Monthly

FundReview
April,2012Issue

Contents

Page

Economic&CapitalMarketsReview

FundReviews
IGIIncomeFund
IGIStockFund
IGIMoneyMarketFund
IGIIslamicIncomeFund
IGIAggressiveIncomeFund
IGICapitalProtectedFund

2
3
4
5
6
7

IGI FundsLimited

Rated"AM2"byJCRVIS

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 funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting
thecapitalmarkets.Thesemaygoupordownbasedonmarketconditions.Pastperformanceisnotnecessarilyindicativeoffutureresults.

www.igifunds.com.pk

080023434

Economic,Capital&CommodityMarketsReview
Economy
Inflationary pressure returned in April as the CPI recorded a MoM growth of 1.8% to clock in at 11.27%, whereas, core inflation remained flat at 10.8%. For FY12YTD
(Jul'11Apr'12),theCPIaveraged10.85%considerablylowerthantheprecedingyearandwellwithinourforecastsof11.0%forFY12
As expected monetary policy remained unchanged with respect to the discount rate although the interest rate on savings accounts was increased from 5% to 6%, a move
that is aimed to push banks to lend to the private sector to avoid NIM contraction. Budgeted targets for the fiscal deficit are most likely to overshoot while the current
account deficit continues to widen due to higher oil prices. Pakistan's relationship with the United States remains frosty which has dried up the possibility of higher aid
flowsinthecomingmonths.LoweroilpriceswouldbewelcomeincontainingthecurrentaccountdeficitandkeepingthePKRstable.
Going forward there is a strong likelihood of reentry into an IMF program which could push interest rates higher in the medium term. However the current 12.0% level
seemssufficientforthetimebeingaslongasinflationiscontainedbelowthatlevel.

MoneyMarket
April interbank liquidity was tight with SBP regularly injecting funds to keep rates firm. A total of PKR 953bn was injected into the financial system with overnight rates
averaging 11.34%. Inflationary expectations remain high as the spread between discount rate and 10 year PIB also widened by 128bps to take the bond to 13.30% level.
Appetite for corporate bonds remained strong with volumes of ~PKR 1,350mn mostly concentrated in Fertilizer and Banking Sector debt issues. In shariah compliant
debt,SBPissuedGoPIjaraXIwithacouponof11.94%andraisedPKR29bnagainstthetargetamountfPKR25bn

EquityMarket
April proved to be another vibrant month for stocks as expectations regulations regarding CGT changes finally materialized through a Presidential Order. The Benchmark
KSE100 Index surged by 1.66% while average daily volume remain firm at 314mn shares. Considerable foreign inflows were witnessed as Net Foreign Inflow amounted
toUSD22mnagainstlastmonth'sfigureofUSD8.4mn.
In addition, a strong corporate results season for 3QFY12 added to the impetus as overall earnings grew by ~25%. Much of the increase in profitability was driven by E&P
, Cement and Banking sectors. E&P companies profits soared by ~54%YoY on the back of higher realized oil and Gas prices. Revival in domestic demand volumes in
cements along with stability in retention prices and lower coal prices all moved to push up earnings of cement manufacturers. Banking sector performance remained firm
on the back of recovery in asset quality and increased Investment Income. The Fertilizer sector remained a major laggard as its profitability declined by 63%YoY in
1QCY11onbackofincreasedgascurtailmentandlargepresenceofsubsidizedimportedurea.
Going forward, valuations still remain cheap both in domestic and regional terms. The upcoming budget should not hold too many negative surprises for stock investors,
althoughsomevolatilitycanbeexpected.Themarkethasalreadyshownanewhighthisyearandappearspoisedforastrongfinishagainstabackdropofhealthyvolumes.
CommodityMarket
Headwinds have increased for key commodities noticeably Oil and GOld as European austerity measures look uncertain in the wake of political and government changes
acrosstheEurozone.NonewdefinitiveQE3plansappeartobematerializingintheUNitedSTateseitheraseconomicdatapointstoaslowrecovery.Weexpectgoldandoil
tostayunderpressureuntilclarityemergesoneitherfront.

KSE100IndexMovement

YieldCurve
%

14,300

30Apr

30Mar

13.5
12.9

13,900

12.3
11.6

30Y

15Y

10Y

5Y

3Y

1Y

9M

6M

4M

3M

2M

1M

2W

11.0
1W

10
Apr
12
Apr
14
Apr
16
Apr
18
Apr
20
Apr
22
Apr
24
Apr
26
Apr

8Apr

6Apr

4Apr

2Apr

13,500

MembersofInvestmentCommittee
ChairpersonMaheenRahman,ChiefExecutiveOfficer
MemberSyedMuhammadZeeshan,ChiefFinancialOfficer
SecretaryMuddasirAhmedShaikh,ChiefInvestmentOfficer
MemberNabeelMalik,PortfolioManager
MemberSyedSaifullahKazmi,PortfolioManager
MemberSyedZafarullahMaqdiRisk&CreditManagement

MUFAP'sRecommendedFormat
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 funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up
ordownbasedonmarketconditions.Pastperformanceisnotnecessarilyindicativeoffutureresults.

IGIIncomeFund

Rating:"A+(f)"byJCRVIS
InvestmentObjective

The investment objective of IGI Income Fund (IGIIF) is to minimize risk, construct a liquid portfolio of fixed income instruments and provide competitive returns to the Unit
Holders. The management team shall ensure the active implementation of prudent investment practices, the highest professional standards and compliance with applicable
laws.
BasicFundInformation
Category:

IncomeScheme

ManagementFee:

FundType:

OpenEnded

Min.InitialInvestment:

1.25%
PkR5,000/

Benchmark:

6MonthKIBOR

Min.Subseq.Investment:

PkR1,000/

LaunchDate:

April14,2007

Trustee:

CDCPakistanLimited

ParValue:

100

Auditor:

E&Y,FordRhodesSidatHyder

Pricing:
SalesLoad:

ForwardDay
1.00%

Listing:
DealingDays:

LahoreStockExchange
MondayFriday

RiskProfile:
Leverage:

Low
Nil

CutoffTime:

9:00am3:00pm

FundStatistics

IGIIF

BM

YTD:

10.97%

12.42%

Month(Apr'12):
SinceInception:

8.17%
12.09%

12.00%
12.12%

FundPerformance

FundSize(PkRmn):

1,127

NAV(PkR):
Wtd.AverageTimetoMaturity(months):

101.7912
12.38

StandardDeviation:

0.0337

StandardDeviation,SharpeandInformationRatioshavebeencalculatedusingRollingReturns

SharpeRatio:
InformationRatio:
ExpenseRatio:

0.52
0.60
1.63%

SharpeRatiohasbeencalculatedagainstaverage3monthTBillyield.

AssetAllocation(as%ofTotalAssets)

PortfolioCreditQuality
Apr12

9.11

8.67

79
15.7

AA,8.28%
AAA,55.36%

CP

TFCs

TBills

Plac.withNBFCs

Others

Cash

NR,1.69%

AA,3.00%

0
Banks/DFIs Plac.

NP,0.78%

A,6.292%

15.38

4.58

4.35

2.98

1.08

9.64

0.93

23
3.06

9.85

20

A,9.54%
42.66

Mar12

60
40

YTD&MTDreturnscalculatedusingsimpleannualized;SIreturncalculatedusingMorningStarModel

47.88

(%)
80

ExpenseRatioisRatiooftotalexpensesincludingmanagementfeetotheaverageannualnetassets.

AA+,10.52%

*InclusiveofEntityRating

FundActivity

TFCHoldings(%ofNetAssets)

During the month under review, the Fund's investment focus remained centered
mostly on government securities. Fresh positions were taken in short term COIs
which offered better than market returns, TDR maturities were directed into
treasury bills in the absence new of TDR opportunities. The Tbill portfolio weight
mostlycomprisedofshortertermmaturitypapers.
Going ahead, the Fund will focus on higher yielding corporate instruments to
raiseoverallportfolioyields.

EngroFertilizerSukuk
PakistanMobileCommunicationLtd(28Oct08)

5.37%
3.01%

BankAlfalahLimited(2Dec09)Fixe

2.95%

SummitBankLtd.

1.72%

BankAlHabibIV(30Jun11)Fixed

1.41%

BunnysLimited(13Nov08)

0.78%

VisionDev.(Pvt)Limited(30Nov08)

0.62%

DetailsofNonCompliantInvestments

Instrument
BunnysLimited

TypeofInstrument
TermFinanceCertif.

ValueofInvestment
beforeProvisioning
20,110,000

ProvisioningHeld,
ifany
(11,285,227)

ValueofInvestment
afterProvisioning
8,824,773

VisionDev.(Pvt)Limited

TermFinanceCertif.

9,308,000

(2,327,000)

6,981,000

%ofGross %ofNet
Asset
Asset
0.75%
0.78%
0.59%

0.62%

FY11RollingReturns
IGIIF
BM

Jul11

Aug11

Sep11

Oct11

Nov11

Dec11

Jan12

Feb12

Mar12

Apr12

10.93%
13.80%

13.85%
13.37%

13.48%
13.38%

14.71%
12.28%

8.75%
11.91%

1.64%
11.98%

11.46%
11.65%

13.22%
11.90%

9.21%
11.95%

8.17%
12.00%

ReturnstillDec,2010calculatedusingMorningStarModel;ReturnsfromJan,2011onwardscalculatedusingsimpleannualizedmethod

May12

Jun12

YTD
10.97%
12.42%

MUFAP'sRecommendedFormat

Disclaimer:
Di
l i
Thi publication
This
bli ti is
i for
f informational
i f
ti
l purposes only
l and
d nothing
thi herein
h i should
h ld be
b construed
t d as a solicitation,
li it ti
recommendation
d ti or an offer
ff to
t buy
b or sell
ll any fund.
f d All investments
i
t
t in
i
mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or
downbasedonmarketconditions.Pastperformanceisnotnecessarilyindicativeoffutureresults.

IGIStockFund

Rating:"4Star"byPACRA
InvestmentObjective

The investment objective of IGI Stock Fund (IGI SF) is to seek longterm capital growth by investing primarily in a diversified pool of equities and equity related
instruments, management team shall ensure the active implementation of prudent investment practices, the highest professional standards and compliance of applicable
laws.
BasicFundInformation
Category:

EquityScheme

Min.InitialInvestment:

PkR5,000/

FundType:

OpenEnded

Min.Subseq.Investment:

PkR1,000/

Benchmark:

KSE100

Trustee:

CDCPakistanLimited

LaunchDate:

July15,2008

Auditor:

E&Y,FordRhodesSidatHyder

ParValue:

100

Listing:

LahoreStockExchange

Pricing:
SalesLoad:

ForwardDay
2.50%

DealingDays:
CutoffTime:

MondayFriday
9:00am3:00pm

ManagementFee:
Leverage:

2.00%
Nil

FundStatistics

IGISF

BM

YTD:

16.43%

11.96%

Month(Apr'12):
SinceInception:

2.46%
154.24%

1.66%
27.65%

FundPerformance

FundSize(PkRmn):

292

NAV(PkR):
StandardDeviation:

124.7354
0.051

InformationRatio:

0.016

Beta:

0.97

14.57

14.52
6.71

18.62
2

10
1.64

8.90

6.39

25

14.36

20

Current

19.6
64

50

14.16

30
16.65

84.20

75

Previous

4.82

(%)
40

Apr12

33.01

Mar12

84.71

(%)
100

AssetAllocation(Sectorwise)

30.81

AssetAllocation(as%ofTotalAssets)

0
Equities

Cash

Others

O&G

Banks

Electricity

Chemicals

Top10EquityHoldings(%ofNetAssets)

FundActivity

IGI SF closed 3QFY12 on a high note, generating MTD return of 2.46% and YTD OGDC
returnof16.43%.ThereturnseasilyoutpacedtheKSE100inbothtenures.
NCPL
POL
The fund maintained a strong presence as the market breached and sustained LUCK
above 14,000 index level. IGI SF reshuffled its holding by exiting IPPs and
PPL
Fertilisers. Proceeds were parked into Banks, which have shown strong growth in
ACPL
the rally upto 14,000. Some trading was also undertaken during the month to
APL
bolsterthebottomline.
HUBC
Looking ahead, the fund will maintain a strong position as the index looks set to ABL
UBL

attainanewhigh.

Construction

Apr12

Mar12

9.97%
9.39%
9.07%
8.87%
8.61%
7.67%
7.32%
6.91%
5.75%

9.40%
9.29%
9.62%
9.53%
6.99%
5.25%
5.25%
10.28%
6.52%

4.99%

4.29%

6.86%

2.46%

6.86%

4.07%

8.45%

7.18%

4.65%

8.86%

BM

0.91%

IGISF

0.40%

9.19%

8.85%

1.80%

2.45%

5.00%

7.37%

10.00%

6.25%

FY11RollingReturns

1.61%

3.63%

5.00%

2.83%

2.92%

0.00%

10.00%
Jul11

Aug11

Sep11

Oct11

Nov11

Dec11

Jan12

Feb12

ReturnstillDec,2010calculatedusingMorningStarModel;ReturnsfromJan,2011onwardscalculatedusingsimpleannualizedmethod

Mar12

Apr12

May12

Jun12

YTD

MUFAP'sRecommendedFormat

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 funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up
ordownbasedonmarketconditions.Pastperformanceisnotnecessarilyindicativeoffutureresults.

IGIMoneyMarketFund

Rating:"AA+(f)"byJCRVIS
InvestmentObjective

An openended Money Market Scheme which shall seek to generate competitive returns consistent with low risk from a portfolio constituted of short term instruments
including cash deposits, money market placements and government securities. The Fund will maintain a high degree of liquidity, with time to maturity of single asset not
exceedingsixmonthsandwithweightedaveragetimetomaturityofNetAssetsnotexceeding90days.
BasicFundInformation
Category:

MoneyMarketScheme

ManagementFee:

FundType:

OpenEnded

Min.InitialInvestment:

0.80%
PkR5,000/

Benchmark:

Avg.3MthDep.Ratesof3"AA"RatedBanks

Min.Subseq.Investment:

PkR1,000/

LaunchDate:

May27,2010

Trustee:

CDCPakistanLimited

ParValue:

100

Auditor:

E&Y,FordRhodesSidatHyder

Pricing:
SalesLoad:

ForwardDay
1.00%

Listing:
DealingDays:

LahoreStockExchange
MondayFriday

RiskProfile:
Leverage:

Low
Nil

CutoffTime:

9:00am3:00pm

FundStatistics
FundSize(PkRmn):

3390

NAV(PkR):
Wtd.AverageMaturity(months):

101.0835
1.68

StandardDeviation:

0.01

SharpeRatio:
InformationRatio:
ExpenseRatio:

Month(Apr'12):
SinceInception:

10.69%
12.52%

6.67%
8.02%

ExpenseRatioisRatiooftotalexpensesincludingmanagementfeetotheaverageannualnetassets.
YTD&MTDreturnscalculatedusingsimpleannualized;SIreturncalculatedusingMorningStarModel

80.07

66.54

Apr12

5.81

5.63

0.21

4.49

1.40

20

6.92

AA+,5.81%
9.42

40

7.15%

PortfolioCreditQuality

Mar12

19
9.52

60

BM

11.80%

SharpeRatiohasbeencalculatedagainstaverage3monthTBillyield.

AssetAllocation(as%ofTotalAssets)

80

IGIMMF

YTD:

StandardDeviation,SharpeRatioshavebeencalculatedusingRollingReturns

1.11
3.40
1.00%

(%)
100

FundPerformance

AA,8.74%
CommercialPaper

Others

TBills

Plac.withBanks/DFIs

Cash

0
AAA,85.25%

NR,0.21%

*InclusiveofEntityrating

FundActivity
IGIMMFreportedanYTDreturnof11.80%andMTDreturnof10.69%,pushingthefundtothetopamongstitspeers.
The fund maintained its customary position in TBills, focusing exposure in the short term. This enabled the fund to reduce duration, whilst capturing the same yields that
were present in the longer tenures. Maturities from TDRs placed in Dec/Jan period were easily parked into TBills as the market continued to be tight. Trading in TBills
wasalsoundertakenwhenitwasfeasible.
Looking ahead, IGI MMF will maintain very low cash levels. Redemptions will be met by offloading TBills. The fund will also consider parking more funds into TDRs at
levelsinexcessoftheDR.ShorttermtradinginTBillswillcontinuetobolstertheNAVandmaintainourtopslotamongstpeers.

11.80%
6.67%

Feb12

Mar12

Apr12

7.15%

10.69%

10.57%

9.99%

6.67%

Dec11

6.67%

Nov11

7.00%

6.67%

9.98%
7.00%

Sep11

BM

7.25%

Aug11

7.25%

10.44%

IGIMMF

10.90%

13.69%

12.08%
7.33%

9.00%

7.33%

11.00%

8.95%

13.00%

11.99%

15.00%

12.64%

FY11RollingReturns

5.00%
Jul11

Oct11

Jan12

ReturnstillDec,2010calculatedusingMorningStarModel;ReturnsfromJan,2011onwardscalculatedusingsimpleannualizedmethod

May12

Jun12

YTD

MUFAP'sRecommendedFormat

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 funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up
ordownbasedonmarketconditions.Pastperformanceisnotnecessarilyindicativeoffutureresults.

IGIIslamicIncomeFund

Rating:A+(f)byPACRA
InvestmentObjective

The investment objective of IGI Islamic Income Fund (IGIIIF) is to minimize risk, construct a liquid portfolio of shariah approved fixed income investments and provide
competitive returns to the Unit Holders. The management team shall ensure the active implementation of prudent investment practices, the highest professional standards
andcompliancewithapplicablelaws.
BasicFundInformation
Category:

IslamicIncomeScheme

ManagementFee:

1.50%

FundType:

OpenEnded

Min.InitialInvestment:

PkR5,000/

Benchmark:

Avg.6MthDep.Rates3IslamicBanks

Min.Subseq.Investment:

PkR1,000/

LaunchDate:

December3,2009

Trustee:

CDCPakistanLimited

ParValue:
Pricing:

100
ForwardDay

Auditor:
Listing:

E&Y,FordRhodesSidatHyder
LahoreStockExchange

SalesLoad:
RiskProfile:

1.00%
Low

DealingDays:
CutoffTime:

MondayFriday
9:00am3:00pm

Leverage:

Nil

FundStatistics
FundSize(PkRmn):

337

NAV(PkR):
Wtd.AverageMaturity(months):

101.4997
8.82

FundPerformance

IGIIIF

BM

YTD:

10.02%

8.45%

Month(Apr'12):
SinceInception:

9.31%
10.63%

8.28%
8.37%

StandardDeviation:

0.0328

StandardDeviation,SharpeandInformationRatioshavebeencalculatedusingRollingReturns

InformationRatio:
ExpenseRatio:

0.42
1.95%

ExpenseRatioisRatiooftotalexpensesincludingmanagementfeetotheaverageannualnetassets.

AssetAllocation(as%ofTotalAssets)
(%)
120

YTD&MTDreturnscalculatedusingsimpleannualized;SIreturncalculatedusingMorningStarModel

PortfolioCreditQuality

Mar12

Apr12

AA+,10.60%

AA,8.10%

NR,2.30%

32.71

2.26

46.30

29.1
15

13.85

A,32.70%

Others

ShortTermSukuk

Govt.Backed/Guar.
Secs.

Cash

16.32

30

18.73

60

4
40.68

90

AAA,46.30%

*InclusiveofEntityRating

FundActivity

SukukHoldings(%ofNetAssets)

IGIIIF posted a stable MTD return of 9.31% due to restructuring of the portfolio
carried out in the previous month. The Fund now maintains an optimal portfolio
mixwhichresultinreasonableaccrualsandareyieldingstablereturns.
Going forward, the Fund plans to further diversify its Ijara Sukuk portfolio and
explore the availability of high yielding corporate debt instruments to diversify
theportfolioandachievebetteroverallreturn.

GoPIjaraVII
GoPIjaraIV
HUBCOShortTermSukuk
EngroFert.ShortTermSukuk
GoPIjaraVIII

25.07%
14.83%
10.71%
8.20%
6.86%

6.00%

8.45%

10.02%

8.28%

9.31%

8.26%

5.54%

8.29%

7.62%

8.00%

8.30%

BM

8.31%

8.04%

IGIIIF

8.35%

8.76%

10.34%

10.43%

8.68%

10.00%

8.69%

12.00%

10.17%

14.00%

8.65%

16.00%

10.90%

18.00%

6.05%

18.45%

FY11RollingReturns

4.00%
2.00%
0.00%
Jul11

Aug11

Sep11

Oct11

Nov11

Dec11

Jan12

Feb12

ReturnstillDec,2010calculatedusingMorningStarModel;ReturnsfromJan,2011onwardscalculatedusingsimpleannualizedmethod
Returns till Dec, 2010 calculated using Morning Star Model; Returns from Jan, 2011 onwards calculated using simple annualized method

Mar12

Apr12

May12

Jun12

YTD

MUFAP
MUFAP'ssRecommendedFormat
Recommended Format

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 funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or
downbasedonmarketconditions.Pastperformanceisnotnecessarilyindicativeoffutureresults.

IGIAggressiveIncomeFund

Rated:"BBB(f)"byPACRA

InvestmentObjective
The investment objective of the Scheme is to provide an investment medium whereby investors can participate in a portfolio that will seek to generate competitive
income.
BasicFundInformation
Category:
FundType:
Benchmark:
LaunchDate:
IGIFLAcquisitionDate:
ParValue:
Pricing:
SalesLoad:
RiskProfile:

AggressiveIncomeScheme
OpenEnded
6MonthKIBOR
October25,2007
August6,2010
100
ForwardDay
1.00%
Low

ManagementFee:
Min.InitialInvestment:
Min.Subseq.Investment:
Trustee:
Auditor:
Listing:
DealingDays:
CutoffTime:
Leverage:

FundStatistics
FundSize(PkRmn):
NAV(PkR):
Wtd.AverageMaturity(months):

760
45.0170
26.22

StandardDeviation:
SharpeRatio:
InformationRatio:
ExpenseRatio:

0.2631
0.02
0.01
1.43%

AssetAllocation(as%ofTotalAssets)

FundPerformance

IGIAIF

BM

YTD:
Month(Apr'12):
SinceAcquisition:

22.49%
26.04%
4.44%

12.42%
12.00%
12.92%

StandardDeviation,SharpeandInformationRatioshavebeencalculatedusingRollingReturns
SharpeRatiohasbeencalculatedagainstaverage3monthTBillyield.
ExpenseRatioisRatiooftotalexpensesincludingmanagementfeetotheaverageannualnetassets.
YTD&MTDreturnscalculatedusingsimpleannualized;SIreturncalculatedusingMorningStarModel

PortfolioCreditQuality
AA,17.50%

80%
Apr12

29
9.71%

%
16.49%

16.77%
%

3.84%

20%

1.02%

13.15%

19.66%
%

25.3
34%

29
9.55%

60%

A,2.49%

AA,2.04%

41.17%

Mar12

40%

1.00%
PkR5,000/
PkR1,000/
CDCPakistanLimited
E&Y,FordRhodesSidatHyder
KarachiStockExchange
MondayFriday
9:00am3:00pm
Nil

NR,23.64%

TBills

Others

Cash

PIBs

TFCs/Sukuks

0%
AAA,54.33%

FundActivity

TFC/SukukHoldings(%ofNetAssets)

IGIAIF posted an MTD return of 26.04% owing to disposal of non investment

gradesecuritiesandtheproceedswereplacedinTbills.

Going forward, the Fund intends to generate cash through divestment of non
performing assets and noncompliant securities exposure, along with reducing
the exposure in PIBs. The liquidity generated will preferably be placed in short
termgovt.securitiesandhighrated,highyieldingTFCs.

PakMobileCommunication(28Oct08)
KohatCement(20Dec07)
BankAlHabibIVPPTFC
SummitBankLimitedTFC
VisionDevp.Pvt(30Nov08)
BankAlFalah(2Dec09)Floater
BankAlFalah(2Dec09)Fixed

12.29%
4.92%
2.10%
2.55%
2.37%
1.33%
0.42%

DetailsofNonCompliantInvestments

Instrument
PakistanMobileComm.Limited
PlacementwithSPLC
VisionDev.(Pvt)Limited
FY11RollingReturns
IGIAIF
BM

Jul11
10.43%
13.80%

Aug11
12.01%
13.37%

Sep11
28.68%
13.38%

TypeofInstrument
TermFinanceCertif.
Certif.ofInvestment
TermFinanceCertif.

ValueofInvestment
beforeProvisioning
93,494,797
125,000,000
24,000,000

Oct11
51.50%
12.28%

Dec11
9.17%
11.98%

Nov11
11.30%
11.91%

Jan12
23.61%
11.65%

ProvisioningHeld,if
any
0
(30,000,000)
(6,000,000)
Feb12
10.18%
11.90%

Mar12
24.37%
11.95%

ValueofInvestment
afterProvisioning
93,494,797
95,000,000
18,000,000
Apr12
26.04%
12.00%

May12

%of
Gross
Asset
11.99%
12.18%
2.31%
Jun12

%ofNet
Asset
12.29%
12.49%
2.37%
YTD
22.49%
13.52%

MUFAP'sRecommendedFormat
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 funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may
goupordownbasedonmarketconditions.Pastperformanceisnotnecessarilyindicativeoffutureresults.
d
b d
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di i
P
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ReturnstillDec,2010calculatedusingMorningStarModel;ReturnsfromJan,2011onwardscalculatedusingsimpleannualizedmethod

IGICapitalProtectedFund

Rated:NotRatedYet

InvestmentObjective
An openended scheme designed to provide investors with exposure to attractive international commodities while ensuring that 100% principle is protected. The fund
adopts an 80:20 mix of government securities and commodity contracts to provide capital gains over a two year period. All commodity contracts currently available on
thePakistanMercantileExchangecanbetradedbyIGICapitalProtectedFund
BasicFundInformation
Category:
FundType:

CapitalProtectedFund
OpenEnd
80%2YrTDRwithAAoraboveratedBanks+
20%PMEXCommodityIndexPerform
October5,2011
100
ForwardDay
2%FrontEnd;5%BackEnd
Low

Benchmark:
LaunchDate:
ParValue:
Pricing:
SalesLoad:
RiskProfile:
FundStatistics
FundSize(PkRmn):
NAV(PkR):
ExpenseRatio:

276
104.1338
2.64%

AssetAllocation(as%ofTotalAssets)

ManagementFee:
Min.InitialInvestment:
Min.Subseq.Investment:
Trustee:
Auditor:
Listing:
DealingDays:
CutoffTime:
InvestmentPeriod:

1.75%
PkR5,000/
PkR1,000/
CDCPakistanLimited
E&Y,FordRhodesSidatHyder
LahoreStockExchange
MondayFriday
9:00am10:30am
Minimum2YrsforCapitalProtection

FundPerformance

IGICPF

BM

YTD:
Month(Apr'12):
SinceInception:

4.13%
0.63%
4.13%

0.86%
0.23%
0.86%

PortfolioCreditQuality

Apr12

Mar12

90%
73.63%

72.84%

60%

22.34%

30%

11.78%

11.85%

10.49%

4.03% 3.15%

12.23%
AAA,73.63%
AA,4.03%

0%
Cash

Government
Securities

Commodities*

Others

FundActivity
The coupon payment from the instruments in the Capital Guarantee segment were redirected to riskfree government securities. The reinvestment of coupon coupled
with changes in net assets led to rise in exposures to government securities. On the Investment segment front, the Fund maintained its presence in Gold, Crude Oil and
Silver. The cash proceeds from the maturing positions in Gold contracts were kept liquid for accumulation of the precious metal on corrections. At present, the Fund
stands4%liquidwithcashbalancekeptindailyporfitaccounts.
Going forward, the Fund plans to maintain presence in commodities with maximum possible exposure. The investors fear renewed debt crisis in the EuroZone region and
await the results of the elections in Greece and France. The fading hopes of fresh bout of quantitative easing in the US will also provide muchneeded ground for the
expected price correction. IGI CPF plans to focus on Gold for investment of available liquidity as any correction on technical/fundamental grounds will lead to attractively
pricedinvestmentopportinutyinthemetal.

4.60%

IGICPF

4.13%

FY11RollingReturns

BM

Aug11

Sep11

Oct11

Nov11

Jan12

Feb12

ReturnstillDec,2010calculatedusingMorningStarModel;ReturnsfromJan,2011onwardscalculatedusingsimpleannualizedmethod

Mar12

0.86%

0.23%

0.63%

0.68%

1.75%

0.99%

1.58%

1.58%
Dec11

0.06%

Jul11

0.37%

0.40%

0.07%

0.60%

0.71%

1.60%

0.37%

0.64%

2.60%

1.42%

3.60%

Apr12

May12

Jun12

YTD

MUFAP'sRecommendedFormat

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 funds are subject
to market risks. The NAV based prices
of units and any
thereon are dependant
on forces and factors affecting
markets. These may
j
p
y dividends/returns
/
p
g the capital
p
y ggo up
p
ordownbasedonmarketconditions.Pastperformanceisnotnecessarilyindicativeoffutureresults.