as of 28th december, 2018 · as of 28th december, 2018 * disclaimer this publication is for...

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DISCLAIMERThis publication is for information purposes only andnothing herein should be construed as a solicitation,recommendation or an offer to buy or sell anyproduct. The contents in this publication are of ageneral nature only and have not been preparedto take into account any particular investor’sfinancial circumstances or particular needs. Theinformation and assumptions in the publication areprovided in good faith for investors and theiradvisers. The contents are not to be relied upon asa substitute for financial or other professional advice-such advice should be sought before making anyfinancial or investment decision. While the sourcesfor the material are considered reliable, thecorrectness of information in this newsletter cannotbe guaranteed and responsibility is not acceptedfor any inaccuracies, errors or omissions or for anylosses or gains arising upon actions, opinions andviews created by this publication.

All investments in mutual funds and pension fundsare subject to market risks. The NAV based pricesof units and any dividends/returns thereon aredependent on forces and factors affecting thecapital markets. These may go up or down basedon market conditions. Past performance is notnecessarily indicative of future results. Please readthe “Risk” & “Disclaimer” clauses of the respectivefunds’ offering document and consult yourinvestment legal advisor for understanding theinvestment policies and risks involved.

Contact us for queries, comments or suggestionsat [email protected] or Ground Floor,Federation House, Shahrae-Firdousi, Clifton, Karachi

Message From The Editor

Market Review 01

Atlas Sovereign Fund 02

Atlas Money Market Fund 03

Atlas Income Fund 04

Atlas Stock Market Fund 05

Atlas Islamic Income Fund 06

Atlas Islamic Stock Fund 07

Atlas Pension Fund 09

Atlas Pension Islamic Fund 11

Contents

Head Office-KarachiGround Floor, Federation House, Sharae Firdousi, Clifton,Karachi-75600, Karachi.Contact Person: Najam ShehzadUAN: (92-21) 111-688-825 Ph: (92-21) 35379501-04 Ext.249Fax: (92-21) 35379280 Email: [email protected]

Savings Center-KarachiFaiyaz Centre, Ground Floor, Shahra-e-Faisal (opp.FTC building), Karachi-74400. Contact Person: Farhan AhmedPh: (92-21) 34522601-2 Fax: (92-21) 34522603Cell: 0300-2824454 Email: [email protected]

Hyderabad OfficeC/o Atlas Honda Limited, 3rd Floor, Dawood Center,Opposite Foundation Public School, Auto Ban road,Hyderabad. Contact Person: Waqas Ahmed QureshiEmail: [email protected]

Savings Center-LahoreC/o. Atlas Battery Ltd. Building 64/1, Block-XX,Khayaban-e-Iqbal, DHA, Lahore.Contact Person: Malik Asjad AliCell: 0321-4181292 Email: [email protected]

Rawalpindi OfficeC/o. Atlas Honda Ltd. Ground Floor, Islamabad Corporate Center,Golra Road, Rawalpindi.Contact Person: Ch. Mohsin SarwarPh: (92-51) 5856411 Fax: (92-51) 5120497Cell: 0334-5167035 Email: [email protected]

Savings Center IslamabadGround Floor, East End Plaza, Plot No. 41, Sector F-6/G6,Ataturk Avenue, Blue Area, Islamabad.Contact Person: Yasir SalamatCell: 0333-5255537 Email: [email protected]

Faisalabad OfficeC/o Atlas Honda Ltd,Customer Care Centre, 1st Floor, Meezan Executive Tower,4-Liaqat Road, Faisalabad.Contact Person: M. Rizwan AslamPh: (92-41) 2541013 Email: [email protected]

Multan OfficeAtlas Regional Office, Azmat Wasti Road,Near Dera Adda, Multan. Contact Person: Nauman UmarPh:061-4570431-4 Ext:186 Email: [email protected]

Dear Investor

We wish you and your loved ones a happy and prosperous new year!

We take pride in highlighting that Atlas Asset Management (AAML) exhibited a steady and consistent growth with our AUM closing at Rs. 29.3 billion in December 2018. AAML has a proven track record of managing mutual and pension funds in the private sector. The funds under its Management have depicted a competitive performance across all categories. Our team endeavors to achieve greater ambitions with the objective of providing quality assetmanagement services along with competitive returns.

During the fiscal year PACRA has maintained AAML rating of “AM2+”, dated 28th December 2018 and stability rating of Atlas Income Fund and Atlas Islamic Income Fund has been maintained as AA-(f), Atlas Money Market Fund and Atlas Sovereign Fund (Formerly Atlas Sovereign Liquid Fund), has been maintained as AA(f) dated December 11, 2018 (same as previous).

Atlas Islamic Fund of Funds

AAML is pleased to announce the launch of its Shariah Compliant fund, Atlas Islamic Fund of Funds (AIFOF) under the guidance of Shariah Advisor Dr. Mufti Muhammad Wasie. The objective of the Fund is to earn potentially high returns through investment as per respective Allocation Plans by investing in Shariah Compliant Fixed Income Schemes and Equity based Collective Investment Schemes.

Our Value Added ServicesOur valued customers can conveniently access to their account balances by utilizing sms based balance inquiry services. Kindly update your Cell numbers with our ISD by calling 021-111-688-825 and avail these services.

You may also contact us through SMS for any investment related details. Simply type: AAML"space"Invest"space"City Name” and send it to 8080.

For further information on our products or to arrange a presentation at your premises,please contact your regional office or email [email protected]

Become part of our Social Media Community:

Facebook: facebook.com/atlasfundsTwitter: twitter.com/FundsAtlasLinkedIn: linkedin.com/company/aaml/Instagram: instagram.com/atlasfunds/Mobile App: Atlas Invest

Your Spotlight Team

Name of Allocation Plan(s) Cash & Near Cash* Atlas Islamic Income Fund

Atlas Aggressive Allocation Islamic Plan Up to 10% Minimum 65% Minimum 25% Atlas Moderate Allocation Islamic Plan Up to 10% Minimum 45% Minimum 45% Atlas Conservative Allocation Islamic Plan Up to 10% Minimum 20% Minimum 70%

Atlas Islamic Capital Preservation Plan Up to 50% Up to 100% Up to 100% with Min AA- Rating**

* Cash at Bank accounts of Islamic Banks and licensed Islamic Banking windows of conventional Banks (excluding TDRs) and GOP Ijara Sukuk not exceeding 90 days remaining maturity.** Cash at Bank accounts of Islamic Banks and licensed Islamic Banking windows of conventional Banks and Term Deposit (TDRs) Islamic Banks and licensed Islamic Banking windows of conventional Banks.

Atlas IslamicDedicated Stock Fund

Indicative Minimum percentage allocationinvested in Collective Investment Scheme(s)

Market Review

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 fundare subject to market risks. Past performance is not necessarily indicative of the future results. Please read the Offering Document to understand the investment policies and the risks involved.

December 2018

1

On The Stock Market FrontSector Performance - Dec 2018

KSE 100 Index & Shares Turnover

On The Money Market Front

6 Months KIBOR vs 6 Months T-Bills

KSE-100 index decreased by 8.47% (3,429.36 points) to close at 37,066.67points in December-18. Daily average trading volumes decreased by 33.92%MoM to 131 Mn shares in December-18 from 198 Mn shares duringNovember-18. Individuals, Insurance Companies, Companies and Bankswere net buyers of USD 23mn, USD 21mn, USD 21mn and USD 8mn,respectively. Net selling of USD 35mn and USD 28mn was incurred by MutualFunds and Foreign Investors, respectively.

Sectors that outperformed the benchmark during the period wereChemical, Power Generation & Distribution, Fertilizers and Commercial Banksyielding -1.9%, -2.0%, -6.0% and -8.0% returns, respectively. Engineering, Oil &Gas Exploration Companies, Automobile Assembler and Cement sectorunderperformed the benchmark during the month posting -12.5%, -12.4%, -11.0% and -10.7% returns, respectively. Engineering sector declined on theback of rising cost of imported raw material post PKR devaluation coupledwith negative demand outlook in long/flat steel. Oil and Gas Explorationcompanies declined due to decrease in international crude oil prices amidexpectations of growing global inventories on the back of increased USproduction and relaxed Iranian sanctions. Cements came under pressure onthe back of slowdown in local dispatches. Commercial banks outperformedthe market in anticipation of improved earnings outlook after 150 basispoints hike in policy rate by the State Bank of Pakistan.

Currently the market is trading at a PE multiple of 7.9x and has a dividendyield of 6.1%.

The CPI inflation increased YoY for the month of December’18 and stood at6.2 %, with food prices increasing by 0.9%, whereas NFNE increased andstood at 8.4%. Increase in CPI was mainly attributed to increase in Housing,Transport and non-perishable food heads.

Additionally, M2 experienced an increase of 2.27% during July 01, ‘18 toDecember 21, ‘18, as compared to an increase of 1.35% during the previouscorresponding period. The latest report shows that the governmentborrowing from SBP stood at Rs. 1,252 billion, as compared to borrowings ofRs. 287 billion in corresponding period last year, whereas, governmentmatured borrowing of Rs. 653 billion from scheduled banks for the month ofDecember’18, as compared to borrowings of Rs. 114 billion in correspondingperiod last year.

The Central Bank raised an amount of Rs. 2,040 billion under the two T-billauction conducted during the month. The weighted average yields underthe latest auction stood at 10.30% for 3 month T-bills, bids for 6 month T-billswere rejected, whereas, bids for 12 month T-bills were not received. 6 monthKIBOR (offer) increased and averaged at 10.66% during the month ofDecember’18.

30,000.00

32,000.00

34,000.00

36,000.00

38,000.00

40,000.00

42,000.00

-

50,000,000

100,000,000

150,000,000

200,000,000

250,000,0003-

Dec

4-D

ec5-

Dec

6-D

ec7-

Dec

10-D

ec11

-Dec

12-D

ec13

-Dec

14-D

ec17

-Dec

18-D

ec19

-Dec

20-D

ec21

-Dec

24-D

ec26

-Dec

27-D

ec28

-Dec

31-D

ec

VOLUME 100 INDEX

-12.5%

-12.4%-11.6%

-11.0%-10.7%

-10.0%

-8.0%

-7.2%-6.0%

-5.2%

-3.6%

-2.1%

-2.0%

-1.9%

18.5%

-15% -10% -5% 0% 5% 10% 15% 20% 25%

ENGINEERING

OIL & GAS EXPLORATION COMPANIES

REFINERY

AUTOMOBILE ASSEMBLER

CEMENT

OIL & GAS MARKETING COMPANIES

COMMERCIAL BANKS

TEXTILE COMPOSITE

FERTILIZER

INSURANCE

PHARMACEUTICALS

FOOD & PERSONAL CARE PRODUCTS

POWER GENERATION & DISTRIBUTION

CHEMICAL

TOBACCO

9.00

9.30

9.60

9.90

10.20

10.50

10.80

3-D

ec4-

Dec

5-D

ec6-

Dec

7-D

ec8-

Dec

9-D

ec10

-Dec

11-D

ec12

-Dec

13-D

ec14

-Dec

15-D

ec16

-Dec

17-D

ec18

-Dec

19-D

ec20

-Dec

21-D

ec22

-Dec

23-D

ec24

-Dec

25-D

ec26

-Dec

27-D

ec28

-Dec

29-D

ec30

-Dec

31-D

ec

6M KIBOR 6M T-Bills

Source: State Bank of Pakistan

Source: Pakistan Stock Exchange

Source: Pakistan Stock Exchange

MUFAP's Recommended Format

Atlas Sovereign Fund (ASF)(formerly Atlas Sovereign Liquid Fund)

Investment Committee M. Abdul Samad Ali H. Shirazi Khalid Mahmood Muhammad Umar Khan Fawad Javaid Faran Ul HaqChief Executive Officer Director Chief Investment Officer Head of Portfolio Management Head of Fixed Income Head of Equities

December 2018

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 fund are subject to market risks. Past performance is not necessarily indicative of the future results. Please read the Offering Document to understand the investment policies and the risks involved. 2

Investment Objective Fund FactsFund Type Open-endedCategory Money Market SchemeLaunch Date

Asset Mix* Net Assets (mn) (at month end)Leverage & Maturity Profile NAV (at month end)

Cash Leverage: Total Expense Ratio 1.1% - annualized (Incl Govt Levy)Weighted average time to Govt Levy 0.18% rep Gov levy, WWF & SECP Fee

T-Bills maturity of the Net assets (Days) Benchmark(BM) 70/30 composition of:average of 3 Month PKRV rate

Others incl. receivables & 3-Month deposit rates of threescheduled banks(AA and above rated) as selected by MUFAP

Dealing Days Monday to Friday* % of Gross Asset Cut Off timings 9:00 am to 4:00 pm

Pricing mechanism Known Pricing from July 12, 2016Credit Quality of the Portfolio (% of Total Assets ) Jan-00 Management Fee 0.45% of Avg. Annual Net Assets

Front End Load NilTrustee Central Depository Company Ltd.Registrar ITMinds LimitedAuditor EY Ford RhodesAsset Manager Rating AM2+(PACRA) (As on 28-Dec-2018)

LowFund Stability Rating : AA(f) (PACRA) (As on 11-Dec-18)

Yearly Performance* Payout History

*Annualized Return*Funds returns computed on NAV to NAV with the dividend reinvestment,if any.

Trailing Performance

Returns* 8.79% 7.80% 6.92% N/A 31.80% 6.99%Benchmark 8.86% 8.12% 7.36% N/A 27.44% 5.95%

*Annualized Return ** CAGR Since Inception ***3Y returns are till FY18

Monthly Performance History *Annualized return: (Absolute return) *(365/No. of days)Year Dec Jan Feb Mar Apr May

2018-19 8.79%2017-18 5.22% 4.45% 4.85% 5.23% 4.60%

Note: Performance data does not include the cost incurred directly by an investor in the form of sales load etc.


3 Years ***30 Days

(1 Month)90 Days

180 Days 365 Days(1 Year)

5.21%6.83%

Jul Aug Sep Oct Nov

5.13% 4.86% 4.79% 4.78% 4.54%

Dec-18 Nov-18

Asset Allocation (% of Total Assets )

33.9% 95.3%

0.2%0.5%

4.5%

PKR 261ASF PKR 103.75Nil

6.49

5 Years

6.45%7.36%

Risk Profile of the Fund:

CAGR **

The management company, as a matter of prudence and asrecommended by MUFAP, made provision in respect of SWWF witheffect from the date of enactment of the SWWF Act, 2014 (i.e.starting from 21 May 2015) on 12 January 2017. Accordingly, theprovision for SWWF is being made on a daily basis going forward. Uptill December 31, 2018, a sum of Rs. 1,282,448 (Rs. 0.51 per unit) hasbeen provided for SWWF.

The Finance Act, 2013 imposed Federal Excise Duty (FED) onfinancial services to include Asset Management Companies(AMC’s) with effect from 13th June, 2013. On September 04, 2013 aconstitutional petition has been filed in Sindh High Court (SHC) jointlyby various AMC`s, challenging the levy of FED. In a separate petitionthe Honorable Sindh High Court declared that the FED wasunconstitutional and cannot be charged where provinces arecollecting sales tax. The Federation has filed an appeal in theHonorable Supreme Court of Pakistan Further, via Finance Act 2016,the FED has been withdrawn from July 1, 2016. In the meantime, asa matter of abundant caution, the Scheme has held provision forFED liability which amounted to Rs.905,341 up till June 30, 2016.(Rs.0.36 per unit as on December 31, 2018)

(% on Opening NAV)

6.92% 6.02% 21.51%

Since Inception

17.26%

Note: The Category of Atlas Sovereign Fund (ASF) has been changed from Money Market Scheme to Income Scheme w.e.f. January 2, 2019

YTD

5.00%5.00%

To provide unit-holders competitive returns with low risk and high liquidity by investing primarily in short-term Government Securities.

Dec-2014

Jun YTD6.92%5.77% 6.04% 7.37%6.08%

65.7%

*

T-Bills, 33.9%

Cash, 65.7%

Others incl. receivables, 0.5%

AA, 0.3%AAA, 1.4%

AA+, 64.4%

Government Securities, 33.9%

4.75%

5.75%

9.49%

4.34%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2015 2016 2017 2018

8.32%

5.79%

9.38%

5.00%

6.92%7.34%

5.76%5.26% 5.36%

7.36%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2015 2016 2017 2018 YTDRETURN BENCHMARK

Sindh Workers' Welfare Fund (SWWF)

Federal Excise Duty (FED)

Atlas Money Market Fund (AMF)December 2018



Investment Objective Fund FactsTo provide stable income stream with preservation of capital by investing in AA and above rated Fund Type Open-endedbanks and short term Government Securities. Category Money Market Scheme

Launch Date Jan-2010Asset Mix* Net Assets (mn) (at month end)

Leverage & Maturity Profile NAV (at month end)Cash Leverage: Total Expense Ratio 0.79% - annualized (Incl Govt Levy)

Weighted average time to Govt Levy 0.16% rep Gov levy, WWF & SECP FeeOthers incl. receivables maturity of the Net assets (Days) Benchmark(BM) 70/30 composition of:

3-Month deposit rates of threeT-Bills scheduled banks (AA and above

rated)average of 3 Month PKRVrate as selected by MUFAP

Dealing Days Monday to FridayCut Off timings 9:00 am to 4:00 pm

* % of Gross Asset Pricing mechanism Forward PricingManagement Fee 0.45% of Avg. Annual Net Assets

Asset Allocation (% of Total Assets ) Nov-14 Credit Quality of the Portfolio (% of Total Assets ) Nov-14 Front End Load NilTrustee Central Depository Company Ltd.Registrar ITMinds LimitedAuditor A. F. Ferguson & Co.Asset Manager Rating AM2+(PACRA) (As on 28-Dec-2018)

Risk Profile of the Fund: Low (As on 04-May-2017)


0

*Annualized Return*Funds returns computed on NAV to NAV with the dividend reinvestment,if any.


Returns* 8.70% 7.97% 7.43% 39.62% 105.06% 8.35%Benchmark 8.86% 8.12% 7.36% 35.88% 94.23% 7.46%

*Annualized Return ** CAGR Since Inception *** 3Y and 5Y returns are till FY18


2018-19 8.70%2017-18 5.57% 5.12% 5.40% 5.63% 4.99%



Jul Aug Sep

5.49%6.83%

5.38%5.16%6.49% 6.80% 7.84% 7.19%

5.49% 5.38% 5.07%

Jun YTD7.43%

(As on 11-Dec-18)AA(f) (PACRA)

5.64% 5.49%

PKR 15,325PKR 521.22

Fund Stability Rating :

CAGR **5 Years ***

18.73%16.74%

3 Years ***

The management company, as a matter of prudence and asrecommended by MUFAP, made provision in respect of SWWF witheffect from the date of enactment of the SWWF Act, 2014 (i.e.starting from 21 May 2015) on 12 January 2017. Accordingly, theprovision for SWWF is being made on a daily basis going forward. Uptill December 31, 2018, a sum of Rs. 25,605,638 (Rs. 0.87 per unit) hasbeen provided for SWWF.

The Finance Act, 2013 imposed Federal Excise Duty (FED) onfinancial services to include Asset Management Companies(AMC’s) with effect from 13th June, 2013. On September 04, 2013 aconstitutional petition has been filed in Sindh High Court (SHC)jointly by various AMC`s, challenging the levy of FED. In a separatepetition the Honorable Sindh High Court declared that the FED wasunconstitutional and cannot be charged where provinces arecollecting sales tax. The Federation has filed an appeal in theHonorable Supreme Court of Pakistan Further, via Finance Act 2016,the FED has been withdrawn from July 1, 2016. In the meantime, asa matter of abundant caution, the Scheme has held provision forFED liability which amounted to Rs.20,428,502 up till June 30, 2016.(Rs.0.69 per unit as on December 31, 2018)

Oct Nov

YTD Since Inception

7.43%7.36%

6.53%6.45%

0.0%

Dec-18 Nov-18

5.5%

0.1%

99.2%

0.8%

(% on Opening NAV)

Nil

1.00

AMF

94.5%

30 Days(1 Month)

90 Days

180 Days 365 Days(1 Year)

10.85% 10.66%

8.75%7.96%

8.36%

6.60%5.99%

5.38%

0%

2%

4%

6%

8%

10%

12%

2011 2012 2013 2014 2015 2016 2017 2018

8.29%8.59%

6.02% 6.14%5.49%

7.43%

8.18%7.59%

5.76%5.20% 5.36%

7.36%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2014 2015 2016 2017 2018 YTD

RETURN BENCHMARK

*

Cash, 99.2%


T-Bills, 0.0%

AAA, 62.1%

AA+, 37.9%



Atlas Income Fund (AIF)



Fund FactsInvestment Objective Fund Type Open-endedTo earn a competitive return while preserving capital by investing in good quality corporate debt Category Income Scheme instruments, bank deposits and government securities. Launch Date Mar-2004

Net Assets (mn) (at month end)NAV (at month end)

Asset Mix* Leverage & Maturity Profile Total Expense Ratio 1.37% - annualized (Incl Govt Levy)Cash Leverage: Govt Levy 0.22% rep Gov levy, WWF & SECP FeeTFC Weighted average time to Benchmark(BM) Average 6 Months KIBOR (Ask)MTS maturity of the Net assets (Days) Dealing Days Monday to FridayT-Bills Cut Off timings 9:00 am to 4:00 pmOthers incl. receivables Pricing mechanism Forward Pricing

Management Fee 0.80% of Avg. Annual Net AssetsFront End Load NilTrustee Central Depository Company Ltd

* % of Gross Asset ITMinds LimitedTFC/Sukuk Holding (% of Total Assets ) Jan-00 Credit Quality of the Portfolio (% of Total Assets ) Jan-00

Asset Manager Rating AM2+(PACRA)Bank Al-Falah Ltd Risk Profile of the Fund: MediumHabib Bank LtdDawood Hercules SukukBank Al Habib LtdAskari BankMeezan Bank SukukSoneri Bank

Non-Compliant Investment

Investment

Issuers

Agritech Limited SukukAgritech Limited PPTFCAgritech Limited TFC - IVAgritech Limited TFC IIAzgard Nine Limited TFCAzgard Nine Limited TFC-VTelecard Limited TFC Investment Plans

Yearly Performance Payout History (% on Opening NAV) AIFWeight 85%Weighted Av. Return (2018-19) 3.65%Weighted Av. Return (2017-18) 3.38%Weighted Av. Return (2016-17) 9.72%Weighted Av. Return (2015-16) 7.57%

AIFWeight 50%Weighted Av. Return (2018-19) -3%Weighted Av. Return (2017-18) 0.04%

*Annualized Return Weighted Av. Return (2016-17) 19.6%Weighted Av. Return (2015-16) 6.54%

*Annualized Return AIF*Funds returns computed on NAV to NAV with the dividend reinvestment,if any. Weight 15%

Weighted Av. Return (2018-19) -9.6%Trailing Performance Weighted Av. Return (2017-18) -3.3%

Weighted Av. Return (2016-17) 29.5%Weighted Av. Return (2015-16) 5.5%

Returns* 5.32% 7.75% 6.48% 45.35% 230.28% 8.42%Benchmark 10.66% 9.97% 9.01% 43.87% 270.89% 9.60%

*Annualized Return ** CAGR Since Inception *** 3Y and 5Y returns are till FY18


2018-19 5.32%2017-18 4.54% 4.81% 4.70% 3.68% 5.70%



Atlas Bachat Plan

Atlas Bachat Balanced Plan

Atlas Bachat Growth Plan

81,625,501 (81,625,501) - - 62,649,249

Dec-18 Nov-18 AIF

2.5% 59.2%1.3% 1.0%

64.4% 4.5% Nil28.0% 28.1%

530.903.8% 7.1%

EY Ford Rhodes(As on 28-Dec-2018)

Fund Stability Rating : AA-(f) (PACRA) (As on 11-Dec-18)7.41%

The Income scheme holds certain non-compliant investments. Before making any investment decision,investors should review this document and latest Financial Statements.

RegistrarAuditor

2.92%2.55% 2.74%

7.33% 7.27%

1.32%1.33%

5.13%

The management company, as a matter of prudence and asrecommended by MUFAP, made provision in respect of SWWF witheffect from the date of enactment of the SWWF Act, 2014 (i.e. startingfrom 21 May 2015) on 12 January 2017. Accordingly, the provision forSWWF is being made on a daily basis going forward. Up till December31, 2018, a sum of Rs. 25,789,987 (Rs. 3.58 per unit) has been providedfor SWWF.

1.29% 1.27%

The Finance Act, 2013 imposed Federal Excise Duty (FED) on financial services to include Asset Management Companies (AMC’s) with effect from 13th June, 2013. On September 04, 2013 a constitutional petition has been filed in Sindh High Court (SHC) jointly by various AMC`s, challenging the levy of FED. In a separate petition the Honorable Sindh High Court declared that the FED was unconstitutional and cannot be charged where provinces are collecting sales tax. The Federation has filed an appeal in the Honorable Supreme Court of Pakistan Further, via Finance Act 2016, the FED has been withdrawn from July 1, 2016. In the meantime, as a matter of abundant caution, the Scheme has held provision for FED liability which amounted to Rs.23,582,971 up till June 30, 2016. (Rs.3.27

% of Net/Gross AssetsValue after provisionProvision HeldValue before

provisionType

(Secured)

Suspended Mark up (fully provided)

5,375,000 (5,375,000) - -

15,225,000 (15,225,000) - - 16,076,557 29,976,000 (29,976,000) - - 31,463,740

- 8,005,547 11,015,000 (11,015,000) - - - 7,871,511 (7,871,511) - - 6,561,059

4.82%5.33% 4.03% 4.41% 4.93% 5.21% 4.58%7.27% 4.35% 3.46% 9.47% 8.5% 6.48%

4.69%

30 Days(1 Month)

90 Days

5 Years ***Since

InceptionCAGR **

YTDJul Aug Sep Oct Nov

5.70% 19.46%6.48%

ASMF15%

ASMF50%

ASMF

180 Days 365 Days(1 Year) YTD

85%

PKR 529.72PKR 3,815

7.53%

5.16%2.80%

Jun

9.03% 7.76% 20.20%

3 Years ***

4,668,990 (4,668,990) - 542,346 -

7,494,000 (7,494,000) -

-

These are allocations between AIF and ASMF aiming at acustomized investment approach to the investors to meet theirpersonal goals and preferences.

Govt Securities, 2.5%

Non Rated, 3.8%AA, 16.8%

AA-, 2.6%

AAA, 58.7%

AA+, 14.3% A+, 1.3%

11.49%

9.99%9.47%

6.74%

9.33%

7.60%

5.74%

8.96%8.19%

10.92%

8.00%

5.28%4.69%

0%

2%

4%

6%

8%

10%

12%

14%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

8.45%

12.19%

8.02%

5.48%4.82%

6.48%

9.83%8.97%

6.53% 6.1% 6.35%

9.01%

0%

2%

4%

6%

8%

10%

12%

14%

2014 2015 2016 2017 2018 YTD

RETURN BENCHMARK



December 2018

Atlas Stock Market Fund (ASMF)


December 2018

Investment Objective Fund FactsTo provide long term capital growth from an actively managed portfolio invested in listed companies Fund Type Open-endedin Pakistan. Category Equity Scheme

Launch DateNet Assets (mn) (at month end)

Asset Mix* Leverage Profile ASMF NAV (at month end)Equities Leverage: Nil Total Expense Ratio 2.83% - annualized (Incl Govt Levy)

Govt Levy 0.47% rep Gov levy, WWF & SECP FeeOthers incl. receivables Benchmark KSE-100 Index

Dealing Days Monday to FridayCash Cut Off timings 9:00 am to 4:00 pm

Pricing mechanism Forward PricingManagement Fee 2% of Avg. Annual Net Assets

* % of Gross Asset Front End Load Upto 2% *Trustee Central Depository Company Ltd.

Yearly Performance Payout History (% on Opening NAV) Registrar ITMinds LimitedAuditor

Asset Manager RatingRisk Profile of the Fund: High

AM2+(PACRA) (As on 04-May-2017)

*Funds returns computed on NAV to NAV with the dividend reinvestment,if any.

Sector Allocation % of Total Assets Sector Top 10 Holding % of Total AssetsCommercial Banks 27.6

Oil & Gas Exploration 20.0

Fertilizer 10.8 Oil & Gas Development Co. Ltd 6.4Cement 7.2 United Bank Limited 6.2Power Generation & Distribution 7.0 Engro Corporation Limited 5.9Oil & Gas Marketing 4.3 Pakistan Petroleum Limited 5.6Textile Composite 4.0 Bank Al Habib Limited 5.2Engineering 1.8 Bank Alfalah Limited 5.1Chemicals 1.7 Mari Petroleum Co. Ltd 4.9Technology & Communications 1.4 Hub Power Company Limited 4.8Foods & Personal Care 0.8 Engro Fertilizers Limited 4.8Automobile Parts & Accessories 0.6 Habib Bank Limited 4.5Insurance 0.6 Paper & Board 0.5 Refinery 0.5 Inv. Bank/Inv. Companies/Securities Co. 0.4 Transport 0.4 Others 0.0


Returns* -10.95% -10.91% -12.39% 108.43% 623.81% 15.06%Benchmark -8.47% -9.15% -11.56% 99.52% 572.17% 14.46%

*Actual Returns - Not Annualized ** CAGR Since Inception *** 3Y and 5Y returns are till FY18

Monthly Performance HistoryYear Dec Jan Feb Mar Apr May

2018-19 -10.95%2017-18 1.52% 8.49% 5.91% 0.11% -4.44%


* On amount less than or equal to Rs.25 Mn. However, in case where transaction are done online or through a website, the maximum front-end load will be up to 1.5%.

89.6% 94.5%

5.7% 1.2%

Nov-2004PKR 5,394

Dec-18 Nov-18 PKR 543.92

EY Ford RhodesAM2+(PACRA) (As on 28-Dec-2018)

4.7% 4.4%

10.6 Oil & Gas Exploration8.6 Commercial Banks

Dec-18 Nov-18

Scrip % Sectors28.7 19.1

4.6 Commercial Banks3.4 Commercial Banks

5.9 Fertilizer5.1 Oil & Gas Exploration

1.1 Fertilizer1.4 Commercial Banks

1.0 Oil & Gas Exploration1.7 Power Gen & Dist

0.4 0.4 0.9

0.5 0.5 0.5

-11.56% -8.41% 21.84%

Jul Aug Sep Oct Nov

5 Years ***

-12.38% -6.46% 33.82%

30 Days(1 Month)

90Days

180 Days

365 Days(1 Year) YTD 3 Years ***

For Investment Plans please refer to AIF on pre-page.

The Finance Act, 2013 imposed Federal Excise Duty (FED) on financialservices to include Asset Management Companies (AMC’s) witheffect from 13th June, 2013. On September 04, 2013 a constitutionalpetition has been filed in Sindh High Court (SHC) jointly by variousAMC`s, challenging the levy of FED. In a separate petition theHonorable Sindh High Court declared that the FED wasunconstitutional and cannot be charged where provinces arecollecting sales tax. The Federation has filed an appeal in theHonorable Supreme Court of Pakistan Further, via Finance Act 2016,the FED has been withdrawn from July 1, 2016. In the meantime, as amatter of abundant caution, the Scheme has held provision for FEDliability which amounted to Rs.20,301,988 up till June 30, 2016. (Rs.2.05per unit as on December 31, 2018)

The management company, as a matter of prudence and asrecommended by MUFAP, made provision in respect of SWWF witheffect from the date of enactment of the SWWF Act, 2014 (i.e. startingfrom 21 May 2015) on 12 January 2017. Accordingly, the provision forSWWF is being made on a daily basis going forward. Up tillDecember 31, 2018, a sum of Rs. 38,835,533 (Rs. 3.92 per unit) hasbeen provided for SWWF.

-1.22% -4.75%

Since Inception CAGR **

-0.83% -7.65% 1.60% -5.83% 0.27% -1.65%

Jun YTD1.98% -1.80% -1.43% 3.17% -3.39% -12.39%

36.13%

18.86%

11.54%

0.95%2.98%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2013 2014 2015 2016 2017

30.09%

19.73%

5.05%

33.74%

-4.75%

-12.39%

41.16%

16.01%

9.84%

23.24%

-10.00% -11.56%

-20%

-10%

0%

10%

20%

30%

40%

50%

2014 2015 2016 2017 2018 YTDRETURN BENCHMARK



Atlas Islamic Income Fund (AIIF)


December 2018


Fund Type Open-endedInvestment Objective Category Islamic Income SchemeTo seek preservation of capital and reasonable rate of return from a broadly diversified portfolio Launch Date Oct-2008of long, medium and short term, high quality Islamic income instruments. Net Assets (mn) (at month end)

NAV (at month end)Total Expense Ratio 0.83% - annualized (Incl Govt Levy)

Asset Mix* Leverage & Maturity Profile AIIF Govt Levy 0.15% rep Gov levy, WWF & SECP FeeCash Leverage: Nil BenchmarkSukuk Weighted average time to Others incl. receivables maturity of the Net assets (Days) 289.28

Dealing Days Monday to FridayCut Off timings 9:00 am to 4:00 pm

* % of Gross Asset Pricing mechanism Forward PricingManagement Fee 0.30% of Avg. Annual Net AssetsFront End Load NilTrustee Central Depository Company Ltd.

Sukuk Holding (% of Total Assets ) Jan-00 Credit Quality of the Portfolio (% of Total Assets ) Jan-00 ITMinds Limited

Meezan Bank SukukDawood Hercules Sukuk Shariah Advisor Dr. Mufti Muhammad Wasie Fasih Butt


0

Shariah Compliant Investment Plans

AIIFWeight 85%Weighted Av. Return (2018-19) 4.51%Weighted Av. Return (2017-18) 3%Weighted Av. Return (2016-17) 9.46%

*Annualized Performance AIIF*Funds returns computed on NAV to NAV with the dividend reinvestment,if any. Weight 50%

Weighted Av. Return (2018-19) -1.1%Weighted Av. Return (2017-18) -1.5%

Trailing Performance Weighted Av. Return (2016-17) 17.6%AIIF

Weight 15%Returns* 7.94% 7.77% 6.91% 35.44% 117.68% 7.91% Weighted Av. Return (2018-19) -6.7%

Benchmark 3.20% 3.02% 2.84% 26.96% 86.02% 6.17% Weighted Av. Return (2017-18) -6%*Annualized Return ** CAGR Since Inception *** 3Y and 5Y returns are till FY18 Weighted Av. Return (2016-17) 25.8%

Monthly Performance HistoryYear Dec Jan Feb Mar Apr May

2018-19 7.94%2017-18 5.07% 4.45% 5.14% 4.12% 5.62%

*Annualized return: (Absolute return) *(365/No. of days)Note: Performance data does not include the cost incurred directly by an investor in the form of sales load etc.


PKR 753PKR 520.59

Six (6) months average deposit rates of three (3) -A rated scheduled Islamic Banks or Islamic windows of Conventional Banks as selected by MUFAP

AM2+(PACRA)Asset Manager Rating

CAGR **

Jun

RegistrarA. F. Ferguson & Co.

Risk Profile of the Fund:

The management company, as a matter of prudence and asrecommended by MUFAP, made provision in respect of SWWF witheffect from the date of enactment of the SWWF Act, 2014 (i.e. startingfrom 21 May 2015) on 12 January 2017. Accordingly, the provision forSWWF is being made on a daily basis going forward. Up till December31, 2018, a sum of Rs. 519,777 (Rs. 0.36 per unit) has been provided forSWWF.

The Finance Act, 2013 imposed Federal Excise Duty (FED) on financialservices to include Asset Management Companies (AMC’s) with effectfrom 13th June, 2013. On September 04, 2013 a constitutional petitionhas been filed in Sindh High Court (SHC) jointly by various AMC`s,challenging the levy of FED. In a separate petition the Honorable SindhHigh Court declared that the FED was unconstitutional and cannot becharged where provinces are collecting sales tax. The Federation hasfiled an appeal in the Honorable Supreme Court of Pakistan Further, viaFinance Act 2016, the FED has been withdrawn from July 1, 2016. In themeantime, as a matter of abundant caution, the Scheme has heldprovision for FED liability which amounted to Rs.1,733,902 up till June 30,2016. (Rs.1.20 per unit as on December 31, 2018)

4.92%4.72% 4.66%6.91%YTD

Atlas Bachat Growth Islamic PlanSince Inception

AISF

AISF

AISF

50%

15%Atlas Bachat Islamic Plan

Atlas Bachat Balanced Islamic Plan

85%

4.26% 4.78% 4.76% 5.01% 5.19%

5 Years ***

5.38% 6.09% 6.30% 6.39%NovSepAugJul

8.80%Oct

30 Days(1 Month)

16.73%11.22%

YTD 3 Years ***

2.84%5.96%2.64%

Dec-18 Nov-1884.4%14.5%1.1%

82.6%12.9%4.5%

(% on Opening NAV)

Medium

Auditor

Fund Stability Rating : AA-(f) (PACRA) (As on 11-Dec-18)

(As on 28-Dec-2018)7.18%7.28%

6.44%6.44%

6.91%

90 Days 180 Days 365 Days(1 Year)

These are allocations between AIIF and AISF aimimg at acustomized investment approach to the investors to meet theirpersonal goals and preferences.

AAA, 0.08%

AA+, 0.01%

AA, 17.47%

AA-, 0.01%A+, 39.72%

A, 42.71%

7.47%7.92%

5.00%

5.68%

4.87%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

2014 2015 2016 2017 2018

8.22%

7.21%

4.97%

5.97%

4.92%

6.91%6.93% 6.76%

5.15%

3.26%

2.44% 2.84%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

2014 2015 2016 2017 2018 YTD

RETURN BENCHMARK

*



Atlas Islamic Stock Fund (AISF)

Disclaimer:This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendationor an offer to buy or sell any fund.All investments in mutual fund are subject to market risks. Past performance is not necessarily indicative of the future results. Please read the Offering Document to understand the investment policies and the risks involved. 7

December 2018

Investment Objective Fund FactsTo provide long term capital growth from an actively managed portfolio invested in Shariah Fund Type Open-endedcompliant listed companies in Pakistan. Category Islamic Equity Scheme

Launch DateNet Assets (mn) (at month end)

Asset Mix* Leverage Profile AISF NAV (at month end)Equities Leverage: Nil Total Expense Ratio 2.89% - annualized (Incl Govt Levy)

Govt Levy 0.47% rep Gov levy, WWF & SECP FeeCash Benchmark KMI - 30 Index

Dealing Days Monday to FridayOthers incl. receivables Cut Off timings 9:00 am to 4:00 pm

Pricing mechanism Forward PricingManagement Fee 2% of Avg. Annual Net Assets

* % of Gross Asset Front End Load Upto 2% *Trustee Central Depository Company Ltd.

Yearly Performance Payout History (% on Opening NAV) Registrar ITMinds LimitedAuditor EY Ford RhodesAsset Manager Rating AM2+(PACRA)

Shariah Advisor Dr. Mufti Muhammad Wasie Fasih ButtRisk Profile of the Fund: High

AM2+(PA (As

*Funds returns computed on NAV to NAV with the dividend reinvestment,if any.

Top 10 Holdings % of Total Assets Sector Allocation % of Total Assets SectorOil & Gas Exploration Engro Corporation Limited 9.7 FertilizerFertilizer Oil & Gas Development Co. Ltd 9.3 Oil & Gas ExplorationCement Meezan Bank Limited 8.9 Commercial BanksPower Generation & Distribution Pakistan Petroleum Limited 7.1 Oil & Gas ExplorationCommercial Banks Lucky Cement Limited 6.1 CementOil & Gas Marketing Engro Fertilizers Limited 6.1 FertilizerTextile Composite Hub Power Company Limited 5.7 Power Gen & DistEngineering Mari Petroleum Co. Ltd 5.3 Oil & Gas ExplorationTechnology & Communications Pakistan State Oil Co. Ltd 3.4 Oil & Gas MarketingChemicals Pakistan Oilfields Limited 3.2 Oil & Gas ExplorationPaper & BoardAutomobile AssemblerCables & Electrical GoodsAutomobile Parts & AccessoriesOthers


Returns* -9.72% -9.27% -9.12% 86.00% 368.05% 13.77%Benchmark -10.55% -11.65% -13.91% 93.55% N/A N/A

*Actual Returns - Not Annualized ** CAGR Since Inception *** 3Y and 5Y returns are till FY18

Monthly Performance HistoryYear Dec Jan Mar Apr May

2018-19 -9.72%2017-18 0.67% 7.64% 4.20% -0.05% -4.06%



* On amount less than or equal to Rs.25 Mn. However, in case where transaction are done online or through a website, the maximum front-end load will be up to 1.5%.

Jan-2007PKR 1,346

Dec-18 Nov-18 PKR 482.04

(As on 28-Dec-2018)

90.5% 92.2%

5.1% 6.4%

4.4% 1.5%

SectorsDec-18

24.9 24.1 17.5 13.9 11.2 12.2

Scrip %

4.4 5.9

Nov-18

1.9 4.1 1.7 2.0

9.1 8.3 8.9 8.9 7.1 8.0

0.4 0.4 0.4 0.9 0.2 1.4

1.6 1.0 0.6 0.5 0.5 0.5

24.08%

Jul Aug Sep Oct Nov

5 Years ***Since

Inception CAGR **

-9.12% -6.20% 25.88%

30 Days(1 Month)

90Days

180 Days 365 Days(1 Year) YTD 3 Years ***

For Shariah Compliant Investment Plans please refer to AIIF on pre-page.

The Finance Act, 2013 imposed Federal Excise Duty (FED) on financialservices to include Asset Management Companies (AMC’s) with effectfrom 13th June, 2013. On September 04, 2013 a constitutional petitionhas been filed in Sindh High Court (SHC) jointly by various AMC`s,challenging the levy of FED. In a separate petition the Honorable SindhHigh Court declared that the FED was unconstitutional and cannot becharged where provinces are collecting sales tax. The Federation hasfiled an appeal in the Honorable Supreme Court of Pakistan Further,via Finance Act 2016, the FED has been withdrawn from July 1, 2016. Inthe meantime, as a matter of abundant caution, the Scheme has heldprovision for FED liability which amounted to Rs.10,453,385 up till June30, 2016. (Rs.3.74 per unit as on December 31, 2018)

The management company, as a matter of prudence and asrecommended by MUFAP, made provision in respect of SWWF witheffect from the date of enactment of the SWWF Act, 2014 (i.e. startingfrom 21 May 2015) on 12 January 2017. Accordingly, the provision forSWWF is being made on a daily basis going forward. Up till December31, 2018, a sum of Rs. 15,491,187 (Rs. 5.55 per unit) has been providedfor SWWF.

-9.12%0.90 -8.67% 1.28% -5.31% 0.31% -2.44% -1.62% -7.88%

Feb Jun YTD1.70% -0.58% -1.03% 4.69% -3.91%

-13.91% -10.84%

33.82%

12.05% 12.23%

7.41%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2013 2014 2015 2017

21.73% 21.37%

5.73%

29.25%

-7.88% -9.12%

29.89%

20.1%

15.53%

18.80%

-9.6%

-13.91%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2014 2015 2016 2017 2018 YTDRETURN BENCHMARK



Atlas Pension Fund (APF)

Disclaimer:This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendationor an offer to buy or sell any fund.All investments in mutual fund are subject to market risks. Past performance is not necessarily indicative of the future results. Please read the Offering Document to understand the investment policies and the risks invol ved. 9

December 2018Investment Objective Fund Factsa) The APF-ESF is to earn returns from investments in Pakistani Equity Markets. Fund Inception Dateb) The APF-DSF is to earn returns from investments in debt markets of Pakistan, thus incurring a relatively Front End Load 3% (Front-end) of contribution * Lower risk than equity investments. Management Fee 1.5% of Avg. Annual N.A. (Equity)

c) The APF-MMSF is to earn returns from investments in Money Markets of Pakistan, thus incurring a 0.75% of Avg. Annual N.A. (Debt)

Relatively lower risk than debt investments. 0.50% of Avg. Annual N.A. (M.Market)

Trustee Central Depository Company Ltd.Registrar ITMinds Limited

Yearly Performance Portfolio Composition Auditors KPMG Taseer Hadi & CoMinimum Investment Rs.5,000/- or 10% of monthly

income (which ever is lower)Eligibility Any Pakistani (resident or

non-resident), who holds avalid NTN or CNIC/NICOPAM2+(PACRA)

(at month end)APF-Equity (ESF)APF-Debt (DSF)APF-M.M (MMSF)

AM2+(PACRA) (As on 04-May-2017)

*Actual Returns - Not Annualized

*Annualized Return

Allocation Scheme APF-ESF APF-DSF APF-MMSF(i) High Volatility 65-80% 20-35% NilReturn based on 80%Weighted Av. Return (2018-19)Weighted Av. Return (2017-18)Weighted Av. Return (2016-17)(ii) Medium Volatility 35-50% 40-55%Return based on 50%Weighted Av. Return (2018-19)Weighted Av. Return (2017-18)

*Annualized Return Weighted Av. Return (2016-17)(iii) Low Volatility 10-25% 60-75%Return based on 25%

Sector Allocation % Total Assets for Top 10 Holdings % Total Assets for Weighted Av. Return (2018-19)APF-Equity Sub Fund APF-Equity Sub Fund Weighted Av. Return (2017-18)Sector Weighted Av. Return (2016-17)Commercial Banks (iv) Lower Volatility Nil 40-60%Oil & Gas Exploration 6.6 Return based on NilFertilizer 6.4 Weighted Av. Return (2018-19)Cement 6.1 Weighted Av. Return (2017-18)Power Generation & Distribution 5.8 Weighted Av. Return (2016-17)Oil & Gas Marketing 4.9 (v) LifecycleTextile Composite 4.9Engineering 4.8Technology & Communications 4.7Chemicals 4.6Foods & Personal Care 4.6Others (vi) Customized 0-100% 0-100%Trailing Performance

APF-Debt Sub-Fund

-10.55% 338.61%*Annualized return: (Absolute return) *(365/No. of days) ** CAGR Since Inception

Note: Performance data does not include the cost incurred directly by an investor in the form of sales load etc.MUFAP's Recommended Format

Investment Committee M. Abdul Samad Ali H. Shirazi Khalid Mahmood Muhammad Umar Khan Fawad Javaid Fawad Javaid Faran Ul HaqChief Executive Officer Director Chief Investment Officer Head of Portfolio Management Head of Fixed Income Head of Equities

Net Assets (mn) NAVPKR 360 PKR 438.61PKR 396 PKR 251.40

Jun-2007

Asset Manager Rating (As on 28-Dec-2018)

The management company, as a matter of prudence and as recommended by MUFAP, made provision in respect of SWWF with effect from the date of enactment of the SWWF Act, 2014 (i.e. starting from 21 May 2015) on 12 January 2017. Accordingly, the provision for SWWF is being made on a daily basis going forward. Up till December 31, 2018, a sum of Rs. 2,516,618 (Rs. 3.07 per unit) (ESF), Rs. 1,518,181 (Rs. 0.96 per unit) (DSF) and Rs. 987,391 (Rs. 0.76 per unit) (MSF) has been provided for SWWF.

PKR 314 PKR 241.69

Atlas Pension Fund Allocation Schemes

* No front-end fee will be charged on subsequent contribution.

The Finance Act, 2013 imposed FED on AMC. On September 04, 2013 aconstitutional petition has been filed in Sindh High Court (SHC) jointly byvarious AMC`s, challenging the levy of FED. In a separate petition theHonorable Sindh High Court declared that the FED was unconstitutionaland cannot be charged where provinces are collecting sales tax. TheFederation has filed an appeal in the Honorable Supreme Court ofPakistan. Meanwhile in Federal Budget 2016, the FED has been withdrawnfrom July 1, 2016 .In the meantime, as a matter of abundant caution, TheScheme has held provision for FED liability which amounted to (ESF)Rs.1,523,347, (DSF) Rs.1,124,175, (MSF) Rs.706,273 up till June 30, 2016 whichis Rs.1.86, Rs.0.71, Rs.0.54 per unit respectively as on December 31, 2018

20% Nil-8.17%

The participant has the option to select from among six allocationschemes, allowing the participants to adopt a focused investmentstrategy, according to their risk/return. The weighted averag return belowis worked on asset allocation as indicated.

-2.57%1.04%

17.01%15-30%

60% 15%

-1.38%24.02%

10-25%40% 10%

40-60%19.0 18.4 Oil & Gas Development Co. Ltd Oil & Gas Exploration 60% 40%

2.08%3.04%

Dec-18 Nov-18 Scrip % Sectors 11.15%27.5 28.2

10.7 11.1 United Bank Limited Commercial Banks 6.86%7.5 9.0 Bank Al Habib Limited Commercial Banks 5.12%7.0 6.2 Engro Corporation Limited Fertilizer 5.36%4.5 5.3 Habib Bank Limited Commercial Banks

1.2 1.2 Mari Petroleum Co. Ltd Oil & Gas Exploration2.4 4.4

Lifecycle scheme allocates investments among the sub-funds and thevarying allocations with the age of the participants, moving from higherpercentage in equities in younger years to lower percentage in equities inolder years to reduce the risk near retirement age, seeking capital growthand preservation towards the later years in participants lifecycle.

1.6 1.7 Hub Power Company Limited Power Gen & Dist1.5 0.9 Bank Alfalah Limited Commercial Banks

4.2 4.9 Engro Fertilizers Limited Fertilizer1.7 3.4 Lucky Cement Limited Cement

0-100%

APF-Equity Sub-Fund APF-Money Market Sub-Fund30 Days

(1 Month)Since

Inception CAGR** 30 Days * (1 Month)

Since Inception

13.70% 7.36% 151.40% 8.33% 8.31% 141.69% 7.96%

CAGR** 30 Days *(1 Month)

Since Inception CAGR**

9.91%9.51%10.8%10.35%

8.15%7.59% 7.93%

5.74%5.53%5.36%

7.24%

0%

2%

4%

6%

8%

10%

12%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

APF-Money Market Sub-Fund

*

9.07%8.98%9.64%10.16%

8.47%7.83%

13.03%

7.88%

5.24%4.96%

6.6%

-1%

1%

3%

5%

7%

9%

11%

13%

15%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

APF-Debt Sub-Fund

*

-17.31%

20.71%29.73%

16.72%

52.48%

35.3%

21.13%

4.5%

28.72%

-2.97%-11.86%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

APF-Equity Sub-Fund

*

Equities, 88.8%

Cash, 5.5%Others incl. receivables,

5.7%

APF-Equity Sub-Fund

T-Bills, 50.3%Others incl. receivables, 1.0%

Cash, 37.7%

TFCs, 5.5% Sukuk, 5.5%

APF-Debt Sub-Fund

Cash, 38.8%

T-Bills, 60.6%


APF-Money Market Sub-Fund



Year ended June 30Assumptions:1. Based on equal monthly contributions.2. Reallocation/rebalancing once a year.

Ret

urns

Yearly Performance

Allocation Scheme Equity DebtMoneyMarket

High VolatilityMedium VolatilityLow VolatilityLower Volatility

80%50%25%0%

20%40%60%60%

0%10%15%40%

(On allocation as stAtlas Pension Fund

ated in the box)

10

Atlas Pension Fund (APF)

Equal contribution made to the allocation schemes in APF each month.

December 2018

Appreciation in value of investment over cost net of tax credit

s

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

220%

240%

260%

Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

Cu

mu

lati

ve R

etu

rn

Equity Debt MoneyMkt.

TaxCredit

AllocationScheme

80%50%25%0%

20%40%60%60%

0%10%15%40%

10%10%10%10%


MoneyMkt.

Atlas Pension Islamic Fund (APIF)

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 fund are subject to market risks. Past performance is not necessarily indicative of the future results. Please read the Offering Document to understand the investment policies and the risks involved.

December 2018

11

Investment Objective Fund Factsa) The APIF-ESF is to earn returns from investments in Pakistani Equity Markets. Fund Inception Dateb) The APIF-DSF is to earn returns from investments in debt markets of Pakistan, thus incurring a relatively Front End Load 3% (Front-end) of contribution * Lower risk than equity investments. Management Fee 1.5% of Avg. Annual N.A. (Equity)

c) The APIF-MMSF is to earn returns from investments in Money Markets of Pakistan, thus incurring a 0.75% of Avg. Annual N.A. (Debt)

Relatively lower risk than debt investments. 0.50% of Avg. Annual N.A. (M.Market)

Trustee Central Depository Company Ltd.Registrar ITMinds LimitedAuditors KPMG Taseer Hadi & Co

Yearly Performance Portfolio Composition Minimum Investment Rs.5,000/- or 10% of monthlyincome (which ever is lower)

Eligibility Any Pakistani (resident ornon-resident), who holds avalid NTN or CNIC/NICOPAM2+(PACRA)Dr. Mufti Muhammad Wasie Fasih Butt

(at month end)APIF-Equity (ESF)APIF-Debt (DSF)APIF-M.M (MMSF)

Asset Allocation (% of Total Assets )

* Actual Returns - Not Annualized

*Annualized Return

Atlas Pension Islamic Fund Allocation Schemes

APIF-ESF(i) High Volatility 65-80%Return based on 80%Weighted Av. Return (2018-19)Weighted Av. Return (2017-18)Weighted Av. Return (2016-17)Weighted Av. Return (2015-16)(ii) Medium Volatility 35-50%Return based on 50%Weighted Av. Return (2018-19)

*Annualized Return Weighted Av. Return (2017-18)Weighted Av. Return (2016-17)

Sector Allocation % Total Assets for Top 10 Holdings % Total Assets for Weighted Av. Return (2015-16)APIF-Equity Sub Fund APIF-Equity Sub Fund (iii) Low Volatility 10-25%Sector Return based on 25%Oil & Gas Exploration Weighted Av. Return (2018-19)Fertilizer 8.9 Weighted Av. Return (2017-18)Cement 8.4 Weighted Av. Return (2016-17)Commercial Banks 8.4 Weighted Av. Return (2015-16)Power Generation & Distribution 6.6 (iv) Lower Volatility NilOil & Gas Marketing 5.7 Return based on NilTextile Composite 5.5 Weighted Av. Return (2018-19)Technology & Communications 5.4 Weighted Av. Return (2017-18)Engineering 5.3 Weighted Av. Return (2016-17)Chemicals 3.2 Weighted Av. Return (2015-16)Automobile Parts & Accessories 3.2 (v) LifecycleOthersTrailing Performance

-9.50% 448.65% 118.17% (vi) Customized 0-100%*Annualized return: (Absolute return) *(365/No. of days) ** CAGR Since InceptionNote: Performance data does not include the cost incurred directly by an investor in the form of sales load etc.


Investment Committee M. Abdul Samad Ali H. Shirazi Khalid Mahmood Muhammad Umar Khan Fawad Javaid Fawad Javaid Faran Ul HaqChief Executive Officer Director Chief Investment Officer Head of Portfolio Management Head of Fixed Income Head of Equities

Net Assets (mn) NAVPKR 409 PKR 552.44

Nov-2007

Asset Manager Rating (As on 28-Dec-2018)Shariah Advisor

PKR 365 PKR 207.48PKR 315 PKR 219.68

Jan-00

The management company, as a matter of prudence and as recommended by MUFAP, made provision in respect of SWWF with effect from the date of enactment of the SWWF Act, 2014 (i.e. starting from 21 May 2015) on 12 January 2017. Accordingly, the provision for SWWF is being made on a daily basis going forward. Up till December 31, 2018, a sum of Rs. 2,442,724 (Rs. 3.30 per unit) (ESF), Rs. 1,030,288 (Rs. 0.59 per unit) (DSF) and Rs. 809,177 (Rs. 0.56 per unit) (MSF) has been provided for SWWF.

* No front-end fee will be charged on subsequent contribution.

The Finance Act, 2013 imposed FED on AMC. On September 04, 2013 aconstitutional petition has been filed in Sindh High Court (SHC) jointly byvarious AMC`s, challenging the levy of FED. In a separate petition theHonorable Sindh High Court declared that the FED was unconstitutionaland cannot be charged where provinces are collecting sales tax. TheFederation has filed an appeal in the Honorable Supreme Court ofPakistan. Meanwhile in Federal Budget 2016, the FED has beenwithdrawn from July 1, 2016 .In the meantime, as a matter of abundantcaution, The Scheme has held provision for FED liability whichamounted to (ESF) Rs.1,611,207, (DSF) Rs.1,046,875, (MSF) Rs.644,724 uptill June 30, 2016 which is Rs.2.18, Rs.0.60, Rs.0.45 per unit respectively ason December 31, 2018

APIF-DSF APIF-MMSF20-35% Nil

20% Nil

4.84%40-55% 10-25%

40% 10%-1.83%

-6.36%-6.92%23.71%

-2.94%16.79%4.61%

60-75% 15-30%Dec-18 Nov-18 Scrip % Sectors 60% 15%

23.6 24.6 1.93%14.9 13.7 Meezan Bank Limited Commercial Banks 0.37%10.9 12.5 Engro Corporation Limited Fertilizer 11.04%8.9 8.9 Oil & Gas Development Co. Ltd Oil & Gas Exploration 4.42%

6.8 8.0 Lucky Cement Limited Cement7.6 7.5 Pakistan Petroleum Limited Oil & Gas Exploration 40-60% 40-60%

60% 40%

5.19%1.5 1.0 Pakistan Oilfields Limited Oil & Gas Exploration 4.22%

4.5 5.9 Engro Fertilizers Limited Fertilizer 5.78%2.7 3.2 Mari Petroleum Co. Ltd Oil & Gas Exploration 3.76%

1.4 1.3 Nishat Mills Limited Textile Composite2.0 2.9

2.0 3.6 Hub Power Company Limited Power Gen & Dist

APIF-Equity Sub-Fund APIF-Debt Sub-Fund APIF-Money Market Sub-Fund30 Days

(1 Month)Since

Inception CAGR** 30 Days * (1 Month)

Since Inception

16.48% 7.48% 0-100%

CAGR** 30 Days *(1 Month)

Since Inception CAGR**

106.05% 6.69% 8.16% 7.24% 0-100%

11%

9.21%9.79%9.61%

7.12%7.67%

5.97%

4.21%4.88%

4.02%

6.08%

0%

2%

4%

6%

8%

10%

12%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

APIF-Money Market Sub-Fund

*

The participant has the option to select from among six allocationschemes, allowing the participants to adopt a focused investmentstrategy, according to their risk/return. The return below is worked onasset allocation as indicated.

Placement with banks & DFIs, 19.2%

Cash, 79.8%


APIF-Money Market Sub-Fund

10.37%9.79%

5.79%

6.98%7.79%8.04%

5.53%

4.23%

5.39%

3.58%

5.58%

0%

2%

4%

6%

8%

10%

12%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

APIF-Debt Sub-Fund

*

Placement with banks & DFIs, 18.9%

Cash, 74.0%


Sukuk, 5.4%

APIF-Debt Sub-Fund

-1.88%

22.88%

39.45%

30.05%

49.02%

24.88%24.32%

4.99%

28.29%

-9.54%-9.34%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

APIF-Equity Sub-Fund

*

Equities, 86.7%

Cash, 9.4%Others incl. receivables,

3.9%

APIF-Equity Sub-Fund

Lifecycle scheme allocates investments among the sub-funds and thevarying allocations with the age of the participants, moving fromhigher percentage in equities in younger years to lower percentage inequities in older years to reduce the risk near retirement age, seekingcapital growth and preservation towards the later years in participantslifecycle.



Yearly Performance

Ret

urns

Year ended June 30Assumptions:1. Based on equal monthly contributions.2. Reallocation/rebalancing once a year.

Allocation Scheme Equity DebtMoneyMarket


80%50%25%0%

20%40%60%60%

0%10%15%40%

(On allocation as stated in the box)Atlas Pension Islamic Fund

Equal contribution made to the allocation schemes in APIF each month.

12

Atlas Pension Islamic Fund (APIF)December 2018

Appreciation in value of investment over cost net of tax credit

-50%

0%

50%

100%

150%

200%

250%

300%

Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

Cu

mu

lati

ve

Re

turn

s

Equity Debt MoneyMkt.

TaxCredit

AllocationScheme

80%50%25%0%

20%40%60%60%

0%10%15%40%

10%10%10%10%


MoneyMkt.

as of 28th december, 2018 · as of 28th december, 2018 * disclaimer this publication is for...

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