IC-Presentation-December 2011

8/3/2019 IC-Presentation-December 2011

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IC Presentation (December2011)

January 16, 2012


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Past month highlightsEconomy

Pakistans December CPI inflation fell to 9.75% as against 10.19% recorded in the previous month. (FBS)

Pakistans foreign exchange reserves jumped to US$16.77bn in the week ending December 23, compared

with US$16.66bn the previous week. (BR)

The FBR through cash reporting system has provisionally collected Rs840.7 billion during July-December

(2011-2012) against Rs661.7 billion collected during the corresponding period of last year, reflecting an

increase of 27.05%. (BR)

The World Bank on Thursday said it would provide Pakistan with $5.5 billion in development aid over the

next two years. (ET)

The govt. has revised downward GDP target for the current fiscal year to 3.6% from 4.2%. the govt. has

also decided to float PKR50bn Sukuk bonds in the domestic market against the Motorway (M-2).(BR)

Federal government has revised the profit rates on NSS effective from January 1, 2012 till further

notification. New profit rate on SSC (Registered) Accounts would be now 11.67%. . (BR)

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Past month highlightsCorporate

Production of 5,000 barrels of oil per day has started from Nashpa II, being operated and developed by

OGDC in district Karak of KP. (Industry Sources)

Due to mounting losses, the Singapore-based Temasek Holdings is selling off its stake in NIB Bank and is

reportedly in talks with the Industrial and Commercial Bank of China. (ET)

Following the Xenel sell-off deal in October, unconfirmed market reports claim that International Power isalso considering to offload its 17 percent stake in Hubco. (BR)

The Cabinet in its meeting decided to suspend supply of gas to power, industries and fertilizer sectors

during January 2012 with a view to ensuring maximum gas to domestic consumers.(BR)

OGRA has notified a hike of 14% in gas tariff on all the consumer categories and a 207% increase on oldfertilizer plants tariff.. (TN)

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MUTUALFUN

D IN

DUSTRY

AT

A

GLAN

CE

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Asset Allocation and Quality - ABL-IF

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Asset Allocation (% of Total Assets) Nov 11 Dec 11

Cash 24.51% 15.45%

Placement with Banks (TDRs) 0.53% 13.11%

Spread Transactions 0.00% 0.00%

Reverse Repo against all other Securities 0.32% 0.54%

T-Bills 66.62% 64.41%

PIBs 2.83% 1.47%

TFCs 1.64% 2.77%

Short Term Sukuks 2.79% 1.28%

Others including Receivables 0.76% 0.97%

Govt.

Securities

65.88%

AAA

0.04%

AA+

1.30%

AA

29.29%

AA-

2.52%


6/22

6

Asset Allocation and Quality - ABL-GSF

Govt.

Securities

82.31%

AA

17.18%

Asset Allocation Nov 11 Dec 11

Cash 10.71% 11.03%

Placements with Banks (TDRs) 0.00% 6.15%

Treasury Bills 89.30% 66.89%

GoP Ijara Sukuk 0.00% 15.42%



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Monthly Returns -Income Funds

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Income Funds November11 December11

HBL Income Fund 8.73% 24.43%

Pakistan Income Fund 6.23% 12.62%

Atlas Income Fund 10.89% 11.40%

NAFA-Savings Plus Fund 10.84% 10.45%

ABL Government Sec. Fund 8.69%

MCB Dynamic Cash Fund 10.18% 8.59%

Lakson Income Fund 9.81% 8.56%

First Habib Income Fund 8.89% 8.06%

ABL-Income Fund 9.79% 6.78%

NIT Government Bond Fund 9.67% 6.52%

JS Income Fund 10.81% 6.39%

NIT Income Fund 11.07% 6.07%United Savings Income Fund 9.22% 5.08%

Faysal Savings & Growth Fund 9.01% 2.83%

PICIC Income Fund 9.92% 2.79%

IGI Income Fund 8.75% 1.21%


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AUMs Income Funds

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Income November 11 December 11 Change %ABL Income Fund 8,011 7,699 -3.89%

MetroBank -Pakistan Soverign Fund 6,758 6,001 -11.20%

MCB Dynamic Cash Fund 5,492 5,801 5.63%

UBL Savings Income Fund 4,974 5,008 0.68%

UBL Government Securities Fund 4,239 4,931 16.32%

Faysal Savings Growth Fund 4,480 3,633 -18.91%

NIT Govt. Bond Fund 2,786 2,802 0.58%

NIT Income Fund 2,066 2,102 1.75%NAFA Income Opportunity Fund 2,144 2,082 -2.89%

Pakistan Income Fund 1,702 1,685 -1.00%

HBL Income Fund 1,609 1,623 0.87%

FirstHabib Income Fund 1,460 1,460 0.00%

IGI Income Fund 1,428 1,318 -1.99%

Lakson Income Fund 1,257 1,274 1.29%

ABL Government Sec. Fund 801 1,128 40.79%

PICIC Income Fund 1,425 1,079 -24.27%

NAFA Financial Sector Income Fund 997 1,050 5.32%

Atlas Income Fund 815 820 0.61%

JS Income Fund 771 674 -12.63%

NAFA Savings Plus Fund 688 604 -12.21%

Dawood Income Fund 487 450 -7.47%

AKD Income Fund 423 437 3.27%

NAFA Income Fund 440 406 -7.73%

Pak Oman Government Security Fund 284 342 20.44%

Crosby Phoenix Fund 206 207 0.52%

Namco Income Fund 84 82 -1.71%


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Asset Allocation and Quality - ABL-CF

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Cash 4.92% 20.23%

Placement with Banks (TDRs) 1.46% 36.40%

Placement with DFIs 4.72% 0.00%

T-Bills 88.15% 42.56%

Short Term Sukuk 0.66% 0.51%


Govt.

Securities

42.56%

AAA

17.96%

AA+

16.36%

AA

22.82%


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Monthly Returns-Money Market Funds

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Money Market Funds November11 December11

PICIC Cash Fund 10.05% 10.55%

Pakistan Cash Management 10.31% 10.15%

Askari Sovereign Cash Fund 10.61% 9.95%

MCB Cash Mngt Optimizer 10.20% 9.91%

IGI Money Market Fund 10.38% 9.89%BMA Empress Market Cash Fund 9.61% 9.88%

HBL Money Market Fund 10.12% 9.70%

KASB Cash Fund 10.43% 9.67%

ABL Cash Fund 9.94% 9.60%

JS Cash Fund 10.43% 9.59%

NAFA-Gov Sec Liquid Fund 9.83% 9.53%

Atlas Money Market Fund 10.22% 9.50%

UBL-Liquid Plus Fund 10.16% 9.39%

First Habib Cash Fund 9.96% 9.39%

Faysal Money Market Fund 9.56% 9.19%

Alfalah GHP Cash Fund 9.76% 9.15%

Lakson Money Market Fund 10.04% 8.64%


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AUMs Money Market Funds

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MoneyMarket November 11 December 11 Change %

UBL Liquidity Plus Fund 20,655 19,368 -6.23%

ABL Cash Fund 34,125 18,617 -45.44%

NAFA Govt Securities Liquid Fund 14,187 15,632 10.19%

MCB Cash Management Optimizer Fund 10,731 11,216 4.52%

HBL Money Market Fund 7,617 7,745 1.68%

Askari Sovereign Cash Fund 7,315 7,371 0.77%

Lakson Money Market Fund 5,757 5,783 0.45%

Atlas Money Market Fund 4,242 4,139 -2.43%

IGI Money Market Fund 3,829 3,700 -3.37%

PICIC CASH FUND 1,953 1,940 -0.65%

Pakistan Cash Management Fund 1,876 1,896 1.07%

Faysal Mony Market Fund 1,493 1,889 26.54%

JS Cash Fund 1,616 1,632 0.98%

First Habib Cash Fund 1,300 1,390 6.92%

Alfalah GHP Cash Fund 1,434 1,201 -16.25%

BMA Empress Cash Fund 715 749 4.70%

KASB Cash Fund 772 644 -16.58%


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Asset Allocation and Quality - ABL-IIF

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Cash80.15% 64.67%

Placements with Banks0.00% 0.00%

GoP Ijara Sukuk0.00% 26.23%

Short Term HUBCO Sukuk8.46% 7.07%

Short Term KAPCO Sukuk8.46% 0.00%

Others including Receivables2.93% 2.03%

Governm

ent

Securities

26.23%

AA+

9.75%AA

61.99%


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Monthly Returns- Islamic Income & Money Market

Funds

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Islamic Income & Money Market November11 December11

Meezan Islamic Income Fund -37.24% 24.71%

ABL Islamic Income Fund 10.88% 12.38%

NAFA Riba Free Savings Fund 11.01% 12.04%

Meezan Sovereign Fund 10.81% 11.99%

UBL Islamic Savings Fund 10.49% 11.88%

Askari Islamic Income Fund 11.77% 10.62%

Meezan Cash Fund 10.61% 10.42%

HBL Islamic Money Market Fund 9.77% 9.41%

MCB Islamic Income Fund 9.64% 9.20%

Pak Oman Advantage Islamic Income Fund 10.88% 9.19%

Atlas Islamic Income Fund 3.39% 8.79%

IGI Islamic Income Fund 18.45% 7.65%

Faysal Islamic Savings Growth Fund 10.20% 5.88%


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AUM

s Islamic Income &M

oneyM

arket Funds

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Islamic Income Funds

Islamic Income & MoneyMarket November 11 December 11 Change %

Meezan Sovereign Fund 16,659 18,798 12.84%

Meezan Cash Fund 6,532 6,601 1.06%

UBL Islamic Saving Fund 2,633 3,719 41.25%

Meezan Islamic Income Fund 2,343 1,718 -26.68%

Faysal Islamic Savings Growth Fund 581 873 50.29%

ABL Islamic Income Fund 585 701 19.81%

MCB Islamic Income Fund 492 645 31.10%

NAFA Riba Free Savings Fund 561 635 13.19%

Askari Islamic Income Fund 557 605 8.62%

Atlas Islamic Income Fund 433 445 2.77%

HBL Islamic Money Market Fund 442 426 -3.71%

IGI Islamic Income Fund 450 400 -11.11%

Pak Oman Advantage Islamic Income 326 313 -3.88%


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Strategies Fixed Income Funds

We have reduced our fund duration in order to fend from any interest rate volatility.

We expect No Change in the upcoming MPS. However there is word of a cut by

50bps.

We placed TDRs at high rates predominantly in ABL-CF which would offer support

for the month of December. However once these mature we would see yields

adjust.

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Equity Funds

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ABLSTOCK FUND ASSETSUNDERMANAGEMENT

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Equity November 11 December 11 Change %

HBL Stock Fund 1,955 1,846 -5.58%

United Stock Advantage Fund 1,397 1,177 -15.75%

Pakistan Stock Market Fund 952 941 -1.16%

NAFA Stock Fund 1051 837 -20.36%

MCB Dynamic Stock Fund 694 691 -0.43%

Atlas Stock Market Fund 629 577 -8.27%

AKD Opportunity Fund 376 348 -7.49%

ABL Stock Fund 412 294 -28.69%

IGI Stock Fund 308 282 -8.44%

Crosby Dragon Fund 145 138 -4.91%

Lakson Equity Fund 141 133 -6.12%

KASB Stock Market Fund 117 111 -5.13%

Alfalah GHP Alpha Fund 113 106 -6.15%

First Habib Stock Fund 106 102 -3.10%

PICIC Stock Fund 102 97 -5.21%


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ABLSTOCK FUND PERFORMANCE COMPARISON

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Stock Funds Nov11 Dec11

AKD OF -1.33% -2.28%

NIT -5.94% -2.59%

PSMF -4.95% -3.61%

IGI SF -2.92% -3.62%FHSF -4.30% -4.22%

NAFA SF -3.91% -4.56%

KASB SF -3.19% -4.82%

MCB DSF -3.57% -4.90%

ABL SF -3.46% -5.13%

HBL SF -3.15% -5.60%

USAF -3.90% -5.72%KSE 30 -3.94% -5.75%

AGHP-AF -3.06% -5.98%

Lakson EF -2.97% -6.13%

ASMF -4.09% -6.78%

0.00%

10.00%20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

27-Jun-09

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27-Jan-11

27-Feb-11

27-Mar-11

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27-Jun-11

27-Jul-11

27-Aug-11

27-Sep-11

27-Oct-11

27-Nov-11

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KSE 30 ABL SF


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SECTORWISE ALLOCATION (November & December2011)

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November11 ABL-SF PSMF ASMF HBL-SF MCB-DSF NAFA-SF USAFBanks 8.74% 15.70% 22.70% 16.59% 18.80% 19.11% 13.00%

Chemicals 20.59% 12.70% 18.60% 16.12% 11.50% 19.64% 17.00%

Oil&Gas 29.79% 26.80% 30.40% 31.82% 30.20% 31.49% 36.00%

Electricity 11.21% 16.30% 9.50% 11.33% 16.50% 5.88% 12.00%

Construction And Materials 7.31% 3.80% 0.00% 0.00% 4.00% 7.25% 8.00%

Fixed Line Telecommunication 0.49% 0.00% 0.00% 0.00% 0.00% 1.31% 0.00%

General Industrials 0.00% 0.00% 0.00% 0.00% 0.00% 2.59% 0.00%

Personal Goods 1.72% 0.00% 6.20% 3.16% 0.00% 0.00% 0.00%

Food Producer 2.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Others 0.00% 14.10% 10.20% 7.34% 5.50% 1.11% 2.00%

TFCs 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Automobile&Parts 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Others Asssets 0.00% 0.00% 1.00% 0.00% 0.00% 0.00% 0.00%

International Investments 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.00%

Bank Balance and T-Bills Cash 18.07% 10.60% 1.40% 13.64% 13.50% 11.61% 6.00%

December11 ABL-SF PSMF ASMF HBL-SF MCB-DSF NAFA-SF USAF

Banks 5.98% 13.10% 22.10% 16.34% 17.40% 19.50% 13.00%

Chemicals 19.19% 16.50% 21.00% 14.55% 13.90% 19.68% 21.00%

Oil&Gas 23.54% 29.60% 27.60% 33.02% 31.30% 29.40% 35.00%

Electricity 5.77% 16.20% 7.70% 11.69% 15.80% 9.24% 12.00%

Construction And Materials 5.27% 0.00% 0.00% 0.00% 0.00% 6.40% 6.00%

Fixed Line Telecommunication 0.00% 3.70% 0.00% 0.00% 4.00% 1.65% 0.00%

General Industrials 0.00% 0.00% 0.00% 0.00% 0.00% 3.20% 0.00%

Personal Goods 0.79% 0.00% 6.80% 3.26% 0.00% 0.00% 0.00%

Food Producer 1.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Others 0.00% 12.30% 10.50% 8.43% 4.80% 1.16% 4.00%TFCs 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Automobile&Parts 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Others Asssets 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

International Investments 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.00%

Bank Balance and T-Bills Cash 38.28% 8.60% 4.30% 12.70% 12.80% 9.77% 6.00%


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SCRIP WISE ALLOCATION(November & December2011)

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November 11

ABL SF USAF ASMF HBL NAFA SF MCB DSF PSM

FFC-9.91% OGDC-10.00% FFC-9.60% POL-9.59% OGDC-13.46% HUBC-9.90% HUBC-10.20%

HUBC-9.55% POL-10.00% POL-9.50% FFC-9.05% FFC-12.05% FFC-8.50% PPL-9.10%

POL-9.37% HUBC-10.00% ABL-9.40% PPL-8.58% POL-8.81% PPL-8.30% POL-8.60%

PPL-9.35% PPL-9.00% MCB-8.40% HUBC-6.78% PPL-6.31% POL-6.50% FFC-8.20%

APL-8.06% FFC-9.00% PPL-8.40% HBL-5.41% HUBC-5.87% PSO-6.20% ABL-6.10%

LUCK-6.55% LUCK-8.00% APL-8.00% MCB-5.14% LUCK-5.34% OGDC-5.60% PSO-5.20%

FATIMA-6.12% MCB-8.00% HUBC-6.60% APL-4.54% MCB-5.16% MCB-4.20% LUCK-3.80%

UBL-5.09% PSO-6.00% NML-6.20% PSO-3.94% UBL-3.66% PTC-4.20% PTC-3.60%

ENGRO-4.11% FATIMA-4.00% LUCK-6.10% UBL-3.80% ENGRO-3.65% LUCK-4.00% KPCO-3.40%

OGDC-2.69% HBL-4.00% ENGRO-5.00% ENGRO-3.56% MEBL-2.94% KPCO-3.80% BAHL-2.70%

December11

ABL SF USAF ASMF HBL NAFA SF MCB DSF PSM

FFC-10.19% OGDC-10.00% FFC-9.40% POL-9.94% OGDC-14.25% HUBC-9.60% HUBC-10.00%

PPL-7.68% PPL-10.00% ABL-9.20% PPL-8.93% FFC-11.67% FFC-8.40% PPL-9.30%

POL-7.07% POL-10.00% PPL-9.20% FFC-8.80% POL-9.39% PPL-8.00% FFC-8.70%

APL-6.55% FFC-10.00% POL-8.70% HUBC-6.87% HUBC-9.24% POL-7.00% POL-8.00%

UBL-5.98% HUBC-9.00% MCB-8.00% HBL-5.43% MCB-7.13% APL-6.80% PSO-4.80%

FATIMA-5.90% MCB-9.00% ENGRO-7.80% MCB-4.93% ENGRO-6.43% PSO-5.40% APL-4.70%

LUCK-5.27% ENGRO-7.00%H

UBC-7.70% APL-4.87% PPL-5.76% PTC-4.00% ABL-4.60%HUBC-4.13% LUCK-6.00% APL-6.90% PSO-3.86% UBL-3.62% MCB-3.90% PTC-3.70%

ENGRO-3.11% MTL-4.00% NML-6.80% UBL-3.69% THCCL-3.55% OGDC-3.80% KAPCO-3.50%

NCPL-1.56% HBL-3.00% LUCK-6.00% OGDC-3.69% MEBL-3.38% KAPCO-3.70% LUCK-3.30%


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Strategies Equity Funds Market has historically given (on average) 13% returns in 3 months prior to elections. We

think the downside is limited and high political noise as we draw closer to elections will be an

opportunity to accumulate. Foreign flows will be the key to action in near term.

We remain highly bullish on equities.

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Thank You

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IC-Presentation-December 2011

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