Professional Documents
Culture Documents
March, 2016
Fund Managers
Report
AL Meezan Investment Management
Limited
0
\
Al Meezan Investments,
the company in operation since 1995, has one of the longest track record of managing mutual funds in the private sector
in Pakistan. Al Meezan Investments manages eleven mutual funds; namely Al Meezan Mutual Fund, Meezan Balanced Fund, Meezan Islamic Fund,
Meezan Islamic Income Fund, Meezan Tahaffuz Pension Fund, Meezan Cash Fund, Meezan Sovereign Fund, Meezan Capital Preservation Fund II,
Meezan Financial Planning Fund of Funds, KSE Meezan Index Fund and Meezan Gold Fund.
The total funds under management of Al Meezan, the only full-fledged Shariah compliant asset management company in Pakistan, have reached
Rs. 70.76 billion as on March 31, 2016. With an AM2+ 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
6 Month KIBOR
Index (RHS)
250
33,600
7.20
7.00
200
32,800
150
6.80
6.60
32,000
100
31,200
50
6.40
6.20
6.00
31-Mar
29-Mar
27-Mar
25-Mar
23-Mar
21-Mar
19-Mar
17-Mar
15-Mar
13-Mar
11-Mar
9-Mar
7-Mar
5-Mar
3-Mar
5.80
1-Mar
31-Mar
28-Mar
22-Mar
17-Mar
14-Mar
9-Mar
4-Mar
30,400
1-Mar
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
March, 2016
AMC RATING AM2+ (STABLE OUTLOOK)
Fund Review:
Net assets of Meezan Islamic Fund stood at Rs. 27.43 billion as on March 31, 2016. The funds NAV increased by 8.3% during the month of
March as compared to 8.3% increased in benchmark index (KMI-30) while KSE-100 Index during the same period increased by 5.6%. As on
March 31, the fund was 94% invested in equities.
Investment Objective:
Feb '16
26,458
56.92
Mar '16
27,429
61.65
MoM %
3.7%
8.3%
Asset Allocation:
Feb '16
Equity (%)
Mar '16
93.53
94.24
Cash (%)
6.18
4.52
0.29
1.23
2.89%
2.94%
8.3
8.7
Expense Ratio
P/E
MIF
8%
3%
9%
5%
21%
90%
206% 1000%
21%
Benchmark#
Sharpe Ratio
PSD*
CAGR*
8%
5%
8%
2%
18%
84%
190%
18%
680%
Annual Returns:
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
MIF
22%
29%
51%
19%
39%
31%
-30%
0%
Benchmark
20%
30%
54%
14%
44%
37%
-35%
1%
Funds Performance:
1,200
MIF
Benchmark
1,000
800
600
400
200
Mar-16
Oct-14
May-13
9%
9%
8%
5%
5%
3%
Engro Corporation
Pakistan State Oil Co. Ltd.
7%
6%
3%
3%
Sector Allocation:
25%
Cement
12%
5Yr
Dec-11
3Yr
Aug-10
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
1Yr
Aug-03
Members of
Investment Committee
FYTD
Mar-09
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Back End Load
Benchmark
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Subscription/ Redemption Days
Fund Manager
6M
Oct-07
Auditors
Open End
High
8th Aug 2003
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A, B and C
2%
2%
Equity
Nil
KMI-30
Nil
KSE
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 4pm
Muhammad Asad
3M
May-06
Funds
Details
Fund
Details:
1M
Dec-04
Fund Type:
Risk Level
Launch Date
Trustee
EQUITY
MIF
KSE-100
Index
KMI-30
Index
0.65
0.59
0.73
12.02
8.75
10.76
9%
37%
9%
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund
from the date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund).
Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
adf
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 184.61 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have
been higher by Rs. 0.41/0.67%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
March, 2016
Fund Review:
The net assets of Al Meezan Mutual Fund (AMMF) as at March 31, 2016 stood at Rs. 4.79 billion. The funds NAV increased by 8.3% during the
month of March as compared to 8.3% increased in benchmark index (KMI-30) while KSE-100 Index during the same period increased by 5.6%.
As on March 31, the fund was 92% invested in equities.
Investment Objective:
FYTD
1Yr
3Yr
8%
3%
18%
89%
202% 2,371%
17%
Benchmark#
8%
5%
8%
2%
18%
84%
190% 1,927%
16%
5Yr
PSD*
CAGR*
Mar '16
4,785
16.82
Feb '16
Mar '16
93.50
92.43
Cash (%)
5.75
6.27
0.75
1.30
2.11%
2.39%
8.3
8.7
MoM %
10.3%
8.3%
Asset Allocation:
Annual Returns:
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
AMMF
22%
30%
51%
19%
38%
31%
-32%
0%
Benchmark
20%
30%
54%
14%
44%
37%
-35%
1%
2,500,000
2,000,000
1,500,000
1,172,192
968,549
1,000,000
Mar 16
Sep 15
Mar 15
Sep 14
Mar 14
Sep 13
487,122
122,800
Mar 13
100,000
Sep 12
500,000
Conversion from
close end fund to
open end fund
Mar 12
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
# KMI-30 replaced DJIIMPK as the Funds benchmark from July 01, 2009, while KSE-100 index
remained as the benchmark till June 30, 2006.
Sep 11
Members of
Investment Committee
Open End
High
13th Jul 1995
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A, B,C and D
2%
2%
Equity
Contingent Load
KMI-30
Nil
ISE
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 4pm
Ahmed Hassan, CFA
June 08
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Back End Load
Benchmark
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Subscription/ Redemption Days
Fund Manager
P/E
6M
3%
June 02
Auditors
Expense Ratio
3M
8%
July 95
Fund Type:
Risk Level
Launch Date
Trustee
Equity (%)
1M
AMMF
Fund
Details:
Funds
Details
EQUITY
8%
8%
8%
7%
5%
5%
4%
3%
2%
2%
Sector Allocation:
25%
Cement
11%
Fertilizer
AMMF
KSE-100
Index
0.63
0.59
0.73
12.39
8.75
10.76
10%
KMI-30
Index
39%
7%
Others
WWF Disclosure The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund
from the date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus,
the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 34.83 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have
been higher by Rs. 0.12/0.73%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
March, 2016
Fund Review
Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 8.2 billion as on March 31, 2016. MIIF has provided an annualized return of 7.39%
for the month of March as compared to its benchmark which has provided an annualized return of 3.24% during the same period.
Investment Objective:
To provide investors with a high and stable rate of
current income consistent with long term preservation
of capital in a Shar iah compliant way. A secondary
objective is to take advantage of opportunities to
realize capital appreciation.
Fund Details:
FundFunds
Type: Details
Open End
Minimal
15-Jan-07
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A, B and C
1.5%
0.5%
Income
Nil
KSE
AM2+
JCRVIS
A- (f)
Forward
Risk Level
Launch Date
Trustee
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Leverage
Listing
AMC Rating
Rating Agency
Fund Stability Rating
Pricing Mechanism
Weighted average time to
maturity
Back End Load
1.68 Years
10.1%
3.1%
17.1%
48.7%
7.7%
3.7%
8.6%
60%
Credit Quality
PSD*
12.42%
14.75%
Benchmark
3.24%
3.30%
3.41%
3.62%
3.93%
4.81%
5.25%
5.52%
Annual Returns:
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
MIIF
8.15%
11.90%
14.45%
7.79%
11.77%
7.31%
10.14%
9.28%
Benchmark
5.04%
5.38%
5.54%
6.02%
5.88%
5.80%
6.12%
5.75%
Monthly Performance:
25%
20%
MIIF
15%
Benchmark
10%
5%
0%
Mar-16
-4.36%
0.63%
5Yr
10.02%
Feb-16
MoM %
8,242
53.31
3Yr
6.53%
Jan-16
Mar '16
8,618
52.98
1Yr
6.42%
Dec-15
Feb '16
FYTD
4.31%
Nov-15
6M
5.13%
Oct-15
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
3M
7.39%
Sep-15
Members of
Investment Committee
1M
MIIF
Aug-15
Valuation Days
Subscription/ Redemption Days
Fund Manager
Jul-15
Benchmark
INCOME
14%
10%
5%
4%
2%
0.5%
0.4%
Asset Allocation:
Sukuks
Government backed / Guaranteed Securities
Placements with Banks and DFIs
Cash
Others Including receivables
Feb 16
25%
15%
22%
37%
1%
Mar 16
25%
10%
26%
38%
1%
49%
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have
30%
17%
10%
8%
3%
4%
9%
0%
resolved that unrecorded accumulated WWF provision in the fund from the date of its application till December 31, 2012, in
case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the
fund). Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
AA-
A-
A+
AA
AA+
AAA
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 45.46 million till June 30, 2015, if the same
was not made the NAV per unit/return of the fund would have been higher by Rs. 0.29/0.55%. Effective from July 1, 2015 no
provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
March, 2016
AMC RATING AM2+ (STABLE OUTLOOK)
Fund Review
Net assets of Meezan Cash Fund (MCF) stood at Rs. 4.0 billion as on March 31, 2016. MCF has provided an annualized return of 4.18% for the
month of March as compared to its benchmark which has provided an annualized return of 4.10% during the same period.
Investment Objective:
To seek maximum possible preservation of capital and
a reasonable rate of return via investing primarily in
liquid Shariah compliant money market and debt
securities.
Fund Details:
FundFunds
Type: Details
Risk Level
Launch Date
Trustee
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Back End Load*
Fund Category
Leverage
Listing
AMC Rating
Rating Agency
Fund Stability Rating
Pricing Mechanism
Weighted average time to
maturity
Benchmark
6M
FYTD
1Yr
3Yr
5Yr
PSD*
4.23%
4.29%
4.51%
5.06%
7.05%
9.45%
11.14%
Benchmark
4.10%
4.23%
4.36%
4.54%
4.90%
5.97%
6.71%
6.97%
Annual Returns:
FY15
7.46%
FY14
7.08%
FY13
8.78%
FY12
10.71%
FY11
11.02%
FY10
10.09%
FY09
8.03%
FY08
MCF
Benchmark
6.24%
6.55%
6.91%
8.13%
8.24%
7.50%
7.60%
15 days of operations
Monthly Performance:
6%
MCF
Benchmark
4%
2%
15.6 Days
Mar-16
Key Benefits
MoM %
17.86%
0.36%
Feb-16
3,983
51.80
Jan-16
3,384
51.62
Dec-15
Mar'16
Nov-15
Feb '16
Oct-15
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
0%
Sep-15
Average return on
6-month Islamic
bank deposits
Mon-Fri
Mon-Fri 9am 4pm
Zain Malik
3M
4.18%
Aug-15
Members of
Investment Committee
1M
MCF
Jul-15
Valuation Days
Subscription/ Redemption Days
Fund Manager
MONEY MARKET
Benchmark
Asset Allocation:
Rating Exposure:
AAA
5%
AA+
10%
AA
83%
75%
23%
Portfolio Composition:
2%
Feb 16
Mar 16
28%
23%
Cash
69%
75%
3%
2%
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have
resolved that unrecorded accumulated WWF provision in the fund from the date of its application till December 31, 2012, in
case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund).
Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 58.58 million till June 30, 2015, if the same
was not made the NAV per unit/return of the fund would have been higher by Rs. 0.76/1.47%. Effective from July 1, 2015 no
provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
Fund Review
Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 9.99 billion as on March 31, 2016. For the month of March, the fund has provided an
annualized return of 7.08% as compared to its benchmark which has provided an annualized return of 4.10% during the same period.
Investment Objective:
To seek maximum possible preservation of capital and
a reasonable rate of return
Fund Details:
Fund Type:
Risk Level
Funds
Launch Date
Trustee
Details
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Back End Load
Fund Category
Leverage
Listing
AMC Rating
Rating Agency
Fund Stability Rating
Pricing Mechanism
Weighted average time to
maturity
Benchmark
1M
3M
6M
FYTD
1Yr
3Yr
5Yr
MSF
7.08%
3.41%
5.46%
5.14%
5.68%
7.54%
10.06%
Benchmark
4.10%
4.23%
4.36%
4.54%
4.90%
5.97%
6.71%
FY15
6.81%
FY14
8.50%
FY13
9.11%
FY12
11.19%
FY11
11.45%
FY10
9.76%*
FY09
FY08
Benchmark
6.24%
6.55%
6.91%
8.13%
8.24%
7.50%
Monthly Performance:
16%
MSF
14%
10%
Average return on
6-month Islamic
bank deposits
Mon-Fri
Mon-Fri 9am 4pm
Zain Malik
6%
4%
2%
0%
Asset Allocation:
Government Guaranteed
Cash
Placements with Banks and DFIs
Other Including receivables
WWF Disclosure:
Feb 16
Mar 16
92%
7%
0%
1%
76%
20%
2%
2%
Benchmark
Asset Allocation:
Government Guaranteed
Cash
meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF
provision in the fund from the date of its application till December 31, 2012, in case is
required to be paid, shall be borne by Al Meezan Investment Management Limited
(Management Company of the fund). Thus, the Fund is no longer liable to pay any expense
under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 133.89
million till June 30, 2015, if the same was not made the NAV per unit/return of the fund
would have been higher by Rs. 0.70/1.34%. Effective from July 1, 2015 no provision is being
made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
Mar-16
83.8%
2.5%
3.4%
8.8%
Feb-16
AAA
AA+
AA
A+
Jan-16
Asset Rating:
Dec-15
8.52%
0.60%
Nov-15
MoM %
9,986
52.42
Oct-15
Mar '16
Sep-15
Key Benefits
9,202
52.11
Benchmark
12%
8%
Feb '16
6.91%
MSF
11.19%
Annual Returns:
2.14 years
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
PSD*
Aug-15
Members of
Investment Committee
Jul-15
Valuation Days
Subscription/ Redemption Days
Fund Manager
Open End
Minimal
10-Feb-10
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A, B, C and D
1%
0.5%
Nil
Income
Nil
ISE
AM2+
JCRVIS
AA (f)
Forward
INCOME
March, 2016
20%
2% 2%
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
March, 2016
Fund Review:
As at March 31, 2016, total size of net assets of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 5,451 million. For the month of March, the
NAV of equity sub fund increased by 8.13% while the NAV of debt and money Market sub funds provided an annualized return of 8.20% and
4.95% respectively.
Investment Objective:
To provide participants a regular Halal income stream
after retirement/disability when they can no longer
earn regular income to support their living so that they
are not dependent on other members of the society.
Fund Details:
Fund Type:
RiskFunds
Level
Launch Date
Trustee
Auditors
Details
Registrar
Fund Category
Management Fee
Front End Load
Leverage
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Subscription/ Redemption Days
Fund Manager
Members of
Investment Committee
Open End
Minimal
28-Jun-07
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
Pension
1.5%
3%
Nil
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 4pm
Asmar Hamoodi
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
Feb'16
3,079
1,625
387
5,091
High Volatility
Med. Volatility
Low Volatility
Lower Volatility
3M
1%
1%
1%
1%
MoM %
9.6%
3.2%
3.7%
7.1%
1Yr
20%
15%
10%
5%
3Yr
90%
64%
42%
20%
5Yr
192%
137%
91%
45%
PSD*
296%
223%
163%
102%
CAGR*
17%
14%
12%
8%
Allocation Scheme
Equity
Debt
Money Market
High Volatility
80%
20%
0%
Medium Volatility
50%
40%
10%
Low Volatility
Lower Volatility
25%
0%
60%
50%
15%
50%
Annual Returns:
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
MTPF- Equity
26.6%
32.4%
54.9%
16.8%
36.0%
31.5%
-25.8%
3.1%
MTPF- Debt
MTPF- MMkt
6.4%
7.7%
8.3%
9.5%
10.9%
8.5%
10.2%
8.3%
6.9%
6.9%
7.8%
10.9%
10.7%
8.5%
11.1%
7.7%
27%
Fertilizer
10%
10%
8%
Pharmaceutical
8%
33%
5%
Engro Corporation
Lucky Cement Ltd.
Packages Ltd.
Fauji Cement Co. Ltd.
The Hub Power Co. Ltd.
Pakistan State Oil Co. Ltd.
Mari Petroleum Ltd.
Cherat Cement Co. Ltd
DG Khan Cement Co. Ltd.
Al-Shaheer Corp
8%
7%
7%
7%
6%
5%
4%
4%
3%
3%
Feb '15
410.5
200.9
200.5
Sukuk Holdings
YTD
6%
5%
4%
3%
6M
7%
6%
4%
2%
Other Sectors
Mar '16
3,373
1,677
401
5,451
PENSION
Mar '16
443.9
202.3
201.3
MoM %
8.13%
0.70%
0.42%
Sukuk
Placement
4.2%
69.3%
5.73%
68.4%
31.6%
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the
date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus, the Fund is no
longer liable to pay any expense under WWF until December 31, 2012.
Effective from January 1, 2013, the Fund has maintained provisions against Workers Welfare Fund liability to the tune of Rs. 27.81mn (Equity), Rs. 4.99mn (Debt) and Rs. 1.30mn (MMKT), if the
same were not made the NAV per unit/return of the fund would be higher by Rs. 3.66/0.82% (Eq.), Rs. 0.60/0.30% (Dt.) and Rs. 0.65/0.32 (MM.). For further details, investors are advised to read
financial statements of the fund.
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
March, 2016
Fund Review:
As at March 31, 2016, the net assets of KSE-Meezan Index Fund (KMIF) stood at Rs. 793 million. For the month of March, KMIF provided a
return of 8.11%.
Investment Objective:
Fund
that
aims
to
provide
investors
an
of
the
Index
in
proportion
to
their
weightages.
1M
3M
6M
FYTD
1Yr
3Yr
5Yr
PSD*
CAGR
KMIF
8.1%
4.2%
6.4%
0.0%
14.6%
70.0%
116.5%
22.2%
Benchmark
8.3%
4.7%
7.6%
1.7%
17.9%
84.2%
140.3%
25.5%
Annual Returns:
Fund Details:
Fund Type:
Risk Level
Launch Date
Trustee
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Back End Load
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Benchmark
Valuation Days
Subscription/ Redemption Days
Fund Manager
Open End
High
23-May-12
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A and B
1%
2%
Index Tracker Scheme
Nil
Nil
ISE
AM2+
JCRVIS
Forward
KMI-30 Index
Mon-Fri
Mon-Fri 9am 1pm
Asmar Hamoodi
FY09
FY08
Benchmark
20.1%
29.9%
54.4%
-1.9%
* 38 days of operations.
Funds Performance:
270
KMIF
250
210
190
170
150
130
110
90
Mar-16
Dec-15
Sep-15
Jul-15
Apr-15
Feb-15
Nov-14
Aug-14
Jun-14
Mar-14
Dec-13
11%
10%
9%
9%
8%
5%
5%
4%
3%
3%
Sector Allocation:
23%
Cement
14%
Assets Allocation:
Equity (%)
Cash (%)
Other Including receivables (%)
Benchmark
230
Oct-13
MoM %
7.31%
8.11%
FY10
Jul-13
Mar '16
793
71.74
FY11
-2.4%*
May-13
Feb '16
739
66.35
FY12
49.6%
Feb-13
FY13
26.5%
Nov-12
FY14
17.1%
Sep-12
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
FY15
KMIF
Jun-12
Members of
Investment Committee
INDEX TRACKER
13%
Feb '16
96.8
2.5
0.7
Mar '16
97.2
0.9
1.8
15%
Pharmaceuticals
4%
31%
Others
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the
date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus, the Fund is no longer
liable to pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 12.90 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have been higher by
Rs.1.17/1.63%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
March, 2016
Fund Review:
As at March 31, 2016, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 10,200 million. For the month of
March, the NAV of Aggressive plan increased by 5.9% while the NAV of moderate, Conservative plan, Preservation plan I, Preservation plan II,
MAAP-I, MAAP-II and MAP-III provided a return of 4.3%, 2.4%, 3.7%, 2.0%, 7.4%, 7.2% and 5.9% respectively.
Investment Objective:
To generate returns on Investment as per respective
allocation plans by investing in Shariah Compliant
Fixed Income and Equity Mutual Funds in line with the
risk tolerance of the Investor.
Fund Details:
Fund Type:
Risk
Level Details
Funds
Launch Date
Trustee
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Open End
Plan specific
11-April-13
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A and B
Same as underlying
Funds and 1% on Cash
Fund Category
Back End Load
Leverage
AMC Rating
Rating Agency
Pricing Mechanism
Fund Manager
Benchmark
Aggressive Allocation Plan
Moderate Allocation Plan
Conservative Allocation Plan
MCPP Plan I
MCPP Plan II
MAAP I, II & III
Valuation Days
Subscription/ Redemption
Days
Members of Investment
Committee
Feb '16
381
316
231
1,497
3,022
1,142
803
1,908
Mar '16
397
328
233
1,510
3,034
1,222
861
2,614
MoM %
4.2%
3.7%
0.8%
0.9%
0.4%
7.1%
7.2%
37.0%
Aggressive
Benchmark
Moderate
Benchmark
Conservative
Benchmark
MCPP I**
Benchmark
MCPP II***
Benchmark
MAAP I****
Benchmark
MAAP II*****
Benchmark
MAAP III#
Benchmark
3M
2.2%
3.4%
1.8%
2.9%
1.3%
1.8%
1.4%
2.0%
0.7%
0.7%
2.8%
4.6%
4.3%
6.3%
-
6M
7.0%
5.7%
5.5%
4.9%
4.0%
3.3%
4.9%
3.8%
3.2%
2.4%
5.1%
6.0%
-
FYTD
4.1%
2.3%
4.7%
2.5%
4.7%
3.1%
3.6%
1.1%
2.2%
0.9%
1.8%
3.3%
5.0%
6.6%
4.8%
6.4%
1Yr
15.4%
13.4%
13.4%
11.4%
9.9%
7.5%
12.6%
10.1%
7.5%
5.9%
-
3Yr
-
5Yr
-
PSD*
61.2%
55.9%
48.6%
47.1%
34.6%
29.4%
11.7%
9.7%
2.7%
3.0%
1.8%
3.3%
5.0%
6.6%
4.8%
6.4%
FUND OF FUNDS
* Performance start date of April 12, 2013. ** Performance start date of September 01, 2014. *** Performance start date of
December 16, 2014. **** Performance start date of July 10, 2015, ***** Performance start date of November 24, 2015.
Annual Returns:
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
Aggressive
Benchmark
16.5%
15.1%
22.1%
21.7%
9.0%*
7.9%
Moderate
Benchmark
13.6%
12.9%
17.3%
18.2%
6.5%*
6.2%
Conservative
Benchmark
10.1%
8.6%
12.6%
11.2%
3.8%*
3.6%
MCPP - I
Benchmark
7.8%**
8.5%
MCPP II
Benchmark
0.4%***
2.0%
MAAP - I
Benchmark
MAAP - II
Benchmark
MAAP III
Benchmark
* 80 days of operations, **303 days of operations, 196 days of operations, 55 days of operation s
Feb '16
68.84
64.52
62.64
53.82
50.27
47.39
48.95
49.52
Mar '16
72.90
67.30
64.16
55.83
51.27
50.90
52.48
52.42
MoM%
5.9%
4.3%
2.4%
3.7%
2.0%
7.4%
7.2%
5.9%
Funds Multiplier:
High Multiplier
Low Multiplier
MCPP-I
MCPP-II
4.00
3.29
4.00
1.97
(to be contd..)
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
March, 2016
Fund Review:
As at March 31, 2016, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 10,200 million. For the month of
March, the NAV of Aggressive plan increased by 5.9% while the NAV of moderate, Conservative plan, Preservation plan I, Preservation plan II,
MAAP-I, MAAP-II and MAP-III provided a return of 4.3%, 2.4%, 3.7%, 2.0%, 7.4%, 7.2% and 5.9% respectively.
Investment Objective:
To generate returns on Investment as per respective
allocation plans by investing in Shariah Compliant
Fixed Income and Equity Mutual Funds in line with the
risk tolerance of the Investor.
Fund Details:
Fund Type:
Risk
Level Details
Funds
Launch Date
Trustee
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Open End
Plan specific
11-April-13
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A and B
Same as underlying
Funds and 1% on Cash
Fund Category
Back End Load
Leverage
AMC Rating
Rating Agency
Pricing Mechanism
Fund Manager
Asset Allocation:
Aggressive
Moderate
Conservative
MCPP-I
MCPP-II
MAAP-I
MAAP-II
MAAP-III
Income/Money
market Funds (%)
29.9%
49.5%
74.2%
52.9%
75.0%
14.3%
14.1%
29.6%
Cash
(%)
0.4%
1.0%
0.9%
0.8%
0.1%
0.3%
2.5%
0.0%
Other Including
receivables (%)
0.0%
0.0%
0.2%
0.0%
0.0%
0.0%
0.0%
1.5%
Benefits
Benchmark
Aggressive Allocation Plan
Equity/ Index
Funds (%)
69.7%
49.5%
24.7%
46.3%
24.9%
85.4%
83.4%
68.9%
FUND OF FUNDS
Investment
Policy
Trading
Strategy
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
WWF Disclosure: The Board of Directors of the management company in its meeting held on October
25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the date of its
application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment
Management Limited (Management Company of the fund). Thus, the Fund is no longer liable to pay any
expense under WWF until December 31, 2012.
The Scheme has maintained provisions against Workers Welfare Funds liability to the tune of Rs.2.69mn
(Aggressive), Rs.1.74mn (moderate), Rs.1.45mn (Conservative), Rs.2.35mn (Preservation Plan I), 0.28mn
(Preservation Plan II). If the same were not made the NAV per unit/return of the Scheme would be higher by
Rs. 0.49/0.68% (Aggressive), Rs. 0.36/0.53% (Moderate), Rs. 0.40/0.62% (Conservative), Rs. 0.09/0.16%
(Preservation Plan I) and Rs. 0.005/0.01% (Preservation Plan II). For details, investors are advised to read
Financial Statements of the Scheme. Effective from July 1, 2015 no provision is being made as mutual funds
have been excluded from levy of WWF vide Finance Act 2015.
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
March, 2016
AMC RATING AM2+ (STABLE OUTLOOK)
Fund Review:
Net assets of Meezan Gold asdf
Fund (MGF) as at March 31, 2016 stood at Rs. 191 million. The funds NAV increased by 0.01% during the month.
Investment Objective:
Meezan Gold Fund (MGF) aims to provide maximum
exposure to prices of Gold in a Shariah Compliant
(Islamic) manner, by investing a significant portion of
the Funds net assets in deliverable gold based
Funds
Details
contracts
available
on Pakistan Mercantile Exchange
(PMEX).
Fund Details:
Fund Type:
Risk Level
Launch Date
Trustee
Auditors
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Back End Load
Benchmark
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Subscription/ Redemption Days
Fund Manager
Members of
Investment Committee
Open End
High
13-Aug-15
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
C
1.5%
2%
Commodity Fund
Nil
Combination of 70%
PKR base closing price
of physical gold
and 30% Average
return on 6-month
Islamic bank deposits
Nil
ISE
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 4pm
Ali Khan, CFA
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
Feb 16
Mar'16
MoM %
185
52.51
191
52.51
3.47%
0.01%
(net of expenses):
1M
3M
6M
FYTD
1Yr
3Yr
5Yr
PSD*
MGF
0.01%
10.8%
7.3%
5.0%
5.0%
Benchmark
0.05%
10.2%
8.3%
10.4%
10.4%
Annual Returns:
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
MGF
Benchmark
Key Advantages
Investment Strategy
GOLD FUND
Investment Horizon
Assets Allocation:
Gold (%)
Cash (%)
Other Including receivables (%)
Feb '16
75.0
25.0
0.0
Mar '16
83.7
16.2
0.1
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
March, 2016
Fund Review:
For the month of March 2016, KSE-Meezan Index (KMI-30) increased by 8.30% with which the fund also increased its exposure to equities. The
NAV as a result increased from Rs. 55.01 to Rs. 56.94 translating into a gain of 3.51% for the month.
Investment Objective:
through
dynamic
asset
allocation
between
(net of expenses):
1M
3M
6M
FYTD
1Yr
3Yr
5Yr
PSD*
MCPRF-II
3.5%
1.5%
4.7%
3.2%
11.1%
13.9%
Income/Money
Market based Collective Investment
Funds Details
Benchmark
3.1%
2.0%
3.8%
1.5%
9.1%
10.1%
Schemes.
FY11
FY10
FY09
FY08
10.3%
8.5%
Funds Performance:
59.00
MCPRF-II
Benchmark
57.00
55.00
53.00
51.00
49.00
Mar-16
Jan-16
Feb-16
Dec-15
Nov-15
Oct-15
Sep-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
47.00
Asset Allocation:
Feb 16
2,175
55.01
Mar '16
2,250
56.94
Jan 16
Feb 16
Mar 16
38.0
34.7
45.0
MoM %
3.47%
3.51%
Funds Multiplier:
High Multiplier
Low Multiplier
FY12
Feb-15
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
FY13
Dec-14
Members of
Investment Committee
Benchmark
FY14
Nov-14
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Subscription/ Redemption Days
Fund Manager
MCPRF-II
FY15
Oct-14
Registrar
Unit Types
Management Fee
Front End Load
Fund Category
Back End Load
Benchmark
Annual Returns:
Sep-14
Auditors
Open End
Low to Moderate
28-Jun-14
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
A and B
1%
3%
Fund of Funds
Contingent Load
Combination of
KMI-30 Index and
Average return
on 6-month Islamic
bank deposits
Nil
ISE
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 4pm
Asif Imtiaz, CFA
Aug-14
Fund Type:
Risk Level
Launch Date
Trustee
Jul-14
Fund Details:
FUND OF FUNDS
61.8
65.0
54.8
Cash (%)
0.2
0.2
0.2
0.0
0.1
0.0
MCPRF-II
WWF Disclosure: The Board of Directors of the management company in its meeting held on October
4.00
3.76
25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the date of its
application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment
Management Limited (Management Company of the fund). Thus, the Fund is no longer liable to pay any
expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 4.28 million till June 30,
2015, if the same was not made the NAV per unit/return of the fund would have been higher by Rs.
0.11/0.19%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from
levy of WWF vide Finance Act 2015.
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
March, 2016
(MBF)
Fund Review:
Net assets of Meezan Balanced Fund (MBF) as at March 31, 2016 stood at Rs. 4.56 billion. The funds NAV increased by 5.46% during the month.
Investment
Objective:
Funds Details
BALANCED
1M
3M
6M
FYTD
1Yr
3Yr
5Yr
PSD*
CAGR*
MBF
5%
3%
6%
4%
14%
57%
130%
435%
16%
Benchmark
4%
3%
5%
2%
11%
45%
98%
263%
12%
Annual Returns:
Fund Details:
Fund Type:
Risk Level
Launch Date
Trustee
Auditors
Registrar
Management Fee
Fund Category
Front End Load
Back End Load
Leverage
Listing
AMC Rating
Rating Agency
Pricing Mechanism
Valuation Days
Subscription/ Redemption Days
Benchmark
Fund Manager
Members of
Investment Committee
Open End
Minimal
20-Dec-2004
CDC
KPMG Taseer Hadi
& Co.
Meezan Bank Ltd.
2%
Balanced
2%
Contingent Load
Nil
ISE
AM2+
JCRVIS
Forward
Mon-Fri
Mon-Fri 9am 4pm
50% KMI-30 Index
50% Average bank
Deposit rate of three
Islamic banks
Asmar Hamoodi
M. Shoaib, CFA
Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
Benchmark
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
16%
20%
32%
17%
25%
23%
-11%
1%
13%
18%
30%
10%
25%
21%
-14%
3%
Engro Corporation
Packages Ltd.
Hub Power Co. Ltd.
Lucky Cement Co. Ltd.
Pakistan State Oil Ltd.
Mar '16
4,559
15.29
MoM %
0.80%
5.46%
K-Electric Sukuk 3
Hascol Sukuk
GoP Ijarah Sukuk XVII
Engro Fertilizer Limited II
Sukuk
10%
6%
5%
1%
Asset Allocation:
Feb 16
Equity
GoP Guaranteed Securities
Sukuk
Placement with Banks
Cash Others including receivable
57%
5%
17%
4%
17%
Mar 16
57%
5%
17%
4%
18%
Sector Allocation:
Sukuk
15%
6%
8%
Cement
8%
21%
MBF
40%
in its meeting held on October 25, 2013 have resolved that unrecorded accumulated
WWF provision in the fund from the date of its application till December 31, 2012, in
case is required to be paid, shall be borne by Al Meezan Investment Management
Limited (Management Company of the fund). Thus, the Fund is no longer liable to
pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs.
37.91 million till June 30, 2015, if the same was not made the NAV per unit/return of
the fund would have been higher by Rs. 0.13/0.83%. Effective from July 1, 2015 no
provision is being made as mutual funds have been excluded from levy of WWF vide
Finance Act 2015.
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 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.
(This report has been prepared in line with MUFAPs recommended Format)
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
MIIF
Benchmark
22%
20%
FY15
22%
20%
FY15
8.15%
5.04%
29%
30%
FY14
30%
30%
FY14
11.90%
5.38%
51%
54%
FY13
51%
54%
FY13
14.45%
5.54%
19%
14%
FY12
19%
14%
FY12
7.79%
6.02%
39%
44%
FY11
38%
44%
FY11
11.77%
5.88%
31%
37%
FY10
31%
37%
FY10
7.31%
5.80%
-30%
-35%
FY09
-32%
-35%
FY09
10.14%
6.12%
0%
1%
FY08
0%
1%
FY08
9.28%
5.75%
29%
17%
FY07
27%
17%
FY07
10.07%
5.00%
MCF
Benchmark
FY15
7.46%
6.24%
FY14
7.08%
6.55%
FY13
8.78%
6.91%
FY12
10.71%
8.13%
FY11
11.02%
8.24%
FY10
10.09%
7.50%
FY09
8.03%
7.60%
FY08
-
FY07
-
MSF
Benchmark
FY15
6.81%
6.24%
FY14
8.50%
6.55%
FY13
9.11%
6.91%
FY12
11.19%
8.13%
FY11
11.45%
8.24%
FY10
9.76%
7.50%
FY09
-
FY08
-
FY07
-
MTPF- Equity
MTPF- Debt
MTPF- MMkt
FY15
26.6%
6.4%
6.9%
FY14
32.40%
7.70%
6.90%
FY13
54.90%
8.30%
7.80%
FY12
16.8%
9.5%
10.9%
FY11
36.00%
10.90%
10.70%
FY10
31.50%
8.50%
8.50%
FY09
-25.80%
10.20%
11.10%
FY08
3.10%
8.30%
7.70%
FY07
-
KMIF
Benchmark
FY15
17.1%
20.1%
FY14
26.50%
29.90%
FY13
49.60%
54.40%
FY12
-2.4%
-1.90%
FY11
-
FY10
-
FY09
-
FY08
-
FY07
-
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
MCPRF-II
Benchmark
10.3%
8.5%
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
MCPF-III
Benchmark
12.1%
12.0%
5.60%
5.00%
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
16%
13%
20%
18%
32%
30%
17%
10%
25%
25%
23%
21%
-11%
-14%
1%
3%
26%
11%
MIF
Benchmark
AMMF
Benchmark
MBF
Benchmark
Aggressive
Benchmark
Moderate
Benchmark
Conservative
Benchmark
MCPP - I
Benchmark
MCPP II
Benchmark
MAAP I
Benchmark
MAAP II
Benchmark
MAAP III
Benchmark
MGF
Benchmark
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
16.5%
15.1%
13.6%
12.9%
10.1%
8.6%
7.8%
8.5%
0.4%
2.0%
-
22.10%
21.70%
17.30%
18.20%
12.60%
11.20%
-
9.0%
7.90%
6.5%
6.20%
3.8%
3.60%
-
FY15
FY14
FY13
FY12
FY11
FY10
FY09
FY08
FY07
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 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.
(This report has been prepared in line with MUFAPs recommended Format)