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Performance

Evaluation of
Mutual Fund
Muhammad Saeed Babar Reg. # MM073003
Performance Evaluation of Meezan
Islamic Fund
Brief about Fund
Asset Management Co. - Al-Meezan Investment Management
Company Limited

Type of Fund - Open Ended

Size of Fund - Net Assets as of 31-10-2010 stood at Rs. 4.4Billion

Investment Philosophy - To maximize total investor returns by investing in


Shariah Compliant equities focusing both capital gains
and dividend income

NAV as on 31-10-2010 - Rs. 50.29 per unit

Performance Evaluation
The fund has been evaluated using the NIT units as a bench mark. Following ratios
have been worked out for both funds for the purpose of comparison using the data
for the last three years from 30-04-2007 to 31-03-2010. The said data about funds
has been collected from Mutual Funds association of Pakistan website
www.mufap.com.pk. The data relating to market index has been collected from
Karachi Stock Exchange (Guarantee) limited website www.khistocks.com. The data
relating to T-Bills rates has been collected from State Bank of Pakistan website
www.sbp.org.pk . Wherever in the data if the date is different from the last day of
the month it is to be assumed to be the last day of the month.

1. Treynor Ratio (Rp – Rf)/β

2. Sharpe ratio (Rp – Rf)/σ

3. Sartino Ratio(Rp – Rf)/Semi-Var.

4. Jenson Ratio (Rp – Rf) = α + β(Rm – Rf)

5. Appraisal Ratio (Rp – Rb)/σER


Particulars Meezan NIT Market T.Bills
IslamicFund

Mean Rate of Retun -0.0019 -0.0108 -0.0002 0.1124


Variance 0.0128 0.0082 0.0094
Semi-Variance 0.0316 0.0190
Std. Deviation 0.1132 0.0906 0.0967
Beta 1.0182 0.5688
Std. Deviation (Erpb) 0.1076

Treynor Ratio -0.1123 -0.2166

Sharpe Ratio -1.0103 -1.3605

Sartino Ratio -3.6193 -6.4964

Jenson Ratio 0.0003 -0.0592

Appraisal Ratio 0.0826

All the ratios are positive with reference to bench mark, therefore, the Meezan
Islamic Fund performed relatively better than its bench mark.

The annexed spreadsheet is an integral part of this working.