SixthSense - Aug10 - Sept10 - 01102010

6 SIXTH SENSE Research
Mutual Fund Monthly
A product of BMA Financial Services Ltd. Aug 10 - Sep 10

Friday, October 01, 2010
CONTENTS
1 INDUSTRY UPDATE AUG10-SEP10……….…….…..…….2
2 INDUSTRY AT A GLANCE………………….………………..4
3 CASH FUNDS……………….…….……….…………………..5
4 GOVERNMENT SECURITY- CASH FUNDS………….……7
5 FIXED INCOME……………….………………….…………….9
6 GOVERNMENT SECURITIES FUNDS…………………….11
6 ISLAMIC INCOME FUNDS ….……………………………...13
8 EQUITY FUNDS………………………………………………15
9 APPENDIX: DATA………...………….………………………17
BMA Financial Services Ltd. 801 Unitower, I.I.Chundrigar Road, Karachi 74000, Pakistan
For further queries, please contact: research@bmafs.com or call UAN: 111-262-111
1 All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the
time of publishing. All such information and opinions are subject to change without notice. All information is provided without warranty and
BMA Financial Services Limited makes no representation of any kind as to the accuracy or completeness of any information hereto
contained.
INDUSTRY UPDATE: ARE MONEY MARKET FUNDS
1 CANNIBALIZING INCOME FUND AUM?

Industry size remained more or less constant over the month of August at
PKR173bn. However, while total industry size may have remained unchanged; AUM
within fund categories was not as stable. Income funds decreased by 3%, Islamic
income suffered a 2% decrease and Money Market funds grew 7% MoM.
Various Income funds suffered a fall this month, while their money market
Faisal Zahid
counterparts benefitted from generous increases. ABL income Fund witnessed a fall
faisal.zahid@bmafs.com
in AUM of 13% from PKR9.1bn to 7.9bn while the newly launched ABL CF was at
PKR2.5bn within a month since inception. Similarly, IGI Income Fund suffered a 5%
Iffat Ibrahim fall in AUM (with an outflow of PKR112mn) while the IGI Money Market Fund
Iffat.ibrahim@bmafs.com benefited a 5% increase in fund size (with an inflow of 45mn). This phenomenon can
be observed in most AMCs that manage both Income and Money Market Funds.
UBL Income and Growth Fund has consistently decreased over the year from
PKR13.1bn in Jan10, to PKR6.3bn at Aug10 (more than 50% decrease in fund size).
On the flip side, UBL liquidity Plus Fund has doubled in size over the same tenure
from PKR5.8bn to PKR11.6bn. This leads us to conclude that money market funds
may be cannibalizing on income fund AUM.
From the top ten AMCs, ABL AMC, and IGI Funds witnessed the largest increase in
AUM of 17% and 14% respectively. Pak Oman Fund AUM deteriorated greatly over
the month as the AUM and management of the Pak Oman Advantage Plus Fund
was transferred to IGI funds and renamed IGI Aggressive Income Fund (IGI AIF).
AMC AUM Analysis
AUM (PKR mn)
S.# Fund Manager Aug-10 Jul-10 MoM % YTD %
1 NIT 34,669 37,293 -7% -4%
2 UBL Funds 20,317 19,987 2% 10%
3 MCB 16,293 15,680 4% 15%
4 NAFA 14,968 14,964 0% 11%
5 Meezan 14,541 14,954 -3% 2%
6 ABL 11,081 9,491 17% 27%
7 AHI 10,954 11,355 -4% 4%
8 FAYSAL 9,608 9,514 1% 7%
9 JS 8,061 8,411 -4% -21%
10 IGI 4,903 4,303 14% 21%
11 Others 27,855 28,988 -4% 2%
Total 173,250 174,940 -1% 4%
AUM do not include Close End and Pension Funds

Source: Sixth Sense Research, Fund Manager Reports
In line with previous months, Money Market Funds continue to post the highest
increase in AUM. This month, money market funds posted a 7% increase MoM, from
PKR41bn to PKR44bn. The largest growth was witnessed by BMA Empress Cash
Fund with a 30% increase to PKR1.4bn. UBL LPF continues to be the largest fund in
this category at PKR11.6bn for Aug10.
contained.
Islamic Money Market Funds are Shariah compliant money market funds. New
fund introduced this month is the ABL Islamic Cash Fund, leading to a total of two
Islamic money market funds (Meezan CF and ABL ICF). Growth in AUM of 4% MoM
to PKR6.2bn is entirely attributed to the introduction of the ABL ICF.
Income Fund AUM continued its downward decline over the month, with a 3% fall
from PKR58.7bn in Jul10 to PKR56.7bn in Aug10. NIT Government Bond Fund fell
24% in size from PKR3.7bn to PKR2.8bn. The ABL Income suffered a decrease in
AUM of 13% as the ABL Cash Fund cannibalized Income Fund AUM.
Islamic Income Funds AUM fell by 2% to PKR6.6bn over the month of August
despite a new fund in this category, NAFA Riba Free Savings Fund. Faysal ISGF
witnessed the largest MoM decrease of 31% from PKR337mn in Jul10 to
PKR233mn in Aug10. This was followed by UBL IIF with a 16% decrease in AUM.
Equity Fund AUM fell by 6% from PKR41bn to PKR38bn over the month of August.
IGI Stock Fund suffered the largest decrease in fund size of 19% to PKR384mn,
followed by UBL Stock Advantage Fund with a decrease of 13% to PKR985mn.
Aug10 AUM by Category Jul10 AUM by Category Number of Funds

Fund of Fund Category Aug10 Jul10
Aug-10 Capital Jul-10 Capital
Islamic Fund of Islamic Funds
Islamic Protected Equity Funds Protecte Equity 0%Islamic
Islamic Money Market 2 1
Income 3% Islamic
3% 0%Islamic d 3% Index Tracker 2 2
4% Income Cash
Cash 3%
Islamic 4% 4% 3% Equity 15 15
Asset Index
Income 28 28
Allocation Index Islamic Tracker
1% Asset 0% Balanced & Asset
Tracker 13 12
Allocatio Allocation
0%
Equity n Money Market 14 13
Equity
22% 1% Islamic Asset Allocation 7 7
23%
Islamic Income 11 10
Money
Market Money Capital Protected 8 8
Income Income
26% Market
33% 35% Islamic Equity 3 3
24% Balance
Balanced d Fund of Funds 1 1
4% 4% Total 104 100
Source: Sixth Sense Research
THIS MONTH: DISCOUNT RATE CONTINUES TO INCREASE; FROM

13.0% TO 13.5%
This month’s monetary policy review resulted in a further tightening of the monetary
policy; increasing the benchmark discount rate from 13% to 13.5%. While widely
debated, a majority of research houses were of the consensus that the discount rate
would remain unchanged and so were incorrect in their predictions.
Moving forward; it is expected that money market funds will have lower returns in the
short run (as they book capital loses on their t-bill investments) but will benefit higher
returns in the long run as they benefit from higher yields on Government Securities.
Income funds holding TFCs may suffer as TFCs are more likely to default on their
loan repayments due to higher interest payments.
contained.
INDUSTRY AT A GLANCE: AVERAGE RETURNS

2 Weighted Average Industry Returns
No of Funds AUM (PKR mn) Return %
Type of Funds Aug-10 1M 6M 12M
Money Market Funds 14 44,360 11.23 10.79 10.81
Islamic Money Market Funds 2 6,229 10.12 10.18 10.10
Income Funds 28 55,915 7.44 7.12 8.01
Islamic Income 11 6,530 21.23 13.26 6.81
Equity Funds 15 38,446 0.04 -10.21 -5.40
Source: Fund Manager Reports, Sixth Sense Research
Money Market Funds returns increased over the month as fund managers stopped
booking capital loses on their t-bill investments and started clocking in higher returns
from the increase in the discount rate. Returns went from 10.42% this month
compared to 11.23% last month.
Islamic Money Market Funds initially with only one fund, Meezan Cash Fund now
has a competitor ABL Islamic Cash Fund. With only two funds in this category,
average returns were at 10.12% over this month.
Income Fund returns increased from 5.69% to 7.44%. The increase can almost
entirely be attributed to changes in TFC prices over this month resulting in higher
returns for TFC heavy funds.
Islamic Income Fund returns increased from 5.21% last month to 21.23% this
month. This is due to high returns from funds invested in Sukuks that have had
positive price revisions.
Equity Funds fell short of the index with returns of 0.04% this month, while the
KSE100 index recorded returns of 0.56% over the same tenure. Only two funds
were able to outperform KSE100 returns this month.
Return Cut-Off Dates: For This Issue

Returns
Start Date End Date
1M 23-Aug-10 23-Sep-10
6M 22-Mar-10 23-Sep-10
12M 17-Sep-09 23-Sep-10
contained.
MONEY MARKET: AUM CONTINUES TO RISE BY 7%
3 Returns: Up this month

Money Market Funds performance rose to a 1M industry average of 11.23% in
Aug10-Sep10, as a result of the interest rate hike in Jul10. Cash funds continued to
have major allocations to government securities in Aug10, as all Money Market
Funds except HBL MMF maintained more than 50% exposure in T-Bills. The
increase in the discount rate to 13.5% in Sep10 will further push up the ceiling on
12M PKRV rates, forcing funds to book capital loses on their T-Bill investments.
Cash Fund AUM on the other hand remained strong as money flowed into the
industry increasing assets under management by 7% to PKR44.4bn. BMA ECF
witnessed the largest increase in fund size; 29% MoM and closed the month of
August at PKR1,358mn.
.
1 Month Return 11.23% Returns
.
ABL CF
.
ASKARI SCF 1M Returns
NAFA GSLF
AHI PCF Average 1M KIBOR was 12.74%
HBL MMF
IGI MMF JS CF yielded the highest return (12.87%)
JS CF 6M Returns
ALGHP CF
Lakson MMF
Average 1M KIBOR was 12.44%
BMA ECF
ATLAS MMF AHI PCF yielded the highest return (11.39%)
BMA ECF
UBL LPF 12M Returns
MEEZAN CF
. 1M KIBOR
Average 1M KIBOR was 12.51%
Industry AHI PCF yielded the highest return (11.33%)
9.00 9.50 10.00 10.50 11.00 11.50 12.00 12.50 13.00
6 Month Return 10.79% Asset Allocation

ASKARI SCF
NAFA GSLF Cash/TDR: BMA ECF has made 25%
AHI PCF allocations to TDR and Cash. The second
ALGHP CF highest is by Atlas MMF of 13%.
Lakson MMF
BMA ECF T-Bills: AHI PCF and ASKARI SCF have the
ATLAS MMF highest allocation to T-bills of 100% and 99%
BMA ECF respectively
UBL LPF
MEEZAN CF
1M KIBOR
Industry
9.00 9.50 10.00 10.50 11.00 11.50 12.00 12.50 13.00
12 Month Return 10.81% Outlook, Potential Windfalls and Red Flags
NAFA GSLF Cash Funds with a low Management Expense

ratio are likely to yield higher returns
AHI PCF
As PKRV rates rise, funds with investments in
UBL LPF government securities are expected to book
capital losses and vice versa
MEEZAN CF
T-Bill yields are currently higher than TDR
1M KIBOR rates offered by banks
5 Industry
All informationcontained in this publication has been researched and compiled from sources believed to be accurate and reliable at the
8.00 9.00 10.00 11.00
contained.
12.00
Source: Sixth Sense Research NAFA GSLF & ASKARI CF are now included in this category
Returns calculated according to the table on Page 4
Risk Matrix
Return
11.60
AHI PCF
High
UBL LPF MCB CMOP
11.00 NAFA GSLF
Med ASKARI SCF
KASB CF ALGHP CF
10.40 Lakson MMF
ATLAS MMF
BMA ECF
Low
9.80
0.000 0.017 0.033 0.050
High
Low Risk Med
R²: 6M Risk-Reward Profile

All Cash Funds have credit splits of AA and above. Cash Funds cannot make investments in TFCs or Debt instruments with
a maturity of more than 6 Months.
contained.
ISLAMIC MONEY MARKET: MEEZAN FINALLY HAS

4 COMPANY
Returns: Shariah compliant bank deposits
MEEZAN CF was previously the only fund in this category with an AUM of
PKR5.9bn in Aug10. ABL ICF was introduced in Aug10, and had an AUM of
PKR347mn by the end of the month. Due to the lack of investment avenues
available to Islamic Money Market funds, this category is currently restricted to only
investing in Islamic bank deposits.
1M Returns
Industry
Industry Average was 10.12%
MEEZAN SF yielded a higher return than ABL
ICF
ABL ICF
6M Returns
.
Meezan CF
12M Returns
8.00 8.50 9.00 9.50 10.00 10.50
Industry Average stood at 10.10%
Industry
Cash: ABL ICF invested 100% in Cash and
Equivalents as of Aug10, while Meezan CF
invested 76% in Cash
TDR: Meezan CF has 24% invested in TDRs
Meezan CF
0.00 2.00 4.00 6.00 8.00 10.00 12.00
Islamic Money Market Funds are restricted by

Industry investment in Islamic banks and therefore may
suffer lower returns compared to conventional
money market funds.
Meezan CF
9.50 9.60 9.70 9.80 9.90 BMA Financial

10.00 10.10Services Ltd. 801 Unitower, I.I.Chundrigar Road, Karachi 74000, Pakistan
10.20
Source: Sixth Sense Research BMA Financial Services Limited makes no representation of any kind as to the accuracy or completeness of any information hereto
contained.
Risk Matrix
12.0
Return
Meezan CF
8.0
4.0
-
0.0055 0.0110 0.0165 0.0220
Risk
R²: 6M Risk-Reward Profile
All Govt. Sec Cash Funds have credit splits of AA and above. Cash Funds only make investments in debt
instruments with a maturity of less than 6 months most and cannot make investments in TFCs.
*Funds operating for six months and above are included in the risk matrix
contained.
FIXED INCOME: DISCOUNT RATE SHOCKS LIKELY TO

5 AFFECT VALUATIONS
AUM: Outflow of funds; AUM decline by 3%
Fixed Income Fund AUM decreased by 3% this month to PKR56.6bn, perhaps
because investments went from more risky income funds to safer shorter tenure
cash funds. Returns over the month were largely variable as funds were affected
with write backs as well as TFC pricing volatility. However MCB DCF managed to
increase AUM by 10% despite falling AUM for other funds in this category.

AHI MSF
Lakson IF 1M Return
NIT IF
NAFA SPF Average 6M KIBOR and Industry Average
UBL GIF were 12.88% and 7.44%
NAMCO IF
NAFA IF 5 Funds posted negative returns
NAFA CF
MCB DCF
BMA CSF yielded the highest return of
KASB LF 141.51%
JS IF
JS AIF 6M Return
IGI IF
HBL IF
FIRST HABIB Average 6M KIBOR and Industry Average
IF were 12.48% and 7.12%
CROSBY PF
BMA CSF HBL IF recorded the highest return (14.07%)
FAYSAL SGF
ABL IF 7 funds performed with returns near the 6M
ATLAS IF KIBOR
ASKARI IF
ALGHP IMF 12M Return
AKD IF
AHI PIF Average 6M KIBOR and Industry average
AHI PIEF were 12.50% and 8.01%
6M KIBOR
Industry HBL IF yielded the highest return of 12.92%. It
-40.00 10.00 60.00 110.00 was therefore the highest performer in both
6M and 12M tenures.
AHI MSF
NIT IF Cash/TDR: NAMCO IF and FAYSAL SGF have
NAFA SPF
UBL GIF allocated 85% and 65% to TDR and Cash
NAMCO IF
NAFA IF TFC/Sukuk: KASB LF and NAFA IF have both
NAFA CF
MCB DCF allocated 90% to TFC/ Sukuk
KASB LF
JS IF Govt Sec: NIT GBF and AHI MSF have invested
JS AIF
IGI IF 96% and 92% in Government Securities
HBL IF
FIRST HABIB IF
CROSBY PF
BMA CSF
FAYSAL SGF
ABL IF
ATLAS IF
ASKARI IF
ALGHP IMF Services Ltd. 801 Unitower, I.I.Chundrigar Road, Karachi 74000, Pakistan
BMA Financial
For further queries, please contact:
AKD IF research@bmafs.com or call UAN: 111-262-111
9 AHIpublication
All information contained in this
time of publishing. All such AHI
PIF has been researched and compiled from sources believed to be accurate and reliable at the
PIEF and opinions are subject to change without notice. All information is provided without warranty and
information
BMA6MFinancial
KIBOR Services Limited makes no representation of any kind as to the accuracy or completeness of any information hereto
contained. Industry
-25.00 -15.00 -5.00 5.00 15.00


AHI MSF
UBL GIF TFC default risk is higher as interest rates
NAMCO IF increase. Corporations may find it difficult to meet
NAFA IF
NAFA CF
their debt payments and suffer from lower prices
MCB DCF
and ratings.
KASB LF After the yield curve becomes steeper, returns of
JS IF
funds with a longer duration could rise, as these
JS AIF
IGI IF funds make investments in long term debt
HBL IF instruments.
FIRST HABIB Volatility in PKRV rates can yield inconsistent
IF
CROSBY PF returns
FAYSAL SGF
ABL IF
ATLAS IF
ASKARI IF
ALGHP IMF
AKD IF
AHI PIF
AHI PIEF
6M KIBOR
Industry
-16.00 -11.00 -6.00 -1.00 4.00 9.00 14.00

AHI MSF & NIT GBF are now included in all Income Funds
Risk Matrix
ABL IF Lakson IF FAYSAL SGF AKD IF AHI PIF

M CB
IGI IF DCF NIT GBF HBL IF
9.0 AHI M SF
CROSBY PF
AHI PIEF
M ed
FHIF NAFA JS
CFAIF
2.0 UBL GIF ATLAS ALGHP
IF IM F
0.00 0.27 0.53 0.80
Low NAFA
-5.0 IF
NAM CO IF
-12.0 KASB LF
-19.0
High ASKARI IF
-26.0
Low R i sk High
M ed Credit Quality
Low Medium High
Income funds in general have recently made major
* Credit Quality of a particular fund is represented by the size of the changes to their portfolios and hence have a diverse set of
circle. Higher the quality bigger the circle credit qualities. Funds with an emphasis on Government
Securities have a much better set of credit splits,
*Funds operating for six months and above are included in the
BMA Financial risk Ltd.
Services matrix compared
801 Unitower, to Road,
I.I.Chundrigar funds primarily
Karachi invested in TFCs.
74000, Pakistan
contained.
ISLAMIC INCOME: AUM FALL BY 2% TO PKR6.6bn
6 Returns: Funds with Sukuks yield above average returns

Diverse set of returns across different Islamic funds persisted during the month, with
NAFA RFSF posting a return 7.24% and NAFA IIF dissipating a return of 68% in
Aug10-Sep10. Upward revision of select Sukuk’s valuation has yielded high returns
for funds invested in the instrument. Fund size of Islamic Income Funds fell by 2%
and closed at PKR6.6bn in Aug10, compared to PKR6.8bn in Jul10.
NAFA RFSF 1M Returns

FAYSAL ISGF Industry Average was 21.23%
Meezan SF
No funds posted negative returns
IGI IIF
NAFA IIF yielded the highest return
Askari IIF
UBL IIF
6M Returns
PO AIIF
NAFA IIF
Meezan IIF
Again no fund yielded negative returns
KASB IIF
NAFA IIF recorded the highest return
ATLAS IIF
12M Returns
Industry
Industry Average stood at 6.81%
5.00 15.00 25.00 35.00 45.00 55.00 65.00 Only one fund yielded negative returns
ATLAS IIF yielded the highest return
.
IGI IIF
Cash/TDR: ATLAS IIF, NAFA RFSF and
Askari IIF
Faysal ISGF have 100%, 99% and 98% in
UBL IIF
Cash, Bank Deposits and TDRs respectively
PO AIIF
Sukuk: NAFA IIF, UBL IIF and KASB IIF have
NAFA IIF
allocated 86%, 67% and 61% to Sukuks
Meezan IIF
KASB IIF
ATLAS IIF
Industry
5.00 15.00 25.00 35.00 45.00 55.00 65.00 75.00
UBL IIF Funds with restructured Sukuks have the

potential to yield higher returns on the back of
PO AIIF
possible write backs.
NAFA IIF
Meezan IIF
KASB IIF
ATLAS IIF
Industry
11
(2.00) - 2.00 4.00 6.00
All information 8.00in this publication
contained 10.00 has been researched and compiled from sources believed to be accurate and reliable at the
contained.
Risk Matrix
Return
High
Askari IIF PO AIIF
13.0
UBL IIF
ATLAS IIF
Med IGI IIF
7.0 Meezan IIF
Low
KASB IIF
1.0
0.00 0.70 1.40 2.10
-5.0
-11.0
Low Risk Med High
Credit Quality
Low Medium High
Islamic Income Funds have a low ratio of their sukuks
invested in A-rated or above instruments. * Credit Quality of a particular fund is represented by the size of the
circle. Higher the quality bigger the circle
*Funds operating for six months and above are included in the risk matrix
contained.
EQUITY: WEIGHTED AVERAGE RETURNS OF 0% IN

7 AUG10-SEP10
AUM: Suffer as the market remains flat
Equity funds posted negligible returns over the month as the KSE100 rose by just
under 1%. Average returns for 6M and 12M were -10% and -5% as compared to
KSE100 returns of -1% and 2% for the same tenure. Two of the fifteen equity funds
were able to outperform the KSE100 index, with the best performing; AKD OF
posting 3.34% in Aug10-Sep10. AUM decreased by 6% from PKR41bn in Jul10 to
PKR38bn Aug10.
.
1M Returns
Lakson EF
First Habib SF KSE100 and Industry Average were
AGHP AF
ABL SF
0.56% and 0.04%
UBL SAF AKD OF recorded the highest return
NIT (3.34%)
NAFA SF
MCB DSF 6M Returns
KASB SF
IGI SF KSE100 and Industry Average were
HBL SF -0.97% and -10.21%
Crosby DF
ATLAS SF NAFA SF yielded the highest return
AHI PSMF (0.98%)
AKD OF
12M Returns
KSE 100
Industry KSE100 and Industry Average were
-2.00 -1.00 0.00 1.00 2.00 3.00 4.00 -1.85% and -5.40%
NAFA SF yielded the highest return
(16.11%)
6 Month Return -8.17 Asset Allocation
Lakson EF
AGHP AF Oil & Gas: ATLAS SF, ABL SF and NAFA
ABL SF
UBL SF SF have 31%, 31%, and 30% allocated to
NIT the Oil & Gas sector
NAFA SF
MCB DSF
KASB SF Banks: CROSBY SF, Lakson EF, and
IGI SF NAFA SF have both allocated 21%, 17%
HBL SF and 17% to the Banking sector
CROSBY DF
ATLAS SF
AHI PSMF Chemicals: AKD OF, HBL SF and ATLAS
AKD OF SF have allocated 22%, 18% and 18% to
KSE 100
Industry the Chemical sector
-40.00 -35.00 -30.00 -25.00 -20.00 -15.00 -10.00 -5.00 0.00
12 Month Return -3.22% Potential Windfalls and Red Flags

AGHP AF
ABL SF
Instable economic conditions prove
UBL SF
NIT precarious for equity markets.
NAFA SF
MCB DSF
KASB SF
IGI SF
BMA Financial
HBL SFServices Ltd. 801 Unitower, I.I.Chundrigar Road, Karachi 74000, Pakistan
CROSBY DF For further queries, please contact: research@bmafs.com or call UAN: 111-262-111
13 AHI PSMF
time of publishing.
ATLAS
All information contained SFpublication has been researched and compiled from sources believed to be accurate and reliable at the
in this
All such information and opinions are subject to change without notice. All information is provided without warranty and
AKD OF BMA Financial Services Limited makes no representation of any kind as to the accuracy or completeness of any information hereto
KSE 100 contained.
Industry
-12.00 -7.00 -2.00 3.00
Risk Matrix
Return
1.0
AHIM CROSBY DF NAFA SF
High
AGHP AF PSMF
ABL SF
UBL SAF IGI SF
-4.7
Med MCB DSF
ATLAS SF
HBL SF Lakson EF
KASB SF
AKD OF NIT
Low -10.3
FIRST HABIB SF
-16.0
0.45 0.62 0.78 0.95
Med High
Low
* NAVs adjusted for dividends to calculate beta Risk
** Funds operating for six months and above are included in the risk matrix
contained.
Appendix DATA TABLES

Table 1: Money Market Funds
Mgmt. Inception Fund Size AMC
Return (%) Risk Fund Ranking
Fee Date (PKR mn) Rating
Fund 1M 6M 12M 6M VAR Aug-10
JS CF 12.87 N/A N/A N/A 1.25% 29-Mar-10 1,149 AM2+ N/A
10% of G.
AHI PCF 11.70 11.39 11.33 0.0424 20-Mar-08 2,553 AM2 AAA by PACRA
Earnings
IGI MMF 11.48 N/A N/A N/A 0.80% 27-May-10 1,029 AM3 N/A
KASB CF 11.38 10.82 10.38 0.0058 0.80% 12-Aug-09 558 AM3+ AA+(f) by JCR-VIS
HBL MMF 11.31 N/A N/A N/A 1.00% 12-Jun-10 758 AM3+ N/A
UBL LPF 11.25 10.86 10.77 0.0066 1.25% 21-Jun-09 11,622 AM2 AA+(f) by JCR-VIS
ASKARI SCF 11.25 10.85 N/A 0.0201 1.00% 18-Sep-09 1,223 AM3 AA+
NAFA GSLF 11.14 10.76 10.73 0.0071 1.25% 16-May-09 7,426 AM2- AA+(f) by PACRA
MCB CMOP 11.07 10.73 N/A 0.0181 10% of GP 28-Sep-09 8,469 AM2- AA(f) by PACRA
Lakson MMF 11.06 10.67 N/A 0.0181 1.25% 13-Nov-09 3,399 AM3 AA by PACRA
ALGHP CF 11.02 10.50 N/A 0.0349 1.25% 12-Mar-10 732 AM3 AA(f) by PACRA
ATLAS MMF 10.98 10.55 N/A 0.0101 1.00% 21-Jan-10 1,633 AM3+ AA(f) by PACRA
ABL CF 10.97 N/A N/A N/A 1.25% 30-Jun-10 2,451 AM4 AA+(f) by JCR-VIS
BMA ECF 10.81 10.41 N/A 0.0225 1.50% 12-Nov-09 1,358 AM2- AA+(f) by JCR-VIS
Industry 11.23 10.79 10.81 0.0142 44,360
Relative Return vs Benchmark Relative Return vs Industry
Fund Benchmark 1M 6M 12M 1M 6M 12M

Avg of deposit rate and ag
JS CF N/A N/A N/A 1.64 N/A N/A
3M T-Bill
AHI PCF 3M Tbill -0.82 -0.75 -0.84 0.47 0.60 0.51
IGI MMF 3M deposit rate (AA) N/A N/A N/A 0.25 N/A N/A
20% Avg. Daily Saving rate &
KASB CF N/A N/A N/A 0.15 0.02 -0.43
80% 3M TDR
HBL MMF 3M deposit rate & 3M PKRV N/A N/A N/A 0.08 N/A N/A
UBL LPF 6M Rolling Avg of 1M KIBOR -1.49 -1.57 -1.73 0.02 0.06 -0.04
70% Tbill, 30% average 3M
ASKARI SCF N/A N/A N/A 0.02 0.06 N/A
deposit rate
70% 3M Tbill, 30% average
NAFA GSLF N/A N/A N/A -0.09 -0.04 -0.08
3M deposit rate
MCB CMOP 3M deposit rate N/A N/A N/A -0.16 -0.06 N/A
Lackson MMF Industry Average -0.17 -0.13 N/A -0.17 -0.13 N/A
70% 3M PKRV & 30% 3M
ALGHP CF N/A N/A N/A -0.21 -0.29 N/A
TDR
ATLAS MMF 3M deposit rate & 3M PKRV N/A N/A N/A -0.25 -0.24 N/A
ABL CF 3M deposit rate N/A N/A N/A -0.26 N/A N/A
BMA ECF 3M deposit rate N/A N/A N/A -0.42 -0.38 N/A
contained.
Portfolio Breakup – Aug10

UBL LPF KASB CF MCB CMOP BMA ECF Atlas MMF Lakson MMF Alfalah CF
Cash & Equivalents 2% 2% 6% 25% 13% 0% 8%
Money Market Instruments 0% 0% 0% 0% 3% 0% 0%
T- Bills 95% 77% 94% 64% 85% 89% 92%
Placements 1% 20% 0% 0% 0% 7% 0%
Rev Repo 1% 0% 0% 0% 0% 0% 0%
TDRs 0% 0% 0% 0% 0% 0% 0%
COIs 0% 0% 0% 11% 0% 4% 0%
Bank Deposits 0% 0% 0% 0% 0% 0% 0%
Others 1% 1% 0% 1% -1% 0% 0%
JS CF IGI MMF HBLMMF ABL CF AHI PCF NAFA GSLF ASKARI SCF
Cash & Equivalents 2% 11% 0% 1% 0% 7% 1%
Money Market Instruments 0% 0% 0% 2% 0% 0% 0%
T- Bills 98% 85% 49% 97% 100% 90% 99%
Placements 0% 5% 0% 0% 0% 0% 0%
Rev Repo 0% 0% 50% 0% 0% 0% 0%
TDRs 0% 0% 0% 0% 0% 3% 0%
COIs 0% 0% 0% 0% 0% 0% 0%
Bank Deposits 0% 0% 0% 0% 0% 0% 0%
Others 0% 0% 0% 0% 0% 0% 0%
contained.
Table 2: Islamic Money Market Funds

Inception Fund Size AMC
Return (%) Risk Mgmt. Fee Fund Ranking
Date (PKR mn) Rating
Meezan CF 10.2 10.18 10.1 0.0115 1.00% 15-Jun-09 5,882 AM2 AA(f) by PACRA
ABL ICF 8.89 N/A N/A N/A 1.00% 30-Jul-10 347 AM3 AA(f) JCR -VIS
Industry 10.12 10.18 10.1 0.0115 6,229
Meezan CF 3 Mnth average deposit rate N/A N/A N/A 0.07 0.00 0.00
ABL ICF 3 Mnth average deposit rate N/A N/A N/A -1.24 N/A N/A
Instrument Meezan CF ABL ICF
Cash & Equivalents 76% 100%
Money Market Instruments 0% 0%
T- Bills 0% 0%
Placements 0% 0%
Rev Repo 0% 0%
TDRs 24% 0%
COIs 0% 0%
Bank Deposits 0% 0%
Others 0% 0%
Payouts (% of Face Value)

Govt. Security Income Funds Face Value (PKR per unit) 2008-09 2009-10
Meezan CF N/A N/A N/A
ABL ICF N/A N/A N/A
contained.
Table 3: Income Funds

Mgmt. Inception Fund Size AMC Fund Rating/
Return* Risk
Fee Date PKR (mn) Rating Ranking

A(f) by JCR
BMA CSF 141.51 12.45 10.26 0.9189 1.50% 23-Aug-07 285 AM2-
VIS
Not ranked as
JS AIF 47.61 4.69 -0.99 0.3174 1.50% 22-Jan-08 79 N/A
yet
JS IF 30.66 -20.72 -7.66 0.9107 1.50% 26-Aug-02 894 N/A AA-(f)
A-(f) by JCR
AKD IF 21.13 12.96 9.28 0.4454 1.10% 22-Mar-07 462 AM3
VIS
NIT IF 19.39 10.26 N/A 0.0824 1.25% 19-Feb-10 2,081 AM2 N/A
A(f) by JCR-
HBL IF 19.00 14.07 12.92 0.1302 1.50% 15-Mar-07 1,575 AM3+
VIS
IGI IF 12.58 11.50 11.37 0.0271 1.25% 14-Apr-07 2,282 AM3 4-Star
AHI PIF 11.44 12.11 12.01 0.5612 1.50% 11-Mar-02 2,090 AM2 AA-(f)
Lakson IF 11.27 10.86 N/A 0.0187 1.50% 13-Nov-09 529 AM3 N/A
A(f) by JCR-
FAYSAL SGF 10.93 11.12 11.10 0.0086 1.50% 12-May-07 7,851 AM2-
VIS
A+(f) by JCR
ABL IF 10.81 10.59 10.84 0.0038 1.50% 20-Sep-08 7,920 AM3
VIS
MCB DCF 10.77 10.56 10.99 0.0730 1.50% 1-Mar-07 6,113 AM2- 3-Star
A(f) by JCR
CROSBY PF 10.70 6.86 8.69 0.1005 1.50% 2-Apr-09 271 AM4+
VIS
NIT GBF 10.17 10.34 N/A 0.0348 1.25% 18-Nov-09 2,825 AM2 N/A
NAFA SPF 9.90 9.67 N/A 0.1586 2.00% 21-Nov-09 606 AM2- AA-(f)
lower of
AHI MSF 9.20 8.29 9.67 0.0917 10% of O.R 1-Mar-03 1,513 AM2 AA(f)
or 1.5%
FIRST HABIB IF 9.18 5.34 8.06 0.1115 1.50% 4-Jun-07 1,743 AM3- 3-Star
NAFA IF 8.77 0.34 2.02 0.7662 1.50% 29-Mar-08 536 AM2- A(f)
NAMCO IF 8.76 -6.23 0.98 0.2296 1.25% 14-Jul-08 128 AM3- N/A
AHI PIEF 7.45 11.54 12.33 0.0826 1.50% 28-Aug-08 2,178 AM2 A+(f)
A(f) by JCR
UBL GIF 0.25 2.85 5.89 0.2066 1.50% 2-Mar-06 6,340 AM2
VIS
NAFA CF -7.22 3.29 3.72 0.2399 1.50% 22-Apr-06 3,794 AM2- A+(f)
ATLAS IF -12.53 1.85 6.64 0.3492 1.25% 22-Mar-04 1,114 AM3+ A+(f)
ALGHP IMF -19.48 0.60 0.95 0.4042 1.25% 15-Jun-07 418 AM3 4-Star
Witheld by
KASB LF -30.98 -14.67 -15.94 0.6070 1.30% 9-May-06 897 AM3+
PACRA
ASKARI IF -32.39 -23.76 -11.89 0.6350 1.50% 15-Mar-06 1,391 AM3 3-Star
Industry 7.44 7.12 8.01 0.1583 55,915
contained.
BMA CSF 1 M KIBOR 128.77 0.02 -2.24 134.06 5.34 2.25
JS AIF 1 M KIBOR 34.87 -7.74 -13.50 40.17 -2.42 -9.00
JS IF 1 M KIBOR 17.92 -33.16 -20.16 23.22 -27.84 -15.66
AKD IF 6 M KIBOR 8.25 0.48 -3.21 13.68 5.84 1.27
NIT IF 6M KIBOR 6.51 N/A N/A 11.94 N/A N/A
HBL IF 1 M KIBOR 6.26 1.63 0.41 11.55 6.95 4.91
IGI IF 1 M KIBOR -0.16 -0.94 -1.13 5.14 4.38 3.37
AHI PIF Industry Average 4.00 5.00 4.00 4.00 5.00 4.00
Lakson IF Industry Average 3.83 3.74 N/A 3.83 3.74 N/A
FAYSAL SGF 1 M KIBOR -1.81 -1.32 -1.40 3.48 4.00 3.09
ABL IF 1 M KIBOR -1.93 -1.85 -1.67 3.37 3.47 2.83
MCB DCF 1 M KIBOR -1.97 -1.87 -1.52 3.32 3.45 2.98

25% 3M T-Bill, 75% 12M
CROSBY PF -2.04 -6.13 -4.06 3.25 -0.26 0.68
T-Bill
NIT GBF 6M Tbill & 3M TDR N/A N/A N/A 2.72 3.22 N/A
NAFA SPF 6M deposit rate N/A N/A N/A 2.45 2.55 N/A
AHI MSF 6M Tbill -3.49 -4.02 -2.61 1.76 1.18 1.66
FIRST HABIB IF 1 M KIBOR -3.56 -7.10 -4.45 1.74 -1.78 0.05
NAFA IF 3 M T-Bill -3.75 -11.80 -10.15 1.33 -6.77 -5.99
NAMCO IF 1 M KIBOR -3.98 -18.67 -11.52 1.32 -13.35 -7.03
AHI PIEF Industry Average 0.00 4.42 4.32 0.00 4.42 4.32
6 month rolling avg of 6M
UBL GIF -12.19 -9.54 -6.62 -7.19 -4.26 -2.12
Kibor
NAFA CF 1 M KIBOR -19.96 -9.15 -8.79 -14.66 -3.83 -4.29
ATLAS IF 3 M KIBOR -25.26 -10.52 -5.79 -19.97 -5.26 -1.37
ALGHP IMF 3 M KIBOR -32.22 -11.78 -11.47 -26.92 -6.51 -7.06
KASB LF N/A N/A N/A N/A -38.43 -21.78 -23.94
ASKARI IF 3 M KIBOR -45.12 -36.14 -24.31 -39.83 -30.88 -19.89
contained.

AHI AHI AKD ALGH ASKA ATLAS BMA CROSBY FIRST JS
Instrument HBL IF IGI IF JS IF
PIF PIEF IF P IMF RI IF IF CSF PF HABIB IF AIF
Cash &
1% 2% 7% 16% 1% 23% 21% 10% 1% 1% 9% 2% 11%
Equivalents
Money Market
0% 0% 0% 0% 0% 2% 0% 0% 0% 0% 0% 0% 0%
Instruments
T- Bills 59% 65% 0% 0% 0% 18% 0% 72% 78% 31% 47% 54% 26%
Placements 0% 0% 27% 0% 0% 0% 0% 0% 0% 0% 13% 0% 0%
Reverse Repo 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Govt Sec 0% 0% 5% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
TFAs 0% 0% 0% 0% 14% 0% 0% 0% 0% 0% 0% 0% 0%
TDRs 0% 0% 0% 0% 0% 0% 0% 0% 6% 0% 11% 0% 0%
Properties 0% 0% 0% 0% 8% 0% 0% 0% 0% 0% 0% 0% 0%
Lease Assets 0% 0% 0% 0% 6% 0% 0% 0% 0% 0% 0% 0% 0%
TFCs / Sukuks 37% 31% 56% 82% 69% 57% 77% 18% 13% 64% 11% 33% 59%
PIBs 1% 2% 0% 0% 0% 0% 0% 0% 0% 1% 0% 10% 0%
Preference
0% 0% 2% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Shares
COIs 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 9% 0% 0%
Equities 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Others 2% 1% 3% 1% 2% 0% 2% 0% 2% 3% 0% 1% 5%
NAFA NAMC IGI UBL KASB MCB NAFA ABL FAYSA NAFA Lakson AHI NIT
Instrument NIT IF
IF O IF AIF GIF LF DCF CF IF L SGF SPF IF MSF GBF
Cash &
10% 62% 10% 26% 2% 0% 22% 2% 60% 4% 2% 2% 0% 1%
Equivalents
Money Market
0% 0% 0% 0% 0% 0% 0% 10% 0% 15% 0% 0% 0% 0%
Instruments
T- Bills 0% 0% 0% 2% 0% 57% 0% 61% 6% 48% 85% 0% 60% 0%
Placements 0% 0% 0% 4% 8% 0% 0% 0% 29% 0% 0% 0% 0% 0%
Reverse Repo 0% 0% 0% 0% 0% 0% 0% 13% 2% 0% 0% 0% 0% 0%
Govt Sec 0% 0% 0% 0% 0% 2% 0% 0% 0% 0% 0% 79% 0% 96%
TFAs 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
TDRs 0% 24% 0% 0% 0% 0% 0% 12% 0% 33% 0% 0% 0% 0%
Properties 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Lease Assets 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
TFCs /
90% 12% 73% 65% 90% 34% 78% 0% 1% 0% 9% 17% 0% 0%
Sukuks
PIBs 0% 0% 0% 1% 0% 5% 0% 0% 0% 0% 0% 0% 32% 0%
Preference
0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Shares
COIs 0% 0% 16% 0% 0% 0% 0% 1% 0% 0% 4% 0% 0% 0%
Equities 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Others 0% 3% 0% 2% 0% 2% 0% 1% 2% 0% 0% 2% 7% 3%
contained.

Face Value
Income Funds 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
(PKR per unit)
AHI PIF 50 12.0% 9.0% 9.6% 10.0% 10.5% 9.5% 7.3%
AHI PIEF 50 - - - - - - 13.5%
AKD IF 50 - - - - 3.2% 9.0% 1.5%
ALGHP IMF 50 - - - - - 7.1% -
AMZ+ IF 100 - - - 4.1% 11.7% 10.2% 1.8%
ASKARI IF 100 - - - 4.5% 11.1% 9.0% 2.4%
ATLAS IF 500 - 3.8% 9.8% 11.5% 10.0% 9.5% 2.8%
ABL IF 10 - - - - - - 10.6%
FAYSAL SGF 100 - - - 1.3% 10.0% 10.0%
BMA CSF 10 - - - - - 7.7% -
DCM MMF 100 1.1% 7.0% 9.7% 11.5% 10.9% 10.3% -
FIRST HABIB IF 100 - - - - 1.5% 9.3% 2.5%
HBL IF 100 - - - - 2.7% 9.2% 5.5%
IGI IF 100 - - - - 2.0% 9.7% -
JS AIF 100 - - - - - 5.0% 2.8%
JS IF 100 9.5% 6.2% 10.3% 12.1% 10.7% 9.7% 3.1%
NAFA IF 10 - - - - - 2.10% 4.4%
NAIM RIF 50 - - - - 7.0% 9.5% -
NAMCO IF 100 - - - - - - 12.1%
POBOP APF 50 - - - - - 6.2% 0.4%
UBL GIF 100 - - 0.9% 9.3% 11.4% 9.2% 5.3%
KASB LF 100 - - - 1.4% 10.7% 10.0% 3.0%
MCB DCF 100 - - - - 3.4% 9.8% 3.0%
NAFA CF 10 - - - 1.9% 10.5% 9.7% 6.9%
UBL MMF 100 9.0% 4.8% 4.1% 10.0% 10.1% 9.1% 4.5%
AHI MSF 50 - 3.4% - - 3.6% 13.7%
NIT GBF
contained.
Table 4: Islamic Income Funds

Mgmt. Inception Fund Size AMC
Return Risk Fund Ranking
Fee Date (PKR mn) Rating
NAFA IIF 68.00 77.64 -1.75 1.626 1.50% 29-Oct-07 196 AM2- BBB-
UBL IIF 50.52 11.29 5.55 0.225 1.25% 20-Oct-07 661 AM2 Not ranked as yet
KASB IIF 34.15 6.16 0.63 0.403 1.25% 9-Jun-08 216 AM3+ Not ranked as yet
Meezan IIF 19.68 11.38 7.98 0.141 1.50% 15-Jan-07 3,236 AM2 A+(f) by JCR-VIS
Askari IIF 17.20 9.73 N/A 0.018 1.50% 18-Oct-09 240 N/A Not ranked as yet
FAYSAL ISGF 10.33 N/A N/A N/A 1.50% 14-Jun-10 233 AM2- Not ranked as yet
IGI IIF 9.43 9.24 N/A 0.241 1.50% 3-Dec-09 449 AM3 Not ranked as yet
Meezan SF 9.17 N/A N/A N/A 1.00% 10-Feb-10 711 AM2 AA+(f)
ATLAS IIF 9.15 8.63 9.18 0.278 1.25% 14-Oct-08 357 AM3+ AA-(f)
PO AIIF 7.86 15.74 3.47 2.031 2.00% 30-Oct-08 231 AM3 A+(f)
NAFA RFSF 7.24 N/A N/A N/A 1.50% 21-Aug-10 107 AM2- A+(f)
Industry 21.23 13.26 6.81 0.30 6,637
Relative Return vs Benchmark Relative Return vs. Industry
NAFA IIF Avg 1 M Dep Rate of Isl Banks N/A N/A N/A 46.76 64.38 -8.57
UBL IIF Avg of 6 M Placement rate of 3 Isl Banks N/A N/A N/A 29.29 -1.97 -1.26
KASB IIF Avg. 3M TDR of 3 Isl Banks N/A N/A N/A 12.92 -7.09 -6.19
Meezan IIF Not Specified N/A N/A N/A -1.55 -1.87 1.17
Askari IIF Avg. 3M TDR of 3 Isl Banks N/A N/A N/A -4.03 -3.52 N/A
FAYSAL ISGF Avg 6M TDR of Isl Banks N/A N/A N/A -10.90 N/A N/A
IGI IIF Avg 6M TDR of Isl Banks N/A N/A N/A -11.81 -4.02 N/A
Meezan SF Avg 6M TDR of Isl Banks N/A N/A N/A -12.06 N/A N/A
ATLAS IIF Avg 3M profit rate of 3 islamic banks N/A N/A N/A -12.09 -4.62 2.36
POBOP IIF Avg 1 M Dep Rate of 4 Isl Banks N/A N/A N/A -13.37 2.48 -3.35
NAFA RFSF Avg. 3M Dep Rate of 3 Isl Banks N/A N/A N/A -13.99 N/A N/A
contained.
Portfolio Breakup –Aug10

ATLAS KASB Meezan NAFA POBOP ASKARI Meezan FAYSA NAFA
Instrument UBL IIF IGI IIF
IIF IIF IIF IIF IIF IIF SF L ISGF RFSF
Cash &
100% 29% 33% 12% 68% 18% 40% 37% 57% 97% 99%
Equivalents
Govt Securities 0% 5% 33% 3% 0% 12% 0% 0% 3% 0% 0%
Money Market 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Placements 0% 0% 0% 0% 32% 0% 42% 0% 0% 0% 0%
TDRs 0% 0% 0% 0% 0% 0% 0% 40% 0% 0% 0%
Sukuks 0% 61% 34% 86% 0% 67% 17% 23% 40% 0% 0%
Others 0% 5% 0% 0% 0% 3% 0% 0% 0% 3% 1%

Face Value
Islamic Income Funds 2006-07 2007-08 2008-09 2009-2010
(PKR per unit)
ATLAS IIF 500 N/A N/A 6.0%
KASB IIF 100 N/A 0.55% 5.0%
MEEZAN IIF 50 4.40% 9.20% 6.0%
NAFA IIF 10 N/A 4.60% 2.6%
PO AIIF 50 N/A N/A 8.1%
UBL IIF 100 N/A 5.85% 3.3%
IGI IIF 100 N/A N/A N/A
contained.
Inception AMC
Return (%)* Beta Fees Fund Size Fund Ranking
Date Rating
Fund 1M 6M 12 M Aug-10
AKD OF 3.34 (8.64) (1.33) 0.73 3.00% 1-Mar-06 467 AM3 MFR 5-Star
ATLAS5:
Table SFEquity Funds
0.95 (4.88) 2.61 0.80 3.00% 23-Nov-04 612 AM3+ 3-Star by PACRA
UBL SAF 0.36 (5.01) (0.03) 0.54 3.00% 4-Aug-06 985 AM2 MFR 4-Star
ABL SF 0.24 (3.05) 6.33 0.89 3.00% 28-Jun-09 363 AM3 Not ranked as yet
NIT 0.04 (9.33) (4.79) 0.85 1.00% 12-Nov-62 29,763 AM2 3-Star by PACRA
HBL SF 0.04 (5.02) 1.23 0.81 3.00% 23-Aug-07 1,617 AM3+ Not ranked as yet
MCB DSF (0.05) (5.02) 0.92 0.95 3.00% 1-Mar-07 680 AM2- 2-Star by PACRA
Lakson EF (0.34) (5.17) N/A 0.83 3.00% 13-Nov-09 131 AM3 N/A
IGI SF (0.35) (4.79) 2.25 0.90 2.00% 15-Jul-08 384 AM3 Not ranked as yet
MFR 5-Star by JCR-
CROSBY DF (0.41) (1.71) (1.90) 0.79 2.00% 15-Dec-03 213 AM4+
VIS
AHI PSMF (0.49) (2.70) 0.42 0.73 2.50% 11-Mar-02 1,780 AM2 4-Star by PACRA
NAFA SF (0.51) (4.95) (2.08) 0.87 3.00% 22-Jan-07 919 AM2- 2-Star by PACRA
KASB SF (0.75) (8.85) (10.53) 1.00 3.00% 22-Mar-07 212 AM3+ Not ranked as yet
AGHP AF (0.89) (2.34) 0.49 0.69 1.75% 9-Sep-08 190 AM3 Not ranked as yet
FIRST HABIB
(1.10) (7.81) N/A 0.89 3.00% 10-Oct-09 130 AM3- N/A
SF
Industry 0.04 (8.17) (3.22) 0.84 38,446

Fund Benchmark 1M 6M 12 M 1M 6M 12 M
AKD OF KSE 100 2.78 (20.98) (20.25) 3.30 (11.73) (10.30)
ATLAS SF KSE 100 0.39 (11.51) (10.15) 0.91 (2.26) (0.19)
UBL SAF KSE 100 (0.20) (38.52) (40.87) 0.32 (29.27) (30.91)
ABL SF KSE 100 (0.32) (7.85) (4.55) 0.20 N/A N/A
NIT KSE 100 (0.52) (8.94) (9.96) (0.01) 0.31 (0.00)
HBL SF KSE 100 (0.52) (5.19) (4.54) (0.01) 4.05 5.41
MCB DSF KSE 30 1.41 (1.71) 2.90 (0.09) 1.65 2.56
Lakson EF KSE 100 (0.90) (4.20) N/A (0.39) N/A N/A
IGI SF KSE 100 (0.91) (10.01) (8.95) (0.40) (0.76) 1.01
CROSBY DF KSE 100 (0.97) (6.90) (12.60) (0.45) 2.34 (2.65)
AHI PSMF KSE100 (1.05) (4.29) (6.78) (0.54) 4.95 3.18
NAFA SF KSE 30 0.96 2.11 3.86 (0.55) 9.23 21.51
KASB SF KSE 30 0.72 (11.03) (13.67) (0.79) (7.67) (14.00)
AGHP AF KSE 100 (1.44) (1.37) (6.35) -0.93 7.88 3.61
FIRST HABIB SF KSE 100 (1.66) (6.84) N/A -1.15 2.41 N/A
contained.
Sector Allocation - Aug10

FIRST
Sector Allocation AHI PSMF HBL SF KASB SF MCB DSF NIT Lakson EF
HABIB SF
Banks 6% 14% 9% 12% 15% 12% 17%
Chemicals 14% 18% 4% 6% 12% 15% 15%
Electricity 5% 9% 0% 7% 0% 8% 10%
Fixed Line Telecommunication 0% 0% 0% 0% 0% 0% 0%
General Industrials 8% 0% 0% 0% 6% 6% 0%
Construction & Materies 0% 0% 0% 6% 0% 0% 4%
Non Life Insurance 0% 0% 6% 0% 0% 0% 0%
Oil and Gas 15% 28% 28% 28% 19% 25% 27%
Other 21% 7% 5% 11% 32% 14% 6%
Pharma & Bio Tech 0% 0% 0% 0% 0% 0% 0%
Automobile & Parts 0% 0% 0% 0% 0% 0% 0%
Personal Goods 0% 2% 14% 0% 7% 0% 0%
Gas water and Multiutilities 0% 0% 0% 0% 0% 0% 0%
Support Services 0% 0% 0% 0% 0% 0% 0%
Food Producers 0% 0% 0% 0% 0% 0% 0%
Sector Allocation ABL SF AKD OF NAFA SF UBL SAF AGHP AF IGI SF ATLAS SF
Banks 16% 12% 17% 14% 11% 16% 14%
Chemicals 13% 22% 8% 15% 9% 14% 18%
Electricity 10% 0% 9% 7% 8% 16% 5%
Fixed Line Telecommunication 0% 6% 0% 0% 0% 4% 0%
General Industrials 4% 0% 3% 7% 0% 0% 0%
Construction & Materies 4% 0% 7% 0% 8% 0% 0%
Non Life Insurance 0% 0% 0% 0% 0% 0% 0%
Oil and Gas 31% 11% 30% 21% 20% 27% 31%
Other 0% 0% 5% 7% 0% 0% 10%
Pharma & Bio Tech 0% 0% 0% 0% 0% 0% 0%
Automobile & Parts 0% 0% 0% 0% 0% 0% 0%
Personal Goods 2% 0% 2% 0% 0% 0% 6%
Gas water and Multiutilities 0% 10% 0% 0% 0% 0% 0%
Support Services 0% 0% 0% 0% 0% 0% 0%
Food Producers 0% 0% 0% 0% 0% 0% 0%
contained.

Face Value (PKR
Equity Funds 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
per unit)
AHI PSMF 50 40.0% 60.0% 70.0% 60.0% 50.0% 34.0%
AKD OF 50 - - - - 10.0% 10.0%
AMZ+ SF 100 - - - - 19.0% -
ATLAS SF 500 - - 12.5% 25.0% 20.0% 7.5%
CROSBY DF 100 - 2.0% 10.5% 15.0% 38.0% 30.0%
HBL SF 100 - - - - - 5.9%
IGI SF 100 - - - - - -
KASB SF 50 - - - - 9.7% -
MCB DSF 100 - - - - 25.0% -
NAFA SF 10 - - - - 22.6% 6.04%
NIT 10 17.5% 25.5% 33.0% 58.0% 62.0% 65.0%
UBL SAF 100 - - - - 22.3% 3.0%
contained.
Fund Ranking/Rating AMC Rating

Fund Ranking/Rating Fund Ranking/Rating AMC Rating
PACRA JCR-VIS PACRA JCR-VIS PACRA JCR-VIS
ABL IF A+(f) HBL IF A(f) ABL AMC AM3
AKD OF BBB(f) IGI IF 4-Star AHI AM2
ALGHP VF 4-Star IGI SF 5-Star AKD AM3
ALGHP IMF 4-Star JS IF AA-(f) ALGHP AM3
AMZ+ IF 3-Star BBB+(f) JS AAA 4-Star AMZ AM-DS
AMZ+ SF 2-Star UTP 5-Star ASKARI AM3
AHI MSF AA(f) JS ISF 4-Star ATLAS AM3+
AHI PCF AAA(f) JS FoF 4-Star BMA AM2-
AHI PIF AA-(f) KASB LF 5-Star CROSBY AM4+
AHI PSMF 4-Star MCB CMOP AA(f) DCM AM4+
AHI PIEF A+(f) MCB DCF 3-Star FAYSAL AM2-
AHI PCM 2-Star MCB DSF 2-Star HABIB AM3-
MFR 3-
ASKARI IF 3-Star Meezan ISF 5-Star HBL AM3+
Star
ASKARI CF AA+(f) Meezan IIF A+(f) IGI AM3
Rating
ATLAS IF A+(f) NAFA CF A+(f) JS
Withdrawn
ATLAS IIF AA-(f) NAFA IF A(f) Rating
KASB AM3+
Withdrawn
ATLAS SF 3-Star NAFA MF 3-Star
Lakson AM3
NAFA SF 2 star
MCB AM2-
ATLAS MMF AA(f) NAFA IIF BBB-(f)
MFR 5- Al Meezan AM2
CROSBY DF NAFA GSLF AAA(f)
Star
NAFA AM2-
CROSBY PF A(f) NSPF AA-(f)
MFR 3- NAIM UR AM3-
DCM MMF 3-Star NIT 3-Star
Star NAMCO AM3-
DCM ISF 4-Star POBOP APF A-(f) A(f)
NIT AM2
FAYSAL SGF A(f) PO AIIF A+(f)
Pak Oman AM3
FAYSAL IGF A+(f) UBL GIF A(f)
UBL Funds AM2
MFR 4- MFR 4-
FAYSAL BGF UBL SAF
Star Star Source: Fund Manager Reports
FIRST HABIB
3-Star UBL LPF AA+(f)
IF Note: JCR-VIS has revised the Management Quality
KASB CF AA+(f) BMA CSF A-(f) Rating of a few AMCs to ‘AM-DS’ (AM - Developing
Situation), defined as ‘unusual circumstances do not
Meezan CF AA(f) BMA ECF AA+(f) allow assessment of fund management practices at
present’.
contained.
Glossary and Definitions

Term Definition
A mutual fund's price per share or exchange-traded fund's (ETF)

per-share value. In both cases, the per-share amount of the fund is
derived by dividing the total value of all the securities in its
Net Asset Value (NAV)
portfolio, less any liabilities, by the number of fund shares
outstanding. NAV per share is computed once a day based on the
closing market prices of the securities in the fund's portfolio.
A measure of the volatility, or systematic risk, of a security or a

portfolio in comparison to the market as a whole. A beta of 1
indicates that the security’s price will move with the market. Less
Beta
than 1 and greater than 1 indicate more and less volatility,
respectively. For example a beta of 1.2 indicates 20% more
volatility than the market.
A technique used to estimate the probability of portfolio losses

Value at Risk (VAR) based on the statistical analysis of historical price trends and
volatilities
Charge levied by an investment manager for managing an

Management Fee investment fund. Management fee structures vary from fund to
fund, but are typically based on a percentage of assets under
management
A sales charge or commission charged to an investor when buying
or redeeming shares in a mutual fund. The fee may be a one-time
Sales Load charge at the time the investor buys into the mutual fund (front-end
load), when the investor redeems the mutual fund shares (back-
end load), or on an annual basis as a 12b-1 fee
Awarded by Credit Rating Agencies like JCR VIS and PACRA

considering AMC performance and management quality. AM1
AMC Rating denotes highest management quality and AM5 Weak Management
Quality
Awarded by Credit Rating Agencies like JCR VIS and PACRA

Fund Ranking considering funds’ performance over various periods. 5-Star
denotes Very Good while 1-Star denotes Weak
Growth of NAV over time calculated as (current fund size/ previous

AUM Run Rate
fund size) -1
contained.
Glossary and Definitions

Term Definition
Covariance (Benchmark’s Daily Return, Fund’s Daly

Beta
Return) / Variance (Benchmark Daily Return)
Value at Risk (VAR) Standard Deviation (Fund’s Daily return) * 1.65
Annualized Return Morningstar Return Calculation Methodology

{[(Ending NAV+ Payouts during the period)/ Beginning
Absolute Return
NAV] – 1} *100
Relative Return vs. Benchmark Fund’s Return – Benchmark’s Return
Relative Return vs. Industry Average Fund’s Return – Industry Weighted Average
contained.
Abbreviations
Income Funds
Name Ticker
ABL Income Fund ABL IF
Arif Habib Pakistan Income Enhancement Fund AHIM PIEF
Arif Habib Pakistan Income Fund AHIM PIF
AKD Income Fund AKD IF
Alfalah GHP Income Multiplier Fund ALGHP IMF
Askari Income Fund ASKARI IF
Atlas Income Fund ATLAS IF
BMA Chundrigar Road Saving Fund BMA CSF
Crosby Phoenix Fund CROSBY PF
Dawood Money Market Fund DCM MMF
Faysal Savings Growth Fund FAYSAL SGF
First Habib Income Fund FIRST HABIB IF
HBL Income Fund HBL IF
IGI Income Fund IGI IF
JS Aggressive Income Fund JS AIF
JS Income Fund JS IF
KASB Liquid Fund KASB LF
Lakson Income Fund LAKSON IF
MCB Dynamic Cash Fund MCB DCF
NAFA Cash Fund NAFA CF
NAFA Income Fund NAFA IF
NAFA Savings Plus Fund NAFA SPF
NAMCO Income Fund NAMCO IF
NIT Income Fund NIT IF
Pak Oman Advantage Plus Fund POBOP APF
United Growth and Income Fund UBL GIF
contained.
Cash Funds
Name Ticker
BMA Empress Cash Fund BMA ECF
KASB Cash Fund KASB CF
MCB Cash Optimizer Fund MCB CMOP
Meezan Cash Fund MEEZAN CF
NAFA Savings Plus Fund NAFA SPF
UBL Liquidity Plus Fund UBL LPF
Lakson Money Market Fund Lakson MMF
Alfalah GHF Cash Fund ALGHP CF
Islamic Income Funds
Name Ticker
Atlas Islamic Income Fund ATLAS IIF
Askari Islamic Income Fund Askari IIF
KASB Islamic Income Fund KASB IIF
Meezan Islamic Income Fund Meezan IIF
NAFA Islamic Income Fund NAFA IIF
Pak Oman Advantage Islamic Income Fund PO AIIF
United Islamic Income Fund UBL IIF
IGI Islamic Income Fund IGI IIF
Meezan Sovereign Fund Meezan SF
Government Securities Funds
Name Ticker
Arif Habib Metro Sovereign Fund AHI MSF
Arif Habib Pakistan Cash Management Fund AHI PCF
NAFA Government Securities Liquid Fund NAFA GSLF
NIT Government Bond Fund NIT GBF
United Liquidity Plus Fund UBL LPF
contained.
Equity Funds
Name Ticker
ABL Stock Fund ABL SF
Alfalah GHP Alpha Fund AGHP AF
Arif Habib Pakistan Stock Market Fund AHI PSMF
AKD Opportunity Fund AKD OF
Atlas Income Fund ATLAS SF
Crosby Dragon Fund CROSBY DF
First Habib Stock Fund First Habib SF
HBL Stock Fund HBL SF
IGI Stock Fund IGI SF
KASB Stock Fund KASB SF
MCB Dynamic Stock Fund MCB DSF
NAFA Stock Fund NAFA SF
National Investment (Unit) Trust NIT
United Stock Advantage Fund UBL SAF
Lakson Equity Fund Lakson EF
contained.
DISCLAIMER
All investments in Mutual Funds are subject to market risk. The NAV based
prices of units, dividends, and returns are dependent on forces and factors
affecting in the capital markets and as such these may go up or down on market
conditions. BMA Financial Services Limited, its sponsors, partners, directors,
affiliates or any group company neither take any responsibility nor guarantee
results and performance for the third party investment products being offered
through BMA Financial Services Limited. Past performance is not necessarily
indicative of future results. Investors are advised to read the relevant sections of
the respective Trust Deeds and Offering Documents.
All information contained in this publication has been researched and compiled
from sources believed to be accurate and reliable at the time of publishing. All
such information and opinions are subject to change without notice. All
information is provided without warranty and BMA Financial Services Limited
makes no representation of any kind as to the accuracy or completeness of any
information hereto contained.
This is not an offer to buy or sell the investments referred to in this document.
This document may not be reproduced, distributed or published for any
purposes.
BMA Financial Services Limited, its directors, officers, employees, group

companies, affiliates, or sponsors may also have a position or be otherwise
interested in the investments referred to in this document.
For further queries and/or suggestions, please contact research@bmafs.com
contained.

SixthSense - Aug10 - Sept10 - 01102010

Încărcat de

Informații document

Descriere originală:

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

SixthSense - Aug10 - Sept10 - 01102010

Încărcat de

Drepturi de autor:

Formate disponibile

6 SIXTH SENSE Research

Mutual Fund Monthly

A product of BMA Financial Services Ltd. Aug 10 - Sep 10

1 INDUSTRY UPDATE AUG10-SEP10……….…….…..…….2

4 GOVERNMENT SECURITY- CASH FUNDS………….……7

6 GOVERNMENT SECURITIES FUNDS…………………….11

6 ISLAMIC INCOME FUNDS ….……………………………...13

INDUSTRY UPDATE: ARE MONEY MARKET FUNDS

1 CANNIBALIZING INCOME FUND AUM?

AUM do not include Close End and Pension Funds

Aug10 AUM by Category Jul10 AUM by Category Number of Funds

Source: Sixth Sense Research

THIS MONTH: DISCOUNT RATE CONTINUES TO INCREASE; FROM

INDUSTRY AT A GLANCE: AVERAGE RETURNS

Source: Fund Manager Reports, Sixth Sense Research

Return Cut-Off Dates: For This Issue

Source: Sixth Sense Research

MONEY MARKET: AUM CONTINUES TO RISE BY 7%

3 Returns: Up this month

6 Month Return 10.79% Asset Allocation

9.00 9.50 10.00 10.50 11.00 11.50 12.00 12.50 13.00

12 Month Return 10.81% Outlook, Potential Windfalls and Red Flags

NAFA GSLF  Cash Funds with a low Management Expense

Med ASKARI SCF

R²: 6M Risk-Reward Profile

Source: Sixth Sense Research

ISLAMIC MONEY MARKET: MEEZAN FINALLY HAS

1 Month Return 10.12% Returns

6 Month Return 10.18% Asset Allocation

 TDR: Meezan CF has 24% invested in TDRs

0.00 2.00 4.00 6.00 8.00 10.00 12.00

12 Month Return 10.10% Outlook, Potential Windfalls and Red Flags

 Islamic Money Market Funds are restricted by

9.50 9.60 9.70 9.80 9.90 BMA Financial

R²: 6M Risk-Reward Profile

Source: Sixth Sense Research

FIXED INCOME: DISCOUNT RATE SHOCKS LIKELY TO

1 Month Return 7.44% Returns

-25.00 -15.00 -5.00 5.00 15.00

12 Month Return 8.01% Outlook, Potential Windfalls and Red Flags

-16.00 -11.00 -6.00 -1.00 4.00 9.00 14.00

Source: Sixth Sense Research

ABL IF Lakson IF FAYSAL SGF AKD IF AHI PIF

ISLAMIC INCOME: AUM FALL BY 2% TO PKR6.6bn

6 Returns: Funds with Sukuks yield above average returns

1 Month Return 21.23% Returns

NAFA RFSF 1M Returns

5.00 15.00 25.00 35.00 45.00 55.00 65.00 75.00

12 Month Return 6.81% Outlook, Potential Windfalls and Red Flags

UBL IIF  Funds with restructured Sukuks have the

0.00 0.70 1.40 2.10

Source: Sixth Sense Research

EQUITY: WEIGHTED AVERAGE RETURNS OF 0% IN

12 Month Return -3.22% Potential Windfalls and Red Flags

Source: Sixth Sense Research

Appendix DATA TABLES

Relative Return vs Benchmark Relative Return vs Industry

Fund Benchmark 1M 6M 12M 1M 6M 12M

ABL CF 3M deposit rate N/A N/A N/A -0.26 N/A N/A

Portfolio Breakup – Aug10

Cash & Equivalents 2% 11% 0% 1% 0% 7% 1%

Money Market Instruments 0% 0% 0% 2% 0% 0% 0%

NAFA GSLF Cash Funds with a low Management Expense

TDR: Meezan CF has 24% invested in TDRs

Islamic Money Market Funds are restricted by

UBL IIF Funds with restructured Sukuks have the