JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
Quarterly Report for the periodended March 31, 2008
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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Core ValuesShareholder Value Integrity Commitment
MissionPursuit of Professional Excellence
VisionTo be Industry Leaders in Financial Services
Contents
Organization......................................................................................................................
Directors’ Report to the Unit Holders....................................................................
Condensed Interim Statement of Assets and Liabilities...................................
Condensed Interim Income Statement..................................................................
Condensed Interim Cash Flow Statement...........................................................
Condensed Interim Statement of Movement in Unitholders’ Fund...........
Condensed Interim Distribution Statement.......................................................
Notes to the Condensed Interim Financial Statements....................................
Branch Network...............................................................................................................
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04
05
06
07
08
09
10
13
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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Organization
Management Company JS Investments Limited(formerly JS ABAMCO Limited)7th Floor, The Forum, G-20Khayaban-e-Jami, Block-9, CliftonKarachi-75600
Tel: (92-21) 111 - 222 - 626 Fax : (92-21) 5361724E-mail: [email protected]: www.jsil.com
Board of Directors Munawar Alam Siddiqui ChairmanMuhammad Najam Ali Chief Excutive OfficerAli Raza Siddiqui Executive DirectorNazar Mohammad ShaikhSiraj Ahmed DadabhoyLt. General (R) Masood ParwaizSadeq Sayeed
Audit Committee Nazar Mohammad Shaikh ChairmanMunawar Alam Siddiqui MemberLt. General (R) Masood Parwaiz Member
Chief Financial Officer& Company Secretary Suleman Lalani
Trustee Central Depository Company of Pakistan LimitedCDC House, 99-B, Block “B”, S.M.C.H.S.,Shahra-e-Faisal, Karachi-74000 PakistanTel: (92-21) 111-111-500Fax: (92-21) 4326061
Auditors KMPG Taseer Hadi & Co.Chartered Accountants
Legal Adviser Bawaney & Partners
Transfer Agent Technology Trade (Pvt.) Limited241-C, Block-2, P.E.C.H.S, KarachiTel: (92-21) 4391316-7Fax: (92-21) 4391318
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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Directors’ Report to the Unit HoldersThe board of directors of JS Investments Limited (formerly JS ABAMCO Limited) the ManagementCompany of JS Aggressive Asset Allocation Fund (formerly UTP - Aggressive Asset Allocation Fund)(the Fund) is pleased to present the financial statements of the Fund for the period ended March31, 2008.
Market Outlook
During the nine months period under review, the KSE-100 index gained 9.8% to close at 15,125 onMarch 31, 2008. The index remained volatile during the period under review due to prolonged periodof political uncertainty and made a low of 11,955 (August 27, 2007) and a high of 15,274 (March 27,2008).
Foreign investors remained active in the local equity market as shown by the movement in SCRAnumber, which achieved foreign investment inflow of USD 1 billion. However, the outgoing ninemonths, saw no net inflow.
The best performing sector during the period was Investment Bank / Cos. / Securities, which was up94.3%, followed by Insurance at 73.9%. While the worst performing sector during the outgoing ninemonths was Tobacco, which was down by 23.3%, followed by Textile Weaving and Power sector,which shown a dip of 23.1% and 18.3%, respectively.
On the Policy front SBP continued tightening of monetary policy by further raising the discount rateby 50 basis points to 10.5% in January 2008 in order to counter the higher than targeted inflationand M2 growth rate. The latter is mainly due to record influx of FDI into Pakistan. The one monthKIBOR has averaged 9.72% for the period under review as against 9.56% in FY07. This is an indicationthat SBP’s monetary tightening in July 2007 has had little impact on market interest rates due toample availability of funds in the system.
Average CFS rates fell to 11.22% in the first nine months of FY08 versus 13.7% in FY07. Ready futurespreads have also contracted in FY08, falling on average to 4.52% in the period under review ascompared to 6.52% last year. This has primarily been the result of greater availability of funds dueto the increase in fixed income funds in the market.
Results of Operations
The Fund earned net income of Rs. 2.728 million during the period ended March 31, 2008 includingunrealized gain on investments of Rs. 37.282 million. The net assets value per unit as on March 31,2008 was Rs. 112.65 – an appreciation of 0.60% on the beginning NAV on July 1, 2007. Investmentin marketable securities was Rs. 451.863 million which is 72 % of total net assets.
Acknowledgement
The Board of JS Investments Limited thanks the Securities and Exchange Commission of Pakistanfor its valuable support, assistance and guidance. The Board also thanks the employees of theManagement Company and the Trustee for their dedication and hard work and the Unit Holders fortheir confidence in the management.
For and on behalf of the Board
Muhammad Najam AliChief Executive OfficerKarachi: April 24, 2008
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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Muhammad Najam AliChief Executive Officer
Munawar Alam SiddiquiChairman
Ali Raza SiddiquiExecutive Director
1,669,203111,194
1,947,7501,883,703
March 312008
(Unaudited)
171,095,075451,863,330
9,067,191409,727
632,435,323
5,611,850
626,823,473
626,823,473
5,564,141
112.65
Condensed Interim Statement of Assets and LiabilitiesAs at March 31, 2008
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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Muhammad Najam AliChief Executive Officer
Munawar Alam SiddiquiChairman
Ali Raza SiddiquiExecutive Director
Condensed Interim Income Statement (Un-audited)For The Period Ended March 31, 2008
March 312008
5,796,7802,398,7501,753,634
(9,552,612)396,552
93,456,82693,853,378
4,759,898317,080
158,5406,188
156,39428,835
530,67389,36349,686
6,121,682
87,731,696
March 312008
(42,570,251)
10,697,985(12,001,829)
37,282,19425,280,365
15,350,3451,022,562
511,28218,334
256,94099,771
4,298,692405,750513,435
22,552,136
2,728,229
7,331,549
12,538,888
75,025 25,025
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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Muhammad Najam AliChief Executive Officer
Munawar Alam SiddiquiChairman
Ali Raza SiddiquiExecutive Director
(148,696,091)
259,412,089
(428,321,961)
599,417,036
171,095,075
(279,625,870)
2,604,078,348(2,834,545,185)
(49,159,033)
(44,170,267)
(311,374)(20,871)
(43,838,022)
(2,457,340)
(2,531,426)
(5,259,655)
(10,697,985)(37,282,194)
42,570,251150,273
2,728,229
March 312008
Condensed Interim Cash Flow Statement (Un-audited)For The Period Ended March 31, 2008
(408,108,180)
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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Muhammad Najam AliChief Executive Officer
Munawar Alam SiddiquiChairman
Ali Raza SiddiquiExecutive Director
626,823,473
2,728,229
(10,697,985)
(408,108,180)
259,412,089
March 312008
783,489,320
Condensed Interim Statement of Movementin Unitholders’ Funds (Un-audited)For The Period Ended March 31, 2008
12,311,284
4,121,960
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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March 312008
21,050,829
(150,934,326)
2,728,229
169,256,926
Condensed Interim Distribution Statement (Un-audited)For The Period Ended March 31, 2008
Muhammad Najam AliChief Executive Officer
Munawar Alam SiddiquiChairman
Ali Raza SiddiquiExecutive Director
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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171,095,075171,095,075
Notes to the Condensed Interim Financial Statements (Un-audited)For The Period Ended March 31, 2008
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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71.83
7.241.81
-
7.47
34,781,000 5.54
2.343.20
10.62
-10.62
1.19-
2.04---
19.521.58
14,82
0.24
92,902,505
7,464,375
12,815,000
122,375,0009,906,250
152,560,625
66,541,80066,541,800
14,696,00020,085,000
46,838,400
45,400,00011,350,000
56,750,000
450,374,330
9.05
24.33
----
-
-
---
-----
401,130,893
451,863,330
450,374,330
1,023,334
on April 24, 2008.
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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Muhammad Najam AliChief Executive Officer
Munawar Alam SiddiquiChairman
Ali Raza SiddiquiExecutive Director
409,727
1,000,000(590,273)
2,648,75036,666
773,4752,008,3003,600,0009,067,191
JS Aggressive Asset Allocation Fund(formerly UTP - Aggressive Asset Allocation Fund)
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JS Investments (Head Office)7th Floor, The Forum, G-20Khayaban-e-Jami, Block-9, CliftonKarachi-75600Tel: (92-21) 111-222-626Fax: (92-21) 5361724
JS Investments (Shahra-e-Faisal branch)Shop No. 8, Ground Floor,Plot No 26-A, Block 6,Business Avenue, PECHS,Main Shahra - e -Faisal,Karachi - 75350Ph: 021-4322094-96Fax: 021-4322093
JS Investments (Park Tower branch)Office No. 209, 2nd FloorPark Tower, Shahrah-e-FirdusiClifton Karachi.Ph: 021-5820100Fax: 021-5821655
JS Investments (Hyderabad branch)Property No 41/97, Ground Floor,Saddar, Hydrabad Cantonment,HyderabadPh: 022-2720250, 2720077, 2720010Fax: 022-2720581
JS Investments (Islamabad branch)65-W, Ground Floor # 6,Chaudhary Plaza, Fazal-e-Haq Road,Blue Area - IslamabadUAN: 051-111-222-626Fax: 051-2806323
JS Investments (Lahore branch)Ground Floor,307-Upper Mall,Lahore - 54000UAN: 042-111-222-626Fax: 042-5789108
Branch Network of the Managment Company
JS Investments (Gujranwala branch)Shop No. 40, Ground Floor,Trust Plaza, GT, Road,Gujranwala - 52250Ph: 055-3252953Fax: 055-3253373
JS Investments (Multan branch)1st & 2nd Floor,185-Quaid-e-Azam Road,Multan Cantt.Ph: 061-450142-47
JS Investments (Sialkot branch)27th Paris Road,Sialkot - 53100Ph: 052-4298501-02Fax: 052-4298503
JS Investments (Peshawar branch)1st FloorState Life Building,34-The Mall, PeshawarPh: 091-5253844-6Fax: 091-5253850
JS Investments (Mirpur branch)Azad Khasmir, Jarral PlazaBuilding No. 63/F,Sector F-1, Kotli Road,Mirpur AJKPh: (+92-058610) 39670-2 (+92-058610) 39669Fax: (+92-058610)39668
JS Investments Limited(Formerly JS ABAMCO Limited)
7th Floor, The Forum,G-20 Khayaban-e-Jami,Block-9, Clifton, Karachi-75600
Phone: +92 21 111 222 626Fax: +92 21 5361724E-mail: [email protected]: www.jsil.com