Fund Manager’s Report

June 2020

Golden Arrow Stock Fund (Formerly: Golden Arrow Selected Stocks Fund Limited)
Fund Manager’s Comments
For the month of June’20, NAV of the Golden Arrow Stock Fund Ltd increased by 0.82% versus the benchmark KSE-100 Index which increased by
1.45%. The fiscal year to date return of the GASF stood at -4.59% versus the benchmark KSE-100 Index return of 1.53%.

Fund Information Fund Performance: June 2020

Investment Objective: Disciplined and balanced 3.00%
fund management strategy focusing on fundamentally
2.00%
strong companies offering deep-value, coupled with
few cherry-picked growth companies. 1.00%
Fund Type Open-End*** 0.00%

1-Jun-20

13-Jun-20

25-Jun-20
2-Jun-20
3-Jun-20
4-Jun-20
5-Jun-20
6-Jun-20
7-Jun-20
8-Jun-20
9-Jun-20
10-Jun-20
11-Jun-20
12-Jun-20
14-Jun-20
15-Jun-20
16-Jun-20
17-Jun-20
18-Jun-20
19-Jun-20
20-Jun-20
21-Jun-20
22-Jun-20
23-Jun-20
24-Jun-20
26-Jun-20
27-Jun-20
28-Jun-20
29-Jun-20
30-Jun-20
Category Equity -1.00%
Date of Fund Launch May, 1983 -2.00%
Date of Management September, 2004 -3.00%
Takeover
Risk Profile High Change in KSE-100 Index Change in GASF NAV/UNIT
Risk of Principal Erosion Principal at high risk
Net Assets (PKR) 989,385,154
NAV 7.7766 Since
FYTD MTD 365 Days 3 Year* 5 Year*
Benchmark KSE-100 Index Inception**
Pricing Mechanism NA KSE 100 1.53% 1.45% 1.53% -26.08% 0.07% 10.74%
Management Fees 2.00% GASF -4.59% 0.82% -4.59% -30.53% 14.09% 18.21%
Total Expense Ratio 1.79%****
(Absolute)++ FY20 FY19 FY18 FY17 FY16
KSE 100 1.53% -19.11% -9.99% 23.24% 9.84%
Custodian Central Depository Company GASSFL -4.59% -18.06% -10.8% 49.86% 9.60%
(CDC)
Asset Allocation
Auditor Deloitte Yousuf Adil (% of Total Assets)
30-June-20 31-May-20
Fund Rating 1Star (1Year),2Star (3Year), Equities 94.39% 94.24%
4Star (5Year) PACRA (28 TFCs 0.00% 0.00%
Feb’20) Cash 5.03% 5.03%
Asset Manager Rating AM3++ by PACRA (8 Feb’20) Other Assets 0.58% 0.73%
Fund Manager Top Ten Equity Holdings (% of Total Assets)
Ms. Anum Dhedhi TRG Pakistan Limited 15.40% Island Textile Mills 5.37%
Limited
Investment Committee Members Javedan Corporation 10.03% Nimir Industrial 3.60%
Mr. Imran Motiwala Ms. Anum Dhedhi Limited Chemicals Limited
Mr. Muhammad Yaqoob, CFA Mr. Muhammad Taha Jahangir Siddiqui 7.86% Pakistan Cables Limited 3.55%
Company Limited
Mr. Danish Aslam Mr. Ajay Kumar, CFA Ellcot Spinning Mills 7.28% K-Electric Limited 3.47%
Limited
Mr. Bilal Shuja Zaidi Pakistan Stock 5.53% Punjab Oil Mills Limited 3.34%
Exchange Limited
++Total Expense Ratio (TER) includes 0.21% representing government levy and SECP fee.
Sector Allocation
* Cumulative Returns 30-June-20 31-May-20
(% of Total Assets)
** Geometric Mean
Technology & Communication 15.63% 16.34%
*** Converted into an Open-End Scheme since November 25, 2019
Textile Spinning 14.62% 14.89%
**** Absolute Gross Expense Ratio Since conversion to Open End Fund
Investment Bank/Inv.Cos 13.98% 9.10%
The Fund’s Returns are computed on NAV to NAV with dividends reinvested Cement 10.03% 9.97%
Chemicals 6.74% 8.52%
Details of Non-Compliant Investment
Disclosure of Sindh Workers’ Welfare Fund (SWWF): Others 39.00% 41.18%
"The Scheme has maintained provisions against Sindh Workers' Welfare Fund liability to the tune of Rs.27.54 million. If the same were not made the NAV per share return of the Scheme would be higher by Re .0.22
or 2.78%

Name of non-compliant Type of Value of investment Provision held Value of investment Percentage(%) of Percentage(%) of
investment Investment before provision if any after provision Net Assets Gross Assets

TRG Pakistan Limited Equity 168,293,936 Nil 168,293,936 17.01% 15.40%

Javedan Corporation Limited Equity 109,571,220 Nil 109,571,220 11.07% 10.03%

DISCLAIMER: This publication is for informational purposes 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 risks. Past performance is not necessarily indicative of future results. Please read the Memorandum and Articles of Association to understand the investment policies and risks involved.

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