IGI Life Insurance Limited
IGI|Life
Funds Performance ReportAugust 2019
July 2015
FUND MANAGER REPORT
For the month of August 2019
Macro Review and Outlook:
CPI Inflation
External Account
Aug-19, prints a +10.5% y/y growth based on new CPI methodology and rebased IndexAs per the guidance provided earlier by the incumbent government, Pakistan Bureau of Statistics (PBS) has finally revised the Price indices calculation methodology and rebased the index it 2015-16 year from previous 2008-09. Based on the new methodology the latest Aug-19 CPI has been established at +10.5% y/y. Had the old methodology been continued, the CPI for the said month would have been recorded at +11.63%, marking a 113bps difference.
Some of the highlighted changes in new calculation methodology includes, presentation of additional indices for Urban and Rural indices as well, having a fixed proportion of 60% / 40% respectively. As a result of which, key changes in national CPI are witnessed in weightage of Households’ Rent and Utility (House, Water, Electricity, Gas and Fuel-HWEGF) to 23.6% from previous 29.4%. Notably change for HWEGF is the change in housing rental index (HRI) whose weight has now been reduced to 15% on national CPI calculation from previously 21.8%. The leading impact has resulted in nearly 12bps y/y reduction in new HRI index. Similarly, food prices have also been revised to reflect urban & rural consumption pattern. Rural price basket consists of ~41% of total food goods compared to 30.4% for urban.
FY20 Inflation to remain below SBP and IMF target at 10%; hinting to possible monetary rate cycle reversal starting Jan-19 onwardsThe newer methodology will also help reduce some volatile movement particularly in the heavy weight segments HRI, Food and Utility prices. With the new CPI inflation, market now expects softening prices from Jan-20 onwards and forward guidance suggests a FY20 inflation to average 9-10% compared to SBP old target of 11-12% and IMF 13%. Based on this there is high probability of SBP reversing monetary rate cycle from current 13.75%. Moreover, recent yield patterns depicted a similar trend, with long-term bond yields dropping below shorter term maturity suggesting inflation softening.
C/a deficit continue to decline, down to ~2.5% of GDP from ~8.3% in Jul-2019For the month of Jul-19, C/a deficit clocked in at USD 0.58bn (USD 0.995bn Jul-19), down by 37% m/m and 73% y/y (USD 2.13bn in Jul18). The decline in C/a deficit was mainly attributable to a sharp 16% MoM contraction in the trade deficit, led by a +24% MoM refreshing jump in exports. In addition, remittances also increased by +24% m/m to USD 2.04bn on account of ‘Eid-ul-Azha’ inflows. Improvement was also witnessed under foreign portfolio investment which rose to USD 93mn from a mere USD 38mn last year in July, and compared to average monthly outflow of USD 106mn during FY19.
Consolidated fiscal deficit came at 8.9% of the GDP, one of the highest recorded deficitMoreover, during the month latest release by Ministry of Finance shows that the consolidated fiscal deficit for period 2018-19 touched PKR 3.45trn or in term of GDP fiscal deficit amounted to 8.9% versus initial budget deficit projection of 7.2% or PKR 2.76trn, a growth of 25%. More importantly, country’s primary deficit now stands at 3.5% of the GDP against a projected 2.0% and 0.6% under IMF recommendation. Nevertheless, revised number reveal major shortcomings on revenue side, while total expenditure remained relatively in-line with government projection.
With the new revenue base set lower, government will now require +43% tax revenue growth to reach its PKR 5.8trn target in FY20More intriguingly with the new revenue base set lower, government will now require +43% tax revenue growth to reach its PKR 5.8trn target in FY20. Similarly, non-tax revenue would need to increase two-fold to reach its target number of PKR 0.9trn from current PKR 0.4trn. Even adjusting for ~11% average inflation in FY20 total gross revenue growth comes at ~46% y/y. Given a weaker domestic GDP growth rate of ~3% in FY20, we think achieving such a revenue growth target will be an uphill task and we may see major slippages in revenue collection mainly on sales, excise and income tax
(1.8)
(0.6)
(4.0)
(3.5)
(3.0)
(2.5)
(2.0)
(1.5)
(1.0)
(0.5)
-
(2.5)
(2.0)
(1.5)
(1.0)
(0.5)
-
07/18 09/18 11/18 01/19 03/19 05/19 07/19
Trade Balance (USDbn) Current Acc. Bal. (USDbn)
Source: SBP, PBS, Bloomberg
KSE100 underwent a significant decline of 2,266points; making it one of the worst performing months of CY19The domestic equity bourse underwent a decline of 2,266 points in Aug-19 to rest at 29,672.12 level. This brings negative return of 7.1% and 5.5% in USD terms during the month; making its one of the worst performing month CY19 and taking CY19 to date return to -19.9% (USD based -29.1%). Major reasons behind this subdued performance was heightened tension at the eastern border, news flow regarding a meeting of FATF’s regional subgroup Asia Pacific Group (APG) in Canberra and potential divestment of state owned companies by the government. On political front, market took a nosedive with event of India revoking the special status of Kashmir which led towards heightened tension at the eastern border. Corporate results also did not support the market, with major corporates results showing significant earning attrition. Sector-wise, Banks, Fertilisers, E&Ps trimmed away nearly ~1,600points. Foreign investment showed a net sell of USD 3.5mn compared to USD 30.4mn net buy in Jul-19.
KSE 100
Money Market Review and Outlook:Secondary market yields for longer tenure declined by an average 55bps; causing inverted yield curve Aug-19, was an exciting month for money market and bond instruments. During the month SBP held two T-bill whereby government swept up nearly PKR 1.887trn in auction against an aggregate target of PKR 2.6trn against a maturity of PKR 3.34trn. 3m paper saw the largest activity, with cut-off yields closing at 13.7499% and 13.9399% and 14.200% for 6m and 12m respectively. For fixed PIB auction government received participation of PKR 877.8bn against a target of PKR 100bn (PKR 9bn maturity). 3y bond attracted nearly ~41% of the total participation or PKR 368bn, followed by PKR 46.2bn and PKR 19.4bn for 5y and 10y respectively. Interestingly, yields for long-term bond dropped below to 13.500% and 13.1495% for 5y and 10y compared to 14.2500% for 3y tenure. For floating PIB government accepted, PKR 42bn with 75bps above benchmark.
Yield Curve
Equity Market Review and Outlook:
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
3m 6m 12m 3y 5y 10y
Aug-19 Jul-19 Aug-18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 246.3 260.4 ‐5.38%
Net Assets Value (PKR '000) 581,536 617,288 ‐5.79%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI Aggressive Fund ‐ IAF ‐5.38% ‐8.98% ‐12.89% ‐17.09% ‐18.93% ‐18.16% 8.26%
IGI Aggressive Fund ‐ IAF BID PRICE:
Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short‐term performance. The value of
investment can fall as well as rise.
ASSET ALLOCATION *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
High
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐5.38% against its last
month absolute return of ‐3.80%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Aggressive Fund
INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes largely driven by equity with a
proportion of fixed income & money market instruments.
FUND INFORMATION: RETURNS:
For the month of August 2019
303.86 301.76307.81
300.90
280.22
302.23297.12 295.82
285.34 282.80
270.63
260.36
246.34
240.00
250.00
260.00
270.00
280.00
290.00
300.00
310.00
320.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
8.1%0.3%
26.0%
64.9%
0.7%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
8.4%0.3%
27.1%
63.5%
0.7%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
98
118
138
158
178
198
218
238
258
278
298
Aug‐13
Aug‐14
Aug‐15
Aug‐16
Aug‐17
Aug‐18
Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 261.6 266.0 ‐1.65%
Net Assets Value (PKR '000) 686,370 698,609 ‐1.75%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI Balanced Fund ‐ IBF ‐1.65% ‐2.79% ‐4.24% ‐5.37% ‐5.55% ‐1.41% 8.84%
IGI Balanced Fund ‐ IBF 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 *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐1.65% against its last
month absolute return of ‐1.15%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Balanced Fund
INVESTMENT OBJECTIVE:The investment objective of the Fund is to earn competitive long term return by investing in mix of equity, fixed income and money market instrument.
This fund is suited for investors with moderate risk tolerance.
FUND INFORMATION: RETURNS:
For the month of August 2019
3.7%
26.2%
40.9%
28.9%
0.3%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
4.4%
27.2%
41.0%
27.2%
0.3%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
98
118
138
158
178
198
218
238
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
276.98 276.08
280.30
275.99
264.09
278.02276.47 276.60
273.28 273.20
269.11266.01
261.62
250.00
255.00
260.00
265.00
270.00
275.00
280.00
285.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 222.6 220.3 1.01%
Net Assets Value (PKR '000) 571,483 563,066 1.49%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI Conservative Fund ‐ ICF 1.01% 1.87% 2.65% 4.78% 7.86% 11.42% 7.30%
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 *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 1.01% against its last
month absolute return of 0.85%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Conservative Fund
INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a
liquid portfolio of low risk short term investments yielding competitive returns.
FUND INFORMATION: RETURNS:
For the month of August 2019
0.0%
41.1%
0.0%
56.8%
2.7% 0.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
1.3%
41.3%
55.0%
2.4%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
98
108
118
128
138
148
158
168
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
206.35 206.93208.62 207.83 206.83
210.32212.41
213.99215.36
216.81218.47
220.33222.56
200.00
205.00
210.00
215.00
220.00
225.00
230.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 164.5 163.3 0.79%
Net Assets Value (PKR '000) 222,563 222,492 0.03%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI Islamic Fund ‐ IIF 0.79% 1.69% 1.72% 3.81% 7.44% 7.81% 4.48%
IGI Islamic Fund ‐ IIF 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 *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 0.79% against its last
month absolute return of 0.90%.
Value of 100 Rupees invested 5 years ago
Islamic Fixed Income
IGI Islamic Fund
INVESTMENT OBJECTIVE:To provide maximum possible preservation of capital and a reasonable rate of return via investing in Shariah Compliant money market and debt
securities having good credit quality rating and liquidity.
FUND INFORMATION: RETURNS:
For the month of August 2019
58.1%
24.2%
5.6%12.1%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
64.1%
21.4%
5.4% 9.2%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
80
100
120
140
160
180
200
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
153.15153.84
154.61155.42
156.41157.45
158.51159.59
160.56161.76 161.81
163.26164.54
150.00
152.00
154.00
156.00
158.00
160.00
162.00
164.00
166.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 337.0 352.6 ‐4.42%
Net Assets Value (PKR '000) 22,552 23,608 ‐4.47%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI FS Aggressive Fund ‐ IHA ‐4.42% ‐7.41% ‐10.72% ‐14.94% ‐16.68% ‐13.83% 13.61%
IGI FutureSecure Aggressive Fund ‐ IHA 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 *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
High
Daily Forward Pricing
Monday to Friday
1.5%
25‐Feb‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐4.42% against its last
month absolute return of ‐3.13%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Future Secure Adventurous Fund
INVESTMENT OBJECTIVE:To provide investors with an opportunity to earn long‐term capital appreciation optimizing through broad mix of asset classes encompassing equity,
fixed income & money market instruments.
FUND INFORMATION: RETURNS:
For the month of August 2019
9.7%2.5%
32.2%
55.1%
0.6%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
10.3%2.6%
33.3%
53.2%
0.6%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
145
195
245
295
345
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
404.53 401.60410.56
400.68
371.22
402.99396.21 394.74
380.89 377.50
364.02
352.62
337.04
320.00
340.00
360.00
380.00
400.00
420.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 233.7 237.6 ‐1.66%
Net Assets Value (PKR '000) 149,154 151,710 ‐1.68%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI FS Balanced Fund ‐ IHB ‐1.66% ‐2.75% ‐4.16% ‐5.48% ‐5.58% ‐1.26% 9.30%
IGI FutureSecure Balanced Fund ‐ IHB 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 *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
18‐Feb‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐1.66% against its last
month absolute return of ‐1.11%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Future Secure Balanced Fund
INVESTMENT OBJECTIVE:
The investment objective of the Fund is to earn competitive return by investing in various asset classes/instruments based on the market outlook.
FUND INFORMATION: RETURNS:
For the month of August 2019
6.3%
18.0%
47.6%
27.8%
0.3%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
7.3%
18.6%
47.7%
26.1%
0.3%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
115
135
155
175
195
215
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
247.47 246.45
250.35
246.38
235.64
248.53247.20 247.22 243.88
243.81
240.27237.60
233.67
230.00
235.00
240.00
245.00
250.00
255.00
260.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 174.7 173.0 0.97%
Net Assets Value (PKR '000) 39,441 39,104 0.86%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI FS Cautious Fund ‐ IHC 0.97% 1.83% 2.58% 4.77% 7.79% 10.99% 6.07%
IGI FutureSecure Cautious Fund ‐ IHC 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 *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
1.5%
18‐Mar‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 0.97% against its last
month absolute return of 0.85%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Future Secure Cautious Fund
INVESTMENT OBJECTIVE:To provide stable and competitive returns in line with the money markets exhibiting low volatility consistent with capital preservation by constructing a
liquid portfolio of low risk short term investments yielding competitive returns.
FUND INFORMATION: RETURNS:
For the month of August 2019
34.4%
62.9%
2.8% 0.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
1.0%
34.8%
61.6%
2.5%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
105
115
125
135
145
155
165
175
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
162.04 162.44163.63 163.03 162.75
165.18166.70
168.08169.19
170.27171.52
172.97174.65
158.00
163.00
168.00
173.00
178.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 220.2 217.8 1.09%
Net Assets Value (PKR '000) 17,331 17,176 0.91%
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI FS Secure Fund ‐ IHS 1.09% 1.78% 2.72% 4.03% 6.11% 9.03% 8.70%
IGI FutureSecure Secure Fund ‐ IHS 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:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
1.5%
18‐Mar‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 1.09% against its last
month absolute return of 0.68%.
Value of 100 Rupees invested 5 years ago
Govt. Securiities
IGI Future Secure Fund
INVESTMENT OBJECTIVE:
The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.
FUND INFORMATION: RETURNS:
For the month of August 2019
5.9% 0.3%
93.8%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
6.2%0.3%
93.6%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
105
115
125
135
145
155
165
175
185
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
207.48 207.35 206.77 207.14 207.67
209.79211.62
212.71214.42 214.33
216.31217.77
220.15
204.00
209.00
214.00
219.00
224.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 204.7 202.8 0.92%
Net Assets Value (PKR '000) 2,322 2,304 0.80%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
Sarmaya Pakistan Income ‐ SPI 0.92% 1.93% 1.69% 3.66% 7.81% 7.76% 8.17%
IGI Sarmaya Pakistan Income Fund ‐ SPI 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 *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
22‐Jul‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 0.92% against its last
month absolute return of 1.00%.
Value of 100 Rupees invested 5 years ago
Fixed Income
IGI Sarmaya Pakistan Income Fund
INVESTMENT OBJECTIVE:The objective of the Fund is to deliver competitive above inflation returns primarily from debt and fixed income investments without taking excessive
risk. The fund Is suited for investors with low risk tolerance.
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of August 2019
28.7%32.6% 31.6%
4.1% 3.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
44.2%
26.5% 26.8%
2.5%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
105
115
125
135
145
155
165
175
185
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
189.89 190.79192.15 193.30
194.66195.97
197.49198.75
200.43 201.31 200.83202.84
204.71
180.00
185.00
190.00
195.00
200.00
205.00
210.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 258.9 278.3 ‐6.98%
Net Assets Value (PKR '000) 29,931 32,404 ‐7.63%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
Sarmaya Pakistan Stock ‐ SPS ‐6.98% ‐11.71% ‐16.77% ‐23.38% ‐26.63% ‐27.44% 11.72%
IGI Sarmaya Pakistan Stock Fund ‐ SPS 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 *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
High
Daily Forward Pricing
Monday to Friday
03‐Feb‐11
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐6.98% against its last
month absolute return of ‐5.08%.
Value of 100 Rupees invested 5 years ago
Equity
IGI Sarmaya Pakistan Stock Fund
INVESTMENT OBJECTIVE:The objective of the fund is to provide investors long term capital appreciation through its investment in Pakistani equities. This fund is suited for
investors with medium to long term horizon and high risk tolerance.
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of August 2019
12.1%
87.5%
0.4%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
6.9%
92.2%
0.9%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
100
150
200
250
300
350
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
352.83 349.24358.12
348.93
316.71
350.86
337.87 335.68
318.54311.03
293.21
278.30
258.86
250.00
270.00
290.00
310.00
330.00
350.00
370.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 176.0 176.0 0.00%
Net Assets Value (PKR '000) 0.78 1 28.31%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
Sarmaya United Growth ‐ SUG 0.00% 0.48% 0.46% 2.88% 19.38% 12.68% 6.43%
IGI Sarmaya United Growth Income Fund ‐ SUG 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 *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Moderate
Daily Forward Pricing
Monday to Friday
05‐Aug‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 0.00% against its last
month absolute return of 0.48%.
Value of 100 Rupees invested 5 years ago
Fixed Income
IGI Sarmaya United Growth & Income Fund
INVESTMENT OBJECTIVE:Invest in medium to long‐term fixed income instruments as well as short‐tenor money market instruments to generate superior, long‐term, risk‐adjusted
returns while preserving capital over the long‐term.
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of August 2019
100.0%
0.0% 0.0% 0.0% 0.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
100.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
75
95
115
135
155
175
195
215
235
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
147.46 148.18 149.04 149.77
162.32 163.28
171.10172.91 174.31 175.22 175.19 176.03 176.03
140.00
145.00
150.00
155.00
160.00
165.00
170.00
175.00
180.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 292.7 319.2 ‐8.32%
Net Assets Value (PKR '000) 249,975 284,108 ‐12.01%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
Sarmaya United Stock ‐ SUS ‐8.32% ‐14.06% ‐18.97% ‐25.53% ‐27.76% ‐29.39% 12.56%
IGI United Stock Fund ‐ SUS 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 *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
High
Daily Forward Pricing
Monday to Friday
05‐Aug‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of ‐8.32% against its last
month absolute return of ‐6.27%.
Value of 100 Rupees invested 5 years ago
Equity
IGI United Stock Fund (Formerly: IGI Sarmaya United Stock Fund)
INVESTMENT OBJECTIVE:The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of listed equity securities offering long term
capital gains and dividend yield potential.
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of August 2019
3.5%
96.5%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
8.3%
90.7%
1.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
115
135
155
175
195
215
235
255
275
295
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
405.17 398.72411.32
400.02
363.89
404.93393.04
384.14367.85 361.20
340.58
319.24
292.69
250.00
300.00
350.00
400.00
450.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 164.3 162.5 1.15%
Net Assets Value (PKR '000) 8,106 8,046 0.74%
* Asset Allocation have been developed by looking through the underlying assets of mutual funds investments.
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
Sarmaya United Money ‐ SUI 1.15% 2.29% 1.87% 4.52% 10.14% 9.62% 7.22%
IGI Sarmaya United Money Market Fund ‐ SUI 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 *:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
19‐Jul‐12
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 1.15% against its last
month absolute return of 1.12%.
Value of 100 Rupees invested since inception
Fixed Income
IGI Sarmaya United Money Market Fund
INVESTMENT OBJECTIVE:The objective of Money Market Fund is to generate competitive returns within a low risk portfolio to provide a regular stream of income and easy
liquidity to its investors by investing more than 50% of the portfolio in short term government securities
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of August 2019
7.6%
72.4%
20.0%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
5.5%
79.3%
15.3%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
100
105
110
115
120
125
130
135
140
145
Aug‐13
Aug‐14
Aug‐15
Aug‐16
Aug‐17
Aug‐18
Aug‐19
149.20 150.19151.92
153.04154.43
155.74157.22
158.90160.21
161.31 160.65162.46
164.32
142.00
147.00
152.00
157.00
162.00
167.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Aug‐19 Jul‐19 MoM %
NAV per Unit (PKR) 276.4 271.3 1.86%
Net Assets Value (PKR '000) 2,750,101 2,741,975 0.30%
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI Sarmaya Secure ‐ SSE 1.86% 2.90% 3.51% 4.66% 8.43% 10.11% 11.80%
IGI Secure Fund ‐ SSE 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:
Aug‐19 Jul‐19
FUND PERFORMANCE:
Absolute Return Annualized Return
Low
Daily Forward Pricing
Monday to Friday
22‐Jul‐10
ASSETS UNDER MANAGEMENT:
During the month the fund generated an
absolute return of 1.86% against its last
month absolute return of 1.02%.
Value of 100 Rupees invested 5 years ago
Govt. Securiities
IGI Secure Fund (Formerly: IGI Sarmaya Secure Fund)
INVESTMENT OBJECTIVE:
The objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.
FUND INFORMATION: RETURNS:
Sarmaya Plus 1.5% / Sarmaya Premium 2.4%
For the month of August 2019
5.6%
25.9%
68.5%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
4.1%
26.3%
69.6%
BankDeposits
TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
100
120
140
160
180
200
220
240
Aug‐
13
Aug‐
14
Aug‐
15
Aug‐
16
Aug‐
17
Aug‐
18
Aug‐
19
254.89 255.26256.91 257.16
258.96261.00
264.09 265.07
268.27267.03
268.60271.35
276.39
250.00
255.00
260.00
265.00
270.00
275.00
280.00
Aug‐18 Sep‐18 Oct‐18 Nov‐18 Dec‐18 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19 Aug‐19