funds performance report - igi lifeigilife.com.pk/wp-content/uploads/2016/08/fmr-june-2016.pdf ·...

IGI Life Insurance Limited

IGI|Life

Funds Performance ReportJune 2016

July 2015

Pakistan Yield Curve

Source: SBP, Average Monthly Rates

FUND MANAGER REPORTFor the month of June 2016

Macro Review and Outlook:

Equity Market Review and Outlook:

CPI Inflation

Source: PBS

Pakistan remained relatively buoyant on the economic front during the month of Jun-16 with key macroeconomic indicators. During the month key events include; National Assembly Passed Budget FY17, with aim to expand country's tax base, increasing tax differential between filers and non-filers etc. Major higher allocation on Public Sector Development Projects (PSDP) includes various infra/power related spending with a larger share facilitating CPEC projects. Overall, the fiscal deficit for FY17 was targeted at 3.8% (PKR 1.27trn) compared to 4.3% (PKR 1.28trn) of GDP. Key highlights include relief measures for agriculture sector and increase in minimum wage rate. On price front, headline Inflation as measured by CPI continue to show tepid growth trend. For the month of Jun-16, CPI index was up by +0.65% MoM clocking in at +3.19%YoY as compared to 3.16%YoY for the month of May-16, taking FY16 average inflation to +2.85%YoY. On external front, current account deficit for 10MFY16 period stood at USD 2.49bn compared to USD 2.46bn last year same period. Trade terms for the country stayed fairly unchanged at USD 16.4bn (USD 15.7bn in 11MFY15), owing exports receipts down by 8%YoY to USD 20.1bn, and 3%YoY decline in import bill to USD 36.5bn. Workers’ remittances showed a modest growth of +6%YoY to USD 17.8bn. FX reserves continued to build-up reaching USD 21.7bn by end of Jun-16, which includes disbursements of IMF tranche USD ~506mn along with long-term funding from uni/bi lateral agencies. At current Pakistan’s import cover stands at ~4.7mnths, while uncertainty surrounding impact from 'Brexit' on GBP and EUR had recently kept PKR under pressure hitting a low of 106.28 against the dollar back.Outlook: Going forward, notable key events included Prime minster approved a development plan of over PKR 1.7trn with the National Economic Council (NEC) and the federal cabinet. Development on political arena and aftermath of Brexit will be closely monitored, along with movement in international currencies that could impact commodity prices, capital flow movement globally.

KSE 100 Performance

Source: KSE

Money Market Review and Outlook:

At the end of Jun-16, KSE 100 index closed at 37,784 points, up by +4.8%MoM compared to last month’s return of +3.9%MoM. Average daily traded value amounted to USD 96.7mn while average daily volume reached 172mn. Foreign investors’ portfolio investments showed a net buy of USD 74.1mn compared to a mere net buy of USD 3.6mn last month. Fertilizer attracted the highest investment of USD 67.5mn owing to sale of Engro's stake in EFERT, followed by banks' net buy of USD 12.5mn. Oil and gas exploration witnessed highest net sell amounting to USD 18.7mn followed by USD 8.5mn for power distribution and generation.Power sector drove nearly 20% of the total market volumes followed by Cement 13%, Banks 9%, Technology 8% and Fertilizer 7%. Performance wise, Tobacco sector surged +19%MoM, followed by pharmaceutical +9%MoM owing to incentives offered in Budget FY17 through amendments in Finance bill 2016 and Commercial banks +8%MoM owing to inclusion of MCB and UBL in MSCI index. Other top performing sectors included Cement and Power Generation & Distribution which advanced by +6%MoM and +5%MoM, respectively, whereas insurance sector posted largest decline of -8%MoM. Other sectors which posted negative performance include Engineering (-7.7%), Food and Personal care products and Technology (-2.9%) and Textile Composite (-3.40%).Outlook: Equity From market perspective, we view budget to be market Neutral. The budget includes introduction of CGT rate differential for filers and non-filers which can be taken negatively by the market. Continuation of Super Tax on corporate would extend pressure on earnings and while withdrawal of exemption from inter-corporate dividend for companies claiming Group-relief, will also affect holding companies profitability. Global movement of capital flows will be key monitored; we highlight Pakistan to be a net market beneficiary in amid aftermath of Brexit and volatile international currency movements.

During FY16, yields witnessed a steep decline over all tenors ranging from 107bps-247bps owing to cumulative Discount rate cut of 75bps. During the month of Jun-16, State Bank of Pakistan raised funds worth PKR 539bn through auction of T-Bills against target of PKR 200bn, while total bids received amounted to PKR 798bn. The cut-off yield for 3M, 6M and 12M averaged declined by 9bps, 8bps and 7bps to 5.902%, 5.926% and 5.960%, respectively. As for sale of PIBs, SBP missed its target of PKR 100bn against bids worth PKR 220bn and borrowed only PKR 43bn. The 3yr, 5yr and 10yr PIBs' yield averaged declined by 14bps, 9bps and 16bps to 6.407%, 6.909% and 8.020%, respectively. The 3yr bond witnessed highest participation owing to maturities of PIBs worth PKR 1.5tr in Jul-16, while there were no bids received for 20Yr bond.Outlook: Going forward, we expect monetary policy easing cycle to halt owing to possible rise in inflation and healthy credit off take for public and private sector. With a bias to increase view we expect SBP to keep Policy Rate unchanged during FY17 at current 6.25%.

5.0

6.0

7.0

8.0

9.0

10.0

11.0

3M 6M 1 YR 3YR 5YR 7YR 10YR

Y/Y M/M June, 2016

0

20

40

60

80

100

120

140

160

180

200

36,000

36,500

37,000

37,500

38,000

38,500

39,000

Week-1 Week-2 Week-3 Week-4 Week-5

Avg. Vol. (All Shares) KSE100

3.19%

0%

3%

5%

8%

10%

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Jun‐16 May‐16 MoM %

NAV per Unit (PKR) 266.25 259.76 2.50%

Net Assets Value (PKR '000) 281,624 263,766 6.77%

* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.

30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception

IGI Aggressive Fund ‐ IAF 2.50% 4.89% 8.12% 8.51% 7.94% 17.07% 12.70%

IGI Aggressive Fund ‐ IAF BID PRICE:

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:

Absolute Return Annualized Return

Note: Fund returns are gross of management fee.

High

Daily Forward Pricing

Monday to Friday

1.5%

25‐Apr‐08

ASSETS UNDER MANAGEMENT:

During the month the fund generated an

absolute return of 2.50% against its last

month absolute return of 2.34%.

Value of 100 Rupees invested 5 years ago

Fixed Income / Equity

IGI Aggressive Fund‐IAFFor the month of June 2016

INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes largely driven by equity

with a proportion of fixed income & money market instruments.

FUND INFORMATION: RETURNS:

237.52 246.67 252.20 247.27

234.77 247.64

239.96 245.37 241.05 236.55 246.25

253.83 259.76

266.25

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

May‐15 Jun‐15 Jul‐15 Aug‐15 Sep‐15 Oct‐15 Nov‐15 Dec‐15 Jan‐16 Feb‐16 Mar‐16 Apr‐16 May‐16 Jun‐16

Cash8%

TFC's / Sukuk1%

T‐Bills7%

TDR0%

PIB's15%

Stock64%

DFI & Others5%

Cash23%

TFC's / Sukuk5%T‐Bills

2%TDR1%PIB's

2%

Stock59%

DFI & Others8%

111.33

139.86

191.27

244.79

267.71 274.40

98.00

148.00

198.00

248.00

298.00

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 241.22 237.43 1.60%




IGI Balanced Fund ‐ IBF 1.60% 3.28% 5.20% 6.21% 7.24% 12.46% 11.35%

IGI Balanced Fund ‐ IBF BID PRICE:



ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:



Moderate


Monday to Friday

1.5%

25‐Apr‐08







IGI Balanced Fund‐IBFFor the month of June 2016

INVESTMENT OBJECTIVE:The investment objective of the Fund is to earn competitive long term return by investing in mix of equity, fixed income and money market instrument.

This fund is suited for investors with moderate risk tolerance.


217.47

224.94

229.10 227.86

219.19

227.76 223.85

227.11 225.36

223.58

229.29

233.57 237.43

241.22

205.00

210.00

215.00

220.00

225.00

230.00

235.00

240.00

245.00


Cash9%

TFC's / Sukuk4%

T‐Bills11%

TDR2%

PIB's28%

Stock36%

DFI & Others10%Cash

20%TFC's / Sukuk12%T‐Bills

0%TDR9%

PIB's9%

Stock38%

DFI & Others12%

110.53

130.64

163.67

197.09

215.18 218.62

100.00

120.00

140.00

160.00

180.00

200.00

220.00

240.00

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 185.44 184.64 0.43%

Net Assets Value (PKR '000) 556,003 561,134 ‐0.91%



IGI Conservative Fund ‐ ICF 0.43% 1.10% 1.33% 2.99% 5.66% 6.00% 7.83%

IGI Conservative Fund ‐ ICF BID PRICE:



ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:



Low


Monday to Friday

1.5%

25‐Apr‐08






Fixed Income

IGI Conservative Fund ‐ ICFFor the month of June 2016

INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a

liquid portfolio of low risk short term investments yielding competitive returns.


174.93 175.50 176.38 177.06

177.96 178.79 179.20

180.05 181.12

182.06 183.01 183.43

184.64 185.44

168.00 170.00 172.00 174.00 176.00 178.00 180.00 182.00 184.00 186.00 188.00


Cash16% TFC's /

Sukuk8%

T‐Bills22%

TDR2%

PIB's38%

DFI & Others14%

Cash42%

TFC's / Sukuk14%

T‐Bills2%

TDR9%

PIB's11%

DFI & Others22%

109.87

119.15

128.55

140.44

148.24 148.87

100.00

110.00

120.00

130.00

140.00

150.00

160.00

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 138.41 137.79 0.45%




IGI Islamic Fund ‐ IIF 0.45% 0.87% 1.21% 2.88% 5.39% 5.77% 4.05%

IGI Islamic Fund ‐ IIF BID PRICE:



ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:



Low


Monday to Friday

1.5%

25‐Apr‐08






Islamic Fixed Income

IGI Islamic Fund ‐ IIFFor the month of June 2016

INVESTMENT OBJECTIVE:To provide maximum possible preservation of capital and a reasonable rate of return via investing in Shariah Compliant money market and debt

securities having good credit quality rating and liquidity.


129.93 131.33 131.61 132.07 132.22

133.38 133.84 134.54 135.14

135.94 136.76 137.21 137.79 138.41

124.00

126.00

128.00

130.00

132.00

134.00

136.00

138.00

140.00


Cash64%

TFC's / Sukuk18%

TDR0%

Ijarah, 0.67

DFI & Others10%

Cash40%

TFC's / Sukuk25%

TDR9%

Ijarah, 0.67

DFI & Others16%

95.77

107.69

121.59

137.11

145.41 146.06

95.00

105.00

115.00

125.00

135.00

145.00

155.00

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 356.48 346.08 3.01%




IGI FS Aggressive Fund ‐ IHA 3.01% 5.41% 8.58% 10.82% 16.84% 21.70% 22.16%

IGI FutureSecure Aggressive Fund ‐ IHA BID PRICE:



ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:



High


Monday to Friday

1.5%

25‐Feb‐10







IGI FutureSecure Adventurous Fund‐ IHAFor the month of June 2016

INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes encompassing equity, fixed

income & money market instruments.


290.62 305.10 315.72 317.44 300.93 316.89 308.83 321.68 318.61 315.30 328.30 338.19 346.08 356.48

‐

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00


Cash10%

T‐Bills3%

Stock75%

DFI & Others5%Cash

25%

T‐Bills0%

TDR0%

Stock59%

113.38

142.54

198.50

235.84

280.84 289.28

95.00

145.00

195.00

245.00

295.00

345.00

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 217.97 213.90 1.90%




IGI FS Balanced Fund ‐ IHB 1.90% 3.70% 5.74% 7.87% 11.76% 15.79% 13.01%

IGI FutureSecure Balanced Fund ‐ IHB BID PRICE:



ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:



Moderate


Monday to Friday

1.5%

18‐Feb‐10







IGI FutureSecure Balanced Fund‐ IHBFor the month of June 2016

INVESTMENT OBJECTIVE:

The investment objective of the Fund is to earn competitive return by investing in various asset classes/instruments based on the market outlook.


189.88

195.04 198.91 199.47

194.18

199.66 197.48

202.06 202.07 200.41

206.14 210.20

213.90 217.97

175.00 180.00 185.00 190.00 195.00 200.00 205.00 210.00 215.00 220.00 225.00


Cash30%

T‐Bills10%

Stock28%

DFI & Others8%

Cash30%

T‐Bills8%TDR

0%

Stock38%

DFI & Others5%

112.23

129.95

157.04

178.97

201.61

100.00

120.00

140.00

160.00

180.00

200.00

220.00

Apr‐11 Apr‐12 Apr‐13 Apr‐14 May‐15 May‐16

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 144.60 143.97 0.44%




IGI FS Cautious Fund ‐ IHC 0.44% 1.07% 1.16% 2.52% 5.08% 5.05% 6.04%

IGI FutureSecure Cautious Fund ‐ IHC BID PRICE:



ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:



Low


Monday to Friday

1.5%

18‐Mar‐10






Fixed Income

IGI FutureSecure Cautious Fund‐ IHCFor the month of June 2016

INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a

liquid portfolio of low risk short term investments yielding competitive returns.


137.10 137.61 138.07 138.65

139.32 139.90 140.46

141.05 141.61 142.13 142.94 143.07

143.97 144.60

132.00

134.00

136.00

138.00

140.00

142.00

144.00

146.00


Cash, 42.00%

T‐Bills, 14.00%

Cash46%

T‐Bills3%

TDR15%

DFI & Others15%

111.39

121.85

131.23

142.96

150.13 150.78

100.00

110.00

120.00

130.00

140.00

150.00

160.00

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 187.00 183.93 1.67%



IGI FS Secure Fund ‐ IHS 1.67% 3.46% 3.38% 8.69% 17.77% 17.42% 10.46%

IGI FutureSecure Secure Fund ‐ IHS BID PRICE:



ASSET ALLOCATION:

Jun‐16 May‐16

FUND PERFORMANCE:



Low


Monday to Friday

1.5%

18‐Mar‐10






Govt. Securiities

IGI FutureSecure Fund‐ IHSFor the month of May 2016


The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.


163.79 158.78

162.92 166.03 167.63

170.91 169.68 172.06

175.76 179.35 180.88 180.76

183.93 187.00

140.00 145.00 150.00 155.00 160.00 165.00 170.00 175.00 180.00 185.00 190.00


Cash3%

PIB's97%

Cash3%

PIB's97%

112.14

123.48

134.24

145.55

163.45 166.18

100.00

110.00

120.00

130.00

140.00

150.00

160.00

170.00

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 166.24 165.67 0.34%




Sarmaya Pakistan Income ‐ SPI 0.34% 0.88% 1.02% 2.45% 6.23% 4.92% 8.92%

IGI Sarmaya Pakistan Income Fund ‐ SPI BID PRICE:



ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:



Low


Monday to Friday

22‐Jul‐10






Fixed Income

IGI Sarmaya Pakistan Income Fund ‐ SPIFor the month of June 2016

INVESTMENT OBJECTIVE:The objective of the Fund is to deliver competitive above inflation returns primarily from debt and fixed income investments without taking excessive

risk. The fund Is suited for investors with low risk tolerance.


Sarmaya Plus 1.5% / Sarmaya Premium 2.4%

156.93 156.48 157.55

159.37 160.25

161.53 161.59 162.26 163.08

163.84 164.55 164.78 165.67 166.24

150.00

152.00

154.00

156.00

158.00

160.00

162.00

164.00

166.00

168.00


Cash9%

TFC's / Sukuk21%

T‐Bills44%

TDR0%

PIB's24%

DFI & Others2%

Cash26%

TFC's / Sukuk23%

T‐Bills22%

TDR0%

PIB's27%

DFI & Others2%

109.10

117.01

125.69

143.48

151.47 151.99

100.00

110.00

120.00

130.00

140.00

150.00

160.00

Apr‐11 Apr‐12 Apr‐13 Apr‐14 May‐15 May‐16 Jun‐16

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 129.04 127.73 1.03%




Sarmaya United Growth ‐ SUG 1.03% 2.57% 2.70% 6.50% 12.08% 13.04% 4.41%

IGI Sarmaya United Growth Income Fund ‐ SUG BID PRICE:



ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:



Moderate


Monday to Friday

05‐Aug‐10






Fixed Income

IGI Sarmaya United Growth & Income Fund ‐ SUGFor the month of June 2016

INVESTMENT OBJECTIVE:Invest in medium to long‐term fixed income instruments as well as short‐tenor money market instruments to generate superior, long‐term, risk‐adjusted

returns while preserving capital over the long‐term.



115.90 115.13 116.96 117.81 117.35

119.83 120.39 121.16 121.87 123.80

125.65 125.81 127.73

129.04

105.00

110.00

115.00

120.00

125.00

130.00

135.00


Cash14%

TFC's / Sukuk32%

PIB's49%

DFI & Others5%

Cash49%

TFC's / Sukuk31%

PIB's15%

DFI & Others5%

80.92

88.77

101.20

120.80

133.13 134.51

75.00

85.00

95.00

105.00

115.00

125.00

135.00

145.00

Apr‐11 Apr‐12 Apr‐13 Apr‐14 May‐15 May‐16 Jun‐16

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 313.41 307.50 1.92%




Sarmaya Pakistan Stock ‐ SPS 1.92% 7.29% 12.46% 5.17% 0.41% 10.37% 23.51%

IGI Sarmaya Pakistan Stock Fund ‐ SPS BID PRICE:



ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:



High


Monday to Friday

03‐Feb‐11






Equity

IGI Sarmaya Pakistan Stock Fund ‐ SPSFor the month of June 2016

INVESTMENT OBJECTIVE:The objective of the fund is to provide investors long term capital appreciation through its investment in Pakistani equities. This fund is suited for

investors with medium to long term horizon and high risk tolerance.



298.90

312.13 317.14

308.62

281.82

304.67

292.45 297.99

288.95

264.84

278.67

292.11

307.50 313.41

230.00 240.00 250.00 260.00 270.00 280.00 290.00 300.00 310.00 320.00 330.00


Cash3%T‐Bills

0%

Stock96%

Cash9%

Stock89%

DFI & Others2%

109.84

147.43

211.76

295.68 304.19 310.04

100.00

150.00

200.00

250.00

300.00

350.00

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 375.68 356.46 5.39%




Sarmaya United Stock ‐ SUS 5.39% 7.77% 11.75% 8.49% 14.21% 17.02% 25.10%

IGI Sarmaya United Stock Fund ‐ SUS BID PRICE:



ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:



High


Monday to Friday

05‐Aug‐10






Equity

IGI Sarmaya United Stock Fund ‐ SUSFor the month of June 2016

INVESTMENT OBJECTIVE:The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of listed equity securities offering long term

capital gains and dividend yield potential.



311.39 328.93 340.32 342.63

322.11 340.90 330.87 346.29 341.66

319.61 336.17 348.59 356.46 375.68

‐

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00


Cash2%

Stock94%

DFI & Others4%

Cash10%

Stock89%

113.89

147.25

208.06

242.84

277.99 292.97

95.00

145.00

195.00

245.00

295.00

345.00

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 225.83 223.03 1.25%

Net Assets Value (PKR '000) 4,893,126 4,543,435 7.70%


IGI Sarmaya Secure ‐ SSE 1.25% 2.57% 2.66% 7.10% 14.06% 14.24% 14.68%

IGI Sarmaya Secure Fund ‐ SSE BID PRICE:



ASSET ALLOCATION:

Jun‐16 May‐16

FUND PERFORMANCE:



Low


Monday to Friday

22‐Jul‐10






Govt. Securiities

IGI Sarmaya Secure Fund ‐ SSEFor the month of June 2016


The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.



200.71 198.00

201.24 204.72 206.59

210.30 209.30 210.86 214.70

218.29 219.98 220.16 223.03

225.83

180.00 185.00 190.00 195.00 200.00 205.00 210.00 215.00 220.00 225.00 230.00


Cash9%

PIB's91%

112.33

131.70

145.72

184.46

204.98 207.55

100.00

120.00

140.00

160.00

180.00

200.00

220.00

Cash9%

PIB's91%

Cash9%

PIB's91%

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date


NAV per Unit (PKR) 132.36 131.82 0.41%




Sarmaya United Money ‐ SUI 0.41% 0.88% 1.22% 2.45% 5.06% 4.91% 7.35%

IGI Sarmaya United Money Market Fund ‐ SUI BID PRICE:



ASSET ALLOCATION *:

Jun‐16 May‐16

FUND PERFORMANCE:



Low


Monday to Friday

19‐Jul‐12





Value of 100 Rupees invested since inception

Fixed Income

IGI Sarmaya United Money Market Fund ‐ SUIFor the month of June 2016

INVESTMENT OBJECTIVE:The objective of Money Market Fund is to generate competitive returns within a low risk portfolio to provide a regular stream of income and easy

liquidity to its investors by investing more than 50% of the portfolio in short term government securities



125.51 125.99 126.45 126.99

127.59 128.14

128.65 129.20

129.76 130.27 130.77 131.21

131.82 132.36

122.00

124.00

126.00

128.00

130.00

132.00

134.00


Cash42%

T‐Bills14%

Cash53%

T‐Bills0%

TDR0%

DFI & Others3%

105.86

115.35

121.15 121.65

100.00

105.00

110.00

115.00

120.00

125.00

Apr‐13 Apr‐14 May‐15 May‐16 Jun‐16

funds performance report - igi lifeigilife.com.pk/wp-content/uploads/2016/08/fmr-june-2016.pdf ·...

Documents