12 March 2020

REP :141

Mutual Fund Report March 12, 2020

February 2020

Spectrum Research:
Email: [email protected] Jama
Tel: + 92 (21) 32467598 Punji
Web: www.spectrumonline.com.pk www.jamapunji.pk
Mutual Fund Performance

1 Mutual Fund: Industry Snapshot

2 Performance Summary: Category-Wise Performance

3 PSX Index & KIBOR

4 Mutual Funds Performance Review

5 Asset Under Management AMC Wise

6 Asset Under Management Category Wise

7 Open-End Fund’s Asset Allocation

8 Open-End Funds: AMC Wise Asset Allocation

Table of Content
9 Open-End Funds: Category wise Asset Allocation

10 Major Equity Based Funds’ Asset Allocation

11 Open-End Funds Holding Stock Wise

12 Open-End Funds Top 20 Holdings

13 Open-End Funds Equity Investment Company Wise

14 Mutual Funds vs KSE-100 Index Performance

15 FIPI: Mutual Funds 1 / 32

Mutual Fund Performance
Industry Snapshot Mutual Funds AUM (PKR bn)
Feb-20: Mutual Funds Snapshot
716
Unit Feb-20 Jan-20 MoM% 713
714
Mutual Funds AUM PKR bn 700 713 -1.8%
712
AUM Top Five Categories 710
Money Market PKR bn 190 191 -0.2% 708
Equity PKR bn 122 136 -10.6% 706
Shariah Compliant Income PKR bn 96 79 22.1% 704
Income PKR bn 66 64 3.8% 702 700
Shariah Compliant Equity PKR bn 55 64 -14.2%
700
KSE-100 Index Index 37,984 41,631 -8.8% 698
KSE-30 Index Index 17,478 19,148 -8.7% 696
KMI-30 Index Index 59,433 67,075 -11.4% 694
Feb-20 Jan-20
Open-End Funds Equity Exposure
Total equity Investments* PKR mn 177,054 202,004 -12.4%
Equity exposure % of fund size 89.36% 90.53% -1.29%
AUM (PKR bn)
Feb-20 Jan-20
Mutual Funds Sector Wise Equity Holdings
Oil & Gas Exploration Companies % 18.7% 19.8% -1.1% 250
Banks % 15.7% 15.2% 0.5%
190 191
Fertilizer % 7.9% 7.9% 0.0% 200
Cement % 6.7% 5.3% 1.4%
Oil & Gas Mkt. % 6.5% 8.0% -1.5% 150 136
122
96
LIPI: Portfolio Investments 100 79
66 64 64
Net USD mn -23.9 5.3 55
*Equity investments from Equity, Sh.Equity, Asset Allocation and Sh.Asset Allocation 50
*Excluding Fund of Fund Asset Allocation
Source: FMR, MUFAP, PSX, Spectrum Research 0
Money Market Equity Shariah Compliant Income Shariah Compliant
Income Equity

1 / 32
Mutual Fund Performance
Performance Summary: Category Wise
Feb-20: MTD Average Return (%) Feb-20: YTD Average Return (%)

Cap.Protected 1.10 Islamic Equity 0.80

Islamic FoF.CPPI 1.71 Equity 1.14
Fund of Fund 1.88 Islamic A.A 1.53
FoF.CPPI 2.09 Balanced 1.78
Agg.Fix.Income 3.02 Asset Allocation 2.02
Asset Allocation 3.03 Cap.Protected 2.36
Islamic FoF 3.46 Islamic Balance 2.75
Balanced 3.73 Fund of Fund 2.76
Islamic A.A 4.19 FoF.CPPI 3.33

Islamic Cap.Pro. 4.47 Islamic FoF 3.44

Islamic Balance 5.29 Islamic FoF.CPPI 3.48

Equity 7.35 Islamic Cap.Pro. 5.91

Islamic Agg.Fix.Income 7.74 Islamic Agg.Fix.Income 6.90

Islamic Equity 7.83 Agg.Fix.Income 9.58

Islamic Money Mkt. 12.19 Islamic Income 11.64

Islamic Income 12.19 Islamic Money Mkt. 11.77

Income 12.67 Money Market 12.70

Money Market 13.04 Income 13.47

Cap.Protected.Income 23.37 Cap.Protected.Income 18.71

0.00 5.00 10.00 15.00 20.00 25.00 0.00 5.00 10.00 15.00 20.00

2 / 32
Mutual Fund Performance
PSX Indices & KIBOR
KSE-100 KSE-30
Index Vol .mn Index Vol .mn
Volume KSE-100 Volume KSE-30
50,000 400
26,000 250
350
45,000
300 24,000 200
40,000
250 22,000
150
35,000 200 20,000
150 100
30,000 18,000
100
25,000 16,000 50
50
20,000 0 14,000 0
Jul-19
Jun-19
Apr-19

May-19

Nov-19
Aug-19
Feb-19

Mar-19

Sep-19

Dec-19

Jan-20

Feb-20
Oct-19

Jul-19
Jun-19
Apr-19

May-19

Nov-19
Jan-19

Feb-19

Mar-19

Aug-19

Sep-19

Dec-19

Jan-20

Feb-20
Oct-19
KMI-30
KIBOR (%)
Index Vol .mn
Volume KMI-30 3 Month Avg 6 Month Avg 1 Year Avg
16.00
85,000 200 14.00
80,000 180
160 12.00
75,000
140 10.00
70,000
120 8.00
65,000 100
60,000 6.00
80
55,000 60 4.00
50,000 40 2.00
45,000 20 -
40,000 0

Jul-19
Apr-19

May-19

Jun-19
Feb-19

Mar-19

Aug-19

Sep-19

Nov-19

Dec-19

Feb-20
Jan-20
Oct-19
Jul-19
Apr-19

May-19

Jun-19

Nov-19
Feb-19

Mar-19

Aug-19

Sep-19

Dec-19

Jan-20

Feb-20
Oct-19

3 / 32
Mutual Fund Performance
Mutual Funds Performance Review
In Feb-20, total Asset Under Management (AUM) of mutual fund industry plunge by 1.8%MoM to PKR700bn, open-end funds tumble by PKR~12bn and stood at PKR671bn.
Category wise analysis revealed, AUM of Money Market Fund plummet by 0.2%MoM ,Equity Funds AUM dip by 10.6%MoM and Shariah Compliant Equity fall by 14.2%. On
the flip side, the Shariah Complaint Income and income fund up by 22.1%MoM and 3.8%MoM respectively. The declined in equity market fund was owing to the coronavirus
outbreak which ruined capital market sentiments and high inflation number of January 2020. Conversely, surged in income funds was due to the high yielding environment.

Open End Fund Size (bn) Asset Under Management (PKR bn)
800 Open-End Pension Funds Grand Total
1,600.0
700
1,400.0

683

678
652
600

638
600

1,200.0

590
583
583

579

713.1
542
500
540

700.4
517

1,000.0
511

400 800.0
29.4 30.1
300 600.0

200 400.0
671.0 683.0
200.0
100
0.0
- Feb-20 Jan-20
Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Source: MUFAP, Spectrum Research, FMR
Source: MUFAP, Spectrum Research, FMR

4 / 32
Mutual Fund Performance
Asset Under Management AMC Wise AMC Share % (AUM)
Fund Size: AMC-Wise Others
Feb-20 Jan-20 Change Change Lakson 9%
NAFA
Name of AMC 3%
PKR bn PKR bn PKR bn MoM% 19%
Atlas
NBP Fund Management Limited 131.38 122.76 8.62 7.02%
4%
Al Meezan Investment Management Limited 124.66 133.59 -8.92 -6.68%
Alfalah
National Investment Trust Limited 69.75 76.58 -6.83 -8.92% 5%
UBL Fund Managers Limited 60.25 64.28 -4.03 -6.27% Meezan
MCB-Arif Habib Savings and Investments Limited 60.18 60.05 0.12 0.20% HBL 18%
7%
ABL Asset Management Company Limited 53.91 53.58 0.33 0.63%
HBL Asset Management Limited 48.42 49.38 -0.96 -1.94%
ABL
Alfalah GHP Investment Management Limited 38.94 42.41 -3.47 -8.18%
8%
Atlas Asset Management Limited 31.09 31.56 -0.47 -1.49%
Lakson Investments Limited 20.72 21.14 -0.42 -1.98% MCB NIT
Faysal Asset Management Limited 20.57 17.63 2.94 16.70% 8% UBL 10%
JS Investments Limited 18.40 20.10 -1.70 -8.46% 9%
Habib Asset Management Limited 9.56 6.99 2.57 36.70% Top 5 AUM (PKR bn)
AKD Investment Management Limited 5.20 5.46 -0.26 -4.78%
Pak Oman Asset Management Company Limited 3.91 3.89 0.02 0.40% Feb-20 Jan-20
AWT Investments Limited 2.39 2.71 -0.32 -11.94%
160
786 Investments Limited 0.66 0.55 0.11 20.01% 131 134
140 123 125
BMA Asset Management Company Limited 0.29 0.28 0.00 1.24% 120
First Capital Investments Limited 0.12 0.13 -0.01 -10.61% 100
77
Total 700.41 713.08 -12.67 -1.78% 80 70 64
60 60 60
Open-End 670.96 682.97 -12.0 -1.76% 60
Pension Funds 29,444.01 30,110.45 -0.7 -2.21% 40
Close-End 20
* FoF's AUM included in their allocated categories 0
* FoF's Asset Allocation has been excluded NAFA Meezan NIT UBL MCB
Source: MUFAP, FMR, SBP

5 / 32
Mutual Fund Performance
Asset Under Management Category Wise Feb-20

Others
Fund Size: Category Wise 14%
Feb-20 Jan-20 Change Change Equity
Categories* Sh.Co.MM 27%
PKR bn PKR bn PKR bn MoM% 3%
Money Market 190.24 190.61 -0.37 -0.19%
Equity 121.83 136.20 -14.37 -10.55% Sh.Co.A.Allocation
8%
Shariah Compliant Income 96.38 78.92 17.46 22.13%
Income 66.06 63.61 2.45 3.85%
Shariah Compliant Equity 54.98 64.11 -9.13 -14.24%
Shariah Compliant Money Market 54.20 57.03 -2.83 -4.96% Sh.Co.Income
Shariah Compliant Pension Funds 19.06 19.44 -0.39 -1.99% 8%

Shariah Compliant Fund of Funds - CPPI 12.95 15.08 -2.13 -14.13%

Income… MM
Shariah Compliant Asset Allocation 12.78 13.95 -1.17 -8.42%
17%
General Pension Fund 10.39 10.67 -0.28 -2.61% Sh.Co.Equity
Shariah Compliant Fund of Funds 10.00 11.27 -1.27 -11.26% 14%
Capital Protected 9.12 10.82 -1.71 -15.78%
Top 5 Categories
Balanced 8.65 6.96 1.69 24.27%
Asset Allocation 8.55 8.88 -0.33 -3.67% Feb-20 Jan-20
Capital Protected Scheme 6.81 8.49 -1.68 -19.76%
250
Shariah Compliant Capital Protected Fund 4.46 2.64 1.83 69.32%

191
190
Shariah Compliant Balanced Fund 4.35 4.69 -0.34 -7.23% 200

136
Aggressive Fixed Income 4.24 4.20 0.04 0.84%

122
150
Shariah Compliant Index Tracker 1.77 1.93 -0.16 -8.20%

96

79
Open-End 670.96 682.97 -12.01 -1.76% 100

66

64
64

55
Pension Funds 29.44 30.11 -0.67 -2.21%
50

* FoF's AUM included in their allocated categories 0

Money Market Equity Shariah Compliant Income Shariah Compliant
* FoF's Asset Allocation has been excluded Income Equity
Source: MUFAP, FMR, SBP

6 / 32
Mutual Fund Performance
Open-End Fund’s Asset Allocation
Asset Allocation (%)
Feb-20 Jan-20
35%
32% 32%
30%
30% 28%

25%
25%
25%

20%

15%

10%

6% 6% 6%
5%
5%
2% 2% 0.05%
0.28%
0.22% 0.05%
0%
Equity Cash in Bank/Bank T-Bills/PIB's Sukuk /TFC's Placements with Bank Balance Commodities Others Including
Deposit Banks,DFI's & TDR's Recievables

Open end funds comprised of 94% of total AUM

7 / 32
Mutual Fund Performance
Open-End Funds: AMC Wise Asset Allocation
Cash in Bank/ T-Bills/ Sukuk / Place with Banks/ Bank Others Including Market
AMC's* Equity Commodities Total
Bank Deposit PIB's TFC's DFI's & TDR's Balance Recievables Share
NBP Fund Management Limited 25,319 55,788 21,876 6,466 6,489 - - 8,755 124,693 20%
Al Meezan Investment Management Limited 31,960 45,689 - 16,737 946 - 329 11,758 107,420 17%
National Investment Trust Limited 54,942 3,892 7,708 1,172 444 - - 804 68,962 11%
MCB-Arif Habib Savings and Investments Limited 13,629 11,137 25,769 2,455 788 - - 3,130 56,908 9%
ABL Asset Management Company Limited 6,347 22,838 16,536 2,105 160 852 - 2,646 51,485 8%
HBL Asset Management Limited 13,876 19,344 10,463 953 - - - 2,206 46,842 7%
UBL Fund Managers Limited 14,026 21,168 6,362 488 - - - 1,093 43,136 7%
Alfalah GHP Investment Management Limited 4,772 3,132 23,865 2,423 1,977 - - 965 37,135 6%
Atlas Asset Management Limited 8,222 1,761 16,054 1,278 - - - 407 27,722 4%
Lakson Investments Limited 3,550 1,334 11,885 643 1,704 - - 1,604 20,720 3%
Faysal Asset Management Limited 104 7,003 5,861 2,555 139 - - 2,065 17,727 3%
JS Investments Limited 3,206 2,187 3,623 917 - - - 778 10,711 2%
Habib Asset Management Limited 213 6,051 1,583 1,122 267 - - 320 9,555 2%
AKD Investment Management Limited 2,978 339 1,526 184 - - - 170 5,199 1%
Pak Oman Asset Management Company Limited 178 370 2,457 656 92 - - 156 3,909 1%
AWT Investments Limited 133 1,219 778 101 76 - - 82 2,389 0%
786 Investments Limited - - - 84 - 560 - 19 663 0%
BMA Asset Management Company Limited - 124 148 10 - - - 7 288 0%
First Capital Investments Limited 93 2 17 - - - - 5 117 0%
Grand Total 183,550 203,378 156,510 40,351 13,081 1,412 329 36,970 635,580 100%
As % of Total Industry AUM 29% 32% 25% 6% 2% 0.2% 0.05% 6% 100%
Source: FMRs, MUFAP

*Respected Funds have been adjusted based on provided FMR's %

*Close-End & Pension funds are not included

8 / 32
Mutual Fund Performance
Open-End Funds: Category wise Asset Allocation
Cash in Bank/ T-Bills/ Sukuk/ Place with Banks Bank Others Including Market
AMC's* Equity Commodities Total
Bank Deposit PIB's TFC's DFI's & TDR's Balance Recievables Share
Money Market - 58,142 118,533 461 4,493 - - 8,614 190,243 30%
Equity 115,392 4,270 890 - - 334 - 1,002 121,888 19%
Shariah Compliant Income - 64,413 - 14,854 5,463 - - 11,653 96,383 15%
Income - 22,830 24,769 11,143 890 560 - 5,746 65,938 10%
Shariah Compliant Equity 50,613 3,310 - - - 177 - 885 54,984 9%
Shariah Compliant Money Market - 38,128 - 8,597 1,465 - - 5,413 53,603 8%
Shariah Compliant Asset Allocation 7,233 4,081 - 1,062 - 103 - 301 12,779 2%
Capital Protected 190 126 8,592 - 160 5 - 42 9,115 1%
Asset Allocation 3,816 898 1,610 1,512 - 234 - 494 8,563 1%
Balanced 1,844 2,668 440 405 - - - 546 5,903 1%
Shariah Compliant Capital Protected Fund 38 3,250 - 43 526 - - 605 4,462 1%
Shariah Compliant Balanced Fund 2,174 - - 1,044 - - - 1,131 4,348 1%
Aggressive Fixed Income - 784 1,677 1,184 82 - - 507 4,235 1%
Shariah Compliant Index Tracker 1,716 51 - - - - - 4 1,771 0%
Shariah Compliant Aggressive Fixed Income 132 364 - 46 - - - 18 560 0%
Index Tracker 402 7 - - - - - 3 412 0%
Shariah Compliant Commodities - 56 - - - - 329 7 391 0%
Commodities - - - - - - - - - 0%
Total 183,550 203,378 156,510 40,351 13,081 1,412 329 36,970 635,580 100%
As % of Total AUM Industry 29% 32% 25% 6% 2% 0.22% 0.05% 6% 100%
Source: FMRs, MUFAP

*Respected Funds have been adjusted based on provided FMR's %

*Open-End (Frozen), Close-End & Pension funds are not included

9 / 32
Mutual Fund Performance
Major Equity Based Funds’ Asset Allocation
Asset Allocation Funds (Asset Allocation %) Shariah Compliant Asset Allocation (Asset Allocation %)
70%
Feb-20 Jan-20 63% Feb-20 Jan-20
60% 57%
60%
54%
50%
50% 45% 45%
40%
40% 32%
33%
30% 27%
30%

20% 20%
14% 11%
10% 10%
10% 10%

0% 0%
Equity Cash Others Equity Cash Others

Equity Funds (Asset Allocation %) Shariah Compliant Equity Funds (Asset Allocation %)
100%
Feb-20 Jan-20 92% 92%
Feb-20 Jan-20
90%
100% 95% 95%
80%
90%
80% 70%
70% 60%
60% 50%
50%
40%
40%
30%
30%
20% 20%
4% 10% 6% 6%
10% 4% 2% 1% 2% 1%
0% 0%
Equity Cash Others Equity Cash Others
10 / 32
Mutual Fund Performance
Open-End Funds Holding Stock Wise
Symbol Feb-20 Jan-20 Change Change Share Price
(PKR mn) (PKR mn) (PKR mn) (%) Feb-20 Jan'20 % Change
MARI 10,525 11,609 -1,083 -9% 1,205 1,359 -11.3%
ENGRO 7,723 7,764 -41 -1% 310 341 -9.1%
HUBC 7,577 8,220 -643 -8% 90 97 -7.2%
OGDC 7,262 8,770 -1,508 -17% 118 138 -14.8%
PPL 7,126 9,258 -2,132 -23% 111 143 -22.2%
BAHL 6,635 7,731 -1,097 -14% 74 80 -7.9%
PSO 6,396 8,139 -1,743 -21% 165 208 -20.7%
LUCK 6,054 6,016 39 1% 489 477 2.6%
HBL 3,836 3,557 279 8% 157 163 -3.9%
UBL 3,361 3,585 -223 -6% 166 170 -2.3%
SNGP 3,295 3,950 -655 -17% 66 78 -14.9%
FFC 2,960 4,018 -1,059 -26% 104 105 -1.5%
PAKT 2,640 3,559 -919 -26% 1,675 2,100 -20.2%
BAFL 2,629 2,929 -300 -10% 47 50 -6.0%
MEBL 2,584 2,562 22 1% 99 103 -3.3%
KOHC 1,035 959 76 8% 95 90 5.6%
POL 2,068 2,476 -407 -16% 369 424 -13.0%
NML 585 652 -66 -10% 102 112 -8.6%
EFERT 1,980 2,462 -482 -20% 63 68 -6.5%
HMB 1,584 1,779 -196 -11% 39 40 -1.3%
Investment in Top 20 Picks* 87,854 99,994 -12,140 -12.1%
Others** 5,668 4,052 1,616 40%
Subtotal 43% 93,523 104,046 -10,523 -10%
Investments in other stocks*** 57% 123,205 118,555 4,650 4%
Mutual Funds Investments 216,727 222,601 -5,874 -2.6%

* Investments in top 20 picks as per FMRs

**Investments reported in FMRs but not fall in Top 20 picks
***Investments whose scrips details not mentioned in FMR

11 / 32
Mutual Fund Performance
Open-End Funds Top 20 Holdings
Sector wise Allocation (PKR bn)
Feb-20 Jan-20
70.00

60.00

50.00

40.00

30.00

20.00

10.00

0.00
Others Oil & Gas Banks Fertilizer Cement Oil & Gas Mkt. Power Gen. & Dis. Pharma Leather & Tan. Textile Com. Chemicals
Exploration
Companies

12 / 32
Mutual Fund Performance
Open-End Funds Equity Investment Company Wise
Top 20 Picks (PKR mn)
Feb-20 Jan-20
14,000

12,000

10,000

8,000

6,000

4,000

2,000

0
PPL

HBL
LUCK

BAFL

NML
HUBC

MEBL

HMB
OGDC

BAHL

PSO

UBL

FFC

PAKT
ENGRO
MARI

SNGP

KOHC

POL

EFERT
13 / 32
Mutual Fund Performance
Mutual Funds vs KSE-100 Index Performance
Mutual Funds Investment vs KSE-100 Index
Feb-20 Jan-20 Dec-19 Nov-19 Aug-19 Jul-19 Jun-19 May-19 Apr-19 Mar-19 Feb-19

KSE-100 Index 37,984 41,631 40,735 39,288 29,672 31,938 33,902 35,975 36,784 38,649 39,055
MoM Change % -8.76% 2.20% 3.68% 32.41% -7.09% -5.79% -5.76% -2.20% -4.83% -1.04% -4.28%
Total Equity Fund Size*
Fund Size (PKR mn) 198,144 223,145 215,884 209,747 171,013 168,042 200,899 217,214 228,686 248,312 256,018
Total Mutual Funds Equity Investments 177,054 202,004 194,142 186,540 149,330 146,204 174,756 189,388 199,326 216,727 222,601
MoM Change % -12.35% 4.05% 4.08% 24.92% 0.00% -16.34% -7.73% -4.99% -8.03% -2.64% -5.51%
% of Fund Sizes 89.36% 90.53% 89.93% 88.94% 87.32% 87.00% 86.99% 87.19% 87.16% 87.28% 86.95%
Category wise breakup
Equity Funds**
Fund Size (PKR mn) 121,827 136,200 131,472 129,322 97,179 97,226 110,266 118,728 122,079 130,534 133,182
Equity Exposure (PKR mn) 12,780 13,954 123,897 121,320 91,227 91,227 102,837 110,870 114,808 122,189 124,659
% of Fund Sizes 10.49% 10.25% 94.24% 93.81% 93.88% 93.83% 93.26% 93.38% 94.04% 93.61% 93.60%
Shariah Compliant Equity Funds***
Fund Size (PKR mn) 54,984 64,112 62,016 57,300 50,018 46,999 63,761 68,966 75,160 83,903 86,843
Equity Exposure (PKR mn) 198,144 223,145 57,080 51,988 45,878 42,753 58,516 62,976 68,291 76,520 79,390
% of Fund Sizes 360.36% 348.06% 92.04% 90.73% 91.72% 90.97% 91.77% 91.31% 90.86% 91.20% 91.42%
Asset Allocation Funds
Fund Size (PKR mn) 8,553 8,879 8,157 8,268 8,272 8,272 9,309 10,173 10,799 11,265 11,618
Equity Exposure (PKR mn) 3,816 4,768 4,281 4,290 3,979 3,979 4,474 5,175 5,398 5,660 5,652
% of Fund Sizes 44.61% 53.70% 52.48% 51.89% 46.42% 48.11% 48.06% 50.87% 49.98% 50.24% 48.65%
Shariah Compliant Asset Allocation Funds
Fund Size (PKR mn) 12,780 13,954 14,239 14,857 15,545 15,545 17,562 19,346 20,649 22,610 24,375
Equity Exposure (PKR mn) 7,233 8,850 8,885 8,942 8,245 8,245 8,930 10,367 10,829 12,358 12,899
% of Fund Sizes 56.60% 63.42% 62.40% 60.19% 53.92% 53.04% 50.85% 53.59% 52.44% 54.66% 52.92%
*Fund size of equity, Islamic equity, Asset Allocation and Islamic Asset Allocation
**Top 15 funds AUM wise
Source: MUFAP, FMRs, Spectrum Research

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Mutual Fund Performance
FIPI: Mutual Funds Sell USD23.9mn in Feb-20
Mutual funds investment in equity market showed a massive decline as outflow of USD23.9mn was observed in Feb-20 against inflow of USD5.3mn in Jan-20. The major selling
witnessed in Fertilizer (USD7.8mn), Others (USD7.7mn) and Banks (USD5.4mn) while significant buying was observed in OMCs (USD2.7mn) and Power (USD0.6mn) sectors.

Feb-20: Sector wise net Investment / (Divestment) USD mn Mutual Funds Net Investment / (Divestment)
30.0
Oil & Gas Mkt. 2.7 21.1
20.0
Power 0.6 13.1

Cement 0.3 10.0 5.3

Oil & Gas Exp. 0.0 0.0

Food -1.0 -3.8 -4.6

-10.0
Textile -2.6 -10.8
-20.0
Technology -2.9 -18.6
-23.9
Banks -5.4 -30.0 -27.5
Other Sectors -7.7 -33.0
-40.0 -36.6
Fertilizer -7.8 -40.3
-50.0 -45.4
-10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20

15 / 32
Mutual Fund Performance
Monthly Performance Summary
During the month, the KSE-100 Index plunged by 3,647 points (8.79%MoM) and closed at 37,984 points. The massive decline amid low volumes during the months was due to
the multiple adverse news, such as large scale manufacturing index recorded a decline as demand was depressed due to the high interest rate environment. Likewise, high
inflation in February and increase yields of government securities have shattered the market sentiments and investors started to sideline their cash as they felt further
depression in economy. Meanwhile, the outbreak of coronavirus in multiple countries at the same time also shattered the investors sentiments. The different countries have
demographics factors and infrastructure to combat the virus however, in Pakistan less health facilities and infrastructure is increasing panic among peoples.

The average volume of the KSE-All Index declined by 38.1%MoM to 153.077mn shares. Whereas UNITY, HASCOL and BOP topped the volume charts with 13.827mn,
11.274mn, 8.936mn shares respectively. The market capitalization of KSE-ALL Index decreased by 9.7%MoM to USD45.99mn during the month. The Sector-wise market
capitalization showing a decline in Refinery (21.5%MoM), E&P (16.5%MoM) and Tobacco (16.4%MoM)sectors. During the month, foreigners were the net sellers of
USD56.397mn. The major selling was observed in Oil and Gas Exp. USD (USD16.005mn), Cement (USD15.941mn) & Banks (USD14.289mn) while buying was witnessed in the
Technology (USD1.686mn). On the local side, Insurance Companies (USD55.624mn) and Other Organization (USD13.46mn) were the major buyers. Whereas, Mutual funds sold
USD23.854mn worth of shares

Feb-20: Equity Funds Return ( YTD %) Feb-20: Equity Funds Return (MTD %)
10.00 20.00
18.00
5.00 16.00
14.00
0.00 12.00
10.00
(5.00) 8.00
6.00
(10.00) 4.00
2.00
(15.00) 0.00

Atlas-SMF
NAFA-FSF
JS-GF

National-IUF
HBL-EF

HBL-GFCA
Null

HBL-GFCB
JS-LCF
JS-VF

ABL-IF
AKD-OF

Alfalah-GHPAF
MCB-PSMF

First-CMF

HBL-EnF
UBL-FSF

Alfalah-GHPSF

HBL-IFCA

UBL-SAF

HBL-IFCB
First-HSF
Lakson-EF

HBL-SF
Atlas-SMF

HBL-EF

JS-GF
National-IUF

NAFA-FSF
HBL-GFCA

ABL-IF

HBL-GFCB

JS-VF

JS-LCF
MCB-PSMF
HBL-EnF
First-CMF
Alfalah-GHPAF
Alfalah-GHPSF
UBL-SAF

AKD-OF
HBL-IFCB

HBL-SF
Lakson-EF

HBL-IFCA

First-HSF

UBL-FSF

16 / 32
Mutual Fund Performance
Performance Summary: Shariah Compliant Equity Funds
Shariah compliant equity funds reported substantial decline by 14.2%MoM as the capital market sentiments ruined due to the coronavirus outbreak which slowdown the
global economy thus also adversely impacted the local market.

Feb-20 Average Returns (YTD %) Feb-20: Average Returns (MTD %)

4.00 12.00

2.00 10.00

0.00
8.00

(2.00)
6.00
(4.00)

4.00
(6.00)

(8.00) 2.00

(10.00) 0.00
Al-HISF

Al-IMF

HBL-IEF
Meezan-IF

NAFA-IEnF

Meezan-EnF

AKD-ISF
ABL-ISF

NAFA-ISF
Alfalah-HISF
Atlas-ISF

Alhamra-ISF

HBL-ISF

NIT-IEF

JS-IF
First-HISF

Al-HISF

Al-IMF
NAFA-IEnF

HBL-IEF
Meezan-IF
Meezan-EnF

Null

AKD-ISF
ABL-ISF

NAFA-ISF

Alfalah-HISF

Alhamra-ISF
Atlas-ISF

HBL-ISF

NIT-IEF

JS-IF
First-HISF
17 / 32
Major Exposure of Equity Funds: Scrips Wise
Mutual Fund Performance
AMC-Fund NIT-NIUT NAFA-SF MCB-PSMF UBL-SAF ABL-SF Atlas-SMF HBL-SF HBL-GFB Lakson-EF HBL-IFB Alfalah-GSF AKD-OF JS-GF Alfalah-GAF NAFA-FSF Total
Fund Size (PKR mn) 52,797 14,763 9,320 6,301 4,871 7,099 2,295 1,837 3,379 1,392 1,632 1,559 1,750 960 698 110,653
Equity Exposure (PKR mn) 51,958 13,833 8,388 5,860 4,536 6,815 2,047 1,535 2,876 1,193 1,560 1,522 1,489 884 653 105,146
Fund Size % 98% 94% 90% 93% 93% 96% 89% 84% 85% 86% 96% 98% 85% 92% 94% 95%

Symbol Investments & % of: NIT-NIUT NAFA-SF MCB-PSMF UBL-SAF ABL-SF Atlas-SMF HBL-SF HBL-GFB Lakson-EF HBL-IFB Alfalah-GSF AKD-OF JS-GF Alfalah-GAF NAFA-FSF Total
Fund Size % 8.0% 4.5% 4.8% - 5.2% 6.1% 3.8% 3.4% 6.0% 3.5% - - - - 11.0% 5.9%
BAHL Equity Exposure % 8.1% 4.8% 5.3% - 5.6% 6.4% 4.2% 4.0% 7.1% 4.1% - - - - 11.8% 6.2%
Fund's Investment (PKR mn) 4,224 664 447 - 253 434 86 62 203 48 - - - - 77 6,498
Fund Size % 11.0% - - - - - 3.2% - - 3.0% - - - - - 5.4%
PSO Equity Exposure % 11.2% - - - - - 3.6% - - 3.5% - - - - - 5.6%
Fund's Investment (PKR mn) 5,808 - - - - - 74 - - 42 - - - - - 5,924
Fund Size % 6.0% 4.7% - 6.7% 6.8% 6.2% 5.3% 4.9% - 4.9% 5.7% - 5.5% - - 5.0%
MARI Equity Exposure % 6.1% 5.0% - 7.2% 7.3% 6.5% 5.9% 5.8% - 5.7% 6.0% - 6.0% - - 5.2%
Fund's Investment (PKR mn) 3,168 694 - 422 330 443 120 89 - 68 94 - 53 - - 5,480
Fund Size % - 7.8% 5.9% 7.3% 6.9% 5.1% - - 9.6% - 6.5% - 6.4% 5.8% 17.2% 3.2%
HBL Equity Exposure % - 8.3% 6.6% 7.8% 7.4% 5.3% - - 11.3% - 6.8% - 6.9% 6.8% 18.4% 3.4%
Fund's Investment (PKR mn) - 1,152 550 460 336 363 - - 324 - 106 - 61 102 120 3,574
Fund Size % - 4.6% 7.9% 5.4% 4.7% 4.3% 5.3% 4.7% 7.9% 4.9% 5.6% - 5.4% 5.3% 10.2% 2.8%
UBL Equity Exposure % - 4.9% 8.8% 5.8% 5.0% 4.4% 6.0% 5.7% 9.3% 5.7% 5.8% - 5.9% 6.2% 10.9% 3.0%
Fund's Investment (PKR mn) - 679 736 340 228 302 122 87 267 68 91 - 52 92 71 3,136
Fund Size % - 5.2% 5.7% 4.9% 5.7% 5.0% 5.2% 4.6% - 4.8% 7.6% - 7.2% 5.1% - 2.5%
HUBC Equity Exposure % - 5.5% 6.3% 5.3% 6.1% 5.2% 5.8% 5.5% - 5.6% 7.9% - 7.9% 6.0% - 2.7%
Fund's Investment (PKR mn) - 768 531 309 276 354 119 85 - 67 124 - 70 89 - 2,789
Fund Size % 4.0% - 4.3% - - - - - 6.3% - - - - - - 2.5%
FFC Equity Exposure % 4.1% - 4.8% - - - - - 7.4% - - - - - - 2.6%
Fund's Investment (PKR mn) 2,112 - 401 - - - - - 213 - - - - - - 2,726
Fund Size % 5.0% - - - - - - - - - - - - - - 2.4%
PAKT Equity Exposure % 5.1% - - - - - - - - - - - - - - 2.5%
Fund's Investment (PKR mn) 2,640 - - - - - - - - - - - - - - 2,640
Fund Size % - 3.9% 3.6% 5.8% 7.1% 4.6% 5.2% 4.6% 5.3% 4.8% 4.9% - 4.8% 5.7% - 2.4%
OGDC Equity Exposure % - 4.2% 4.0% 6.2% 7.6% 4.8% 5.8% 5.5% 6.2% 5.6% 5.1% - 5.2% 6.7% - 2.5%
Fund's Investment (PKR mn) - 576 336 365 345 328 119 84 179 67 80 - 46 100 - 2,625
Fund Size % - 5.9% - 5.7% 5.7% 4.3% 6.2% 5.5% 5.1% - 4.2% - 4.0% 4.4% 13.5% 2.3%
BAFL Equity Exposure % - 6.3% - 6.1% 6.1% 4.5% 6.9% 6.5% 6.0% - 4.4% - 4.3% 5.2% 14.4% 2.4%
Fund's Investment (PKR mn) - 871 - 359 276 308 142 100 172 - 68 - 38 77 94 2,506

19 / 32
Mutual Fund Performance
AMC-Fund NIT-NIUT NAFA-SF MCB-PSMF UBL-SAF ABL-SF Atlas-SMF HBL-SF HBL-GFB Lakson-EF HBL-IFB Alfalah-GSF AKD-OF JS-GF Alfalah-GAF NAFA-FSF Total
Fund Size (PKR mn) 52,797 14,763 9,320 6,301 4,871 7,099 2,295 1,837 3,379 1,392 1,632 1,559 1,750 960 698 110,653
Equity Exposure (PKR mn) 51,958 13,833 8,388 5,860 4,536 6,815 2,047 1,535 2,876 1,193 1,560 1,522 1,489 884 653 105,146
Fund Size % 98% 94% 90% 93% 93% 96% 89% 84% 85% 86% 96% 98% 85% 92% 94% 95%

Symbol Investments & % of: NIT-NIUT NAFA-SF MCB-PSMF UBL-SAF ABL-SF Atlas-SMF HBL-SF HBL-GFB Lakson-EF HBL-IFB Alfalah-GSF AKD-OF JS-GF Alfalah-GAF NAFA-FSF Total
Fund Size % - 3.7% 4.7% 4.7% 5.1% 3.9% 4.7% - 6.4% 4.3% 6.1% - 6.0% 4.1% - 2.2%
ENGRO Equity Exposure % - 3.9% 5.2% 5.1% 5.5% 4.1% 5.2% - 7.5% 5.1% 6.4% - 6.5% 4.8% - 2.3%
Fund's Investment (PKR mn) - 546 438 296 250 277 107 - 216 60 100 - 57 71 - 2,419
Fund Size % - 4.6% 5.7% - - 5.0% 5.2% 4.6% 4.5% 4.8% 4.4% - 4.3% 5.0% - 2.0%
PPL Equity Exposure % - 4.9% 6.3% - - 5.2% 5.8% 5.6% 5.3% 5.6% 4.6% - 4.6% 5.9% - 2.1%
Fund's Investment (PKR mn) - 679 531 - - 357 120 85 152 67 71 - 41 88 - 2,192
Fund Size % 4.0% - - - - - - - - - - - - - - 1.9%
SRVI Equity Exposure % 4.1% - - - - - - - - - - - - - - 2.0%
Fund's Investment (PKR mn) 2,112 - - - - - - - - - - - - - - 2,112
Fund Size % 3.0% - 4.0% - - - - - 3.4% - - - - - - 1.9%
SNGP Equity Exposure % 3.0% - 4.4% - - - - - 4.0% - - - - - - 2.0%
Fund's Investment (PKR mn) 1,584 - 373 - - - - - 115 - - - - - - 2,072
Fund Size % 3.0% - - - - - - - - - - - - - - 1.4%
HMB Equity Exposure % 3.0% - - - - - - - - - - - - - - 1.5%
Fund's Investment (PKR mn) 1,584 - - - - - - - - - - - - - - 1,584
Fund Size % 3.0% - - - - - - - - - - - - - - 1.4%
BATA Equity Exposure % 3.0% - - - - - - - - - - - - - - 1.5%
Fund's Investment (PKR mn) 1,584 - - - - - - - - - - - - - - 1,584
Fund Size % - 4.9% - - 4.5% - 4.9% 4.4% - 4.6% 4.2% - 4.1% 4.5% - 1.3%
LUCK Equity Exposure % - 5.2% - - 4.8% - 5.5% 5.3% - 5.4% 4.3% - 4.4% 5.3% - 1.3%
Fund's Investment (PKR mn) - 723 - - 217 - 113 81 - 64 68 - 39 79 - 1,384
Fund Size % 2.0% - - - - - - - - - - - - - - 1.0%
PKGS Equity Exposure % 2.0% - - - - - - - - - - - - - - 1.0%
Fund's Investment (PKR mn) 1,056 - - - - - - - - - - - - - - 1,056
Fund Size % - - 4.3% - - - - - - - - - - - - 0.4%
GATM Equity Exposure % - - 4.8% - - - - - - - - - - - - 0.4%
Fund's Investment (PKR mn) - - 401 - - - - - - - - - - - - 401
Fund Size % - - - 5.5% - - - - - - - - - - - 0.3%
KOHC Equity Exposure % - - - 5.9% - - - - - - - - - - - 0.3%
Fund's Investment (PKR mn) - - - 347 - - - - - - - - - - - 347

20 / 32
Mutual Fund Performance
AMC-Fund NIT-NIUT NAFA-SF MCB-PSMF UBL-SAF ABL-SF Atlas-SMF HBL-SF HBL-GFB Lakson-EF HBL-IFB Alfalah-GSF AKD-OF JS-GF Alfalah-GAF NAFA-FSF Total
Fund Size (PKR mn) 52,797 14,763 9,320 6,301 4,871 7,099 2,295 1,837 3,379 1,392 1,632 1,559 1,750 960 698 110,653
Equity Exposure (PKR mn) 51,958 13,833 8,388 5,860 4,536 6,815 2,047 1,535 2,876 1,193 1,560 1,522 1,489 884 653 105,146
Fund Size % 98% 94% 90% 93% 93% 96% 89% 84% 85% 86% 96% 98% 85% 92% 94% 95%

Symbol Investments & % of: NIT-NIUT NAFA-SF MCB-PSMF UBL-SAF ABL-SF Atlas-SMF HBL-SF HBL-GFB Lakson-EF HBL-IFB Alfalah-GSF AKD-OF JS-GF Alfalah-GAF NAFA-FSF Total
Fund Size % - - - 4.8% - - - - - - - - - - 6.1% 0.3%
ABL Equity Exposure % - - - 5.2% - - - - - - - - - - 6.5% 0.3%
Fund's Investment (PKR mn) - - - 302 - - - - - - - - - - 43 345
Fund Size % - - - - - - - - 5.0% - - 3.8% - - 4.0% 0.2%
BOP Equity Exposure % - - - - - - - - 5.9% - - 3.9% - - 4.3% 0.2%
Fund's Investment (PKR mn) - - - - - - - - 169 - - 60 - - 28 257
Fund Size % - - - - - - - - - - - 12.7% - - - 0.2%
JVDC Equity Exposure % - - - - - - - - - - - 13.0% - - - 0.2%
Fund's Investment (PKR mn) - - - - - - - - - - - 198 - - - 198
Fund Size % - - - - - - - - - - 4.3% - 4.1% - 8.9% 0.2%
MCB Equity Exposure % - - - - - - - - - - 4.5% - 4.5% - 9.5% 0.2%
Fund's Investment (PKR mn) - - - - - - - - - - 70 - 40 - 62 171
Fund Size % - - - - - - - - - - - 9.0% - - - 0.1%
TRG Equity Exposure % - - - - - - - - - - - 9.2% - - - 0.1%
Fund's Investment (PKR mn) - - - - - - - - - - - 140 - - - 140
Fund Size % - - - - - - - - - - - 8.2% - - - 0.1%
PSX Equity Exposure % - - - - - - - - - - - 8.4% - - - 0.1%
Fund's Investment (PKR mn) - - - - - - - - - - - 128 - - - 128
Fund Size % - - - - - - - - - - - 6.5% - - - 0.1%
PCAL Equity Exposure % - - - - - - - - - - - 6.6% - - - 0.1%
Fund's Investment (PKR mn) - - - - - - - - - - - 101 - - - 101
Fund Size % - - - - - - - - - - - - - 5.2% - 0.1%
SHJS Equity Exposure % - - - - - - - - - - - - - 6.1% - 0.1%
Fund's Investment (PKR mn) - - - - - - - - - - - - - 91 - 91
Fund Size % - - - - - - - - - - - 5.8% - - - 0.1%
KEL Equity Exposure % - - - - - - - - - - - 5.9% - - - 0.1%
Fund's Investment (PKR mn) - - - - - - - - - - - 90 - - - 90
Fund Size % - - - - - - - - - 5.7% - - - - - 0.1%
FFL Equity Exposure % - - - - - - - - - 6.6% - - - - - 0.1%
Fund's Investment (PKR mn) - - - - - - - - - 79 - - - - - 79

21 / 32
Mutual Fund Performance
AMC-Fund NIT-NIUT NAFA-SF MCB-PSMF UBL-SAF ABL-SF Atlas-SMF HBL-SF HBL-GFB Lakson-EF HBL-IFB Alfalah-GSF AKD-OF JS-GF Alfalah-GAF NAFA-FSF Total
Fund Size (PKR mn) 52,797 14,763 9,320 6,301 4,871 7,099 2,295 1,837 3,379 1,392 1,632 1,559 1,750 960 698 110,653
Equity Exposure (PKR mn) 51,958 13,833 8,388 5,860 4,536 6,815 2,047 1,535 2,876 1,193 1,560 1,522 1,489 884 653 105,146
Fund Size % 98% 94% 90% 93% 93% 96% 89% 84% 85% 86% 96% 98% 85% 92% 94% 95%

Symbol Investments & % of: NIT-NIUT NAFA-SF MCB-PSMF UBL-SAF ABL-SF Atlas-SMF HBL-SF HBL-GFB Lakson-EF HBL-IFB Alfalah-GSF AKD-OF JS-GF Alfalah-GAF NAFA-FSF Total
Fund Size % - - - - - - - 4.1% - - - - - - - 0.1%
EPCL Equity Exposure % - - - - - - - 5.0% - - - - - - - 0.1%
Fund's Investment (PKR mn) - - - - - - - 76 - - - - - - - 76
Fund Size % - - - - - - - - - - - - - 4.3% - 0.1%
NML Equity Exposure % - - - - - - - - - - - - - 5.0% - 0.1%
Fund's Investment (PKR mn) - - - - - - - - - - - - - 75 - 75
Fund Size % - - - - - - - - - - - 4.1% - - - 0.1%
TPL Equity Exposure % - - - - - - - - - - - 4.2% - - - 0.1%
Fund's Investment (PKR mn) - - - - - - - - - - - 64 - - - 64
Fund Size % - - - - - - - - - - - - - - 9.2% 0.1%
AICL Equity Exposure % - - - - - - - - - - - - - - 9.8% 0.1%
Fund's Investment (PKR mn) - - - - - - - - - - - - - - 64 64
Fund Size % - - - - - - - - - - - 4.0% - - - 0.1%
BIPL Equity Exposure % - - - - - - - - - - - 4.1% - - - 0.1%
Fund's Investment (PKR mn) - - - - - - - - - - - 62 - - - 62
Fund Size % - - - - - - - 3.3% - - - - - - - 0.1%
ASL Equity Exposure % - - - - - - - 3.9% - - - - - - - 0.1%
Fund's Investment (PKR mn) - - - - - - - 60 - - - - - - - 60
Fund Size % - - - - - - - - - - - 3.7% - - - 0.1%
JSCL Equity Exposure % - - - - - - - - - - - 3.8% - - - 0.1%
Fund's Investment (PKR mn) - - - - - - - - - - - 58 - - - 58
Fund Size % - - - - - - - - - - - 3.5% - - - 0.0%
TICL Equity Exposure % - - - - - - - - - - - 3.6% - - - 0.1%
Fund's Investment (PKR mn) - - - - - - - - - - - 54 - - - 54
Fund Size % - - - - - - - - - - - - - - 4.3% 0.0%
IGIHL Equity Exposure % - - - - - - - - - - - - - - 4.6% 0.0%
Fund's Investment (PKR mn) - - - - - - - - - - - - - - 30 30
Fund Size % - - - - - - - - - - - - - - 3.6% 0.0%
MEBL Equity Exposure % - - - - - - - - - - - - - - 3.9% 0.0%
Fund's Investment (PKR mn) - - - - - - - - - - - - - - 25 25

22 / 32
Mutual Fund Performance
AMC-Fund NIT-NIUT NAFA-SF MCB-PSMF UBL-SAF ABL-SF Atlas-SMF HBL-SF HBL-GFB Lakson-EF HBL-IFB Alfalah-GSF AKD-OF JS-GF Alfalah-GAF NAFA-FSF Total
Fund Size (PKR mn) 52,797 14,763 9,320 6,301 4,871 7,099 2,295 1,837 3,379 1,392 1,632 1,559 1,750 960 698 110,653
Equity Exposure (PKR mn) 51,958 13,833 8,388 5,860 4,536 6,815 2,047 1,535 2,876 1,193 1,560 1,522 1,489 884 653 105,146
Fund Size % 98% 94% 90% 93% 93% 96% 89% 84% 85% 86% 96% 98% 85% 92% 94% 95%

MTD (10.0%) (8.0%) (8.0%) (7.2%) (8.2%) (8.5%) (8.1%) (8.2%) (7.6%) (8.1%) (8.1%) (10.6%) (8.8%) (8.1%) (5.4%) (8.2%)
YTD 10.3% 11.5% 9.0% 15.7% 12.8% 13.8% 12.2% 12.1% 9.7% 12.0% 12.2% (1.0%) 10.2% 12.6% 9.5% 10.8%
Benchmark-YTD 12.0% 14.2% 12.0% 12.0% 12.0% 12.0% 14.2% 12.0% 14.2% 12.0% 12.0% 12.0% 14.2% 12.0% 14.2% 12.8%
Excess/ (Short) Returns-YTD (1.8%) (2.7%) (3.0%) 3.6% 0.8% 1.8% (2.0%) 0.1% (4.6%) (0.1%) 0.2% (13.0%) (4.0%) 0.6% (4.7%) (1.9%)

23 / 32
Major Exposure of Shariah Compliant Equity Funds: Scrips Wise
Mutual Fund Performance
AMC-Fund Meezan-IF AA-IsDEF AA-SSF Meezan-AMMF NAFA-IsSF MCB-AIsSF Alfalah-GISF NIT-IsTF HBL-IsSF NAFA-IsAAEF ABL-IsSF Meezan-DEF Atlas-IsSF ABL-IsDSF NAFA-IsEnF Total
Fund Size (PKR mn) 26,458 1,782 6,539 4,338 5,079 2,786 2,201 3,109 639 966 2,273 1,014 1,464 476 484 59,608
Equity Exposure (PKR mn) 24,426 1,604 5,950 3,952 4,739 2,463 2,056 3,072 578 860 2,056 958 1,346 459 426 54,945
Fund Size % 92% 90% 91% 91% 93% 88% 93% 99% 90% 89% 90% 95% 92% 97% 88% 92%

Symbol Investments & % of: Meezan-IF AA-IsDEF AA-SSF Meezan-AMMF NAFA-IsSF MCB-AIsSF Alfalah-GISF NIT-IsTF HBL-IsSF NAFA-IsAAEF ABL-IsSF Meezan-DEF Atlas-IsSF ABL-IsDSF NAFA-IsEnF Total
Fund's Investment (PKR mn) 2,381 77 200 91 113 40 - 128 504 434 467 248 270 211 52 5,216
ENGRO Equity Exposure % 9.7% 9.0% 9.7% 9.5% 8.4% 8.6% - 8.0% 8.5% 11.0% 9.9% 10.1% 13.1% 6.9% 9.0% 9.5%
Fund Size % 9% 8% 9% 9% 8% 8% - 7% 8% 10% 9% 9% 12% 7% 8% 9%
Fund's Investment (PKR mn) 2,381 75 145 91 98 39 82 166 575 390 396 142 122 147 45 4,895
MARI Equity Exposure % 9.7% 8.8% 7.0% 9.5% 7.3% 8.5% 19.2% 10.3% 9.7% 9.9% 8.4% 5.8% 5.9% 4.8% 7.8% 8.9%
Fund Size % 9% 8% 6% 9% 7% 8% 17% 9% 9% 9% 8% 5% 6% 5% 7% 8%
Fund's Investment (PKR mn) 2,117 73 204 91 107 40 61 103 425 304 406 295 188 255 54 4,725
PPL Equity Exposure % 8.7% 8.5% 9.9% 9.5% 8.0% 8.8% 14.4% 6.4% 7.1% 7.7% 8.6% 12.0% 9.2% 8.3% 9.4% 8.6%
Fund Size % 8% 8% 9% 9% 7% 8% 13% 6% 7% 7% 8% 11% 9% 8% 8% 8%
Fund's Investment (PKR mn) 1,852 67 184 71 83 54 73 137 510 304 386 309 226 245 51 4,552
HUBC Equity Exposure % 7.6% 7.8% 9.0% 7.4% 6.2% 11.9% 17.0% 8.6% 8.6% 7.7% 8.1% 12.6% 11.0% 8.0% 8.7% 8.3%
Fund Size % 7% 7% 8% 7% 6% 11% 15% 8% 8% 7% 8% 11% 10% 8% 8% 8%
Fund's Investment (PKR mn) 1,852 53 225 71 107 48 53 155 589 260 284 201 204 303 53 4,458
OGDC Equity Exposure % 7.6% 6.2% 10.9% 7.4% 7.9% 10.5% 12.5% 9.7% 9.9% 6.6% 6.0% 8.1% 9.9% 9.9% 9.2% 8.1%
Fund Size % 7% 6% 10% 7% 7% 10% 11% 9% 9% 6% 6% 7% 9% 10% 8% 7%
Fund's Investment (PKR mn) 2,117 57 135 - 91 23 - 96 347 390 320 84 169 277 40 4,145
LUCK Equity Exposure % 8.7% 6.6% 6.6% - 6.7% 5.0% - 6.0% 5.8% 9.9% 6.8% 3.4% 8.2% 9.0% 6.9% 7.5%
Fund Size % 8% 6% 6% - 6% 5% - 5% 5% 9% 6% 3% 8% 9% 6% 7%
Fund's Investment (PKR mn) 1,058 66 168 51 148 50 - 100 425 - - 203 111 151 27 2,559
MEBL Equity Exposure % 4.3% 7.6% 8.2% 5.3% 11.0% 10.9% - 6.2% 7.1% - - 8.3% 5.4% 4.9% 4.7% 4.7%
Fund Size % 4% 7% 7% 5% 10% 11% - 6% 7% - - 7% 5% 5% 4% 4%
Fund's Investment (PKR mn) 1,058 36 - 51 66 - 38 66 - 174 208 98 118 155 - 2,067
POL Equity Exposure % 4.3% 4.2% - 5.3% 4.9% - 9.0% 4.1% - 4.4% 4.4% 4.0% 5.8% 5.0% - 3.8%
Fund Size % 4% 4% - 5% 5% - 8% 4% - 4% 4% 4% 5% 5% - 3%
Fund's Investment (PKR mn) 1,323 - - 41 93 - - - - 174 157 - 78 114 - 1,980
EFERT Equity Exposure % 5.4% - - 4.2% 6.9% - - - - 4.4% 3.3% - 3.8% 3.7% - 3.6%
Fund Size % 5% - - 4% 6% - - - - 4% 3% - 4% 4% - 3%
Fund's Investment (PKR mn) 794 - - - - - 26 - - 130 - 142 - - - 1,092
SNGP Equity Exposure % 3.2% - - - - - 6.0% - - 3.3% - 5.8% - - - 2.0%
Fund Size % 3% - - - - - 5% - - 3% - 5% - - - 2%

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Mutual Fund Performance
AMC-Fund Meezan-IF AA-IsDEF AA-SSF Meezan-AMMF NAFA-IsSF MCB-AIsSF Alfalah-GISF NIT-IsTF HBL-IsSF NAFA-IsAAEF ABL-IsSF Meezan-DEF Atlas-IsSF ABL-IsDSF NAFA-IsEnF Total
Fund Size (PKR mn) 26,458 1,782 6,539 4,338 5,079 2,786 2,201 3,109 639 966 2,273 1,014 1,464 476 484 59,608
Equity Exposure (PKR mn) 24,426 1,604 5,950 3,952 4,739 2,463 2,056 3,072 578 860 2,056 958 1,346 459 426 54,945
Fund Size % 92% 90% 91% 91% 93% 88% 93% 99% 90% 89% 90% 95% 92% 97% 88% 92%

Symbol Investments & % of: Meezan-IF AA-IsDEF AA-SSF Meezan-AMMF NAFA-IsSF MCB-AIsSF Alfalah-GISF NIT-IsTF HBL-IsSF NAFA-IsAAEF ABL-IsSF Meezan-DEF Atlas-IsSF ABL-IsDSF NAFA-IsEnF Total
Fund's Investment (PKR mn) - 42 - - - - - 112 425 - - - - - - 579
KOHC Equity Exposure % - 4.8% - - - - - 7.0% 7.1% - - - - - - 1.1%
Fund Size % - 4% - - - - - 6% 7% - - - - - - 1%
Fund's Investment (PKR mn) - - 70 - - - - 71 262 - - 114 - - 19 536
EPCL Equity Exposure % - - 3.4% - - - - 4.4% 4.4% - - 4.6% - - 3.3% 1.0%
Fund Size % - - 3% - - - - 4% 4% - - 4% - - 3% 1%
Fund's Investment (PKR mn) - 41 91 41 - 18 21 - 248 - - - - - - 461
PSO Equity Exposure % - 4.8% 4.4% 4.2% - 4.0% 5.0% - 4.2% - - - - - - 0.8%
Fund Size % - 4% 4% 4% - 4% 4% - 4% - - - - - - 1%
Fund's Investment (PKR mn) - 41 94 - - - - - - - 218 - - - - 353
NML Equity Exposure % - 4.7% 4.6% - - - - - - - 4.6% - - - - 0.6%
Fund Size % - 4% 4% - - - - - - - 4% - - - - 1%
Fund's Investment (PKR mn) - - - - - - - - - 174 - - - - - 174
ICI Equity Exposure % - - - - - - - - - 4.4% - - - - - 0.3%
Fund Size % - - - - - - - - - 4% - - - - - 0%
Fund's Investment (PKR mn) - - - - - - - - - - - - - 113 - 113
SRVI Equity Exposure % - - - - - - - - - - - - - 3.7% - 0.2%
Fund Size % - - - - - - - - - - - - - 4% - 0%
Fund's Investment (PKR mn) - - - - 62 29 - - - - - - - - 19 110
FFC Equity Exposure % - - - - 4.6% 6.4% - - - - - - - - 3.3% 0.2%
Fund Size % - - - - 4% 6% - - - - - - - - 3% 0%
Fund's Investment (PKR mn) - - - - - - - - - - - 89 - - - 89
MLCF Equity Exposure % - - - - - - - - - - - 3.6% - - - 0.2%
Fund Size % - - - - - - - - - - - 3% - - - 0%
Fund's Investment (PKR mn) - - - - 54 - - - - - - - - - - 54
SYS Equity Exposure % - - - - 4.0% - - - - - - - - - - 0.1%
Fund Size % - - - - 4% - - - - - - - - - - 0%
Fund's Investment (PKR mn) - - - - - - 18 - - - - - - - - 18
HTL Equity Exposure % - - - - - - 4.2% - - - - - - - - 0.0%
Fund Size % - - - - - - 4% - - - - - - - - 0%

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Mutual Fund Performance
AMC-Fund Meezan-IF AA-IsDEF AA-SSF Meezan-AMMF NAFA-IsSF MCB-AIsSF Alfalah-GISF NIT-IsTF HBL-IsSF NAFA-IsAAEF ABL-IsSF Meezan-DEF Atlas-IsSF ABL-IsDSF NAFA-IsEnF Total
Fund Size (PKR mn) 26,458 1,782 6,539 4,338 5,079 2,786 2,201 3,109 639 966 2,273 1,014 1,464 476 484 59,608
Equity Exposure (PKR mn) 24,426 1,604 5,950 3,952 4,739 2,463 2,056 3,072 578 860 2,056 958 1,346 459 426 54,945
Fund Size % 92% 90% 91% 91% 93% 88% 93% 99% 90% 89% 90% 95% 92% 97% 88% 92%

MTD 9.4% (8.3%) (8.4%) (9.1%) (9.3%) 23.3% (10.1%) (10.3%) (9.3%) (9.2%) (9.4%) (9.6%) (9.1%) (9.4%) (13.8%) (6.2%)
YTD 10.4% 14.2% 16.0% 10.9% (20.1%) (10.4%) 9.0% 9.6% 12.1% 11.7% 10.0% 9.3% 15.1% 7.7% 0.8% 7.1%
Benchmark-YTD 9.8% 9.8% 9.8% 9.8% (23.8%) (11.4%) 9.8% 9.8% 9.8% 9.8% 9.8% 9.8% 9.8% 9.8% 9.8% 6.2%
Excess/ (Short) Returns-YTD 0.6% 4.4% 6.1% 1.1% 3.7% 0.9% (0.8%) (0.2%) 2.3% 1.9% 0.1% (0.5%) 5.3% (2.2%) (9.0%) 0.9%

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Major Exposure of Asset Allocation Funds: Scrips Wise
Mutual Fund Performance
Askari- Faysal-
AMC-Fund MCB-PAAF NAFA-AAF UBL-AAF Alfalah-GVF Lakson-TF ABL-AFF MCB-PFPF AWT-PAAF Total
AAF AAF
Fund Size (PKR mn) 1,397 1,373 1,006 1,012 626 673 163 761 108 102 7,221
Equity Exposure (PKR mn) 869 781 392 612 370 429 0 13 33 38 3,538
Fund Size % 62% 57% 39% 61% 59% 64% 0% 2% 31% 37% 49%

Symbol Investments & % of: MCB-PAAF NAFA-AAF UBL-AAF Alfalah-GVF Lakson-TF ABL-AFF MCB-PFPF AWT-PAAF Askari-AAF Faysal-AAF Total
Equity Exposure % 5.8% 7.0% 7.9% 6.6% 11.2% 9.6% - - - 4.9% 7.4%
HBL Fund Size % 3.6% 4.0% 3.1% 4.0% 6.6% 6.2% - - - 1.8% 3.6%
Fund's Investment (PKR mn) 50 55 31 41 41 41 - - - 2 262
Equity Exposure % 5.6% 6.7% 5.1% 8.3% - 13.2% - - 11.4% 4.7% 6.6%
HUBC Fund Size % 3.5% 3.8% 2.0% 5.0% - 8.4% - - 3.5% 1.8% 3.2%
Fund's Investment (PKR mn) 49 52 20 51 - 57 - - 4 2 234
Equity Exposure % 7.2% 4.9% 6.2% 5.8% 8.5% 7.8% - - - - 6.4%
UBL Fund Size % 4.5% 2.8% 2.4% 3.5% 5.0% 5.0% - - - - 3.1%
Fund's Investment (PKR mn) 63 38 24 35 31 33 - - - - 226
Equity Exposure % 6.6% 6.0% - 4.7% 5.9% 11.6% - - 11.4% - 5.9%
PPL Fund Size % 4.1% 3.4% - 2.9% 3.5% 7.4% - - 3.5% - 2.9%
Fund's Investment (PKR mn) 57 47 - 29 22 50 - - 4 - 208
Equity Exposure % 5.1% - 4.9% 5.4% 6.9% 12.2% - - 9.6% - 5.0%
OGDC Fund Size % 3.2% - 1.9% 3.3% 4.1% 7.8% - - 2.9% - 2.5%
Fund's Investment (PKR mn) 45 - 19 33 26 52 - - 3 - 178
Equity Exposure % - 5.3% 8.7% 6.1% - 6.8% - 14.9% 3.4% 10.9% 4.2%
MARI Fund Size % - 3.0% 3.4% 3.7% - 4.4% - 0.3% 1.1% 4.1% 2.1%
Fund's Investment (PKR mn) - 41 34 37 - 29 - 2 1 4 149
Equity Exposure % 5.1% 4.2% 4.6% - 4.2% 5.9% - - - - 3.9%
BAHL Fund Size % 3.2% 2.4% 1.8% - 2.5% 3.8% - - - - 1.9%
Fund's Investment (PKR mn) 45 33 18 - 16 25 - - - - 137
Equity Exposure % - 6.0% 6.4% - 5.9% 6.0% - - - 9.5% 3.5%
BAFL Fund Size % - 3.4% 2.5% - 3.5% 3.8% - - - 3.5% 1.7%
Fund's Investment (PKR mn) - 47 25 - 22 26 - - - 4 123
Equity Exposure % 5.5% 4.6% - - 8.0% - - - - - 3.2%
FFC Fund Size % 3.4% 2.6% - - 4.7% - - - - - 1.6%
Fund's Investment (PKR mn) 47 36 - - 29 - - - - - 113
Equity Exposure % 5.0% - 7.9% - - 4.0% - - - - 2.6%
ABL Fund Size % 3.1% - 3.1% - - 2.5% - - - - 1.3%
Fund's Investment (PKR mn) 43 - 31 - - 17 - - - - 92

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Mutual Fund Performance
Askari- Faysal-
AMC-Fund MCB-PAAF NAFA-AAF UBL-AAF Alfalah-GVF Lakson-TF ABL-AFF MCB-PFPF AWT-PAAF Total
AAF AAF
Fund Size (PKR mn) 1,397 1,373 1,006 1,012 626 673 163 761 108 102 7,221
Equity Exposure (PKR mn) 869 781 392 612 370 429 0 13 33 38 3,538
Fund Size % 62% 57% 39% 61% 59% 64% 0% 2% 31% 37% 49%

Symbol Investments & % of: MCB-PAAF NAFA-AAF UBL-AAF Alfalah-GVF Lakson-TF ABL-AFF MCB-PFPF AWT-PAAF Askari-AAF Faysal-AAF Total
Equity Exposure % - - 3.6% 6.7% 8.1% - - - 7.5% - 2.5%
ENGRO Fund Size % - - 1.4% 4.1% 4.8% - - - 2.3% - 1.2%
Fund's Investment (PKR mn) - - 14 41 30 - - - 2 - 88
Equity Exposure % - 4.9% - 5.0% - - - - 4.4% 5.1% 2.1%
LUCK Fund Size % - 2.8% - 3.1% - - - - 1.4% 1.9% 1.0%
Fund's Investment (PKR mn) - 38 - 31 - - - - 1 2 73
Equity Exposure % 5.9% - - - - - - 6.5% - - 1.5%
GATM Fund Size % 3.7% - - - - - - 0.1% - - 0.7%
Fund's Investment (PKR mn) 52 - - - - - - 1 - - 53
Equity Exposure % - - - - 4.4% 4.7% - - - 12.3% 1.2%
BOP Fund Size % - - - - 2.6% 3.0% - - - 4.6% 0.6%
Fund's Investment (PKR mn) - - - - 16 20 - - - 5 41
Equity Exposure % - - 5.9% - - - - - - - 0.7%
KOHC Fund Size % - - 2.3% - - - - - - - 0.3%
Fund's Investment (PKR mn) - - 23 - - - - - - - 23
Equity Exposure % - - - - 4.6% - - - 3.9% - 0.5%
SNGP Fund Size % - - - - 2.7% - - - 1.2% - 0.3%
Fund's Investment (PKR mn) - - - - 17 - - - 1 - 18
Equity Exposure % - - - - - - - - - 11.1% 0.1%
DOL Fund Size % - - - - - - - - - 4.1% 0.1%
Fund's Investment (PKR mn) - - - - - - - - - 4 4
Equity Exposure % - - - - - - - - - 8.4% 0.1%
EPCL Fund Size % - - - - - - - - - 3.1% 0.0%
Fund's Investment (PKR mn) - - - - - - - - - 3 3
Equity Exposure % - - - - - - - 23.8% - - 0.1%
SEARL Fund Size % - - - - - - - 0.4% - - 0.0%
Fund's Investment (PKR mn) - - - - - - - 3 - - 3
Equity Exposure % - - - - - - - - - 6.9% 0.1%
MCB Fund Size % - - - - - - - - - 2.6% 0.0%
Fund's Investment (PKR mn) - - - - - - - - - 3 3

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Mutual Fund Performance
Askari- Faysal-
AMC-Fund MCB-PAAF NAFA-AAF UBL-AAF Alfalah-GVF Lakson-TF ABL-AFF MCB-PFPF AWT-PAAF Total
AAF AAF
Fund Size (PKR mn) 1,397 1,373 1,006 1,012 626 673 163 761 108 102 7,221
Equity Exposure (PKR mn) 869 781 392 612 370 429 0 13 33 38 3,538
Fund Size % 62% 57% 39% 61% 59% 64% 0% 2% 31% 37% 49%

Symbol Investments & % of: MCB-PAAF NAFA-AAF UBL-AAF Alfalah-GVF Lakson-TF ABL-AFF MCB-PFPF AWT-PAAF Askari-AAF Faysal-AAF Total
Equity Exposure % - - - - - - - - - 5.1% 0.1%
NML Fund Size % - - - - - - - - - 1.9% 0.0%
Fund's Investment (PKR mn) - - - - - - - - - 2 2
Equity Exposure % - - - - - - - 4.2% 3.2% - 0.0%
MUGHAL Fund Size % - - - - - - - 0.1% 1.0% - 0.0%
Fund's Investment (PKR mn) - - - - - - - 1 1 - 2
Equity Exposure % - - - - - - - - - - 0.0%
PSO Fund Size % - - - - - - 0.8% - - - 0.0%
Fund's Investment (PKR mn) - - - - - - 1 - - - 1
Equity Exposure % - - - - - - - - 3.2% - 0.0%
FFBL Fund Size % - - - - - - - - 1.0% - 0.0%
Fund's Investment (PKR mn) - - - - - - - - 1 - 1
Equity Exposure % - - - - - - - - 2.9% - 0.0%
POL Fund Size % - - - - - - - - 0.9% - 0.0%
Fund's Investment (PKR mn) - - - - - - - - 1 - 1
Equity Exposure % - - - - - - - 3.6% - - 0.0%
FABL Fund Size % - - - - - - - 0.1% - - 0.0%
Fund's Investment (PKR mn) - - - - - - - 0 - - 0
MTD (6.6%) (5.5%) (2.4%) (5.0%) (5.1%) (6.5%) (1.0%) (0.4%) (4.3%) (9.1%) (4.6%)
YTD 6.3% 13.8% 11.4% 10.2% 9.9% 8.6% 4.9% 15.4% 3.3% 5.4% 8.9%
Benchmark-YTD 7.9% 16.9% 11.1% 11.1% 12.4% 6.7% 9.6% 10.0% 9.7% 10.9% 10.6%
Excess/ (Short) Returns-YTD (1.7%) (3.1%) 0.3% (1.0%) (2.5%) 1.9% (4.6%) 5.5% (6.4%) (5.5%) (1.7%)

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Major Exposure of Shariah Compliant Asset Allocation Funds: Scrips Wise
Mutual Fund Performance
AMC-Fund NAFA-IsAAF AA-IsAAF MCB-AIsAAF Meezan-AAF HBL-IsAAF ABL-IsAAF Faysal-IsAAF PO-IAAF Alfalah-GIsVF Lakson-IsTF Total
Fund Size (PKR mn) 5,302 2,204 2,108 1,448 413 205 500 232 103 151 12,667
Equity Exposure (PKR mn) 3,080 838 1,703 1,127 115 55 0 103 57 82 7,160
Fund Size % 58% 38% 81% 78% 28% 27% 0% 44% 55% 54% 57%

Symbol Investments & % of: NAFA-IsAAF AA-IsAAF MCB-AIsAAF Meezan-AAF HBL-IsAAF ABL-IsAAF Faysal-IsAAF PO-IAAF Alfalah-GIsVF Lakson-IsTF Total
Equity Exposure % 7.4% 4.5% 4.1% 9.0% 6.3% - - - 7.9% 5.2% 6.3%
LUCK Fund Size % 4.3% 1.7% 3.3% 7.0% 1.8% - - - 4.4% 2.8% 3.6%
Fund's Investment (PKR mn) 228 37 70 101 7 - - - 4 4 452
Equity Exposure % 4.8% - - - - 4.8% - - - 5.2% 2.2%
NML Fund Size % 2.8% - - - - 1.3% - - - 2.8% 1.2%
Fund's Investment (PKR mn) 148 - - - - 3 - - - 4 155
Equity Exposure % - 4.5% 5.1% - - - - - - 5.4% 1.8%
EPCL Fund Size % - 1.7% 4.1% - - - - - - 2.9% 1.0%
Fund's Investment (PKR mn) - 37 86 - - - - - - 4 128
Equity Exposure % - - 5.8% - - 5.7% - 3.5% - 9.1% 1.6%
SNGP Fund Size % - - 4.7% - - 1.6% - 1.6% - 4.9% 0.9%
Fund's Investment (PKR mn) - - 99 - - 3 - 4 - 7 113
Equity Exposure % - 10.3% - - - - - - - - 1.2%
KOHC Fund Size % - 3.9% - - - - - - - - 0.7%
Fund's Investment (PKR mn) - 86 - - - - - - - - 86
Equity Exposure % - - 3.2% - - - - - - - 0.8%
MLCF Fund Size % - - 2.6% - - - - - - - 0.4%
Fund's Investment (PKR mn) - - 55 - - - - - - - 55
Equity Exposure % - - - 3.9% - - - - - - 0.6%
ICI Fund Size % - - - 3.0% - - - - - - 0.3%
Fund's Investment (PKR mn) - - - 43 - - - - - - 43
Equity Exposure % - - - - 3.9% - - - - 7.8% 0.2%
FFC Fund Size % - - - - 1.1% - - - - 4.2% 0.1%
Fund's Investment (PKR mn) - - - - 4 - - - - 6 11
Equity Exposure % - - - - 4.1% 9.4% - - - - 0.1%
PSO Fund Size % - - - - 1.1% 2.6% - - - - 0.1%
Fund's Investment (PKR mn) - - - - 5 5 - - - - 10
Equity Exposure % - - - - 4.6% - - 3.1% - - 0.1%
THALL Fund Size % - - - - 1.3% - - 1.4% - - 0.1%
Fund's Investment (PKR mn) - - - - 5 - - 3 - - 8

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Mutual Fund Performance
AMC-Fund NAFA-IsAAF AA-IsAAF MCB-AIsAAF Meezan-AAF HBL-IsAAF ABL-IsAAF Faysal-IsAAF PO-IAAF Alfalah-GIsVF Lakson-IsTF Total
Fund Size (PKR mn) 5,302 2,204 2,108 1,448 413 205 500 232 103 151 12,667
Equity Exposure (PKR mn) 3,080 838 1,703 1,127 115 55 0 103 57 82 7,160
Fund Size % 58% 38% 81% 78% 28% 27% 0% 44% 55% 54% 57%

Symbol Investments & % of: NAFA-IsAAF AA-IsAAF MCB-AIsAAF Meezan-AAF HBL-IsAAF ABL-IsAAF Faysal-IsAAF PO-IAAF Alfalah-GIsVF Lakson-IsTF Total
Equity Exposure % - - - - - - - - - 5.2% 0.1%
DGKC Fund Size % - - - - - - - - - 2.8% 0.0%
Fund's Investment (PKR mn) - - - - - - - - - 4 4
Equity Exposure % - - - - - - - 2.6% - - 0.0%
KEL Fund Size % - - - - - - - 1.2% - - 0.0%
Fund's Investment (PKR mn) - - - - - - - 3 - - 3
Equity Exposure % - - - - - 4.5% - - - - 0.0%
KTML Fund Size % - - - - - 1.2% - - - - 0.0%
Fund's Investment (PKR mn) - - - - - 3 - - - - 3
MTD (6.2%) (3.1%) (9.9%) (7.9%) (2.4%) (2.6%) (5.7%) (5.2%) 4.9% (6.2%) (5.6%)
YTD 12.6% 10.0% 5.4% 11.9% 8.5% 7.4% 7.2% 4.1% 5.1% 7.4% 7.9%
Benchmark-YTD 12.0% 7.6% 8.6% 10.3% 5.5% 6.3% 7.5% 6.9% 5.1% 8.7% 7.9%
Excess/ (Short) Returns-YTD 0.6% 2.3% (3.3%) 1.6% 2.9% 1.0% (0.3%) (2.8%) (0.2%) (1.3%) 0.1%

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Mutual Fund Performance
• Disclaimer
• This document is prepared by Research analyst at SSL. This report is for information purposes only and does not constitutes an offer, or invitation to make
an offer, to buy or sell any securities. The information contained herein is based upon publicly available data and sources believed to be reliable. The
information contained herein is based upon publicly available data and sources believed to be reliable. The information given in this document is as of the
date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change
without any prior notice. SSL reserves the right to make modifications and alterations to this statement as may be required from time to time. However, SSL
is under no obligation to update or keep the information current. SSL is committed to providing independent and transparent recommendation to its client
and would be happy to provide any information in response to specific client queries. Past performance is not necessarily a guide to future performance.
This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The user
assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive
at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved) and
should consult his or her own advisors to determine the merits and risks of such investment. SSL or any of its affiliates shall not be in any way responsible
for any loss or damage that may be arise to any person from any error in the information contained in this report. This report is prepared for the use of SSL's
clients and SSL reserves the right for its distribution. No part of this publication may be copied, reproduced, stored or disseminated in any form or by any
means without the prior written consent of SSL Opinions and recommendations provided does not consider specific investment objectives or particular
investment needs of any specific person or group of persons who may receive this report.

• Analyst Certification:
• We, Research Team, certify that all the views expressed in this report about the subject matter are an accurate depiction of our personal views and no part
of our compensation or any other benefits, was/is/will be, directly or indirectly, related to the specific recommendation and views expressed in this report.
In addition, compensation of the Analyst(s) is not determined nor based on any other service(s) that SSL is offering. Analyst(s) are not subject to the
supervision or control of any employee of SSL's non-research departments, and no personal engaged in providing non-research services have any influence
or control over the compensatory evaluation of the Analyst(s). Furthermore, we do not have any interest (financial or otherwise) in the subject scrip.
Mutual Fund Performance
• About the Company:
• The company Spectrum Securities Limited ("SSL")was acquired from M/S Mazhar Hussain Securities Limited. Mazhar Hussain Securities Limited was
constituted in December 19, 2000. Later, Spectrum Securities took over Mazhar Hussain Securities on October 27, 2014 and registered in the name of
Spectrum Securities Limited. The management of SSL has stepped into the industry with its agenda to attract the Corporate Clients therefore they decided
to come up with the new outlook, introducing a new management team of professionals. SSL is TREC Holder of Pakistan Stock Exchange Limited.

• Research Rating Categories

• SSL uses three rating categories, depending upon total return from current market price as follows, with Target period as June/December 2019 for Target
Price ;

• Equity Valuation Methodology and the Risks that may impede achievement of the Target Price
• Following valuation Models are used to arrive at the target price of subject security(ies);
Rating Description
BUY Total return of subject security(ies) is more than +15% from last closing of market price(s)
HOLD Total return of subject security(ies) is between -15% and +15% from last closing of market price(s)
SELL Total return of subject security(ies) is less than -15% from last closing of market price(s)
• • Free Cash Flow to Equity (FCFE)
• • Free Cash Flow to Firm (FCFF)
• • Dividend Discount Model (DDM)
• • Price to Earning (P/E)

• Risk
• Following risks may potentially impede the achievement of the Target Price of subject security(ies);
• • Market risk
• • Interest Rate Risk
• • Exchange Rate Risk
Mutual Fund Performance

Head Office
Room no. 526, 5th Floor , Pakistan Stock Exchange Building, I.I Chundrigar Road , Karachi.
Phone No: 021-32431082-3

Branch Office (Karachi)

Room no. 706, 7th Floor , Business and Finance Centre, I.I Chundrigar Road , Karachi.
Phone No: 021-3246710-14 Fax no: 32467590

Branch Office (Lahore)

1st Floor, Plaza No. 287, Block Y, Phase-3C, DHA, Lahore Cantt, Pakistan.
Phone No: 042-35745502-5