Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Risk Profile of Collective Investment Scheme / Plans

New Account Opening
RISK PROFILE

Fund Name Symbol Funds Category Risk Profile Risk of Principal Erosion

Meezan Islamic Fund MIF Islamic Equity High High

Al Meezan Mutual Fund AMMF Islamic Equity High High

Meezan Dedicated Equity Fund MDEF Islamic Equity High High

Meezan Energy Fund MEF Islamic Equity High High

KSE Meezan Index Fund KMIF Islamic Index Tracker High High

Meezan Pakistan Exchange Traded Fund MP-ETF Exchange Traded Fund High High

Meezan Asset Allocation Fund MAAF Islamic Asset Allocation High High

Meezan Dividend Yield Plan MDYP Islamic Asset Allocation High High

Meezan Balanced Fund MBF Islamic Balanced Medium Medium

Meezan Islamic Income Fund MIIF Islamic Income Medium Medium

Meezan Sovereign Fund MSF Islamic Income Moderate Moderate

Meezan Daily Income Fund MDIF Islamic Income Plan Specific (Low to Moderate) Plan Specific (Low to Moderate)

Meezan Cash Fund MCF Islamic Money Market Low Low

Meezan Rozana Amdani Fund MRAF Islamic Money Market Low Low

Meezan Fixed Term Fund MFTF Open End Islamic CIS as per SECP’s Circular No.3
Very
of Low
2022 Very Low

Meezan Gold Fund MGF Islamic Commodity High High

Meezan Financial Planning Fund of Fund MFPF Islamic Fund of Funds Plan Specific (Medium to High) Plan Specific (Medium to High)

Meezan Strategic Allocation Fund MSAF Islamic Fund of Funds Plan Specific (Medium to High) Plan Specific (Medium to High)

Meezan Strategic Allocation Fund - II MSAF-II Islamic Fund of Funds Medium Medium

Meezan Strategic Allocation Fund – III MSAF-III Islamic Fund of Funds Medium Medium

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV based prices of
units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data does not include cost incurred
by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

From the
CIO's Desk
New Account Opening

CIO Note: September, 2024

The stock market touching new high on IMF Executive Board’s approval!

Dear Investor,
The stock market continued its upward direction during the month with KSE
100 index increasing by 3.35% while KMI 30 index was almost flat. The IMF
Executive Board has approved the 37-month, USD 7 bn Extended Fund Facility

CIO's DESK
for Pakistan which paved the way for the disbursement of the first tranche of
USD 1.1 bn. Foreigners outflows accelerated to USD 55 mn during the month
as passive funds sought to offload positions, primarily driven by significant
selling from foreign funds tracking the FTSE-Russell Emerging Market Index
because FTSE-Russell downgraded Pakistan from Emerging Market to Frontier
market status. However, foreigner’s selling was largely absorbed by Mutual
Funds and Individuals with net buying of USD 42 mn and 22 mn respectively.

On the economic front, Pakistan's current account surplus clocked in at USD 75 mn in Aug 2024, a significant improvement from the USD 152mn deficit
recorded in Aug 2023 due to significant rise in remittances. Total current account deficit for 2MFY25 stood at USD 171 mn. The FBR tax collection exceeded
the monthly target of Rs. 1.1 trn. The Rs. 98 bn shortfall in the first two months of FY25 has now been reduced to Rs. 96 bn. The revenue collection in
September saw an increase of 32% YoY compared to Rs. 833 bn in the same month last year.
Robust corporate earnings
The profitability of the KSE 100 index continues to rise to new heights, posting a robust growth of 25% YoY in FY24 even though the quarterly profitability has
declined by 9%. The growth in profitability during FY24 was attributable to an enormous surge in growth of OMCs, Automobile, Fertilizers and Pharmaceuticals
sector performance.

Real interest rate is largely positive

The headline inflation rate for September 2024 dropped to almost 4 years low at 6.9%, which is much lower than Sept 23 CPI of 31.4% and 9.6% in the
previous month. For first quarter FY25, the average headline inflation rate stands at 9.2%, a significant drop from the 29.0% average in the same period last
year. As a result of receding inflation, the real interest rate has increased to over 10% which makes a strong case for further policy rate cuts.

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV based prices of
units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data does not include cost incurred
by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

From the
CIO's Desk
New Account Opening

Attractive Valuations
The valuations continue to remain very attractive, by historical averages, with the market trading at a forward P/E ratio of around 4x compared to its long-term
average P/E of about 8.0x with dividend yield of 11%, while selected blue chips are offering dividend yield in excess of 15%.

(x)
P/E trading below its own historical multiples
14 LT Avg. 7.8x Current: 4x

11

CIO's DESK
5

2
Apr-07

Apr-11

Apr-22
Jul-06

Feb-08

Sep-09

Jul-17

Sep-20
Jul-21

Feb-23

Sep-24
Jun-10

Jun-14

May-18

Nov-23
Nov-08

Mar-15
Dec-15

Mar-19
Dec-19
Jan-12
Oct-12
Aug-13

Oct-16
SD-2 SD-1 FWD-PER SD+1 SD+2 Mean

Key triggers going forward

The outlook of stock market remains very promising. The IMF executive board has approved the 37-month EFF program of around USD 7 billion with the
disbursement of the first tranche of USD 1.1 bn which pave way for further foreign inflows in the country and strengthen our foreign exchange reserves.
Additionally, CPI Inflation is on a downward trajectory, with August and September figures showing single-digit inflation for the first time in three years.
Average inflation for FY25 is projected to range between 10% and 12%. The State Bank of Pakistan (SBP) has already cut the policy rate by 450 basis points
from its peak of 22% in June 2024. The return to single-digit inflation provides a compelling case for further policy rate cuts, which would be beneficial for the
stock market. Furthermore, international rating agencies have recently upgraded Pakistan's credit rating, citing a "positive" economic outlook. This upgrade
further enhances investor confidence and reinforces the positive sentiment surrounding the market.

Advice for investors: Investors looking to invest for shorter tenors with low to medium risk are advised to invest in our Money Market and Income Funds given
high-interest rates. On the other hand, investors with a high-risk appetite and medium to long-term view should continue to enhance long-term exposures to
equities at these levels as economic conditions will continue to improve gradually as the current account balance and forex reserve situation improves.

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV based prices of
units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data does not include cost incurred
by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Performance Summary
New Account Opening

Return (net of all expenses including

Fund size
Management Fee)
S.No. Funds Category Fund Name Symbol (Rs. in Inception date
FY25TD Since Inception CAGR
million)
Fund Benchmark Fund Benchmark
1 Islamic Equity Meezan Islamic Fund MIF 23,918 08-Aug-03 2.11% -1.32% 15.27% 14.24%
2 Islamic Equity Al Meezan Mutual Fund AMMF 5,764 13-Jul-95 2.12% -1.32% 15.60% 13.77%
3 Islamic Equity Meezan Dedicated Equity Fund MDEF 306 09-Oct-17 2.75% -1.32% 5.33% 8.95%
4 Islamic Equity Meezan Energy Fund MEF 1,310 29-Nov-16 -0.95% -1.32% 2.51% 7.28%
5 Islamic Index Tracker KSE Meezan Index Fund KMIF 3,856 23-May-12 -1.71% -1.32% 11.92% 14.17%
6 Islamic Exchange Traded Meezan Pakistan Exchange Traded Fund MP-ETF 125 05-Oct-20 -3.03% -2.92% 12.04% 14.48%
7 Islamic Balanced Meezan Balanced Fund MBF 2,536 20-Dec-04 4.04% 1.01% 12.39% 10.83%
8 Islamic Asset Allocation Meezan Asset Allocation Fund MAAF 317 18-Apr-16 2.33% -0.85% 5.89% 8.70%
9 Islamic Asset Allocation Meezan Dividend Yield Plan MDYP 36 28-Aug-24 -2.07% 0.71% -2.07% 0.71%
10 Islamic Income Meezan Islamic Income Fund MIIF 41,913 15-Jan-07 19.43% 10.82% 9.87% 5.64%
11 Islamic Income Meezan Sovereign Fund MSF 198,406 10-Feb-10 20.67% 18.62% 9.60% 8.02%
12 Islamic Money Market Meezan Cash Fund MCF 78,319 15-Jun-09 17.26% 10.65% 9.46% 6.29%
13 Islamic Money Market Meezan Rozana Amdani Fund MRAF 57,083 28-Dec-18 18.25% 10.65% 13.20% 7.19%
14 Islamic Commodity Meezan Gold Fund MGF 2,451 13-Aug-15 16.46% 13.87% 17.31% 19.19%
15 Meezan Daily Income Fund
Islamic Income Meezan Daily Income Plan - I MDIP-I 77,212 13-Sep-21 18.65% 10.82% 17.05% 10.02%
Islamic Income Meezan Mahana Munafa Plan MMMP 5,712 29-Oct-22 15.67% 10.82% 18.02% 14.58%

Performance Summary
Islamic Income MDIF-Meezan Sehl Account Plan MSAP 139 19-Jun-23 15.67% 10.82% 19.22% 16.75%
Islamic Income MDIF-Meezan Munfa Plan-I MMP-I 9,026 29-Aug-23 19.59% 10.82% - -
Islamic Income MDIF-MEEZAN Super Saver Plan MSSP 4,661 26-Apr-24 19.19% 10.82% - -
16 Meezan Fixed Term Fund
Meezan Paaidar Plan V MPMP-V 8,591 30-Jan-24 20.97% 9.18% - -

Open End Islamic CIS as per SECP’s Meezan Paaidar Plan IX MPMP-IX 850 08-Apr-24 18.11% 11.08% - -
Circular No.3 of 2022 Meezan Paaidar Plan X MPMP-X 3,005 25-Apr-24 22.79% 10.18% - -
Meezan Paaidar Plan XII MPMP-XII 840 23-May-24 22.54% 10.46% - -
17 Meezan Financial Planning Fund of Fund
Islamic Fund of Funds Scheme MFPF-Aggressive Allocation Plan MPFP-AGG 100 11-Apr-13 3.48% 0.23% 10.45% 10.33%
Islamic Fund of Funds Scheme MFPF-Moderate Allocation Plan MPFP-MOD 79 11-Apr-13 4.19% 1.73% 10.79% 9.36%
Islamic Fund of Funds Scheme MFPF-Conservative Allocation Plan MPFP-CON 56 11-Apr-13 4.73% 3.14% 9.95% 7.10%
Islamic Fund of Funds Scheme MFPF-VERY CONSERVATIVE ALLOCATION PLAN MPFP-V. CON 1 22-Aug-23 2.89% 12.48% 16.13% 13.66%
Islamic Fund of Funds Scheme Meezan Asset Allocation Plan-I MPFP-MAAP-I 96 10-Jul-15 4.26% 0.75% 8.52% 8.26%
18 Meezan Strategic Allocation Fund
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-I MSAP-I 89 19-Oct-16 5.94% -0.15% 6.45% 6.14%
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-II MSAP-II 43 21-Dec-16 5.53% -0.76% 5.17% 4.60%
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-III MSAP-III 99 16-Feb-17 4.95% 0.06% 4.76% 4.58%
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-IV MSAP-IV 67 20-Apr-17 4.53% 0.39% 5.13% 4.60%
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-V MSAP-V 34 10-Aug-17 3.69% 0.47% 6.96% 7.05%
19 Meezan Strategic Allocation Fund - II
Islamic Fund of Funds Scheme MSAF-II Meezan Capital Preservation Plan-IV MCPP-IV 293 06-Mar-18 4.99% 2.05% 9.11% 5.47%
20 Meezan Strategic Allocation Fund - III
Islamic Fund of Funds Scheme MSAF-III Meezan Capital Preservation Plan-IX MCPP-IX 78 14-May-19 4.87% 2.08% 12.88% 8.84%

21 Meezan Tahaffuz Pension Fund

MTPF-Equity sub Fund MTPF-EQT 5,373 28-Jun-07 2.40% - 13.44% -
Islamic Voluntary Pension MTPF-Debt sub Fund MTPF-DEBT 7,341 28-Jun-07 19.50% - 8.98% -
Scheme MTPF-Money Market sub Fund MTPF-MMKT 12,752 28-Jun-07 20.36% - 8.90% -
MTPF-Gold sub Fund MTPF-Gold 613 4-Aug-16 15.87% - 16.88% -

22 Meezan GOKP Pension Fund

Islamic GOKP Pension Scheme MGOKPPF - Money Market Sub Fund MGOKPPF - MMKT 250 14-Dec-23 19.23% - - -

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The products herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Al Meezan Investment
Management Limited
New Account Opening

Al Meezan Investments, the company in operation since 1995, has one of the longest track records of managing mutual funds in the private sector in Pakistan. Al Meezan Investments
manages twenty mutual funds and two vps; namely Al Meezan Mutual Fund, Meezan Balanced Fund, Meezan Islamic Fund, Meezan Islamic Income Fund, Meezan Daily Income Fund,
Meezan Tahaffuz Pension Fund, Meezan Cash Fund, Meezan Sovereign Fund, Meezan Financial Planning Fund of Funds, KSE Meezan Index Fund, Meezan Gold Fund, Meezan Asset Allocation
Fund, Meezan Dividend Yield Plan, Meezan Strategic Allocation Fund, Meezan Energy Fund, Meezan Dedicated Equity Fund, Meezan Strategic Allocation Fund – II, Meezan Rozana Amdani
Fund, Meezan Fixed Term Fund, Meezan Strategic Allocation Fund – III, Meezan Pakistan Exchange Traded Fund and Meezan GOKP Pension Fund. The total funds under management of Al
Meezan, the only full-fledged Shariah compliant asset management company in Pakistan, have reached Rs.552.70 billion as on September 30, 2024 With an AM1 credit rating denoting high
management quality, the company clearly stays well ahead of all its competitors in the Islamic asset management market in Pakistan.

Stock Market Review Money Market Review

During the month of September 2024, the KSE-100 index increased by 2,626 points (up Inflation for September 2024 clocked in at 6.9% on year-on-year basis as compared to an
3.35%) to close at 81,114 points. The average daily volume of the market stood at 527 increase of 9.6% in the previous month and 31.4% in September 2023. With this,
mn shares, slightly down by 2% on a MoM basis. Fertilizer, Banks and Oil & Gas average inflation for FY25 clocked in at 9.2% compared to 29.03% in FY24. During the
Exploration Companies were the major positive contributing sectors to the Index month of September, 3M,6M and 12M KIBOR rates decreased by 192 bps to 292 bps to
performance. close at 16.13%, 15.20% and 14.40% respectively. Similarly, secondary market T-Bill
yields of 3M,6M and 12 M decreased by 253 bps to 347 bps. At the end of the month,
MARKET REVIEW

The major reason behind the increase in the stock market performance were the IMF 3Ms, 6Ms, and 12Ms yields closed at 15.52%, 14.64% & 13.48% respectively. Decline in
Executive Board approval on the new IMF program, receding inflation and monetary yields were observed due the expectations of further rate cut in next MPC meetings.
easing by SBP. The CPI inflation for September 2024 fell to 6.9% YoY, the lowest in Policy rate currently stands at 17.50%. In longer tenor PIBs, 3 years yield was down by
almost four years. 304 bps, 5 years was down by 260 bps and 10 years yield was down by 132 bps. In the
primary market, two T-bill auctions were conducted during the month. In total, Rs
Foreigners were net seller with net selling aggregating USD 55 mn during the month and 835.24 billion were accepted against a target of Rs. 1,175 billion with major acceptance
on local front Mutual Funds and Individuals were major buyers with net buying in 6 months and 12 months T-bills. In the last auction, All the bids were rejected in all
aggregating USD 42 mn, and USD 22 mn respectively. The oil prices decreased by 9% tenor as SBP didn’t raise any amount against the target. On the Islamic front,
during the month with Brent closing at USD 71.77 per barrel due to weak demand. Government of Pakistan raised PKR 207.55 billion through auction of 1 year, 3 year, 5
years and 10 years floating rate and fixed rate Ijarah. SBP received bids worth PKR
While near-term volatility cannot be ruled out, we maintain a long-term positive outlook 676.69 billion against the target of PKR 250 billion. On the for-ex front, the PKR
on the equity market. We encourage investors to enhance their long-term exposures to appreciated against USD in the interbank by Rs. 0.82 and in the open market it
equities at these levels. depreciated by Rs. 0.19 to close at Rs. 277.71 and 279.94 respectively.

KSE - 100 Index Performance 6 Month Kibor

Vol (mn) (L.H.S.) Index (R.H.S.)

18.2
1,000 83,000
17.8
900
800 82,000 17.4

700 17
600 81,000
16.6
500
400 80,000 16.2
300 15.8
200 79,000
15.4
100
0 78,000 15
02-Sep
03-Sep
04-Sep
05-Sep
06-Sep
09-Sep
10-Sep
11-Sep
12-Sep
13-Sep
16-Sep
17-Sep
18-Sep
19-Sep
20-Sep
23-Sep
24-Sep
25-Sep
26-Sep
27-Sep
30-Sep
26-Sep

30-Sep
02-Sep
03-Sep
04-Sep
05-Sep
06-Sep
09-Sep
10-Sep
11-Sep
12-Sep
13-Sep
16-Sep
18-Sep
19-Sep
20-Sep
23-Sep
24-Sep
25-Sep

27-Sep

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV based prices of
units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data does not include cost incurred
by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Islamic Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : High Risk means Risk of Principal Erosion is high

Fund Review
Net assets of Meezan Islamic Fund stood at Rs. 23.92 billion as on September 30, 2024. The fund’s NAV increased by 2.25% during the month of September as compared to 0.03% decreased in benchmark
index (KMI-30) while KSE-100 Index during the same period increased by 3.35%. As on Sep 30, 2024, the fund was 96% invested in equities.
Investment Objective Investment Growth
To maximize total investor returns by investing in Shariah Compliant equities focusing on both capital
MIF Benchmark
gains and dividend income.
Fund Details 2,500
Fund Type Open End
Fund Category Equity
Risk Profile/Risk of Principal Erosion High 2,000
Launch Date 08-Aug-2003
Benchmark KMI-30
Listing Pakistan Stock Exchange (PSX) 1,500
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor A.F. Ferguson & Company
AMC Rating AM1 1,000
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Unit Type A, B and C
Front End Load 2.00% 500
Back End Load Nil
Leverage Nil
Valuation Days Monday to Friday -
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)

Apr-07

Apr-18
May-06

Dec-10

May-17

Dec-21
Aug-03

Aug-14
Oct-12

Oct-23
Jan-10

Sep-13

Jun-16

Jan-21

Sep-24
Jun-05

Mar-19
Mar-08
Feb-09

Feb-20
Jul-04

Nov-11

Jul-15

Nov-22
Pricing Mechanism Forward
Management Fee 2.00%
Actual Rate of Management Fee 2.00% Top Ten Equity Holdings : (% of Total Assets)
Fund Manager Muhammad Asad Mari Petroleum Company Limited 10.32%
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, The Hub Power Company Limited 9.13%
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Oil & Gas Development Company Limited 8.46%
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM Pakistan Petroleum Limited 7.41%
| Zohaib Saeed, CFA, ACCA Lucky Cement Limited 7.00%
Fund Net Assets Kohat Cement Company Limited 6.15%
Aug'24 Sep'24 MoM % Meezan Bank Limited 5.88%
Net Assets (Rs. mn) ** 22,369 23,918 6.92% Systems Limited 5.43%
Net Assets (excluding FoFs) (Rs. mn) 22,369 23,777 6.29% Engro Fertilizers Limited 4.01%
EQUITY

NAV Per Unit (Rs.) 81.56 83.39 2.25% Engro Corporation Limited 3.86%
** This includes Rs. 141 mn invested by Fund of Funds. Sector Allocation
Asset Allocation Other, 24.06% Oil & Gas
Aug'24 Sep'24 Exploration
Equity 95.42% 95.90% Companies, 26.19%
Cash 4.18% 2.86%
Other Receivables 0.40% 1.24% Banks, 6.03%
Price Earning Ratio
P/E 4.71%
Expense Ratio
Expense Ratio * Mtd | 4.65% Ytd | 3.88% Fertilizer, 9.31%
* This includes Mtd | 0.58% and Ytd | 0.55% representing Government Levy and SECP Fee. (Annualized),
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 36.95 million)
Risk Measures - September-24 Power Generation
MIF KSE-100 Index KMI-30 Index & Distribution,
Standard Deviation 3.92% 2.95% 3.84% 9.89%
Cement, 20.42%
Sharpe Ratio 0.29% 0.75% -0.30%
Performance - Cumulative Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MIF 2.25% 2.11% 13.54% 2.11% 60.69% 57.00% 127.30% 1924.37% 15.27%
Benchmark ** -0.03% -1.32% 11.02% -1.32% 60.62% 72.51% 143.89% 1571.71% 14.24%
* Performance start date of August 08, 2003, CAGR since inception
** KMI-30 replaced DJIIMPK as the Fund’s benchmark from July 01, 2009, while KSE-100 index remained as the benchmark till June 30, 2006. NAV to NAV return with dividend reinvested
Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MIF 73.00% -2.54% -11.27% 35.50% 2.81% -24.30% -17.10% 22.90% 17.40%
Benchmark 78.70% 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50%
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Al Meezan
Mutual Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : High Risk means Risk of Principal Erosion is high

Fund Review
The net assets of Al Meezan Mutual Fund (AMMF) as at September 30, 2024 stood at Rs. 5.76 billion. The fund’s NAV increased by 2.70% during the month of September as compared to 0.03% decreased in
benchmark index (KMI-30) while KSE-100 Index during the same period increased by 3.35%. As on September, the fund was 96% invested in equities.
Investment Objective Investment Growth from FY 1996 to Date
The objective of Al Meezan Mutual Fund is to optimize the total investment returns, both capital gains
AMMF
and dividend income, through prudent investment management.
Fund Details 8,000,000
Fund Type Open End 6,937,570
Fund Category Equity 7,000,000

Risk Profile/Risk of Principal Erosion High

6,000,000
Launch Date 13-Jul-1995
Benchmark KMI-30
5,000,000
Listing Pakistan Stock Exchange (PSX)
Trustee Central Depository Company Pakistan Limited (CDC).
4,000,000
Auditor A.F. Ferguson & Company
AMC Rating AM1 Conversion from
3,000,000 close end fund to
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
open end fund
Unit Type A, B,C and D
2,000,000
Front End Load 2.00%
Back End Load Contingent Load 1,000,000
Leverage Nil
Valuation Days Monday to Friday -
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)

May-13

Dec-14

Dec-17

Dec-20

Dec-23
Aug-12

Sep-24
Feb-14

Sep-15

Sep-18

Sep-21
Jul-95
Jun-07
Nov-11

Jun-16
Mar-17

Jun-19
Mar-20

Jun-22
Mar-23
Pricing Mechanism Forward
Management Fee 2.00%
Actual Rate of Management Fee 2.00% Top Ten Equity Holdings : (% of Total Assets)
Fund Manager Ahmed Hassan, CFA Oil & Gas Development Company Limited 10.35%
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, The Hub Power Company Limited 9.86%
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Mari Petroleum Company Limited 9.61%
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM Lucky Cement Limited 7.68%
| Zohaib Saeed, CFA, ACCA Pakistan Petroleum Limited 7.65%
Fund Net Assets Meezan Bank Limited 5.38%
Aug'24 Sep'24 MoM % Systems Limited 4.97%
Net Assets (Rs. mn) ** 4,838 5,764 19.14% Engro Fertilizers Limited 4.95%
Net Assets (excluding FoFs) (Rs. mn) 4,807 5,764 19.91% Engro Corporation Limited 4.25%

EQUITY
NAV Per Unit (Rs.) 24.26 24.92 2.25% Cherat Cement Company Limited 3.82%
** This includes Rs. 0 mn invested by Fund of Funds. Sector Allocation
Asset Allocation Other, 22.45%
Aug'24 Sep'24
Oil & Gas
Equity 95.26% 95.79% Marketing
Cash 2.41% 2.99% Companies, 6.31%
Oil & Gas
Other Receivables 2.33% 1.22% Exploration
Price Earning Ratio Companies, 27.61%
P/E 4.64% Fertilizer, 9.65%
Expense Ratio
Expense Ratio * Mtd | 4.98% Ytd | 4.03%
* This includes Mtd | 0.63% and Ytd | 0.57% representing Government Levy and SECP Fee. (Annualized),
Power Generation
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 8.14 million)
& Distribution,
Risk Measures - September-24 10.81%
AMMF KSE-100 Index KMI-30 Index
Standard Deviation 4.13% 2.95% 3.84% Cement, 18.96%
Sharpe Ratio 0.38% 0.75% -0.30%
Performance - Cumulative Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
AMMF 2.70% 2.12% 12.77% 2.12% 61.53% 63.09% 130.45% 6837.57% 15.60%
Benchmark ** -0.03% -1.32% 11.02% -1.32% 60.62% 72.51% 143.89% 4242.99% 13.77%
* Performance start date of July 13, 1995, CAGR since inception
** KMI-30 replaced DJIIMPK as the Fund’s benchmark from July 01, 2009, while KSE-100 index remained as the benchmark till June 30, 2006. NAV to NAV return with dividend reinvested
Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
AMMF 74.84% -0.28% -10.91% 32.51% 3.09% -24.40% -16.50% 23.00% 15.50%
Benchmark 78.70% 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50%
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Dedicated Equity Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : High Risk means Risk of Principal Erosion is high

Fund Review
Net assets of Meezan Dedicated Equity Fund stood at Rs. 0.31 billion as on September 30, 2024. The fund’s NAV increased by 3.10% during the month.

Investment Objective Investment Growth

To provide Fund of Funds scheme a dedicated equity platform to seek long term capital appreciation. MDEF Benchmark

Fund Details 200

Fund Type Open End
Fund Category Equity 180

Risk Profile/Risk of Principal Erosion High

160
Launch Date 09-Oct-2017
Benchmark KMI-30
140
Listing Pakistan Stock Exchange (PSX)
Trustee Central Depository Company Pakistan Limited (CDC).
120
Auditor A.F. Ferguson & Company
AMC Rating AM1
100
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Unit Type A and B
80
Front End Load 0-3%
Back End Load 2% | Class B 60
Leverage Nil
Valuation Days Monday to Friday 40
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)

Apr-24
May-21
Apr-20
Dec-19

Dec-23
Aug-19
Oct-17

Jan-21

Aug-23
Sep-20

Oct-21
Feb-18

Nov-18

Feb-22

Jul-22

Sep-24
Jul-18

Mar-19

Nov-22

Mar-23
Pricing Mechanism Forward
Management Fee Up to 3%
Actual Rate of Management Fee 2.00% Top Ten Equity Holdings : (% of Total Assets)
Fund Manager Asif Imtiaz, CFA Mari Petroleum Company Limited 11.21%
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, Oil & Gas Development Company Limited 10.01%
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, The Hub Power Company Limited 9.64%
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM Pakistan Petroleum Limited 8.23%
| Zohaib Saeed, CFA, ACCA Kohat Cement Company Limited 6.83%
Fund Net Assets Lucky Cement Limited 6.51%
Aug'24 Sep'24 MoM % Engro Fertilizers Limited 5.98%
Net Assets (Rs. mn) ** 333 306 -8.08% Meezan Bank Limited 5.09%
Net Assets (excluding FoFs) (Rs. mn) Nil Nil - Engro Corporation Limited 4.40%
NAV Per Unit (Rs.) 67.47 69.56 3.10% Systems Limited 3.91%
** This includes Rs. 306 mn invested by Fund of Funds. Sector Allocation
Asset Allocation Other, 18.07%
Aug'24 Sep'24 Banks, 5.42%
Equity 96.23% 96.16%
Cash 2.92% 1.72% Oil & Gas
Other Receivables 0.85% 2.12% Exploration
Power Generation
Companies, 29.45%
Expense Ratio & Distribution,
Expense Ratio * Mtd | 4.72% Ytd | 4.03% 10.61%
EQUITY FUND

* This includes Mtd | 0.55% and Ytd | 0.52% representing Government Levy and SECP Fee. (Annualized),
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 0.00 million) Fertilizer, 11.59%
Risk Measures - September-24
MDEF KSE-100 Index KMI-30 Index
Standard Deviation 3.95% 2.95% 3.84%
Cement, 21.02%
Sharpe Ratio 0.47% 0.75% -0.30%
Performance - Cumulative Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MDEF 3.10% 2.75% 13.62% 2.75% 62.97% 60.68% 117.81% 43.74% 5.33%
Benchmark -0.03% -1.32% 11.02% -1.32% 60.62% 72.51% 143.89% 81.91% 8.95%
* Performance start date of October 09,2017.
Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MDEF 74.90% -0.56% -14.26% 35.55% -2.56% -26.80% -2.90% - -
Benchmark 78.70% 2.88% -10.25% 39.32% 1.62% -23.80% 3.60% - -
* 263 days of Operation

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Energy Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : High Risk means Risk of Principal Erosion is high

Fund Review
Net assets of Meezan Energy Fund (MEF) as at September 30, 2024 stood at Rs. 1.31 billion. The fund’s NAV decreased by 1.78% during the month.

Investment Objective Portfolio: Salient Features

To seek long term capital appreciation through investments in Shariah compliant equity stocks, primarily Benefits Up to 100% equity Participation possible in energy sector, based on fund
from the energy sector / segment / industry, as defined in the constitutive documents. managers outlook on the market.
Fund Details Participation in a mature sector that is envisioned to benefit from the
Flagship CPEC projects.
Fund Type Open End
Actively managed by experienced Fund Managers.
Fund Category Equity
Risk Profile/Risk of Principal Erosion High
Launch Date 29-Nov-2016 Investment Policy MEF shall primarily invest in Shariah compliant equity securities of the
Benchmark KMI-30 energy sector / segment / Industry as defined in the offering document.
Listing Pakistan Stock Exchange (PSX) In case the fund manager expects the stock market to drop, based on his
Trustee Central Depository Company Pakistan Limited (CDC). analysis of macroeconomic factors such as interest rates, economic
growth rates, political climate, corporate earnings, stock market
Auditor A.F. Ferguson & Company
valuations, etc, portfolio may be temporarily allocated to other
AMC Rating AM1
allowable asset classes, subject to the prescribed limits. While making
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
stock selection decisions, fundamental and technical models will be
Unit Type A, B and C employed and qualitative and quantitative analysis will be conducted to
Front End Load 3.00% identify undervalued stocks.
Back End Load Nil
Leverage Nil
Valuation Days Monday to Friday Top Ten Equity Holdings : (% of Total Assets)
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Mari Petroleum Company Limited 17.99%
Pricing Mechanism Forward Oil & Gas Development Company Limited 15.36%
Management Fee Up to 3% The Hub Power Company Limited 14.25%
Actual Rate of Management Fee 2.00% Pakistan Petroleum Limited 12.88%
Fund Manager Ahmed Hassan, CFA Sui Northern Gas Pipelines Limited 8.30%
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, Attock Petroleum Limited 6.23%
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Pakistan State Oil Company Limited 6.23%
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM K-Electric Limited 3.10%
| Zohaib Saeed, CFA, ACCA Attock Refinery Limited 1.20%
Fund Net Assets Pakistan Refinery Limited 0.34%
Aug'24 Sep'24 MoM % Sector Allocation
Net Assets (Rs. mn) 1,738 1,310 -24.63%
NAV Per Unit (Rs.) 34.39 33.78 -1.78% Oil & Gas
Marketing
Companies, 20.76%
Asset Allocation
Aug'24 Sep'24
Equity 96.94% 85.88%
Cash 2.10% 11.20%
Other Receivables 0.96% 2.92%
Power Generation
Expense Ratio Oil & Gas
& Distribution,
Expense Ratio * Mtd | 5.64% Ytd | 5.13% 17.34%
Exploration

SECTOR SPECIFIC FUND

Companies, 46.24%
* This includes Mtd | 0.73% and Ytd | 0.70% representing Government Levy and SECP Fee. (Annualized),
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 2.44 million)
Refinery, 1.54%

Performance - Cumulative Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MEF -1.78% -0.95% 8.51% -0.95% 58.01% 78.24% 95.93% 21.50% 2.51%
Benchmark -0.03% -1.32% 11.02% -1.32% 60.62% 72.51% 143.89% 73.54% 7.28%
* Performance start date of November 29,2016, NAV to NAV return with Dividend reinvested.

Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 * FY16
MEF 86.79% -2.13% -8.10% 14.25% -10.04% -33.00% -0.90% 6.90% -
Benchmark 78.70% 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 9.30% -
* 213 days Operation

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

KSE-Meezan
Index Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : High Risk means Risk of Principal Erosion is high

Fund Review
As at September 30, 2024, the net assets of KSE-Meezan Index Fund (KMIF) stood at Rs. 3.86 billion. The fund’s NAV decreased by 0.21% during the month.

Investment Objective Investment Growth

KSE Meezan Index Fund (KMIF) is a Shariah Compliant Index Fund that aims to provide investors an
KMIF Benchmark
opportunity to track closely the performance of the KSE-Meezan Index 30 (KMI 30) by investing in
companies of the Index in proportion to their weightages. 580

Fund Details 530

Fund Type Open End
Fund Category Index Tracker Scheme 480
Risk Profile/Risk of Principal Erosion High 430
Launch Date 23-May-2012
Benchmark KMI-30 380
Listing Pakistan Stock Exchange (PSX)
330
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor A.F. Ferguson & Company 280
AMC Rating AM1
230
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Unit Type A and B 180
Front End Load 2.00%
Back End Load Nil 130

Leverage Nil 80

May-22
May-12

May-13

May-14

May-15

May-16

May-17

May-18

May-19

May-20

May-21

May-23

May-24
Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Jan-24
Sep-13

Sep-16
Sep-12

Sep-14

Sep-15

Sep-17

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Sep-23

Sep-24
Valuation Days Monday to Friday
Subscription | Redemption Days 9:00 AM | 2:30 PM (Mon to Thr), 9:00 AM | 3:30 PM (Fri)
Pricing Mechanism Forward
Management Fee 1.00% Top Ten Equity Holdings : (% of Total Assets)
Actual Rate of Management Fee 1.00% The Hub Power Company Limited 10.76%
Fund Manager Asif Imtiaz, CFA Engro Fertilizers Limited 10.60%
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, Meezan Bank Limited 9.47%
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Mari Petroleum Company Limited 9.47%
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM Engro Corporation Limited 7.56%
| Zohaib Saeed, CFA, ACCA
Lucky Cement Limited 7.20%
Fund Net Assets Pakistan Petroleum Limited 6.61%
Aug'24 Sep'24 MoM % Systems Limited 6.58%
Net Assets (Rs. mn) ** 3,866 3,856 -0.27% Millat Tractors Limited 4.43%
Net Assets (excluding FoFs) (Rs. mn) 3,866 3,832 -0.88% Pakistan State Oil Company Limited 3.16%
NAV Per Unit (Rs.)* 100.02 99.81 -0.21% Sector Allocation
** This includes Rs. 24 mn invested by Fund of Funds.
*Transaction Cost of 0.25% shall be charged on purchase of units of KSE-Meezan Index Fund.
Fertilizer, 18.16%
Asset Allocation Other, 26.91%
Aug'24 Sep'24
Equity 99.40% 98.69%
Cash 0.34% 0.54%
Other Receivables 0.26% 0.77%
Oil & Gas
Expense Ratio Exploration
Banks, 11.09%
Expense Ratio * Mtd | 2.31% Ytd | 1.82% Companies, 16.08%
* This includes Mtd | 0.27% and Ytd | 0.28% representing Government Levy and SECP Fee. (Annualized),
Power Generation
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 0.00 million)
& Distribution,
10.76% Cement, 15.69%

Performance - Cumulative Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
KMIF -0.21% -1.71% 10.04% -1.71% 57.51% 63.20% 125.77% 302.60% 11.92%
Benchmark ** -0.03% -1.32% 11.02% -1.32% 60.62% 72.51% 143.89% 414.95% 14.17%
* Performance start date of May 23,2012, NAV to NAV return with Dividend reinvested.

Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
INDEX TRACKER

KMIF 75.02% 0.69% -10.69% 36.43% 0.88% -25.00% -11.20% 15.90% 13.30%
Benchmark 78.70% 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50%

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Pakistan Exchange Traded Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : High Risk means Risk of Principal Erosion is high

Fund Review
Net assets of Meezan Pakistan Exchange Traded Fund (MP-ETF) as at September 30, 2024 stood at Rs. 0.12 billion. The fund’s NAV decreased by 1.97% during the month.

Investment Objective Fund's Performance

Meezan Pakistan Exchange Traded Fund is a Shariah-compliant Exchange Traded Fund that aims to Benefits Lower fee structure.
provide investors an opportunity to track the performance of Meezan Pakistan Index that has been
constituted and is maintained by Al Meezan, and comprises Shariah-compliant equity securities selected Access to a diversified portfolio of securities.
with high consideration towards market capitalization and traded Value. Trades like a stock. ETF can be bought or sold on the exchange at
any time during market hours.
Fund Details Transparency of holdings.
Fund Type Open End
Fund Category Shariah Compliant Exchange Traded Fund Investment Policy The Index will consist of selected liquid stocks in accordance with
Risk Profile/Risk of Principal Erosion High KMI-30 index, which will be derived through the security selection
Launch Date 05-Oct-2020 criteria, in order to achieve the investment objective. The fund
Benchmark Meezan Pakistan Index manager shall monitor the performance of the Fund and the
benchmark index on a continuous basis.
Listing Pakistan Stock Exchange (PSX)
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor A.F. Ferguson & Company Top Ten Equity Holdings : (% of Total Assets)
AMC Rating AM1 Engro Fertilizers Limited 14.38%
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) Meezan Bank Limited 13.10%
Unit Type - The Hub Power Company Limited 11.09%
Ticker MZNP-ETF Engro Corporation Limited 10.56%
Authorized Participant JS Global, Adam Sec, MRA Sec Lucky Cement Limited 10.02%
Valuation Days As per PSX Systems Limited 9.20%
Subscription | Redemption Days As per Market hours Pakistan Petroleum Limited 8.72%
Pricing Mechanism Backward Air Link Communication Limited 5.21%
Management Fee Upto 0.5% P.a. Pakistan State Oil Company Limited 4.27%
Actual Rate of Management Fee 0.50% The Searle Company Limited 3.49%
Fund Manager Ali Hassan Khan, CFA, FRM Sector Allocation
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Other, 19.63%
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA Fertilizer, 24.94%

Fund Net Assets

Aug'24 Sep'24 MoM %
Net Assets (Rs. mn) 127 125 -2.08%
NAV Per Unit (Rs.) 13.38 13.11 -1.97%

Asset Allocation Power Generation

Aug'24 Sep'24 & Distribution,
11.09%
Equity 97.28% 96.15% Technology &
Cash 2.15% 2.52% Communication,
Other Receivables 0.57% 1.33% 14.42%

Expense Ratio Cement, 12.97%

Expense Ratio * Mtd | 1.74% Ytd | 1.46%
Banks, 13.10%
* This includes Mtd | 0.19% and Ytd | 0.22% representing Government Levy and SECP Fee. (Annualized),

Performance - Cumulative Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MP-ETF -1.97% -3.03% 9.29% -3.03% 59.00% 57.56% - 57.38% 12.04%
Benchmark -2.21% -2.92% 10.09% -2.92% 64.48% 66.71% - 71.49% 14.48%
* Performance start date of October 05,2020. NAV to NAV return with Dividend reinvested.

Annual Returns
FY24 FY23 FY22 FY21 * FY20 FY19 FY18 FY17 FY16
MP-ETF 85.78% -1.32% -23.41% 15.57% - - - - -
Benchmark 93.94% -1.04% -22.37% 18.57% - - - - -
* 268 days of Operations
EXCHANGE TRADED FUND

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The
NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance data does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Balanced Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : Medium Risk means Risk of Principal Erosion is Medium

Fund Review
Net assets of Meezan Balanced Fund (MBF) as at September 30, 2024 stood at Rs. 2.54 billion. The fund’s NAV increased by 2.06% during the month.

Investment Objective Top Ten Portfolio Holdings : (% of Total Assets)

BALANCED

The objective of Meezan Balanced Fund is to generate long term capital appreciation as well as current Equity - Top 5 Portfolio Holding
income by creating a balanced portfolio that is invested both in high quality equity securities and Islamic Mari Petroleum Company Limited 5.25%
Income Instruments such as TFCs, COIs, Certificates of Musharika, Islamic Sukuk, and other Shariah Oil & Gas Development Company Limited 5.23%
compliant instruments. The Hub Power Company Limited 4.76%
Fund Details Pakistan Petroleum Limited 4.12%
Fund Type Open End Lucky Cement Limited 3.04%
Fund Category Balanced
Risk Profile/Risk of Principal Erosion Medium Sukuks | Commercial Paper - Top 5 Portfolio Holding
Launch Date 20-Dec-04 HPHL Sukuk (12-Nov-20) 4.35%
Benchmark Weighted average return of KMI-30 Index and 6 months Dubai Islamic Bank - Sukuk 3.82%
average deposit rates of three (3) A rated Scheduled Agha Steel Industries Sukuk 2.58%
Islamic Banks or Islamic windows of Conventional Banks as Shakarganj Food Products Limited 1.24%
selected by MUFAP, based on the actual proportion of
investment in Equity and Income asset classes made by
the Fund.
Listing Pakistan Stock Exchange (PSX)
Trustee Central Depository Company Pakistan Limited (CDC). Sector Allocation
Auditor A.F. Ferguson & Company
AMC Rating AM1
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) Cash & Others,
Sukuk, Commercial
Front End Load 2.00% 24.77%
Paper & GOP,
Back End Load Nil 37.83%
Leverage Nil Oil & Gas
Valuation Days Monday to Friday Marketing
Companies, 2.63%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)
Pricing Mechanism Forward Power Generation
& Distribution,
Management Fee Up to 2%
5.28%
Actual Rate of Management Fee 2.00%
Oil & Gas
Fund Manager Asif Imtiaz, CFA Fertilizer, 5.46%
Exploration
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, Companies, 14.59%
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Cement, 9.44%
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM Asset Allocation
| Zohaib Saeed, CFA, ACCA
Aug'24 Sep'24
Fund Net Assets Equity 46.87% 46.64%
Aug'24 Sep'24 MoM % GoP Guaranteed Securities 18.58% 25.85%
Net Assets (Rs. mn) 2,472 2,536 2.57% Sukuks and Commercial Paper 12.29% 11.99%
NAV Per Unit (Rs.) 18.71 19.10 2.06% Cash Others including Receivable 22.26% 15.52%
Expense Ratio
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 3.99 million) Expense Ratio * Mtd | 4.28% Ytd | 3.81%
* This includes Mtd | 0.57% and Ytd | 0.54% representing Government Levy and SECP Fee. (Annualized),

Details of Non Compliant Investments

Value of Investment Provision held if any / Diminis hing Value of Investment after
Name of Non-Compliant Investment Investment Type % of Net Assets % of Gross Assets
before provision Market Value provision
Security Leasing Corporation Ltd - II Sukuk 7,701,000 7,701,000 - - -
Arzoo Textile Mills Ltd. Sukuk 25,000,000 25,000,000 - - -
Eden Housing Ltd Sukuk 4,922,000 4,922,000 - - -
Hascol Petroleum Ltd. Sukuk 62,500,000 62,500,000 - - -
Shakarganj Food Products Ltd Sukuk 36,637,567 14,154,597 22,482,970 0.89% 0.85%
Agha Steel Industries Limited Sukuk 68,000,000 18,057,778 49,942,222 1.97% 1.90%
Performance - Cumulative Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MBF 2.06% 4.04% 11.23% 4.04% 38.93% 52.56% 97.35% 909.90% 12.39%
Benchmark ** 0.46% 1.01% 8.28% 1.01% 32.26% 44.66% 82.73% 665.49% 10.83%
* Performance start date of December 20,2004, CAGR since inception. NAV to NAV return with Dividend reinvested.
Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MBF 43.38% 4.87% -3.61% 18.13% 8.14% -12.80% -9.00% 14.90% 12.10%
Benchmark 38.19% 4.55% -3.11% 19.45% 5.80% -12.10% -4.20% 12.00% 9.50%
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The Meezan Balanced Fund scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Asset Allocation Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : High Risk means Risk of Principal Erosion is high

Fund Review

ASSET ALLOCATION
Net assets of Meezan Asset Allocation Fund (MAAF) as at September 30, 2024 stood at Rs. 0.32 billion. The fund’s NAV increased by 2.67% during the month.

Investment Objective Investment Growth

To earn a potentially high return through asset allocation between Shariah Compliant Equity Instruments,
MAAF Benchmark
Shariah Compliant Fixed Income Instruments, Shariah Compliant Money Market Instruments and any
other Shariah Compliant instrument as permitted by the SECP and Shariah Advisor. 110
Fund Details
100
Fund Type Open End
Fund Category Asset Allocation
90
Risk Profile/Risk of Principal Erosion High
Launch Date 18-Apr-16
80
Benchmark Weighted avg. return of KMI 30 Index and Fixed Income/
Money Market Scheme as per actual allocation.
70
Listing Pakistan Stock Exchange (PSX)
Trustee Central Depository Company Pakistan Limited (CDC).
60
Auditor A.F. Ferguson & Company
AMC Rating AM1
50
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Front End Load Upto 3% 40
Back End Load Nil
Leverage Nil 30
Valuation Days Monday to Friday

May-18
Apr-16

Apr-19

Apr-22
Aug-16

Aug-19
Dec-19

Aug-22
Dec-22
Oct-17

Oct-20

Oct-23
Jan-19

Jan-22
Jul-17
Mar-17

Feb-18

Sep-18

Mar-20

Feb-21

Sep-21

Mar-23

Feb-24

Sep-24
Nov-16

Jul-20

Jul-23

Jun-24
Jun-21
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)
Pricing Mechanism Forward
Management Fee Upto 3% Top Ten Equity Holdings : (% of Total Assets)
Actual Rate of Management Fee 2.00% Oil & Gas Development Company Limited 10.38%
Fund Manager Asif Imtiaz, CFA The Hub Power Company Limited 9.07%
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, Mari Petroleum Company Limited 8.59%
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Pakistan Petroleum Limited 7.24%
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM Lucky Cement Limited 6.06%
| Zohaib Saeed, CFA, ACCA Engro Fertilizers Limited 5.92%
Fund Net Assets Kohat Cement Company Limited 4.83%
Aug'24 Sep'24 MoM % Meezan Bank Limited 4.35%
Net Assets (Rs. mn) 306 317 3.69% Engro Corporation Limited 3.87%
NAV Per Unit (Rs.) 60.50 62.12 2.67% Systems Limited 3.49%
Sector Allocation
Asset Allocation Other, 17.00%
Aug'24 Sep'24 Oil & Gas
Equity 86.35% 86.50% Exploration
Companies, 26.21%
Cash 12.31% 11.29%
Other Receivables 1.34% 2.21%
Technology &
Expense Ratio Communication,
4.59%
Expense Ratio * Mtd | 5.63% Ytd | 4.76%
* This includes Mtd | 0.67% and Ytd | 0.62% representing Government Levy and SECP Fee. (Annualized),
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 0.51 million) Power Generation
& Distribution,
9.89%
Cement, 17.88%
Fertilizer, 10.93%

Performance - Cumulative Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MAAF 2.67% 2.33% 11.18% 2.33% 49.70% 39.93% 101.00% 62.27% 5.89%
Benchmark 0.07% -0.85% 9.89% -0.85% 49.92% 61.78% 128.06% 102.50% 8.70%
* Performance start date of April 18, 2016. NAV to NAV return with Dividend reinvested.

Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 *
MAAF 60.44% 0.35% -19.10% 35.16% 6.61% -20.40% -12.50% 18.10% 2.80%
Benchmark 64.39% 3.28% -8.39% 33.53% 6.97% -18.60% -6.90% 15.20% 5.00%
* 37 days of Operation
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/
Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Dividend Yield Plan
AMC RATING AM1 (STABLE OUTLOOK) Note : High Risk means Risk of Principal Erosion is high

Fund Review
Net assets of Dividend Yield Plan (MDYP) as at September 30, 2024 stood at Rs. 35.97 million. The fund’s NAV decreased by 2.09% during the month.

ASSET ALLOCATION
Investment Objective Sector Allocation
The Investment Objective of Meezan Dividend Yield Plan (MDYP) is to provide competitive returns
through investments in dividend yielding Shariah Complaint equity securities, Shariah Compliant Fixed
Cash, 13.41%
Income Instruments, Shariah Compliant Money Market Instruments and any other Shariah Compliant
instrument as permitted by the SECP and Shariah Advisor.
Fund Details
Fund Type Open End
Fund Category Asset Allocation
Risk Profile/Risk of Principal Erosion High
Launch Date 28-Aug-24
Benchmark Weighted average return of KMI-30 Index, 6 months
average deposit rates of three (3) A rated Scheduled
Other Receivables,
Islamic Banks or Islamic windows of Conventional Banks as Equity, 86.44% 0.15%
selected by MUFAP, six months PKISRV Rates and three (3)
months average deposit rates of three (3) AA rated Islamic
Banks or Islamic windows of conventional banks as
selected by MUFAP based on the actual proportion of
Criteria of Selecting Dividend Yield Securities
investment in Equity, Income / Money Market asset Investment Universe: Investment Universe include all the equities part of KMI-All Share and all
classes made by the Plan. other securities (Fixed Income instruments, REITs, etc) approved by Shariah Advisor.
Listing Pakistan Stock Exchange (PSX)
Trustee Central Depository Company Pakistan Limited (CDC). The initial screening criteria adopted by the Management Company (Wakeel) shall be as follows:
Auditor Yousuf Adil Chartered Accountants
AMC Rating AM1 1.Technical Screening:
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Front End Load 0-3% In case of equities:
Back End Load Nil The stock must have a minimum listing history of one year.
The stock must not have been in defaulters' segment in the last 6 months.
Leverage Nil
The stock must have minimum free-float shares of 5%.
Valuation Days Monday to Friday
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)
In case of Fixed Income Securities:
Pricing Mechanism Forward The issuer must not have default history.
Management Fee Up to 3% per annum
Actual Rate of Management Fee 2.00% In case of REITs:
Fund Manager Asif Imtiaz, CFA The REIT must have a minimum listing history of 6 months.
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, 2.Fundamental Screening:
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA In case of equities:
The stock should have paid cash dividend in one of two recent financial year
Fund Net Assets The stock should have a minimum 10% Dividend Yield in one of two recent financial year.
Aug'24 Sep'24 MoM %
Net Assets (Rs. mn) 24 36 51.12% In case of Fixed Income Securities:
NAV Per Unit (Rs.) 50.01 48.96 -2.09% The security should have minimum 10% Yield to Maturity (YTM).

In case of REITs:
Asset Allocation The REIT should have minimum 10% Dividend Yield in one of two recent financial year.
Aug'24 Sep'24
Equity 100.00% 86.44% Notes:
Cash 0.00% 13.41% I.The Management Company (Wakeel) may invest in any security which passes through the above
Other Receivables 0.00% 0.15% defined technical and fundamental criteria.
II.The Management Company (Wakeel) may relax any component of screening criteria if it deems
Expense Ratio appropriate to do so in the interests of investors and with a view to generate competitive returns.
Expense Ratio * Mtd | 4.83% Ytd | 5.23% III.The Management Company (Wakeel) may also invest in any other security as approved by the
Shariah Advisor.
* This includes Mtd | 0.90% and Ytd | 0.96% representing Government Levy and SECP Fee. (Annualized),
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 0.020 million)

Performance - Cumulative Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD *
MDYP -2.09% - - -2.07% - - - -2.07%
Benchmark 0.35% - - 0.71% - - - 0.71%
* Performance start date of August 28, 2024. NAV to NAV return with Dividend reinvested.

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/
Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Islamic Income Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : Medium Risk means Risk of Principal Erosion is Medium

Fund Review
Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 41.91 billion as on September 30, 2024. MIIF has provided an annualized return of 18.18% for the month of September as compared to its
benchmark which has provided an annualized return of 10.70% during the same period.
Investment Objective Fund's Performance
To provide investors with a high and stable rate of current income consistent with long term preservation
MIIF Benchmark
of capital in a Shariah compliant way. A secondary objective is to take advantage of opportunities to
realize capital appreciation. 25%
Fund Details
Fund Type Open End 20%
Fund Category Income
Risk Profile/Risk of Principal Erosion Medium 15%
Launch Date 15-Jan-07
Benchmark Six (6) months average deposit rates of three (3) A rated 10%
scheduled Islamic Banks or Islamic windows of
conventional bank as Selected by MUFAP.
5%
Weighted average time to maturity 2.23 Years
Listing Pakistan Stock Exchange (PSX)
INCOME

0%
Trustee Central Depository Company Pakistan Limited (CDC).

May-24
Apr-24
Dec-23
Oct-23

Aug-24
Jan-24

Feb-24

Sep-24
Nov-23

Mar-24

Jul-24
Jun-24
Auditor A.F. Ferguson & Company
AMC Rating AM1
Fund Stability Rating A+ (f) by VIS (27-Dec-23) Top Portfolio Holdings : (% of Total Assets)
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) K-Electric Sukuk (3-Aug-20) 1.24%
Unit Type A, B and C HPHL Sukuk (12-Nov-20) 0.93%
Front End Load 1.00% Lucky Electric Power Co Ltd - LEPCL Sukuk XIX 0.71%
Back End Load Contingent load for Type C investors OBS AGP Private Limited (15-July-21) 0.32%
Leverage Nil Agha Steel Industries Sukuk 0.29%
Valuation Days Monday to Friday Shakarganj Food Products Limited 0.09%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Javedan Corporation Limited 0.08%
Pricing Mechanism Forward Masood Textile Mills Limited 0.02%
Management Fee Up to 10% of Gross Earnings (min. 0.25% of avg. annual
net assets max. 1.5% of avg. annual net assets Asset Allocation
Actual Rate of Management Fee 0.70% Aug'24 Sep'24
Fund Manager Faizan Saleem GOP Guaranteed Securities 51.95% 54.46%
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, Cash 40.06% 28.10%
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Placements with Bank and DFIs 0.00% 8.31%
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM Sukuks 3.70% 3.68%
| Zohaib Saeed, CFA, ACCA
Placements with NBFC and Modarabs 0.71% 0.71%
Others including Receivable 3.58% 4.74%
Fund Net Assets Expense Ratio
Aug'24 Sep'24 MoM % Expense Ratio * Mtd | 1.32% Ytd | 1.28%
Net Assets (Rs. mn) 41,947 41,913 -0.08% * This includes Mtd | 0.24% and Ytd | 0.23% representing Government Levy and SECP Fee. (Annualized),

Net Assets (excluding FoFs) (Rs. mn) 41,947 41,913 -0.08% Credit Quality of Portfolio
NAV Per Unit (Rs.) 53.64 54.46 1.54% AAA 71.9% AA- 0.1% BBB+ 0.1%
This includes Rs. 0 mn invested by Fund of Funds. AA+ 2.2% A+ 5.5%
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 20.28 million) AA 0.8% A 14.1%
Details of Non Compliant Investments
Value of Investment Provision held if any / Diminis hing Value of Investment after
Name of Non-Compliant Investment Investment Type % of Net Assets % of Gross Assets
before provision Market Value provision
Security Leasing Corporation Ltd - II Sukuk 15,403,641 15,403,641 - - -
Arzoo Textile Mills Ltd. Sukuk 70,000,000 70,000,000 - - -
Eden Housing Ltd Sukuk 58,471,875 58,471,875 - - -
Hascol Petroleum Ltd. Sukuk 100,000,000 100,000,000 - - -
Shakarganj Food Products Ltd Sukuk 39,715,520 11,547,196 28,168,324 0.07% 0.07%
Agha Steel Industries Limited Sukuk 123,760,000 41,390,847 82,369,153 0.20% 0.20%
Performance - Annualized Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MIIF 18.18% 19.43% 19.90% 19.43% 20.81% 18.36% 16.59% 24.28% 9.87%
Benchmark 10.70% 10.82% 10.93% 10.82% 10.91% 7.14% 6.13% 5.21% 5.64%
* Performance start date of January 15, 2007. NAV to NAV return with Dividend reinvested.
Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MIIF 20.94% 14.86% 8.63% 6.64% 11.57% 7.92% 4.26% 5.09% 5.76%
Benchmark 10.10% 6.06% 3.34% 3.56% 6.33% 3.69% 2.44% 2.78% 3.49%
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The
NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance data does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The Meezan Islamic Income Fund scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Sovereign Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : Moderate Risk means Risk of Principal Erosion is Moderate

Fund Review
Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 198.41 billion as on September 30, 2024. For the month of September, the fund has provided an annualized return of 20.41% as compared to its
benchmark which has provided an annualized return of 19.53% during the same period.
Investment Objective Fund's Performance
To seek maximum possible preservation of capital and a reasonable rate of return. MSF Benchmark

Fund Details 30%

Fund Type Open End

25%
Fund Category Income
Risk Profile/Risk of Principal Erosion Moderate 20%
Launch Date 10-Feb-10
Benchmark 6 Months PKISRV Rate 15%
Weighted average time to maturity 1.48 years
Listing Pakistan Stock Exchange (PSX) 10%
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor A.F. Ferguson & Company 5%

INCOME
AMC Rating AM1
0%
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)

May-24
Apr-24
Oct-23

Dec-23

Aug-24
Jan-24

Feb-24

Sep-24
Jul-24
Nov-23

Mar-24

Jun-24
Fund Stability Rating AA (f) by VIS (27-Dec-23)
Unit Type A, B, C and D
Front End Load 1.00% Portfolio: Salient Features
Back End Load Nil Key Benefits Maximum Preservation of Principal Investment.
Leverage Nil Primary Investments in securities issued by Government of Pakistan.
Valuation Days Monday to Friday Low Risk.
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Liquidity (Redemption on average in 2-3 working days).
Pricing Mechanism Forward Investment Policy Investments in High Grade & Liquid avenues:
Management Fee Up to 0.6% p.a.(min 0.25) and Strategy Minimum 70% Investment in Government backed / issued securities
Actual Rate of Management Fee 0.60% (rated ‘AAA’).
Fund Manager Zohaib Saeed, CFA, ACCA Placements in top rated banks and financial institutions.
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, Non - Compliance Disclosure
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Description Monthly Avg. Regulatory Req Monthly Avg. Exposure
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM Exposure in GoP Issued/Guaranteed
| Zohaib Saeed, CFA, ACCA 70.00% 69.00%
securities
Fund Net Assets
Aug'24 Sep'24 MoM % Asset Allocation
Net Assets (Rs. mn) 160,725 198,406 23.44%
Net Assets (excluding FoFs) (Rs. mn) 160,208 197,827 23.48%
NAV Per Unit (Rs.) 54.18 55.12 1.73% Cash, 23.36%
This includes Rs. 579 mn invested by Fund of Funds.
Asset Allocation
Aug'24 Sep'24
GoP Guaranteed Securities 68.77% 66.64%
Cash 27.26% 23.36%
Placements with Bank and DFIs 0.00% 5.77%
Other Receivables 3.97% 4.23%
Expense Ratio
Placements with
Expense Ratio * Mtd | 1.13% Ytd | 1.09% Bank and DFIs,
* This includes Mtd | 0.21% and Ytd | 0.21% representing Government Levy and SECP Fee. (Annualized), 5.77%
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 71.62 million)

Asset Rating
Other Receivables,
AAA 86.7% AA- 0.0% GoP Guaranteed 4.23%
AA+ 0.0% A+ 9.1% Securities, 66.64%
AA 0.0% A 0.0%
Performance - Annualized Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MSF 20.41% 20.67% 20.20% 20.67% 21.70% 18.83% 17.27% 19.32% 9.60%
Benchmark 19.53% 18.62% 19.11% 18.62% 19.30% 10.74% 8.40% 7.15% 8.02%
* Performance start date of February 10, 2010. NAV to NAV return with Dividend reinvested.
Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MSF 21.89% 15.37% 8.27% 7.65% 11.17% 7.02% 2.57% 6.57% 5.12%
Benchmark 18.95% 6.06% 3.34% 3.71% 7.93% 7.15% 4.96% 4.65% 4.49%
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/
Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The Meezan Sovereign Fund scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Daily Income Plan
(Managed under Meezan Daily Income Fund)
AMC RATING AM1 (STABLE OUTLOOK) Note : Moderate Risk means Risk of Principal Erosion is Moderate

Fund Review
Net assets of Meezan Daily Income Fund (MDIP-I) stood at Rs. 77.21 billion as on September 30, 2024. MDIP-I has provided an annualized return of 17.57% for the month of September as compared to its
benchmark which has provided an annualized return of 10.70% during the same period.
Investment Objective Fund's Performance
The “Meezan Daily Income Plan (MDIP-I)” is an Allocation Plan under “Meezan Daily Income Fund (MDIF)”
MDIP-I Benchmark
with an objective to provide investors with a competitive rate of return, together with daily payout,
through investment in Shariah Compliant Fixed Income Instruments. 25%
Fund Details
Fund Type Open End 20%
Fund Category Income
Risk Profile/Risk of Principal Erosion Moderate 15%
Launch Date 13-Sep-21
Benchmark Six (6) months average deposit rates of three (3) A rated 10%
scheduled Islamic Banks or Islamic windows of
conventional bank as selected by MUFAP. 5%

Weighted average time to maturity 170 Days

0%
Listing Pakistan Stock Exchange (PSX)

May-24
Dec-23

Apr-24

Aug-24
Oct-23

Jan-24

Feb-24

Sep-24
Mar-24
Nov-23

Jul-24
Jun-24
INCOME

Trustee Central Depository Company Pakistan Limited (CDC).

Auditor A.F. Ferguson & Company
AMC Rating AM1 Top Portfolio Holdings : (% of Total Assets)
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) Pakistan Mobile Communications Limited 1.92%
Fund Stability Rating A+ (f) by VIS (27-Dec-23) K-Electric Sukuk XXVIII 1.34%
Unit Type A, B and S Lucky Electric Power Co Ltd - LEPCL Sukuk XVIII 1.34%
Front End Load Up to 1.5% Lucky Electric Power Co Ltd - LEPCL Sukuk XIX 1.15%
Back End Load Nil HUBCO Sukuk 0.96%
Leverage Nil K-Electric Sukuk XXVI 0.96%
Valuation Days Monday to Friday K-Electric Sukuk XXVII 0.96%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) PTCL Sukuk III 0.96%
Pricing Mechanism Forward Thar Energy Limited 0.96%
Management Fee up to 5% of the gross earnings of the Scheme, calculated Airlink Communication Limited 0.60%
on a daily basis, subject to a minimum of 0.1% of the Credit Quality of Portfolio
average daily net assets AAA 62.35% A+ 0.01%
Actual Rate of Management Fee 0.80% AA+ 3.72% A1 3.48%
Fund Manager Zohaib Saeed, CFA, ACCA AA 10.80% A1+ 7.68%
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, AA- 7.38%
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Non - Compliance Disclosure
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM Description Min. Regulatory Req Cash
| Zohaib Saeed, CFA, ACCA Cash and Cash Equivalent 25.00% 24.00%
Fund Net Assets Asset Allocation
Aug'24 Sep'24 MoM %
Cash, 23.70%
Net Assets (Rs. mn) 83,259 77,212 -7.26%
Net Assets (excluding FoFs) (Rs. mn) 83,259 77,086 -7.41%
NAV Per Unit (Rs.) 50.00 50.00 1.49% Placements with
This includes Rs. 126 mn invested by Fund of Funds. Bank and DFIs,
Asset Allocation 11.80%
Aug'24 Sep'24
GoP Guaranteed Securities 40.08% 44.92%
Cash 25.06% 23.70% Sukuks and
Placements with Bank and DFIs 18.04% 11.80% Commercial Paper,
11.16%
Sukuks and Commercial Paper 10.88% 11.16%
Placements with NBFC and Modaraba 3.56% 3.84%
Others including Receivable 2.38% 4.58% Placements with
NBFC and
Expense Ratio Modaraba, 3.84%
Expense Ratio * Mtd | 1.50% Ytd | 1.40% GoP Guaranteed
* This includes Mtd | 0.27% and Ytd | 0.25% representing Government Levy and SECP Fee. (Annualized), Others including
Securities, 44.92%
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 58.66 million)
Receivable, 4.58%

Performance - Annualized Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MDIP-I 17.57% 18.65% 19.60% 18.65% 21.27% 20.34% - 20.21% 17.05%
Benchmark 10.70% 10.82% 10.93% 10.82% 10.91% 7.14% - 7.03% 10.02%
* Performance start date of September 13, 2021. NAV to NAV return with Dividend reinvested.
Annual Returns
FY24 FY23 FY22 * FY21 FY20 FY19 FY18 FY17 FY16
MDIP-I 21.78% 16.86% 10.58% - - - - - -
Benchmark 10.10% 6.06% 3.39% - - - - - -
* 290 days of operations.
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/
Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The Meezan Daily Income Plan scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Mahana Munafa Plan
(Managed under Meezan Daily Income Fund)
AMC RATING AM1 (STABLE OUTLOOK) Note : Low Risk means Risk of Principal Erosion is Low

Fund Review
Net assets of Meezan Mahana Munafa Plan (MMMP) stood at Rs. 5.71 billion as on September 30, 2024. MMMP has provided an annualized return of 14.32% for the month of September as compared to its
benchmark which has provided an annualized return of 10.70% during the same period.
Investment Objective Fund's Performance
The Investment Objective of the Plan is to provide Investors with a competitive rate of return,
MMMP Benchmark
together with monthly profit, through investment in Shariah Compliant fixed income
instruments. 20%
18%
Fund Details
16%
Fund Type Open End
14%
Fund Category Income 12%
Risk Profile/Risk of Principal Erosion Low 10%
Launch Date 29-Oct-22 8%
Benchmark Six (6) months average deposit rate of three (3) A rated 6%
scheduled Islamic Banks or Islamic windows of 4%
conventional banks as selected by MUFAP. 2%
0%
Weighted average time to maturity 7 Days

May-24
Apr-24
Dec-23

Aug-24
Oct-23

Jan-24

Feb-24

Mar-24

Sep-24
Jul-24
Nov-23

Jun-24

INCOME
Listing Pakistan Stock Exchange (PSX)
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor A.F. Ferguson & Company Credit Quality of Portfolio
AMC Rating AM1 AAA 98.6%
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) AA+ 0.0%
Fund Stability Rating A+ (f) by VIS (27-Dec-23) AA 0.1%
Unit Type A and S Asset Allocation
Front End Load Nil
Back End Load Nil
Leverage Nil
Valuation Days Monday to Friday
Cash, 90.04%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)
Pricing Mechanism Forward
Management Fee 2.00%
Actual Rate of Management Fee 1.47%
Fund Manager Zohaib Saeed, CFA, ACCA
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA
Placements with
Fund Net Assets Bank and DFIs ,
Aug'24 Sep'24 MoM % 8.65%
Net Assets (Rs. mn) 6,385 5,712 -10.53% Others including
Net Assets (excluding FoFs) (Rs. mn) 6,385 5,712 -10.54% Receivable , 1.31%
NAV Per Unit (Rs.) 50.00 50.00 -
This includes Rs. 126 mn invested by Fund of Funds.

Asset Allocation
Aug'24 Sep'24
Cash 82.66% 90.04%
Placements with Bank and DFIs 15.54% 8.65%
Others including Receivable 1.80% 1.31%

Expense Ratio
Expense Ratio * Mtd | 2.61% Ytd | 2.45%
* This includes Mtd | 0.41% and Ytd | 0.38% representing Government Levy and SECP Fee. (Annualized),
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 8.33 million)
Performance - Annualized Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MMMP 14.32% 15.67% 17.59% 15.67% 19.16% - - 19.52% 18.02%
Benchmark 10.70% 10.82% 10.93% 10.82% 10.91% - - 8.85% 14.58%
* Performance start date of October 29, 2022. NAV to NAV return with Dividend reinvested.
Annual Returns
FY24 FY23* FY22 FY21 FY20 FY19 FY18 FY17 FY16
MMMP 20.00% 15.28% - - - - - - -
Benchmark 10.10% 6.52% - - - - - - -
* 245 days Operation
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/
Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Sehl Account Plan
(Managed under Meezan Daily Income Fund)
AMC RATING AM1 (STABLE OUTLOOK) Note : Low Risk means Risk of Principal Erosion is Low

Fund Review
Net assets of Meezan Sehl Account Plan (SEHL) stood at Rs. 138.77 million as on September 30, 2024. MDIP-Sehl has provided an annualized return of 14.65% for the month of September as compared to its
benchmark which has provided an annualized return of 10.70% during the same period.
Investment Objective Fund's Performance
The investment objective of the Plan is to meet liquidity needs of investors by providing investors
MSHP Benchmark
with a 24/7 access to their invested funds through investment in Shariah Compliant Fixed Income
and money market instruments. 20%
18%
Fund Details 16%
Fund Type Open End 14%
Fund Category Income 12%
Risk Profile/Risk of Principal Erosion Low 10%
Launch Date 19-Jun-23 8%
Benchmark Six (6) months average deposit rate of three (3) A rated 6%
scheduled Islamic Banks or Islamic windows of 4%
conventional banks as selected by MUFAP 2%
0%
Weighted average time to maturity -

May-24
Dec-23

Apr-24

Aug-24
Oct-23

Jan-24

Feb-24

Sep-24
Mar-24

Jul-24
Nov-23

Jun-24
INCOME

Listing Pakistan Stock Exchange (PSX)

Trustee Central Depository Company Pakistan Limited (CDC).
Auditor A.F. Ferguson & Company Credit Quality of Portfolio
AMC Rating AM1 AAA 98.81%
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Fund Stability Rating A+ (f) by VIS (27-Dec-23)
Unit Type B
Front End Load Nil
Back End Load Nil
Leverage Nil
Valuation Days Monday to Friday
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)
Pricing Mechanism Backward
Management Fee Up to 1.0% of net assets of the plan calculated on a daily basis.
Actual Rate of Management Fee 0.80%
Fund Manager Faizan Saleem
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA

Fund Net Assets

Aug'24 Sep'24 MoM %
Net Assets (Rs. mn) 116 139 19.52%
Net Assets (excluding FoFs) (Rs. mn) 116 139 19.52%
NAV Per Unit (Rs.) 51.72 52.36 1.24%
This includes Rs. 0 mn invested by Fund of Funds.

Asset Allocation
Aug'24 Sep'24
Cash 98.83% 98.81%
Others including Receivable 1.17% 1.19%
Expense Ratio
Expense Ratio * Mtd | 1.49% Ytd | 1.43%
* This includes Mtd | 0.26% and Ytd | 0.25% representing Government Levy and SECP Fee. (Annualized),
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 0.05 million)

Performance - Annualized Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MSHP 14.65% 15.67% 17.68% 15.67% 19.43% - - 19.72% 19.22%
Benchmark 10.70% 10.82% 10.93% 10.82% 10.91% - - 10.05% 16.75%
* Performance start date of June 19, 2023. NAV to NAV return with Dividend reinvested.
Annual Returns
FY24 FY23* FY22 FY21 FY20 FY19 FY18 FY17 FY16
MSHP 20.21% 8.72% - - - - - -
Benchmark 10.10% 7.08% - - - - - -
* 11 days Operation

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Munafa Plan I
(Managed under Meezan Daily Income Fund)
Note : Moderate Risk means Risk of Principal Erosion is Moderate

Fund Review
Net assets of Meezan Munafa Plan (MMP-I) stood at Rs. 9.03 billion as on September 30, 2024. MMP-I has provided an annualized return of 18.77% for the month of September as compared to its benchmark
which has provided an annualized return of 10.70% during the same period.
Investment Objective Fund's Performance
The “Meezan Munafa Plan – I (MMP-I)” is an Allocation Plan under “Meezan Daily Income Fund (MDIF)”
MMP-I Benchmark
with an objective to provide investors with a competitive rate of return through investment in Shariah
Compliant fixed income instruments. 25%
Fund Details
Fund Type Open End 20%
Fund Category Income
15%
Risk Profile/Risk of Principal Erosion Moderate
Launch Date 29-Aug-23 10%
Benchmark Six (6) months average deposit rates of three (3) A rated
scheduled Islamic Banks or Islamic windows of 5%
conventional bank as selected by MUFAP.
0%
Weighted average time to maturity 1.18 years

May-24
Apr-24
Dec-23

Aug-24
Oct-23

Jan-24

Feb-24

Mar-24

Sep-24
Nov-23

Jul-24
Jun-24

INCOME
Listing Pakistan Stock Exchange (PSX)
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor A.F. Ferguson & Company Credit Quality of Portfolio
AMC Rating AM1 AAA 63.5%
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) AA 22.1%
Fund Stability Rating A+ (f) by VIS (27-Dec-23) A+ 2.1%
Unit Type A, B and S A1+ 4.4%
Front End Load 0 to 1.5% A1 3.4%
Back End Load Nil
Leverage Nil
Valuation Days Monday to Friday
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)
Pricing Mechanism Forward
Management Fee Up to 5% of the gross earnings of the Scheme, calculated
on a daily basis, subject to a minimum of 0.10% of the
average daily net assets of the Scheme.

Actual Rate of Management Fee 0.80%

Fund Manager Faizan Saleem
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA
Fund Net Assets
Aug'24 Sep'24 MoM %
Net Assets (Rs. mn) 8,241 9,026 9.52%
Net Assets (excluding FoFs) (Rs. mn) 8,241 9,026 9.53%
NAV Per Unit (Rs.) 51.88 52.71 1.59%
This includes Rs. 0 mn invested by Fund of Funds.
Asset Allocation
Aug'24 Sep'24
GoP Guaranteed Securities 62.16% 56.85%
Cash 28.08% 29.76%
Sukuks 3.78% 7.87%
Placements with Bank and DFIs 0.00% 1.11%
Placements with NBFC and Modarabs 2.42% 0.00%
Others including Receivable 3.56% 4.41%
Expense Ratio
Expense Ratio * Mtd | 1.50% Ytd | 1.43%
* This includes Mtd | 0.26% and Ytd | 0.25% representing Government Levy and SECP Fee. (Annualized),
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 3.25 million)
Performance - Annualized Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MMP-I 18.77% 19.52% 19.65% 19.52% 21.20% - - 22.03% 21.82%
Benchmark 10.70% 10.82% 10.93% 10.82% 10.91% - - 10.47% 20.29%
* Performance start date of August 29, 2023. NAV to NAV return with Dividend reinvested.
Annual Returns
FY24* FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MMP-I 21.71% - - - - - - - -
Benchmark 10.37% - - - - - - - -
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Super Saver Plan
(Managed under Meezan Daily Income Fund)
Note : Moderate Risk means Risk of Principal Erosion is Moderate

Fund Review
Net assets of Meezan Super Saver Plan (MSSP) stood at Rs. 4.66 billion as on Sep 30, 2024. MSSP has provided an annualized return of 23.70% for the month of Sep as compared to its benchmark which
has provided an annualized return of 10.70% during the same period.
Investment Objective Fund's Performance
MSSP Benchmark
The Investment Objective of the Plan is to provide Investors with a competitive rate of return
25.00%

Fund Details 21.00%

Fund Type Open End
Fund Category Income 17.00%

Risk Profile/Risk of Principal Erosion Moderate 13.00%

Launch Date 26-Apr-24
Benchmark Six (6) months average deposit rate of three (3) A rated 9.00%
scheduled Islamic Banks or Islamic windows of
5.00%
conventional banks as selected by MUFAP.
Weighted average time to maturity 756 Day 1.00%

INCOME
Listing Pakistan Stock Exchange (PSX) Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24
-3.00%
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor A.F. Ferguson & Company Credit Quality of Portfolio
AMC Rating AM1 AAA 96.21%
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Fund Stability Rating A+ (f) by VIS (27-Dec-23)
Unit Type B
Front End Load Nil Expense Ratio
Back End Load Nil Expense Ratio * Mtd | 1.49% Ytd | 1.42%
Leverage Nil * This includes Mtd | 0.26% and Ytd | 0.25% representing Government Levy and SECP Fee. (Annualized),
Valuation Days Monday to Friday (Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 1.72 million)
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Non - Compliance Disclosure
Pricing Mechanism Forward Description Min. Regulatory Req Cash
Management Fee The Plan shall charge a Management Fee of up to 1% per Cash and Cash Equivalent 25.00% 22.00%
annum
Actual Rate of Management Fee 0.80%
Fund Manager Faizan Saleem
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, CFA
| Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, CFA,
FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM |
Zohaib Saeed, CFA, ACCA

Fund Net Assets

Aug'24 Sep'24 MoM %
Net Assets (Rs. mn) 3,324 4,661 40.22%
Net Assets (excluding FoFs) (Rs. mn) 3,324 4,661 40.22%
NAV Per Unit (Rs.) 51.62 52.66 2.01%
This includes Rs. 0 mn invested by Fund of Funds.

Asset Allocation
Aug'24 Sep'24
GoP Guaranteed Securities 71.48% 74.20%
Cash 23.33% 22.01%
Others including Receivable 5.19% 3.79%
Performance - Annualized Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD *
MSSP 23.70% 19.19% - 19.19% - - - 19.43%
Benchmark 10.70% 10.82% - 10.82% - - - 10.93%
* Performance start date of April 26, 2024. NAV to NAV return with Dividend reinvested.

Annual Returns
FY24* FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MSSP 18.86% - - - - - - - -
Benchmark 11.04% - - - - - - - -
* 65 days of Operations

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance
data does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The Meezan Super Saver Plan scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Cash Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : Low Risk means Risk of Principal Erosion is Low

Fund Review
Net assets of Meezan Cash Fund (MCF) stood at Rs. 78.32 billion as on September 30, 2024. MCF has provided an annualized return of 16.61% for the month as compared to its benchmark which has provided
an annualized return of 10.14% during the same period.
Investment Objective Monthly Performance
To seek maximum possible preservation of capital and a reasonable rate of return via investing primarily
MCF Benchmark
in liquid Shariah compliant money market and debt securities.
Fund Details 25%
Fund Type Open End
Fund Category Money Market 20%
Risk Profile/Risk of Principal Erosion Low
Launch Date 15-Jun-09
15%
Benchmark Three (3) months average deposit rates of Three (3) AA
rated Islamic Banks or Islamic windows of conventional
bank as Selected by MUFAP. 10%
Weighted average time to maturity 42 Days
Listing Pakistan Stock Exchange (PSX)
5%
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor A.F. Ferguson & Company
AMC Rating AM1 0%
Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Fund Stability Rating AA+ (f) by VIS (29-Dec-23) Rating Exposure
Unit Type A, B and C AAA 62.00% A 0.00%
Front End Load Nil AA+ 15.78% A1 2.49%
Back End Load 0.1% if redemption within 3 days AA 10.23% A1+ 6.21%
Leverage Nil
Valuation Days Monday to Friday
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)
Pricing Mechanism Forward Key Benefits Maximum Preservation of Principal Investment.
Management Fee 1% of average annual net assets calculated on Daily Basis. High Liquidity (Redemption within two working days).
No Sales Load
MONEY MARKET

Actual Rate of Management Fee 0.70%

Fund Manager Faizan Saleem Investment Policy Investments in High Grade & Liquid avenues:
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, and Strategy Instrument/Issuer Rating: Minimum ‘AA’
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Maximum Maturity of Instruments: Six Months
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM Average Time to Maturity of Portfolio: Three Months
| Zohaib Saeed, CFA, ACCA
Fund Net Assets Asset Allocation
Aug'24 Sep'24 MoM %
Placements with
Net Assets (Rs. mn) 85,278 78,319 -8.16% Bank and DFIs, GoP Guaranteed
24.83% Securities*, 12.99%
Net Assets (excluding FoFs) (Rs. mn) 85,278 78,319 -8.16%
NAV Per Unit (Rs.) 52.76 53.51 1.41%
This includes Rs. 0 mn invested by Fund of Funds.
Asset Allocation
Aug'24 Sep'24 Bai Muajjal
Placement, 11.62%
Cash 13.60% 38.58%
Placements with Bank and DFIs 27.16% 24.83%
GoP Guaranteed Securities* 23.18% 12.99%
Bai Muajjal Placement 17.71% 11.62%
Sukuks and Commercial Paper 13.84% 8.70%
Sukuks and
Others including Receivable 4.51% 3.28% Commercial Paper,
The fund has exposure of 6.57% in GoP Issued Security (Listed on PSX) with maturity exceeding 6 months and up to 1 year. 8.70%
Expense Ratio
Expense Ratio * Mtd | 1.30% Ytd | 1.23%
Others including
* This includes Mtd | 0.24% and Ytd | 0.23% representing Government Levy and SECP Fee. (Annualized), Cash, 38.58% Receivable, 3.28%
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 52.59 million)

Performance - Annualized Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MCF 16.61% 17.26% 18.96% 17.26% 20.49% 19.00% 16.57% 19.51% 9.46%
Benchmark 10.14% 10.65% 10.94% 10.65% 10.85% 7.34% 6.06% 5.80% 6.29%
* Performance start date of June 15, 2009. NAV to NAV return with Dividend reinvested.
Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MCF 21.22% 16.11% 9.00% 5.81% 10.95% 7.84% 4.27% 6.07% 4.59%
Benchmark 10.28% 6.23% 3.68% 3.41% 5.37% 3.37% 2.58% 2.90% 4.49%
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Rozana Amdani Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : Low Risk means Risk of Principal Erosion is low

Fund Review
Net assets of Meezan Rozana Amdani Fund (MRAF) stood at Rs. 57.08 billion as on September 30, 2024. MRAF has provided an annualized return of 17.00% for the month of September as compared to its
benchmark which has provided an annualized return of 10.14% during the same period.
Investment Objective Monthly Performance
The investment objective of the fund is to meet liquidity needs of investors by providing investors a daily
MRAF Benchmark
payout through investment in Shariah compliant money market instruments.
25%
Fund Details
Fund Type Open End
Fund Category Money Market 20%
Risk Profile/Risk of Principal Erosion Low
Launch Date 28-Dec-18
15%
Benchmark Three (3) months average deposit rates of Three (3) AA
rated Islamic Banks or Islamic windows of conventional
bank as Selected by MUFAP. 10%
Weighted average time to maturity 50 Days
Listing Pakistan Stock Exchange (PSX)
5%
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor A.F. Ferguson & Company
AMC Rating AM1 0%
Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Fund Stability Rating AA+ (f) by VIS (27-Dec-23) Rating Exposure
Unit Type A, B and C AAA 59.24%
Front End Load Nil AA+ 12.27%
Back End Load Nil AA 9.94%
Leverage Nil A1+ 9.58%
Valuation Days Monday to Friday A1 4.61%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Portfolio: Salient Features
Pricing Mechanism Forward Key Benefits Provides better returns than Shariah compliant savings accounts
Management Fee Up to 3.5% of gross earnings subject to minimum floor of Daily distribution of dividends
0.10% of net assets p.a and maximum cap of 0.75% of net Tax efficient manner of parking funds

MONEY MARKET
assets p.a Online investment and redemption facility available
Actual Rate of Management Fee 0.70% Investment Policy Meezan Rozana Amdani Fund primarily invests in Shariah compliant
Fund Manager Faizan Saleem and Strategy authorized Investments.
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, The fund shall be subject to such exposure limits as are specified in the
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, rules, the regulations and directives issued by SECP from time to time.
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM The fund will distribute daily payout to the unit holders, which will be
| Zohaib Saeed, CFA, ACCA reinvested as agreed upon by the unit holders.
Fund Net Assets
Aug'24 Sep'24 MoM % Asset Allocation
Net Assets (Rs. mn) 58,935 57,083 -3.14% Sukuks and
Cash, 23.31% Commercial Paper,
Net Assets (excluding FoFs) (Rs. mn) 58,935 57,083 -3.14%
14.20%
NAV Per Unit (Rs.) 50.00 50.00 1.44%
This includes Rs. 0 mn invested by Fund of Funds.
Asset Allocation
Aug'24 Sep'24 Bai Muajjal
Placement, 8.99%
Placements with Bank and DFIs 27.16% 25.24%
GoP Guaranteed Securities* 23.18% 23.91%
Cash 13.60% 23.31%
Sukuks and Commercial Paper 13.84% 14.20%
Bai Muajjal Placement 17.71% 8.99% Others including
Others including Receivable 4.51% 4.35% Receivable, 4.35%
The fund has exposure of 9.77% in GoP Issued Security (Listed on PSX) with maturity exceeding 6 months and up to 1 year.
Expense Ratio GoP Guaranteed
Expense Ratio * Mtd | 1.30% Ytd | 1.23% Securities*, 23.91% Placements with
Bank and DFIs,
* This includes Mtd | 0.23% and Ytd | 0.23% representing Government Levy and SECP Fee. (Annualized),
25.24%
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 37.28 million)
Performance - Annualized Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MRAF 17.00% 18.25% 19.46% 18.25% 21.02% 20.05% 17.76% 18.10% 13.20%
Benchmark 10.14% 10.65% 10.94% 10.65% 10.85% 7.34% 6.06% 5.81% 7.19%
* Performance start date of December 28, 2018. NAV to NAV return with Dividend reinvested.
Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 * FY18 FY17 FY16
MRAF 21.50% 16.83% 9.95% 6.61% 11.76% 9.97% - - -
Benchmark 10.28% 6.23% 3.68% 3.41% 5.37% 3.83% - - -
* 183 days of Operations
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
PaaidaarMunafa Plan V
(Managed under Meezan Fixed Term)
AMC RATING AM1 (STABLE OUTLOOK) Note : Low Risk means Risk of Principal Erosion is low

Fund Review
Net assets of Meezan Paaidaar Munafa Plan-V (MPMP-V) stood at Rs. 8.59 billion as on September 30, 2024. MPMP-V has provided an annualized return of 21.13% for the month of September as compared
to its benchmark which has provided an annualized return of 9.18% during the same period.
Investment Objective Fund's Performance
The Meezan Paaidaar Munafa Plan-V (MPMP-V) is an allocation plan under "Meezan Fixed Term Fund" MPMP-V Benchmark
with an objective to provide investors with a competitive rate of return, for fixed tenure by investing 180%
primarily in Shariah Compliant TDRs and money market placements / Instruments for a specific duration.
160%
Fund Details 140%
Fund Type Open End
120%
Fund Category Open End Islamic CIS as per SECP’s Circular No.3 of 2022
dated February 10, 2022 100%
Risk Profile/Risk of Principal Erosion Low Risk 80%
Launch Date 30-Jan-24
Benchmark Twelve (12) months average deposit rates of three (3) AA 60%
rated scheduled Islamic Banking Windows as selected by 40%
MUFAP at the time of plan launch.
20%
Weighted average time to maturity 4 Months
Listing Applied for Listing 0%
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor Yousuf Adil Chartered Accountants Portfolio: Salient Features
AMC Rating AM1 Key Benefits 20.10%* Expected Annualized Halal Return
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Fund Stability Rating -
Unit Type B
Front End Load Nil
Contingent Load * Contingent load shall be deducted from redemption Rating Exposure
amount subject to applicable expenses. AAA 91.10%
Leverage Nil
Valuation Days Monday to Friday
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Expense Ratio
Pricing Mechanism Forward Expense Ratio * Mtd | 0.41% Ytd | 0.41%
Management Fee Up to 5% of the gross earnings of the Scheme, calculated * This includes Mtd | 0.12% and Ytd | 0.12% representing Government Levy and SECP Fee. (Annualized),
on a daily basis, subject to a minimum of 0.10% of the (Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 0.00 million)
average daily net assets of the Scheme Asset Allocation
Actual Rate of Management Fee 0.22% Aug'24 Sep'24
Fund Manager Faizan Saleem GoP Guaranteed Securities 92.55% 91.10%
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, Cash and Others including Receivable 7.45% 8.90%
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA
OPEN END ISLAMIC CIS AS PER SECP's CIRCULAR NO.3 OF 2022

* Contingent load shall commensurate with net loss incurred due to early redemption

Fund Net Assets

Aug'24 Sep'24 MoM %
Net Assets (Rs. mn) 8,440 8,591 1.79%
Net Assets (excluding FoFs) (Rs. mn) 8,440 8,591 1.79%
NAV Per Unit (Rs.) 51.71 52.64 1.79%
This includes Rs. 0 mn invested by Fund of Funds.

Performance - Annualized Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD *
MPMP-V 21.13% 20.97% 20.56% 20.97% - - - 21.61%
Benchmark 9.18% 9.18% 9.18% 9.18% - - - 9.18%
* Performance start date of Jan 30, 2024. NAV to NAV return with Dividend reinvested.

Annual Returns
FY24* FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MPMP-V 20.89% - - - - - - - -
Benchmark 9.18% - - - - - - - -
* 152 days of Operations

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
PaaidaarMunafa Plan IX
(Managed under Meezan Fixed Term)
AMC RATING AM1 (STABLE OUTLOOK) Note : Low Risk means Risk of Principal Erosion is low

Fund Review
Net assets of Meezan Paaidaar Munafa Plan-IX (MPMP-IX) stood at Rs. 0.85 billion as on September 30, 2024. MPMP-IX has provided an annualized return of 13.96% for the month of September as compared
to its benchmark which has provided an annualized return of 11.08% during the same period.
Investment Objective Fund's Performance
The Meezan Paaidaar Munafa Plan-IX (MPMP-IX) an allocation plan under "Meezan Fixed Term Fund" MPMP-IX Benchmark
with an objective to provide investors with a competitive rate of return, for fixed tenure by investing 25%
primarily in Shariah Compliant TDRs and money market placements / Instruments for a specific duration.

Fund Details 20%

Fund Type Open End
Fund Category Open End Islamic CIS as per SECP’s Circular No.3 of 2022
15%
dated February 10, 2022
Risk Profile/Risk of Principal Erosion Low Risk
Launch Date 8-Apr-24 10%
Benchmark Average deposit rates (for comparable period of the plan)
of three (3) AA rated scheduled Islamic Banks or Islamic 5%
windows of conventional bank as selected by MUFAP at
the time of plan launch
0%
Weighted average time to maturity 1 Months

May-24
Apr-24

Aug-24

Sep-24
Jul-24
Jun-24
Listing Applied for Listing
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor Yousuf Adil Chartered Accountants Portfolio: Salient Features
AMC Rating AM1 Key Benefits 19.00% - 19.30% (expected annualized range of return)*
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Fund Stability Rating -
Unit Type B
Front End Load Nil
Contingent Load * Contingent load shall be charged on redemption prior to Rating Exposure
initial maturity and shall commensurate with net loss AAA 89.35%
incurred due to Early Redemption, as determined by the
Management Company.

Leverage Nil Expense Ratio

Valuation Days Monday to Friday Expense Ratio * Mtd | 1.37% Ytd | 1.37%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:30 PM (Fri) * This includes Mtd | 0.24% and Ytd | 0.24% representing Government Levy and SECP Fee. (Annualized),
Pricing Mechanism Forward (Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 0.00 million)
Management Fee Up to 5% of the gross earnings of the Scheme, calculated Asset Allocation
on a daily basis, subject to a minimum of 0.10% of the Aug'24 Sep'24
average daily net assets of the Scheme. GoP Guaranteed Securities 90.94% 89.35%
Cash and Others including Receivable 9.06% 10.65%
Actual Rate of Management Fee 1.01%
Fund Manager Faizan Saleem
Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,
OPEN END ISLAMIC CIS AS PER SECP's CIRCULAR NO.3 OF 2022

Investment Committee
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA
* Contingent load shall commensurate with net loss incurred due to early redemption

Fund Net Assets

Aug'24 Sep'24 MoM %
Net Assets (Rs. mn) 840 850 1.19%
Net Assets (excluding FoFs) (Rs. mn) 840 850 1.19%
NAV Per Unit (Rs.) 51.67 52.28 1.19%
This includes Rs. 0 mn invested by Fund of Funds.

Performance - Annualized Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD *
MPMP-IX 13.96% 18.11% - 18.11% - - - 19.55%
Benchmark 11.08% 11.08% - 11.08% - - - 11.08%
* Performance start date of Apr 08, 2024. NAV to NAV return with Dividend reinvested.
Annual Returns
FY24* FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MPMP-IX 20.21% - - - - - - - -
Benchmark 11.08% - - - - - - - -
* 83 days of Operations

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
PaaidaarMunafa Plan X
(Managed under Meezan Fixed Term)
AMC RATING AM1 (STABLE OUTLOOK) Note : Moderate Risk means Risk of Principal Erosion is Moderate

Fund Review
Net assets of Meezan Paaidaar Munafa Plan-X (MPMP-X) stood at Rs. 3.00 billion as on September 30, 2024. MPMP-X has provided an annualized return of 24.53% for the month of September as compared to
its benchmark which has provided an annualized return of 10.18% during the same period.
Investment Objective Fund's Performance
The Meezan Paaidaar Munafa Plan-X (MPMP-X) is an allocation plan under "Meezan Fixed Term
MPMP-X Benchmark
Fund" with an objective to provide investors with a competitive rate of return, for fixed tenure by
investing primarily in Shariah Compliant TDRs and money market placements / Instruments for a specific 30.00%
duration.
25.00%
Fund Details
Fund Type Open End
20.00%
Fund Category Open End Islamic CIS as per SECP’s Circular No.3 of 2022
dated February 10, 2022
15.00%
Risk Profile/Risk of Principal Erosion Moderate Risk
Launch Date 25-Apr-24
10.00%
Benchmark Average deposit rates (for comparable period of the plan)
of three (3) AA rated scheduled Islamic Banks or Islamic
windows of conventional bank as selected by MUFAP at 5.00%
the time of plan launch
0.00%
Weighted average time to maturity 7 Months

May-24
Apr-24

Aug-24

Sep-24
Jul-24
Jun-24

Jun-24
Listing Applied for Listing
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor Yousuf Adil Chartered Accountants Portfolio: Salient Features
AMC Rating AM1 Key Benefits 18.75% - 19.00% (expected annualized range of return)*
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Fund Stability Rating -
Unit Type B
Front End Load Nil
Contingent Load * Contingent load shall be charged on redemption prior to Rating Exposure
initial maturity and shall commensurate with net loss AAA 99.82%
incurred due to Early Redemption, as determined by the
Management Company

Leverage Nil Expense Ratio

Valuation Days Monday to Friday Expense Ratio * Mtd | 1.12% Ytd | 1.12%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:30 PM (Fri) * This includes Mtd | 0.21% and Ytd | 0.21% representing Government Levy and SECP Fee. (Annualized),
Pricing Mechanism Forward (Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 0.00 million)
Management Fee Up to 5% of the gross earnings of the Scheme, calculated Asset Allocation
on a daily basis, subject to a minimum of 0.10% of the Aug'24 Sep'24
average daily net assets of the Scheme GoP Guaranteed Securities 99.78% 99.82%
Cash and Others including Receivable 0.22% 0.18%
Actual Rate of Management Fee 0.84%
Fund Manager Faizan Saleem
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,
OPEN END ISLAMIC CIS AS PER SECP's CIRCULAR NO.3 OF 2022

CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,

CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA
* Contingent load shall commensurate with net loss incurred due to early redemption

Fund Net Assets

Aug'24 Sep'24 MoM %
Net Assets (Rs. mn) 2,948 3,005 1.93%
Net Assets (excluding FoFs) (Rs. mn) 2,948 3,005 1.93%
NAV Per Unit (Rs.) 51.79 52.87 2.08%
This includes Rs. 0 mn invested by Fund of Funds.

Performance - Annualized Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD *
MPMP-X 24.53% 22.79% - 22.79% - - - 23.02%
Benchmark 10.18% 10.18% - 10.18% - - - 10.18%
* Performance start date of Apr 25, 2024. NAV to NAV return with Dividend reinvested.

Annual Returns
FY24* FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MPMP-X 22.09% - - - - - - - -
Benchmark 10.18% - - - - - - - -
* 66 days of Operations

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
PaaidaarMunafa Plan XII
(Managed under Meezan Fixed Term)
AMC RATING AM1 (STABLE OUTLOOK) Note : Moderate Risk means Risk of Principal Erosion is Moderate

Fund Review
Net assets of Meezan Paaidaar Munafa Plan-XII (MPMP-XII) stood at Rs. 0.84 billion as on September 30, 2024. MPMP-XII has provided an annualized return of 19.42% for the month of September as
compared to its benchmark which has provided an annualized return of 10.46% during the same period.
Investment Objective Fund's Performance
The Meezan Paaidaar Munafa Plan-XII (MPMP-XII) is an allocation plan under "Meezan Fixed Term Fund"
MPMP-XII Benchmark
with an objective to provide investors with a competitive rate of return, for fixed tenure by investing
primarily in Shariah Compliant TDRs and money market placements / Instruments for a specific duration. 30%

25%
Fund Details
Fund Type Open End
20%
Fund Category Open End Islamic CIS as per SECP’s Circular No.3 of 2022
dated February 10, 2022
15%
Risk Profile/Risk of Principal Erosion Moderate Risk
Launch Date 23-May-24
10%
Benchmark Average deposit rates (for comparable period of the plan)
of three (3) AA rated scheduled Islamic Banks or Islamic
windows of conventional bank as selected by MUFAP at 5%
the time of plan launch.
0%
Weighted average time to maturity 8 Months

May-24

Aug-24

Sep-24
Jul-24
Jun-24
Listing Applied for Listing
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor Yousuf Adil Chartered Accountants Portfolio: Salient Features
AMC Rating AM1 Key Benefits 18.75% - 19.25 (expected annualized range of return)*
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Fund Stability Rating -
Unit Type B
Front End Load Nil
Contingent Load * Contingent load shall be charged on redemption prior to Rating Exposure
initial maturity and shall commensurate with net loss AAA 98.01%
incurred due to Early Redemption, as determined by the
Management Company.

Leverage Nil Expense Ratio

Valuation Days Monday to Friday Expense Ratio * Mtd | 1.07% Ytd | 1.06%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:30 PM (Fri) * This includes Mtd | 0.20% and Ytd | 0.20% representing Government Levy and SECP Fee. (Annualized),
Pricing Mechanism Forward (Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 0.00 million)
Management Fee Up to 5% of the gross earnings of the Scheme, calculated
on a daily basis, subject to a minimum of 0.10% of the Asset Allocation
average daily net assets of the Scheme. Aug'24 Sep'24
GoP Guaranteed Securities 98.01% 98.01%
Actual Rate of Management Fee 0.76% Cash and Others including Receivable 1.99% 1.99%
Fund Manager Faizan Saleem
OPEN END ISLAMIC CIS AS PER SECP's CIRCULAR NO.3 OF 2022

Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,

CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA
* Contingent load shall commensurate with net loss incurred due to early redemption

Fund Net Assets

Aug'24 Sep'24 MoM %
Net Assets (Rs. mn) 839 840 0.09%
Net Assets (excluding FoFs) (Rs. mn) 839 840 0.12%
NAV Per Unit (Rs.) 51.98 52.84 1.65%
This includes Rs. mn invested by Fund of Funds.

Performance - Annualized Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD *
MPMP-XII 19.42% 22.54% - 22.54% - - - 23.55%
Benchmark 10.46% 10.46% - 10.46% - - - 10.46%
* Performance start date of May 23, 2024. NAV to NAV return with Dividend reinvested.
Annual Returns
FY24* FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MPMP-XII 21.72% - - - - - - - -
Benchmark 10.46% - - - - - - - -
* 38 days of Operations

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Meezan
Gold Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : High Risk means Risk of Principal Erosion is high

Fund Review
Net assets of Meezan Gold Fund (MGF) as at September 30, 2024 stood at Rs. 2,450.88 million. The fund’s NAV increased by 5.52% during the month.

Investment Objective Portfolio: Salient Features

GOLD FUND

Aims to provide maximum exposure to prices of Gold in a Shariah Compliant (Islamic) manner, by Key Advantages Fully Shariah Compliant means of investing in gold
investing a significant portion of the Fund’s net assets in deliverable gold based contracts available on Efficient Store of value, thereby providing investors the opportunity to
Pakistan Mercantile Exchange (PMEX). invest in a high priced (valuable) commodity through unit certificates
(mutual funds)
Fund Details
Tracks price performance of gold
Fund Type Open End Maximum exposure to gold prices
Fund Category Commodity Fund Good hedge against Inflation
Risk Profile/Risk of Principal Erosion High
Launch Date 13-Aug-15 Investment Strategy MGF, in line with its Investment Objectives, will invest in Authorized
Benchmark Combination of 70% PKR base closing price of physical Investments as approved by the Shariah Advisor
gold and 30% 3 Month average deposit rates of 3 AA rated To meet Fund’s investment objective, at least seventy percent (70%) of
Islamic Banks Fund’s net assets, will remain invested in deliverable gold based
contracts available at a Commodity Exchange, during the year based on
Listing Pakistan Stock Exchange (PSX)
quarterly average investment calculated on daily basis.
Trustee Central Depository Company Pakistan Limited (CDC).
Remaining net assets of the Fund shall be invested in cash and near cash
Auditor Yousuf Adil Chartered Accountants
instruments which include cash in bank accounts of Islamic banks and
AMC Rating AM1 licensed Islamic banking windows of conventional banks (excluding TDR).
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) However, at least 10% of the net assets of the Fund shall remain
Unit Type C invested in cash and near cash instruments, based on monthly average
Front End Load 2.00% investment calculated on daily basis.
Back End Load Nil
Leverage Nil Investment Horizon Long term
Valuation Days Monday to Friday (Investors are advised to take a long term view of a minimum of 3 to 5
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) years)
Pricing Mechanism Forward
Management Fee Up to 1.5%
Actual Rate of Management Fee 0.80%
Fund Manager Ali Hassan Khan, CFA, FRM
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA

Fund Net Assets

Aug'24 Sep'24 MoM %
Net Assets (Rs. mn) 2,085 2,451 17.54%
NAV Per Unit (Rs.) ** 180.92 190.90 5.52%
** Price Adjustment Charge (PAC) of 1% shall be added to NAV to determine Offer Price, and 1% shall be deducted from NAV to
determine Redemption Price.

Asset Allocation
Aug'24 Sep'24
Gold 85.20% 82.65%
Cash 14.74% 16.10%
Other Receivables 0.05% 1.25%
Expense Ratio
Expense Ratio * Mtd | 2.47% Ytd | 2.28%
* This includes Mtd | 0.27% and Ytd | 0.24% representing Government Levy and SECP Fee. (Annualized),
(Selling and Marketing expenses - for the period ended September 30, 2024 were Rs. 0.85 million)

Performance - Cumulative Returns (Net of Expenses)

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MGF 5.52% 16.46% 17.45% 16.46% 30.15% 133.40% 172.38% 330.32% 17.31%
Benchmark 4.70% 13.87% 15.26% 13.87% 27.79% 126.74% 169.71% 397.46% 19.19%
* Performance start date of August 13, 2015. NAV to NAV return with Dividend reinvested.

Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 *
MGF 5.38% 52.45% 24.83% -0.65% 23.76% 30.40% 12.00% -7.20% 10.50%
Benchmark 6.13% 48.39% 22.71% 2.12% 21.31% 27.60% 12.70% -2.90% 16.00%
* 322 days of Operations

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September, 2024 | IN TOUCH MONTHLY

Meezan
Financial Planning Fund of Funds * Note : Medium Risk means Risk of Principal Erosion is Medium
AMC RATING AM1 (STABLE OUTLOOK) ** Note : High Risk means Risk of Principal Erosion is High

Fund Review
As at September 30, 2024, total size of net assets of Meezan Financial Planning Fund of Fund (MFPF) stood at Rs. 331.53 million. For the month, the NAV of Aggressive plan increased by 2.04%, Moderate plan
increased by 2.08%, Conservative plan increased by 1.80%, Very Conservative plan annualized return 11.11%, and MAAP-I plan increased by 2.55% respectively.

Investment Objective Fund Net Assets

To generate returns on Investment as per respective allocation plans by investing in Shariah Compliant Aug'24 Sep'24 MoM %
Fixed Income and Equity Mutual Funds in line with the risk tolerance of the Investor. Aggressive (Rs. mn) 92 100 8.87%
Fund Details Moderate (Rs. mn) 79 79 -0.13%
Fund Type Open End Conservative (Rs. mn) 53 56 3.95%
Fund Category Fund of Funds V. Conservative (Rs. mn) 1 1 -12.79%
Risk Profile/Risk of Principal Erosion Plan specific (Medium to High) MAAP-I (Rs. mn) 94 96 2.55%
Launch Date 11-Apr-13 NAV Per Unit
Benchmark Aggressive Allocation Plan | Moderate Allocation Plan | Aug'24 Sep'24 MoM %
Conservative Allocation Plan | Very Conservative Aggressive (Rs. mn) 104.05 106.17 2.04%
Allocation Plan | MAAP – I : Weighted avg. return of KMI Moderate (Rs. mn) 95.58 97.57 2.08%
30 Index and Fixed Income/ Money Market Scheme as per Conservative (Rs. mn) 94.20 95.89 1.80%
actual allocation.
V. Conservative (Rs. mn) 51.29 51.78 0.94%

FUND OF FUNDS
Listing Pakistan Stock Exchange (PSX) MAAP-I (Rs. mn) 84.68 86.84 2.55%
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor Yousuf Adil Chartered Accountants Expense Ratio | Government Levy
AMC Rating AM1 Expense Ratio Government Levy * Expense Ratio Government Levy *
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) Mtd Ytd
Unit Type A and B Aggressive 0.45% 0.04% 0.43% 0.04%
Front End Load Aggressive Plan 2.0% | Moderate Plan 1.5% | Conservative Moderate 0.40% 0.03% 0.41% 0.04%
Plan 1.0% | Very Conservative Plan 1.0% | Other Plans 0% Conservative 0.45% 0.04% 0.44% 0.04%
Back End Load to
Nil3% V. Conservative 1.47% 0.15% 1.46% 0.16%
Leverage Nil MAAP-I 0.43% 0.03% 0.41% 0.03%
Valuation Days Monday to Friday * This represents government levy and SECP fee. (Annualized)
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)
Pricing Mechanism Forward
Management Fee Same as for underlying Funds and 1% on Cash
Actual Rate of Management Fee Management fee of 1% on investments in Cash/ near cash
instruments
Fund Manager Asif Imtiaz, CFA
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA
MFPF - Allocation Plan
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
Aggressive 2.04% 3.48% 13.09% 3.48% 48.25% 53.75% 118.04% 212.80% 10.45%
Benchmark 0.39% 0.23% 10.73% 0.23% 48.96% 61.66% 123.28% 208.89% 10.33%
Moderate 2.08% 4.19% 12.46% 4.19% 41.45% 58.85% 117.73% 224.13% 10.79%
Benchmark 0.82% 1.73% 10.51% 1.73% 40.49% 53.96% 101.47% 179.14% 9.36%
Conservative 1.80% 4.73% 10.78% 4.73% 30.58% 56.05% 97.87% 197.06% 9.95%
Benchmark 1.23% 3.14% 9.86% 3.14% 29.81% 43.63% 72.50% 119.65% 7.10%
V.Conservative 11.11% 11.48% 13.11% 11.48% 17.49% - - 18.05% 16.13%
Benchmark 12.38% 12.48% 14.40% 12.48% 16.90% - - 15.27% 13.66%
MAAP-I ** 2.55% 4.26% 12.89% 4.26% 44.08% 51.37% 120.01% 112.66% 8.52%
Benchmark 0.69% 0.75% 9.31% 0.75% 37.98% 46.84% 101.77% 108.14% 8.26%
* Performance start date of April 12, 2013.
** Performance start date of July 10, 2015, NAV to NAV return with dividend reinvested
Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
Aggressive 55.25% 1.13% -5.35% 27.21% 6.86% -17.20% -12.00% 16.90% 13.30%
Benchmark 60.30% 3.72% -6.88% 30.73% 5.86% -17.20% -6.40% 13.50% 11.70%
Moderate 45.89% 5.29% 0.44% 20.83% 10.11% -9.20% -6.80% 13.30% 11.30%
Benchmark 46.31% 4.64% -3.54% 21.67% 7.83% -10.50% -3.30% 11.50% 10.00%
Conservative 32.52% 9.81% 4.08% 12.93% 10.96% -1.00% -1.60% 9.70% 8.70%
Benchmark 30.91% 5.59% -0.09% 12.19% 7.60% -3.50% -0.30% 7.60% 6.70%
V.Conservative 19.42% - - - - - - - -
Benchmark 15.60% - - - - - - - -
MAAP-I 49.92% 3.20% -3.36% 27.25% 5.62% -18.50% -6.10% 18.80% 11.70%
Benchmark 45.45% 3.74% -7.33% 30.91% 5.58% -16.40% -4.70% 16.70% 14.90%
* 356 days of Operation.
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September, 2024 | IN TOUCH MONTHLY

Meezan
Financial Planning Fund of Funds * Note : Medium Risk means Risk of Principal Erosion is Medium
AMC RATING AM1 (STABLE OUTLOOK) ** Note : High Risk means Risk of Principal Erosion is High

Fund Review
As at September 30, 2024, total size of net assets of Meezan Financial Planning Fund of Fund (MFPF) stood at Rs. 331.53 million. For the month, the NAV of Aggressive plan increased by 2.04%, Moderate plan
increased by 2.08%, Conservative plan increased by 1.80%, Very Conservative plan annualized return 11.11%, and MAAP-I plan increased by 2.55% respectively.
Investment Objective Assets Allocation
To generate returns on Investment as per respective allocation plans by investing in Shariah Compliant Equity / Index Income / Money Other Including
Cash
Fixed Income and Equity Mutual Funds in line with the risk tolerance of the Investor. Fund Market Fund Receivables
Fund Details Aggressive 72.79% 24.26% 2.81% 0.14%
Fund Type Open End Moderate 46.62% 46.80% 6.53% 0.05%
Fund Category Fund of Funds Conservative 24.40% 73.20% 2.30% 0.10%
Risk Profile/Risk of Principal Erosion Plan specific (Medium to High) V. Conservative 0.00% 30.33% 68.87% 0.80%
Launch Date 11-Apr-13 MAAP-I 57.11% 41.92% 0.93% 0.04%
Benchmark Aggressive Allocation Plan | Moderate Allocation Plan | Portfolio: Salient Features
Conservative Allocation Plan | Very Conservative Benefits Strategy reflective of investor’s risk appetite as market conditions
Allocation Plan | MAAP – I : Weighted avg. return of KMI change
30 Index and Fixed Income/ Money Market Scheme as per Up to 100% equity Participation possible, based on fund managers
actual allocation. outlook on the market
FUND OF FUNDS

Actively managed by experienced Fund Managers

Listing Pakistan Stock Exchange (PSX)
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor Yousuf Adil Chartered Accountants Investment Policy Based on the Fund Manager’s outlook on asset classes, the allocation
AMC Rating AM1 plan will actively allocate its portfolio between the Equity asset
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) Schemes and Fixed Income/Money Market Schemes based on the
Unit Type A and B macroeconomic view and outlook of such asset classes.
Aggressive Plan 2.0% | Moderate Plan 1.5% | Conservative For exposure to equities, this Plan shall primarily be invested in Islamic
Front End Load
Plan 1.0% | Very Conservative Plan 1.0% | Other Plans 0% Equity and Islamic Index Funds managed by Al Meezan and also other
to Asset Management Companies. Whereas for taking exposure to Fixed
Back End Load Nil3%
Income/Money Market, the Plan shall invest in Islamic Money Market
Leverage Nil and Islamic Fixed Income Scheme(s) managed by Al Meezan or any
Valuation Days Monday to Friday other Asset Management Company as well as in Cash at Bank Accounts
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) of Islamic Banks and licensed Islamic Banking windows of conventional
Pricing Mechanism Forward Banks.
Management Fee Same as for underlying Funds and 1% on Cash
Actual Rate of Management Fee Management fee of 1% on investments in Cash/ near cash Trading Strategy The allocation plan will actively allocate its portfolio between the Equity
instruments Schemes and Fixed Income/Money Market Schemes based on the Fund
Fund Manager Asif Imtiaz, CFA Manager’s view on macroeconomic outlook of such asset classes.
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's

MUFAP's
Recommended
Recommended
FormatFormat
 Fund Manager's Report - September, 2024 | IN TOUCH MONTHLY

Meezan
Strategic Alloction Fund * Note : Medium Risk means Risk of Principal Erosion is Medium
AMC RATING AM1 (STABLE OUTLOOK) ** Note : High Risk means Risk of Principal Erosion is High

Fund Review
As at September 30, 2024, total size of net assets of Meezan Strategic Allocation Fund (MSAF) stood at Rs. 0.33 billion. For the month of September, NAVs of Meezan Strategic Allocation Plan- I (MSAP-I)
increased by 2.49%, Meezan Strategic Allocation Plan- II (MSAP-II) increased by 1.02%, Meezan Strategic Allocation Plan- III (MSAP-III) increased by 2.27%, Meezan Strategic Allocation Plan- IV (MSAP-IV)
increased by 2.38%, and Meezan Strategic Allocation Plan- V (MSAP-V) increased by 2.22% respectively.

Investment Objective Fund Net Assets

To actively allocate its portfolio between the equity schemes and fixed income/money market Aug'24 Sep'24 MoM %
schemes based on the macroeconomic view of the fund manager on such asset classes. MSAP I (Rs. mn) 89 89 -0.06%
Fund Details MSAP II (Rs. mn) 42 43 1.02%
Fund Type Open End MSAP III (Rs. mn) 102 99 -2.85%
Fund Category Fund of Funds MSAP IV (Rs. mn) 66 67 2.38%
Risk Profile/Risk of Principal Erosion Plan Specific (Medium to High) MSAP V (Rs. mn) 33 34 2.22%
Launch Date 19-Oct-16 (MSAP I) | 21-Dec-16 (MSAP II) | 16-Feb-17
(MSAP III) | 20-Apr-17 (MSAP IV) | 10-Aug-17 (MSAP V) NAV Per Unit
Aug'24 Sep'24 MoM %

FUND OF FUNDS
Benchmark Weighted avg. return of KMI 30 Index and Fixed MSAP I (Rs.) 58.03 59.48 2.49%
Income/ Money Market Scheme as per actual MSAP II (Rs.) 50.53 51.04 1.02%
Listing allocation.
Pakistan Stock Exchange (PSX) MSAP III (Rs.) 55.50 56.76 2.27%
Trustee Central Depository Company Pakistan Limited (CDC). MSAP IV (Rs.) 58.58 59.97 2.38%
Auditor Yousuf Adil Chartered Accountants MSAP V (Rs.) 65.62 67.08 2.22%
AMC Rating AM1
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) Assets Allocation
Unit Type B and C Income / Money Other Including
Equity / Index Fund Cash
Front End Load 3.00% Market Fund Receivables
Back End Load / Contingent Load Contingent Load of 3% if redeemed within one year of MSAP I 63.29% 36.07% 0.56% 0.08%
close of Initial Subscription Period. Nil after one year.
MSAP II 58.84% 34.43% 5.04% 1.69%
Leverage Nil MSAP III 61.09% 38.08% 0.72% 0.11%
Valuation Days Monday to Friday MSAP IV 58.73% 40.03% 1.22% 0.02%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) MSAP V 56.33% 41.41% 1.54% 0.72%
Pricing Mechanism Forward
Management Fee 1% if investment is made in CIS of other AMCs or Cash/ Expense Ratio | Government Levy
near cash instruments Expense Ratio Government Levy * Expense Ratio Government Levy *
Actual Rate of Management Fee Management fee of 1% on investments in Cash/ near Mtd Ytd
cash instruments MSAP I 0.56% 0.03% 0.63% 0.05%
Fund Manager Asif Imtiaz, CFA MSAP II 0.68% 0.04% 0.82% 0.07%
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, MSAP III 0.58% 0.03% 0.62% 0.04%
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan MSAP IV 0.52% 0.03% 0.45% 0.03%
Khan, CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, MSAP V 0.90% 0.03% 0.56% 0.03%
CFA, FRM | Zohaib Saeed, CFA, ACCA
* This represents government levy and SECP fee. (Annualized)

Performance - Cumulative Returns Annual Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR* FY24 FY23 FY22 FY21 FY20 FY19 FY18 * FY17 *
MSAP-I 1 2.49% 5.94% 14.47% 5.94% 45.81% 53.34% 117.40% 64.34% 6.45% 48.52% 3.30% -6.25% 26.96% 7.93% -17.10% -12.80% 8.90%
Benchmark 0.32% -0.15% 8.00% -0.15% 35.60% 44.03% 97.30% 60.67% 6.14% 44.10% 3.60% -7.23% 30.07% 5.99% -16.00% -7.10% 8.10%
MSAP-II 2 1.02% 5.53% 14.53% 5.53% 45.48% 53.98% 112.38% 48.03% 5.17% 49.26% 3.37% -6.61% 26.29% 6.51% -15.90% -12.80% -1.20%
Benchmark 0.29% -0.76% 7.29% -0.76% 34.50% 42.70% 93.59% 41.88% 4.60% 43.70% 3.51% -7.28% 29.94% 5.37% -16.10% -7.20% -2.80%
MSAP-III 3 2.27% 4.95% 13.32% 4.95% 44.19% 51.42% 110.42% 42.59% 4.76% 48.55% 3.26% -7.41% 27.13% 6.73% -16.10% -13.10% -3.30%
Benchmark 0.36% 0.06% 8.18% 0.06% 36.06% 44.52% 96.01% 40.75% 4.58% 44.25% 3.66% -7.29% 29.92% 5.41% -16.10% -7.00% -5.00%
MSAP-IV 4 2.38% 4.53% 12.85% 4.53% 43.61% 49.61% 111.02% 45.15% 5.13% 48.28% 2.87% -6.78% 27.49% 6.89% -16.10% -11.90% -3.00%
Benchmark 0.34% 0.39% 8.55% 0.39% 36.51% 44.81% 97.02% 39.79% 4.60% 44.12% 3.60% -7.29% 30.08% 5.45% -16.10% -6.40% -6.50%
MSAP-V 5 2.22% 3.69% 11.78% 3.69% 40.95% 46.75% 105.76% 61.77% 6.96% 46.72% 2.65% -7.52% 28.25% 6.47% -15.90% -2.50% -
Benchmark 0.35% 0.47% 8.38% 0.47% 34.97% 43.14% 95.25% 62.66% 7.05% 42.10% 3.72% -7.26% 29.80% 5.91% -16.10% 2.70% -

* 1 - Performance start date of October 19, 2016. 2 - Performance start date of December 21, 2016. 3 - * 1 - 254 days of Operations, 2 - 191 days of Operations, 3 - 134 days of operation, 4 - 71 days of Operations, 5 -
Performance start date of February 16, 2017. 4 - Performance start date of April 20, 2017. 5 - 323 days of operation
Performance start date of August 10, 2017.

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan
Al Meezan
Investment
Investment
Management
Management
Ltd. Ltd. www.almeezangroup.com MUFAP's Recommended Format
 Fund Manager's Report - September, 2024 | IN TOUCH MONTHLY

Meezan
Strategic Alloction Fund - II
Note : Medium Risk means Risk of Principal Erosion is Medium
AMC RATING AM1 (STABLE OUTLOOK)

Fund Review
As at September 30, 2024, total size of net assets of Meezan Strategic Allocation Fund - II stood at Rs. 0.29 billion. For the month of September, NAVs of Meezan Capital Preservation Plan-IV (MCPP-IV)
increased by 2.11% respectively.

Investment Objective Fund Net Assets

To earn potentially high returns through investment as per respective Allocation Plans by investing in Aug'24 Sep'24 MoM %
Shariah Compliant Fixed Income / Money Market Collective Investment Schemes and Equity based MCPP IV (Rs. mn) 288 293 1.74%
Collective Investment Schemes.
Fund Details
Fund Type Open End
Fund Category Fund of Funds NAV Per Unit
Risk Profile/Risk of Principal Erosion Plan Specific (Medium) Aug'24 Sep'24 MoM %
Launch Date 06-Mar-2018 (MCPP-IV) | 10-Jul-2018 (MCPP-VI) | 25-Sep- MCPP IV (Rs.) 70.72 72.21 2.11%
2018 (MCPP-VII)
Benchmark Weighted avg. return of KMI 30 Index and Fixed Income/
FUND OF FUNDS

Money Market Scheme as per actual allocation.

Listing Pakistan Stock Exchange (PSX) Assets Allocation
Trustee Central Depository Company Pakistan Limited (CDC). Equity / Index Income / Money Other Including
Cash
Auditor Yousuf Adil Chartered Accountants Fund Market Fund Receivables
AMC Rating AM1 MCPP IV 29.49% 70.25% 0.24% 0.02%
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Unit Type B
Front End Load 0% to 3%
Back End Load NIL Expense Ratio | Government Levy
Leverage Nil Expense Ratio Government Levy * Expense Ratio Government Levy *
Valuation Days Monday to Friday Mtd Ytd
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) MCPP IV 0.25% 0.03% 0.27% 0.03%
Pricing Mechanism Forward
Management Fee 1% if investment is made in CIS of other AMCs or Cash/
near cash instruments
Actual Rate of Management Fee Management fee of 1% on investments in Cash/ near cash * This represents government levy and SECP fee. (Annualized)
instruments Fund Multiplier
Fund Manager Asif Imtiaz, CFA Low Multiplier High Multiplier
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, MCPP-IV 0.50 0.51
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA

Performance - Cumulative Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MCPP-IV 2.11% 4.99% 11.82% 4.99% 32.47% 54.99% 75.73% 77.38% 9.11%
Benchmark 1.14% 2.05% 7.73% 2.05% 27.94% 39.88% 47.25% 41.93% 5.47%

* MCPP-IV - Performance start date of Mar 06, 2018.

Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 * FY18 * FY17 FY16
MCPP-IV 34.31% 10.16% -0.79% 12.24% 2.30% 0.70% -0.40% - -
Benchmark 30.54% 5.17% -2.21% 9.08% -1.43% -2.60% -1.00% - -

* MCPP-IV - 115 days of Operations.

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/
Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's

MUFAP's
Recommended
Recommended
FormatFormat
 Fund Manager's Report - September, 2024 | IN TOUCH MONTHLY

Meezan
Strategic Alloction Fund - III
Note : Medium Risk means Risk of Principal Erosion is Medium
AMC RATING AM1 (STABLE OUTLOOK)

Fund Review
As at September 30, 2024, total size of net assets of Meezan Strategic Allocation Fund - III stood at Rs. 77.54 million. For the month of September, NAVs of Meezan Capital Preservation Plan-IX (MCPP-IX)
increased by 2.34% respectively.
Investment Objective Fund Net Assets
To earn potentially high returns through investment as per respective Allocation Plans by investing in Aug'24 Sep'24 MoM %
Shariah Compliant Fixed Income / Money Market Collective Investment Schemes and Equity based MCPP-IX (Rs. mn) 234 78 -66.89%
Collective Investment Schemes.
Fund Details
Fund Type Open End
Fund Category Fund of Funds NAV Per Unit
Risk Profile/Risk of Principal Erosion Plan Specific (Medium) Aug'24 Sep'24 MoM %
Launch Date 14-May-2019 (MCPP-IX) MCPP-IX (Rs.) 74.67 50.00 -33.04%
Benchmark Weighted avg. return of KMI 30 Index and Fixed Income/
Money Market Scheme as per actual allocation.
Listing Pakistan Stock Exchange (PSX)

FUND OF FUNDS
Trustee Central Depository Company Pakistan Limited (CDC). Assets Allocation
Auditor Yousuf Adil Chartered Accountants Equity / Index Income / Money Other Including
Cash
AMC Rating AM1 Fund Market Fund Receivables
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) MCPP IX 0.00% 0.00% 0.06% 99.94%
Unit Type B
Front End Load 0% to 3%
Back End Load NIL
Leverage Nil Expense Ratio | Government Levy
Valuation Days Monday to Friday Expense Ratio Government Levy * Expense Ratio Government Levy *
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Mtd Ytd
Pricing Mechanism Forward MCPP-IX 0.42% 0.03% 0.33% 0.03%
Management Fee 1% if investment is made in CIS of other AMCs or Cash/
near cash instruments * This represents government levy and SECP fee. (Annualized)
Actual Rate of Management Fee Management fee of 1% on investments in Cash/ near cash
instruments
Fund Manager Asif Imtiaz, CFA Fund Multiplier
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, Low Multiplier High Multiplier
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, MCPP-IX - 0.52
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
| Zohaib Saeed, CFA, ACCA

Performance - Cumulative Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MCPP-IX 2.34% 4.87% 11.62% 4.87% 32.50% 60.90% 97.16% 92.09% 12.88%
Benchmark 1.15% 2.08% 7.71% 2.08% 27.97% 41.97% 61.08% 57.82% 8.84%

* Performance start date of May 14, 2019. NAV to NAV return with dividend reinvested

Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 * FY18 FY17 FY16
MCPP-IX 34.49% 11.61% 1.37% 18.36% 5.45% -3.60% - - -
Benchmark 30.56% 5.58% -1.17% 17.14% -1.17% -2.00% - - -

* 45 days of Operations

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/
Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV
based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September, 2024 | IN TOUCH MONTHLY

Meezan
Tahaffuz Pension Fund
AMC RATING AM1 (STABLE OUTLOOK)

Fund Review
As at September 30, 2024, total size of net assets of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 26.08 billion. For the month of September, NAV of equity sub fund increased by 2.49%, that of gold sub
fund increased by 5.48%, while the NAVs of debt and money Market sub funds provided annualized returns of 17.26% and 20.07% respectively.
Investment Objective (MTPF - Equity) : Top Ten Equity Holdings
To provide participants a regular Halal income stream after retirement/disability when they can no Mari Petroleum Company Limited 11.36%
longer earn regular income to support their living so that they are not dependent on other members of The Hub Power Company Limited 9.98%
the society Oil & Gas Development Company Limited 9.97%
Fund Details Pakistan Petroleum Limited 7.81%
Fund Type Open End Lucky Cement Limited 7.35%
Fund Category Pension Meezan Bank Limited 5.49%
Risk Profile/Risk of Principal Erosion Investor Dependent Engro Fertilizers Limited 5.37%
Launch Date 28-Jun-07 Systems Limited 4.90%
Trustee Central Depository Company Pakistan Limited (CDC). Engro Corporation Limited 4.81%
Auditor Yousuf Adil Chartered Accountants Kohat Cement Company Limited 4.65%
AMC Rating AM1 (MTPF - Equity) : Sector Allocation
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23) Oil & Gas Exploration Companies 29.14%
Front End Load 3.00% Cement 19.34%
Leverage Nil Power Generation & Distribution 10.87%
Valuation Days Monday to Friday Fertilizer 10.68%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Oil & Gas Marketing Companies 7.35%
Pricing Mechanism Forward Others Sectors 21.13%
Management Fee Upto (3% Equity, 1.50% Debt, 1% MMKT, 2% Gold) MTPF Debt Sub Fund
Actual Rate of Management Fee 1.5% Equity & Gold, 0.50% Debt & MMKT Cash and Others
Fund Manager Ahmed Hassan, CFA including
Receivables, 35.25%
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan, GoP Guaranteed
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan, Placements with Securities, 57.66%
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM NBFC and
| Zohaib Saeed, CFA, ACCA Modarabs, 1.35%
Fund Net Assets Sukuks, 5.74%
Aug'24 Sep'24 MoM %
PENSION

MTPF-Equity (Rs. mn) 5,158 5,373 4.17% MTPF Money Market Sub Fund
MTPF-Debt (Rs. mn) 7,169 7,341 2.40% Cash and Others
including
MTPF-MMkt (Rs. mn) 12,567 12,752 1.47% Receivables, 18.74%
MTPF-Gold (Rs. mn) 582 613 5.32%
Total Fund 25,476 26,079 2.37% Placements with
NAV Per Unit Bank and DFIs,
Aug'24 Sep'24 MoM % 15.61%
GoP Guaranteed
MTPF-Equity (Rs.) 860.71 882.19 2.49% Securities, 65.65%
MTPF-Debt (Rs.) 435.43 441.82 1.47%
MTPF-MMkt (Rs.) 428.64 435.95 1.70% Details of Non Compliant Investments
MTPF-Gold (Rs.) * 338.65 357.23 5.48% Name of Non-Compliant Value of Investment before Provision held if any / Diminis Value of Investment after % of Net
% of Gross Assets
Investment provision hing Market Value provision Assets
* Price Adjustment Charge (PAC) of 1% shall be added to NAV to determine Offer Price, and 1% shall be deducted from NAV to
determine Redemption Price Eden Housing Ltd 492 492.00 - - -

Allocation Scheme Security Leasing Corporation 771 771.00 - - -

Equity Debt Money Market Agha Steel Industries Limited 34,000,000 11,371,111.00 22,628,889 0.31% 0.31%

High Volatility 80% 20% 0% Shakarganj Food Products Ltd 8,042,393 3,265,300.00 4,777,093 0.07% 0.06%

Medium Volatility 50% 40% 10%

Low Volatility 25% 60% 15% Expense Ratio | Government Levy
Lower Volatility 0% 50% 50% MTPF-Equity MTPF-Debt MTPF-MMkt MTPF-Gold
Asset Allocation : MTPF Gold Sub Fund Expense Ratio | Mtd 3.12% 0.70% 0.70% 2.75%

Aug'24 Sep'24 Government Levy * | Mtd 0.34% 0.13% 0.13% 0.28%

Gold 84.14% 84.61% Expense Ratio | Ytd 2.48% 0.71% 0.70% 2.76%
Cash 15.33% 14.35% Government Levy * | Ytd 0.32% 0.13% 0.13% 0.28%
Other including Receivable 0.53% 1.04% ** This includes EQT 0.26%, Debt 0.20%, MMKT 0.20% and Gold 0.23% representing government levy, and SECP fee (Annualized)
MTPF - Allocation Schemes
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
High Volatility 2.29% 2.90% 12.59% 2.90% 54.70% 65.17% 134.74% 694.11% 12.75%
Medium Volatility 2.00% 3.68% 11.72% 3.68% 42.18% 61.36% 114.96% 561.41% 11.56%
Low Volatility 1.76% 4.32% 10.99% 4.32% 31.72% 58.04% 98.50% 451.03% 10.39%
Lower Volatility 1.59% 5.02% 10.33% 5.02% 21.57% 56.00% 81.77% 338.88% 8.94%
MTPF-Gold 5.48% 15.87% 16.43% 15.87% 29.20% 125.41% 160.60% 257.23% 16.88%
* Performance start date of June 28, 2007. CAGR since inception, ** Performance start of August 04, 2016.
Annual Returns
FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 * FY16
MTPF- Equity 77.07% 0.21% -9.93% 34.72% 5.97% -23.70% -16.50% 20.40% 18.10%
MTPF- Debt 20.78% 14.39% 8.34% 7.37% 10.99% 7.00% 2.80% 4.90% 4.50%
MTPF- MMKT 22.06% 15.87% 8.26% 5.19% 9.92% 7.30% 2.90% 4.40% 4.00%
MTPF- Gold 5.36% 48.60% 23.88% 0.36% 21.40% 28.40% 12.10% -9.40% -
* 330 days of Operations
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/
Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV based prices of units and any
dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data does not include cost incurred by investor in the form of sales-
load etc. Please read the offering document to understand the investment policies and risks involved.
The MTPF Debt Sub Fund scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

 Fund Manager's Report - September, 2024 | IN TOUCH MONTHLY

Meezan
GOKP Pension Fund
AMC RATING AM1 (STABLE OUTLOOK)

Fund Review
Net assets of Meezan GOKP Pension Fund (MGOKPPF) stood at Rs. 249.78 million as on September 30, 2024. MGOKPPF has provided an annualized return of 19.82% for the month of September.

Investment Objective MGOKPPF Money Market Sub Fund

The objective of the Fund is to provide Employees with an individualized, funded (based on defined Cash & Others
including
contribution) as well as flexible pension scheme which is managed by professional investment managers Receivable, 24.59%
to assist them to plan and provide for their retirement. The design of the allocation scheme empowers
the Employees to invest their pension savings as per their desired asset allocations.

Fund Details
Fund Type Open End
Sukuks, 17.14% GOP Guaranted
Fund Category GOKP Pension Securities, , 58.27%
Risk Profile/Risk of Principal Erosion Investor Dependent
Launch Date 14-Dec-23
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor Yousuf Adil Chartered Accountants
AMC Rating AM1 Expense Ratio | Government Levy
Rating Agency PACRA (21-Jun-24)/VIS (29-Dec-23)
Front End Load Nil Expense Ratio Government Levy * Expense Ratio Government Levy *
Leverage Nil Mtd Ytd
Valuation Days Monday to Friday MGOKPPF-MMKT 0.88% 0.11% 0.89% 0.11%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:30 PM (Fri)
Pricing Mechanism Forward Salient Features
Management Fee 0.30% * The government of Khyber Pakhtunkhwa (KPK) has successfully transitioned from traditional
Actual Rate of Management Fee 0.30% defined-benefit pensions to a Voluntary Pension System (VPS) for its civil servants.
Fund Manager Ahmed Hassan, CFA
* The new VPS scheme is aimed at providing better benefits and more security to retirees and will
Investment Committee Imtiaz Gadar, CFA | Muhammad Asad |Ahmed Hassan,
eventually replace the old and outdated pension system.
CFA | Faizan Saleem | Asif Imtiaz, CFA | Ali Hassan Khan,
CFA, FRM | Ali Asghar, CFA, FDP | Akhtar Munir, CFA, FRM
* The K-P government has engaged several pension fund managers to ensure that the new scheme
| Zohaib Saeed, CFA, ACCA
remains self-financing and doesn’t become a burden on the government.
Fund Net Assets
PENSION

Aug'24 Sep'24 MoM % * As an industry leader, Al Meezan has launched its Meezan GOKP Pension Fund (MGOKPPF) on
MGOKPPF-MMKT (Rs. mn) 235 250 6.27% 14th December 2023.
NAV Per Unit
* MGOKPPF shall consist of four sub-funds: Equity, Equity-Index, Debt, and Money Market.
Aug'24 Sep'24 MoM %
However, for initial three years, only Money Market sub-fund will remain active.
MGOKPPF-MMKT (Rs.) 115.4497 117.3933 1.68%
Rating Exposure * MGOKPPF offers lucrative allocation schemes for the benefit of investors.
AAA 58.27%
AA+ 0.00%
AA 0.00%
AA- 0.00%
A+ 0.00%
A 0.00%
BBB+ 0.00%
A1+ 17.14%

Performance - Annualized Returns

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD *
MGOKPPF-MMKT 19.82% 19.23% 21.14% 19.23% - - - 21.82%

* Performance start date of December 14, 2023

Annual Returns
FY24* FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16
MGOKPPF-MMKT 21.95% - - - - - - - -

* 199 days of Operations

1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at [email protected]
2-In case of unsatisfactory resolution, you can also send your complaints at [email protected] or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/
Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV based prices of units and any
dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data does not include cost incurred by investor in the form of sales-
load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).
Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format
 Fund Manager's Report - September 2024 | IN TOUCH MONTHLY

Performance - Fiscal Year Returns

New Account Opening

FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 FY15 FY14
MIF 73.00% -2.54% -11.27% 35.50% 2.81% -24.30% -17.10% 22.90% 17.40% 21.60% 29.20%
Benchmark 78.70% 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50% 20.10% 29.90%
AMMF 74.84% -0.28% -10.91% 32.51% 3.09% -24.40% -16.50% 23.00% 15.50% 22.00% 29.90%
Benchmark 78.70% 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50% 20.10% 29.90%
MDEF 74.90% -0.56% -14.26% 35.55% -2.56% -26.80% -2.90% - - - -
Benchmark 78.70% 2.88% -10.25% 39.32% 1.62% -23.80% 3.60% - - - -
MEF 86.79% -2.13% -8.10% 14.25% -10.04% -33.00% -0.90% 6.90% - - -
Benchmark 78.70% 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 9.30% - - -
KMIF 75.02% 0.69% -10.69% 36.43% 0.88% -25.00% -11.20% 15.90% 13.30% 17.10% 26.50%
Benchmark 78.70% 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50% 20.10% 29.90%
MP-ETF 85.78% -1.32% -23.41% 15.57% - - - - - - -
Benchmark 93.94% -1.04% -22.37% 18.57% - - - - - - -
MAAF 60.44% 0.35% -19.10% 35.16% 6.61% -20.40% -12.50% 18.10% 2.80% - -
Benchmark 64.39% 3.28% -8.39% 33.53% 6.97% -18.60% -6.90% 15.20% 5.00% - -
MBF 43.38% 4.87% -3.61% 18.13% 8.14% -12.80% -9.00% 14.90% 12.10% 15.90% 19.60%
Benchmark 38.19% 4.55% -3.11% 19.45% 5.80% -12.10% -4.20% 12.00% 9.50% 12.60% 17.70%
MIIF 20.94% 14.86% 8.63% 6.64% 11.57% 7.92% 4.26% 5.09% 5.76% 8.15% 11.90%

PERFORMANCE SUMMARY
Benchmark 10.10% 6.06% 3.34% 3.56% 6.33% 3.69% 2.44% 2.78% 3.49% 5.04% 5.40%
MSF 21.89% 15.37% 8.27% 7.65% 11.17% 7.02% 2.57% 6.57% 5.12% 6.81% 8.50%
Benchmark 18.95% 6.06% 3.34% 3.71% 7.93% 7.15% 4.96% 4.65% 4.49% 6.24% 6.60%
MDIP-I 21.78% 16.86% 10.58% - - - - - - - -
Benchmark 10.10% 6.06% 3.39% - - - - - - - -
MMMP 20.00% 15.28% - - - - - - - - -
Benchmark 10.10% 6.52% - - - - - - - - -
SEHL 20.21% 8.72% - - - - - - - - -
Benchmark 10.10% 7.08% - - - - - - - - -
MMP-I 21.71% - - - - - - - - - -
Benchmark 10.37% - - - - - - - - - -
MSSP 18.86% - - - - - - - - - -
Benchmark 11.04% - - - - - - - - - -
MCF 21.22% 16.11% 9.00% 5.81% 10.95% 7.84% 4.27% 6.07% 4.59% 7.46% 7.10%
Benchmark 10.28% 6.23% 3.68% 3.41% 5.37% 3.37% 2.58% 2.90% 4.49% 6.24% 6.60%
MRAF 21.50% 16.83% 9.95% 6.61% 11.76% 9.97% - - - - -
Benchmark 10.28% 6.23% 3.68% 3.41% 5.37% 3.83% - - - - -
MGF 5.38% 52.45% 24.83% -0.65% 23.76% 30.40% 12.00% -7.20% 10.50% - -
Benchmark 3.09% 48.39% 22.71% 2.12% 21.31% 27.60% 12.70% -2.90% 16.00% - -
Aggressive 55.25% 1.13% -5.35% 27.21% 6.86% -17.20% -12.00% 16.90% 13.30% 16.50% 22.10%
Benchmark 60.30% 3.72% -6.88% 30.73% 5.86% -17.20% -6.40% 13.50% 11.70% 15.10% 21.70%
Moderate 45.89% 5.29% 0.44% 20.83% 10.11% -9.20% -6.80% 13.30% 11.30% 13.60% 17.30%
Benchmark 46.31% 4.64% -3.54% 21.67% 7.83% -10.50% -3.30% 11.50% 10.00% 12.90% 18.20%
Conservative 32.52% 9.81% 4.08% 12.93% 10.96% -1.00% -1.60% 9.70% 8.70% 10.10% 12.60%
Benchmark 30.91% 5.59% -0.09% 12.19% 7.60% -3.50% -0.30% 7.60% 6.70% 8.60% 11.20%
V. Conservative 19.42% - - - - - - - - - -
BenchMark 15.60% - - - - - - - - - -
MAAP – I 49.92% 3.20% -3.36% 27.25% 5.62% -18.50% -6.10% 18.80% 11.70% - -
Benchmark 45.45% 3.74% -7.33% 30.91% 5.58% -16.40% -4.70% 16.70% 14.90% - -
MSAP-I 48.52% 3.30% -6.25% 26.96% 7.93% -17.10% -12.80% 8.90% - - -
Benchmark 44.10% 3.60% -7.23% 30.07% 5.99% -16.00% -7.10% 8.10% - - -
MSAP-II 49.26% 3.37% -6.61% 26.29% 6.51% -15.90% -12.80% -1.20% - - -
Benchmark 43.70% 3.51% -7.28% 29.94% 5.37% -16.10% -7.20% -2.80% - - -
MSAP-III 48.55% 3.26% -7.41% 27.13% 6.73% -16.10% -13.10% -3.30% - - -
Benchmark 44.25% 3.66% -7.29% 29.92% 5.41% -16.10% -7.00% -5.00% - - -
MSAP-IV 48.28% 2.87% -6.78% 27.49% 6.89% -16.10% -11.90% -3.00% - - -
Benchmark 44.12% 3.60% -7.29% 30.08% 5.45% -16.10% -6.40% -6.50% - - -
MSAP-V 46.72% 2.65% -7.52% 28.25% 6.47% -15.90% -2.50% - - - -
Benchmark 42.10% 3.72% -7.26% 29.80% 5.91% -16.10% 2.70% - - - -
MCPP-IV 34.31% 10.16% -0.79% 12.24% 2.30% 0.70% -0.40% - - - -
Benchmark 30.54% 5.17% -2.21% 9.08% -1.43% -2.60% -1.00% - - - -
MCPP-IX 34.49% 11.61% 1.37% 18.36% 5.45% -3.60% - - - - -
Benchmark 30.56% 5.58% -1.17% 17.14% -1.17% -2.00% - - - - -
MTPF- Equity 77.07% 0.21% -9.93% 34.72% 5.97% -23.70% -16.50% 20.40% 18.10% 26.60% 32.40%
MTPF- Debt 20.78% 14.39% 8.34% 7.37% 10.99% 7.00% 2.80% 4.90% 4.50% 6.40% 7.70%
MTPF- MMKT 22.06% 15.87% 8.26% 5.19% 9.92% 7.30% 2.90% 4.40% 4.00% 6.90% 6.90%
MTPF- Gold 5.36% 48.60% 23.88% 0.36% 21.40% 28.40% 12.10% -9.40% - - -

Disclaimer : This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds and pension fund are subject to market risk. The NAV based prices of
units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Performance data does not include cost incurred
by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The product herein above has been approved by our Shariah Advisor (Dr. Muhammad Imran Ashraf Usmani) whose registration reference number is (SECP/IFD/SA/005).

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format