 75 mn of Azgard Nine Ltd has been settled through Issuance of 15,000 PPTFC's of an equivalent amount in the name of the fund. The said PPTFCs were restructured and ANL provided 772,253 shares of Agritech Limited at the rate of Rs. 35 each which reduced our provision accordingly. During the month of January 2013 5000 PPTFC'S have been disposed off. (b) Fund has received Agritech PPTFC's against interest receivable of Agritech Sukuk which is valued at zero but cost is carried at 18,665,000. (c) The Fund has received 3,853 Zero Coupon PPTFC against interest receivable of unlisted TFC's. Since these PPTFC's are received against already defaulted securities and even MUFAP started its revaluation, the management as a matter of prudence is not revaluing said PPTFC's. These PPTFC's are valued at zero but cost is carried at 19,265,000.
1. From the month of Jan 2010 onwards, the benchmark for the UTP fund has switched from 70% 6M KIBOR & 30% KSE 30 Index to 50% 6M KIBOR & 50 % KSE 30 Index. 2. Cumulative return is based as per MUFAP stated methodology.
The Fund/Scheme has not made provisions amounting to Rs. 22,808,989 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 1.97 / 1.5%. For details investors are advised to read the Note 7 of the latest Financial Statements of the Scheme.
Apr-13
Apr-13 65.52 10.58 23.76 0.14 100.00 Mar-13 83.46 9.72 5.61 1.20 100.00
JS FoF is a fund of funds that aims to grow investors capital in the long term while diversifying the asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating Open end Fund of Fund Scheme 31 October, 2005 84.39 101.10 1 BM FoF 1.00% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co. Medium LSE NIL AM2- (By JCR-VIS)
Statistical analysis
Beta Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Fund 0.8 15.1% 12.8% -13.7% 70.3% Benchmark 1.0 16.8% 11.0% -25.1% 69.2%
Performance (%)
Fund Benchmark Difference 1M 2.59 1.41 1.18 1Y 26.04 17.75 8.29 2Y 42.78 31.24 11.54 3Y 75.50 46.56 28.94
Cumulative return2 Launch Avg. Ann.* 122.57 11.26 61.23 6.57 61.34 4.68
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com Disclosure for WWF Liability under Circular 17 of 2012
The Fund/Scheme has not made provisions amounting to Rs. 10,467,175 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 12.54 / 12.4%. For details investors are advised to read the Note 9 of the latest Financial Statements of the Scheme.
1 2
Average of asset allocation funds returns. Cumulative return is based as per MUFAP stated methodology.
Apr-13
Apr-13 3.89 94.50 1.61 100.00 Mar-13 8.05 90.11 1.84 100.00
JS LCF is an open-end Equity Scheme that aims to benefit from an attractive Capital Market in an economy with growth potential, to maximize the total investment return consisting of a combination of capital appreciation and dividend income. Consistent with its Investment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash and/or near cash instruments which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) of Unit "A" Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating Open end Equity Scheme 14 May, 2004 1,533.02 82.65 KSE30 Index 2.00% (Exclusive of Sindh Sales Tax) 3% of NAV (Applicable to Class "A") 16% of NAV (Applicable to Class "B") Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co. High LSE NIL AM2- (By JCR-VIS)
1Y 39.78 19.50 20.28 2Y 58.37 24.96 33.41 3Y 94.02 39.56 54.46
Cumulative return1 Launch Avg. Ann.* 168.85 11.66 98.39 7.94 70.46 3.72
Performance (%)
Fund Benchmark Difference 1M 0.66 3.04 -2.38
Statistical analysis
Beta Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Fund 0.7 22.4% 14.7% -30.8% 60.2% Benchmark 1.0 29.7% 25.2% -45.1% 59.3%
FY13 4.07 4.39 -1.16 1.89 6.40 1.40 2.87 7.98 3.96 0.66
FY12 -1.09 -6.17 6.94 -2.67 -3.43 -4.21 9.03 9.81 4.94 0.44 3.08 -1.16 14.87 2.90 11.97
Provision held (4,991,429) -
FY11 5.36 -4.36 0.48 11.10 8.58 5.52 2.06 -6.34 12.22 -0.39 0.62 -0.14 38.38 21.24 17.14
Value after -
FY10 8.33 6.80 7.34 -1.81 -0.53 0.66 -0.26 -1.97 -1.34 -0.14 -9.13 -2.10 4.65 26.22 -21.58
% of Net Assets -
FY09 -18.57 -12.18 -0.47 -0.12 0.12 -30.81 -9.73 3.02 14.68 -0.48 4.50 -4.00 -47.56 -47.15 -0.41
% Gross Assets -
Non Compliant Investments under Circular 07/2009 & Circular No. 16 of 2010
Type PPTFC Sukuk PPTFC
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com
1
(1) These PPTFCs were issued on 11 January 2012 against outstanding mark-up due on Sukuk certificates of Agritech Limited The Fund has recognized the above TFCs at nil value. The principal outstanding against these TFCs is to be redeemed in six equal semi-annual installments starting from 01 July 2012 and will mature on 01 January 2015. These TFCs have been classified as Non Performing Asset by MUFAP on 17 January 2012.Cost of these PPTFCs are carried at Rs. 3.485 million. (2) The above investment was made by the Fund prior to its conversion from closed end fund to an open end fund. However, under the circular 7 of 2009 of SECP, the open end equity fund cannot invest in the debt securities. Management is of the view that investment was made prior to the above mentioned conversion. Nevertheless, the carrying value of investments at 31 March 2013 was Nil. (3) These convertible privately placed term finance certificates (PPTFCs) were issued against the cumulative preference shares of Azgard Nine Limited on 22 October 2012 under the "Settlement Agreement" dated 22 October 2012 between the Management Company of the Fund and Azgard Nine Limited. Since these PPTFCs are received against non-performing security, therefore the management, as a matter of prudence has recognized above PPTFCs at nil value. These convertible PPTFCs carry mark-up rate of 11% per annum with a tenor of 8 years (inclusive of a 2 year grace period for principal redemption) as per the terms and conditions. In case of Default, the PPTFC Holders shall have the right to exercise the option to convert the PPTFCs into ordinary voting shares of Azgard Nine Limited as per the terms and procedures. Cost of these PPTFCs are carried at Rs. 83.160 million.
The Fund/Scheme has not made provisions amounting to Rs. 26,170,495 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 1.41 / 1.7%. For details investors are advised to read the Note 8 of the latest Financial Statements of the Scheme.
Apr-13
Apr-13 5.16 93.61 1.24 Mar-13 9.26 88.97 1.78
JS Islamic Fund [JS ISF] aims to grow investors capital in the long term in adherence with principles of Shariah compliance as advised by the Shariah Advisory Council (SAC) of this fund. The fund investments are limited to asset classes approved by the Shariah Advisory Council (SAC) and all companies under investment consideration are semiannually screened for Shariah compliance.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark1 Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating Open end Shariah Compliant Islamic - Equity Scheme 27 December, 2002 327.27 65.7 KMI-30 Index 2.00% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co. High LSE NIL AM2- (By JCR-VIS)
Total
100.00
100.00
Performance (%)
Fund Benchmark Difference 1M 2.07 4.32 -2.25 1Y 38.67 36.07 2.60 2Y 65.25 61.47 3.78 3Y 101.59 108.95 -7.36
Cumulative return2 Launch Avg. Ann.* 252.59 12.95 268.82 13.44 -16.23 -0.49
Statistical analysis
Beta Standard Deviation Largest Month Gain Largest Month Loss % Positive Months
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com Disclosure for WWF Liability under Circular 17 of 2012
The Fund/Scheme has not made provisions amounting to Rs. 6,607,316 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 1.33 / 2.0%. For details investors are advised to read the Note 8 of the latest Financial Statements of the Scheme.
1 2
From January 2010, benchmark switched from DJIMPK to KMI-30 index. Cumulative returns are based as per MUFAP stated methodology.
Apr-13
Apr-13 7.86 89.02 3.11 100.00 Mar-13 17.88 63.98 18.14 100.00
JS AAA Fund is a dynamic asset allocation fund that aims to achieve superior risk adjusted growth in investors capital over the long term. The fund operates a diverse portfolio of equity, fixed income and money market investments and it may constantly adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens. The fund is allowed to invest up to 100% of net assets in any one type of asset class.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating Open end Asset Allocation Scheme 28 June, 2005 132.12 13.19 50% KSE30 Index + 50% Avg. 6M KIBOR 2.00% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. High LSE NIL AM2- (By JCR-VIS)
Performance (%)
Fund Benchmark Difference 1M 3.13 1.92 1.21 1Y 18.91 15.25 3.66 2Y 27.52 20.04 7.48 3Y 36.42 34.07 2.35
Cumulative return2 Launch Avg. Ann.* 32.28 3.63 40.63 4.44 -8.35 -0.81
Statistical analysis
Beta Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Fund 0.8 26.1% 21.0% -36.8% 63.2% Benchmark 1.0 29.6% 25.2% -45.1% 61.1%
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com Disclosure for WWF Liability under Circular 17 of 2012
The Fund/Scheme has not made provisions amounting to Rs. 3,329,723 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 0.33 / 2.5%. For details investors are advised to read the Note 7 of the latest Financial Statements of the Scheme.
Apr-13
Apr-13 5.44 93.34 1.22 100.00 Mar-13 5.37 92.29 2.34 100.00
JS KSE-30 Index Fund is an index fund that aims to track the performance of the KSE-30 Index by investing in constituent companies of the index in proportion to their weighting. The fund targets sophisticated investors who can time their entry and exit from the fund in accordance with the expected performance of the equity market or for investors who seek long term exposure to the equity market.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating
Performance (%)
Fund Benchmark Difference 1M 2.70 3.04 -0.34 1Y 20.10 19.50 0.60 2Y 32.79 24.96 7.83 3Y 52.50 39.56 12.94
Cumulative return2 Launch Avg. Ann.* 45.30 5.54 21.97 2.91 23.33 2.63
Statistical analysis
Beta Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Fund 1.0 29.6% 25.5% -43.9% 63.1% Benchmark 1.0 29.6% 25.2% -45.0% 58.3%
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com Disclosure for WWF Liability under Circular 17 of 2012
The Fund/Scheme has not made provisions amounting to Rs. 1,717,992 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Re. 0.97 / 4.3%. For details investors are advised to read the Note 7 of the latest Financial Statements of the Scheme.
Jul/10
Jan/11
Jul/11
Jan/12
Jul/12
KSE-30 Index
Jan/13
Apr-13
Apr-13 10.38 86.34 3.27 Mar-13 27.42 70.53 2.05
The main objective of JSGF is to enable the Certificate Holders to participate in a diversified portfolio of high quality equity securities listed on the stock exchanges and to maximize the investment return, by prudent investment management.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Trustee Auditor Risk profile Listing Leverage AMC Rating Closed end Equity Fund 06 June, 2006 3,728.27 13.05 KSE30 Index 2.00% (Exclusive of Sindh Sales Tax) MCB Financial Services Ltd Ernst & Young Ford Rhodes Sidat Hyder & Co. High KSE, LSE & ISE NIL AM2- (By JCR-VIS)
Total
100.00
100.00
Performance (%)
Fund Benchmark Difference 1M 3.00 3.04 -0.04 1Y 40.15 19.50 20.65 2Y 59.83 24.96 34.87
Statistical analysis
Beta Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Fund 0.8 25.1% 18.9% -35.2% 59.0% Benchmark 1.0 29.7% 25.2% -45.1% 57.8%
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com Disclosure for WWF Liability under Circular 17 of 2012
The Fund/Scheme has not made provisions amounting to Rs. 45,149,161 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Re. 0.16 / 1.2%. For details investors are advised to read the Note 8 of the latest Financial Statements of the Scheme.
1
Apr-13
Apr-13 9.48 86.65 3.87 100.00 Mar-13 1.71 93.26 5.03 100.00
The fund maintains a portfolio of high yielding equity securities aiming at earnings derived from capital appreciation and dividend income. The portfolio seeks capital growth through investments in marketable securities with betterthan-average appreciation potential and liberal dividend policies. To benefit from changing interest rate environment and some portion of the portfolio is also kept in debt instruments and bank deposits.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) 1 Benchmark Management fee Custodian Auditor Risk profile Listing Leverage AMC Rating Closed end Equity Fund 14 January, 1996 1,809.27 15.26 KSE30 Index 2.00% (Exclusive of Sindh Sales Tax) MCB Financial Services Ltd KPMG Taseer Hadi & Co. High KSE NIL AM2- (By JCR-VIS)
Performance (%)
Fund Benchmark Difference 1M 3.74 3.04 0.70 1Y 51.36 19.50 31.86 2Y 60.28 24.96 35.32
Statistical analysis
Beta Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Fund 0.6 21.7% 21.4% -24.4% 65.5% Benchmark 1.0 29.6% 25.2% -45.1% 60.5%
In lieu of debt swap restructuring agreement of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDS account. These shares are booked and marked to market accordingly.
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com Disclosure for WWF Liability under Circular 17 of 2012
The Fund/Scheme has not made provisions amounting to Rs. 20,122,803 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Re. 0.17 / 1.1%. For details investors are advised to read the Note 9 of the latest Financial Statements of the Scheme.
1 2
From July 2006, benchmark's equity portion switched from KSE-100 to KSE-30 index. Cumulative return is based as per MUFAP stated methodology.
Apr-13
Apr-13 3.45 95.71 0.84 100.00 Apr-13 2.38 0.29 1.43 95.76 0.14 100.00 Apr-13 3.62 1.57 94.69 0.13 100.00 Mar-13 5.96 92.57 1.47 100.00 Mar-13 24.85 0.46 2.40 70.07 2.22 100.00 Mar-13 1.69 1.49 96.69 0.12 100.00
JS Pension Savings Fund (JS PSF) is designed to provide a secure source of savings and retirement income to individuals. JS PSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity and fixed income investment avenues suited to their specific needs and risk profile.
Key information
Fund type Category Fund launch date Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Leverage AMC Rating Open end Pension Savings Fund 26 June, 2007 n/a 1.50% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. Investor dependent NIL AM2- (By JCR-VIS)
Debt Cash Equity* TFCs / Sukkuks T Bills Other including receivables Total Money Market Cash Equity* T Bills Other including receivables Total
* Under debt-swap arrangement with Azgard Nine Limited (ANL), debt and money market sub funds have received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC, these PPTFCs in sub funds had been fully provided.
NAV (PKR)
JS - PSF-Equity Sub Fund JS - PSF-Debt Sub Fund JS - PSF-MM Sub Fund 170.36 179.77 148.25
Performance (%)
JS - PSF-Equity Sub Fund JS - PSF-Debt Sub Fund 1 JS - PSF-MM Fund 1 1M 8.88 5.51 8.26 1Y 55.88 13.37 12.60 2Y 79.19 26.16 25.00 3Y 106.05 35.30 15.70 Launch 70.37 79.78 48.26
1
Debt 1 FY13 14.90 44.00 13.37 17.75 7.14 8.76 12.50 -5.05 11.29 5.51
13.85
Annualised performance Money market 1 FY12 FY13 FY12 9.66 9.77 10.23 14.50 11.35 11.69 12.00 8.13 11.07 15.60 8.33 11.94 9.48 7.14 9.50 7.48 26.53 9.40 11.35 30.01 10.44 8.68 8.32 9.20 9.35 5.46 9.54 9.20 8.26 9.97 10.10 9.66 9.51 9.62 11.12 12.98 10.69
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com Disclosure for WWF Liability under Circular 17 of 2012
The Fund/Scheme has not made provisions amounting to Rs. 2,209,836 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 2.17 (ESF), Rs. 1.54 (DSF), Re. 0.92 (MMF) / 1.3% (ESF), 0.9% (DSF), 0.6% (MMF). For details investors are advised to read the Note 7 of the latest Financial Statements of the Scheme.
Apr-13
Apr-13 2.94 96.66 0.40 100.00 Apr-13 2.61 93.61 3.78 100.00 Apr-13 36.26 61.05 2.70 100.00 Mar-13 1.88 96.73 1.39 100.00 Mar-13 4.77 92.29 2.94 100.00 Mar-13 35.42 62.30 2.28 100.00
JS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and secure source of savings and retirement income to individuals according to the principles of Islamic Shariah. JS IPSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity, fixed income and other Halal investment avenues suited to their specific needs and risk profile.
Key information
Fund type Category Fund launch date Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Leverage AMC Rating Open end Shariah Compliant Voluntary Pension Scheme 16 June, 2008 n/a 1.50% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. Investor dependent NIL AM2- (By JCR-VIS)
NAV (PKR)
JS - IPSF-Equity Sub Fund JS - IPSF-Debt Sub Fund JS - IPSF-MM Sub Fund 247.68 160.67 140.81
Performance (%)
JS - IPSF-Equity Sub Fund JS - IPSF-Debt Sub Fund 1 JS - IPSF-MM Sub Fund 1 1M 5.34 10.54 8.44 1Y 38.62 8.91 7.33 2Y 61.52 18.04 17.73 3Y 103.85 32.96 25.79 Launch 146.66 60.00 40.22
37.48
8.23
6.87
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com Disclosure for WWF Liability under Circular 17 of 2012
The Fund/Scheme has not made provisions amounting to Rs. 1,391,369 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 3.17 (ESF), Rs. 1.23 (DSF), Re. 0.82 (MMF) / 1.3% (ESF), 0.8% (DSF), 0.6% (MMF). For details investors are advised to read the Note 7 of the latest Financial Statements of the Scheme.