from cio’s desk · (e) non rated securities. (f) the fund received 4,827 zero coupon pptfcs...

From CIO’s Desk February 2019

1

The KSE100 index closed February 2019 at 39,054 points, down 4% MoM; as the market lost momentum after a promising start to the year, which saw the index post gains of 10% during January. The decline in the index was primarily concentrated in Vanaspati & Allied Industries, Oil & Gas Marketing Companies and Refineries. So far in FY19, the KSE100 has declined by 7% and fixed income continues to outperform equities for the time being. Concerns over a challenging economic outlook, coupled with tension between Pakistan and India following the Pulwama attacks doused any renewed optimism, following the much awaited visit of Crown Prince of Saudi Arabia during which MoUs of investments worth USD21 billion were signed. The market buffeted by fears over escalation in military conflict with the neighboring India; after air strikes by the two nations raised alarm bells across the globe, witnessed excessive volatility. Furthermore, the ongoing result season disappointed investors with heavy weight scrips such as (UBL, HBL, HUBC and KAPCO) posting lower than expected results. The market however, recouped some losses as tension diffused, following Pakistan’s release of the captured Indian pilot. On the commodities front, Brent crude continued its uptrend, rising 6.7% MoM, as talks of US-China trade deal materializing made the rounds amid OPEC led supply cuts. Moreover, US announcement of banning oil imports from Venezuela oil company PDVSA further tightened the oil market leading to a run up in prices. Coal prices declined during the month by 6.8% to reach USD 83.5/ton; this was partly a delayed reaction to the drop in Brent crude prices since October 2018 and partly due to rising expectations of an economic slowdown in China due to the Sino-American trade war. Pakistan’s external situation showed signs of resurgence with the Current Account Deficit for January 2019 clocking in at USD0.8 billion versus USD 1.5 billion in the preceding month, a decline of 47.6% MoM. The shrinking CAD is attributed to 17.9%MoM drop in trade deficit on the back of 15.2%MoM increase in exports and a 3.4%MoM reduction in imports. The trend looks likely to continue in the coming months as well owing to the governments continued austerity measures and lower oil prices. CPI in February clocked in at 8.21% (SPLY: 3.80%) relative to 7.19% in January 2019. The MoM change of 102 basis points was primary led by Food index (having a weight of ~34.8%) up by +1.56%MoM, driven mainly on the back of rise in the price of tomatoes. The inflationary pressure is likely to persist in the coming months due to potentially higher electricity and gas prices (likely to be dictated by IMF) and unprecedented government borrowing from the SBP (currently PKR 3 trillion) to retire government debt from commercial banks. The SBP in its T-Bill auctions cumulatively borrowed PKR 2,616 billion against the target of PKR 2,100 billion, whereas the total maturing amount was PKR 2,071 billion. The cut-off maintained at 10.55% and 10.59 for 3 and 6-month treasury bills respectively. However, insignificant participation was observed in 6-month while no bids were received in 1-year tenor. Furthermore, the market witnessed heavy participation in longer tenor Pakistan Investment Bonds (PIB). In the fixed rate PIB auction PKR 232 billion were realized against the target of PKR 50 billion while total participation was PKR 375 billion having cut-off yield of 3, 5 and 10-year bonds stood at 12.15% , 12.50% and 12.85% respectively while no bids were received 20-year tenor. However, in 10 years Floating Rate PIB auction PKR 80 billion were realized against the target of PKR 150 billion having the margin of 70 basis points over the applicable benchmark rate of 6-Month PKRV and total participation was PKR 164.8 billion.

17,500

18,000

18,500

19,000

19,500

20,000

20,500

-

10

20

30

40

50

60

70

80

90

1-F

eb

8-F

eb

14

-Fe

b

20

-Fe

b

26

-Fe

b

Shares in mn

KSE 30 Perfomance

Volume (L.H.S) KSE-30 (R.H.S)

0.0%

4.0%

8.0%

12.0%

16.0%

Ap

r-1

2

Feb

-13

Dec

-13

Oct

-14

Au

g-1

5

Jun

-16

Ap

r-1

7

Feb

-18

Dec

-18

Monthly YoY Inflation

JS Cash Fund (JS CF) February 2019

MUFAP Recommended Format

2

Investment philosophy JS Cash Fund (JS CF) is an open-end 'Money Market Scheme' that mainly invests in low risk short-term fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The Fund shall invest primarily in short duration instruments and may even hold some or all of its assets in cash for the purpose maintaining liquidity.

Key information Fund type Open end

Category Money Market Scheme

Fund launch date 29 March, 2010

Net Assets (PKR mn) 3,222.47

Net Assets Excluding JSIL FoFs (PKR mn) 3,130.69

NAV (PKR) 102.17

Benchmark BM CF1

Management fee 0.15% (Exclusive of SST)

Front-end Load 1.00%

Back-end Load NIL

Pricing mechanism Backward

Trustee MCB Financial Services Ltd

Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.

Auditor KPMG Taseer Hadi & Co.

Risk profile Extremely Low

Listing PSX

Fund stability rating (PACRA) AA+ (f)

Leverage NIL

Management Quality Rating AM2 by JCR-VIS

Investment Committee Members

Mr. Hasnain Raza Nensey - CEO

Mr. Zahid Ullah Khan - CIO

Mr. Khawar Iqbal - CFO

Mr. Syed Ali Turab Alvi - CSO

Mr Asim Ilyas - Fund Manager

-

25

50

75

100

125

150

Feb-

16

Apr

-16

Jun-

16

Aug

-16

Oct

-16

Dec

-16

Feb-

17

Apr

-17

Jun-

17

Aug

-17

Oct

-17

Dec

-17

Feb-

18

Apr

-18

Jun-

18

Aug

-18

Oct

-18

Dec

-18

Feb-

19

3 Years Return on PKR 100 Invested in JS Cash Fund Vs Benchmark

JSCF Benchmark

-

20

40

60

80

100

Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19

T Bills Cash CP Placement with Banks and DFIs

Performance (%) Annualized performance2 1M 1Y 3Y** 5Y** Launch**

Fund 9.82 7.63 6.17 6.95 8.41

Benchmark 9.30 7.32 5.97 6.62 7.95

Difference 0.52 0.30 0.20 0.33 0.46

NAV to NAV return with dividend reinvestment.

** Average Annualized Return as per Morning Star formula

Monthly performance (%) Annualized performance2

FY19 FY18 FY17 FY16 FY15

July 6.78 4.98 5.51 5.87 8.62

August 7.23 4.96 5.37 5.72 8.69

September 7.11 4.87 5.06 6.94 8.68

October 7.88 4.92 4.99 5.66 9.05

November 8.16 4.83 4.90 4.54 9.34

December 9.40 4.88 5.28 5.61 8.33

January 10.13 5.09 10.85 5.70 10.03

February 9.82 5.19 4.91 5.47 7.62

March 5.19 5.41 5.54 7.17

April 5.62 4.43 5.35 8.93

May 4.81 4.60 5.38 6.65

June 6.51 5.33 4.95 14.10

YTD 8.50 5.27 5.71 5.71 9.30

Benchmark 7.99 5.50 5.29 5.74 8.20

Difference 0.51 -0.23 0.41 -0.03 1.10

Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.

Asset Allocation (% age of total assets)

Feb-19 Jan-19

Cash 0.42 97.68

Commercial Papers 1.84 1.64

Placement with Banks and DFIs - -

T Bills 97.22 -

Other including receivables 0.52 0.68

Total 100.00 100.00

Amount invested by fund of funds is PKR. 91.78 mn

Asset quality (%age of total assets)

AA+0.00%

AA2.20%

AA-0.03%

AAA*97.24%

* Govt. securities (97.22%)

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 3,753,471/-. If the same were not made the NAV per unit/return of scheme would be higher by Re. 0.12/0.12%. For details investors are advised to read the Note 11.1 of the latest Financial Statements of the Scheme.

1. 70% three (3) months PKRV rates + 30% three (3) months average deposit rate of three (3) “AA” rated scheduled Banks as selected by MUF AP

2. Annualized returns are based on MUFAP recommended methodology.

Statistical analysis Fund BM Fund BM

Standard Deviation* 0.8% 0.6% Largest Month Gain 1.2% 0.9%

Expense Ratio** 0.68% Largest Month Loss 0.0% 0.0%

WAM (Days) 68 % Positive Months 100.0% 100.0%

* Since inception

** This is annualized and includes 0.30% government levy, Sindh Worker’s Welfare Fund and SECP fee.

JS Income Fund (JS IF) February 2019


3

Investment philosophy JS IF is an income fund that aims to preserve investor’s capital while providing a regular stream of current income on an annual basis which is higher than that offered by commercial banks on deposits of a similar liquidity profile as this fund. The fund operates a diverse portfolio of investment-grade debt securities, government securities and money market instruments. The fund may maintain liquidity in the form of spread transactions and bank deposits.


Category Income Fund Scheme

Fund launch date 26 August, 2002



NAV (PKR) 100.34

Benchmark BM IF #



Back-end Load NIL

Pricing mechanism Forward



Auditor Grant Thorton Anjum Rahman & Co

Risk profile Low To Moderate

Listing PSX

Fund stability rating (PACRA) A+ (f)

Leverage NIL






Mr Asim Ilyas - Fund Manager


-

50

100

150

200

Feb-

16

May

-16

Aug-

16

Nov-

16

Feb-

17

May

-17

Aug-

17

Nov-

17

Feb-

18

May

-18

Aug-

18

Nov-

18

Feb-

19

3 Years Return on PKR 100 Inv ested in JS Income Fund VsBenchmark

JS IF Benchmark

Non Compliant Investments under Circular 16/2010

Name of

Investment Type

Value before

provision

Provision held

(if any)

Value after

provision

% of Net

Assets

% of

Gross Assets

Azgard Nine a TFC 6,661,110 (6,661,110) - - -

Azgard Nine b PPTFCs 31,980,766 (31,980,766) - - -

Agritech Ltd. c Sukuk 59,572,782 (59,572,782) - - -

Agritech Ltd.d PPTFC - - - - -

Dewan Cement e TFC 50,000,000 (49,990,000) 10,000 0.00 0.00

Azgard Nine f PPTFC - - - - -

a) The fund has made a full provision against the principal amount in accordance with the requirements of regulatory body & the provisioning policy of the Fund. (b) The CP of ANL has been settled through issuance of 15,000 PPTFCs in the name of the Fund. These PPTFCs have been restructured however, the mgt. as a matter of prudence has maintained the provision against the said PPTFCs. In lieu of restructuring of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDS account. These shares are booked and marked to market accordingly. (c) The fund has made a full provision against the principal amount in accordance with the requirements of Circular 1 & the provisioning policy of the Fund. (d) The Fund has made a full provision against the principal amount of Agritech Limited’s Sukuk in accordance with the requirements of Circular 1 of 2009 issued by the SECP and the provisioning policy of the Fund. The Fund has received Agritech Limited’s PPTFC of face value of Rs. 11.245 million against interest due on Agritech Limited’s Sukuk which is not recognized as income by the Fund and these PPTFCs are valued at zero. (e) Non rated securities. (f) The fund received 4,827 zero coupon PPTFCs against interest receivable of listed and unlisted TFCs. Since these PPTFCs are received against already defaulted securities and have non-performing status in MUFAP, therefore the management as a matter of prudence maintained the provision against the said PPTFCs. These PPTFCs are valued at zero but cost is carried at 24,135,000.

Performance (%) Annualized performance1

1M 1Y 3Y** 5Y** Launch**

Fund 8.82 7.62 6.79 7.65 7.92

Benchmark 10.86 8.48 6.94 7.53 8.54

Difference (2.03) (0.87) (0.15) 0.12 (0.62)

NAV to NAV return with dividend reinvestment. **Average Annualized Returns as per Morning Star formula



July 6.32 6.02 13.78 11.50 7.44

August 7.49 4.40 5.72 5.82 9.04

September 7.45 6.41 7.13 3.69 9.55

October 7.53 4.60 5.17 3.31 8.90

November 7.85 5.36 9.04 5.95 14.85

December 8.75 4.68 6.66 6.58 20.84

January 8.40 7.07 5.32 3.76 16.64

February 8.82 4.92 4.82 9.81 7.55

March 6.58 5.75 6.23 5.65

April 2.99 4.10 0.86 17.17

May 7.69 6.17 11.44 2.59

June 8.56 8.03 4.86 1.75

YTD 7.99 5.93 7.04 6.33 10.65

Benchmark 9.41 6.54 6.27 6.70 9.35

Difference -1.42 -0.60 0.76 -0.37 1.30


Asset Allocation (%)

Feb-19 Jan-19

Cash 34.31 48.04

TFCs / Sukkuks 49.01 50.01

T Bills 7.49 -

MTS / Spread Transactions 4.38 0.55


Total 100.00 100.00

Amount invested by fund of funds is PKR. 0 mn

Top Holdings - TFC/Sukuks (%age of total assets)

Feb-19

JS Bank Limited -TFC 14-Dec-16 13.34

ASPIN Pharma (Pvt) Ltd 30-Nov-17 12.08

Byco Oil Pakistan Limited 17-Jan-17 12.04

Dawood Hercules Corpoation Ltd 16-Nov-17 8.91

Dawood Hercules Corpoation Ltd-II 28-Feb-18 2.63


A+20.76%

A12.14%

AAA*19.54%

AA11.56%

A-24.91%

AA-1.90%


Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 7,917,513/-. If the same were not made the NAV per unit/return of scheme would be higher by Re. 0.43/0.42%. For details investors are advised to read the Note 13.1 of the latest Financial Statements of the Scheme. 1 Annualized returns are based on MUFAP recommended methodology.

#The performance benchmark of the Fund shall be 'Average Return of Six (6) months KIBOR for any period of return. Effective from September 01 2016: Previously 40% 1Year PKRV rate + 60% 6M kibor.



Expense Ratio** 1.62% Largest Month Loss -10.3% 0.0%

Duration (Yr) 0.10 % Positive Months 93.5% 100.0%

WAM (Yr) 2.11

* Since inception


Unit Trust of Pakistan (UTP) February 2019


4

Investment philosophy UTP is a balanced fund that aims to preserve and grow investor’s capital in the long term while providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and fixed income investments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income investments help generate the current income.


Category Balanced Scheme

Fund launch date 27 October, 1997



NAV (PKR) 159.16

Benchmark BM #



Back-end Load NIL


Trustee Central Depository Company of Pakistan Ltd.


Auditor Deloitte Yousuf Adil

Risk profile Moderate

Listing PSX

Leverage NIL



Mr. Hasnain Raza Nensey - CEO Mr. Syed Ali Turab Alvi - CSO

Mr. Khawar Iqbal - CFO Mr. Zahid Ullah Khan - CIO / Fund Manager

-

20

40

60

80

100

120

140

160

Fe

b-1

6

Ma

y-1

6

Au

g-1

6

No

v-1

6

Fe

b-1

7

Ma

y-1

7

Au

g-1

7

No

v-1

7

Fe

b-1

8

Ma

y-1

8

Au

g-1

8

No

v-1

8

Fe

b-1

9

3 Years Return on PKR 100 Inv ested in UTP Vs Benchmark

UTP Benchmark


Name of

Investment Type

Value before

provision

Provision

held

(if any)

Value after

provision

% of

Net

Assets

% of

Gross

Assets

Agritech Ltd. Sukuks 117,601,483 (117,601,483) - 0.00 0.00

Azgard Nine Ltd. (a) PPTFC 31,980,766 (31,980,766) - 0.00 0.00

Agritech Ltd. (b) TFC - - - 0.00 0.00

Azgard Nine Ltd. (c) PPTFC - - - 0.00 0.00

(a) The commercial paper amounting to Rs. 75 mn of Azgard Nine Ltd has been settled through Issuance of 15,000 PPTFC's of an equivalent amount in the name of the fund. The said PPTFCs were restructured and ANL provided 772,253 shares of Agritech Limited at the rate of Rs. 35 each which reduced our provision accordingly. During the month of January 2013 5000 PPTFC'S have been disposed off. (b) Fund has received Agritech PPTFC's against interest receivable of Agritech Sukuk which is valued at zero but cost is carried at 18,665,000. (c) The Fund has received 3,853 Zero Coupon PPTFC against interest receivable of unlisted TFC's. Since these PPTFC's are received against already defaulted securities and even MUFAP started its revaluation, the management as a matter of prudence is not revaluing said PPTFC's. These PPTFC's are valued at zero but cost is carried at 19,265,000.

Cumulative return is based as per MUFAP stated methodology.

# Effective from 01-Sep ‘16: Rate of return of KSE-30 Index and six (6) month KIBOR, for any period of return, on the basis of actual proportions of the portfolio. Previously 50% 6M KIBOR & 50% KSE 30 Index.

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 9,297,174/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.07/0.67%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme.

Performance (%)

1M 1Y 3Y 5Y Launch Avg. Ann.*

Fund -0.98 -2.91 13.57 39.50 1,690.98 14.47

Benchmark -2.42 -3.09 14.32 23.85 896.57 11.37

Difference 1.44 0.18 -0.75 15.65 794.41 3.10

* Average Annualized Return since inception as per Morning Star formula NAV to NAV return with dividend reinvestment.

Monthly performance (%)


July 2.07 -0.01 3.34 2.89 2.42

August 0.19 -9.18 1.82 -0.90 -6.41

September -1.60 0.51 3.28 -4.24 3.76

October 0.44 -5.33 -2.91 5.66 3.43

November -1.94 -1.07 5.75 -2.36 5.31

December -7.29 -1.24 6.69 2.10 3.88

January 6.80 7.07 3.26 0.99 4.50

February -0.98 -3.14 0.09 -4.01 -1.95

March 3.95 0.54 2.85 -8.59

April -0.63 3.22 2.25 8.55

May -1.73 3.66 1.84 -2.10

June -1.57 -5.96 0.20 1.35

YTD -2.83 -12.51 24.49 6.98 13.52

Benchmark -1.61 -5.58 12.09 3.84 7.85

Difference -1.22 -6.93 12.40 3.14 5.67



Feb-19 Jan-19

Cash 9.86 17.30


Equity 63.05 65.02


T Bills 8.60 -

MTS / Spread Transactions 1.04 0.02


Total 100.00 100.00



AAA*17.77%

A4.33%

AA-9.50%

AA+0.01%

AA1.83%

A-11.32%


Sector Allocation - Equity (%age of total assets)

Feb-19 Jan-19

Commercial Banks 15.51 15.72

Oil & Gas Exploration Companies 11.57 10.80

Fertilizer 7.40 7.69

Cement 6.83 7.27

Power Generation & Distribution 5.46 5.75

Others 16.28 17.79

Total 63.05 65.02

Top holding - Equity (%age of total assets)

Mari Petroleum Co. Ltd. 6.07

Bank Alfalah Ltd. 5.82

Bank Al - Habib Ltd. 5.12

Fauji Fertilizer Bin Qasim Ltd. 4.73

Lucky Cement Ltd. 4.32

The Hub Power Co. Ltd. 3.59

Pakistan Petroleum Ltd. 3.36

United Bank Ltd. 2.75

D. G. Khan Cement Co. Ltd. 2.51

Fauji Fertilizer Co. Ltd. 2.18

Statistical analysis

Fund Fund BM

Information Ratio (0.00) Beta 0.5 1.0

Correlation 0.95 Largest Month Gain 14.0% 19.3%

Standard Deviation* 14.6% Largest Month Loss -24.0% -33.8%

Expense Ratio** 2.07% % Positive Months 69.6% 63.4%

* Since inception

** This includes 0.28% government levy, Sindh Worker’s Welfare Fund and SECP fee.

JS Fund of Funds (JS FoF) February 2019


5

Investment philosophy JS FoF is a fund of funds that aims to grow investor’s capital in the long term while diversifying the asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens.


Category Fund of Fund Scheme

Fund launch date 31 October, 2005

Net Assets (PKR mn) 216.82

Net Assets Excluding JSIL FoFs (PKR mn) 216.82

NAV (PKR) 51.93

Benchmark BM FOF#



Back-end Load NIL






Listing PSX

Leverage NIL




Mr. Zahid Ullah Khan - CIO / Fund Manager



-

50

100

150

200

Feb-

16

May

-16

Aug

-16

Nov

-16

Feb-

17

May

-17

Aug

-17

Nov

-17

Feb-

18

May

-18

Aug

-18

Nov

-18

Feb-

19

3 Years Return on PKR 100 Inv ested in JS Fund of Funds Vs Benchmark

JS FoF Benchmark

-

20

40

60

80

100


Open End / Closed End Funds Cash


Fund Fund BM

Information Ratio -0.06 Beta 0.9 1.0




* Since inception

** This includes 0.13% government levy, Sindh Worker’s Welfare Fund and SECP fee.

Performance (%)


Fund -0.44 -1.83 23.33 58.29 343.65 11.82

Benchmark -3.31 -0.68 16.75 47.07 182.68 8.10

Difference 2.87 -1.15 6.58 11.22 160.97 3.72




July 2.01 -0.22 1.09 2.66 4.88

August -0.24 -8.63 0.94 -2.28 -7.37

September -1.23 0.17 2.85 -6.25 3.52

October 0.28 -3.18 -3.09 5.78 2.93

November -1.11 -1.32 5.77 -2.97 4.47

December -3.07 -0.28 8.27 3.78 5.34

January 2.56 6.74 4.48 -1.11 5.35

February -0.44 -2.11 -0.28 -3.30 -0.95

March 4.69 -0.78 6.21 -7.01

April -0.74 3.95 3.63 10.03

May -3.22 3.85 3.71 -1.97

June -1.05 -6.62 -0.24 1.01

YTD -1.35 -9.54 21.37 9.08 20.44

Benchmark 2.52 -8.88 15.74 3.98 21.16

Difference -3.87 -0.66 5.63 5.10 -0.72



Feb-19 Jan-19

Open End Funds 74.27 73.90

T Bills - -

Cash 24.79 25.74


Total 100.00 100.00


Top holding (%age of total assets)

JS Cash Fund 41.77

JS Value Fund 11.96

JS Large Cap. Fund 11.75

Unit Trust of Pakistan 8.78

Total 74.27

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1,519,908/-. If the same were not made the NAV per unit/return of scheme would be higher by Re. 0.36/0.70%. For details investors are advised to read the Note 13.1 of the latest Financial Statements of the Scheme. Cumulative returns are based as per MUFAP stated methodology.

# 'Weighted Average of "Three (3) months PKRV rates", "Six (6) months KIBOR rates" and "KSE-100 Index", on the basis of actual investment in money market, income and equity schemes '. "

EQ

UIT

YS

CH

EM

E JS Growth Fund (JS GF)

February 2019 MUFAP Recommended Format

6

Investment philosophy The objective of the Fund is to enable its investors to participate in a diversified portfolio of high quality equity securities aiming at maximizing the investment return by prudent investment management.


Category Equity Scheme

Fund launch date 06 June, 2006 *



NAV (PKR) 169.34

Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16.



Back-end Load NIL




Auditor

Risk profile High

Listing PSX

Leverage NIL




Mr. Zahid Ullah Khan - CIO / Fund Manager Mr. Khawar Iqbal - CFO

Grant Thorton Anjum Rahman & Co.

-

50

100

150

200

Feb-

16

May

-16

Aug

-16

Nov

-16

Feb-

17

May

-17

Aug

-17

Nov

-17

Feb-

18

May

-18

Aug

-18

Nov

-18

Feb-

19

3 Years Return on PKR 100 Inv ested in JS Growth Fund Vs Benchmark

JSGF Benchmark

-

20

40

60

80

100


Equity Cash Other including receivables T Bills


* Converted into open end scheme on 19 July, 2013.


Performance (%)


Fund -2.39 -10.72 16.59 35.75 173.54 8.22

Benchmark -4.01 -8.79 17.62 15.28 77.52 4.61

Difference 1.62 -1.93 -1.03 20.47 96.02 3.61




July 1.27 0.76 3.46 3.44 2.92

August -1.26 -11.28 3.45 -2.40 -9.21

September -2.33 0.26 3.02 -6.80 4.22

October -0.55 -5.86 0.94 6.53 1.46

November -3.21 -0.73 10.55 -4.82 3.53

December -9.21 -2.60 9.87 3.81 8.28

January 9.34 9.28 7.16 -0.79 8.17

February -2.39 -3.76 -1.51 -4.46 -5.12

March 3.11 -0.73 4.74 -11.16

April 0.30 2.78 3.49 11.54

May -3.02 3.12 1.02 -2.67

June -2.29 -8.37 1.06 2.53

YTD -8.91 -15.92 37.56 3.88 12.42

Benchmark -5.88 -10.03 17.92 0.37 5.67

Difference -3.03 -5.89 19.64 3.51 6.75



Feb-19 Jan-19

Cash 12.57 10.20

Equity 87.06 89.09

T Bills - -


Total 100.00 100.00


Sector Allocation – Equity (%age of total assets)

Feb-19 Jan-19





Cement 7.16 7.77

Others 27.12 29.41

Total 87.06 89.09









Adamjee Insurance Co. Ltd. 3.61

Shahtaj Sugar Mills Ltd. 3.37



Name of

Investment Type

Value before

provision

Provision held

(if any)

Value

after

provision

%

of Net

Assets

% of

Gross

Assets

AZGARD-9 TFC TFC 13,681,024 (13,681,024) - - -

AZGARD-9 ZERO

COUPON PPTFC ISSUE

5

PPTFC - - - - -

AZGARD-9

CONVERTABLE PPTFC PPTFC 42,649,553 (42,649,553) - - -

Statistical analysis Fund Fund BM





* Since inception

** This includes 0.28% government levy, Sindh Worker’s Welfare Fund and SECP fee. Selling & Marketing

Expense PKR 5,102,372.

JS Value Fund (JS VF) February 2019


7

Investment philosophy The fund maintains a portfolio of high yielding equity securities aiming at earnings derived from capital appreciation and dividend income. The portfolio seeks capital growth through investments in listed equity securities with better-than-average appreciation potential and liberal dividend policies. To benefit from changing interest rate environment and some portion of the portfolio is also kept in cash and near cash instruments (excluding TDR) which may include Government securities not exceeding ninety (90) days maturity.



Fund launch date 14 January, 1996 *



NAV (PKR) 205.08

Benchmark KSE30 (Total Return Index)



Back-end Load NIL





Risk profile High

Listing PSX

Leverage NIL






Mr. Khurram M. Arif, CFA - Fund Manager


-

50

100

150

200

Fe

b-1

6

Ma

y-1

6

Au

g-1

6

Nov-1

6

Feb-1

7

May-1

7

Aug-1

7

No

v-1

7

Fe

b-1

8

Ma

y-1

8

Aug-1

8

Nov-1

8

Feb-1

9

3 Years Return on PKR 100 Inv ested in JS Value Fund Vs Benchmark

JSVF Benchmark

75

80

85

90

95

100


Equity Cash Other including receivables

Performance (%)

1M 1Y 3Y 5Y 10Y Avg. Ann.*

Fund -3.33 -5.39 17.31 41.93 317.19 15.35

Benchmark -4.01 -8.79 17.62 15.28 266.67 13.87

Difference 0.68 3.40 -0.31 26.65 50.52 1.48

* Average Annualized Return since last ten years as per Morning Star formula NAV to NAV return with dividend reinvestment.



July 2.67 -0.07 2.99 5.69 2.04

August -0.38 -11.07 3.04 -2.69 -6.80

September -2.72 -1.28 2.65 -5.87 4.69

October -0.17 -7.26 -1.84 7.55 1.33

November -1.63 -0.41 6.48 -3.25 2.17

December -4.67 -1.29 11.35 4.21 5.83

January 4.22 11.20 3.18 0.09 6.26

February -3.33 -2.74 -0.75 -5.23 -2.35

March 4.75 -0.90 5.88 -10.97

April 0.33 3.38 3.44 10.44

May -2.78 2.65 1.74 -3.52

June -1.32 -8.06 2.49 2.16

YTD -6.16 -12.79 25.53 13.72 9.72

Benchmark -5.88 -10.03 17.92 0.37 5.67

Difference -0.28 -2.76 7.61 13.35 4.05



Feb-19 Jan-19

Cash 12.41 8.41

Equity 85.66 87.56


Total 100.00 100.00



Feb-19 Jan-19


Engineering 9.28 10.36


Sugar & Allied Industries 8.33 8.75


Others 39.73 39.53

Total 85.66 87.56



Al-Abbas Sugar Mills Ltd. 8.33

Pakistan State Oil Co. Ltd. 5.61

International Steels Ltd. 3.71





Faysal Bank Ltd. 2.82

Lalpir Power Ltd. 2.70 Non Compliant Investments under Circular 16/2010

Name of

Investment Type

Value before

provision

Provision held

(if any)

Value after

provision

% of Net

Assets

% of

Gross

Assets

AZGARD-9 TFC TFC 16,990,191 (16,990,191) - - -

PPTFC - - - - - AZGARD-9 ZERO

COUPON PPTFC

ISSUE 5


* Converted into open end scheme on 27 June, 2013.


Statistical analysis Fund Fund BM

Information Ratio 0.06 Beta 0.6 1.0




* Since inception

** This includes 0.32% government levy, Sindh Worker’s Welfare Fund and SECP fee.Selling & Marketing


EQ

UIT

YS

CH

EM

E JS Large Cap. Fund (JS LCF)


8

Investment philosophy JS LCF is an open-end Equity Scheme that aims to benefit from an attractive Capital Market in an economy with growth potential, to maximize the total investment return consisting of a combination of capital appreciation and dividend income. Consistent with its Investment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash and/or near cash instruments which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity.

Key information

Fund type Open end


Fund launch date 14 May, 2004 *



NAV (PKR) 126.40

Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16.



Back-end Load NIL





Risk profile High

Listing PSX

Leverage NIL




Mr. Zahid Ullah Khan - CIO Mr. Syed Sanakhawan - Fund Manager


-

50

100

150

200

Feb-1

6

May

-16

Au

g-1

6

Nov

-16

Feb-1

7

May-1

7

Aug-1

7

Nov

-17

Feb

-18

May

-18

Aug-1

8

Nov-1

8

Feb-1

9

3 Years Return on PKR 100 Inv ested in JS Large Cap Fund Vs Benchmark

JSLCF Benchmark

-

20

40

60

80

100




Fund Fund BM





* Since inception



Performance (%)


Fund -3.11 -9.68 27.89 82.69 577.96 13.80

Benchmark -4.01 -8.79 17.62 15.28 193.00 7.53

Difference 0.90 -0.89 10.27 67.41 384.96 6.27




July 1.18 0.41 6.71 6.07 3.43

August 1.04 -9.76 2.91 -3.30 -10.37

September -4.87 -0.63 5.10 -7.28 8.70

October 1.04 -6.50 -2.91 7.83 6.87

November -1.50 -0.05 9.81 -5.91 7.34

December -9.90 -0.93 8.99 4.67 9.16

January 8.32 9.67 6.12 -0.49 8.86

February -3.11 -2.54 -1.70 -5.33 -3.83

March 4.98 -0.04 6.35 -9.81

April -0.58 5.35 2.23 12.66

May -3.29 4.76 -0.21 -3.00

June -2.23 -6.50 1.50 1.18

YTD -8.47 -12.07 44.30 4.77 31.74

Benchmark -5.88 -10.03 17.92 0.37 5.67

Difference -2.59 -2.04 26.38 4.40 26.07



Feb-19 Jan-19

Cash 7.76 18.93

Equity 91.62 79.53


Total 100.00 100.00



Feb-19 Jan-19





Textile Composite 8.92 5.81

Others 26.86 23.55

Total 91.62 79.53


Oil & Gas Development Co. Ltd. 8.97


Nishat Mills Ltd. 6.27



Engro Corporation Ltd. 4.11


Meezan Bank Ltd. 3.80


Hi-Tech Lubricants Ltd. 3.15

Non Compliant Investments under Circular 16/2010 Name of

Investment Type

Value before

provision

Provision held

(if any)

Value after

provision

% of Net

Assets

% of

Gross

Assets

Agritech Limited Sukuks 4,991,429 (4,991,429) - - -

Agritech Limited -

zero couponPPTFC - - - - -

Azgard Nine Limited

- PPTFCsPPTFC 52,000,000 (52,000,000) - - -


* Converted into open end scheme on 26 September, 2010.

JS Islamic Income Fund (JSIIF) February 2019 MUFAP Recommended Format

9

Investment philosophy The objective of JS Islamic Income Fund (JSIIF) is to generate stable returns and ensure capital preservation over medium to long term, by investing primarily in quality Sukuks, Shariah-compliant Government Securities, Shariah-compliant Bank Deposits and other Shariah-compliant debt instruments.


Category Shariah Compliant Income Scheme 3

Fund launch date 5 June, 2013



NAV (PKR) 106.28

Benchmark #

BM IIF1



Back-end Load NIL


Trustee MCB Financial Services Ltd.


Auditor Grant Thorton Anjum Rahman & Co

Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited

Risk profile Low to Moderate

Listing PSX

Fund stability rating (PACRA) AA- (f)

Leverage NIL




Mr. Zahid Ullah Khan - CIO Mr Asim Ilyas - Fund Manager


-

50

100

150

Feb-

16

May

-16

Aug

-16

Nov

-16

Feb-

17

May

-17

Aug

-17

Nov

-17

Feb-

18

May

-18

Aug

-18

Nov

-18

Feb-

19

3 Years Return on PKR 100 Inv ested in JS Islamic Income Fund Vs Benchmark

JSIIF Benchmark

-

20

40

60

80

100


TFCs / Sukkuks Cash Other including receivables Placement with Banks and DFIs CP

1. From 18th Aug ‘17 the performance benchmark of the scheme shall be “Six (6) months average deposits rate of three (3) A rated scheduled Islamic banks or Islamic windows of conventional banks as selected by MUFAP.

2. Annualized return is based as per MUFAP stated methodology.

3. The fund had converted from a Shariah Compliant Government Securities Fund to a Shariah Compliant Income Fund effective 18th Aug ’17.

Performance (%) Annualized performance2 1M 1Y 2Y** 3Y** Launch**

Fund 7.53 7.06 5.09 4.68 5.43

Benchmark 4.10 2.91 3.06 3.50 5.18

Difference 3.43 4.15 2.03 1.18 0.25


** Average Annualized Return as per Morning Star formula



July 6.09 -4.64 4.22 4.58 2.42

August 6.81 -0.47 4.20 3.98 3.13

September 7.50 6.50 4.69 -0.12 4.26

October 8.02 2.90 9.15 2.33 6.45

November 9.99 1.79 9.62 1.56 5.54

December 6.09 3.92 -6.16 6.75 5.80

January 8.50 5.18 -2.06 -1.27 12.25

February 7.53 3.76 -0.13 3.34 5.95

March 6.88 -1.95 7.50 8.08

April 4.30 1.90 4.03 7.13

May 4.95 2.41 6.06 7.42

June 5.53 16.77 4.33 4.05

YTD 7.72 3.42 3.58 3.66 6.22

Benchmark 3.14 2.62 4.21 5.49 7.62

Difference 4.59 0.80 -0.63 -1.83 -1.41


Asset allocation (%age of total assets)

Feb-19 Jan-19

Cash 50.62 47.44

Placement with Banks and DFIs 0.00 0.00

Sukuks 44.08 48.16



Total 100.00 100.00



A+23.07%

AA-27.48%

A12.76%

AA+0.00%

AA23.86%AAA*

7.53%

A-13.36%

* Govt. securities (0.00%) Sukuks allocation – Top Holding

0%

2%

4%

6%

8%

10%

12%

14%

Byco Oil PakistanLimited 17-Jan-17

ASPIN Pharma (Pvt)Ltd 30-Nov-17

Dawood HerculesCorpoation Ltd-II

28-Feb-18

Dawood HerculesCorpoation Ltd 16-

Nov-17




Expense Ratio** 1.35% Largest Month Loss -0.5% 0.0%

WAM (Yr) 1.76 % Positive Months 88.6% 100.0%

* Since inception


JS Islamic Hybrid Fund of Funds JS Islamic Active Allocation Plan I (JS IAAP I)


10

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Investment philosophy

JS Islamic Active Allocation Plan – I is a limited-term (2 Years) active allocation plan offered under “JS Islamic Hybrid Fund of Funds”. The plan aims to generate superior returns by dynamically managing the plan’s exposure in “Income Portion” and “Equity Portion” based on the investment view on the different asset classes.

Key information

Fund type Open end

Category Shariah Compliant Fund of Funds Scheme -

Allocation Plan

Fund launch date 21 September, 2017

Benchmark BM IHFOF*

Management fee 1% (No M.Fee to be charged on

investments made in CIS managed by JSIL)

Front-end Load Up to 3% of NAV (SST rate applicable)

Contingent Load 4% of NAV on redemption requests during

1st year of subscription and 2% of NAV on

redemption requests during 2nd year of

subscription

Back-end Load NIL





Risk profile Moderate to High

Listing PSX

Leverage NIL



Mr. Hasnain Raza Nensey _ CEO





NAV (PKR) Net Assets (PKR mn)

JSIHFOF - JS IAAP-I 103.67 112.19

Expense Ratio

Expense

Ratio

Government levy, Sindh

Worker’s Welfare Fund and

SECP fee*

JS Islamic Hybrid FOF-IAAP-1 0.51% 0.17%

* Included in Expense Ratio

BM IHFOF*

Weighted average daily return of KMI 30 index, six (6)/ three (3) month average deposit rates of three (3) 'A' rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Baskets".

Performance (%)

1M 1Y 2Y Launch Avg. Ann.*

Fund -0.10 2.86 n/a 3.67 2.54

Benchmark -0.55 -0.02 n/a 1.30 0.90

Difference 0.45 2.88 n/a 2.37 1.64


* Average Annualized Return since inception as per Morning Star formula


JS IAAP_I Benchmark Diff.

July - 2018 2.43 2.39 0.04

August - 2018 0.27 -0.92 1.20

September - 2018 -0.06 -1.04 0.98

October - 2018 1.52 4.70 -3.17

November - 2018 -0.77 -1.01 0.24

December - 2018 -2.98 -4.16 1.19

January - 2019 3.77 5.29 -1.52

February - 2019 -0.10 -0.55 0.45

March - 2019

April - 2019

May - 2019

June - 2019

YTD 4.01 4.40 -0.39



Feb-19 Jan-19

Cash 8.37 8.55



Total 100.00 100.00



JS Islamic Income Fund 71.82

JS Islamic Dedicated Equity Fund 19.59

Total 91.41

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 87,044/-. If the same were not made the NAV per unit/return of scheme would be higher by Re. 0.08/0.08%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme

JS Islamic Hybrid Fund of Funds 2 JS Islamic Active Allocation Plan – II (JS IAAP II)


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JS Islamic Active Allocation Plan – II is a limited-term (2 Years) active allocation plan offered under “JS Islamic Hybrid Fund of Funds-2”. The plan aims to generate superior returns by dynamically managing the plan’s exposure in “Income Portion” and “Equity Portion” based on the investment view on the different asset classes.

Key information

Fund type Open end

Category Shariah Compliant Fund of Funds Scheme -

Allocation Plan

Fund launch date 11 December, 2017

Benchmark BM IHFOF 2*




Contingent Load 2.00%

Back-end Load NIL


Trustee Central Depository Company of Pakistan

Ltd.



Risk profile Moderate to High

Listing PSX

Leverage NIL









JSIHFOF-2 - JS IAAP_2 101.46 655.65

Expense Ratio

Expense

Ratio



SECP fee*

JSIHFOF-2 - JS IAAP_2 0.40% 0.14%


BM IHFOF 2*

Weighted average daily return of KMI 30 index, six (6)/ three (3) month average deposit rates of three (3) ‘A’ rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Baskets”.

Performance (%)


Fund -0.08 1.26 n/a n/a 1.46 n/a

Benchmark -0.55 -0.72 n/a n/a 0.07 n/a

Difference 0.47 1.98 n/a n/a 1.39 n/a

NAV to NAV return with dividend reinvestment. * Average Annualized Return since inception as per Morning Star formula


JS IAAP_2 Benchmark Diff.

July - 2018 1.92 1.88 0.04

August - 2018 0.19 -0.92 1.11

September - 2018 -0.07 -1.03 0.96

October - 2018 1.54 4.67 -3.13

November - 2018 -0.74 -1.01 0.27

December - 2018 -3.00 -4.17 1.18

January - 2019 3.81 5.31 -1.50

February - 2019 -0.08 -0.55 0.47

March - 2019

April - 2019

May - 2019

June - 2019

YTD 3.49 3.89 -0.40



Feb-19 Jan-19

Cash 7.48 7.54



Total 100.00 100.00



JS Islamic Income Fund 72.79


Total 92.34

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 450,014/-. If the same were not made the NAV per unit/return of scheme would be higher by Re. 0.07/0.07%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme.

JS Islamic Hybrid Fund of Funds 2 JS Islamic Capital Preservation Allocation Plan I (JS ICPAP-I)

February 2019 January 2019MUFAP Recommended Format

12

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D O

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JS Islamic Capital Preservation Allocation Plan – I aims to earn a potentially high return through dynamic asset allocation between Shariah Compliant Equities and Shariah Compliant Sovereign Income/Money Market based Collective Investment Schemes, while providing principal preservation of the Initial Investment Value at completion of the life of the Plan.

Key information

Fund type Open end

Category Shariah Compliant Fund of Funds Scheme

(CPPI) - Allocation Plan


Benchmark BM JSICPAP_I*





Back-end Load NIL



Ltd.




Listing PSX

Leverage NIL


Multiplier During the month, equity multiplier was kept

constant at 0.8x








JSIHFOF-2 - JS ICPAP_I 104.12 1,511.19

Expense Ratio

Expense

Ratio



SECP fee*

JSIHFOF-2 - JS ICPAP_I 0.73% 0.20%


BM JSICPAP_I*

The Benchmark of each Allocation Plan in the Fund will be the “weighted average daily return of KMI 30 index, six (6) month average deposit rates of three (3) ‘A’ rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, and three (3)month average deposit rates of three (3) ‘A’ rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Plans” as approved by SECP.

Performance (%)


Fund 0.42 4.34 n/a n/a 4.34 4.49

Benchmark -0.12 -1.08 n/a n/a -1.08 -1.12

Difference 0.54 5.42 n/a n/a 5.42 5.61



JS ICPAP_I Benchmark Diff.

July - 2018 0.82 0.39 0.43

August - 2018 0.42 -0.50 0.92

September - 2018 0.18 -0.57 0.75

October - 2018 0.78 1.58 -0.80

November - 2018 0.06 -0.41 0.47

December - 2018 -0.52 -1.54 1.02

January - 2019 1.89 1.94 -0.05

February - 2019 0.42 -0.12 0.54

March - 2019

April - 2019

May - 2019

June - 2019

YTD 4.10 0.72 3.38



Feb-19 Jan-19

Cash 41.02 39.97

Equity - -

Placement with Banks and DFIs 49.48 47.77



Total 100.00 100.00




Total 8.77


JS Islamic Hybrid Fund of Funds 2 JS Islamic Capital Preservation Allocation Plan 2 (JS ICPAP-2)


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JS Islamic Capital Preservation Allocation Plan - 2 aims to earn a potentially high return through dynamic asset allocation between Shariah Compliant Equities, Shariah Compliant Sovereign Income/Money Market based Collective Investment Schemes and Shariah Compliant bank saving accounts /term deposits, while providing principal preservation of the Initial Investment Value at completion of the life of the Plan.

Key information

Fund type Open end



Fund launch date 31 May, 2018

Benchmark BM JSICPAP_2*



Front-end Load Up to 3.00% (SST rate applicable)


Back-end Load NIL



Ltd.




Listing PSX

Leverage NIL



constant at 1.0x








JSIHFOF-2 - JS ICPAP_2 103.84 1,657.93

Expense Ratio

Expense

Ratio



SECP fee*

JSIHFOF-2 - JS ICPAP_2 0.73% 0.20%


BM JSICPAP_2*

The Benchmark of each Allocation Plan in the Fund will be the “weighted average daily return of KMI 30 index, six (6) month average deposit rates of three (3) ‘A’ rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, and three (3) month average deposit rates of three (3) ‘A’ rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Plans” as approved by SECP.

Performance (%)


Fund 0.39 n/a n/a n/a 3.84 5.31

Benchmark -0.12 n/a n/a n/a -0.05 -0.07

Difference 0.51 n/a n/a n/a 3.89 5.38



JS ICPAP_2 Benchmark Diff.

July - 2018 0.69 0.33 0.36

August - 2018 0.44 -0.44 0.88

September - 2018 0.24 -0.48 0.72

October - 2018 0.75 1.35 -0.60

November - 2018 0.09 -0.40 0.49

December - 2018 -0.48 -1.54 1.06

January - 2019 1.88 1.96 -0.07

February - 2019 0.39 -0.12 0.51

March - 2019

April - 2019

May - 2019

June - 2019

YTD 4.05 0.61 3.44

Performance data does not include the cost incurred directly by an investor in the form of sales load etc. N AV to NAV return with dividend reinvestment.


Feb-19 Jan-19

Cash 90.22 87.46

Equity - -




Total 100.00 100.00




Total 9.07




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JS Islamic Capital Preservation Allocation Plan – 3 aims to earn a potentially high return through dynamic asset allocation between Shariah Compliant Equities, Shariah Compliant Sovereign Income/Money Market based Collective Investment Schemes and Shariah Compliant bank saving accounts /term deposits, while providing principal preservation of the Initial Investment Value at completion of the life of the Plan.

Key information

Fund type Open end



Fund launch date 17 September, 2018






Back-end Load NIL



Ltd.




Listing PSX

Leverage NIL



constant at 0.5x








JSIHFOF-2 - JS ICPAP_3 103.99 1,449.61

Expense Ratio

Expense

Ratio



SECP fee*



BM JSICPAP_3*


Performance (%)


Fund 0.54 n/a n/a n/a 3.99 9.10

Benchmark -0.01 n/a n/a n/a 2.05 4.62





July - 2018 n/a n/a n/a

August - 2018 n/a n/a n/a

September - 2018 0.23 -0.04 0.27

October - 2018 1.10 1.77 -0.67

November - 2018 0.51 -0.08 0.59

December - 2018 -0.13 -1.17 1.04

January - 2019 1.68 1.59 0.09

February - 2019 0.54 -0.01 0.55

March - 2019

April - 2019

May - 2019

June - 2019

YTD 3.99 2.05 1.94



Feb-19 Jan-19

Cash 92.45 92.47

Equity - -




Total 100.00 100.00




Total 6.65




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JS Islamic Capital Preservation Allocation Plan – 4 aims to earn a potentially high return through dynamic asset allocation between Shariah Compliant Equities, Shariah Compliant Sovereign Income/Money Market based Collective Investment Schemes and Shariah Compliant bank saving accounts /term deposits, while providing principal preservation of the Initial Investment Value at completion of the life of the Plan.

Key information

Fund type Open end









Back-end Load NIL



Ltd.




Listing PSX

Leverage NIL



constant at 0.0x








JSIHFOF-2 - JS ICPAP_4 102.19 1,853.96

Expense Ratio

Expense

Ratio



SECP fee*



BM JSICPAP_4*


Performance (%)


Fund 0.71 n/a n/a n/a 2.19 11.61

Benchmark 0.27 n/a n/a n/a 0.56 2.87





July - 2018 n/a n/a n/a

August - 2018 n/a n/a n/a

September - 2018 n/a n/a n/a

October - 2018 n/a n/a n/a

November - 2018 n/a n/a n/a

December - 2018 0.36 -0.29 0.65

January - 2019 1.11 0.58 0.53

February - 2019 0.71 0.27 0.44

March - 2019

April - 2019

May - 2019

June - 2019

YTD 2.19 0.56 1.63

Performance data does not include the cost incurred directly by an investor in the form of sales load etc. N AV to NAV return with dividend reinvestment.


Feb-19 Jan-19

Cash 99.07 99.03

Equity - -


Open End Funds - -


Total 100.00 100.00



Total 0.00


JS Islamic Hybrid Fund of Funds (JS IHFoF) February 2019


16

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Investment philosophy JS Islamic Hybrid Fund of Funds aims to generate need based returns for its clients by offering several Allocation Baskets/Plans with varying mix of exposures to low / high risk asset classes via underlying mutual funds. Investment Objectives of the Allocation Baskets/Plans initially offered under JSIHFOF are Mustanad, Mustahkem, Mutanasib, Mufeed & Munafa.


Category Shariah Compliant Fund of Funds


Benchmark BM IHFOF*

Management fee Nil (Up to 1% M.Fee p.a. applicable on investments

made in CIS not managed by JSIL

Front-end Load Mustanad 0% | Mustehkam 0.5% | Mutanasib Up to

3% | Mufeed Up to 3% | Munafa Up to 3% of NAV

(SST rate applicable)

Back-end Load NIL





Risk profile Low-Moderate-High (as per allocation

basket/plan)

Listing PSX

Leverage NIL









JSIHFOF - Mustanad 107.42 13.04

JSIHFOF - Mustahkem 100.07 1.38JSIHFOF - Mutanasib 82.20 16.28JSIHFOF - Munafa 74.73 7.59JSIHFOF - Mufeed 78.37 33.25

-

20

40

60

80

100

Mustehkam Munafa Mustanad Mutansib Mufeed

Islamic Hybrid Fund of Fund Allocation

Cash Investment in Mutual Funds Other including receivables

Expense ratio

Expense

Ratio



SECP fee*

JS Islamic Hybrid Fund Of Funds-Mustanad** 0.87% 0.28%

JS Islamic Hybrid Fund Of Funds-Mustahkem 0.53% 0.12%

JS Islamic Hybrid Fund Of Funds-Mutanasib 0.54% 0.11%

JS Islamic Hybrid Fund Of Funds-Munafa 0.68% 0.10%

JS Islamic Hybrid Fund Of Funds-Mufeed 0.47% 0.09%

** Ratios are annualized *Included in Expense Ratio

BM IHFOF* Weighted average daily return of KMI 30 index, six (6)/ three (3) month average deposit rates of three (3) 'A' rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Baskets".

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 180,618/-. If the same were not made the NAV per unit/return of scheme would be higher by Re. 0.00/0.00% (Mufeed), Re. 0.00/0.00% (Munafa), Re. 0.79/0.79% (Mustahkem), Rs. 1.36/1.26% (Mustanad) & Re. 0.03/0.03% (Mutanasib). For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme.

Performance (%)

1M 1Y 2Y 5Y Launch

JSIHFOF - Mustanad * 5.85 6.13 n/a n/a 6.68

Benchmark * 3.79 2.61 n/a n/a 2.35

JSIHFOF - Mustahkem 0.07 3.22 n/a n/a 0.07

Benchmark -0.09 2.16 n/a n/a -0.01

JSIHFOF - Mutanasib -0.57 -3.40 n/a n/a -17.80

Benchmark -1.01 -1.43 n/a n/a -10.95

JSIHFOF - Munafa -2.64 -10.89 n/a n/a -25.27

Benchmark -3.67 -9.75 n/a n/a -18.45

JSIHFOF - Mufeed -1.66 -6.56 n/a n/a -21.63

Benchmark -2.47 -5.17 n/a n/a -14.19

* Annualized returns NAV to NAV return with dividend reinvestment.


FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19 FY18

Jul 4.81 2.24 1.59 0.38 1.30 0.59 1.71 0.64 1.77 0.61

Aug 5.25 4.46 0.28 -2.85 0.12 -9.97 -0.11 -9.43 0.12 -9.82

Sep 6.11 32.15 0.36 0.08 0.30 -0.75 -0.41 -0.81 0.11 -0.95

Oct 9.05 3.87 0.96 -1.29 0.74 -5.94 1.13 -6.67 1.04 -6.56

Nov 7.19 3.52 -0.03 -0.03 -0.95 -0.90 -4.75 -1.27 -3.02 -1.00

Dec 8.59 3.17 -1.74 -0.20 -5.24 -1.54 -7.93 -1.48 -6.61 -1.65

Jan 6.87 4.74 1.95 2.38 5.51 7.95 7.04 8.18 6.34 8.47

Feb 5.85 2.99 0.07 -0.77 -0.57 -2.87 -2.64 -3.49 -1.66 -3.44

Mar 6.28 0.95 1.63 1.87 1.76

Apr 3.35 0.37 0.47 0.35 0.50

May 3.67 -1.03 -3.54 -4.43 -3.95

Jun 4.47 -0.49 -2.82 -2.47 -2.56

YTD 6.86 6.37 3.44 -2.56 0.92 -17.21 -6.48 -18.34 -2.38 -18.01

BM 2.83 2.13 2.75 -0.90 1.79 -9.14 -6.77 -7.95 -2.66 -7.79

Diff. 4.03 4.25 0.69 -1.66 -0.87 -8.07 0.29 -10.39 0.28 -10.22

Mustanad* Mustahkem Munafa MufeedMutanasib

* Annualized returns Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.

Asset Allocation (%age of total assets)

Feb-19 Jan-19 Feb-19 Jan-19 Feb-19 Jan-19

Cash 4.15 4.17 5.68 7.52 2.55 2.56

Open End Funds 90.07 89.95 58.87 80.88 94.41 94.35

Other 5.78 5.88 35.45 11.60 3.04 3.09

Total 100.00 100.00 100.00 100.00 100.00 100.00

Feb-19 Jan-19 Feb-19 Jan-19

Cash 8.69 8.43 5.85 5.78

Open End Funds 85.33 85.62 92.66 92.72

Other 5.98 5.95 1.49 1.50

Total 100.00 100.00 100.00 100.00


Mustanad Mustahkem Mutanasib

Munafa Mufeed


JSIHFOF - Mustanad

90.07

JSIHFOF - Mustahkem

52.93

5.94

JSIHFOF - Mutanasib

65.20

29.21

JSIHFOF - Munafa

85.33

JSIHFOF - Mufeed

62.39

30.27 JS Islamic Income Fund

JS Islamic Dedicated Equity Fund



JS Islamic Income Fund




JS Islamic Fund (JS ISF) February 2019


17

Investment philosophy JS Islamic Fund [JS ISF] aims to grow investor’s capital in the long term in adherence with principles of Shariah compliance as advised by the Shariah Advisory Council (SAC) of this fund. The fund investments are limited to asset classes approved by the Shariah Advisory Council (SAC) and all companies under investment consideration are semiannually screened for Shariah compliance.


Category Shariah Compliant - Equity Scheme




NAV (PKR) 99.58

Benchmark KMI-30 Index



Back-end Load NIL




Auditor A. F. Ferguson & Co.


Risk profile High

Listing PSX

Leverage NIL




Mr. Zahid Ullah Khan - CIO / Fund Manager



-

50

100

150

200

Fe

b-1

6

Ma

y-1

6

Au

g-1

6

No

v-1

6

Fe

b-1

7

Ma

y-1

7

Au

g-1

7

No

v-1

7

Fe

b-1

8

Ma

y-1

8

Au

g-1

8

No

v-1

8

Fe

b-1

9

3 Years Retun on PKR 100 Inv eseted in JS Islamic Fund Vs Benchmark

JSISF Benchmark

-

20

40

60

80

100



Performance (%)


Fund -0.75 -9.36 27.81 89.77 809.33 14.61

Benchmark -4.04 -10.39 21.87 52.75 632.97 13.10

Difference 3.29 1.03 5.94 37.02 176.36 1.52




July -0.66 -0.13 9.76 2.96 3.79

August 1.15 -10.34 1.98 -4.33 -11.70

September -1.25 -1.03 7.51 -6.10 9.19

October 2.55 -6.99 -2.04 5.97 8.71

November -3.29 -1.01 10.44 -5.64 7.98

December -8.04 -1.92 8.12 4.56 8.68

January 5.71 9.21 3.13 0.54 7.41

February -0.75 -3.83 -1.21 -5.20 -1.86

March 1.96 0.27 7.66 -10.57

April 0.56 6.12 2.37 13.79

May -4.28 2.94 1.85 -1.15

June -2.73 -7.02 2.33 5.55

YTD -5.05 -19.77 46.06 5.88 42.90

Benchmark -7.81 -9.59 18.80 15.53 20.10

Difference 2.76 -10.18 27.26 -9.65 22.80



Feb-19 Jan-19

Cash 11.64 7.30

Equity 87.67 92.15


Total 100.00 100.00



Feb-19 Jan-19




Cement 8.65 10.22


Others 29.38 31.07

Total 87.67 92.15










Thal Ltd. 3.87

Pakistan Oilfields Ltd. 2.93


Cumulative returns are based as per MUFAP stated methodology.


Fund Fund BM





* Since inception



JS Islamic Dedicated Equity Fund (JS IDEF) February 2019


18

Investment philosophy The objective of JS Islamic Dedicated Equity Fund (JSIDEF) is to provide other ‘Fund of Funds’ schemes a Shariah compliant avenue for taking exposure in Shariah Compliant Equities.


Category Shariah Compliant - Equity Scheme




NAV (PKR) 91.03

Benchmark KMI-30 Index



Back-end Load NIL






Risk profile High

Listing PSX

Leverage NIL








-

50

100

150

Mar

-18

Apr

-18

May

-18

Jun-

18

Jul-1

8

Aug

-18

Sep

-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19

Feb-

19

Since Inception Return on PKR 100 Inv ested in JS Islamic Dedicated Equity Fund Vs Benchmark

JSIDEF BM JSIDEF

-

20

40

60

80

100


Equ ity Cash Other including receivables

Performance (%)


Fund -2.80 -8.97 n/a n/a -8.97 -9.49

Benchmark -4.04 n/a n/a n/a -12.90 -13.63





July 2.00 n/a n/a n/a n/a

August 0.08 n/a n/a n/a n/a

September -0.71 n/a n/a n/a n/a

October 1.36 n/a n/a n/a n/a

November -5.11 n/a n/a n/a n/a

December -8.96 n/a n/a n/a n/a

January 7.82 n/a n/a n/a n/a

February -2.80 n/a n/a n/a n/a

March 0.58 n/a n/a n/a

April 0.37 n/a n/a n/a

May -2.12 n/a n/a n/a

June -0.95 n/a n/a n/a

YTD -6.99 -2.13 n/a n/a n/a

Benchmark -7.81 -5.52 n/a n/a n/a

Difference 0.82 3.39 n/a n/a n/a



Feb-19 Jan-19

Cash 12.57 15.91

Equity 84.03 70.03


Total 100.00 100.00



Feb-19 Jan-19



Oil & Gas Marketing Companies 12.38 12.73

Engineering 8.70 7.78

Cement 7.23 6.65

Others 27.36 20.68

Total 84.03 70.03



Pakistan State Oil Co. Ltd. 11.51




Thal Ltd. 4.47


International Steels Ltd. 3.80




Cumulative returns are based as per MUFAP stated methodology.


Fund Fund BM





* Since inception



JS Pension Savings Fund (JS PSF) February 2019


19

Investment philosophy JS Pension Savings Fund (JS PSF) is designed to provide a secure source of savings and retirement income to individuals. JS PSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity and fixed income investment avenues suited to their specific needs and risk profile.


Category Voluntary Pension Scheme


Benchmark n/a



Back-end Load NIL




Auditor KPMG Taseer Hadi & Co

Risk profile Investor dependent

Leverage NIL





Mr. Khawar Iqbal - CFO Ms. Salvina Lakhani - Fund Manager

Net Assets (PKR mn)

JS-PSF - Equity Sub Fund 194.34

JS-PSF - Debt Sub Fund 165.90

JS-PSF - MM Sub Fund 150.85

NAV (PKR)

JS-PSF - Equity Sub Fund 436.61

JS-PSF - Debt Sub Fund 251.68

JS-PSF - MM Sub Fund 202.10

Expense

Ratio



SECP fee*JS-PSF - Equity Sub Fund 1.92% 0.25%

JS-PSF - Debt Sub Fund** 1.15% 0.29%

JS-PSF - MM Sub Fund** 1.05% 0.28%

* Included in Expense Ratio ** Annualized

-

50

100

150

200

Feb-

16

May

-16

Aug

-16

Nov

-16

Feb-

17

May

-17

Aug

-17

Nov

-17

Feb-

18

May

-18

Aug

-18

Nov

-18

Feb-

19

3 Years Return on PKR 100 Inv ested in JS Pension Saving Fund PSF-Equty PSF-Debt PSF-MM

0

20

40

60

80

100

Equity Cash Other T Bil ls &PIBs

Cash &others

TFCs /Sukkuks

CP T Bil ls Cash Other CP

JS Pension Equity JS Pension Debt JS Pension Money Market

Feb-19 Jan-19 Dec-18 Nov-18 Oct-18 Sep-18

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 2,945,702/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 4.24 (ESF), Re. 0.95 (DSF), Re. 0.58 (MMF) / 0.97% (ESF), 0.38% (DSF), 0.29% (MMF). For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme.

1 Annualized performance return is based as per MUFAP recommended methodology.

** Fund returns are Average Annualized as per Morning Star formula. Equity sub fund return is absolute.

Performance (%)


Equity Sub Fund -3.19 -10.61 17.14 68.57 13.44

Debt Sub Fund 1 9.18 7.37 5.40 6.61 8.22

MM Sub Fund 1 9.55 6.95 4.98 5.35 6.21



Equity Debt 1

MM 1

FY19 FY18 FY19 FY18 FY19 FY18

July 0.67 0.12 6.76 3.86 5.76 4.53

August 0.93 -11.77 5.84 3.54 6.58 1.40

September -4.30 -1.81 8.42 3.97 7.01 4.46

October 0.41 -7.58 13.04 3.67 7.41 1.20

November -2.22 1.40 6.49 3.47 6.68 2.61

December -9.71 -2.56 5.72 3.60 8.16 2.20

January 8.50 11.14 8.54 3.69 9.17 3.77

February -3.19 -3.20 9.18 3.96 9.55 7.77

March 4.82 5.93 4.61

April -0.02 3.62 5.32

May -2.98 6.33 4.82

June -2.90 5.84 5.98

YTD -9.46 -15.88 8.17 4.38 7.69 4.09



Equity Sub Fund Feb-19 Jan-19

Cash 6.34 16.32

Equity 93.41 82.69


Total 100.00 100.00

Debt Sub Fund Feb-19 Jan-19

Cash 1.17 0.58



T Bills & PIBs 68.51 56.12


Total 100.00 100.00

Money Market Sub Fund Feb-19 Jan-19

Cash 4.88 77.79

Placement with Banks 17.05 -


T Bills 73.32 17.25


Total 100.00 100.00


Feb-19 Jan-19





Textile Composite 9.23 5.97

Others 26.73 26.58

Total 93.41 82.69











Gul Ahmed Textile Mills Ltd. 3.40

VP

S -

SH

AR

IAH

C

OM

PL

IAN

T F

UN

D JS Islamic Pension Savings Fund (JS IPSF)


20

Investment philosophy JS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and secure source of savings and retirement income to individuals according to the principles of Islamic Shariah. JS IPSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity, fixed income and other Halal investment avenues suited to their specific needs and risk profile.


Category Shariah Compliant Voluntary Pension Scheme


Benchmark n/a



Back-end Load NIL




Auditor KPMG Taseer Hadi & Co


Risk profile Investor dependent

Leverage NIL





Mr. Khawar Iqbal - CFO Ms. Salvina Lakhani - Fund Manager

Net Assets (PKR mn)

JS-IPSF - Equity Sub Fund 125.19

JS-IPSF - Debt Sub Fund 78.61

JS-IPSF - MM Sub Fund 65.64

NAV (PKR)

JS-IPSF - Equity Sub Fund 582.96

JS-IPSF - Debt Sub Fund 210.51

JS-IPSF - MM Sub Fund 182.49

Expense

Ratio



SECP fee*

JS-IPSF - Equity Sub Fund 1.66% 0.22%

JS-IPSF - Debt Sub Fund** 0.99% 0.11%

JS-IPSF - MM Sub Fund** 1.05% 0.12%

* Included in Expense Ratio ** Annualized

-

50

100

150

200

Feb-

16

May

-16

Aug

-16

Nov

-16

Feb-

17

May

-17

Aug

-17

Nov

-17

Feb-

18

May

-18

Aug

-18

Nov

-18

Feb-

19

3 Years Return on PKR 100 Inv ested in JS Islamic Pension Saving Fund IPSF-Equty IPSF-Debt IPSF-MM

0

20

40

60

80

100

Equity Cash Other Ijara Cash Other CP Ijara Cash TDR Other CP

JS Islamic Pension Equity JS Islamic Pension Debt JS Islamic Pension Money Market

Feb-19 Jan-19 Dec-18 Nov-18 Oct-18 Sep-18

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1,687,674/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 5.99 (ESF), Re. 0.63 (DSF), Re.0.46 (MMF) / 1.03% (ESF), 0.30% (DSF), 0.25% (MMF). For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme.

1 Annualized performance return is based as per MUFAP stated methodology.

Performance (%)


Equity Sub Fund -2.00 -11.56 12.76 76.57 17.85

Debt Sub Fund 1 9.17 6.38 4.69 4.34 7.16

MM Sub Fund 1 8.92 6.35 4.08 4.28 5.74



Equity Debt 1

MM 1

FY19 FY18 FY19 FY18 FY19 FY18

July -0.93 -0.54 2.52 -6.23 5.00 -0.90

August 1.96 -11.30 5.67 1.50 5.72 1.67

September -2.94 -1.30 6.79 2.24 6.02 2.01

October 1.79 -8.37 7.11 3.48 6.46 2.49

November -3.22 1.22 6.12 3.52 6.71 2.79

December -8.48 -2.29 8.86 3.10 8.44 2.69

January 7.32 9.81 9.14 0.48 8.90 2.34

February -2.00 -4.09 9.17 -0.46 8.92 1.37

March 2.30 4.17 3.71

April 0.47 5.45 4.45

May -4.71 4.90 4.77

June -2.89 4.80 5.19

YTD -7.03 -20.95 7.04 2.27 7.15 2.75



Equity Sub Fund Feb-19 Jan-19

Cash 8.66 17.58

Equity 90.95 81.15


Total 100.00 100.00

Debt Sub Fund Feb-19 Jan-19

Cash 63.93 83.70


IJARA Sukuk Bond 10.27 10.42

TDR Placement 19.58 -


Total 100.00 100.00

Money Market Sub Fund Feb-19 Jan-19

Cash 74.99 94.63


IJARA Sukuk Bond - -

TDR Placement 19.51 -


Total 100.00 100.00


Feb-19 Jan-19





Cement 7.36 7.56

Others 26.35 25.88

Total 90.95 81.15










Hi-Tech Lubricants Ltd. 3.27

Pakistan Oilfields Ltd. 3.03

** Fund returns are Average Annualized as per Morning Star formula. Equity sub fund return is absolute.

21

Fund Category Fund Name FY13 FY14 FY15 FY16 FY17 FY18 FYTD19

Average

Annualized

Return ***

Trailing One

Year

Return

Equity JS Growth Fund 56.9% 40.1% 12.4% 3.9% 37.6% -15.9% -8.9% 8.2% -10.7%

Benchmark 35.9% 26.0% 5.7% 0.4% 17.9% -10.0% -5.9% 4.6% -8.8%

Equity JS Value Fund** 64.3% 35.5% 9.7% 13.7% 25.5% -12.8% -6.2% 15.3% -5.4%

Benchmark** 35.9% 26.0% 5.7% 0.4% 17.9% -10.0% -5.9% 13.9% -8.8%

Equity JS Large Cap. Fund 54.6% 39.6% 31.7% 4.8% 44.3% -12.1% -8.5% 13.8% -9.7%

Benchmark 35.9% 26.0% 5.7% 0.4% 17.9% -10.0% -5.9% 7.5% -8.8%

Income JS Income Fund* 10.6% 7.7% 10.7% 6.3% 7.0% 5.9% 8.0% 7.9% 7.6%

Benchmark* 10.4% 10.3% 9.3% 6.7% 6.3% 6.5% 9.4% 8.5% 8.5%

Balanced Unit Trust Of Pakistan 42.0% 23.6% 13.5% 7.0% 24.5% -12.5% -2.8% 14.5% -2.9%

Benchmark 22.8% 18.2% 7.8% 3.8% 12.1% -5.6% -1.6% 11.4% -3.1%

Money Market JS Cash Fund* 9.1% 8.2% 9.3% 5.7% 5.7% 5.3% 8.5% 8.4% 7.6%

Benchmark* 9.0% 8.7% 8.2% 5.7% 5.3% 5.5% 8.0% 8.0% 7.3%

Fund of Funds Fund of Funds 21.0% 40.1% 20.4% 9.1% 21.4% -9.5% -1.4% 11.8% -1.8%

Benchmark 26.9% 19.8% 21.2% 4.0% 15.7% -8.9% 2.5% 8.1% -0.7%

Shariah Compliant Equity JS Islamic Fund 45.5% 38.4% 42.9% 5.9% 46.1% -19.8% -5.1% 14.6% -9.4%

Benchmark 54.4% 29.9% 20.1% 15.5% 18.8% -9.6% -7.8% 13.1% -10.4%

Shariah Compliant Dedicated Equity JS Islamic Dedicated Equity Fund -2.1% -7.0% -9.5% -9.0%

Benchmark -5.5% -7.8% -13.6% n/a

Shariah Compliant Income JS Islamic Income Fund* 6.0% 8.8% 6.2% 3.7% 3.6% 3.4% 7.7% 5.4% 7.1%

Benchmark* 6.7% 7.2% 7.6% 5.5% 4.2% 2.6% 3.1% 5.2% 2.9%

SHARIAH COMPLIANT FUND OF FUNDS JSIHFOF - Mustahkem -0.7% -2.6% 3.4% 0.0% 3.2%

Benchmark -1.8% -0.9% 2.8% 0.0% 2.2%

SHARIAH COMPLIANT FUND OF FUNDS JSIHFOF - Munafa -2.1% -18.3% -6.5% -15.5% -10.9%

Benchmark -5.0% -8.0% -6.8% -11.1% -9.8%

SHARIAH COMPLIANT FUND OF FUNDS JSIHFOF - Mustanad* 0.2% 6.4% 6.9% 3.8% 6.1%

Benchmark* 0.0% 2.1% 2.8% 1.4% 2.6%

SHARIAH COMPLIANT FUND OF FUNDS JSIHFOF - Mutanasib -1.6% -17.2% 0.9% -10.7% -3.4%

Benchmark -3.7% -9.1% 1.8% -6.5% -1.4%

SHARIAH COMPLIANT FUND OF FUNDS JSIHFOF - Mufeed -2.1% -18.0% -2.4% -13.1% -6.6%

Benchmark -4.4% -7.8% -2.7% -8.5% -5.2%

SHARIAH COMPLIANT FUND OF FUNDS JS Islamic Active Allocation Plan - I -0.3% 4.0% 2.5% 2.9%

Benchmark -3.0% 4.4% 0.9% 0.0%

SHARIAH COMPLIANT FUND OF FUNDS JS Islamic Active Allocation Plan - 2 -2.0% 3.5% 1.2% 1.3%

Benchmark -3.7% 3.9% 0.1% -0.7%

SHARIAH COMPLIANT FUND OF FUNDS-CPPI JS Islamic Capital Preservation Allocation Plan I -0.2% 4.1% 4.5% 4.3%

Benchmark -1.8% 0.7% -1.1% -1.1%

SHARIAH COMPLIANT FUND OF FUNDS-CPPI JS Islamic Capital Preservation Allocation Plan 2 -0.2% 4.1% 5.3% n/a

Benchmark -0.7% 0.6% -0.1% n/a

SHARIAH COMPLIANT FUND OF FUNDS-CPPI JS Islamic Capital Preservation Allocation Plan 3 4.0% 9.1% n/a

Benchmark 2.1% 4.6% n/a

SHARIAH COMPLIANT FUND OF FUNDS-CPPI JS Islamic Capital Preservation Allocation Plan 4 2.2% 11.6% n/a

Benchmark 0.6% 2.9% n/a

Equity Sub Fund JS Pension Savings 78.2% 61.5% 22.9% 3.4% 41.3% -15.9% -9.5% 13.4% -10.6%

Debt Sub Fund JS Pension Savings* 11.4% 4.4% 10.7% 5.3% 4.6% 4.4% 8.2% 8.2% 7.4%

Money Market Sub Fund JS Pension Savings* 11.3% 6.9% 6.7% 4.1% 4.4% 4.1% 7.7% 6.2% 6.9%

Equity Sub Fund JS Islamic Pension Savings 55.7% 49.0% 32.0% 4.1% 38.0% -21.0% -7.0% 17.9% -11.6%

Debt Sub Fund JS Islamic Pension Savings* 7.9% 6.8% 3.9% 3.9% 5.2% 2.3% 7.0% 7.2% 6.4%

Money Market Sub Fund JS Islamic Pension Savings* 6.6% 6.6% 5.3% 2.4% 3.8% 2.7% 7.1% 5.7% 6.4%

* All returns are Annualized ** Average annualized Return since last ten year as per Morning Star Formula

28-Feb-19

CONVENTIONAL FUNDS

SHARIAH COMPLIANT FUNDS

VOLUNTARY PENSION SCHEME

Performance Summary of JSIL Funds

from cio’s desk · (e) non rated securities. (f) the fund received 4,827 zero coupon pptfcs...

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