November (2022)

MATERIAL MARKET UPDATE

The prime bourse extended its red zone session and ended by losing 71 points (1.13%) due to dismal corporate earnings and
unfavorable macro-outlooks. Imposing the floor price hit the deck to mitigate the unavoidable selling pressure even though fresh
capital injection becomes obsolete in this scenario from the large scale foreign & national investors’ perception. The High Court had
instructed the authorities to impose a floor price on the SME board as well. Even though the regulator has no intention of lifting the
floor price in the main board, the mechanism has been relaxed in case of block market transactions allowing shares to be traded up
to 10% lower than the floor price. Bangladesh Security Exchange Commission (BSEC) has issued a directive regarding the issuance of
bonus dividends for companies from the SME platform, OTC, and ATB. Firms that fail to pay 10% cash dividends for 2 years
consecutively and plan to issue stock dividends in the first three years following their listing have to take permission from the
regulators. In addition, the regulatory board is blueprinting the exit strategy from the burden of negative equity of the nearly 27,000
BO accounts by 2023, with the matter on a case-to-case basis through discussions with brokerage firms. Recently as per instructions,
banks will have time till 2023 August to adjust the excess stock market investments to protect the investors’ interests by avoiding the
freefall of the index. As debt financing is becoming pricier, dozens of firms are intending to go for equity financing through IPO worth
BDT 7,000 million to minimize the doldrums of shivering profit margins along with stirring both vertical & horizontal business
accumulation.

The path of ‘soft landing’ of the overheated economy has further narrowed as the lower unemployment rate of 3.7% coupled with
wages growth of 5.1% during November poured a “cold November rain” on the US economy. After a series of four aggressive 75 bps
rate hikes, Jerome Powell thought the Fed would increase the target rate by 50bps in the upcoming December Jackson hole symposium
as the inflation seems to cool down. Though October US inflation edged down to 7.7%, ticking down workforce participation in addition
to net zero carbon policy, geopolitical rivalries, and structural supply deficits in key commodities will keep the inflation elevated for a
longer period than expected. Hence, without absorbing a deeper economic shock, the central bank may not tame down the inflation
to the target level of 2%. The ramifications of global economic ongoing turmoil are strengthening the USD against the emerging market
currencies which is putting pressure on the balance of payments. Bangladesh’ forex reserve tumbled to USD 33.79 bn which is
depleting faster due to heavy import payments, and multiple currency exchange rates. In the meantime, the single month export
earnings of USD 5.09 during November was an all-time high in terms of monthly collections due to picking up orders of RMG goods.
Despite record export earnings and incremental remittance inflow of USD 1.5 bn during November, current account deficit aggravated
to USD 4.5 bn as the import payments during the period of July-Oct period surged to USD 25.51 bn which is continuously weakening
the local currency. Moreover, sales of USD 6.5 bn to the commercial banks, rising of NPL, and money market liquidity crisis with ‘call
money rate of 5.83%’ are looming an unprecedented liquidity crisis in the banking sector. The interest cap of 9% is penting up the
private credit loan demand but the stressed liquidity in the banking sector and higher yields in G-sec dragged down the private sector
credit growth in October to 13.91%. The major headwind of our economy is a potential liquidity crunch. To avoid the crisis and keep
afloat the financial system of our country, the central bank should inject liquidity even though the price level & expected inflation
dominate the liquidity effects.

KEY NEWS UPDATE

MACROECONOMY
• Remittance ticks up in November: https://rb.gy/j0gto9
• Bangladesh's export earnings top $5b in Nov: https://rb.gy/fbv0wh
• BB dollar sales to govt banks rising to meet growing import costs: https://rb.gy/eqi7oc
• Rising external debt poses risks to forex reserves: https://rb.gy/tmehif
• NPL much higher than reported: https://rb.gy/zzlwde
• Reserves fall below $34b: https://rb.gy/aabxbs
• LC settlements surge by $4.5b in Jul-Nov: https://rb.gy/bv0toe
• Current account deficit widens further: https://rb.gy/y9e3zv
• Bangladesh’s foreign debt more than triples in 10 years: https://rb.gy/va6fh5
• Bangladesh’s raising export earning gives hope of easing forex crisis: https://rb.gy/ptvn1e

CAPITAL MARKET
• BSEC plans case-to-case dealings to get rid of negative equity by 2023: https://rb.gy/hzdg8p
• Dozen companies plan to raise Tk700cr from stock market for expansion: https://rb.gy/auhtnf
• Floor price relaxed for just block market trading: https://rb.gy/69qlqm
• Bond market not gaining momentum due to low demand: https://rb.gy/gd13ft
• Default loans in NBFIs rise over Tk1,000cr in 3 months: https://rb.gy/9rs1aj

INTERNATIONAL
• U.S retail sales surged by 1.3% in October: https://rb.gy/tmpjvz
• British retail sales rise in October but stay below pre-Covid levels: https://rb.gy/takjxs
• Fed and ECB in focus: https://rb.gy/qxfrh1
1
 November (2022)
MACRO UPDATE
FY 2022-23 FY 2021-22 % Change
Export (mn $) (Jul-Nov) 21,946 19,791 10.9%
Import (mn $) (Jul-Oct) 27,560 25,831 6.7%
Remittances (mn $) (Jul-Nov) 8,787 8,608 2.1%
Tax Revenue (NBR) (mn $) (Jul-Sep) 7,060 6,881 2.6%
Total Domestic Credit (mn $) (Sep) 182,430 156,011 16.9%
Credit to the Private Sector (mn $) (Oct) 146,226 128,372 13.9%
Broad Money M2 (mn $) (Oct) 181,765 167,838 8.3%
LC Opening of Industrial Raw Material (mn $) (Jul-Sep.) 6,387 7,476 -14.6%
LC Opening of Capital Machinery (mn $) (Jul-Sep.) 607 1,771 -65.7%
Current Account Balance (mn $) (Jul-Oct.) (4,501) (3,834) N/A
Net Sales of National Savings Certificates (mn $) (Jul-Sep) (61) 900 -106.8%
This Month Last Month % Change
Foreign Exchange Reserve (mn $) 33,790 35,809 -5.6%
Call Rate (Weighted Average Rate) 5.83 5.80 0.5%
Taka-Dollar Exchange Rate (Avg) 103.27 103.17 0.1%
Oct’22 Sep’22 % Change
US Retail Sales (mn $) 694,518 685,794 1.3%
UK Retail Sales (mn $) 10,090 10,027 0.6%
Source: Bangladesh Bank, US Census Bureau, UK Office for National Statistics

Export earnings increased record of $5.09 during Inflation reduced to 8.5% in November as the food
Nov’22 due to higher orders from the foreign inflation cooled down to 8.14% afd
markets.

Export (in bn USD) Rate of Inflation (Base:1995-96=100)

14.0
[ Twelve Month Average Basis
6.0 5.09 Point to Point Basis
11.0 8.5
5.0 G
4.0
8.0
3.0 r
2.0 5.0
1.0 a 7.48
- 2.0
b
May-21

May-22
May-11

May-13

May-14

May-15

May-16

May-17

May-18

May-19

May-20
May-12
Nov-10

Nov-11

Nov-12

Nov-13

Nov-14

Nov-15

Nov-16

Nov-17

Nov-18

Nov-19

Nov-20

Nov-21

Nov-22

May-11

May-12

May-13

May-14

May-15

May-16

May-17

May-18

May-19

May-20

May-21

May-22
Nov-10

Nov-11

Nov-12

Nov-13

Nov-14

Nov-15

Nov-16

Nov-17

Nov-18

Nov-19

Nov-20

Nov-21

Nov-22
y
o
u
November inward remittances inched up by 2.64% Forex reserve decreased significantly In November
as higher human capital migrated in recent months from the previous month due to high import
r payments.
r
Remittance (in bn US$) e Foreign Exchange Reserve (in bn USD)
3.0 56.0
2.5 a 1.59 49.0
2.0 42.0 33.8
d 35.0
1.5 28.0
1.0 e 21.0
0.5 14.0
r 7.0
May-13

May-14

May-15

May-16

May-17

May-18

May-19

May-20

May-21

May-22
May-12
Nov-12
Nov-11

Nov-13

Nov-14

Nov-15

Nov-16

Nov-17

Nov-18

Nov-19

Nov-20

Nov-21

Nov-22

May-11

May-12

May-13

May-14

May-15

May-16

May-17

May-18

May-19

May-20

May-21

May-22
Nov-10

Nov-11

Nov-12

Nov-13

Nov-14

Nov-15

Nov-16

Nov-17

Nov-18

Nov-19

Nov-20

Nov-21

Nov-22

’
s
a of
Classified loans increased to 9.36% at the end Call money rate increased in November
September 2022 due to policy reformulation significantly due to the liquidity crisis in the
regarding defaulters. t money market.
t
% Share of Classified Loan to Totale 11.0
Call Money Rate (%)
Outstanding
14.5 n 9.0
13.0 7.0 5.83
11.5 t
10.0 9.36 5.0
8.5 i
3.0
7.0
5.5 o 1.0
Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20

Dec-21
Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18

Jun-19

Jun-20

Jun-21

Jun-22

May-15

May-16

May-17

May-18

May-19

May-20

May-21

May-22
Nov-14

Nov-15

Nov-16

Nov-17

Nov-18

Nov-19

Nov-20

Nov-21

Nov-22

n
w
i
2
t
h
 November (2022)
The Spread reduced as the costs of deposits Yields of government securities are increasing as
increased due to inflation linked to deposit cost. public finance surged in recent months.

Lending & Deposit Rates Sep-19

Yield Curve
12.0 Oct-19
12.5 Lending Rate Deposit Rate Nov-19
11.0 9.0 Aug-20
9.5 Feb-20
8.0 7.15
6.0 Mar-20
6.5
5.0 Jun-20
3.5 3.0
4.13 Jun-20
2.0 Sep-20
May-16

May-17

May-18

May-19

May-20

May-21

May-22
Feb-16

Feb-17

Feb-18

Feb-19

Feb-20

Feb-21

Feb-22
Nov-15

Aug-16
Nov-16

Aug-17
Nov-17

Aug-18
Nov-18

Aug-19
Nov-19

Aug-20
Nov-20

Aug-21
Nov-21

Aug-22
Nov-22
0.0
91-Day 182-Day 364-Day 5 yr T- 10 yr T- 15 yr T- 20 yr T- Jan-21
T-bill T-bill T-bill bond bond bond bond Nov-22

Source: Bangladesh Bank, The Financial Express

CAPITAL MARKET UPDATE

The broad index dwindled by 71 points or 1.13% as doldrums in the prime bourse extended. bleak
corporate earnings weren’t justified enough to rejuvenate the confidence of the agitated
investors. Besides, macroeconomic uncertainties further infused the bearish trend resulting
nosedive of the prime bourse.

Life insurance companies reported growth in life Industrial sector contributed the most in the
revenue account which might have exerted the overall market turnover amid the bearish
buying pressure. movement of the prime index.

Monthly Sector Return Sector Contribution to Total Turnover

5.42% Life Insurance Industrial 21.5%
4.39% IT IT 18.2%
2.20% Tannery Pharmaceuticals 16.7%
1.38% Cement Life Insurance 5.7%
0.83% Bank Fuel & Power 5.5%
0.64% Food & Allied General Insurance 4.9%
0.24% Textile Foods & Allied 3.5%
0.15% General Insurance Textile 3.0%
0.00% Telecommunication Bank 1.9%
-0.03% Mutual Fund Cement 1.9%
-0.09% Fuel & Power NBFI 0.7%
-0.13% NBFI Tannery 0.3%
-1.31% Industrial Telecommunication 0.2%
-2.24% Pharmaceuticals Mutual Fund 0.1%

-4% 6% 0% 10% 20% 30%

The P/E ratio of majority sectors increased slightly with the overall market. Stocks still
continue to trade at attractive prices.

Sector P/E Valuation

40
35 November October
26.34
30
21.31 22.93 21.35
25 18.17
16.13 18.01
20 15.41 15.52
13.32 14.24
15
10 7.45
5
0

3
 November (2022)

Due to the floor price mechanism, risk-averse investors are remaining on the sidelines.
Hence, liquidation opportunities are quite stagnant for approximately 80% of the traded
scrips since investors are quite hesitant to inject fresh capital rather looking for
shorting option.

Market Liquidity
This Month Last Month Change
Total Turnover (BDT MN) 163,270.26 210,917.29 -22.59%
Avg. Daily Turnover (BDT MN) 7,421.38 10,545.86 -29.63%

Scrips which posted positive Market debutant CLICL Majority of the top losers lost
earnings growth were among extended its gaining streak the value most despite posting
the most heavily traded stocks from last month without earnings growth.
among investors. posting fundamental PSI.

Turnover Leaders s Top Ten Gainers Top Ten Losers

Turnover
Ticker (BDT MN) Ticker % Change Ticker % Change
GENEXIL 12,454.56 CLICL 462.81% ORIONINFU -49.98%
ORIONPHARM 9,232.93 PRAGATILIF 72.05% EHL -26.21%
BPML 7,588.42 AAMRANET 47.38% SINOBANGLA -23.71%
NAVANAPHAR 6,304.29 JUTESPINN 39.76% ORIONPHARM -23.05%
BEXIMCO 5,910.29 APEXFOODS 32.20% JHRML -22.92%
EHL 5,904.13 BDWELDING 30.42% ADNTEL -22.60%
BSC 4,139.06 BGIC 24.11% ANWARGALV -20.11%
SEAPEARL 3,635.45 GENEXIL 22.25% SONALIPAPR -18.56%
INTRACO 3,366.29 ADVENT 21.24% KDSALTD -17.56%
JHRML 2,921.15 EGEN 17.59% MONOSPOOL -16.92%

NOTABLE EARNINGS ANNOUNCEMENTS DURING THE MONTH

SQURPHARMA’s earnings increased by 9.93% YoY for Q1 of 2023 driven by 8.02% growth in
turnover even though the company reported 18.52% hike in operating expenses. OLYMPIC
reported double-digit earnings growth for Q1 of 2023 compared to last year as company’s
revenue growth surged by 38.37% YoY even though currency devaluation & hike in raw
materials dragged the gross profit margin by 198 basis points

TICKER COMPANY NAME SECTOR EPS 2022 EPS 2021 CHANGE

(jul - sep) (jul - sep)
SQURPHARMA Square Pharmaceuticals Ltd. Pharmaceuticals & Chemicals 6.20 5.64 9.93%
OLYMPIC Olympic Industries Ltd. Food & Allied 2.33 2.06 13.11%

TICKER COMPANY NAME SECTOR EPS 2022 EPS 2021 CHANGE Dividend
(Jul-Jun) (Jul-Jun)

BSC Bangladesh Shipping Corporation industrial 14.80 4.72 213.56% 20% cash dividend

Source: LR Global Research and DSE

4
 November (2022)
WORLD MARKET
SENSEX

4,080.11
S&P 500

60,746.59
63,000
4,600
4,100 53,000
3,600 43,000
3,100
33,000
2,600
2,100 23,000

CSE ALL SHARE

FTSE VIETNAM ALL

8,651.23
13,000

1,029.39
11,500 1,600
10,000 1,350
8,500 1,100
7,000 850
5,500
4,000 600

MSCI FRONTIER 100 FTSE 100

38
26.32

8,000
34

7,,573.05
7,000
30
26 6,000

22 5,000
18 4,000

INDICES, COMMODITIES & CURRENCIES

Indices 1-Year 6-Month 3-Month 1-Month 1-Week
S&P500 -15.92% -6.29% -4.92% 7.99% 1.08%
SENSEX 2.43% 6.46% 5.52% 5.78% 2.02%
CSE ALL -15.36% 12.83% 11.27% -13.38% -0.01%
FTSE VTNM -34.95% -29.64% -17.56% -11.47% -0.09%
MSCI FRONTIER 100 -34.88% -25.32% -13.42% -3.33% -0.55%
FTSE 100 -1.98% -5.96% -4.43% 2.91% 0.55%
DSEX -10.69% -5.23% -2.32% -3.19% -0.58%
*Note: Returns have been calculated on the basis of trading days as several exchanges across the globe remained closed
for varying periods due to lockdowns.

Commodities Return 1-Year 6-Month 3-Month 1-Month 1-Week

Gold -0.93% -4.79% 4.66% 7.27% 0.26%
Copper -12.62% -12.99% 9.39% 10.76% 2.71%
Crude Oil 21.73% -29.75% -0.82% -6.90% 3.35%
Sugar 5.54% 1.19% 6.45% 9.24% 1.55%
Wheat 2.81% -26.85% -13.04% -9.83% 0.39%

Currencies Return* Exchange Rate 1-Year 6-Month 3-Month 1-Month 1-Week

Euro 0.96 8.9% 3.1% -5.7% -5.0% 0.0%
INR 81.36 7.9% 4.8% -0.9% -0.5% -0.4%
Yen 138.03 22.0% 7.3% -4.4% -7.2% -0.4%
CNY 7.09 11.3% 6.3% -0.4% -1.9% -1.1%
VND 24,630.00 7.0% 6.2% 3.4% -0.8% -0.8%
BDT 101.50 18.5% 14.2% 6.9% 0.7% -0.2%
*Calculated against USD, positive return denotes depreciation against USD
Source: investing.com

5
 November (2022)
LR GLOBAL PORTFOLIO PERFORMANCE
Consistently outperformed the benchmark index across all funds since
inception due to our security selection, asset allocation, market timing,
and risk management process.
*Note: DSE remained closed from 26th March to 28th May 2020 due to lockdown.

BDT 100 INVESTMENT IN LRGB FUND IS BDT 219

As of November 2022 (since Feb 2010)
Vs. DSEX of BDT 117 219
225
200
175
150
117
125
100
75
50
Feb-10 Jan-12 Dec-13 Nov-15 Oct-17 Sep-19 Aug-21 Nov-22

Benchmark (Rebased) LRGB Fund's Index

LR GLOBAL MANAGED FUNDS HAVE CONSISTENTLY BEAT THE MARKET WITH OVER 58%
CASH DIVIDENDS ON AVERAGE. DESPITE A FLAT MARKET SINCE 2010, LR GLOBAL
MANAGED FUNDS HAVE MATERIALLY OUTPERFORMED THE BENCHMARK INDEX.

Value Addition Since

10-YR 9-YR 8-YR 7-YR 6-YR 5-YR 4-YR 3-YR 2-YR 1-YR
History inception
Cumulative
Return LR 118.71% 79.74% 72.71% 60.47% 49.93% 42.99% 13.29% 21.83% 28.68% 14.28% -5.09%
Global
Cumulative
Return (DSEX)
16.68% 44.40% 56.53% 26.54% 40.84% 30.33% -1.24% 17.53% 33.49% 25.35% -10.10%

LR Global
Value Addition 102.03% 35.33% 16.18% 33.94% 9.09% 12.66% 14.53% 4.31% -4.82% -11.07% 5.01%

MATERIAL VALUE ADDITION IN AN UP & DOWN MARKETS (ANNUALIZED)

LR Global
Return
6.37% 6.04% 6.26% 6.09% 5.96% 6.14% 2.53% 5.06% 8.77% 6.90% -5.09%

DSEX Return 1.22% 3.74% 5.10% 2.99% 5.01% 4.51% -0.25% 4.12% 10.11% 11.96% -10.10%

LR Global
Value Addition
5.14% 2.30% 1.16% 3.10% 0.94% 1.63% 2.78% 0.94% -1.34% -5.06% 5.01%

ACTIVE MANAGEMENT HISTORY (LOW BETA & GENERATED CONSISTENT ALPHA)

Beta (LR
Global vs 0.32 0.40 0.44 0.45 0.45 0.45 0.44 0.45 0.46 0.42 0.40
DSEX)

Jensen’s Alpha 1.17% 0.28% 0.04% 0.84% -0.20% 0.21% -1.31% -0.70% 0.29% -2.22% -5.34%

CUMULATIVE CASH DIVIDEND HISTORY

2022 -
Since 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
inception
Dividend
5,238.14 4,849.14 3,687.71 3,609.04 3,108.61 2,469.41 1,833.27 1,263.90 766.79 727.04 378.00
(BDT Mn)

Dividend 27.76
58.88% 54.51% 41.45% 40.57% 34.94% 20.61% 14.21% 8.62% 8.17% 8.04%
% of PAR %

6
 November (2022)
LR GLOBAL INDIVIDUAL PORTFOLIO DIVIDEND HISTORY
CONSISTENT PERFORMANCE ACROSS ALL FUNDS
INCLUDING CASH DIVIDEND HISTORY DESPITE BEAR MARKETS OVER LAST 10 YEARS
RETURNED OVER 58% CASH OF INITIAL INVESTMENT TO UNIT HOLDERS.

Dividend History DBH1STMF GREENDELMF AIBL1STIMF MBL1STMF LRGLOBMF1 NCCBLMF1

Fund Inception Date 4-Feb-10 23-Sep-10 6-Jan-11 3-Feb-11 15-Sep-11 24-May-12

Initial Fund Size (BDT Mn) 1,200 1,500 1,000 1,000 3,111 1,085

Tl Cash Dividend (BDT Mn) 895.20 757.50 637.50 585.00 1,720.06 642.88

% Total Dividend to PAR 75% 51% 64% 59% 55% 59%

ALL INDIVIDUAL FUNDS MATERIALLY OUTPERFOMED

THE BENCHMARK (DSEX) AND RETURNED OVER 58% CASH DIVIDEND ON AVERAGE.

cumulative dividend
dbh1stmf greendelmf aibl1stimf mbl1stmf lrglobmf1 nccblmf1
yield
5 year 42.74% 44.23% 48.05% 49.80% 45.70% 47.58%
4 Year 37.63% 38.90% 37.89% 40.18% 35.61% 34.61%
3 Year 26.90% 27.08% 27.18% 28.85% 27.52% 25.78%
2 Year 16.01% 15.85% 25.98% 27.77% 21.14% 24.41%
1 Year 16.50% 16.60% 12.33% 13.56% 22.80% 16.08%

cumulative div. yield dbh1stmf greendelmf aibl1stimf mbl1stmf lrglobmf1 nccblmf1

(annualized)
5 year 8.55% 8.85% 9.61% 9.96% 9.14% 9.52%
4 Year 9.41% 9.72% 9.47% 10.04% 8.90% 8.65%
3 Year 8.97% 9.03% 9.06% 9.62% 9.17% 8.59%
2 Year 8.01% 7.93% 12.99% 13.88% 10.57% 12.20%
1 Year 16.50% 16.60% 12.33% 13.56% 22.80% 16.08%

Note: The dividend data used for AIBL1STMF and MBL1STMF is for 2022 while the rest are for 2021.

Monthly Market Performance

November’22 October’22 Change
DSEX 6,235.95 6,307.34 -1.13%
DBH1STMF 10.18 10.09 0.89%
GREENDELMF 9.96 9.88 0.81%
AIBL1STIMF 10.05 9.97 0.80%
MBL1STMF 10.44 10.33 1.06%
LRGLOBMF1 10.94 10.82 1.11%
NCCBLMF1 11.29 11.18 0.98%

* DBH1STMF & GREENDELMF’s August’22 NAV return has been adjusted for cash dividend .

7
 November (2022)
LR GLOBAL PORTFOLIO UPDATE
LR GLOBAL’S PORTFOLIO IS UNDERWEIGHT IN ALL SECTORS COMPARED TO THE
BENCHMARK INDEX, EXCEPT THE PHARMACEUTICALS, MUTUAL FUNDS, AND TANNERY
SECTOR. MOREOVER, WE ARE ALSO WELL POSITIONED TO BUY UNDERVALUED
SECURITIES WHEN APPROPRIATE.

Sectorwise Investment
Market Weight LR Global Fund Weight
25%
20%
15%
10%
5%
0%
NBFI

Pharma
Food &

Telecom

Cash
Industrial

Allied
Bank

Mutual
IT

Tannery

Textile
Funds
Sectoral Compostion of Portfolio at Market Value
Mutual Funds , 11.48%
Pharmaceuticals,
20.30%
Pre-IPO/Non-listed
Private Company, 11.36%

Cash, 8.34%
Telecommunication ,
7.83%

Tannery , 5.94%
Others, 16.43%

NBFI, 2.16% Food & Allied, 5.86%

Industrial, 4.66% Bond, 5.63%

WE ARE TAKING SELECTIVE POSITIONS IN WELL CAPITALIZED AND FOCUSED COMPANIES

AND ALSO EVALUATING DISCOUNTED AND TRANSPARENT MUTUAL FUNDS TO GAIN
EXPOSURE. WE PRIMARILY BOOKED PROFITS FROM FEW STOCKS AND ARE BUYING BACK
THE SAME AT MORE ATTRACTIVE PRICES.

Changes in portfolio market value this month

100% Cash
8.97% 8.34%
90% Pharmaceuticals

80% 20.46% 20.30% Pre-IPO/Non-listed Private Company

70% Telecommunication
11.52% 11.36%
60% Mutual Funds
7.61% 7.83%
50% Food & Allied
10.55% 11.48%
40% Tannery
6.52% 5.86%
6.31% 5.94% Industrial
30% 1.01%
4.58% 1.16% 4.66%
2.16% Bank
20% 2.45% 5.63%
5.46%
NBFI
10% 14.43% 15.23%
Bond
0%
Sep-22
Oct-22 Oct-22
Nov-22 Others

Source: LR Global
Research
8
 November (2022)
DBH1STMF materially outperformed the GREENDELMF materially outperformed the
benchmark index by 75.3% and disbursed 74.6% benchmark index by 60.3% and disbursed 50.5%
cash dividend since inception. cash dividend since inception.

LR_DBH1STMF 195 LR_GREENDELMF

220 192 170 153
195
170 145
145 117 120
92
120 95
95
70
70
45 LR_DBH1STMF Benchmark
45 LR_GREENDELMF Benchmark
20 20
Feb-10 Apr-13 Jun-16 Aug-19 Oct-22 Sep-10 Sep-13 Sep-16 Sep-19 Sep-22

AIBL1STIMF materially outperformed the MBL1STMF materially outperformed the

benchmark index by 96.9% and disbursed 63.8% benchmark index by 88.3% and disbursed 58.5%
cash dividend since inception. cash dividend since inception.

LR_AIBL1STIMF LR_MBL1STMF
210 210
177
185 177
185
160 160
135 135
110 110
80 88
85 85
60 60
35 LR_AIBL1STMF Benchmark 35 LR_MBL1STMF Benchmark
10 10
Jan-11 Dec-13 Nov-16 Oct-19 Sep-22 Feb-11 Jan-14 Dec-16 Nov-19 Oct-22

LRGLOBMF1 materially outperformed the NCCBLMF1 materially outperformed the

benchmark index by 80.2% and disbursed 55.3% benchmark index by 65.8% and disbursed 59.3% of
cash dividend since inception. cash dividend since inception.

220 LR_LRGLOBMF1 LR_NCCBLMF1

215
186 197
195
190
170
165
145 131s
140
120 106
95 115
70 90
45 LR_LRGLOBMF1 Benchmark 65 LR_NCCBLMF1 Benchmark
20 40
Sep-11 Jun-14 Mar-17 Dec-19 Sep-22 May-12 Dec-14 Jul-17 Feb-20 Sep-22