Funds Performance Report - IGI Lifeigilife.com.pk/wp-content/uploads/2018/05/IGI-Fund... · 2018....

IGI|Life

Funds Performance ReportApril 2018

IGI Life Insurance Limited

July 2015

Source: SBP, PBS, Bloomberg

Equity Market Review and Outlook:

FUND MANAGER REPORT

For the month of April 2018

Macro Review and Outlook:CPI InflationApr-18 CPI clocks in at +3.68%YoY:

Apr-18 headline inflation clocked in at +3.68%YoY, comapred to +4.77%YoY in the same period last year, bringing 10MFY18 CPI inflation to +3.77%YoY comapred to +4.10%YoY in 10MFY17. As has been the trend, HRI contributed most to the headline inflation, rising by +7.03%YoY, while eudcation index grew by +12.99%YoY. Combined, this inflated the non-food basket by +6.37%YoY. Simultaneouly, food index declined by 0.13%YoY primarily due to lower Alchoholic Beverages and Tobacco index, down 17.00%YoY . Concurrrently, core (NFNE) inflation grew by +7.0% compared to average of 5.4% in the last 9 months depicting rising aggregate demand in the economy.

External AccountCurrent account balance down by 9.2%MoM in Mar-18

Current account deficit clocked in at USD 1.2bn for the month of Mar-18, down by 9.2%MoM despite a +13.9%MoM rise in trade in goods. Cumulatively for the 9MFY18, current account deficit reached to USD 12.0bn, up by +50.6%YoY due to growth in imports, up by +16.6%YoY, meagre growth in remittances by +3.6%YoY but despite strong growth in foreign direct investment, up by +8.4%YoY and rising exports, up by +12.0%YoY.

During the Month, Country’s exports stood at USD 2.3bn, up by +11.7%MoM, whereas import bill also rose by +12.9%MoM to post USD 4.9bn. Resultantly, country’s trade deficit reached USD 2.6bn, rising by +13.9%MoM.

FX Reserves fall by 0.6%MoM in Apr-18 FX reserves by the end of Apr-18 stood at USD 17.7bn as compared to USD 18.3bn in Feb-18 (down by 0.1bn).

KSE 100 down by +0.16%MoM in Apr-18

KSE 100 index fell by 71 points during the month to close at 45,489 points, losing 0.16% over Mar-18. The market turned negative during the month due to 1) negative impact of pension case on banks 2) decline in cement prices and 3) uncertainity over budget. Average daily traded volumes rose to 208mn shares, up by +7.8%MoM. Leaders and Laggards:

The biggest laggard was the Cement sector, going down by 7% followed by the Textile composite sector, down by 7%. On the other hand, Oil & Gas Marketing Companies and Tobacco sector pulled the index up, rising +6%, and +18% respectively.

Key domestic/international news

• Proposed reduction in corporate tax rate for non-banking comapnies by 1% every year untill 2023 at which point the corporate tax rate will be at 25% as per the finance bill FY18.• Proposed continuation of super-tax with phasing out untill FY20 in the finance bill FY18.• Proposed removal of tax on issue of Bonus shares in finance bill FY18. • PKR depreciated further, crossing PKR 119/USD during the month.

KSE 100

Money Market Review and Outlook:

Yield CurveMoney Market Review

Due to regular liquidity injections at close to policy rate by by SBP (6x OMO injections) during the month, money market continued to trade close to the target rate. T‐bill auctions recorded a participation of PKR 4,501bn against target of PKR 1,150bn and maturity of PKR 1,129bn. SBP accepted total bids worth PKR 3,360bn, with PKR 3,295bn and PKR 65bn in 3-M and 6-M tenors respectively, while cut-off yields were on average at 6.25% and 6.35% respectively. The Government also conducted a PIB auction in Apr-18 with PKR 33bn worth of accepted bids against an offer of PKR 88bn in 3-10 years tenor while cut-off rate ranged between 7.2-8.5%.

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Apr‐18 Mar‐18 MoM %

NAV per Unit (PKR) 314.2 315.6 ‐0.46%

Net Assets Value (PKR '000) 596,242 594,541 0.29%

* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.

30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception

IGI Aggressive Fund ‐ IAF ‐0.46% 3.09% 2.10% 7.18% ‐6.93% 18.17% 12.10%

During the month the fund generated an

absolute return of ‐0.46% against its last

month absolute return of 3.57%.

Value of 100 Rupees invested 5 years ago

Fixed Income / Equity

IGI Aggressive Fund‐IAF


INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes largely driven by equity with a

proportion of fixed income & money market instruments.

FUND INFORMATION: RETURNS:

Note: Fund returns are gross of management fee.

High

Daily Forward Pricing

Monday to Friday

1.5%

25‐Apr‐08

ASSETS UNDER MANAGEMENT:

IGI Aggressive Fund ‐ IAF BID PRICE:

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:

Absolute Return Annualized Return

337.59 346.69324.46 320.61

299.57 301.83 293.13 294.48 296.47307.72 304.76

315.64 314.19

150.00

200.00

250.00

300.00

350.00

400.00

Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18 Feb‐18 Mar‐18 Apr‐18

12.7%

24.8%

2.7%

58.3%

1.5%

BankDeposits

TFC's /Sukuk

T‐Bills TDR PIB's Stock DFI &Others

7.9%

34.9%

2.4%

53.9%

0.9%

BankDeposits

TFC's /Sukuk


98

148

198

248

298

348

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 281.2 281.5 ‐0.09%




IGI Balanced Fund ‐ IBF ‐0.09% 1.84% 1.51% 4.67% ‐2.67% 10.98% 10.87%






IGI Balanced Fund‐IBF


INVESTMENT OBJECTIVE:The investment objective of the Fund is to earn competitive long term return by investing in mix of equity, fixed income and money market instrument.

This fund is suited for investors with moderate risk tolerance.



Moderate


Monday to Friday

1.5%

25‐Apr‐08


IGI Balanced Fund ‐ IBF BID PRICE:



ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:


10.8%

44.6%

5.9%

37.3%

1.4%

BankDeposits

TFC's /Sukuk


7.5%

53.8%

4.8%

32.9%

1.0%

BankDeposits

TFC's /Sukuk


98

118

138

158

178

198

218

238

258

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

288.96

294.16

283.09281.32

270.91 272.48268.68 269.87 271.43

277.06 276.16

281.48 281.23

255.00

260.00

265.00

270.00

275.00

280.00

285.00

290.00

295.00

300.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 204.3 203.6 0.36%




IGI Conservative Fund ‐ ICF 0.36% 1.31% 1.62% 3.36% 3.16% 7.36% 7.39%


absolute return of 0.36% against its last month

absolute return of 0.95%.


Fixed Income

IGI Conservative Fund ‐ ICF


INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a

liquid portfolio of low risk short term investments yielding competitive returns.



Low


Monday to Friday

1.5%

25‐Apr‐08


IGI Conservative Fund ‐ ICF BID PRICE:



ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:


18.1%

6.3%

54.7%

9.6% 7.9%3.4%

BankDeposits

TFC's /Sukuk


12.6%6.4%

62.4%

7.0%0.4%

8.0%3.1%

BankDeposits

TFC's /Sukuk


98

108

118

128

138

148

158

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

198.03

199.97

198.04 197.98

196.52197.43 197.64

198.51199.45

201.02201.64

203.56204.28

192.00

194.00

196.00

198.00

200.00

202.00

204.00

206.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 150.5 150.0 0.33%




IGI Islamic Fund ‐ IIF 0.33% 0.74% 1.07% 2.19% 4.42% 4.43% 4.16%





Islamic Fixed Income

IGI Islamic Fund ‐ IIF


INVESTMENT OBJECTIVE:To provide maximum possible preservation of capital and a reasonable rate of return via investing in Shariah Compliant money market and debt securities

having good credit quality rating and liquidity.



Low


Monday to Friday

1.5%

25‐Apr‐08


IGI Islamic Fund ‐ IIF BID PRICE:



ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:


57.4%

23.0%

11.0% 8.6%

BankDeposits

TFC's /Sukuk


54.9%

25.1%

12.1%8.0%

BankDeposits

TFC's /Sukuk


80

90

100

110

120

130

140

150

160

170

180

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

144.13144.60

145.32 145.68 146.12146.68

147.28147.81

148.34148.90

149.40150.01

150.50

140.00

142.00

144.00

146.00

148.00

150.00

152.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 419.3 421.3 ‐0.47%

Net Assets Value (PKR '000) 31,165 31,356 ‐0.61%



IGI FS Aggressive Fund ‐ IHA ‐0.47% 3.06% 2.07% 7.85% ‐7.73% 19.75% 19.14%






IGI FutureSecure Adventurous Fund‐ IHA


INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes encompassing equity, fixed

income & money market instruments.



High


Monday to Friday

1.5%

25‐Feb‐10


IGI FutureSecure Aggressive Fund ‐ IHA BID PRICE:



ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:


7.8%

26.8%

2.8%

61.0%

1.6%

BankDeposits

TFC's /Sukuk


4.8%

34.7%

2.2%

57.2%

1.0%

BankDeposits

TFC's /Sukuk


95

145

195

245

295

345

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

454.39466.60

435.23428.47

398.38 401.34388.79 390.53 393.72

410.77 406.83

421.26 419.29

350.00

370.00

390.00

410.00

430.00

450.00

470.00

490.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 251.6 251.8 ‐0.09%




IGI FS Balanced Fund ‐ IHB ‐0.09% 2.03% 1.69% 5.14% ‐2.45% 12.30% 11.91%






IGI FutureSecure Balanced Fund‐ IHB


INVESTMENT OBJECTIVE:

The investment objective of the Fund is to earn competitive return by investing in various asset classes/instruments based on the market outlook.



Moderate


Monday to Friday

1.5%

18‐Feb‐10


IGI FutureSecure Balanced Fund ‐ IHB BID PRICE:



ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:


7.9%

38.4%

11.1%

40.7%

2.0%

BankDeposits

TFC's /Sukuk


4.8%

49.6%

9.4%

34.5%

1.7%

BankDeposits

TFC's /Sukuk


95

115

135

155

175

195

215

235

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

257.93

262.74

252.60250.86

241.33 242.79239.31 240.37 241.82

247.42 246.60

251.83 251.60

225.00

230.00

235.00

240.00

245.00

250.00

255.00

260.00

265.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 160.3 159.5 0.48%




IGI FS Cautious Fund ‐ IHC 0.48% 1.41% 1.67% 3.45% 2.94% 7.56% 5.98%





Fixed Income

IGI FutureSecure Cautious Fund‐ IHC


INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a

liquid portfolio of low risk short term investments yielding competitive returns.



Low


Monday to Friday

1.5%

18‐Mar‐10


IGI FutureSecure Cautious Fund ‐ IHC BID PRICE:



ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:


1.8%6.9%

70.0%

10.8% 7.1% 3.5%

BankDeposits

TFC's /Sukuk


7.2%

79.8%

8.1%0.5%

7.4% 3.4%

BankDeposits

TFC's /Sukuk


95

105

115

125

135

145

155

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

155.69

157.24

155.61 155.71

154.01154.79 154.91

155.63156.38

157.63 158.04

159.50160.26

150.00

152.00

154.00

156.00

158.00

160.00

162.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 205.7 204.3 0.68%



IGI FS Secure Fund ‐ IHS 0.68% 1.67% 1.88% 2.59% 5.23% 5.79% 9.28%





Govt. Securiities

IGI FutureSecure Fund‐ HIS



The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.



Low


Monday to Friday

1.5%

18‐Mar‐10


IGI FutureSecure Secure Fund ‐ IHS BID PRICE:



ASSET ALLOCATION:

Apr‐18 Mar‐18

FUND PERFORMANCE:


9.4%20.3%

70.2%

BankDeposits

TFC's /Sukuk


9.5%20.3%

70.2%

BankDeposits

TFC's /Sukuk


95

105

115

125

135

145

155

165

175

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

195.44196.35

197.65 198.32 198.92199.64

200.49201.50 201.83 201.88 202.29

204.29205.67

190.00

192.00

194.00

196.00

198.00

200.00

202.00

204.00

206.00

208.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 185.5 184.8 0.39%




Sarmaya Pakistan Income ‐ SPI 0.39% 0.79% 1.10% 2.21% 4.94% 4.89% 8.27%





Fixed Income

IGI Sarmaya Pakistan Income Fund ‐ SPI


INVESTMENT OBJECTIVE:The objective of the Fund is to deliver competitive above inflation returns primarily from debt and fixed income investments without taking excessive risk.

The fund Is suited for investors with low risk tolerance.


Sarmaya Plus 1.5% / Sarmaya Premium 2.4%


Low


Monday to Friday

22‐Jul‐10


IGI Sarmaya Pakistan Income Fund ‐ SPI BID PRICE:



ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:


49.3%

37.1%

2.2% 0.5%

10.8%

BankDeposits

TFC's /Sukuk


45.8% 45.2%

1.8% 0.5%6.7%

BankDeposits

TFC's /Sukuk


95

105

115

125

135

145

155

165

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

176.77177.90

178.70179.41 180.05

180.87 181.50182.17 182.58

183.49 184.06184.78

185.51

172.00

174.00

176.00

178.00

180.00

182.00

184.00

186.00

188.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 379.7 385.9 ‐1.61%




Sarmaya Pakistan Stock ‐ SPS ‐1.61% 3.98% 3.41% 14.00% ‐5.63% 34.38% 20.22%





Equity

IGI Sarmaya Pakistan Stock Fund ‐ SPS


INVESTMENT OBJECTIVE:The objective of the fund is to provide investors long term capital appreciation through its investment in Pakistani equities. This fund is suited for investors

with medium to long term horizon and high risk tolerance.




High


Monday to Friday

03‐Feb‐11


IGI Sarmaya Pakistan Stock Fund ‐ SPS BID PRICE:



ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:


11.9%

85.8%

2.3%

BankDeposits

TFC's /Sukuk


7.9% 4.0%

86.1%

2.0%

BankDeposits

TFC's /Sukuk


100

150

200

250

300

350

400

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

402.34 407.74

381.42373.67

346.35 350.30333.05 336.59 341.12

367.17 365.13

385.90 379.67

250.00

270.00

290.00

310.00

330.00

350.00

370.00

390.00

410.00

430.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 144.4 143.2 0.85%




Sarmaya United Growth ‐ SUG 0.85% 1.36% 1.64% 2.64% 5.33% 6.48% 4.86%





Fixed Income

IGI Sarmaya United Growth & Income Fund ‐ SUG


INVESTMENT OBJECTIVE:Invest in medium to long‐term fixed income instruments as well as short‐tenor money market instruments to generate superior, long‐term, risk‐adjusted

returns while preserving capital over the long‐term.




Moderate


Monday to Friday

05‐Aug‐10


IGI Sarmaya United Growth Income Fund ‐ SUG BID PRICE:



ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:


61.6%

34.5%

3.8%

BankDeposits

TFC's /Sukuk


55.8%

31.7%

9.6%2.9%

BankDeposits

TFC's /Sukuk


75

95

115

135

155

175

195

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

137.11138.18

138.77139.48 139.67

140.34 140.70 141.10 141.40142.09 142.48

143.20144.42

132.00

134.00

136.00

138.00

140.00

142.00

144.00

146.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 435.5 437.7 ‐0.51%




Sarmaya United Stock ‐ SUS ‐0.51% 5.06% 3.24% 12.36% ‐5.73% 32.53% 20.93%





Equity

IGI Sarmaya United Stock Fund ‐ SUS


INVESTMENT OBJECTIVE:The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of listed equity securities offering long term capital

gains and dividend yield potential.




High


Monday to Friday

05‐Aug‐10


IGI Sarmaya United Stock Fund ‐ SUS BID PRICE:



ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:


19.3%

78.8%

1.9%

BankDeposits

TFC's /Sukuk


15.2%

83.8%

1.0%

BankDeposits

TFC's /Sukuk


95

145

195

245

295

345

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

461.92480.85

446.39 440.87

403.39 406.68387.55 389.12 393.39

421.79 414.49437.71 435.47

250.00

300.00

350.00

400.00

450.00

500.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 146.0 145.3 0.47%




Sarmaya United Money ‐ SUI 0.47% 1.00% 1.41% 2.66% 5.28% 5.78% 6.76%




Value of 100 Rupees invested since inception

Fixed Income

IGI Sarmaya United Money Market Fund ‐ SUI


INVESTMENT OBJECTIVE:The objective of Money Market Fund is to generate competitive returns within a low risk portfolio to provide a regular stream of income and easy liquidity

to its investors by investing more than 50% of the portfolio in short term government securities




Low


Monday to Friday

19‐Jul‐12


IGI Sarmaya United Money Market Fund ‐ SUI BID PRICE:



ASSET ALLOCATION *:

Apr‐18 Mar‐18

FUND PERFORMANCE:


91.5%

7.6%0.9%

BankDeposits

TFC's /Sukuk


1.0%

88.0%

11.0%

BankDeposits

TFC's /Sukuk


100

105

110

115

120

125

130

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

138.65 139.14139.77

140.41141.01

141.57142.18 142.72 143.25

143.94144.53

145.28145.97

134.00

136.00

138.00

140.00

142.00

144.00

146.00

148.00


Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 250.4 248.9 0.63%

Net Assets Value (PKR '000) 4,355,239 4,525,115 ‐3.75%


IGI Sarmaya Secure ‐ SSE 0.63% 1.15% 1.45% 2.77% 5.88% 5.35% 12.52%





Govt. Securiities

IGI Sarmaya Secure Fund ‐ SSE



The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.




Low


Monday to Friday

22‐Jul‐10


IGI Sarmaya Secure Fund ‐ SSE BID PRICE:



ASSET ALLOCATION:

Apr‐18 Mar‐18

FUND PERFORMANCE:


12.8%

87.4%

BankDeposits

TFC's /Sukuk


2.9%13.6%

83.5%

BankDeposits

TFC's /Sukuk


100

120

140

160

180

200

220

Apr‐12

Apr‐13

Apr‐14

Apr‐15

Apr‐16

Apr‐17

Apr‐18

236.52 237.69239.00

240.24 241.23242.44

243.66244.95 246.09 246.85 247.57

248.85250.42

225.00

230.00

235.00

240.00

245.00

250.00

255.00


Funds Performance Report - IGI Lifeigilife.com.pk/wp-content/uploads/2018/05/IGI-Fund... · 2018....

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