fund manager report june 2019 - atlasfunds.com.pkborrowing from sbp stood at rs. 2,596 billion, as...

Fund Manager Report June 2019

*As o

f 28th

Jun

e, 2

019

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 Islamic Dedicated Fund 08

Atlas Islamic Fund of Funds 09

Atlas Pension Fund 10

Atlas Pension Islamic Fund 12

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: Muhammad SajjadEmail: [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

The financial year 2018-2019 came to an end, with our AUM closing at Rs.25.7 billion on 30th June 2019. The funds under its Management have depicted a competitive performance across all categories. We are thankful to our investors for their trust and confidence in achieving this landmark.

Furthermore, during the financial year PACRA has maintained AAML rating of “AM2+” dated 28th June, 2019 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, has been maintained as AA(f) dated April 17, 2019 (same as previous).

Interim Dividend Payouts

This is to inform you that the Investment Committee of Atlas Asset Management Limited (AAML), the Management Company of Atlas Money Market Fund (AMF), Atlas Sovereign Fund (ASF), Atlas Income Fund (AIF) and Atlas Islamic Income Fund (AIIF), under the authority delegated by the Board of Directors of AAML, in their meeting held on June 27, 2019 at 10:00 a.m. at Ground Floor, Federation House, Sharae Firdousi, Clifton, Karachi, approved the following interim distribution:

Our Value Added Services

Our 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

Atlas Money Market Fund

Distribution Rs. Per Unit)

6.153.50

18.5023.00

1.23%3.50%

3.70%4.60%

% of Par Value

Atlas Sovereign FundAtlas Income Fund

Atlas Islamic Income Fund

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.

June 2019

1

MUFAP's Recommended Format

On The Stock Market FrontSector Performance - Jun 2019

KSE 100 Index & Shares Turnover

On The Money Market Front

6 Months KIBOR vs 6 Months T-Bills

KSE-100 index decreased by 5.76% (2,073.21 points) to close at 33,901.58points in Jun-19. Daily average trading volumes increased by 9.69% MoM to135 Mn shares in Jun-19 from 123 Mn shares during May-19. Banks,Companies and Individuals were net buyers of USD 17 mn, USD 9 mn andUSD 6 mn, respectively. Net selling of USD 19 mn, USD 7 mn, USD 5 mn andUSD 2 mn was done by Mutual Funds, Broker Proprietary Trading, ForeignInvestors and Insurance Companies, respectively.

Sectors that outperformed the benchmark during the period were PowerGeneration & Distribution, Fertilizer and Pharmaceuticals yielding 0.9%, -3.8%and -5.0% returns, respectively. Cement, Commercial Banks, Engineeringand Oil & Gas Exploration Companies sector underperformed thebenchmark during the month posting -6.3%, -6.6%, -6.7% and -7.7% returns,respectively. Engineering sector underperformed due to increase in cost ofimported raw material post PKR devaluation coupled with negativedemand outlook in long/flat steel. Commercial Banks underperformed thebenchmark index on the back of news that government will likely withdrawdeposits from commercial banks and park them in a Treasury Single Accountat the central bank. Power Generation & Distribution sector outperformed asthe government decided to issue second tranche of Pakistan Energy Sukukthat is expected to improve liquidity position of independent powerproducers.

Currently the market is trading at a PE multiple of 6.50x and has a dividendyield of 7.50%.

The CPI inflation increased YoY for the month of June’19 and stood at 8.9%, with food prices increasing by 8.2%, whereas NFNE stood at 7.2%. CPI was mainly attributed to rise in prices of non-perishable food items while surge can also be attributed to increase in Housing heads mainly led by gas prices.

Additionally, M2 experienced an increase of 8.07% during July 01, ‘18 to June 14, ‘19, as compared to an increase of 7.87% during the previous corresponding period. The latest report shows that the government borrowing from SBP stood at Rs. 2,596 billion, as compared to borrowings of Rs. 1,493 billion in corresponding period last year, whereas, government matured borrowings of Rs. 957 billion from scheduled banks for the month of June’19, as compared to maturities of Rs. 313 billion in corresponding period last year.

The Central Bank raised an amount of Rs. 135 billion under the two T-bill auction conducted during the month. The weighted average yields under the latest auction stood at 12.73% for 3 month T-bills whereas bids for 6 month and 12 month T-bills were rejected. 6 months KIBOR (offer) increased and averaged at 13.06% during the month of June’19.

32,500.00

33,000.00

33,500.00

34,000.00

34,500.00

35,000.00

35,500.00

36,000.00

-

50,000,000

100,000,000

150,000,000

200,000,000

250,000,0003-

Jun

10-J

un

11-J

un

12-J

un

13-J

un

14-J

un

17-J

un

18-J

un

19-J

un

20-J

un

21-J

un

24-J

un

25-J

un

26-J

un

27-J

un

28-J

un

VOLUME 100 INDEX

-12.8%

-11.7%-7.7%

-6.7%-6.6%

-6.3%

-5.0%

-4.0%-3.8%

-3.7%

-3.3%

-3.2%

-1.2%

0.3%

0.9%

-14% -12% -10% -8% -6% -4% -2% 0% 2%

REFINERY

OIL & GAS MARKETING COMPANIES

OIL & GAS EXPLORATION COMPANIES

ENGINEERING

COMMERCIAL BANKS

CEMENT

PHARMACEUTICALS

AUTOMOBILE ASSEMBLER

FERTILIZER

INSURANCE

TOBACCO

FOOD & PERSONAL CARE PRODUCTS

CHEMICAL

TEXTILE COMPOSITE

POWER GENERATION & DISTRIBUTION

11.80

12.10

12.40

12.70

13.00

3-Ju

n4-

Jun

5-Ju

n6-

Jun

7-Ju

n8-

Jun

9-Ju

n10

-Jun

11-J

un12

-Jun

13-J

un14

-Jun

15-J

un16

-Jun

17-J

un18

-Jun

19-J

un20

-Jun

21-J

un22

-Jun

23-J

un24

-Jun

25-J

un26

-Jun

27-J

un28

-Jun

6M KIBOR 6M T-Bills

Source: State Bank of Pakistan

Source: Pakistan Stock Exchange

Source: Pakistan Stock Exchange

Atlas Sovereign Fund (ASF)

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

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

June 2019

Investment Objective Fund FactsFund Type Open-endedCategory Income 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 0.31% rep Gov levy, WWF & SECP Fee

PIB maturity of the Net assets (Days) Benchmark(BM) Average 6 Months PKRV ratesDealing Days Monday to Friday

Others incl. receivables Cut Off timings 9:00 am to 4:00 pmPricing mechanism Forward Pricing

T-Bills Management Fee

* % of Gross Asset

Credit Quality of the Portfolio (% of Total Assets ) Jan-00 Front End Load NilTrustee Central Depository Company Ltd.Registrar ITMinds LimitedAuditor EY Ford RhodesAsset Manager Rating AM2+(PACRA)

Risk Profile of the Fund: MediumFund Stability Rating AA(f) (PACRA) (As on 17-Apr-19)

Yearly Performance* Payout History

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

Trailing Performance

Returns* 8.35% 6.46% 7.71% N/A 37.17% 7.14%Benchmark 12.84% 11.97% 9.31% N/A 34.76% 6.54%

*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 May2018-19 8.79% 14.91% 7.65% 11.38% -0.56%2017-18 5.22% 4.45% 4.85% 5.23% 4.60%


5.00%

To provide unit-holders competitive returns with medium risk and high liquidity by investing in Government Securities and Debt Instruments.

Dec-2014

Jun YTD7.71%5.77% 6.04% 7.37% 8.35%6.08%

74.7%

5 Years

9.31%11.30%

CAGR **

(% on Opening NAV)

8.22% 7.71% 23.70%

Since Inception

21.22%

YTD 3 Years ***

PKR 2,301ASF PKR 100.33Nil

218.17

Jun-19 May-19

Asset Allocation (% of Total Assets )

22.0% 32.6%

1.2%3.2%

0.0%

39.1%

5.21%6.83%

Jul Aug Sep Oct Nov

5.13% 4.86% 4.79% 4.78% 4.54%6.83%5.00%

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.905,341 up till June 30, 2016. (Rs.0.04per unit as on June 30, 2019)

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 June 30,2019, a sum of Rs. 1,976,155 (Rs. 0.09 per unit) has been provided forSWWF.

10% of the Gross Earnings subject to a minimum fee of 0.45% of average daily Net Assets and maximum fee of 0.80% of average Annual Net Asset.

30 Days(1 Month)

27.1%

90 Days 180 Days 365 Days

(1 Year)

(As on 28-Jun-2019)

*

PIB, 22.0%

Cash, 74.7%

Others incl. receivables, 3.2%AA, 15.1%

AAA, 41.8%

AA+, 21.0%

Government Securities, 22.0%

4.75%

5.75%

9.49%

4.34%

7.48%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2015 2016 2017 2018 2019

8.32%

5.79%

9.38%

5.00%

7.71%

7.34%

5.76%5.26% 5.36%

9.31%

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)



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 0.95% - annualized (Incl Govt Levy)

Weighted average time to Govt Levy 0.32% rep Gov levy, WWF & SECP FeeOthers incl. receivables maturity of the Net assets (Days) Benchmark(BM) 70/30 composition of:

T-Bills

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

Fund Stability Rating :


0

* Interim Dividend

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


Returns* 11.86% 10.11% 8.87% 40.37% 115.20% 8.45%Benchmark 11.67% 10.88% 8.74% 35.88% 104.17% 7.59%

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

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

2018-19 8.70% 9.20% 9.67% 9.76% 8.51%2017-18 5.57% 5.12% 5.40% 5.63% 4.99%


30 Days(1 Month)

90 Days

180 Days 365 Days(1 Year)

Nil

1.00

AMF

45.0%

8.74%

0.0%

Jun-19 May-19

54.5%

0.5%

98.8%

1.2%

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 June 30, 2019, a sum of Rs. 38,941,269 (Rs. 1.91 per unit) has beenprovided 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.1.00 per unit as on June 30, 2019)

Oct Nov

YTD Since Inception

9.97%10.11%

8.87%

PKR 10,240PKR 503.12

CAGR **5 Years ***

21.90%

(% on Opening NAV)

70% three months PKRV rates; and 30% three (3) months average deposit rate of three (3) –AA rated Scheduled Banks as selected by MUFAP.

(As on 28-Jun-2019)

Jun YTD8.87%

(As on 17-Apr-19)AA(f) (PACRA)

5.64% 5.49%11.86%

5.38%9.71%

5.16%6.49% 6.80% 7.84% 7.19%

5.49% 5.38% 5.07%

Jul Aug Sep

5.49%6.83%

10.85% 10.66%

8.75%7.96%

8.36%

6.60%5.99%

5.38%

8.47%

0%

2%

4%

6%

8%

10%

12%

2011 2012 2013 2014 2015 2016 2017 2018 2019

8.29%8.59%

6.02% 6.14%5.49%

8.87%

8.18%7.59%

5.76%5.20% 5.36%

8.74%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2014 2015 2016 2017 2018 YTD

RETURN BENCHMARK

*

Cash, 98.8%

Others incl. receivables, 1.2%

AA, 19.83%

AAA, 62.33%

AA+, 17.8%



June 2019

Atlas Income Fund (AIF)



June 2019Fund Facts

Investment 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 1.48% - annualized (Incl Govt Levy)Cash Leverage: Govt Levy 0.34% rep Gov levy, WWF & SECP FeeTFCs/Sukuks Weighted average time to Benchmark(BM) Average 6 Months KIBOR (Ask)PIB maturity of the Net assets (Days) Dealing Days Monday to FridayOthers incl. receivables Cut Off timings 9:00 am to 4:00 pmT-Bills Pricing mechanism Forward PricingMTS Management Fee 0.80% of Avg. Annual Net Assets

Front 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)Habib Bank Ltd Risk Profile of the Fund: MediumDawood Hercules SukukBank Al-Falah LtdBank 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) 3.41%Weighted Av. Return (2017-18) 3.38%Weighted Av. Return (2016-17) 9.72%Weighted Av. Return (2015-16) 7.57%

AIFWeight 50%

*Annualized Return Weighted Av. Return (2018-19) -5.8%Weighted Av. Return (2017-18) 0.04%Weighted Av. Return (2016-17) 19.6%

*Annualized Return Weighted Av. Return (2015-16) 6.54%*Funds returns computed on NAV to NAV with the dividend reinvestment,if any.

AIFTrailing Performance Weight 15%

Weighted Av. Return (2018-19) -15%Weighted Av. Return (2017-18) -3.3%

Returns* 9.24% 6.50% 7.33% 43.85% 243.28% 8.41% Weighted Av. Return (2016-17) 29.5%Benchmark 13.06% 12.08% 10.22% 44.38% 292.28% 9.66% Weighted Av. Return (2015-16) 5.5%

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

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

2018-19 5.32% 10.49% 7.86% 10.33% -0.08%2017-18 4.54% 4.81% 4.70% 3.68% 5.70%


PKR 513.41PKR 2,988

8.79%

5.83%3.00%

Jun

11.44% 10.22% 24.38%

3 Years ***

4,668,990 (4,668,990) - 778,436 -

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

30 Days(1 Month)

90 Days

5 Years ***Since

InceptionCAGR **

YTDJul Aug Sep Oct Nov

7.33% 18.68%7.94%

ASMF15%

ASMF50%

ASMF

180 Days 365 Days(1 Year) YTD

Atlas Bachat Plan

4.82%5.33% 4.03% 4.41% 4.93% 5.21% 4.58%7.27% 4.35% 3.46% 9.47% 8.50% 9.32% 9.24% 7.33%

4.69%

- - 7,871,511 (7,871,511) - - 7,057,430

85%

-

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.23,582,971 up till June 30, 2016. (Rs.4.05per unit as on June 30, 2019)

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

% 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) -

RegistrarAuditor

3.16%3.12% 2.96%

6.38% 5.98%

1.43%1.50%

6.13%


1.46% 1.39%

(11,015,000)

19.4% 25.1%

EY Ford Rhodes(As on 28-Jun-2019)

Fund Stability Rating : AA-(f) (PACRA) (As on 17-Apr-19)9.25%

- 17,314,456 29,976,000 (29,976,000) - - 33,903,901

- 8,613,096

Atlas Bachat Balanced Plan

Atlas Bachat Growth Plan

81,625,501 (81,625,501) - - 67,667,319

Jun-19 May-19 AIF

2.4% 2.2%1.6% 3.0%0.1% 0.5%

45.5% 39.8% Nil31.0% 29.4%

774.82

11,015,000

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

Govt Securities, 21.0%

Non Rated, 0.1%

AA, 25.2%

AA-, 3.1%AAA, 31.7%

AA+, 17.4% A+, 1.5%

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%

7.12%

0%

2%

4%

6%

8%

10%

12%

14%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

8.45%

12.19%

8.02%

5.48%4.82%

7.33%

9.83%8.97%

6.53% 6.1% 6.35%

10.22%

0%

2%

4%

6%

8%

10%

12%

14%

2014 2015 2016 2017 2018 YTD

RETURN BENCHMARK



Atlas Stock Market Fund (ASMF)


June 2019


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 2.76% - annualized (Incl Govt Levy)

Govt Levy 0.4% rep Gov levy, WWF & SECP FeeCash Benchmark KSE-100 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

Asset Manager RatingRisk Profile of the Fund: High

*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 28.0 Oil & Gas Exploration 23.6 Fertilizer 13.8 Oil & Gas Development Co. Ltd 8.9Power Generation & Distribution 8.1 United Bank Limited 6.4Cement 5.2 Hub Power Company Limited 6.3Oil & Gas Marketing 4.9 Engro Corporation Limited 6.2Textile Composite 3.5 Bank Al Habib Limited 6.2Pharmaceuticals 2.4 Pakistan Petroleum Limited 5.7Technology & Communications 1.9 Engro Fertilizers Limited 5.1Engineering 1.7 Pakistan Oilfields Limited 4.5Inv. Bank/Inv. Companies/Securities Co. 0.3 Mari Petroleum Co. Ltd 4.5Paper & Board 0.3 Bank Alfalah Limited 4.4Refinery 0.1 Textile Spinning 0.0 Foods & Personal Care 0.0 Leather & Tanneries 0.0 Glass & Ceramics - Others -


Returns* -7.09% -12.58% -18.83% 30.05% 570.62% 13.91%Benchmark -5.76% -12.28% -19.11% 14.33% 514.77% 13.24%

*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% 11.77% -1.10% -5.29% -1.36%2017-18 1.52% 8.49% 5.91% 0.11% -4.44%

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


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

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 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.20,301,988 up till June 30, 2016.(Rs.2.03 per unit as on June 30, 2019)


-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% -3.43% -7.09% -18.83%

-10.78% -19.11% -10.27%

Jul Aug Sep Oct Nov

5 Years ***

-7.35% -18.83% 3.40%

30 Days(1 Month)

90Days

180 Days

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

0.3 Commercial Banks

1.3 Fertilizer1.9 Oil & Gas Exploration

0.0 0.0 0.0

0.2 0.0 0.0

3.6 Commercial Banks2.9 Oil & Gas Exploration

5.5 Power Gen & Dist4.9 Fertilizer

0.3 Oil & Gas Exploration

13.9 Oil & Gas Exploration7.3 Commercial Banks

Jun-19 May-19

Scrip % Sectors28.6 24.1

* 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%.

93.7% 94.9%

5.0% 4.7%

Nov-2004PKR 5,044

Jun-19 May-19 PKR 503.96

EY Ford RhodesAM2+(PACRA) (As on 28-Jun-2019)

1.3% 0.4%

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%

-18.83%

41.16%

16.01%

9.84%

23.24%

-10.00%

-19.11%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2014 2015 2016 2017 2018 YTDRETURN BENCHMARK



Atlas Islamic Income Fund (AIIF)



June 2019Fund Type Open-ended

Investment 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)

Asset Mix* Leverage & Maturity Profile AIIF NAV (at month end)Cash Leverage: Nil Total Expense Ratio 0.97% - annualized (Incl Govt Levy)Sukuk Weighted average time to Govt Levy 0.31% rep Gov levy, WWF & SECP FeeOthers incl. receivables maturity of the Net assets (Days) 143.77 BenchmarkTotal Including FoFTotal Excluding FoF

* % of Gross Asset Dealing Days Monday to FridayCut Off timings 9:00 am to 4:00 pmPricing mechanism Forward Pricing

Sukuk Holding (% of Total Assets ) Jan-00 Credit Quality of the Portfolio (% of Total Assets ) Jan-00 Management Fee 0.30% of Avg. Annual Net AssetsFront End Load Nil

Meezan Bank Sukuk Trustee Central Depository Company Ltd.Dawood Hercules Sukuk ITMinds Limited

Shariah Advisor Dr. Mufti Muhammad Wasie Fasih Butt


0

Shariah Compliant Investment Plans

AIIFWeight 85%

*Annualized Performance 4.37%*Funds returns computed on NAV to NAV with the dividend reinvestment,if any. Weighted Av. Return (2017-18) 3%

Weighted Av. Return (2016-17) 9.46%AIIF

Trailing Performance Weight 50%-5.2%

Weighted Av. Return (2017-18) -1.5%Returns* 12.39% 9.96% 8.48% 35.76% 128.20% 8.00% Weighted Av. Return (2016-17) 17.6%

Benchmark 5.19% 4.94% 3.69% 23.12% 90.24% 6.09% AIIF*Annualized Return ** CAGR Since Inception *** 3Y and 5Y returns are till FY18 Weight 15%

Weighted Av. Return (2018-19) -15%Weighted Av. Return (2017-18) -6%

Monthly Performance History Weighted Av. Return (2016-17) 25.8%Year Dec Jan Feb Mar Apr May

2018-19 7.94% 8.66% 9.82% 8.98% 8.31%2017-18 5.07% 4.45% 5.14% 4.12% 5.62%

*Annualized return: (Absolute return) *(365/No. of days)


PKR 913 (at month end)

Jun-19

66.6% 62.4%

May-19

100.0% 100.0%

90.8%7.8%1.3%

91.0%7.0%2.0%

3.94%3.89%

3.51%3.50%

4.26% 4.78% 4.76% 5.01% 5.19%

9.74%

90 Days 180 Days 365 Days(1 Year) 5 Years ***

5.38% 6.09% 6.30% 6.39%NovSepAugJul

8.80%Oct

30 Days(1 Month)

20.62%9.68%

YTD 3 Years ***

4.53%8.48%3.69%

4.92%4.72% 4.66%8.48%YTD

Weighted Av. Return (2018-19)Since Inception

Weighted Av. Return (2018-19)

85%Atlas Bachat Growth Islamic Plan AISF

Atlas Bachat Balanced Islamic Plan AISF

15%Atlas Bachat Islamic Plan AISF

50%

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.0.63 per unit as on June 30, 2019)

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

Risk Profile of the Fund: MediumFund Stability Rating : AA-(f) (PACRA) (As on 17-Apr-19)

Asset Manager Rating AM2+(PACRA) (As on 28-Jun-2019)

RegistrarEY Ford Rhodes


PKR 1,392

PKR 503.92

9.20%

CAGR **

12.39%Jun

Auditor

Net Assets (Excluding Investment by fund of funds) (Rs mn)

(% on Opening NAV)

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

AAA, 17.564%

AA+, 0.002%

AA, 32.3%

AA-, 0.004%

A, 50.1%

7.47%7.92%

5.00%

5.68%

4.87%

8.15%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

2014 2015 2016 2017 2018 2019

8.22%

7.21%

4.97%

5.97%

4.92%

8.48%

6.93% 6.76%

5.15%

3.26%

2.44%

3.69%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

2014 2015 2016 2017 2018 YTD

RETURN BENCHMARK

*



Atlas Islamic Stock Fund (AISF)June 2019



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


Asset Mix* Leverage Profile AISF NAV (at month end)Equities Leverage: Nil Total Expense Ratio 2.87% - annualized (Incl Govt Levy)

Govt Levy 0.42% 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


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.

Sector Allocation % of Total Assets Top 10 Holdings % of Total Assets SectorOil & Gas Exploration

Fertilizer Oil & Gas Development Co. Ltd 10.4 Oil & Gas ExplorationCommercial Banks Meezan Bank Limited 9.3 Commercial BanksPower Generation & Distribution Engro Corporation Limited 8.5 FertilizerCement Hub Power Company Limited 7.3 Power Gen & DistOil & Gas Marketing Pakistan Petroleum Limited 7.1 Oil & Gas ExplorationTextile Composite Pakistan Oilfields Limited 5.2 Oil & Gas ExplorationPharmaceuticals Engro Fertilizers Limited 5.1 FertilizerEngineering Mari Petroleum Co. Ltd 4.9 Oil & Gas ExplorationInv. Bank/Inv. Companies/Securities Co. Lucky Cement Limited 4.9 CementTechnology & Communications Pakistan State Oil Co. Ltd 4.5 Oil & Gas MarketingPaper & BoardFoods & Personal CareChemicalsOthers


Returns* -6.83% -13.70% -18.95% -18.95% 23.84% 317.41% 12.15%Benchmark -7.07% -13.70% -23.84% -23.84% 13.49% N/A N/A

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


2018-19 -9.72% 8.90% -2.03% -2.27% -6.21% -2.12%2017-18 0.67% 7.64% -2.44% 4.20% -0.05% -4.06%

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

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) 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.10,453,385 up till June 30, 2016. (Rs.3.73per unit as on June 30, 2019)


-18.95%0.90 -8.67% 1.28% -5.31% 0.31% -1.62% -7.88%

Jun YTD1.70% -0.58% -1.03% 4.69% -3.91% -6.83%

-14.60% -18.20%

Jul Aug Sep Oct Nov

5 Years ***Since

InceptionCAGR **

-10.82% -3.50%

30 Days(1 Month)

90Days

180 Days YTD 3 Years ***

365 Days(1 Year)

0.0 - - -

1.6 - 1.5 1.5 0.1 0.2 0.0 0.0

1.6 1.9

8.3 8.0 7.6 8.9 6.5 6.7

2.1 2.7

Scrip %

2.8 2.9

May-1927.6 30.1 13.6 16.5

Jun-19

Jan-2007PKR 1,205

(As on 28-Jun-2019)

Sectors

10.2 11.0

Jun-19 May-19 PKR 429.8883.5% 90.4%

10.8% 9.0%

5.7% 0.6%


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%

-18.95%

29.89%

20.1%

15.53%18.80%

-9.6%

-23.84%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2014 2015 2016 2017 2018 YTDRETURN BENCHMARK



Atlas Islamic Dedicated Stock Fund (AIDSF)June 2019



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


Asset Mix* Leverage Profile AIDSF (at month end)Equities Leverage: Nil

Others incl. receivables NAV (at month end)Total Expense Ratio 1.67% - annualized (Incl Govt Levy)

Cash Govt Levy 0.25% rep Gov levy, WWF & SECP FeeBenchmark KMI - 30 IndexDealing Days Monday to FridayCut Off timings 9:00 am to 4:00 pmPricing mechanism Forward PricingManagement Fee 2% of Avg. Annual Net Assets


*Funds returns computed on NAV to NAV with the dividend reinvestment,if any. Registrar ITMinds LimitedAuditor EY Ford Rhodes

Sector Allocation % of Total Assets Top 10 Holdings % of Total Assets Asset Manager Rating AM2+(PACRA) SectorOil & Gas Exploration Shariah Advisor Dr. Mufti Muhammad Wasie Fasih ButtFertilizer Oil & Gas Development Co. Ltd 11.9 Oil & Gas ExplorationCommercial Banks Meezan Bank Limited 10.4 Commercial Banks Risk Profile of the Fund: Power Generation & Distribution Engro Corporation Limited 9.8 FertilizerCement Pakistan Petroleum Limited 9.3 Oil & Gas ExplorationOil & Gas Marketing Hub Power Company Limited 8.0 Power Gen & DistTextile Composite Engro Fertilizers Limited 6.9 FertilizerPharmaceuticals Pakistan Oilfields Limited 6.4 Oil & Gas ExplorationEngineering Lucky Cement Limited 5.6 CementInv. Bank/Inv. Companies/Securities Co. Mari Petroleum Co. Ltd 5.2 Oil & Gas ExplorationChemicals Pakistan State Oil Co. Ltd 4.6 Oil & Gas MarketingPaper & Board


Returns* -7.16% -14.03% N/A -17.27% N/A -17.27% N/ABenchmark -7.07% -13.70% N/A -18.19% N/A -18.19% N/A

*Actual Returns from Jan 10, 2019 - Not Annualized


2018-19 - - 1.84% -2.20% -2.54% -6.47% -1.85%2017-18 - - - - - -


Total Including FoF

Total Excluding FoF


(As on 28-Jun-2019)

PKR 413.63

100.0% 100.0%

0.0% 0.0%

1.5% 1.2%

Scrip Sectors%

Jan-2019PKR 257

Jun-19 May-19 PKR 0.00Net Assets (Excluding Investment by fund of funds) (Rs mn)

96.0% 97.1%

2.5% 1.8%

11.5 11.3

32.9 Jun-19 May-19

- -

33.4

2.7 3.1

8.9 7.9 8.8 9.1 7.3 7.8 3.5

16.7 18.1

0.5 - 0.2 0.4

2.0 2.2 1.0 -

30 Days(1 Month)

90Days

180 Days 365 Days(1 Year) YTD

-7.16% -17.27%- - -

--

--

--

--

Jul Aug Sep Oct Nov

High

Jun YTD

N/A N/A

3.6

N/A N/A

5 Years Since Inception CAGR

The Fund has provided an amount of June 30, 2019, a sum of Rs. 0 against Sindh Workers’ Welfare Fund (SWWF) Liability.

3 Years


OGDC, 11.9% MEBL,

10.4%

ENGRO, 9.8%

PPL, 9.3%

EFERT, 8.0%

HUBC, 6.9%

POL, 6.4% LUC… MARI,

5.2%

PSO, 4.6%

Top Ten Holdings %

Oil & Gas Exploration , 32.9%

Fertilizer , 16.7%Commercial Banks ,

11.5%

Power Generation & Distribution , 8.9%

Cement , 8.8%

Oil & Gas Marketing , 7.3%

Textile Composite , 3.5%

Pharmaceuticals , 2.7%

Engineering , 2.0%

Inv. Bank/Inv. Companies/Securities

Co. , 1.0%

Sector Allocation %

Atlas Islamic Fund of Funds (AIFOF) June 2019



Investment Objective Fund FactsFund Type Open-endedCategory Islamic Fund of FundsLaunch DateGovt Levy 0.06% rep Gov levy, WWF & SECP FeeBenchmark

Atlas Aggressive Allocation Islamic Plan (AAAIP)Atlas Moderate Allocation Islamic Plan (AMAIP)Atlas Conservative Allocation Islamic Plan (ACAIP)

Atlas Islamic Capital Preservation Plan (AICPP)

Leverage NilDealing DaysCut Off timingsPricing mechanismManagement Fee

AAAIP -4.72% -11.22% N/A -11.22% N/A Front End Load Benchmark -4.67% -11.47% N/A -11.47% N/A Back End Load 2.5% on CPPI ***AMAIP -3.09% -6.91% N/A -6.91% N/A Trustee Central Depository Company Ltd.Benchmark -3.15% -7.49% N/A -7.49% N/A Registrar ITMinds LimitedACAIP -0.88% -0.94% N/A -0.94% N/A Auditor EY Ford RhodesBenchmark -1.17% -2.27% N/A -2.27% N/A Asset Manager Rating AM2+(PACRA)AICPP -1.44% -2.40% N/A -2.40% N/A Shariah AdvisorBenchmark -1.67% -3.38% N/A -3.38% N/A Risk Profile Plan Specific

Subscription Period

Duration

AAAIPAMAIPACAIPAICPP



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

(PKR Mn.)

Max. MultiplierFunds Multiplier: Min. Multiplier

1.93 1.41AICPP

The benchmark of each allocationPlan will be the weighted averagereturn of KMI-30 Index, and Six monthsaverage deposit rates of three (3) Arated Islamic Banks or Islamicwindows of conventional banks asselected by MUFAP based on theactual proportion of investment inEquity, Income schemes and bankdeposit made by the respectiveallocation Plan.

Dr. Mufti Muhammad Wasie Fasih Butt

* No Management fee in case of investment is made in CIS ofAAML. However, management fee of 1% of average annualnet assets in case investment is made in Cash/ Near Cashinstruments, savings and term deposits made with Islamicbanks or Islamic banking windows of commercial banks.

Upto 1%*Upto 2% **

(As on 28-Jun-2019)

May 2019

Others incl. receivables0.3%0.3%

The Fund has provided an amount of June 30, 2019, a sum of

Rs. 0 (AAAIP), Rs. 0 (AMAIP) Rs. 0 (ACAIP) and Rs. 0 (AICPP)

against Sindh Workers’ Welfare Fund (SWWF) Liability.

*** Back-end Load shall be charged to the CPPI base plan.2.5% back-end Load shall be charged in case redemptionfrom the fund is made before the stated maturity/duration ofthe CPPI Plan(s).

*Actual Returns - Not Annualized

-2.97% N/A N/A N/A

NAV

Net Assets

PKR 443.89 PKR 465.86PKR 465.44PKR 495.32

PKR 431

June 2019

PKR 480.27

0.5%

0.1%

Monday to Friday9:00 am to 4:00 pmForward Pricing

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

90Days

-6.02%

-6.26% N/A

N/A

-1.51%-2.13% N/A

N/A

Subscription period for AICPP has been closed.The Duration of the Allocation Plans is Perpetual. However, the initial maturity of - (AICPP) shall be thirty month (2.5 years).

May 2019

Cash

PKR 122PKR 437

AIIF31.3%51.7%76.0%

70.6%

5 Years

AIDSF67.1%46.9%22.2%

27.5%

PKR 98PKR 107

N/A N/A

N/A N/A

N/A N/AN/A N/A

To provide unit holders an opportunity 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.

Jan-2019

-9.29%-9.47%

N/AN/A

N/AN/A N/A

N/A

1.3%1.2%1.4%

1.8%

Since Inception CAGR 30 Days

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

Expense Ratio % Govt. Lev %

Expense Ratio % Govt. Lev %

Expense Ratio

June 2019 May 2019

N/A N/A N/A-2.74%

June 2019

PKR 93PKR 103PKR 121

PKR 499.72PKR 495.11PKR 487.99

0.35 0.06

0.05 0.23 0.06

0.33 0.05 0.32 0.05 0.32 0.06 0.24 0.06

0.34 0.06 0.32

*


Atlas Islamic Fund of Funds Asset Allocation ( % of Total Assets )

*

*

*

*

******

******

******

*

*

*

*

*

*

*

*

*

Atlas Pension Fund (APF)June 2019



Investment 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)

The manageme*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 8.0 Return based on NilFertilizer 6.0 Weighted Av. Return (2018-19)Power Generation & Distribution 5.6 Weighted Av. Return (2017-18)Cement 5.5 Weighted Av. Return (2016-17)Oil & Gas Marketing 5.4 (v) LifecycleTextile Composite 5.3Pharmaceuticals 5.0Engineering 4.3Technology & Communications 4.2Chemicals 4.2Others (vi) Customized 0-100% 0-100%Trailing Performance

APF-Debt Sub-Fund

-6.83% 311.97%*Annualized return: (Absolute return) *(365/No. of days) ** CAGR Since Inception


12.51% 6.57% 160.75% 8.30% 11.34% 153.33% 8.04%

CAGR** 30 Days *(1 Month)

Since Inception CAGR**

0-100%

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

(1 Month)Since

Inception CAGR** 30 Days * (1 Month)

Since Inception

0.4 0.0 Mari Petroleum Co. Ltd Oil & Gas Exploration0.4 0.5

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.

1.7 2.0 Engro Fertilizers Limited Fertilizer1.7 1.5 Bank Alfalah Limited Commercial Banks

3.3 3.7 Engro Corporation Limited Fertilizer2.5 3.2 Pakistan Petroleum Limited Oil & Gas Exploration

5.0 5.7 Pakistan Oilfields Limited Oil & Gas Exploration 5.36%4.2 4.7 Bank Al Habib Limited Commercial Banks

12.1 13.5 United Bank Limited Commercial Banks 7.76%7.3 7.3 Hub Power Company Limited Power Gen & Dist 5.12%

40-60%22.7 25.5 Oil & Gas Development Co. Ltd Oil & Gas Exploration 60% 40%

0%3.53%

Jun-19 May-19 Scrip % Sectors 11.13%26.2 29.3

-5.74%1.36%

16.99%15-30%

60% 15%

-1.38%24.02%

10-25%40% 10%

20% Nil-12.33%

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.

PKR 356 PKR 253.33

Atlas Pension Fund Allocation Schemes

* No front end load to be charged on the subsequent contribution made directly through employer or online.

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.1.62, Rs.0.78, Rs.0.50 per unit respectively as on June 30, 2019

The management company, as a matter of prudence and asrecommended by MUFAP, made provision in respect of SWWF with effectfrom the date of enactment of the SWWF Act, 2014 (i.e. starting from 21May 2015) on 12 January 2017. Accordingly, the provision for SWWF isbeing made on a daily basis going forward. Up till June 30, 2019, a sum ofRs. 2,516,618 (Rs. 2.68 per unit) (ESF), Rs. 1,857,360 (Rs. 1.28 per unit) (DSF)and Rs. 1,304,782 (Rs. 0.93 per unit) (MSF) has been provided for SWWF.

Net Assets (mn) NAVPKR 387 PKR 411.97PKR 378 PKR 260.75

Jun-2007

Asset Manager Rating (As on 28-Jun-2019)

9.91%9.51%10.8%10.35%

8.15%7.59%7.93%

5.74%5.53%5.36%

8.64%

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%

7.17%

-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%

-17.21%-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, 87.5%

Cash, 10.4%Others incl. receivables,

2.1%

APF-Equity Sub-Fund

T-Bills, 0.8% Others incl. receivables, 2.8%

Cash, 54.3%TFCs, 5.9%

Sukuk, 5.8%

PIBs, 30.5%

APF-Debt Sub-Fund

Cash, 76.1%

T-Bills, 22.2%Others incl. receivables, 1.6%

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)

11

Atlas Pension Fund (APF)

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

June 2019

Appreciation in value of investment over cost net of tax credit

-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 Mar-19 Jun-19

Cu

mu

lati

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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)June 2019



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%

*Annualized Return Weighted Av. Return (2018-19)Weighted Av. Return (2017-18)

Sector Allocation % Total Assets for Top 10 Holdings % Total Assets for Weighted Av. Return (2016-17)APIF-Equity Sub Fund APIF-Equity Sub Fund Weighted Av. Return (2015-16)Sector (iii) Low Volatility 10-25%Oil & Gas Exploration Return based on 25%Fertilizer 9.7 Weighted Av. Return (2018-19)Commercial Banks 9.2 Weighted Av. Return (2017-18)Power Generation & Distribution 9.1 Weighted Av. Return (2016-17)Cement 8.4 Weighted Av. Return (2015-16)Oil & Gas Marketing 8.3 (iv) Lower Volatility NilTextile Composite 6.7 Return based on NilTechnology & Communications 6.7 Weighted Av. Return (2018-19)Pharmaceuticals 6.3 Weighted Av. Return (2017-18)Engineering 5.1 Weighted Av. Return (2016-17)Inv. Bank/Inv. Companies/Securities Co. 5.1 Weighted Av. Return (2015-16)Others (v) LifecycleTrailing Performance

-6.94% 389.33% 127.70%*Annualized return: (Absolute return) *(365/No. of days) ** CAGR Since Inception (vi) Customized 0-100%


CAGR** 30 Days *(1 Month)

Since Inception CAGR**

115.06% 6.79% 10.81% 7.32%

30 Days (1 Month)

Since Inception CAGR** 30 Days *

(1 Month)Since

Inception14.60% 11.00%

4.22%

APIF-Debt Sub-Fund APIF-Money Market Sub-Fund

1.0 0.0 Lucky Cement Limited Cement0.6 0.1

APIF-Equity Sub-Fund

3.76%5.19%

7.41%2.7 2.5

2.1 2.3 Pakistan State Oil Co. Ltd Oil & Gas Marketing2.5 2.9 Engro Fertilizers Limited Fertilizer

Pakistan Oilfields Limited Oil & Gas Exploration3.6 3.7 Mari Petroleum Co. Ltd Oil & Gas Exploration

0.37%11.04%

40-60%60% 40%

10.7 10.6 Oil & Gas Development Co. Ltd Oil & Gas Exploration9.5 8.6 Engro Corporation Limited Fertilizer

4.42%8.9 9.1 Pakistan Petroleum Limited Oil & Gas Exploration40-60%

31.0 31.60.73%

7.6 7.9 Hub Power Company Limited Power Gen & Dist

15.5 16.5 Meezan Bank Limited Commercial Banks

-2.94%16.79%4.61%

60-75% 15-30%Jun-19 May-19 Scrip % Sectors 60% 15%

-5.89%

-13.85%-6.92%23.71%

20% Nil

4.84%40-55% 10-25%

40% 10%

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.2.08, Rs.0.60, Rs.0.38 per unit respectively ason June 30, 2019

0-100% 0-100%

APIF-DSF APIF-MMSF20-35% Nil

Nov-2007

Asset Manager Rating (As on 28-Jun-2019)Shariah Advisor

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 June 30,2019, a sum of Rs. 2,442,724 (Rs. 3.15 per unit) (ESF), Rs. 1,350,934 (Rs.0.78 per unit) (DSF) and Rs. 1,112,750 (Rs. 0.66 per unit) (MSF) has beenprovided for SWWF.

* No front end load to be charged on the subsequent contribution made directly through employer or online.

Net Assets (mn) NAVPKR 382 PKR 492.71PKR 375 PKR 216.54PKR 389 PKR 229.27

Jan-00

11%

9.21%9.79%9.61%

7.12%7.67%

5.97%

4.21%4.88%

4.02%

7.57%

0%

2%

4%

6%

8%

10%

12%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

APIF-Money Market Sub-Fund

*

Placement with banks & DFIs, 18.1%

Cash, 80.5%

Others incl. receivables, 1.4%

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%

7.3%

0%

2%

4%

6%

8%

10%

12%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

APIF-Debt Sub-Fund

*

Cash, 92.5%

Others incl. receivables, 1.6% Sukuk, 6.0%

APIF-Debt Sub-Fund

-1.88%

22.88%

39.45%

30.05%

49.02%

24.88%24.32%

4.99%

28.29%

-9.54%-19.14%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD


*

Equities, 95.6%

Cash, 2.9%Others incl. receivables, 1.5%




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.

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.

13

Atlas Pension Islamic Fund (APIF)June 2019

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 Mar-19 Jun-19

Cu

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Equity Debt MoneyMkt.

TaxCredit

AllocationScheme

80%50%25%0%

20%40%60%60%

0%10%15%40%

10%10%10%10%


MoneyMkt.

fund manager report june 2019 - atlasfunds.com.pkborrowing from sbp stood at rs. 2,596 billion, as...

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