Fund Managers' Report - March 2023 (Conventional)
- 1. 1. In case of complaint, you may contact your Relationship Manager or call us at UAN 042-111-225-262. You may also email at [email protected] or visit https://www.ablfunds.com/investor-services/feedback-and-complaint/ 2. In case your complaint has not been properly addressed by us, you may also lodge a complaint on SECP's Service Desk: https://sdms.secp.gov.pk/. FUND MANAGERS’ REPORT MARCH 2023
- 3. Economic Review Money Market Review Stock Market Review March 31, 2023 M/M 1 Yr Low 1 Yr High EQUITY MARKET PERFORMANCE ECONOMIC SUMMARY Source SBP, FBS * Latest monthly figures ** Provisional figures Source: PSX, Bloomberg PKRV Yields (%) 6 Months 1 Year 3 Year 5 Year 10 Year FIXED INCOME YIELDS Source : FMA ECONOMY AND CAPITAL MARKETS UPDATE Last Reported Month Current Month Previous Month YTD IN FOCUS FUND MANAGERS’ REPORT This publication is for informational purposes only and nothing here in should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All Investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends /returns there on are dependent on forces 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. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT) FUND MANAGERS’ REPORT During the month, headline inflation clocked in at 35.4% on year-on-year (YoY) basis compared to 31.5%YoY in the previous month and 12.7%YoY in the corresponding month last year. This historic high inflation since 1965 led by transport index which swelled by 54.9%YoY followed by food index (including perishable & non-perishable) items surged by 47.1%YoY. Increased prices of food stuff in the country could be attributed to supply shocks due to flood in Aug’22, along with shortage as result of the external liquidity crisis the country is currently going through. On the balance of payment front, foreign exchange reserves remained under severe pressure due to delay in IMF staff level agreement which is linked with the assurance of support from the friendly countries. Country posted current account deficit of USD 74mn during the said period taking cumulative deficit of USD 3.86bn in the first 8MFY23 against the deficit of USD 12.1bn in same period last year (SPLY). Reduction in current account deficit was primarily driven by curtailment in the import balance which decreased by 9.9bn in the first 8MFY23 against the SPLY. Workers remittance have remained flat on MoM and clock in at USD ~1.9bn. on the fiscal side, FBR managed to collect PKR 663bn during the month, taking cumulative tax collection to PKR 5,156bn in the 9MFY23. Pakistan’s CPI inflation reading in March-23 clocked in at 35.4% YOY, highest since the available data July-1965. The Average 9MFY23 inflation rose to 27.2%. SBP increased the policy rate by 300bps during the month to control rampant inflation. The net liquid foreign exchange reserves with SBP stood at USD 4.24 billion (as at 24-March-23), posing some serious threats to the economic stability. During the month of Mar’ 23, T-bill cut off yields increased by 195 bps across different tenors. 3M cutoff yield increased from 19.95% to 21.99%, 6M cutoff yield increased from 19.90% to 21.99% and 12M cutoff yield increased from 19.79% to 21.49%. During Mar’23, govern- ment ended up borrowing a total of PKR 2.6 trillion across 3M, 6M and 12M tenors. Fixed rate PIB auction held during the month saw a considerable participation across 3Y, 5Y, and 10Y tenors, however the government borrowed PKR25bn in 3Y PIBs, PKR75m in 5Y PIBs and rejected all bids for 10Y Tenor. Moreover, during the month of Mar’23 SBP conducted 12 OMOs (Injections) and still remains a net lender of PKR 6794bn at a weighted average yield of 19.65%. During March’23, the equity market witnessed a lackluster activity and a lot of factors came into play to lower the KSE-100 index this month. One major factor behind this decline of the equity market was government’s failure to revive the 9th IMF EFF review. The review remains in a state of limbo, as Pakistan has thus far failed to provide the required assurances from friendly countries of financial support. The political noise also picked up pace as election commission of Pakistan postponed elections in Punjab and KPK from 30th April, 2023 to 08th October 2023. Thus, the delay in the IMF program and continuing political turmoil are further exacerbating the economic challenges and deteriorating the macroeconomic factors. The country is continuously facing the shortage of foreign exchange reserves and PKR is losing its value. Going forward, the IMF staff level agreement will remain a key focus and we believe that the direction of the equity market will be set by the completion of the IMF review and political stability in the country. Thus, KSE-100 index witnessed a decrease of ~1.26% MoM to close the month at 40,000 points. However, the average traded volume and value noticed a decrease by 20.37% MoM to 81.24mn and 27.39% MoM to USD 18.07mn, respectively. Foreign investors were net sellers of shares worth USD 9.08mn. On the domestic front, Companies and Banks bought with a net buying of USD 36.81mn, and USD 2.92mn while Mutual Funds and Insurance Companies were net sellers of USD 10.36mn, and USD 8.77mn, respectively. A sector-wise analysis shows that banks and fertilizer marked a foreign inflow of USD 5.9mn and 1.7mn, respectively. February 28, 2023 MARCH’ 23 CPI Inflation March 35.37% 31.55% 27.26% Remittances (USD mn) February (1,733) (1,710) (18,749) Current A/C (USD mn) February 1,988 1,894 17,994 FDI (USD mn) February (74) (230) (3,861) FDI (USD mn) February 71 194 (403) Tax Collection ** (PKR bn) March 663 525 5,156 M2 Growth* March 1.82% - - FX Reserves* (USD bn) March 9.76 - - March 31, 2023 21.10 21.18 18.24 15.19 14.98 February 28, 2023 19.82 19.93 18.17 15.80 15.46 Change (bps) 128.00 125.00 7.00 (61.00) (48.00) KSE - 100 Index 40,000.8 40,510.4 (1.26%) 38,342.2 46,601.5 Avg. Daily Vol. (mn) 81 102 (20.38%) 19 346 Avg. Daily Val. (USD mn) 18 25 (27.40%) 4 59 2023E PE(X) 3.7 - - - - 2023E DY 11.4% - - - - MARCH’23
- 4. Sr. No Name of Collective Investment Scheme Category Risk Profile Risk of Principal Erosion RISK CATEGORIZATION OF COLLECTIVE INVESTMENT SCHEMES (CIS) CONVENTIONAL OFFERINGS 1 ABL Cash Fund Money Market Scheme Low Principal at low risk 2 Capital Protected Scheme Low Principal at low risk ABL Special Savings Fund (ABL Special Savings Plan I, II, III, IV, V and VI) (Non-Equity) 3 Capital Protected Scheme Low Principal at low risk ABL Special Savings Fund (Fixed Return Plan) (Non-Equity) 4 6 5 Income Scheme Moderate ABL Income Fund Income Scheme Medium 7 9 Fund of Fund Scheme Medium ABL Financial Planning Fund (Conservative Allocation) 8 Fund of Fund Scheme High Principal at high risk ABL Financial Planning Fund (Active Allocation) ABL Stock Fund Equity Scheme High Principal at high risk Allied Finergy Fund Asset Allocation Scheme High Principal at high risk 1 ABL AMC Financial Planner – Moderate Plan Medium Principal at medium risk 2 ABL AMC Financial Planner – Dynamic Plan Medium 3 ABL AMC Financial Planner – Aggressive Plan High Principal at high risk ADMINISTRATIVE PLAN ABL Government Securities Fund Principal at moderate risk Principal at medium risk Principal at medium risk Principal at medium risk IN FOCUS FUND MANAGERS’ REPORT This publication is for informational purposes only and nothing here in should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All Investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends /returns there on are dependent on forces 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. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT) FUND MANAGERS’ REPORT MARCH’ 23 MARCH’23
- 5. This publication is for informational purposes only and nothing here in should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All Investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends /returns there on are dependent on forces 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. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT) Fund Type Open-end Category Money Market Scheme Launch Date July 31,2010 Net Assets PKR 34,309.6mn as at March 31, 2023 Net Assets (Excluding FoF Investments) PKR 34,309.6mn as at March 31, 2023 NAV 10.3497 as at March 31, 2023 Benchmark* *70%-Avg of 3M PKRV rates + 30% 3M Avg Deposit Rate of 3 AA rated banks Dealing Days As Per Banking Days Cut-off time 4:00 PM Pricing Mechanism Backward Management Fees Management Fee charged for the Month is 0.5% p.a. of Net Assets. Load Up to 0.75% (Front-end),NIL (Back-end) Trustee Central Depository Company of Pakistan Ltd (CDC) Auditor Ernst & Young Chartered Accountants Asset Manager Rating Low Risk Profile of the Fund Fund Stability Rating AA+(f) (VIS) December 30, 2022 Fund Manager Fahad Aziz Listing Pakistan Stock Exchange Total expense ratio (TER) Government Levies YTD (0.09%) MTD (0.11%) YTD (0.88%) MTD (1.10%) 10,856,034 Selling and Marketing Exp. l i N e g a r e v e L l i N e g a r e v e L Weighted average time to maturity of net assets BASIC FUND INFORMATION TECHNICAL INFORMATION ABL-CF VS Benchmark(MOM Returns %) February 28, 2023 March 31, 2023 Others including Receivables PIBs Floater 39.80% 31.42% T-Bills 12.17% Placements with Banks / DFIs 11.46% SUKUK Commercial Paper 2.08% 66.84 1.72% Cash 1.35% 0.00% 12.33% 72.83% 11.24% 0.63% 1.68% 1.29% Total 100% 100% ABL-CF Benchmark 17.58% 19.00% 15.75% 15.77% 1.30% 0.10% -0.33 0.71 CREDIT QUALITY OF PORTFOLIO (% OF TOTAL ASSETS) INVESTMENT OBJECTIVE FUND MANAGER'S COMMENTS INVESTMENT COMMITEE MEMBERS PERFORMANCE IN FOCUS FUND MANAGERS’ REPORT During the month of Mar’23, ABL Cash Fund posted an annualized return of 17.58% against the benchmark return of 19.00%, thereby underperforming the benchmark by 142 bps. The fund had 12.17% exposure in T-bills, 1.72% exposure in Commercial paper, 2.08% exposure in short term sukuk, 1.35% exposure in Cash, 39.80% exposure in PIBs floater while 11.46% of the funds exposure was placed with Banks/DFIs at the end of Mar’23. The objective of ABL-CF is to provide investors, consistent returns with a high level of liquidity, through a blend of money market and sovereign debt instruments. Naveed Nasim - CEO Saqib Matin, FCA - CFO & CS Fahad Aziz - Head of Fixed Income Muhammad Abdul Hayee, CFA - Head of Research Wajeeh Haider - Acting Head of Risk Amjad Hussain - Senior Fund Manager Kamran Anwar - Fund Manager Abdul Rehman Tahir, CFA - Fund Manager AM1 (Stable Outlook) (PACRA) October 26, 2022 JUN 2022 AUG 2022 SEP 2022 OCT 2022 NOV 2022 DEC 2022 JAN 2023 FEB 2023 MAR 2023 APR 2022 MAY 2022 JULY 2022 ABL-CF Benchmark* March 31, 2023 YTD* St. Dev** Sharpe Ratio*** 0.71% N/A Alpha ABL-CF Benchmark 15.80% 17.53% 15.68% 14.97% 11.68% 10.00% 16.77% 7.57% 12.82% 9.92% 15.41% 16.35% 3 month 6 month 1 Year 3 Year 5 Year Since Inception *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load. Others Amount Invested by Fund of Funds is NIL Government Securities 51.97% AA+ 10.42% Unrated 31.42% FUND MANAGERS’ REPORT AA 5.25% AAA 0.94% TOP HOLDINGS(% OF TOTAL ASSETS) Mar 31, 2023 KEL-STS-15 1.45% KEL/STS13/100223 0.49% LEPCL/STS7/140223 0.14% TOTAL 2.31% MARCH’ 23 MARCH’23 22.5 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 0 *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY BANK ALFALAH LTD Single Entity Exposure 10% 10.06% 10.01% 0.06% 0.01% Non Compliant Type of Investment Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) Exposure (% of Total Asset) *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.
- 6. Fund Type Open-end Category Income Scheme Launch Date September 20,2008 Net Assets PKR 7,249.26mn as at March 31, 2023 Net Assets (Excluding FoF Investments) PKR 7,249.26mn as at March 31, 2023 NAV 10.1164 as at March 31, 2023 Benchmark* *6 Months KIBOR Dealing Days As Per Banking Days Cut-off time 4:00 PM Pricing Mechanism Forward Management Fees 0.5% p.a Load upto 1.5% (Front-end), d) n e - k c a B ( L I N Trustee Central Depository Company of Pakistan Ltd (CDC) Auditor A.F. Ferguson & Co. Chartered Accountants Asset Manager Rating Medium Risk Profile of the Fund Fund Stability Rating A+(f) (VIS) December 30, 2022 Fund Manager Fahad Aziz Listing Pakistan Stock Exchange Total expense ratio (TER) Government Levies YTD(0.09%) MTD (0.11%) YTD(1.11%) MTD (1.21%) 1,880,399 Selling and Marketing Exp. l i N e g a r e v e L l i N e g a r e v e L Weighted average time to maturity of net assets 5.27% 374.63 2.98% 1.84% 1.35% 1.08% BAHL TFC 2021 (29-SEP-2021) JSBL/TFC/281221 BAHL/TFC/061218 SBL/TFC/080715 UMFB/TFC/230621 GOP IJARAH FR (15-DEC-2021) JS BANK TFC1 29-DEC-17 JSCL/TFC/180717 HUBCO SUKUK 22-AUG-19 Total BASIC FUND INFORMATION TECHNICAL INFORMATION TOP HOLDINGS(% OF TOTAL ASSETS) March 31, 2023 February 28, 2023 March 31, 2023 Reverse Repo against- Govt Securities Cash TFCs/SUKUK 45.61% 28.09% 15.30% PIBs 3.93% Commercial Paper 3.85% Others including Receivables T-Bills 3.22% 0.00% Total 100% 43.56% 25.35% 17.67% 1.51% 3.77% 3.61% 4.53% 100% ABL-IF Benchmark 15.23% 21.16% 11.68% 17.07% 2.15% 0.10% -1.85 3.07 CREDIT QUALITY OF PORTFOLIO (% OF TOTAL ASSETS) INVESTMENT OBJECTIVE FUND MANAGER'S COMMENTS INVESTMENT COMMITEE MEMBERS PERFORMANCE IN FOCUS FUND MANAGERS’ REPORT This publication is for informational purposes only and nothing here in should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All Investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends /returns there on are dependent on forces 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. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT) During the month of Mar’23, ABL Income Fund posted a return of 15.23% against the benchmark return of 21.16%, thereby underperforming the benchmark by 593bps. Fund had 45.61% exposure in Reverse repo, 15.30% exposure in TFCs, 3.85% exposure in Commercial paper, 3.93% exposure in PIBs while 28.09% exposure was in Cash at the end of Mar’23. The objective is to earn competitive risk adjusted rate of return by investing in a blend of short, medium, and long-term fixed income and debt instruments, both within and outside Pakistan. Naveed Nasim - CEO Saqib Matin, FCA - CFO & CS Fahad Aziz - Head of Fixed Income Muhammad Abdul Hayee, CFA - Head of Research Wajeeh Haider - Acting Head of Risk Amjad Hussain - Senior Fund Manager Kamran Anwar - Fund Manager Abdul Rehman Tahir, CFA - Fund Manager AM1 (Stable Outlook) (PACRA) October 26, 2022 0.97% 0.66% 0.25% 0.23% BOP TFC (23-APR-2018) 0.67% 15.30% March 31, 2023 YTD* St. Dev** Sharpe Ratio*** -4.30% N/A Alpha ABL-IF Benchmark 14.68% 19.09% 12.14% 16.44% 9.79% 11.04% 19.29% 10.31% 11.02% 11.03% 9.67% 17.66% 3 month 6 month 1 Year 3 Year 5 Year Since Inception *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load. Others Amount Invested by Fund of Funds is NIL. A 1.13% A+ 28.31% AA 4.52% AA- 3.95% Unrated 3.24% AA+ 8.11% Government Securities 50.51% FUND MANAGERS’ REPORT AAA 0.23% ABL-IF VS Benchmark(MOM Returns %) JUN 2022 AUG 2022 SEP 2022 OCT 2022 NOV 2022 DEC 2022 JAN 2023 FEB 2023 MAR 2023 APR 2022 MAY 2022 JULY 2022 ABL-IF Benchmark 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 0 -2.5 -5.0 -7.5 -10.0 -12.5 -15.0 -17.5 -20.0 *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Microfinance Banks Exposure Microfinance Banks Exposure 25% 26.22% 24.75% 1.22% 0% Non Compliant Type of Investment Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) Exposure (% of Total Asset) MARCH’ 23 MARCH’23 *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.
- 7. This publication is for informational purposes only and nothing here in should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All Investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends /returns there on are dependent on forces 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. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT) Fund Type Open-end Category Income Scheme Launch Date November 28,2011 Net Assets PKR 638.42mn as at March 31, 2023 Net Assets (Excluding FoF Investments) PKR 638.42mn as at March 31, 2023 NAV 10.9751 as at March 31, 2023 Benchmark* *6 Months KIBOR Dealing Days As Per Banking Days Cut-off time 4:00 PM Pricing Mechanism Forward Management Fees Class-B unit 1.25% p.a. Load Upto 1.5% (Front-end), Nil (Back-end) Trustee Central Depository Company of Pakistan Ltd (CDC) Auditor Crowe Hussain Chaudhury Chartered Accountants Asset Manager Rating Moderate Risk Profile of the Fund Fund Stability Rating AA-(f) (VIS) December 30, 2022 Fund Manager Fahad Aziz Listing Pakistan Stock Exchange Total expense ratio (TER) Government Levies YTD (0.24%) MTD (0.23%) YTD (1.99%) MTD (1.86%) 0 Selling and Marketing Exp. l i N e g a r e v e L l i N e g a r e v e L Weighted average time to maturity of net assets 6.57% 312.53 2.09% GOP IJARAH FR (15-DEC-2021) JSCL/TFC/180717 BASIC FUND INFORMATION TECHNICAL INFORMATION TOP HOLDINGS(% OF TOTAL ASSETS) March 31, 2023 February 28, 2023 March 31, 2023 PIBs Cash Total TFCs/SUKUK 72.02% 15.45% 9.02% Others including Receivables 3.51% T-Bills 0.00% 100% 68.16% 7.89% 10.24% 3.05% 10.66% 100% CREDIT QUALITY OF PORTFOLIO (% OF TOTAL ASSETS) INVESTMENT OBJECTIVE FUND MANAGER'S COMMENTS INVESTMENT COMMITEE MEMBERS PERFORMANCE IN FOCUS FUND MANAGERS’ REPORT During the month of Mar’23, ABL Government Securities Fund posted an annualized return of 16.18% against the benchmark return of 20.89%, thereby underperforming the benchmark by 471 bps. The fund had 9.02% exposure in TFCs, 72.02% exposure in Floater PIBs while 15.45% of the funds exposure was placed as Cash at the end of Mar’23. The objective of the scheme is to deliver optimal risk adjusted returns by investing mainly in mix of short to long term Government Securities and other debt Instruments. Naveed Nasim - CEO Saqib Matin, FCA - CFO & CS Fahad Aziz - Head of Fixed Income Muhammad Abdul Hayee, CFA - Head of Research Wajeeh Haider - Acting Head of Risk Amjad Hussain - Senior Fund Manager Kamran Anwar - Fund Manager Abdul Rehman Tahir, CFA - Fund Manager AM1 (Stable Outlook) (PACRA) October 26, 2022 JSCL TFC - 06-MAR-2018 (UPDATED) 0.37% Total 9.03% ABL-GSF-B Benchmark 11.78% 18.93% 11.62% 16.27% 9.38% 10.90% 15.68% 9.02% 11.15% 10.86% 9.43% 17.51% 3 month 6 month 1 Year 3 Year 5 Year Since Inception *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ASSET ALLOCATION *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load. Others Amount Invested by Fund of Funds is NIL. Governement Securities 78.59% AA- 10.34% ABL-GSF-B Benchmark 16.18% 20.89% 11.71% 16.89% 2.82% 0.10% -1.59 1.75 March 31, 2023 YTD* St. Dev** Sharpe Ratio*** -4.65% N/A Alpha FUND MANAGERS’ REPORT AAA 4.91% Unrated 3.50% AA+ 2.65% JUN 2022 AUG 2022 SEP 2022 OCT 2022 NOV 2022 DEC 2022 JAN 2023 FEB 2023 MAR 2023 APR 2022 MAY 2022 JULY 2022 ABL-IF Benchmark 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 0 -2.5 -5.0 -7.5 ABL-GSF VS Benchmark(MOM Returns %) AA 0.01% MARCH’ 23 MARCH’23
- 8. This publication is for informational purposes only and nothing here in should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All Investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends /returns there on are dependent on forces 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. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT) Fund Type Open-end Category Equity Scheme Launch Date June 27, 2009 Net Assets PKR 2,628.02mn as at March 31, 2023 Net Assets (Excluding FoF Investments) PKR 2,538.60mn as at March 31, 2023 NAV 12.3111 as at March 31, 2023 Benchmark KSE-100 Index Dealing Days As Per Pakistan Stock Exchange (PSX) Cut-off time 4:00 PM Pricing Mechanism Forward Management Fees 2% p.a Load Upto 2% (Front-end), NIL (Back-end) Trustee Central Depository Company of Pakistan Ltd (CDC) Auditor A.F. Ferguson & Co. Chartered Accountants Asset Manager Rating High Risk Profile of the Fund Performance Rating N/A Fund Manager Amjad Hussain Listing Pakistan Stock Exchange Total expense ratio (TER) Government Levies YTD(0.41%) MTD(0.38%) YTD(4.54%) MTD(4.23%) 45,528,278 Selling and Marketing Exp. l i N e g a r e v e L BASIC FUND INFORMATION ABL-SF VS Benchmark(MOM Returns %) March 31, 2023 February 28, 2023 Stock/Equity Bank Balances Others 96.37% 2.30% 1.33% Total 100% 94.43% 2.10% 3.47% 100% ABL-SF Benchmark 0.95% -1.26% -5.02% -3.71% 20.42% 15.96% 1.25 1.00 SECTOR ALLOCATION (% OF TOTAL ASSETS) INVESTMENT OBJECTIVE FUND MANAGER'S COMMENTS INVESTMENT COMMITEE MEMBERS PERFORMANCE IN FOCUS FUND MANAGERS’ REPORT ABL-SF Increased by 0.95 % in March ’23 against 1.26 % decrease the benchmark, reflecting an over performance of 221 basis points. As at March’ 31, ABL-SF was 96.37% invested in equities and remaining in bank deposits. ABL Stock Fund generated a return of 0.95 % during the month of March 23. During March’23, the equity market witnessed a lackluster activity and a lot of factors came into play to lower the KSE-100 index this month. One major factor behind this decline of the equity market was government’s failure to revive the 9th IMF EFF review. The review remains in a state of limbo, as Pakistan has thus far failed to provide the required assurances from friendly countries of financial support. The political noise also picked up pace as election commission of Pakistan postponed elections in Punjab and KPK from 30th April, 2023 to 08th October 2023. Thus, the delay in the IMF program and continuing political turmoil are further exacerbating the economic challenges and deteriorating the macroeconomic factors. The country is continuously facing the shortage of foreign exchange reserves and PKR is losing its value. Going forward, the IMF staff level agreement will remain a key focus and we believe that the direction of the equity market will be set by the completion of the IMF review and political stability in the country. Thus, KSE-100 index witnessed a decrease of ~1.26% MoM to close the month at 40,000 points. However, the average traded volume and value noticed a decrease by 20.37% MoM to 81.24mn and 27.39% MoM to USD 18.07mn, respectively. Foreign investors were net sellers of shares worth USD 9.08 mn. On the domestic front, Companies and Banks bought with a net buying of USD 36.81mn, and USD 2.92mn while Mutual Funds and Insurance Companies were net sellers of USD 10.36mn, and USD 8.77 mn, respectively. A sector-wise analysis shows that banks and fertilizer marked a foreign inflow of USD 5.9mn and 1.7mn, respectively. The TER for YTD and MTD are 4.54% and 4.23, govt levy for YTD and MTD are 0.41% and 0.38% To provide higher risk adjusted returns over the long term by investing in a diversified portfolio of equity instruments offering capital gain and dividends. Naveed Nasim - CEO Saqib Matin, FCA - CFO & CS Fahad Aziz - Head of Fixed Income Muhammad Abdul Hayee, CFA - Head of Research Wajeeh Haider - Acting Head of Risk Amjad Hussain - Senior Fund Manager Kamran Anwar - Fund Manager Abdul Rehman Tahir, CFA - Fund Manager AM1 (Stable Outlook) (PACRA) October 26, 2022 JUN 2022 AUG 2022 SEP 2022 OCT 2022 NOV 2022 DEC 2022 JAN 2023 FEB 2023 MAR 2023 APR 2022 MAY 2022 JULY 2022 KSE-100 ABL-SF March 31, 2023 YTD* St. Dev** Beta -6.61% N/A Alpha ABL-SF Benchmark 1.45% -1.04% -17.58% -10.97% 29.04% 36.84% 516.26% 200.10% -17.98% -12.20% -4.07% -2.74% 3 month 6 month 1 Year 3 Year 5 Year Since Inception *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) **12M Trailing Data ASSET ALLOCATION *Funds returns computed on absolute basis / Performance data does not include cost incurred by investor in the form of sales load Others Amount Invested by Fund of Funds is Rs. 89.42 million. 20.00 % 17.50 % 15.00 % 12.50 % 10.00 % 7.50 % 5.00 % 2.50 % 0.00 % -2.50 % -5.00 % -7.50 % -10.00 % -12.50 % -15.00 % -17.50 % -20.00 % OIL AND GAS EXPLORATION COMPANIES COMMERCIAL BANKS CEMENT FERTILIZERS TECHNOLOGY & COMMUNICATION OTHER SECTORS 0.0 25% 23.07% 14.46% 7.50% 6.33% 19.99% 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5 30.0 32.5 35.0 TOP HOLDINGS (% OF TOTAL ASSETS) Mar 31, 2023 Feb 28, 2023 OIL & GAS DEV. COMPANY 7.25% 8.78% PAK PETROLEUM LIMITED 6.83% 7.31% MARI GAS COMPANY LIMITED 6.05% 6.79% KOHAT CEMENT LIMITED 6.41% 6.38% UNITED BANK LIMITED 6.78% 6.12% SYSTEM LIMITED 5.18% 5.35% BANK ALFALAH LIMITED 5.28% 4.98% MEEZAN BANK LIMITED 4.29% 4.61% HUB POWER COMPANY LIMITED 3.57% 4.43% HABIB BANK LIMITED 3.80% 4.30% FUND MANAGERS’ REPORT MARCH’ 23 MARCH’23
- 9. This publication is for informational purposes only and nothing here in should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All Investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends /returns there on are dependent on forces 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. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT) Fund Type Open-end Category Asset Allocation Scheme Launch Date November 23,2018 Net Assets PKR 326.12mn as at March 31, 2023 Net Assets (Excluding FoF Investments) PKR 326.12mn as at March 31, 2023 NAV 8.9436 as at March 31, 2023 Benchmark* Dealing Days Monday to Friday Cut-off time 4:00 PM Pricing Mechanism Forward Management Fees 2% p.a Load Upto 3% (Front-end), NIL (Back-end) Trustee Central Depository Company of Pakistan Ltd (CDC) Auditor A.F. Ferguson & Co. Chartered Accountants Asset Manager Rating High Risk Profile of the Fund Performance Rating N/A Fund Manager Kamran Anwar Listing Pakistan Stock Exchange 2,359,125 Selling and Marketing Exp. l i N e g a r e v e L BASIC FUND INFORMATION AFF VS Benchmark(MOM Returns %) February 28, 2023 March 31, 2023 Stock/Equity Bank Balances Others 69.78% 27.80% 2.42% Total 100% 72.21% 24.38% 3.41% 100% AFF BenchMark 0.75% -0.67% -2.79% -2.48% N/A N/A N/A N/A SECTOR ALLOCATION (% OF TOTAL ASSETS) INVESTMENT OBJECTIVE FUND MANAGER'S COMMENTS INVESTMENT COMMITEE MEMBERS PERFORMANCE IN FOCUS FUND MANAGERS’ REPORT AFF Increased by 0.75 % in March ’23 against 0.67 % decrease in the benchmark, reflecting an over-performance of 142 basis points. At month end, the total exposure in Equities and Cash stood at 67.78% and 27.80% respectively. The TER for YTD and MTD are 4.83% and 4.65, govt levy for YTD and MTD are 0.42% and 0.42% To seek long term capital appreciation through investments in equity stocks, primarily from the financial and energy sector / segment / industry, fixed income Instruments, Money Market Instruments based on market outlook. Naveed Nasim - CEO Saqib Matin, FCA - CFO & CS Fahad Aziz - Head of Fixed Income Muhammad Abdul Hayee, CFA - Head of Research Wajeeh Haider - Acting Head of Risk Amjad Hussain - Senior Fund Manager Kamran Anwar - Fund Manager Abdul Rehman Tahir, CFA - Fund Manager AM1 (Stable Outlook) (PACRA) October 26, 2022 JUN 2022 AUG 2022 SEP 2022 OCT 2022 NOV 2022 DEC 2022 JAN 2023 FEB 2023 MAR 2023 APR 2022 MAY 2022 JULY 2022 Benchmark* AFF March 31, 2023 YTD* St. Dev** Beta -1.66% N/A Alpha AFF BenchMark -0.33% -0.29% -5.93% -4.27% 17.03% 43.75% -3.28% 11.88% N/A N/A 0.43% -2.23% 3 month 6 month 1 Year 3 Year 5 Year Since Inception *Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ASSET ALLOCATION *Funds returns computed on absolute basis / Performance data does not include cost incurred by investor in the form of sales load Others Amount Invested by Fund of Funds is Rs. 0.00 million. COMMERCIAL BANK OIL AND GAS EXPLORATION COMPANIES OIL AND GAS MARKETING COMPANIES POWER GENERATION & DISTRIBUTION REFINERY OTHER SECTORS 0.0 23.00% 22.91% 11.55% 10.1% 1.55% 0.66% 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 27.5 30.0 32.5 35.0 37.5 40.0 Weighted avg daily return of KSE 100 index, (70% 3M PKRV + 30% 3M avg deposit rate of 3 AA rated scheduled banks as selected by MUFAP), based on the fund’s actual allocation in equity, fixed income & money market 8.00 % 7.00 % 6.00 % 5.00 % 4.00 % 3.00 % 2.00 % 1.00 % 0.00 % -1.00 % -2.00 % -3.00 % -4.00 % -5.00 % -6.00 % -7.00 % -8.00 % TOP HOLDINGS(% OF TOTAL ASSETS) Mar 31, 2023 Feb 28, 2023 OIL & GAS DEV.CO 7.11% 7.61% PAK PETROLEUM LIMITED 6.88% 7.36% UNITED BANK LIMITED 6.94% 6.51% HUB POWER COMPANY LIMITED 6.11% 6.45% MARI GAS COMPANY LIMITED 4.93% 5.95% ATTOCK PETROLEUM LIMITED 2.50% 5.22% BANK ALFALAH LIMITED 5.29% 4.88% HABIB BANK LIMITED 3.84% 4.03% MEEZAN BANK LIMITED 3.99% 3.98% SUI NORTHERN GAS PIPELINES LIMITED 2.50% 2.46% FUND MANAGERS’ REPORT Total expense ratio (TER) Government Levies YTD(0.42%) MTD(0.42%) YTD(4.85%) MTD(4.65%) MARCH’ 23 MARCH’23
- 10. This publication is for informational purposes only and nothing here in should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All Investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends /returns there on are dependent on forces 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. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT) Fund Type Open-end Category Fund of Funds scheme Launch Date December 31, 2015 Benchmark* Dealing Days Monday to Friday Cut-off time 4:00 PM Pricing Mechanism Forward Management Fees NIL (upto 1.50% p.a. on the value of underlying Funds not managed by ABLAMC) Load Up to 2% (Front-end), NIL (Backend - Contingent) Trustee Digital Custodian Company Limited Auditor Ernst & Young Chartered Accountants Asset Manager Rating Medium to High Risk Profile of the Fund Fund Manager Amjad Hussain Listing Pakistan Stock Exchange l i N e g a r e v e L BASIC FUND INFORMATION PERFORMANCE INVESTMENT OBJECTIVE INVESTMENT COMMITEE MEMBERS ASSET ALLOCATION To generate returns on investment as per the respective allocation plan by investing in mutual funds in line with the risk tolerance of the investor. Naveed Nasim - CEO Saqib Matin, FCA - CFO & CS Fahad Aziz - Head of Fixed Income Muhammad Abdul Hayee, CFA - Head of Research Wajeeh Haider - Acting Head of Risk Amjad Hussain - Senior Fund Manager Kamran Anwar - Fund Manager Abdul Rehman Tahir, CFA - Fund Manager AM1 (Stable Outlook) (PACRA) October 26, 2022 Fund TER Government Levies Weighted average return of KSE 100 Index and average 6 month deposit rate of three Banks Conservative YTD(0.52%) MTD(0.73%) YTD(0.03%) MTD(0.03%) Active YTD(0.68%) MTD(1.33%) YTD(0.03%) MTD(0.06%) Strategic YTD(0.46%) MTD(0.46%) YTD(0.03%) MTD(0.04%) TECHNICAL INFORMATION Net Assets (PKR) NAV (PKR) Conservative Allocation Plan 162,430,522.00 115.9758 Active Allocation Plan 19,025,350.00 77.9475 Strategic Allocation Plan Leverage is NIL for all Plans 138,058,950.00 77.5015 IN FOCUS FUND MANAGERS’ REPORT Conservative Allocation Return Benchmark Return Benchmark Return Benchmark Active Allocation Strategic Allocation March 2023 YTD 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception 1.48% 5.89% 3.05% 3.08% 6.82% 27.16% 36.65% 52.43% 1.53% 10.40% 4.20% 6.96% 12.93% 49.86% 69.63% 100.74% 1.41% -0.47% 2.06% -0.91% -9.18% 40.90% 1.33% 18.86% 0.07% -0.25% 0.60% -0.44% -5.33% 54.40% 19.04% 43.15% 1.28% -0.22% 2.06% -0.75% -8.54% 37.56% 7.88% 7.95% 0.29% 2.08% 1.89% 1.45% -2.14% 59.33% 35.36% 38.90% CONSERVATIVE PLAN 31-Dec-15 Feb 28, 2023 Mar 31, 2023 Capital Protected Scheme Cash Equity Funds 89.88% 1.04% 9.08% Total 100% ACTIVE ALLOCATION PLAN 31-Dec-15 Capital Protected Scheme Cash Equity Funds 49.86% 2.23% 47.90% Total 100% STRATEGIC ALLOCATION PLAN 30-Dec-16 Capital Protected Scheme Cash Equity Funds 51.61% 1.16% 47.23% Total 100% 89.78% 1.09% 9.13% 100% 38.42% 14.50% 47.07% 100% 51.70% 0.73% 47.57% 100% FUND MANAGERS’ REPORT MARCH’ 23 MARCH’23 Feb 28, 2023 Mar 31, 2023 Feb 28, 2023 Mar 31, 2023
- 11. This publication is for informational purposes only and nothing here in should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All Investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends /returns there on are dependent on forces 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. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT) Fund Type Open-end Category Capital Protected Scheme Benchmark* Dealing Days As Per Banking Days Cut-off time 4:00 PM Pricing Mechanism Forward Management Fees Up to 1% p.a Load Up to 2% (Frontend), Contigent(Backend) Trustee Central Depository Company of Pakistan Ltd (CDC) Auditor Ernst & Young Chartered Accountants Asset Manager Rating Low Risk Profile of the Fund Fund Manager Fahad Aziz Listing Pakistan Stock Exchange l i N e g a r e v e L BASIC FUND INFORMATION INVESTMENT OBJECTIVE INVESTMENT COMMITEE MEMBERS ASSET ALLOCATION IN FOCUS FUND MANAGERS’ REPORT ABL Special Savings Fund shall be an open-end Capital Protected Fund that aims to not only provide its unit-holders capital preservation but competitive regular returns from a portfolio of fixed income investments in line with the risk tolerance of the Investor Naveed Nasim - CEO Saqib Matin, FCA - CFO & CS Fahad Aziz - Head of Fixed Income Muhammad Abdul Hayee, CFA - Head of Research Wajeeh Haider - Acting Head of Risk Amjad Hussain - Senior Fund Manager Kamran Anwar - Fund Manager Abdul Rehman Tahir, CFA - Fund Manager AM1 (Stable Outlook) (PACRA) October 26, 2022 Fund Government Levies Selling & Marketing Expense *Average of 6 Months PKRV Rates **Average of 3 Months PKRV Rates. ***Average of 1 Month PKRV Rates SSP-1 YTD(0.09%) MTD(0.08%) 0.0 SSP-2 YTD(0.06%) MTD(0.06%) 0.0 SSP-3 YTD(0.08%) MTD(0.07%) TER YTD(0.59%) MTD(0.50%) YTD(0.55%) MTD(0.48%) YTD(0.87%) MTD(0.79%) 0.0 SSP-4 YTD(0.11%) MTD(0.10%) 0.0 SSP-5 YTD(0.07%) MTD(0.06%) YTD(1.27%) MTD(1.14%) YTD(0.41%) MTD(0.35%) 0.0 SSP-6 YTD(0.20%) MTD(0.19%) YTD(1.41%) MTD(1.32%) 0.0 SSP-FRP YTD(0.21%) MTD(0.21%) YTD(1.43%) MTD(1.48%) 0.0 TECHNICAL INFORMATION Net Assets (Excluding FoF) NAV (PKR) ABL SPECIAL SAVING PLAN-I ABL SPECIAL SAVING PLAN-II ABL SPECIAL SAVING PLAN-III ABL SPECIAL SAVING PLAN-IV ABL SPECIAL SAVING PLAN-V 11.1769 10.8691 Net Assets (PKR) 10,124,870,184 4,418,768,359 1,874,796,615 10.4538 12.2529 1,813,634,187 3,318,330,612 10.8329 ABL SPECIAL SAVING PLAN-VI 978,730,470 9,905,045,622 4,411,214,349 1,874,796,615 1,813,634,187 3,318,330,612 978,730,470 10.9308 ABL SPECIAL SAVINGS FUND - FIXED RETURN PLAN 2,140,681,793 2,140,681,793 10.2026 Leverage is NIL for all Plans ABL SPECIAL SAVINGS PLAN-I* 18-Sep-19 Feb 28, 2023 Mar 31, 2023 Cash Others including Receivables PIBs T-Bills 28.79% 4.11% 67.10% 0.00% Cash Others including Receivables T-Bills 75.85% 0.77% Cash Others including Receivables 37.41% 0.77% Cash Others including Receivables 7.26% 0.37% 0.78% ABL SPECIAL SAVINGS PLAN-III* 10-Oct-19 T-Bills 0.00% ABLSPECIALSAVINGSPLAN-IV***05-Dec-19 Cash Others including Receivables PIBs Total 99.46% 0.54% 0.00% 100% ABL SPECIAL SAVINGS PLAN-V* 25-Feb-21 PIBs 92.37% Cash 99.46% ABL SPECIAL SAVINGS PLAN-VI* 5-Aug-22 Total 100% T-Bills 0.00% PIBs 61.82% Total 100% Total 100% Total 100% Others including Receivables 0.54% PERFORMANCE March 2023 YTD 3 Months 6 Months 1 Year 1.41% 12.15% 3.94% 8.15% 15.23% 1.79% 13.52% 4.78% 9.12% 17.68% 1.24% 21.29% 3.48% 14.53% 25.08% 1.71% 12.82% 4.49% 8.67% 16.58% 1.42% 12.04% 3.95% 8.03% 15.82% 1.79% 13.53% 4.79% 9.14% 17.70% 1.63% 11.41% 3.75% 7.39% 14.41% 1.79% 13.44% 4.76% 9.08% 17.48% Return Benchmark* SSP - I Return Benchmark* SSP - II Return Benchmark* SSP - III Return Benchmark* SSP - IV Return Benchmark* SSP - V Return Benchmark* SSP - VI Return Benchmark* SSP - FRP 1.61% 10.97% 4.24% 7.42% 14.16% 1.79% 13.53% 4.78% 9.13% 17.68% 3 Year 0.00% 0.00% 1.36% 9.31% 3.80% 5.61% N/A 1.79% 11.84% 4.77% 9.11% N/A N/A N/A 44.59% 36.13% 35.70% 37.98% 31.71% 37.53% 28.53% 37.79% Since Inception 35.34% 29.59% 9.31% 11.84% 1.18% 2.03% N/A N/A N/A 1.79% 2.94% N/A N/A N/A N/A N/A 2.03% 2.94% 53.28% 41.98% 45.00% 46.84% 41.76% 47.55% 40.28% 47.15% FUND MANAGERS’ REPORT PIBs 0.00% PIBs 22.60% Total 100% ABL SPECIAL SAVINGS PLAN-II** 19-Sep-19 Cash 3.09% ABL SPECIAL SAVINGS FUND - FIXED RETURN PLAN* 06-Feb-23 T-Bills 3.02% Others including Receivables 0.93% PIBs 92.96% 3.61% 2.89% 85.10% 8.40% 1.27% 38.43% 3.08% 1.60% 2.09% 3.41% 37.35% 8.63% 8.08% 3.50% 88.42% 100% 77.41% 2.88% 100% 17.09% 86.69% 100% 100% 100% 46.87% 50.25% 22.95% 100% 0.56% 0.00% Total 100% 100% 3.40% 96.04% MARCH’ 23 MARCH’23 Feb 28, 2023 Mar 31, 2023 Feb 28, 2023 Mar 31, 2023 Feb 28, 2023 Mar 31, 2023 Feb 28, 2023 Mar 31, 2023 Feb 28, 2023 Mar 31, 2023 Feb 28, 2023 Mar 31, 2023
- 12. This publication is for informational purposes only and nothing here in should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All Investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends /returns there on are dependent on forces 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. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT) Fund Type Open-end Category Voluntary Pension Scheme Launch Date August 20, 2014 Dealing Days As Per Banking Days Cut-off time 4:00 PM Pricing Mechanism Forward Management Fees 1.5 % p.a. on average Net Assets of each Sub-Fund Front-end Load Maximum of 3% on all Contributions, unless exempt under the Offering Document Trustee Central Depository Company of Pakistan Ltd (CDC) Auditor Crowe Hussain Chaudhury & Co. (Chartered Accountants) Asset Manager Rating Investor Dependent Risk Profile of the Fund Fund Manager Amjad Hussain BASIC FUND INFORMATION INVESTMENT OBJECTIVE INVESTMENT COMMITEE MEMBERS PERFORMANCE IN FOCUS FUND MANAGERS’ REPORT To provide a secure source of savings and regular income after retirement to the Participants. Naveed Nasim - CEO Saqib Matin, FCA - CFO & CS Fahad Aziz - Head of Fixed Income Muhammad Abdul Hayee, CFA - Head of Research Wajeeh Haider - Acting Head of Risk Abdul Rehman Tahir, CFA - Fund Manager Amjad Hussain - Senior Fund Manager Kamran Anwar - Fund Manager AM1 (Stable Outlook) (PACRA) October 26, 2022 TECHNICAL INFORMATION PF-MMSF PF-ESF Fund Size (PKR Millions) 252.7735 69.3794 NAV 177.7134 144.4559 PF-DSF 146.5454 224.5019 APF DEBT SUB FUND Feb 28, 2023 Mar 31, 2023 Cash Commercial Paper T-Bills PIBs Total 8.11% 7.36% Corporate TFC / Sukuk 20.27% 16.11% 47.18% Others Including Receivables 0.97% 100% Cash Corporate Sukuk T-Bills Others Including Receivables Total 4.07% 0.00% PIBs 47.24% 47.67% 1.02% 100% Stock/Equities Bank Balances Others Leverage Total 90.63% 2.76% T-Bills 0.00% 6.61% NIL 100% 2.42% 6.53% 20.34% 26.16% 42.49% 2.05% 100% 4.50% 0.00% 0.00% 95.35% 0.15% 100% 87.56% 8.54% 0.00% 3.90% NIL 100% APF MONEY MARKET SUB FUND APF EQUITY SUB FUND FUND MANAGER'S COMMENTS ABL Pension Fund - Debt Sub Fund posted an annualized yield of 14.79 % during the month of march ’23. At month end, Cash at bank, I nvestment in Corporate TFC / Sukuks and Tbills stood at 8.11%, 20.27% and 16.11 % respectively. ABL Pension Fund - Money Market Sub Fund generated an annualized return of 16.24% in March ’23. At month end portfolio comprised of 47.67% in T-bills, while cash at bank stood at 4.07%. ABL Pension Fund - Equity Sub Fund generated a return of 0.85 % during the month of March '23. During March’23, the equity market witnessed a lackluster activity and a lot of factors came into play to lower the KSE-100 index this month. One major factor behind this decline of the equity market was government’s failure to revive the 9 th IMF EFF review. The review remains in a state of limbo, as Pakistan has thus far failed to provide the required assurances from friendly countries of financial support. The political noise also picked up pa ce as election commission of Pakistan postponed elections in Punjab and KPK from 30th April, 2023 to 08th October 2023. Thus, the delay in the IMF program and continuing political turmoil are further exacerbatin g the economic challenges and deteriorating the macroeconomic factors. The country is continuously facing the shortage of foreign exchange reserves and PKR is losing its value. Going forward, the IMF staff le vel agreement will remain a key focus and we believe that the direction of the equity market will be set by the completion of the IMF review and political stability in the country. Thus, KSE-100 index witnessed a decrease of ~1.26% MoM to close the month at 40,000 points. However, the average traded volume a nd value noticed a decrease by 20.37% MoM to 81.24mn and 27.39% MoM to USD 18.07mn, respectively. Foreign investors were net sellers of shares worth USD 9.08mn. On the domestic front, Companies and Banks bought with a net buying of USD 36.81mn, and USD 2.92mn while Mutual Funds and Insurance Companies were net sellers of USD 10.36mn, and USD 8.77mn, respectively. A sector -wise analysis shows that banks and fertilizer marked a foreign inflow of USD 5.9mn and 1.7mn, respectively. DISCLOSURE IN COMPLIANCE WITH SECP'S DIRECTION NO # 23 OF 2016 APF DEBT SUB FUND The TER for YTD and MTD are 2.18% and 2.12%, govt levy for YTD and MTD are 0.30% and 0.34%. APF MONEYMARKET SUB FUND The TER for YTD and MTD are 2.12% and 2.02%, govt levy for YTD and MTD are 0.30% and 0.30%. APF EQUITY SUB FUND The TER for YTD and MTD are 3.61% and 3.07%, govt levy for YTD and MTD ar e 0.40% and 0.40%. APF-DSF APF-MMSF APF-ESF March 2023 YTD 14.79% 15.80% 16.24% 13.84% 0.85% -3.69% 14.11% 15.06% 14.96% 13.34% 10.60% 9.44% 14.45% 9.02% 11.56% 10.31% 14.90% 14.14% 0.66% -15.63% 36.59% 44.46% -16.25% -3.03% 3 month 6 month 1 Year 3 Year 5 Year Since Inception APF-DSF* APF- MMSF* APF- ESF** *Fund returns are computed on simple annualized basis. Performance data does not include cost incurred by investor in the form of sales load. **Fund returns are computed on absolute basis. Performance data does not include cost incurred by investor in the form of sales load. SECTOR ALLOCATION (% OF EQUITY SUB-FUND) 0.00% 6.00% 12.00% 18.00% 24.00% 30.00% 11.15% 11.36% 13.60% 22.43% 26.65% OIL & GAS EXPLORATION COMPANIES COMMERCIAL BANKS OTHER SECTORS FERTILIZER CEMENTS POWER GENERATION & DISTRIBUTION 5.43% TOP HOLDINGS(% OF TOTAL ASSETS) Mar 31, 2023 Feb 28, 2023 OIL & GAS DEV. COMPANY LIMITED 6.94% 8.60% MARI GAS COMPANY LIMITED 6.21% 8.42% UNITED BANK LIMITED 5.52% 7.29% PAKISTAN PETROLEUM LIMITED 6.59% 6.76% MEEZAN BANK LIMITED 4.66% 6.66% ENGRO FERTILIZERS LIMITED 5.01% 5.57% HUB POWER COMPANY LIMITED 3.75% 5.43% KOHAT CEMENT LIMITED 3.78% 4.50% SYSTEMS LIMITED 4.48% 4.24% ENGRO CORPORATION LIMITED 4.84% 4.22% FUND MANAGERS’ REPORT ASSET ALLOCATION MARCH’ 23 MARCH’23 Feb 28, 2023 Mar 31, 2023 Feb 28, 2023 Mar 31, 2023 *DETAILS OF NON-COMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY APF- DSF Lucky Electric Power Company 10.00% 10.82% 10.75% 0.82% 0.75% APF- DSF Cash and Cash Equivalency Minimum 25% 24.36% 24.22% -0.64% -0.78% Name of Fund Exposure Type Exposure Limit % of Net Assets % of Total Assets Excess Exposure (% of Net Asset) Excess / Shortage Exposure (%age of Total Asset) *The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.
- 13. IN FOCUS FUND MANAGERS’ REPORT This publication is for informational purposes only and nothing here in should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All Investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends /returns there on are dependent on forces 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. Please read the offering document to understand the investment policies and the risk involved including risk disclosures for special features (MUFAP’S RECOMMENDED FORMAT) Last 5 Years Performance FY’18 FY’19 FY’20 FY’21 FY’22 Since Inception Performance FY’18 FY’19 FY’20 FY’21 FY’22 FY’13 FY’14 FY’11 FY’10 FY’12 FY’15 FY’16 FY’17 ABL IF 4.67% 7.12% 14.32% Benchmark 6.35% 10.31% 12.23% 4.76% 7.41% 9.88% 10.8% 13.58% 14.24% 14.44% 14.34% 15.24% 15.16% 15.60% 15.14% 15.35% 17.30% 13.05% 12.87% 12.26% 11.84% 11.42% 10.79% 10.48% 9.99% 10.02% 10.32% 17.07% 9.98% 18.12% 10.06% Benchmark ABL SF -16.84% -16.54% -1.44% 32.43% 71.06%116.12%236.86% 347.69% 469.07% 525.44% 733.15% 592.90% 478.28%469.93% -10.00% -19.11% 1.53% 25.69% 52.39% 56.81%113.18% 168.52% 183.75% 184.79% 248.70% 214.43% 154.34%380.55% 39.26% 37.58% 693.69% 255.28% -18.26% -12.28% 548.83% 211.65% ABL CF Benchmark 5.41% 9.02% 12.61% - 11.88% 12.18% 11.87% 11.65% 12.06% 11.58% 12.01% 11.75% 12.38% 13.81% - 7.49% 7.49% 7.19% 7.03% 6.83% 6.32% 6.13% 6.03% 6.33% 6.88% 6.91% 14.05% 6.85% 10.31% 15.06% 7.06% 5.35% 8.71% 11.62% 6.71% 9.27% ABL GSF 5.09% 7.73% 15.30% - - 10.68% 11.85% 11.48% 13.75% 13.37% 12.88% 12.25% 12.48% 14.50% Benchmark 6.20% 9.99% 12.07% - - 10.52% 9.46% 9.21% 8.87% 8.17% 7.76% 7.52% 7.85% 8.34% 5.08% 7.28% 14.18% 8.23% 8.25% 10.66% 14.68% 8.46% AFF -2.12% - - - - - - - -2.12% -7.49% Benchmark - - - - -7.81% -5.48% 5.60% - - - - - - - - - - - -7.81% -2.65% 16.35% 23.56% -7.63% 20.26% -7.85% -4.94% -0.82% 14.35% ABL PF DSF 3.72% 7.28% 15.54% - - - - - 20.92% 17.37% 13.35% 11.22% 11.06% 13.26% MMSF 3.85% 7.49% 11.95% - - - - - 6.14% 5.18% 4.86% 4.74% 5.59% 7.23% ESF -16.26% -19.15% -0.20% - - - - - 28.79% 42.39% 86.97% 56.58% 26.59% 26.34% 5.24% 5.12% 41.26% 12.68% 7.24% 78.72% 7.29% 7.54% -16.07% 12.80% 7.75% 49.99% ABL FPF Conservative Plan 0.01% 2.02% 11.40% - - - - - 4.41% 15.22% 15.23% 17.55% 30.94% Benchmark 3.45% 5.08% 21.93% -5.52% 10.28% -3.81% 11.74% - - - - - 4.17% 14.01% 18.02% 24.01% 51.25% Active Plan -11.47% -6.71% - - - - - 5.29% 25.59% 11.18% 3.71% -2.01% Benchmark -5.21% -6.47% Strategic Plan -2.43% -3.44% Benchmark 0.98% -1.97% -8.98% 10.19% 0.57% -1.88% 5.25% -0.25% 0.67% -1.35% - - - - - - - - - - - - - - - - - - - - - - - 6.99% 20.32% 14.21% 6.53% 17.57% 9.00% 11.84% 35.72% 32.02% 34.64% 31.94% 42.73% 69.16% 32.99% 55.21% 22.55% 45.39% 4.89% 7.49% -10.2% -7.54% -11.72% -6.44% 49.71% 81.84% 19.42% 43.51% 8.19% 36.07% - - - - - - - - - - - - - - - - - - - - - - - - ABL Special Saving Plan - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - SSP-I 14.02% 14.02% Benchmark 9.00% 9.00% SSP-II 10.31% 10.31% 17.74% Benchmark 9.58% 9.58% SSP-III 10.09% 10.09% Benchmark 8.10% 8.10% SSP-IV 11.08% 11.08% 17.57% 16.25% 16.57% Benchmark 6.57% 6.57% - - - - - - - - - - - - - - - - - - - - - - - - - - - - SSP-V 1.22% 11.28% Benchmark 6.73% 6.79% 7.55% 4.94% 11.28% 3.28% 7.75% 7.18% 7.12% 2.63% 17.77% 17.23% 17.45% 14.15% 2.63% 0.67% 7.45% 10.09% 11.25% 7.61% 8.44% 7.34% 10.57% 10.75% 10.24% 11.23% 26.51% 29.43% 29.34% 26.38% 20.68% 26.41% 29.62% 30.07% 25.84% 14.15% FUND MANAGERS’ REPORT MARCH’ 23 MARCH’23
- 14. KARACHI OFFICE Plot # 18-C, Stadium Lane # 1, Khadda Market, DHA, Phase V, Karachi. Note: ABL Asset Management Company Limited “AM1” Rating was reaffirmed by PACRA as on October 26, 2022. REGISTERED OFFICE LAHORE Plot No. 14, Main Boulevard, DHA, Phase VI, Lahore. GET IN TOUCH FOLLOW US UAN 042 111 225 262 SMS “Invest” to 8262 www.ablfunds.com [email protected] https://www.facebook.com/ABLFunds https://www.linkedin.com/company/ablfunds/ https://twitter.com/ablfunds https://www.instagram.com/abl.funds/ https://www.youtube.com/c/ABLAssetManagementCompany
- 15. KARACHI Plot # 8-C/1, Mezzanine Floor, Main Khayaban-e-Itehad, Phase VIl, Karachi. Tel: 021-3531 1001 LAHORE Plot # 24-B, Mezzanine Floor, Zahoor Ellahi Road, Main Market Gulberg II, Lahore. Tel: 042-35752700 LAHORE Plot # 42 XX Block, DHA Phsae III, Lahore. ISLAMABAD 1st Floor, ABL Building, F-10 Markaz, Islamabad. Tel: 051-2223001 RAWALPINDI Plot # 17, A-1 Phase 1, DHA, Rawalpindi. Tel: 051-5788728 PESHAWAR Plot # 19, Pc-10918, Sector-08, Phase VII, Stage-1 Office, Enclave, Hayatabad, Peshawar. Tel: 091-5890541 FAISALABAD ABL Jail Road Branch (0983), Opposite Punjab Medical College (PMC), Faisalabad. Tel: 041-8813201-5 SIALKOT Aziz Shaheed Road, Cantt. Branch, Sialkot. Tel: 052-4560048-9