Newsletter - jsil.comjsil.com/downloads/newsletter/Newsletter-Nov-07.pdf · banks initiated...

Important Information: The value of mutual fund investments may go up or down and are subject to market conditions. Past performance is not necessarily indicative of future results and annualized returns for period of less than one year can be misleading. JS Investments Limited (formerly JS ABAMCO Limited) has exercised due diligence and care in preparing the information contained herein and believes it to be reliable as of the date indicated. However no guarantee is given that it is accurate or complete. JS Investments Limited shall not be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages or losses, including lost profits arising in any way from the information contained herein. Please consult your legal and/ or financial advisor before making any investment decisions. Information provided here is for the use of intended recipients only and the contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without prior express consent of JS Investments Limited.

Managing UTP Mutual Funds

Newsletter Nov ‘07

Contents Financial Market Review 1FMR - UTP 2FMR - JS-AAA 3FMR - UTP-ISF 4FMR - JS-IF 5FMR - JS-FoF 6FMR - UTP-A30+ 7FMR - JS-CPF 8FMR - JS-CPF II 9FMR - JS-CPF III 10Glossary 11

November 2007


Report prepared by JS Investments Research, [email protected]

Page 1 of 11

Saad Hashemy (Head of Research) JS Investments Research, Karachi, Pakistan

Financial Market Review Equities Hold Their Ground…

The outgoing month of November saw the implementation of Emergency In Pakistan. On November 3, 2007, Emergency was imposed by the Chief of Army Staff citing deteriorating law and order as the principal reason for the move. Equities took a jolt and were down 650+ points to 13,258 (intra-day) on November 5, 2007, which was the first trading session imme-diately following Emergency Rule. However, since then, equi-ties have held their ground and closed 2.24% down month-on-month at 13,998. Foreign interest remains strong The Special Convertible Rupee Account (SCRA) balance is released by the State Bank on a daily basis. It is a popular barometer of the amount of foreign interest in local capital markets. The month of November saw outflows of USD220 million on the back of imposition of emergency. This, however, was below expectations, which helped market sentiments to remain strong. Further, two renowned foreign investment banks initiated research reports on Pakistan (Citibank and Credit Suisse) during the month which signals continued for-eign investor interest for the months to come. Oil Marketing sector International Oil prices were on a roll for the month of Novem-ber hitting a high of USD98+ and average USD 94.60 for the month, up 10.5% month-on-month. Based on this, oil market-ing companies, that is, Pakistan State Oil (PSO) and Attock Petroleum (APL) rallied on expectations of significant inventory gains and closed for the month at Rs429.75 and Rs586.95 respectively, up 5.5% and 4.5% month-on-month (MoM) re-spectively. Banking sector The banking sector continued to enjoy positive investor senti-ment due to healthy net interest margins of 6.0%+, which are likely to remain intact for the next few years. Commercial Banks closed up 0.9% for the month, outperforming the KSE-100 Index by 310 basis points. Exploration and Production sector Pakistan Oilfields (POL), a major oil producer in the Explora-tion and Production (E&P) sector, benefited by positive senti-ments in international crude oil prices. POL gained 5.9% MoM to end at Rs351.50 for November. Overall, E&P sector was down 4.58% MoM due to weakness in prices of Pakistan Pe-troleum (PPL) and Oil & Gas Development Company, which were down 5.23% and 5.69% MoM respectively.

Technology & Communication sector The Technology & Communication sector came under signifi-cant pressure during the outgoing month and witnessed the largest decline among all sectors at 11.23% MoM. The sector mainly comprises of the national telecommunication services provider, Pakistan Telecommunication Company Limited (PTCL). PTCL was down 11.54% MoM mainly due to de-pressed 1Q-FY08 earnings, which the company announced on October 30 revealing a weak top line for the current financial year. Further, the company has launched a Voluntary Separa-tion Scheme, which although a positive for the long term, will likely be a set-back to earnings in the near term.

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

OG

MC

s

Com

m. B

anks

Ferti

lizer

Insu

ranc

e

Auto

Cem

ent

Text

ile C

omp.

Ref

iner

y

Pow

er

E&P

Tech

& C

omm

.Sector Change for November

Source: KSE

88

90

92

94

96

98

10010

/31/

07

11/2

/07

11/4

/07

11/6

/07

11/8

/07

11/1

0/07

11/1

2/07

11/1

4/07

11/1

6/07

11/1

8/07

11/2

0/07

11/2

2/07

11/2

4/07

11/2

6/07

11/2

8/07

11/3

0/07

Crude Oil Price - November 2007

Source: Bloomberg

US$

Average: 94.60

PACRA Rating: 5 Star November 2007



Page 2 of 11

UTP - Unit Trust of Pakistan

Term and Structure Fund type Open endFund launch date 27 October, 1997Net assets (PKR/USDmn) 4,354.70 / 71.10NAV (PKR/ USD) 143.61 / 2.34Listing LSETrustee CDCAuditors Ford Rhodes SHCRisk profile MediumManagement fee 2.00% Risk / Return Since inception (%) UTP BM KSE100Total return 289.75 481.79 614.36Ann. return 28.69 47.71 60.84Ann. volatility 12.14 23.70 33.95Semi volatility 8.36 15.83 22.82Downside dev. [10%] 8.92 15.61 22.66Sharpe [10%] (x) 0.91 0.46 0.48Sortino (x) 1.24 0.69 0.72

UTP

BM

0%

20%

40%

60%

20% 35% 50% 65%X-axis: Ann. Return, Y-axis: Ann. St. Dev.

Rolling Return (%) 6M 12M 18M 24MAvg. return 10.99 23.21 37.21 53.89Best return 41.60 74.89 85.79 109.70Worst return -9.02 -2.21 5.99 21.98 Monthly Performance Since inception UTP BM KSE100Number 121 121 121+ve mths 95 74 73+ve mths (%) 79 61 60 Drawdown Analysis Since inception UTP BM KSE100Max DD (%) 13.95 39.93 60.89Mths in max DD 3 7 7Mths to recover 4 18 19 Monthly Correlation Since inception Alpha Beta R2 (%)KSE100 1.22 0.23 41.65A30 0.52 0.60 87.36

Monthly Returns % Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Ann.FY08 - UTP -1.87 -7.59 5.21 2.43 -0.41 -2.68 -6.39FY08 - BM -1.47 -7.44 6.35 5.21 -2.12 -0.10 -0.25FY07 - UTP 5.39 -5.16 2.39 5.69 -3.31 -3.64 6.99 0.53 0.04 6.53 3.76 7.14 28.28 28.28FY07 - BM 3.81 -2.63 3.38 5.69 -4.12 -3.55 8.85 -0.31 0.83 7.07 3.60 4.63 29.77 29.77FY06 - UTP 1.12 4.06 6.67 1.32 5.82 5.47 6.62 7.44 0.93 0.53 -9.95 -0.37 32.36 32.36FY06 - BM -2.32 6.25 4.07 0.41 6.84 4.34 7.32 6.43 0.42 -0.64 -9.27 1.59 26.76 26.76

Note: We use weightage of 30% 6M KIBOR and 70% KSE-30 as benchmark (BM) of UTP for simplified performance comparison

Asset Allocation

Fixed income24.9%

Equities63.7%

Cash11.5%

Sector Allocation

OMCs7.5%

Fertilizer7.8%

E&P10.4%

Comm. bks10.7%

Textiles10.8%

Others16.4%

Investment Objective

UTP is a balanced fund that aims to preserve and grow investor’s capital in the long term while providing a regular stream of current income on an annual ba-sis. The fund operates a diverse portfolio of equity and fixed income invest-ments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income invest-ments help generate the current income.

Top Holdings Sector Allocation Name of scrips % of NAV 30-Nov 31-Oct ∆Azgard Nine Ltd. E&P 10.4 13.7 -3.2Engro Chemical (Pak) Ltd. Textiles 10.8 10.6 0.2Lucky Cement Ltd. Comm. bks. 10.7 6.8 3.9National Bank of Pakistan Fertilizer 7.8 6.1 1.8Nishat Mills Ltd. OMCs 7.5 1.4 6.2Oil & Gas Development Company Ltd Cement 4.8 0.0 4.8Packages Ltd. Telecom 4.4 5.5 -1.1Pakistan Oilfields Ltd. Paper & board 3.7 3.8 0.0Pakistan State Oil Co. Ltd. Mutual Funds 2.0 2.0 0.0Pakistan Telecommunication Company Others 1.4 4.2 -2.7

Relative Performance

-10.0%

-5.0%

0.0%

5.0%

1-Nov 7-Nov 13-Nov 19-Nov 25-NovUTP BM KSE30

Formerly UTP Fund of FundsJS Fund of




Page 3 of 11

Formerly UTP Aggressive Asset Allocation Fund JS Aggressive Asset Allocation Fund

Term and Structure Fund type Open endFund launch date 28 June, 2005Net assets (PKR/ USDmn) 648.85 / 10.59NAV (PKR/ USD) 96.54 / 1.58Listing LSETrustee CDCAuditors KPMGRisk profile HighManagement fee 3.00% Risk / Return Since inception (%) AAA KSE30Total return 77.09 67.56Ann. return 31.79 27.86Ann. volatility 25.57 25.58Semi volatility 19.47 18.56Downside dev. [10%] 19.41 18.28Sharpe [10%] (x) 0.80 0.59Sortino (x) 1.05 0.83

KSE30AAA

0%

15%

30%

45%


Rolling Return (%) 6M 12M 18M 24MAvg. return 15.72 19.02 29.08 64.90Best return 88.41 80.23 79.41 119.96Worst return -15.75 -10.02 -8.98 19.55 Monthly Performance Since inception AAA KSE30Number 29 29+ve mths 20 17+ve mths (%) 69 59 Drawdown Analysis Since inception AAA KSE30Max DD (%) 18.26 29.50Mths in max DD 2 3Mths to recover 12 12 Monthly Correlation Since inception Alpha Beta R2 (%)KSE30 0.81 0.82 66.84A30 0.48 0.84 69.61

Monthly Returns % Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Ann.FY08 - AAA -3.46 -11.86 2.88 0.63 -2.13 -13.78 -32.88FY08 - KSE30 -2.21 -10.35 8.62 6.83 -3.08 -1.40 -3.34FY07 - AAA 6.25 -5.77 2.97 5.22 -5.39 -3.38 6.65 1.75 -0.02 7.14 3.21 6.84 27.13 27.13FY07 - KSE100 5.09 -4.13 4.45 7.75 -6.26 -5.45 12.27 -0.82 0.82 9.74 4.78 6.26 37.87 37.87FY06 - AAA 2.00 9.86 21.03 7.67 8.63 9.04 11.11 7.00 0.62 -0.94 -17.32 2.10 73.02 73.02FY06 - KSE100 -3.64 8.61 5.50 0.26 9.44 5.88 10.12 8.86 0.26 -1.25 -13.59 1.93 34.08 34.08

Note: We use higher of KSE30 or 6M KIBOR as benchmark of JS-AAA

Asset Allocation

Equities75.0%

Cash25.0%

Sector Allocation

Others13.2% Textile

16.3%Telecom

6.9%

Comm. Banks16.1%E&P

12.7%

Fertilizer9.9%


JS – AAA (formerly UTP-AAA) is a dynamic asset allocation fund that aims to achieve superior risk adjusted growth in investor’s capital over the long term. The fund operates a diverse portfolio of equity and fixed income 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.

Top Holdings Sector Allocation Name of scrips % of NAV 30-Nov 31-Oct ∆Azgard Nine Ltd. Textiles 16.3 13.9 2.4Bank of Punjab Ltd. Comm. Banks 16.1 6.7 9.4D.G. Khan Cement Co. Ltd. E&P 12.7 17.8 -5.0Engro Chemical (Pak) Ltd. Fertilizer 9.9 8.8 1.1National Bank of Pakistan Telecom 6.9 7.4 -0.6Nishat Mills Ltd. Transport 6.7 5.9 0.7Oil & Gas Development Company Ltd Cement 6.5 6.4 0.1Pakistan International Container Others 0.0 0.0 0.0Pakistan Petroleum Ltd.Pakistan Telecommunication Co.


-10.0%

-5.0%

0.0%

5.0%

1-Nov 7-Nov 13-Nov 19-Nov 25-NovAAA A30 KSE30


Important Information: The value of mutual fund investments may go up or down and are subject to market conditions. Past performance is not necessarily indicative of future results and annualized returns for period of less than one year can be misleading. JS Investments Limited (formerly JS ABAMCO Limited) has exercised due diligence and care in preparing the information contained herein and believes it to be reliable as of the date indicated. However no guarantee is given that it is accurate or complete. JS Investments Limited (formerly JS ABAMCO Limited) shall not be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages or losses, including lost profits arising in any way from the information contained herein. Please consult your legal and/ or financial advisor before making any investment decisions. Information provided here is for the use of intended recipients only and the contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without prior express consent of JS Investments Limited (formerly JS ABAMCO Limited).


Page 4 of 11

UTP Islamic Fund

Term and Structure Fund type Open endFund launch date 27 December, 2002Net assets (PKR/USDmn) 917.94 / 14.99NAV (PKR/ USD) 577.01 / 9.42Listing LSETrustee CDCAuditors M. Yousuf Adil SaleemRisk profile HighManagement fee 3.00% Risk / Return Since inception (%) ISF DJIMPK DJIMTotal return 117.63 81.99 103.49Ann. return 23.87 23.98 21.00Ann. volatility 18.94 24.13 9.40Semi volatility 14.50 13.82 5.99Downside dev. [10%] 14.33 13.56 5.82Sharpe [10%] (x) 0.60 0.45 0.56Sortino (x) 0.79 0.80 0.90

ISF

DJIMPK

15%

20%

25%

30%


Rolling Return (%) 6M 12M 18M 24MAvg. return 10.72 20.66 30.64 46.20Best return 45.24 53.98 80.12 69.06Worst return -14.83 -10.50 -5.75 21.04 Monthly Performance Since inception ISF DJIMPK DJIMNumber 59 41 59+ve mths 43 22 42+ve mths (%) 73 54 71 Drawdown Analysis Since inception ISF DJIMPK DJIMMax DD (%) 17.69 27.75 4.82Mths in max DD 3 10 2Mths to recover 4 n/a 3 Monthly Correlation Since inception Alpha Beta R2 (%)DJIMPK 0.20 0.75 77.52DJIM 1.00 0.60 8.87

Monthly Returns % Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Ann.FY08 - ISF 1.45 -12.99 6.36 5.60 0.57 -0.29 -0.69FY08 - DJIMPK 0.59 -12.04 9.50 6.87 -1.98 1.48 3.54FY07 - ISF 6.86 -7.74 1.14 5.45 -3.54 -3.70 8.77 -0.29 -1.09 7.25 5.14 3.51 22.29 22.29FY07 - DJIMPK 8.20 -5.59 -0.92 2.64 -4.12 -2.94 7.19 -1.41 -2.11 7.45 4.72 4.13 17.16 17.16FY06 - ISF 1.31 4.67 7.74 0.12 6.66 6.17 6.30 11.86 2.21 -2.62 -12.62 0.38 34.46 34.46FY06 - DJIMPK -3.00 7.45 7.37 1.39 9.90 4.09 15.40 9.22 -3.20 -6.02 -15.40 -0.41 25.39 25.39

Note: DJIMPK / DJIM refers to Dow Jones- JS Pakistan Islamic Index / Dow Jones Islamic Market Index (We use DJIMPK as benchmark of UTP-ISF) Source: Bloomberg/Reuters

Asset Allocation

Equities91.3%

Cash8.7%

Sector Allocation

Others12.8%

Cement9.8%

Textiles9.3%

E&P23.6%

Fertilizer21.1%

OMCs14 7%


UTP-ISF aims to grow investor’s capital in the long term in adherence with prin-ciples of Shariah compliance as advised by the Shariah Advisory Board (SAB) of this fund while ensuring liquidity. The fund investments are limited to asset classes approved by the Shariah Advisory Board and all companies under in-vestment consideration are regularly screened for Shariah compliance.

Top Holdings Sector Allocation Name of scrips % of NAV 30-Nov 31-Oct ∆D.G. Khan Cement Co. Ltd. E&P 23.60 25.7 -2.1Engro Chemical (Pak) Ltd. Fertilizer 21.1 26.6 -5.5Fauji Fertilizer Company Ltd. OMCs 14.7 7.1 7.6Meezan Bank Limited Cement 9.8 3.3 6.5Nishat Mills Ltd. Textiles 9.3 7.0 2.4Oil & Gas Development Company Ltd Paper & Board 3.5 0.0 3.5Packages Ltd. Comm. Banks 3.3 0.0 3.3Pakistan Oilfields Ltd. Chemical 2.0 0.0 2.0Pakistan Petroleum Ltd. Auto Assembler 1.8 0.0 1.8Pakistan State Oil Co. Ltd. Others 2.2 12.6 -10.4


-10.0%

-5.0%

0.0%

5.0%

1-Nov 7-Nov 13-Nov 19-Nov 25-NovISF DJIMPK DJIM




Page 5 of 11

Formerly UTP Income Fund JS Income Fund

Term and Structure Fund type Open endFund launch date 26 August, 2002Net assets (PKR/ USDmn) 12281.63 / 200.52NAV (PKR/ USD) 525.65 / 8.58Listing LSETrustee CDCAuditors KPMGRisk profile LowManagement fee 1.50% Risk / Return Since inception (%) JS-IF 1M K 6M KTotal return 53.84 36.09 40.16Ann. return 10.22 6.85 7.63Ann. volatility 2.25 0.99 1.02Semi volatility 1.31 0.43 0.46Downside dev. [5%] 1.43 0.32 0.26Sharpe [5%] (x) 2.15 1.01 1.53Sortino (x) 3.37 3.13 6.01

8.54%9.63% 9.52%9.79%

Oct-07 Nov-07

UTP-IF 1M KIBOR

Inflation Jul ’05 – Oct ‘07

5.0%

7.0%

9.0%

11.0%

Jul-05 Jan-06 Jul-06 Jan-07 Jul-07

CPI

PKR Yield Curve

8.0%

9.5%

11.0%

12.5%

90D

180D

365D 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10

Y15

Y20

Y30

Y

Oct-07 Nov-07

Monthly Returns % Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Ann.FY08 - UTP-IF 0.81 0.78 0.73 0.82 0.70 3.90 9.31FY08 - 1M KIBOR 0.78 0.80 0.80 0.77 0.80 3.97 9.52FY07 - UTP-IF 0.79 0.77 0.84 0.74 0.81 0.90 0.86 0.81 0.75 0.92 0.71 0.81 10.17 10.17FY07 - 1M KIBOR 0.76 0.80 0.78 0.80 0.80 0.81 0.82 0.81 0.81 0.79 0.79 0.78 9.42 9.42FY06 - UTP-IF 0.65 0.68 1.20 1.06 0.93 0.98 0.99 0.88 0.79 0.82 1.01 0.86 11.41 11.41FY06 - 1M KIBOR 0.70 0.68 0.70 0.72 0.73 0.72 0.72 0.73 0.72 0.75 0.77 0.74 9.08 9.08

Note: 1M K / 6M K refers to IM KIBOR / 6M KIBOR (We use 1M KIBOR as benchmark of JS-IF)

Investment Objective JS – IF (formerly UTP-IF) is an income fund that aims to preserve investor’s 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 maintains liquidity in the form of CFS investments, spread transactions and bank deposits.

Rolling Return % 1M 2M 3M 6M 12M 18M 24M 36M 48MAvg. return 0.81 1.64 2.46 4.91 9.93 15.22 21.01 33.42 45.70Best return 3.69 4.40 5.91 7.56 14.00 19.87 25.95 37.62 48.25Worst return -0.88 -0.60 0.63 1.80 5.38 8.97 14.25 29.59 43.44

Asset Allocation Oct vs Nov 2007

0.0%

20.0%

40.0%

60.0%

Cash & Equiv. CFS PIBs T-Bills TFCs Spread Trans. Term Deposit

Nov-07 Oct-07

CFS Rates and Values (Nov ‘07)

10.8%

10.9%

11.0%

11.1%

11.2%

01-Nov-07 07-Nov-07 14-Nov-07 20-Nov-07 26-Nov-07 30-Nov-07

CFS

48.0

50.0

52.0

54.0

56.0

Val. bnCFS Val. (R.H.S) CFS Rate (L.H.S)

PACRA Rating: n/a November 2007



Page 6 of 11

Formerly UTP Fund of Funds JS Fund of Funds

Term and Structure Fund type Open endFund launch date 31 October, 2005Net assets (PKR/USDmn) 173.84 / 2.84NAV (PKR/ USD) 107.23 / 1.75Listing LSETrustee CDCAuditors KPMGRisk profile MediumManagement fee 1.00% Risk / Return Since inception (%) FoF BM KSE100Total return 31.56 15.07 69.73Ann. return 15.16 35.94 33.49Ann. volatility 14.14 22.81 23.69Semi volatility 11.74 14.17 16.78Downside dev. [10%] 11.52 13.54 16.34Sharpe [10%] (x) 0.30 1.17 0.79Sortino (x) 0.36 1.97 1.15

BM

FoF

0%

12%

24%

36%


Rolling Return (%) 6M 12M 18M 24MAvg. return 4.17 7.73 11.75 27.97Best return 19.96 20.64 21.73 28.60Worst return -13.19 -6.84 -0.72 27.34 Monthly Performance Since inception FoF BM KSE100Number 25 5 25+ve mths 17 3 16+ve mths (%) 68 60 64 Drawdown Analysis Since inception FoF BM KSE100Max DD (%) 13.38 5.80 14.84Mths in max DD 6 1 2Mths to recover 9 1 5 Monthly Correlation Since inception Alpha Beta R2 (%)KSE100 -0.13 0.54 82.50A30 0.15 0.47 77.37BM -0.22 0.76 80.87 Monthly Returns % Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Ann.FY08 - FoF 0.71 -4.07 4.27 2.58 1.37 4.74 11.32FY08 - BM 2.18 -5.80 9.86 9.11 -0.28 15.07 35.94FY07 - FoF 2.69 -4.00 2.44 3.84 -3.37 -2.80 6.52 0.85 -0.77 6.51 2.26 2.07 16.71 16.71FY07 - A30 6.41 -3.90 4.86 5.23 -4.09 -6.95 15.14 -1.15 -0.25 11.36 5.85 5.69 42.41 42.41FY06 - FoF n/a n/a n/a n/a 2.38 7.43 4.90 4.97 -2.00 1.08 -10.73 -0.42 6.64 10.01FY06 - A30 n/a n/a n/a n/a 9.49 3.41 10.13 13.43 -1.33 -3.24 -15.56 1.49 15.73 23.73

Note: Composite benchmark of top 10 open end funds with equal weightage

Asset Allocation

Cash2.4%

Open end funds84.8%

Closed end funds12.8%

Open End Allocation

Islamic Funds38.9%

Equity Funds43.6%

Balanced Funds2.3%


JS – FoF (formerly UTP-FoF) is a fund of funds that aims to grow investor’s capital in the long term while diversifying the asset manager risk bundled to-gether 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.

Top Holdings Name of fundsAKD Opportunity Fund Pakistan Income Fund

BSJS Balanced Fund Pakistan Int'l Element Islamic Fund

HBL Stock Fund Pakistan Stock Market Fund

Meezan Islamic Fund UTP Islamic Fund

Pakistan Capital Market Fund


-10.0%

-5.0%

0.0%

5.0%

1-Nov 7-Nov 13-Nov 19-Nov 25-NovFoF BM KSE100




Page 7 of 11

UTP A30+ Fund

Term and Structure Fund type Open endFund launch date 29 May, 2006Net assets (PKR/USDmn) 416.55 / 6.80NAV (PKR/ USD) 54.42 / 0.89Listing LSETrustee MCFSLAuditors Ford Rhodes SHCRisk profile HighManagement fee 1.50% Risk / Return Since inception (%) A30+ A30 KSE100Total return 34.34 30.33 36.60Ann. return 22.79 20.13 24.29Ann. volatility 23.66 23.72 22.00Semi volatility 12.81 13.18 14.24Downside dev. [10%] 12.81 12.13 12.98Sharpe [10%] (x) 0.60 0.62 0.76Sortino (x) 1.11 1.22 1.29

A30 A30+

18%

22%

26%

30%


Rolling Return (%) 6M 12M 18M 24MAvg. return 12.64 27.87 37.06 n/aBest return 39.53 41.49 37.06 n/aWorst return 1.40 18.35 37.06 n/a Monthly Performance Since inception A30+ A30 KSE100Number 17 17 17+ve mths 11 10 11+ve mths (%) 65 59 65 Drawdown Analysis Since inception A30+ A30 KSE100Max DD (%) 15.52 14.87 11.70Mths in max DD 2 2 2Mths to recover 2 2 1 Monthly Correlation Since inception Alpha Beta R2 (%)A30 -0.03 0.99 99.27KSE30 -0.28 1.11 98.80KSE100 -0.32 1.05 95.58 Monthly Returns % Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Ann.FY08 - A30+ -4.16 -11.36 10.13 6.32 -3.12 -3.63 -8.66FY08 - A30 -3.46 -11.41 9.07 5.94 -3.28 -4.41 -10.52FY07 - A30+ 6.04 -4.23 5.52 5.91 -4.16 -6.78 14.44 -1.33 0.40 10.47 5.36 5.74 37.95 37.95FY07 - A30 6.41 -3.90 4.86 5.23 -4.09 -6.95 15.14 -1.15 -0.25 11.36 5.85 5.69 42.41 42.41FY06 - A30+ n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.52 0.52 6.31FY06 - A30 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.49 1.49 18.14

Note: We use A30 index as benchmark for UTP-A30+

Asset Allocation

Cash6.5%

Equities93.5%

Sector Allocation

Fertilizer6.2%

Telecom7.9%

OMCs9.1%

E&P

Comm. bks.35.1%

Others19.9%

Investment Objective UTP – A30+ is an index fund that aims to track the performance of the ABAMCO 30 Index by investing in constituent companies of the index in propor-tion 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. To ensure liquidity, the fund may invest up to fifteen percent of its port-folio in fixed income instruments.

Top Holdings Sector Allocation Name of scrips % of NAV 30-Nov 31-Oct ∆Adamjee Insurance Co. Ltd. Comm. Banks 35.1 36.7 -1.6Bank Alfalah Ltd. E&P 15.3 16.2 -0.9Engro Chemical (Pak) Ltd. OMCs 9.1 6.3 2.8MCB Bank Ltd. Telecom 7.9 9.1 -1.2National Bank of Pakistan Fertilizer 6.2 6.4 -0.2Oil & Gas Development Company Ltd Cement 5.3 5.6 -0.3Pakistan Oilfields Ltd. Inv. Banks 5.1 3.3 1.8Pakistan Petroleum Ltd. Power 3.6 4.0 -0.4Pakistan State Oil Co. Ltd. Insurance 3.0 0.0 3.0Pakistan Telecommunication Co. Others 2.9 11.7 0.0


-10.0%

-5.0%

0.0%

5.0%

1-Nov 7-Nov 13-Nov 19-Nov 25-NovA30+ A30 KSE100




Page 8 of 11

JS Capital Protected Fund

Term and Structure Fund type Open endFund launch date 21 February, 2007Net assets (PKR/USDmn) 1,113.63 / 18.18NAV* (PKR/ USD) 103.67 / 1.69Listing LSETrustee CDCAuditors Ford Rhodes SHCRisk profile Low riskManagement fee 1.25% Risk / Return Since inception (%) CPF KSE30Total return 8.17 15.43Ann. return 10.57 19.97Ann. volatility 2.62 22.88Semi volatility 3.07 15.29Downside dev. [10%] n/a 15.29Sharpe [10%] (x) 0.38 0.72Sortino (x) n/a 1.08

CPF

KSE30

0.0%

10.0%

20.0%

30.0%

0.0% 10.0% 20.0% 30.0%X-axis: Ann. Return, Y-axis: Ann. St. Dev.

Rolling Return (%) 1M 2M 3M 6MAvg. return 0.88 1.76 2.42 4.45Best return 1.77 2.75 3.65 4.60Worst return -0.92 -0.09 0.75 4.36 Monthly Performance Monthly inception CPF KSE30Number 9 9+ve mths 8 5+ve mths (%) 89 56 Drawdown Analysis Since inception CPF KSE30Max DD (%) 0.92 12.56Mths in max DD 1 2Mths to recover 1 2 Monthly Correlation Since inception Alpha Beta R2 (%)KSE100 0.61 0.10 76.02KSE30 0.69 0.09 68.80

Monthly Returns % Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Ann.FY08 - CPF 0.84 -0.92 1.04 1.58 0.93 3.50 8.34FY08 - KSE30 -2.21 -10.35 8.62 6.83 -3.08 -1.40 -3.34FY07 - CPF n/a n/a n/a n/a n/a n/a n/a 0.14 0.88 1.77 0.96 0.84 4.67 13.32FY07 - BM n/a n/a n/a n/a n/a n/a n/a 0.19 0.85 0.83 0.85 0.83 3.40 9.62FY06 - CPF n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/aFY06 - BM n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Note: We use higher of KSE30 or 6M KIBOR as benchmark of JS-CPF

Asset Allocation

Fixed income76.6%

Equities16.0%

Cash7.5%

Sector Allocation

OMCs1.5%

E&P1.1%

Others2.6%

Comm. Banks1.9% Textile

4.2%

Transport4.7%

Investment Objective JS-CPF (formerly UTP-CPF) is a low-risk profile, capital protected product that aims to safeguard investor capital by placing a significant percentage of the fund as bank deposit(s), and use the remaining funds to gain exposure into equity markets. The fund operates a portfolio of high return fixed income and money market instruments, as well as equity market investments or any other SECP permissible investment that the management feels would be appropriate to maximize total return.

Sector Allocation % of NAV 30-Nov 31-Oct ∆Transport 4.7 4.4 0.3Textiles 4.2 3.6 0.7Comm. Banks 1.9 0.0 1.9OMCs 1.5 0.0 1.5E&P 1.1 2.3 -1.2Telecom 1.0 0.0 1.0Cement 0.9 0.0 0.9Jute 0.7 0.0 0.7Others 0.0 2.8 -2.8


-10.0%

-5.0%

0.0%

5.0%

1-Nov 7-Nov 13-Nov 19-Nov 25-NovCPF KSE30

* The NAV is PKR 98.49 after adjusting full Back-end load of 5% as mentioned Offering Document.




Page 9 of 11

JS Capital Protected Fund II

Term and Structure Fund type Open endFund launch date 18 June, 2007Net assets (PKR/USDmn) 1,525.37 / 24.90NAV* (PKR/ USD) 101.21 / 1.65Listing LSETrustee CDCAuditors Ford Rhodes SHCRisk profile Low riskManagement fee 1.50% Risk / Return Since inception (%) CPF II KSE30Total return 1.41 -0.89Ann. return 3.12 -1.97Ann. volatility 2.61 26.97Semi volatility n/a 15.48Downside dev. [10%] 2.57 15.48Sharpe [10%] (x) -2.57 -0.37Sortino (x) -2.61 -0.65

CPF II

KSE30

0.0%

20.0%

40.0%

60.0%

-5.0% 0.0% 5.0% 10.0%X-axis: Ann. Return, Y-axis: Ann. St. Dev.

Rolling Return (%) 1M 2M 3M 6MAvg. return 0.24 0.37 0.61 n/aBest return 0.94 1.30 1.57 n/aWorst return -1.02 -0.67 -0.01 n/a Monthly Performance Monthly inception CPF II KSE30Number 5 5+ve mths 4 2+ve mths (%) 80 40 Drawdown Analysis Since inception CPF II KSE30Max DD (%) 1.02 10.35Mths in max DD 1 1Mths to recover 2 2 Monthly Correlation Since inception Alpha Beta R2 (%)KSE100 0.19 0.08 66.79KSE30 0.24 0.07 58.31

Monthly Returns % Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Ann.FY08 - CPF II 0.66 -1.02 0.36 0.94 0.26 1.19 2.83FY08 - KSE30 -2.21 -10.35 8.62 6.83 -3.08 -1.40 -3.34FY07 - CPF II n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/aFY07 - BM n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/aFY06 - CPF II n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/aFY06 - BM n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Note: We use higher of KSE30 or 6M KIBOR as benchmark of JS-CPF II

Asset Allocation

Cash5.1%

Equities10.6%

Fixed income84.4%

Sector Allocation

Comm. Banks0.3%

Cement0.7%

Fert ilizer0.8%

Textiles8.8%

Investment Objective JS-CPF II (formerly UTP-CPF II) is a low-risk profile, capital protected product that aims to safeguard investor capital by placing a significant percentage of the fund as bank deposit(s), and use the remaining funds to gain exposure into eq-uity markets. The fund operates a portfolio of high return fixed income and money market instruments, as well as equity market investments or any other SECP permissible investment that the management feels would be appropriate to maximize total return.

Sector Allocation % of NAV 30-Nov 31-Oct ∆Textiles 8.8 9.1 -0.3Fertilizer 0.8 0.5 0.3Cement 0.7 0.0 0.7Comm. Banks 0.3 0.0 0.3


-10.0%

-5.0%

0.0%

5.0%

1-Nov 7-Nov 13-Nov 19-Nov 25-NovCPF II KSE30





Page 10 of 11

JS Capital Protected Fund III

Term and Structure Fund type Open endFund launch date 28 September, 2007Net assets (PKR/USDmn) 1393.32 / 22.75NAV (PKR/ USD) 101.39 / 1.66Listing LSETrustee CDCAuditors Ford Rhodes SHCRisk profile Low riskManagement fee 1.50% Risk / Return Since inception (%) CPF III KSE30Total return 1.39 3.54Ann. return 8.05 20.50Ann. volatility 1.39 24.27Semi volatility n/a n/aDownside dev. [10%] n/a n/aSharpe [10%] (x) -1.25 0.53Sortino (x) n/a n/a

CPF III

KSE30

-20.0%

0.0%

20.0%

40.0%

0.0% 10.0% 20.0% 30.0% 40.0%X-axis: Ann. Return, Y-axis: Ann. St. Dev.

Rolling Return (%) 1M 2M 3M 6MAvg. return 0.65 1.31 n/a n/aBest return 0.94 1.31 n/a n/aWorst return 0.37 1.31 n/a n/a Monthly Performance Monthly inception CPF III KSE30Number 2 2+ve mths 2 1+ve mths (%) 100 50 Drawdown Analysis Since inception CPF III KSE30Max DD (%) n/a 3.08Mths in max DD n/a 1Mths to recover n/a n/a Monthly Correlation Since inception Alpha Beta R2 (%)KSE100 0.80 -0.06 100.00KSE30 0.76 -0.06 100.00

Monthly Returns % Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Ann.FY08 - CPF III n/a n/a n/a 0.37 0.94 1.39 8.05FY08 - KSE30 n/a n/a n/a 6.83 -3.08 -1.40 -3.34FY07 - CPF III n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/aFY07 - BM n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/aFY06 - CPF III n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/aFY06 - BM n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Note: We use higher of KSE30 or 6M KIBOR as benchmark of JS-CPF III

Asset Allocation

Fixed income89.9%

Equities4.8%

Cash5.3%

Sector Allocation

Cement0.7%

Textiles0.5%

Others0.1%

Comm. Banks0.7%

Fertilizer1.0%

OMCs1.7%

Investment Objective JS CPF III is a low-risk profile, capital protected product that aims to safeguard investor capital by placing a significant percentage of the fund as bank de-posit(s), and use the remaining funds to gain exposure into equity markets. The fund operates a portfolio of high return fixed income and money market instru-ments, as well as equity market investments or any other SECP permissible in-vestment that the management company considers appropriate to maximize total return.

Sector Allocation % of NAV 30-Nov 31-Oct ∆OMCs 1.7 0.0 1.7Fertilizer 1.0 1.4 -0.4Comm. Banks 0.7 0.0 0.7Cement 0.7 0.0 0.7Textiles 0.5 9.4 -8.9Auto Assembler 0.1 0.0 0.1


-10.0%

-5.0%

0.0%

5.0%

1-Nov 7-Nov 13-Nov 19-Nov 25-NovCPF III KSE30


November 2007



Page 11 of 11

Glossary of Terms

Annualized Return Annualized return reflects an expected or approximate return for a full year. Annualized Volatility Annualized volatility measures the dispersion of returns for a given security or market index for a

whole year. Alpha Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a

benchmark index. For example, a positive alpha of 1.0 means the fund has outperformed its bench-mark index by 1%.

Beta Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the

market as a whole. For example, a beta of 1 indicates that the fund will move with the market. A beta of less than 1 means that it will be less volatile than the market and conversely, a beta of greater than 1 indicates that the fund will be more volatile than the market.

Correlation Correlation is a statistical measure of how two funds/ indexes move in relation to each other. A corre-

lation co-efficient of >1 implies that a fund/ index will move in the same direction as another fund/ in-dex. Alternatively a correlation co-efficient of <1 implies that the fund/ index will move in the opposite direction as its counterpart. Zero correlation implies the movement of two funds/ indexes are not re-lated i.e., they are random.

Downside Deviation Downside deviation represents the potential loss that may arise from risk as measured against a

minimum acceptable return. Downside deviation aims to isolate the negative portion of volatility. Drawdown Drawdown is the peak-to-trough decline during a specific record period of the fund. A drawdown is

usually quoted as the percentage between the peak and the trough and is measured from the time a retrenchment begins to when a new high is reached.

Rolling Returns Rolling returns measures the annualized average return for a period ending with the listed year. R-squared R-squared is a statistical measure that represents the percentage of a fund’s movements that can be

explained by movements in a benchmark index. R-squared values range from 0 to 100; a value of 100 means that all movements of a security are completely explained by movements in the index. A high R-squared (between 85 and 100) indicates the fund's performance patterns have been in line with the index. A fund with a low R-squared (70 or less) doesn't act much like the index.

Semi Volatility Semi volatility is upside volatility or downside volatility. Sharpe Ratio Sharpe ratio measures risk-adjusted performance. It is calculated by subtracting the risk-free rate -

such as the 10-year PIB - from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. The greater a portfolio's Sharpe ratio, the better its risk-adjusted per-formance has been.

Sortino Ratio Sortino ratio differentiates between good and bad volatility in the Sharpe ratio. The Sortino ratio is

similar to the Sharpe ratio, except it uses downside deviation for the denominator instead of standard deviation, the use of which doesn't discriminate between up and down volatility.

Standard Deviation Standard deviation calculated as the square root of the variance and measures how much the return

on the fund is deviating from the expected normal returns. Total Return Total return is the return on an investment over a given time period, usually a year. Volatility Volatility measures the dispersion of returns for a given security or market index, the higher the volatil-

ity, the riskier the security.

Call us 0800-00887www.jsil.com

Contact directory

JS Investments Limited* Head Office Regional Office Regional Office 7th Floor, The Forum, G-20 Ground Floor Chaudhary Plaza, 65-West, Khayaban-e-Jami, Clifton 307, Upper Mall Ground Floor No. 6, Fazal-e-Haq Road, Karachi. Lahore. Blue Area, Islamabad. Tel: 92-21-111-222-626 Tel: 92-42-111-222-626 Tel: 92-51-111-222-626 Branch Offices

Karachi Hyderabad Peshawar 209, 2nd Floor, 41/97, Ground Floor, 1st Floor, State Life Building, Park Towers, Opp: Bank Al-Habib Limited, 34-The Mall. Clifton. Saddar. Tel: 92-91-5253844-6 Tel: 92-21-5820100 Tel: 92-22-2720250 Sialkot Gujranwala Mirpur Azad Kashmir 27-Paris Road, 40 Trust Plaza, Jarral Plaza Sialkot. Gujranwala. Building No. 63/F, Sector F-1 Tel: 92-52-4298501-2 Tel: 92-55-3252953 Kotli Road, Mirpur AJK. Tel: 92-058610-39670-2

* Formerly JS ABAMCO Limited

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