Assignment

on
MUTUAL FUNDS OF BANGLADESH

CourseID–FIN401
Course Title– Banking and Finance
Section - 3
Semester- Autumn 2023

Submitted To:
Dr. Imtiaz Ahmed Nevin
Assistant Professor,
Department of Finance

Independent University Bangladesh (IUB)

Submission Date – 12thDecember,

2023

Team MEMBERS

NAME ID
MD. Amin uz Zaman 193029
0
Raihan Rahman 193026
2
Anika Nawar 201072
5
LETTER OF TRANSMITTAL

To,
Dr. Imtiaz Ahmed Nevin
Assistant Professor,
Department of Finance.
Independent University Bangladesh (IUB)

Subject: Submission of report on

Dear Sir,

It’s our pleasure to present you with the report on Mutual funds Analysis of
Bangladesh. We all have given our best effort throughout this entire report and we
have tried to provide all there relevant information that is necessary regarding
answering to the questions. We believe that, we as a team have given our best and
believe our report will provide a clear answer.

We'll be pleased to answer any questions you have and clarify anything you don't
understand. Thank you for all your help and support throughout the entire semester.

Regards,
Your Sincerely.
 TABLE OF CONTENTS

Table of Contents

Executive Summary5
Introduction 4
The importance of Mutual funds8
Regulations of Mutual Fund 7
Functions of Mutual Funds 8
Distinguish From other depository Institutions
9

Recent
News…………………………………………………………………………………13
Analysis……………………………………………………………………………..15
Opportunities……………………………………………………………………….16
Conclusion………………………………………………………………………….17
References…………………………………………………………………………..18
 Executive Summary

The report is all about Mutual funds analysis of Bangladesh. Mutual funds are
popular financial intermediaries and manage disposable income of the investors so as
to bring them benefits of equity investment. The mutual funds in Bangladesh attract
most of the people to invest with full safety, liquidity and return. The report shows
various performance of mutual funds rules, regulations, challenges, open-end and
close-end analysis in between few companies and how they attract investors towards
their company not only that but how they give facilities to their investors.
Introduction of our Mutual fund sector Bangladesh

Over the years, Bangladesh's mutual fund market has seen substantial change. Its
beginning dates back to 1964, when the Unit Fund, the first mutual fund, was
founded. However, the emergence of open-end mutual funds, which gave investors
more choice, helped the industry pick up steam in the 1990s.

The launch of the Securities and Exchange Commission (SEC) in 1993 added even
more muscle to the regulatory structure. In order to protect investors and maintain
market integrity, this regulatory body is essential to the monitoring and control of the
mutual fund business.

The range of asset management firms that have entered the market over time has
increased the variety of funds that investors can choose from. The industry has grown
steadily as a result of initiatives to improve market efficiency and investor awareness.
Recent developments in technology and regulatory changes have helped modernize
the industry and increase the accessibility of mutual funds for a larger range of
investors. The mutual fund sector in Bangladesh has undergone development,
adaptation, and maturation over its history in response to changing investor demands
and changes in the financial environment.

What Is an Open-End Fund?

A diverse portfolio of pooled investor capital that has the ability to issue an infinite
number of shares is known as an open-end fund. Investors can purchase shares
directly from the fund sponsor, who also redeems them. The current net asset value
(NAV) of these shares is used to determine their price every day. Open-end fund
types include certain mutual funds, exchange-traded funds (ETFs), and hedge funds.
For examples we can say Lanka Bangla is an open-end nature company their life and
size of the fund perpetual life and unlimited size when it’s about return since
inception 69.90 % and their DSEX Return 34.86% Their dividend distribute
minimum 70 (seventy) percent of realized income, net of provision, as dividend in
Bangladeshi Taka in each accounting year. In the Dividend distribution the dividend
will be distributed within 45 (forty-five) days from the date of declaration.
There is another company Capitec Asset Management limited their nature is open-
end nature company. The Capitec Padma P.F. Shariah Unit Fund, the company's first
open-end Sharia compliant mutual fund, was introduced in the second half of 2018 by
Capitec Asset Management Limited (CAML). CAML has chosen to develop the
"CAPITEC Popular Life Unit Fund" as an additional investment option to satisfy the
diverse investment demands of both individual and institutional investors. Aiming to
optimize risk-adjusted returns through dividends, interest, and capital growth, the
fund will be open-ended.

What Is a Closed-End Fund?

Closed-end funds operate in a distinct manner. These funds have a set number of
shares that can be traded, as opposed to an infinite amount. No new shares of the fund
are issued if existing ones are sold.
These kinds of funds are linked to the first public offering, or IPO, of a business,
which is the process by which a company offers its shares for sale to investors. If the
price of a closed-end fund rises following its initial public offering (IPO), it may be a
valuable source of income for a portfolio.
In this sector ICB AMCL CMSF GOLDEN JUBILEE MUTUAL FUND one of the
close end nature company their close-end Mutual Fund of 10 (ten) years tenure. The
Fund may be redeemed on its pre-determined maturity at the end of the tenth year but
the Fund can be converted into the Open -End Scheme by taking the acceptance
proposal of conversion as per BSEC rule and subject to approval of the Commission.
Another example of close-end nature Capitec Grameen Bank Growth Fund their
Sponsor is Grameen Bank and their nature Close-End Mutual Fund of 10 (Ten) years
tenure. The Fund may be redeemed on its pre-determined maturity at the end of the
tenth year, but the Fund can be converted into the Open-End Scheme by taking the
acceptance proposal of conversion as per BSEC rule and subject to approval of the
Commission.

The importance of Mutual funds

Over time, mutual funds have the ability to produce returns that are both appealing
and sustainable. Despite the fact that previous performance cannot guarantee future
outcomes, investing in funds with a solid track record of management might present
chances for both income production and capital appreciation.
Furthermore, open-ended mutual funds facilitate entry and exit for investors, allowing
them to purchase or sell fund shares at the net asset value of the fund on any given
business day. Closed-ended mutual funds can also be liquidated concurrently via the
stock exchanges' secondary market. Investors can access their money really fast
because to this liquidity.
Maximize the benefits of professional management: Skilled fund managers who
possess the knowledge to analyze the regional market and choose appropriate
investments oversee mutual funds. For those who might lack the time, expertise, or
money to actively manage their own investments, this professional management can
be especially helpful.
Benefit from tax advantages: Under some circumstances, investing in mutual funds
may offer tax advantages. Dividend income from open-ended mutual funds is limited
to Tk 25,000 every fiscal year, while dividend income from closed-ended mutual
funds is tax-free up to Tk 50,000.
Over the long haul, mutual funds have the ability to produce profitable returns.
Investing in well-managed funds with a solid track record can offer prospects for both
income creation and capital appreciation, even though previous performance is not
always indicative of future outcomes.
Mutual funds provide a number of benefits. They do have certain disadvantages,
though, like fees and costs, no control over specific assets, and market dangers.

Regulations of Mutual Fund

BSEC Mutual Fund (2001)under this act there are rules for Mutual funds registration,
how to establish a fund, regulations for trustees, custodians, management of the asset,
schemes of mutual funds, motive of investing and evaluation policies such as
calculation of Net Asset Value (NAV) and there are Tafsil (listed) criteria.
Punishments is also mentioned if the rules under this act is not fulfilled including
many rules of behaviour.
Such as rules for investment when the fund should not invest;

▪ Less than 60% (sixty percent) of the total assets in capital market instruments out of
which at least 50% (fifty percent) shall be invested in listed securities.

▪ More than 25% (twenty five percent) of the total assets in shares debentures or
other securities in any one industry.

The securities and exchange ordinance 1969, (Ordinance no. XVII of 1969),
established to provide a legal structure for the mutual funds’ regulations, the
establishment ensures protection for the investors and also handles the restrictions.

Bangladesh Securities and Exchange Commission, (Public Issues) 2015 controls the
public offering of securities, regulates the rules of prospectus given to the investors
and through book building method it determines the prices of securities in the bidding
process.
Bangladesh Securities and Exchange Commission (Debt Securities) Rules 2021
provide guidelines and rules for mutual funds to invest in debt securities.

Bangladesh Securities and Exchange Commission (Securities Market Shari’ah

Advisory Council) Rules 2022 regulates and provides a guideline for Islamic Shari’ah
based Mutual Funds.

Functions of Mutual Funds

Mutual fund is an investment company where they sell shares and use the proceeds in
stocks.
Mutual funds act as a professional investment manager to small investors who cannot
invest directly in big company stocks due to less amount of money and insufficient
research knowledge about the companies as mutual funds have their own fund
managers to do research which helps the investors to be risk free.

Mutual funds help investors in diversification because they use the investors' money
in different companies not only in one company which will be safer for the investors.
And will also be more profitable.

One of the significant attractions of investing in mutual funds is that they make
investing an easy procedure by keeping a minimum amount of money to invest.

Mutual funds (Open-End) provide liquidity to investors by repurchasing the shares

from the investors at any time.
 Distinguish From other depository Institutions

Mutual funds and depository institutions serve distinct financial roles. Mutual funds
pool money from investors to invest in a diversified portfolio of stocks, bonds, or
other securities. In contrast, depository institutions, such as banks, primarily focus on
deposit services, offering savings and checking accounts along with loans.

Examples of Mutual fund in Bangladesh:

⮚ AB Bank Mutual fund – AB bank mutual fund is managed by AB invested

limited in Bangladesh. It offers investors the opportunity to participate in a
diversified portfolio.
⮚ Prime Bank Mutual fund – Managed by Prime Asset Management Limited,
this mutual fund in Bangladesh aims to provide investors with a balanced and
well managed investment portfolio.
⮚ ICB Mutual Fund: The Investment Corporation of Bangladesh(ICB) offers
various mutual funds, including ICB AMCL mutual Fund , catering to different
investment objectives and risk appetites.
⮚ Lanka Bangla Mutual fund: Lanka Bangla asset management company
limited manages mutual funds for Lanka Bangla Finance Limited, providing
investment options to the investors in Bangladesh.
⮚ Dutch Bangla Bank Mutual Fund: This one operated by DBBL asset
management company limited and offers investors a chance to choose to invest
in a diversified portfolio.
Please note that the ability and details of mutual funds can change, and it's advisable
to check the latest information and consult with financial experts before making
investments decisions.
While mutual funds aim to capital appreciation, depository institutions provide a
range of financial services, including savings accounts, certificates of deposits and
loans. Mutual funds expose investors to market risk, whereas depository institutions
offers a more stable but lower return on deposits.

Depository institutions examples:

Bangladesh bank : As the central bank of Bangladesh, Bangladesh bank plays a

crucial role in the country's financial system, overseeing and regulating other
depository institutions.

Commercial bank: institutions like Bangladesh's leading banks such as Sonali bank,
Agrani Bank, Janata bank, serve as depository institutions, accepting deposits and
providing various banking services.

Specialized Banks:
Specialized banks like Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank focus
on specific sectors, contributing to the overall depository services in the country.

Non-Banking Financial Institutions (NBFIs) :

NBFIs like IDLC finance limited and lanka bangla finance limited also operate as
depository institutions, offerings financial services beyond traditional banking.

Co-operative Banks:
Co-operative banks in Bangladesh, such as Bangladesh Samabaya Bank limited
contribute to the depository sector by providing banking services with a cooperative
approach.

These, depository institutions play a vital role in mobilizing savings, facilitating

transactions and supporting economic activities in Bangladesh.

Additionally, mutual funds are managed by investment professionals while

depository institutions focus on traditional banking activities and may offers
investment products separately. Understanding the objectives and risks associated
with each helps individuals make informed decisions based on their financial goals.
Current scenario of mutual fund industry on Bangladesh

According to the Association of Asset Management Companies and Mutual Funds

(AAMCMF) and the Bangladesh Securities and Exchange Commission (BSEC),
there are currently 58 registered asset management companies in Bangladesh. Out of
these, 38 companies manage a total of 36 closed-end and 88 open-end mutual funds
in the country. In the closed-end funds category, there are 28 general funds, 4 Shariah
funds, 2 growth funds, and 1 fixed income and balanced fund. On the other hand, in
the open-end funds, category, there are 29 general funds, 29 growth funds, 14
Shariah-compliant funds, 8 balanced funds, 7 fixed income funds, and 1 sectoral
fund. The growth of the mutual fund industry in Bangladesh has been impressive in
recent years, witnessing a five-year (FY'2017-22) Compound Annual Growth Rate
(CAGR) of 7.72%. More investment options have become available to investors,
leading to an overall increase in investment activity and opportunities in the country.
As on FY'2022, the total Assets Under Management (AUM) stood at BDT 118,071
mn. Out of this, the AUM of closed-end funds was approximately BDT 61,996 mn,
while the AUM for open-end mutual funds during the same period was BDT 56,074
mn. RACE Management PCL leads the industry managing 10 funds with combined
AUM of BDT 32,288 mn which accounts for around 52% of the total closed-end
AUM, followed by LR Global Bangladesh AMCL, which has a market share of 16%
with BDT 10,054 mn under management. And In terms of Open-end funds, the
market is dominated by ICB AMCL, which is managing 15 funds with combined
AUM of BDT 34,838 mn, around 62.13% of the total Industry AUM.

Bangladesh's mutual fund industry is struggling to keep pace

with country’s rapid economic growth and lagged behind peer
economies:
The economy of Bangladesh has experienced a rapid growth in last decade growing
consistently at a rate above 6.0% reaching all time high to 7.9 % in FY’2019 owing to
strong ready-made garment (RMG) exports, resilient remittance inflows, and stable
macroeconomic conditions. In Contrast, Bangladesh’s Mutual Fund industry failed to
keep up with the pace of country’s economic growth. The AUM to GDP ratio of the
country stood at 0.24% in FY’22 which is the lowest in the region indicating the
exponential growth potentials in this sector. Among the peer economies, India tops
the list with an AUM to GDP ratio of 16.2% while it is 6.3% and 1.7% for Vietnam
and Pakistan, respectively. On the other hand , developed economies like USA &
Canada has an AUM to GDP ratio of 195.7% and 180.8%, respectively. The AUM to
total banking deposit is another key ratio which provides insight into the degree of
investment allocations towards mutual funds in contrast to conventional banking
instruments. As on January 2023, Bangladesh’s AUM to Total Deposit ratio stands at
0.72% which is the lowest in South Asia. India has the largest mutual fund industry in
South Asia with an AUM to deposit ratio of 20.80% followed by 6.8% in Pakistan
and 1.52% in Sri Lanka.

Key Benefits for investors in the mutual fund industry of

Bangladesh:

The concept of professional fund management is still new in Bangladesh. According

to Green Delta Dragon Asset Management Ltd., Investors Penetration rate in
Bangladeshi capital market is around 1.1% which is the lowest among the peer
economies. Malaysia tops the list with an investors penetration rate of 9.0% followed
by 8.0%, 6.6% and 2.1% by Thiland, Vietnam & India, repectively.8 The key reasons
behind such low investors penetration can be attributed by two main factors: lack of
awareness about mutual funds and pessimistic outlook towards the capital market
despite its potential for generating substantial returns. However, In such cases,
investors have the option to participate in the capital market through professionally
managed funds. This approach allows them to potentially achieve higher returns
while minimizing risks by passively investing in a variety of financial instruments
within these funds. As per rule 66 of Bangladesh Securities and Exchange Comission
(Mutual Funds) Bidhimala (Rules) 2001 as ammended, funds are required to
distribute profit in the form of dividend which shall not be less than 70% of the
annual profit of the fund. And, according to BSEC Order BSEC/CMRRCD/2009-
193/228, the distribution of reinvestment units as dividends has been disallowed,
thereby making it mandatory for funds to distribute only cash dividends to investors.
Mutual funds in Bangladesh enjoy preferential allotment during the distribution of
securities in public offerings. According to Bangladesh Securities and Exchange
Commission (Public Issue) Rules, 2015, mutual funds are allotted a specific quota of
5% during IPO issuance in Fixed Price method. And, in case of book building
method, mutual funds, along with other eligible investors and CISs (Collective
Investment Schemes), collectively enjoy a higher quota of 25% during the
distribution of securities. Historically, IPO issues in the Bangladeshi capital market
have demonstrated strong performance. Therefore, this preferential allotment during
IPO issuance offers investors the opportunity to take higher exposure in IPOs and
potentially achieve enhanced returns through investments in mutual funds. One
significant and highly anticipated development in the mutual fund industry has taken
place with the resolution of the double taxation issue that arose during the previous
fiscal year. The dividend income for mutual funds was made taxable at fund level
during last fiscal year and it created a double taxation problem as mutual fund
investors had to pay the same tax again when they receive dividends from the mutual
funds. The Income Tax Act 2023 has rectified the double taxation problem and made
income of mutual funds tax exempted at fund level which will ensure higher post-tax
return for mutual fund investors.

Challenges in mutual fund industry of Bangladesh

According to the last S&P Global Finlit survey, financial literacy rate among adults in
Bangladesh was around 19% ranked 131 out of 142 countries which was 35% in Sri
Lanka and 25% in Pakistan.12 Most people in Bangladesh mainly invest their savings
in Sanchaypatra (government savings certificates), bank deposits, real estate or a
combination of those. And, due to lack of financial awareness and pre-established
stigma regarding capital market, Bangladeshi investors tend to overlook the mutual
fund sector. Unfavorable & inconsistent tax policy is another key challenge to the
development of country’s mutual fund industry. While the mutual fund industry is
designed to cater risk averse investors who prefer capital preservation and steady
returns through professionally managed investment portfolio, the current taxation
policy of the country, on the other hand, incentivizing investors to take on more risk
by directly investing in the secondary market. This paradox raises important
considerations regarding the alignment of objectives between the mutual fund
industry and the taxation framework of the country. Moreover, Bangladesh’s Asset
Management companies face various regulatory constraints while investing in the
market.
Such stringent regulatory constrains limit investment options and reduce flexibility
for fund managers which subsequently lead to lower potential return. Moreover, they
create market timing challenges, complicate risk management and cause competitive
disadvantages for the fund managers.

Analysis of Mutual Fund

There are a total 130 mutual funds in Bangladesh. 36 closed end mutual funds and 94
open end mutual funds. As we know ICB first introduced the mutual fund. They
manage a total of 24 mutual funds, 9 close end funds and 15 open end funds known
as unit funds also have the largest market shares among other Asset Management
Companies. ICB is doing well in close but it is still struggling in the open end mutual
funds market. There are about 37 listed mutual funds in DSE which is about 1.30%
percent of market capitalization of DSE.
To compare, we are taking two mutual funds from an open-end mutual fund.
CAPM unit fund is the first ever digitized open end mutual fund which reduces the
paperwork and saves time. CAPM unit fund is categorized as aggressive growth fund
or capital appreciation fund which means it attracts investors by providing potential
very high growth and there is likely more risk. From the value of NAV per unit and
Dividend pay-out.

Capitec Padma P.F Shariah mutual fund is Shariah compliant mutual fund based on
Profit and Loss sharing principle this open end mutual fund only can diversify among
Shariah compliant securities and money market. It reflects a stable and a steady
growth compared to CAPM unit fund as we observed in the graph this can be due to
being stuck only in Shari’ah compliant securities. There is less diversification but
provides a stable growth with moderate risk unlike CAPM unit fund. Observing their
NAV and Dividend pay-out.
Close-end company analysis:

For close-end company as we choose GRAMEENS2 and ICBAMCL2nd thei

annual NAV for last four years are:

For year 2019 2020 2021 2022

GRAMEENS2 19.55 15.39 20.53 20.28
ICBAMCL2ND 8.83 6.19 10.36 10.82

From the specified years of 2019 to 2022 it shows, GRAMEENS2 had a fluctuating
Nav over the years, starting at 19.55 in 2019 , dropping in 2020 then recovering in
2021 but again slightly decreasing to 20.28 in 2022. Whereas, ICBAMCL2nd
experiencing NAV fluctuations but generally increased over the years from 2019 to
2022
 These NAV trends suggest different performance trajectories for the two companies,
with GRAMEENS2 showing more volatility, while ICBAMCL2ND had a more
consistent increase in NAV , especially for the last years. It’s essential to consider
various factors such as market conditions and the companies investment strategies to
gain a comprehensive understanding of their performance.

Issues of Mutual Funds in Bangladesh

One of the reasons for the investors to invest in mutual funds is to reduce the tax on
their income but from an official report we have seen the security holders of mutual
funds are paying taxes in double. This type of occurrence has broken the investors
trust. Which makes a negative impact on the mutual fund industry.

In Bangladesh there is low awareness regarding investing in mutual funds. Potential

investors, especially people in rural areas, are not aware of the benefits of investing in
mutual funds. People do not know about the risk and gains due to this mutual funds
are low in demand.
The most popular investment instruments among the public in Bangladesh is Bank
FD, saving certificates there in Bd market mutual funds have tough competition to
overcome this mutual fund should be more diversified but unfortunately mutual funds
are not that diversified. Due to the lack of proper acts and regulations from BSEC and
other regulators mutual funds are unable to establish them in the capital market of
Bangladesh.

Opportunity of mutual funds In Bangladesh

Growing Economy: Bangladesh has experienced consistent economic growth,

providing a favorable environment for investment. Mutual funds can capitalize on
this by investing in a diverse range of sectors.

Increasing Financial Awareness: As financial literacy improves, more individuals and

institutional investors are likely to explore investment options, including mutual
funds, leading to a potential increase in the size of the mutual fund market.

Diversification Benefits: Mutual funds offer diversification, allowing investors to

spread their risk across various asset classes. This is particularly attractive in a
developing market like Bangladesh, where certain sectors may have higher volatility.

Regulatory Support: The regulatory framework for mutual funds in Bangladesh is

evolving, providing a more structured and secure environment for investors.
Regulatory support can enhance investor confidence and attract more participants to
the mutual fund industry.

Demographic Dividend: With a large and young population, there is significant

potential for mutual funds to tap into the savings and investment habits of the
younger generation, creating a long-term investor base.

Technological Advancements: The adoption of technology in the financial sector is

growing in Bangladesh. Mutual funds can leverage digital platforms for easier
accessibility, online transactions, and efficient management of fund portfolios.

Infrastructure Development: Ongoing infrastructure projects in Bangladesh present

investment opportunities. Mutual funds can play a crucial role in channeling funds
towards these projects, contributing to economic development.

Global Investment Trends: Aligning with global investment trends and incorporating
international assets in mutual fund portfolios can attract investors looking for
diversification beyond domestic markets.
Conclusion

A mutual fund is a versatile investment choice that can help investors gain profits
and build wealth by tapping into the opportunities presented by the markets. Mutual
funds offer plans for every investor to meet varied short-term and long-term goals.
Mutual funds let you pool your money with other investors to "mutually" buy stocks,
bonds, and other investments. They're run by professional money managers who
decide which securities to buy (stocks, bonds, etc.) and when to sell them. Even the
market has witnessed growth due to increasing investor awareness and a desire for a
more structured investment approach. However, challenges like regulatory constraints
and market volatility persist. Despite these challenges the potential for wealth
creation and risk mitigation makes mutual funds a viable option for investors seeking
a balanced investment strategy in the dynamic Bangladeshi financial landscape.

Google Spreadsheet link

https://docs.google.com/spreadsheets/d/1UDGMUT7Q8_1zC-ZhtziCWx7DYdZRXjo633QvxtgGiVE/edit?
usp=drivesdk
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https://www.researchgate.net/publication/
343614925_Performance_of_Mutual_Funds_Management_of_Bangladesh- (Alam, 2019)

Evidence_from_Close_End_Mutual_Funds_in_Dhaka_Stock_Exchange_Limited_DSE#:~:text=Ma
nagement%22s%20inefficiency%2C%20lack%20of,mutual%20fund%20sector%20in
%20Bangladesh

https://www.tbsnews.net/economy/stocks/why-bangladesh-mutual-fund-industry-lags-behind-
despite-beating-stock-market-677494?amp=

(Babu, 2023)

https://idlc.com/aml/rules_and_regulations.php (Rules and Regulations, n.d.)

http://bdlaws.minlaw.gov.bd/act-355.html (Laws Of Bangladesh, n.d.)

https://www.icbamcl.com.bd/ (Home, n.d.)

https://capitecbd.com/funds (Funds, n.d.)
https://sec.gov.bd/mutualfund/Capitec_Grameen_Bank_Growth_Fund_04.09.2023.pdf (htt)

https://research.eblsecurities.com/Content/EBSLAdmin/images/ResearchReport/3/c884f022-53aa-
4781-9601-aef8bc860b1c03082023104638.pdf
(Diving Deep into the Mutual Fund Industry of Bangladesh: Fund Composition and, 2023)

http://www.capmbd.com/home/mutual/cuf (CAPM Unit Fund)