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SUBJECT:
SUBMITTED BY:
SUBMITTED TO:
MUTUAL FUND:
A mutual fund is an investment that allows a group of investors to pool their money and hire a portfolio manager. The manager invests this money (the funds assets) in stocks, bonds or other investment securities (or a combination of stocks, bonds and securities). The fund manager then continues to buy and sell stocks and securities according to the style dictated by the funds prospectus.
A type of mutual fund that does not have restrictions on the amount of shares the fund will issue. If demand is high enough, the fund will continue to issue shares no matter how many investors there are. Open-end funds also buy back shares when investors wish to sell. The majority of mutual funds are open-end. By continuously selling and buying back fund shares, these funds provide investors with a very useful and convenient investing vehicle.
2. CLOSE-END MUTUAL FUND:
A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange.
generate the current income. 4. JS AGGRESSIVE ASSET ALLOCATION FUND (JS AAAF):
JS AAAF is a dynamic asset allocation fund that aims to achieve superior risk adjusted growth in investors capital over the long term. The fund operates a diverse portfolio of equity and fixed income investments and it may constantly adjust the mix as equity markets rise or fall and the economy strengthens or weakens. 5. JS KSE 30 INDEX FUND (JS KSE 30): The main focus of the JS KSE 30 Fund is to approximate the performance of KSE-30 Index, as adjusted for transaction and other costs, by investing in most or all of the common stocks that comprise the KSE-30 Index in proportions in which they are represented in the Index. 6. JS LARGE CAP. FUND (JS LCF): JS LCF, after conversion into an Open-end Scheme that aims to benefit from an attractive Capital Market in an economy with growth potential, to maximize the total investment return consisting of a combination of capital appreciation income. Consistent with its Investment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash
and/or near cash instruments which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity. 7. JS FUND OF FUNDS (JS FOF): JS FoF is a fund of funds that aims to grow investors capital in the long term while diversifying the asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens. 8. JS AGGRESSIVE INCOME FUND (JS AIF): JS AIF aims at generating current income on investments while maintaining the prospects of capital appreciation by investing in a diversified portfolio of money market and fixed income instruments. The fund may aggressively adjust asset weightings to take advantage of directional macro and micro economic trends and may hold some or even all of its assets in cash to either provide liquidity or for defensive purposes.
9. JS PRINCIPAL SECURE FUND I (JS PSF-I): JS PSF I aim to combine a strategy of providing 100% security of initial investment and the potential to beat term deposit returns through exposure asset allocation strategy. 10. JS CASH FUND (JS CF): JS CF is an open-end Money Market Scheme that mainly invests in low risk short-term fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The fund shall invest primarily in short duration instruments within Pakistan and may even hold some or all of its assets in cash for the purpose of maintaining liquidity.
cannot undertake leveraged investments. Under the NBFC Rules, it is only allowed to borrow up to 15% of net assets for up to 90 days to meet redemption needs. 4. PAKISTAN CAPITAL MARKET FUND (PCM) - A BALANCED FUND: The objective of the Fund is to provide investors a mix of income and capital growth over medium to long term from equity and debt investments. Fund Profile Pakistan Capital Market Fund (A Balanced Fund) (referred to as PCM) is an open end balanced fund that invests in a range of asset classes such as equity and debt in Pakistani market. The asset allocation to equities and debt is made on the basis of relative attractiveness of each asset class. The investment process is driven by fundamental research. For equities investment, fundamental outlook of sectors/companies and DCF (discounted cash flow) valuations are the primary factors in sectors allocation and stock selection. For debt investment, interest rate outlook is the key determining factor and allocation to this segment is increased when the yields are comparatively higher compare to the total returns on equities. Investment is made in corporate bonds (investment grade) and government bonds. Cash is kept in deposits with highly rated banks. 5. METROBANKPAKISTAN SOVEREIGN FUND (MSF): The objective of the fund is to deliver income primarily from investment in government securities. Fund Profile Metro-Bank Pakistan Sovereign FundPerpetual (MSF) is an open end fund, which invests in bonds and debt securities issued by the Government of Pakistan as well as Reverse Repurchase transactions (Reverse-REPOs) against government securities. MSF is a long only fund. Under the NBFC Rules, it is only allowed to borrow up to 15% of net assets for up to 90 days to meet redemption needs. 6. PAKISTAN CASH MANAGEMENT FUND (PCF): The Fund aims to deliver regular income and provide high level of liquidity primarily from short duration government securities investments. Fund Profile Pakistan Cash Management Fund (PCF) is an open end Fund, which invests in government securities; mainly Treasury Bills and short maturity reverse repurchase transactions against Government Securities. The un-invested funds are kept in deposits with minimum AA-rated commercial banks. The overall maturity of the portfolio is kept below 90 days, in order to keep interest rate risk at a relatively low and manageable level and provide high liquidity to investors comparable to current bank deposits. PCF is a long only Fund. 7. PAKISTAN INCOME ENHANCEMENT FUND (PIEF): The objective of the fund is to deliver return from aggressive investment strategy in debt and fixed income market. Fund Profile Pakistan Income Enhancement Fund (An Aggressive Fixed Income Fund) (referred to as PIEF) is an open end fund which primarily invests in debt and fixed income instruments and may also take limited exposure in structured products. The maximum duration of the fund shall not exceed 3 years. 8. PAKISTAN CAPITAL PROTECTED FUND-FIXED INCOME SECURITIES: The objective of the Fund is to provide 100% capital protection (net of front-end load) and maximize the return earned from Fixed Income, Money and Debt Market instruments. Fund Profile Pakistan Capital Protected Fund-Fixed Income Securities (PCPF-FIS) is an open end Fund. Consistent with the objective of PCPF-FIS, about 81.85% of the Fund is invested in bank deposits with Habib
Metropolitan Bank that will yield a future value at maturity equivalent to the initial size of the Fund (plus fund expenses), providing 100% protection of total initial investment (net of all expenses and front end load) to the investors. The remaining fund is invested in fixed income securities aimed at providing investors an opportunity to earn high return relative to bank deposits. Under the NBFC Rules, the Fund is not allowed to borrow. 9. AH DOW JONES SAFE PAKISTAN TITANS 15 INDEX FUND: The Fund aims to provide investors with a total return that before expenses, closely corresponds to the return of the Dow Jones SAFE Pakistan Titans 15 Index by tracking the return of Index, thus providing exposure to the constituents of Index in a single security. Fund Profile: AH Dow Jones SAFE Pakistan Titans 15 Index Fund (AHDJPF) is an Open End Index Tracker Fund which aims to provide investors with a total return that closely corresponds to the return of the Dow Jones SAFE Pakistan Titans 15 IndexSM. The AHDJPF will employ a passive management approach to replicate the performance of the constituents of Dow Jones SAFE Pakistan Titans 15 IndexSM. The Fund will invest all or substantially all, of its assets in securities that make up the target index. Excess cash, if any, may be kept in daily-return bank deposits or short term money market instruments. The Fund is not allowed to take leveraged investment positions. This fund also provides a low cost exposure to a portfolio primarily holding blue-chip liquid stocks selected on the basis of free float market capitalization and liquidity. Salient Features
Only Pakistani fund structured on an index by International Index Provider. Single Ticket Acquisition Small Ticket Entry Lower Transaction Costs Optimal Liquidity High Correlation with KSE-100 (Back-tested 5-years [Aug 2005 - July 2010])
10. PAKISTAN STRATEGIC ALLOCATION FUND (PSAF): The objective of the fund is to provide investors capital growth over medium to long term primarily from investment in more liquid Pakistani equities. Fund Profile Pakistan Strategic Allocation Fund (PSAF) is an open end strategic allocation fund which primarily invests in equities based on a quantitative model. The Fund takes advantage of equity market volatility and buys equities when they are underpriced and sells equities when they are overpriced. DCF (discounted cash flow) valuations are pivotal for stocks selection in the portfolio. The fund is mostly invested in liquid stocks. Under the NBFC Rules, it is only allowed to borrow up to 15% of net assets for up to 90 days to meet redemption needs.
11. PAKISTAN PREMIER FUND (PPF) : The objective of the Fund is to provide investors long term capital appreciation from its investment in Pakistani equities. Fund Profile Pakistan Premier Fund (PPF) is a open end equity fund. The fund takes a long term value investing approach and the portfolio is diversified across all major sectors with stocks having long term positive fundamentals. PPF is a long only fund. The funds which are not invested in equities are required to be kept in bank deposits and short-term money market instruments/ placements.
Minimum investments can be as low as Rs. 5,000/- for Growth Units and Rs. 500,000/- for Income Units. Further re-investments can be made from as little as Rs.1, 000/- only. No lock in period - Ease of withdrawing money anytime Exemption from Zakat on submission of relevant Affidavit. Benchmark: 1 Month KIBOR 2. ABL STOCK FUND:
Introduction: ABL Stock Fund (ABL-SF) is an open end equity fund. The objective of ABL-SF is to provide higher risk adjusted returns to the investors by investing in diversified portfolio of equity instruments offering capital gains and dividends. It would benefit Investors seeking higher growth on capital with high risk exposure and availing tax benefits with the ease of withdrawing money at their convenience. Salient Features:
Minimum investment from Rs. 5,000/Encashment anytime Tax Exempt (as per Current Tax Law) Tax Credit of up to Rs.100,000/- for salary individuals (as per Current Tax Law) Suitable for investors with a long term horizon
Introduction: ABL Islamic Cash Fund (ABL-ICF) is a Shariah compliant, open end, money market fund having no direct or indirect exposure to shares/stock market or long term debt instruments.
The objective of ABL-ICF is to seek maximum possible preservation of capital and offer steady rate of return by investing in liquid Shariah compliant instruments. It benefits Investors seeking Shariah compliant, low risk investments and consistent returns. Given its highly liquid profile, the fund can be used for both short term and long term investment needs. Salient Features:
Minimum Investment Rs.5,000/-(Growth Units) Subsequent Investment Rs.1,000/Load (Front End/Back End) Nil Minimum Investment Period No Minimum Holding Period Required Pricing Mechanism Forward Encashment Within 2-6 working days Tax Exemption As per Current Tax Laws Tax Credit Up to Rs.75,000/- for salary individuals (as per Current Tax Law)
Introduction: ABL Cash Fund (ABL-CF) is an open end, money market fund with no direct or indirect exposure to shares, TFCs and long term debt instruments. The objective of ABL-CF is to provide investors, consistent returns with a high level of liquidity, through a blend of money market and sovereign debt instruments. It beneifits Investors seeking low risk investments and consistent returns with ready access to funds. Given its highly liquid profile, the fund can be used by retail and institutional investors for efficient cash management. Salient Features:
Minimum Investment Rs.5,000/-(Growth Units) Subsequent Investment Rs.1,000/Load (Front End/Back End) Nil Minimum Investment Period No minimum holding period. Redeem at will. Pricing Mechanism Backward Encashment Same day* Otherwise the constitutive documents provide for six working days to pay redemption proceeds Tax Exempt As per current tax laws Tax Credit Up to Rs.100,000/- for salary individuals (as per Current Tax Law)