tpl life · auction was witnessed in 3m t-bill. cumulative participation in the auction was pkr 751...
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Benchmark Return
Asset Allocation
April 2017
Fund Performance Report
TPL LIFE
July 2015
Source: SBP, Average Monthly Rates
Source: PBS
KSE 100 Performance
Source: PSX
Money Market Review and Outlook:
During the period under review, SBP conducted two T-Bill auctions with the month target of
PKR 550 billion against maturity of PKR 527 billion. Major participation during both the T-bill
auction was witnessed in 3M T-bill. Cumulative participation in the auction was PKR 751 billion
with a major amount accepted in 3M T-bill, total amount accepted was PKR 629 billion. The cut-
off yields in the last auction were 5.9910%, 6.0109% and 6.0273% for 3, 6 and 12M T-Bills
respectively.
In the PIB auction, due to participation by market participants at much higher yield than the
previous auction, the SBP decided to reject the auction. Thus, no major change in monetary
policy stance is foreseen in near future.
Equity Market Review and Outlook:
CPI increased by 4.8%YoY (1.4%MoM) in April 2017 compared to an increase of 4.9%YoY
(0.8%MoM) in the previous month. The main contributors to such increase were food, house
rent and education. The overall inflation for 10MFY17 was recorded at 4.1% as compared to
2.8% in 10MFY16. However, this was well below the SBP forecast of 4.5-5.5% for FY17.
The current account witnessed a deficit of USD 6.1 billion during 9MFY17 compared to USD 2.4
billion last year due to heavy imports of machinery and petroleum. In view of such strong
growth in imports and taking stock of developments in international commodity prices and
global economic trends, the current account deficit is likely to increase; however, the country’s
foreign exchange reserves will
remain at comfortable level.
Further, the unchanged monetary policy combined with a comfortable liquidity position in the
interbank market will lead to a continuation of stable market interest rates.
CPI Inflation
April 2017
FUND MANAGER REPORT
Pakistan Yield Curve
Macro Review and Outlook:
Though the political uncertainty continued to strain equity market initially in April, the Panama
case verdict triggered a gain of 2.4%MoM (1,145 points) as the decision was positively
conceived by the market. Sectors that contributed the most to index gain were Automobile
Assemblers and Oil and Gas. Further, Mutual Funds appeared as the largest net buyers,
absorbing almost the entire net selling by Foreigners, Individuals, and Banks/DFIs. On the other
hand, the Fertilizer and Food sector underperformed the benchmark.
During the month of May, the key events that will determine the direction of the market
include Pakistan's inclusion to MSCI‐EM Index, upcoming budget to be announced by the
current regime and newsflows over the JITs findings with respect to Panama Case.
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1.00
2.00
3.00
4.00
5.00
6.00
CPI Inflation
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Bid Offer Spread 5%
Apr-17 Mar-17 MoM %
NAV per Unit (PKR) 101.66 100.09 1.57%
Net Assets Value (PKR '000) 3,019 2,469 22.28%
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
TPL Progressive Fund - TPF 1.57% 1.53% 0.84% 1.66% N/A 4.30% 3.32%
* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.
During the month the fund generated an absolute
return of 1.57% against its last month absolute
return of -0.04%.
Value of 100 Rupees invested since inception
TPL Progressive Fund - TPF
INVESTMENT OBJECTIVE:This is an investment fund designed on an aggressive investment strategy to provide higher returns in long term by investing primarily in equities along with
debt / money market instruments.
FUND INFORMATION: RETURNS:
April 2017
Aggressive
High
Daily Forward Pricing
Monday to Friday
1.5%
30-Oct-16
FUND PERFORMANCE:
Absolute Return Annualized Return
Note: Fund returns are net of management fee.
ASSETS UNDER MANAGEMENT:
TPL Progressive Fund - TPF 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 *:
Apr-17 Mar-17
100.00
100.25
100.55
100.81
100.13 100.09
101.66
100.00
100.20
100.40
100.60
100.80
101.00
101.20
101.40
101.60
101.80
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
Cash 18%
TFC's / Sukuk
4% T-Bills
5%
TDR 0% PIB's
0%
Stock 65%
DFI & Others
8%
Deposits 14%
TFC's 4%
T-Bills 8%
TDR 0%
PIB's 0%
Stock 66%
DFI & Others
8%
101.66
99.00
99.50
100.00
100.50
101.00
101.50
102.00
Since Inception Apr-17
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Bid Offer Spread 5%
Apr-17 Mar-17 MoM %
NAV per Unit (PKR) 102.03 100.62 1.40%
Net Assets Value (PKR '000) 4,070 4,016 1.33%
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
TPL Steady Fund - TSF 1.40% 1.17% 1.11% 2.03% N/A 5.33% 4.05%
* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.
During the month the fund generated an absolute
return of 1.40% against its last month absolute
return of -0.22%.
Value of 100 Rupees invested since inception
TPL Steady Fund - TSF
INVESTMENT OBJECTIVE:
The primary investment objective of this fund is to provide stable returns by balancing the investment in equities and debt / money market instruments.
FUND INFORMATION: RETURNS:
April 2017
Balanced
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
30-Oct-16
FUND PERFORMANCE:
Absolute Return Annualized Return
Note: Fund returns are net of management fee.
ASSETS UNDER MANAGEMENT:
TPL Steady Fund - TSF 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 *:
Apr-17 Mar-17
100.00
100.27
100.60
100.90 100.85 100.62
102.03
100.00
100.50
101.00
101.50
102.00
102.50
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
Cash 36%
TFC's / Sukuk
8% T-Bills
1% TDR 0%
PIB's 1%
Stock 36%
DFI & Others
18%
Deposits 29%
TFC's 8%
T-Bills 13%
TDR 0%
PIB's 1%
Stock 36%
DFI & Others
13%
102.03
98.50
99.00
99.50
100.00
100.50
101.00
101.50
102.00
102.50
Since Inception Apr-17
April 2017
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Bid Offer Spread 5%
Apr-17 Mar-17 MoM %
NAV per Unit (PKR) 102.01 101.57 0.43%
Net Assets Value (PKR '000) 1,530 1,524 0.43%
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
TPL Reliance Fund - TRF 0.43% 0.82% 1.15% 2.01% N/A 5.48% 4.02%
* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.
30-Oct-16
During the month the fund generated an absolute
return of 0.43% against its last month absolute
return of 0.39%.
Value of 100 Rupees invested since inception
INVESTMENT OBJECTIVE:The primary investment objective of this fund is to generate income by investing in a range of debt instruments of various maturities with a view to maximize
the optimal balance between yield, safety and liquidity.
FUND INFORMATION: RETURNS:
Conservative
TPL Reliance Fund - TRF BID PRICE:
TPL Reliance Fund - TRF
IGI Conservative Fund - ICF 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 *:
Apr-17 Mar-17
FUND PERFORMANCE:
Absolute Return Annualized Return
Note: Fund returns are net of management fee.
ASSETS UNDER MANAGEMENT:
Low
Daily Forward Pricing
Monday to Friday
1.5%
100.00 100.21
100.54
100.85
101.18
101.57
102.01
100.00
100.50
101.00
101.50
102.00
102.50
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
Cash 41%
TFC's / Sukuk
6% T-Bills 13%
TDR 3%
PIB's 1%
DFI & Others
36%
Deposits 41%
TFC's 6%
T-Bills 26%
TDR 2%
PIB's 1%
Stock 0%
DFI & Others
24%
102.01
98.50
99.00
99.50
100.00
100.50
101.00
101.50
102.00
102.50
Since Inception Apr-17
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Bid Offer Spread 0%
Apr-17 Mar-17 MoM %
NAV per Unit (PKR) 101.81 100.27 1.54%
Net Assets Value (PKR '000) 1,018 1,003 1.54%
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
TPL Booster Fund - TBF 1.54% 0.71% 1.00% 1.81% N/A 5.02% 3.61%
* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.
During the month the fund generated an absolute
return of 1.54% against its last month absolute
return of -0.81%.
Value of 100 Rupees invested since inception
TPL Booster Fund - TBF
INVESTMENT OBJECTIVE:The primary investment objective of the fund is to provide stable returns by balancing the investment in equities and debt / money market instruments.
Returns in this fund are maximized through low expense charge allocations.
FUND INFORMATION: RETURNS:
April 2017
Balanced (without Bid-offer spread)
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
30-Oct-16
FUND PERFORMANCE:
Absolute Return Annualized Return
Note: Fund returns are net of management fee.
ASSETS UNDER MANAGEMENT:
TPL Booster Fund - TBF 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 *:
Apr-17 Mar-17
100.00 100.16
100.49
100.80
101.09
100.27
101.81
100.00
100.20
100.40
100.60
100.80
101.00
101.20
101.40
101.60
101.80
102.00
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
Cash 30%
TFC's / Sukuk 15%
T-Bills 4% TDR
0% PIB's 1%
Stock 36%
DFI & Others
14%
Deposits 16%
TFC's 15%
T-Bills 22%
TDR 0%
PIB's 0%
Stock 37%
DFI & Others
10%
101.81
99.00
99.50
100.00
100.50
101.00
101.50
102.00
Since Inception Apr-17
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Bid Offer Spread 5%
Apr-17 Mar-17 MoM %
NAV per Unit (PKR) 102.98 101.29 1.67%
Net Assets Value (PKR '000) 1,030 1,013 1.67%
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
TPL Interest Free Fund - TIFF 1.67% 2.30% 2.48% 2.98% N/A 8.57% 5.94%
* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.
During the month the fund generated an absolute
return of 1.67% against its last month absolute
return of 0.63%.
Value of 100 Rupees invested since inception
TPL Interest Free Fund - TIFF
INVESTMENT OBJECTIVE:The primary investment objective of this fund is to generate interest-free income by investing in a range of Islamic investment and shariah-compliant
instruments.
FUND INFORMATION: RETURNS:
April 2017
Islamic Balanced
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
30-Oct-16
FUND PERFORMANCE:
Absolute Return Annualized Return
Note: Fund returns are net of management fee.
ASSETS UNDER MANAGEMENT:
TPL Interest Free Fund - TIFF 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 *:
Apr-17 Mar-17
100.00 100.16
100.49 100.49 100.66
101.29
102.98
100.00
100.50
101.00
101.50
102.00
102.50
103.00
103.50
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
Cash 23%
TFC's / Sukuk 11%
T-Bills 0% TDR
0% PIB's 0%
Stock 36%
DFI & Others
30%
Deposits 22%
TFC's 11%
T-Bills 0%
TDR 0% PIB's
0%
Stock 35%
DFI & Others
32%
102.98
98.00
99.00
100.00
101.00
102.00
103.00
104.00
Since Inception Apr-17