IGI|Life
Funds Performance ReportJanuary 2018
IGI Life Insurance Limited
July 2015
Source: SBP, PBS, Bloomberg
Equity Market Review and Outlook:
FUND MANAGER REPORT
For the month of January 2018
Macro Review and Outlook:CPI InflationCPI inflation clocks in at +4.42%YoY; Food prices gain steam
As per the latest data published by Pakistan Bureau of Statistics (PBS), headline CPI inflation clocked in at +4.42%YoY (+0.03%MoM) for the month of Jan-18 compared to +3.66%YoY (+0.18%MoM) in the same period last year, bringing 7MFY18 average inflation to +3.85%YoY. Key drivers include House Rent Index (HRI) and Food Index, rising by +5.43%YoY and +3.71%YoY respectively.Food prices have rebounded from the initial subdued start to FY18. During the month, food index rose by +3.71%YoY (down 1.05%MoM); a percentage point impact (ppt) of 1.50. Within the food index, the food & non-alcoholic beverages group has grown by +5.10%YoY (Weightage: 34.83), primarily led by +20.40%YoY increase in prices of perishables. We also highlight that Jan-18 food inflation is considerably higher than the average of +2.00%YoY in 1HFY18, taking 7MFY18 average to +2.24%YoY and underlining the higher food price momentum.
External AccountCurrent account balance reached a deficit of USD 1.13bn in month of Dec-17During the month of Dec-17, Current account deficit clocked in at USD 1.13bn, down by 21.6%MoM or up by +4.3%YoY, on the back of monthly/yearly high/low base effect. In CY17 collectively, current account deficit reached to USD 14.10bn, rising significantly by 2.0x on the back of growth in imports, up by +24%YoY, decline in remittances by 3%YoY and simultaneous decline in foreign direct investment, down by 19%YoY.During the Month of Dec-17, Country’s exports stood at USD 2.0bn, down by 7.2%MoM, whereas import bill also declined by 5.5%MoM to record at USD 4.2bn, on account of higher base effect. Resultantly, trade term for the month improved, wherein, Country’s trade deficit reached USD 2.2bn, declining by 4.0%MoM.
FX Reserves increased by 7.5%MoM in Jan-18 FX reserves by the end of Jan-18 stood at USD 20.2bn as compared to USD 18.8bn in Dec-17 (up by 1.4bn).
New Year euphoria Index geared up by posting 8.8% in Jan-18, coupled with foreign inflows of USD 85.7mn.After posting the worst performance in CY17 (post 2007 crisis), down by 15.3%YoY, KSE 100 Index reached the level of ~40,470. However during the month of Jan-18, KSE 100 Index hit the level of 45,000 on 24-Jan, which is the peak of its recent rally, and later on made a correction of ~2%, whereby index lost ~1014 points and settled at ~44,050 Points, posting a return of 8.8%MoM. We attribute this sharp activity in KSE-100 Index foreign inflows (USD 85.7 Mn), devaluation of PKR, and clarity on Senate elections.Average trading volumes of the market were recorded at 241mn shares, up significantly by 43%MoM in Jan-18 as compared to average volume of 167.8mn shares registered in Dec-17. Increase in volume depict attractive price level coupled with foreign inflows. Leaders and Laggards by Market Capitalization: In the month of Jan-18, where index posted a healthy return of 8.8%MoM, Cements, Pharmaceutical and Engineering sector were in limelight while posting a return of 17%/17%/16% respectively, however Oil and Gas Exploration Companies remained under pressure, posting a meagre return of 1%.Volume wise, Banks led the chart, up by +16.1%MoM, followed by Cements, Power Generation & Distribution Companies, Oil & Gas Marketing Companies and Textile Composite, up by +9.4%/6.6%/3.6%MoM respectively.
Key domestic/international news• SBP increased the Target rate by +25bps in its January monetary policy statement. • Sharp rebound in international oil prices on the back of supply cuts by the 14-nation OPEC oil cartel and other producers led by Russia.• US placed Pakistan on special watch list on account of violation of religious freedom.• US suspends military related funds to Pakistan.
KSE 100
Money Market Review and Outlook:
Yield CurveMoney Market ReviewThe State Bank of Pakistan (SBP) has increased policy rate by +25bps (compared to market consensus of status quo), finally bringing a halt to ~3-year long monetary easing cycle. As per the statement, the rate increase decision came amid a) rising international oil prices, b) depreciating PKR and c) rising aggregate demand.Expecting upside risks of interest rates, investor’s preference remained towards short positions. In the last T-Bill auction of the month, an amount of PKR 1,154bn was accepted at a cut-off yield of 6.21% for 3 month tenor, and no bids were received in 6 month and 12 month tenors. In the PIB auction during the month, against the target of PKR 50bn, bids worth PKR 33bn were received for 3 year and 10 year tenors. However, the auction was rejected.
42,524.0
42,933.7
44,178.8
44,551.1
227 266
191
274
‐
50
100
150
200
250
300
41,500.0
42,000.0
42,500.0
43,000.0
43,500.0
44,000.0
44,500.0
45,000.0
01/07/18 01/14/18 01/21/18 01/28/18
Index Vol. (mn) ‐RS
5.50
6.00
6.50
7.00
7.50
8.00
8.50
9.00
3M 6M 9M 1 YR 3YR 5YR 7YR 10YR
31/Jan/18 31/Dec/17 31/Jan/17
(3,500)
(3,000)
(2,500)
(2,000)
(1,500)
(1,000)
(500)
‐
(2,500)
(2,000)
(1,500)
(1,000)
(500)
‐
Trade Balance (USDmn) Current Acc. Bal. (USDmn)
-2%
0%
2%
4%
6%
8%
10%
12%
Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
Non-food inflation Food inflationCPI inflation
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 307.7 296.5 3.79%
Net Assets Value (PKR '000) 558,892 530,116 5.43%
* 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 3.79% 4.49% 4.98% ‐4.02% ‐7.19% 44.65% 12.18%
During the month the fund generated an
absolute return of 3.79% against its last
month absolute return of 0.68%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Aggressive Fund‐IAF
For the month of January 2018
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:
Note: Fund returns are gross of management fee.
High
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
331.54 330.07 329.80 337.59 346.69324.46 320.61
299.57 301.83 293.13 294.48 296.47307.72
150.00
200.00
250.00
300.00
350.00
400.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
22.3%
2.8%
24.0%
7.4%
40.4%
3.1%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
19.7%
3.1%
24.6%
7.5%
42.5%
2.7%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
98
148
198
248
298
348
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 277.1 271.4 2.07%
Net Assets Value (PKR '000) 573,764 538,115 6.62%
* 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 2.07% 2.66% 3.12% ‐1.51% ‐1.87% 24.40% 10.98%
During the month the fund generated an
absolute return of 2.07% against its last month
absolute return of 0.58%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI Balanced Fund‐IBF
For the month of January 2018
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:
Note: Fund returns are gross of management fee.
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
25.4%
3.7%
34.4%
11.9%
19.8%
4.8%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
24.1%
4.1%
35.1%
12.8%
20.5%
3.4%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
98
118
138
158
178
198
218
238
258
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
282.34 284.11 284.30 288.96 294.16283.09 281.32
270.91 272.48 268.68 269.87 271.43 277.06
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 201.0 199.5 0.78%
Net Assets Value (PKR '000) 566,779 565,165 0.29%
* 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 0.78% 1.26% 1.71% 1.53% 2.92% 9.23% 7.40%
During the month the fund generated an
absolute return of 0.78% against its last month
absolute return of 0.48%.
Value of 100 Rupees invested 5 years ago
Fixed Income
IGI Conservative Fund ‐ ICF
For the month of January 2018
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:
Note: Fund returns are gross of management fee.
Low
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
18.6%
6.1%
55.2%
11.2%4.2% 4.8%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
17.2%
6.1%
57.1%
11.3%4.4% 3.8%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
98
108
118
128
138
148
158
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
195.31 195.75 196.46 198.03 199.97 198.04 197.98 196.52 197.43 197.64 198.51 199.45 201.02
150.00
160.00
170.00
180.00
190.00
200.00
210.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 148.9 148.3 0.38%
Net Assets Value (PKR '000) 200,144 200,091 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 0.38% 0.74% 1.11% 2.21% 4.16% 4.49% 4.16%
During the month the fund generated an
absolute return of 0.38% against its last month
absolute return of 0.36%.
Value of 100 Rupees invested 5 years ago
Islamic Fixed Income
IGI Islamic Fund ‐ IIF
For the month of January 2018
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:
Note: Fund returns are gross of management fee.
Low
Daily Forward Pricing
Monday to Friday
1.5%
25‐Apr‐08
ASSETS UNDER MANAGEMENT:
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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
49.4%
22.0%16.7%
11.9%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
55.9%
21.8%
12.1% 10.2%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
80
90
100
110
120
130
140
150
160
170
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
142.95 143.33 143.75 144.13 144.60145.32 145.68 146.12
146.68147.28
147.81148.34
148.90
138.00
140.00
142.00
144.00
146.00
148.00
150.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 410.8 393.7 4.33%
Net Assets Value (PKR '000) 31,853 30,479 4.51%
* 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 4.33% 5.18% 5.65% ‐4.13% ‐7.95% 50.97% 19.48%
During the month the fund generated an
absolute return of 4.33% against its last month
absolute return of 0.82%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI FutureSecure Adventurous Fund‐ IHA
For the month of January 2018
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:
Note: Fund returns are gross of management fee.
High
Daily Forward Pricing
Monday to Friday
1.5%
25‐Feb‐10
ASSETS UNDER MANAGEMENT:
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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
13.0%
2.6%
24.1%
10.9%
46.0%
3.5%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
15.0%
2.6%
25.1%
9.8%
45.0%
2.5%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
145
195
245
295
345
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
446.25 443.10 443.10 454.39 466.60435.23 428.47
398.38 401.34 388.79 390.53 393.72 410.77
0.00
100.00
200.00
300.00
400.00
500.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 247.4 241.8 2.32%
Net Assets Value (PKR '000) 198,273 193,536 2.45%
* 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 2.32% 2.93% 3.39% ‐1.37% ‐2.67% 27.27% 12.06%
During the month the fund generated an
absolute return of 2.32% against its last month
absolute return of 0.60%.
Value of 100 Rupees invested 5 years ago
Fixed Income / Equity
IGI FutureSecure Balanced Fund‐ IHB
For the month of January 2018
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:
Note: Fund returns are gross of management fee.
Moderate
Daily Forward Pricing
Monday to Friday
1.5%
18‐Feb‐10
ASSETS UNDER MANAGEMENT:
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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
15.8%
4.2%
39.4%
13.3%
22.0%
5.3%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
16.3%
4.1%
41.3%
12.9%
21.8%
3.5%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
115
135
155
175
195
215
235
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
254.22 253.67 253.66
257.93
262.74
252.60250.86
241.33 242.79239.31 240.37 241.82
247.42
225.00
230.00
235.00
240.00
245.00
250.00
255.00
260.00
265.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 157.6 156.4 0.80%
Net Assets Value (PKR '000) 46,846 46,503 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
IGI FS Cautious Fund ‐ IHC 0.80% 1.29% 1.75% 1.23% 2.70% 9.44% 5.94%
During the month the fund generated an
absolute return of 0.80% against its last month
absolute return of 0.48%.
Value of 100 Rupees invested 5 years ago
Fixed Income
IGI FutureSecure Cautious Fund‐ IHC
For the month of January 2018
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:
Note: Fund returns are gross of management fee.
Low
Daily Forward Pricing
Monday to Friday
1.5%
18‐Mar‐10
ASSETS UNDER MANAGEMENT:
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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
13.8%5.9%
60.3%
11.1%4.1% 4.7%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
12.7%6.0%
62.0%
11.3%4.4% 3.6%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
105
115
125
135
145
155
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
153.49153.88
154.43
155.69
157.24
155.61 155.71
154.01
154.79 154.91
155.63
156.38
157.63
151.00
152.00
153.00
154.00
155.00
156.00
157.00
158.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 201.9 201.8 0.02%
Net Assets Value (PKR '000) 17,522 17,542 ‐0.11%
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI FS Secure Fund ‐ IHS 0.02% 0.19% 0.69% 1.79% 4.90% 0.25% 9.32%
During the month the fund generated an
absolute return of 0.02% against its last month
absolute return of 0.17%.
Value of 100 Rupees invested 5 years ago
Govt. Securiities
IGI FutureSecure Fund‐ HIS
For the month of January 2018
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:
Note: Fund returns are gross of management fee.
Low
Daily Forward Pricing
Monday to Friday
1.5%
18‐Mar‐10
ASSETS UNDER MANAGEMENT:
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:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
22.2%
77.8%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
22.1%
77.9%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
105
115
125
135
145
155
165
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
192.45193.23
194.23195.44
196.35197.65 198.32 198.92
199.64200.49
201.50 201.83 201.88
186.00
188.00
190.00
192.00
194.00
196.00
198.00
200.00
202.00
204.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 183.5 182.6 0.50%
Net Assets Value (PKR '000) 2,467 2,458 0.37%
* 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 0.50% 0.72% 1.09% 2.27% 4.91% 5.87% 8.39%
During the month the fund generated an
absolute return of 0.50% against its last month
absolute return of 0.23%.
Value of 100 Rupees invested 5 years ago
Fixed Income
IGI Sarmaya Pakistan Income Fund ‐ SPI
For the month of January 2018
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%
Note: Fund returns are gross of management fee.
Low
Daily Forward Pricing
Monday to Friday
22‐Jul‐10
ASSETS UNDER MANAGEMENT:
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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
46.6%
28.0%
3.4%
12.9%
0.5%
8.5%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
41.8%
29.0%
3.6%
13.2%
0.5%
11.9%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
105
115
125
135
145
155
165
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
174.90 175.42176.23 176.77
177.90178.70
179.41180.05
180.87 181.50182.17 182.58
183.49
170.00
172.00
174.00
176.00
178.00
180.00
182.00
184.00
186.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 367.2 341.1 7.64%
Net Assets Value (PKR '000) 80,139 75,583 6.03%
* 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
Sarmaya Pakistan Stock ‐ SPS 7.64% 9.08% 10.24% ‐1.74% ‐8.27% 89.91% 20.42%
During the month the fund generated an
absolute return of 7.64% against its last month
absolute return of 1.34%.
Value of 100 Rupees invested 5 years ago
Equity
IGI Sarmaya Pakistan Stock Fund ‐ SPS
For the month of January 2018
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%
Note: Fund returns are gross of management fee.
High
Daily Forward Pricing
Monday to Friday
03‐Feb‐11
ASSETS UNDER MANAGEMENT:
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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
14.3%
84.3%
1.4%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
10.3% 5.3%
78.3%
6.1%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
100
150
200
250
300
350
400
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
400.27 394.01 393.29 402.34 407.74381.42 373.67
346.35 350.30 333.05 336.59 341.12367.17
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 142.1 141.4 0.49%
Net Assets Value (PKR '000) 1,284 1,279 0.36%
* 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 0.49% 0.70% 0.99% 1.87% 4.99% 5.74% 4.80%
During the month the fund generated an
absolute return of 0.49% against its last month
absolute return of 0.21%.
Value of 100 Rupees invested 5 years ago
Fixed Income
IGI Sarmaya United Growth & Income Fund ‐ SUG
For the month of January 2018
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%
Note: Fund returns are gross of management fee.
Moderate
Daily Forward Pricing
Monday to Friday
05‐Aug‐10
ASSETS UNDER MANAGEMENT:
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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
65.6%
32.5%
1.9%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
51.2%
39.2%
3.8% 5.7%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
75
95
115
135
155
175
195
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
135.34135.96
136.89 137.11138.18
138.77139.48 139.67
140.34 140.70 141.10 141.40142.09
130.00
132.00
134.00
136.00
138.00
140.00
142.00
144.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 421.8 393.4 7.22%
Net Assets Value (PKR '000) 794,018 745,585 6.50%
* 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 7.22% 8.40% 8.83% ‐4.33% ‐6.57% 85.00% 21.16%
During the month the fund generated an
absolute return of 7.22% against its last month
absolute return of 1.10%.
Value of 100 Rupees invested 5 years ago
Equity
IGI Sarmaya United Stock Fund ‐ SUS
For the month of January 2018
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%
Note: Fund returns are gross of management fee.
High
Daily Forward Pricing
Monday to Friday
05‐Aug‐10
ASSETS UNDER MANAGEMENT:
IGI Sarmaya 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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
18.7%
80.3%
1.0%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
17.7%
82.3%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
95
145
195
245
295
345
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
451.47 449.19 452.07 461.92 480.85446.39 440.87
403.39 406.68 387.55 389.12 393.39421.79
0.00
100.00
200.00
300.00
400.00
500.00
600.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 143.9 143.3 0.48%
Net Assets Value (PKR '000) 39,038 41,417 ‐5.74%
* 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 0.48% 0.86% 1.24% 2.51% 5.44% 5.67% 6.79%
During the month the fund generated an
absolute return of 0.48% against its last month
absolute return of 0.37%.
Value of 100 Rupees invested since inception
Fixed Income
IGI Sarmaya United Money Market Fund ‐ SUI
For the month of January 2018
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%
Note: Fund returns are gross of management fee.
Low
Daily Forward Pricing
Monday to Friday
19‐Jul‐12
ASSETS UNDER MANAGEMENT:
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 *:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
55.7%
33.2%
11.1%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
84.8%
4.1% 6.1% 5.1%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
100
105
110
115
120
125
130
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
136.51 136.90138.28 138.65 139.14
139.77140.41
141.01 141.57142.18 142.72 143.25
143.94
132.00
134.00
136.00
138.00
140.00
142.00
144.00
146.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18
Strategy
Risk Profile
Pricing Mechanism
Pricing Days
Management Fee
Launch Date
Jan‐18 Dec‐17 MoM %
NAV per Unit (PKR) 246.8 246.1 0.31%
Net Assets Value (PKR '000) 4,884,871 5,025,197 ‐2.79%
30 Days 60 Days 90 Days 180 Days 365 Days CYTD Since Inception
IGI Sarmaya Secure ‐ SSE 0.31% 0.78% 1.31% 2.75% 5.85% 3.62% 12.74%
During the month the fund generated an
absolute return of 0.31% against its last month
absolute return of 0.47%.
Value of 100 Rupees invested 5 years ago
Govt. Securiities
IGI Sarmaya Secure Fund ‐ SSE
For the month of January 2018
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%
Note: Fund returns are gross of management fee.
Low
Daily Forward Pricing
Monday to Friday
22‐Jul‐10
ASSETS UNDER MANAGEMENT:
IGI Sarmaya 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:
Jan‐18 Dec‐17
FUND PERFORMANCE:
Absolute Return Annualized Return
4.4%11.4%
84.2%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
2.6%11.8%
85.6%
Cash TFC's /Sukuk
T‐Bills TDR PIB's Stock DFI &Others
100
120
140
160
180
200
220
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Jan‐17
Jan‐18
233.20 234.03235.20
236.52237.69
239.00240.24 241.23
242.44243.66
244.95246.09 246.85
225.00
230.00
235.00
240.00
245.00
250.00
Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17 Jul‐17 Aug‐17 Sep‐17 Oct‐17 Nov‐17 Dec‐17 Jan‐18