Islamic Fund & KSE Return Analaysis For February'2008

2.40%

2.20%
2.00%

1.80%

1.60%
1.40%

1.20%
Fund Return

1.00%
Column T
0.80%
Column D
0.60% Column D
0.40%

0.20%
0.00%

-0.20%

-0.40%
-0.60%

-0.80%
Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
KSE Return
Column T
Column D
Column D
 Pakistan International Islamic Element Fund & KSE Return Analaysis
2.00%

1.80%

1.60%

1.40%
Pakistan International Islamic Element

1.20%

1.00%
Fund Return

0.80%

0.60%
Column T
0.40%

0.20%

0.00%

-0.20%

-0.40%

-0.60%

-0.80%
Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
KSE Return
Column T
 Meezan Islamic Fund & KSE Return Analaysis
2.40%

2.20%

2.00%

1.80%

1.60%

1.40%
Islamic Fund Return

1.20%
Meezan

1.00%

0.80% Column T

0.60%

0.40%

0.20%

0.00%

-0.20%

-0.40%

-0.60%
Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
KSE Return
Column T
 (1) (2) (3) (4) (5) (6) (7) (4) * (7) = (8) (3) - (RF Rate)
Date MIF Return (%) Return - Average KSE 100 Index Return Return - Average Product
31-Jan-08 63.22 14,017.01
1-Feb-08 62.93 -0.46% -0.75% 13,974.41 -0.30% -0.64% 0.0048% -0.4677% 1-Feb-08 -0.46% -0.30%
4-Feb-08 62.91 -0.03% -0.32% 13,991.88 0.13% -0.21% 0.0007% -0.0407% 4-Feb-08 -0.03% 0.13%
6-Feb-08 62.77 -0.22% -0.52% 14,018.18 0.19% -0.15% 0.0008% -0.2315% 6-Feb-08 -0.22% 0.19%
7-Feb-08 62.80 0.05% -0.24% 13,992.75 -0.18% -0.52% 0.0013% 0.0388% 7-Feb-08 0.05% -0.18%
8-Feb-08 62.67 -0.21% -0.50% 13,938.33 -0.39% -0.73% 0.0036% -0.2160% 8-Feb-08 -0.21% -0.39%
11-Feb-08 62.71 0.06% -0.23% 13,884.96 -0.38% -0.72% 0.0016% 0.0549% 11-Feb-08 0.06% -0.38%
12-Feb-08 63.41 1.12% 0.82% 14,096.91 1.53% 1.19% 0.0098% 1.1073% 12-Feb-08 1.12% 1.53%
13-Feb-08 63.50 0.14% -0.15% 14,115.89 0.13% -0.20% 0.0003% 0.1330% 13-Feb-08 0.14% 0.13%
14-Feb-08 63.93 0.68% 0.38% 14,283.06 1.18% 0.85% 0.0033% 0.6682% 14-Feb-08 0.68% 1.18%
15-Feb-08 64.24 0.48% 0.19% 14,353.84 0.50% 0.16% 0.0003% 0.4760% 15-Feb-08 0.48% 0.50%
19-Feb-08 65.73 2.32% 2.03% 14,797.18 3.09% 2.75% 0.0558% 2.3105% 19-Feb-08 2.32% 3.09%
20-Feb-08 65.56 -0.26% -0.55% 14,829.58 0.22% -0.12% 0.0007% -0.2676% 20-Feb-08 -0.26% 0.22%
21-Feb-08 65.97 0.63% 0.33% 14,971.97 0.96% 0.62% 0.0021% 0.6164% 21-Feb-08 0.63% 0.96%
22-Feb-08 65.82 -0.23% -0.52% 14,980.66 0.06% -0.28% 0.0015% -0.2363% 22-Feb-08 -0.23% 0.06%
25-Feb-08 65.71 -0.17% -0.46% 14,947.54 -0.22% -0.56% 0.0026% -0.1761% 25-Feb-08 -0.17% -0.22%
26-Feb-08 66.37 1.00% 0.71% 15,056.12 0.73% 0.39% 0.0028% 0.9955% 26-Feb-08 1.00% 0.73%
27-Feb-08 66.38 0.02% -0.28% 15,019.69 -0.24% -0.58% 0.0016% 0.0061% 27-Feb-08 0.02% -0.24%
28-Feb-08 66.95 0.86% 0.57% 15,078.19 0.39% 0.05% 0.0003% 0.8497% 28-Feb-08 0.86% 0.39%
29-Feb-08 66.80 -0.22% -0.52% 14,934.30 -0.95% -1.29% 0.0067% -0.2330% 29-Feb-08 -0.22% -0.95%
Monthly Return 5.66% 6.54% 0.0053% 5.3876% 5.56% 6.42%
Correlation 91%
Varriance 0.004399% 0.007637%
Std. Dev. 0.6814% 0.8979% 0.01 b= 0.69
Average 0.2925% 0.3380% 0.2836%
Beta (Coveriance/MIF Return Varriance) 0.69
Treynor Measure 0.0033
(Portfolio Return – Risk Free Rate) / Beta This is the covariance of
( 5.66% -2% / 1.43) MIF returns with the
KSE100 Index returns.
Sharp Ratio 0.0028
(Portfolio Return/Days – Risk-Free Rate/Days) / St.Dev.

Jensen's Alpha = Portfolio Return – Benchmark Portfolio Return

1) Benchmark Return (CAPM) = Risk Free Rate of Return + Beta (Return of Market – Risk-Free Rate of Return)
Benchmark Return 4.58%
2) Jensen's Alpha = Portflio Return - Benchmark Portfolio Return
Jensen's Alpha 1.09%

Market Reward to Varibility

(Arm - Arf) / Stdm (0.0066) 0.000089
(Arp - Arf) / Stdp (0.0102)
Risk Free Rate per month 0
Impact of Systematic Risk
(Beta * (Arm-Arf) 0.12%

Net Superior Return due to Selectivity

(Arp-Arf)-(Stdp/Stpm)(Arm-Arf) 0.1229%

Ri Fund Return
Rf Risk Free Rate

This worksheet presents an example of calculating beta (this is not the way you'd do it in a spreadsheet, this is the set of calculations that you'd use to calculate beta by hand). For the example, I've
used the NAV for month of February'2008 of PIEF. Columns 2 and 5 are the values of PIEF NAV and an KSE100 Index, respectively. Columns 3 and 6 are the percentage returns. Cells D28 and
G28 are the average returns for the month of Feb'2008. Columns 4 and 7 are simply the actual return in each day minus the average return. Column 8 merely takes the product of columns 4 and 7
and then sums the result to obtain the covariance of PIEF and the KSE100 Index. This value is divided by the variance of the KSE100 Index returns to obtain PIEF's beta (cell D29).

Date Re Purchase Price Sales Price

1/4/2007 59.71 61.08
1/5/2007 59.37 60.74
1/8/2007 59.68 61.05
1/9/2007 60.19 61.58
1/10/2007 60.36 61.75
1/11/2007 60.3 61.69
1/12/2007 60.54 61.93
1/15/2007 60.96 62.36
1/16/2007 61.12 62.53
1/17/2007 61.21 62.62
1/18/2007 61.33 62.74
1/19/2007 61.24 62.65
1/22/2007 61.36 62.77
1/23/2007 61.36 62.77
1/24/2007 62.04 63.47
1/25/2007 62.92 64.37
1/26/2007 62.85 64.3
1/31/2007 63.42 64.88
2/1/2007 63.73 65.2
2/2/2007 64.69 66.18
2/6/2007 65.02 66.52
2/7/2007 65.45 66.96
2/8/2007 66.17 67.69
2/9/2007 66.14 67.66
2/12/2007 65.23 66.73
2/13/2007 65.03 66.53
2/14/2007 64.09 65.57
2/15/2007 64.05 65.52
2/16/2007 63.74 65.21
2/19/2007 64.7 66.19
2/20/2007 64.34 65.82
2/21/2007 64.35 65.83
2/22/2007 64.58 66.07
2/23/2007 65.06 66.56
2/26/2007 64.15 65.63
2/27/2007 64.21 65.69
2/28/2007 62.96 64.41
3/1/2007 62.89 64.34
3/2/2007 62.64 64.08
3/5/2007 61.92 63.35
3/6/2007 61.76 63.18
3/7/2007 62.83 64.28
3/8/2007 64 65.47
3/9/2007 64.37 65.85
3/12/2007 64.24 65.72
3/13/2007 63.85 65.32
3/14/2007 63.13 64.58
3/15/2007 63.53 64.99
3/16/2007 63.77 65.24
3/19/2007 62.71 64.15
3/20/2007 63.11 64.56
3/21/2007 62.75 64.19
3/22/2007 62.57 64.01
3/26/2007 62.85 64.3
3/27/2007 63.14 64.59
3/28/2007 62.77 64.21
3/29/2007 62.7 64.14
3/30/2007 63.2 64.65
4/2/2007 62.88 64.33
4/3/2007 63.7 65.17
4/4/2007 63.57 65.03
4/5/2007 64.36 65.84
4/6/2007 65.05 66.55
4/9/2007 65.05 66.55
4/10/2007 65.62 67.13
4/11/2007 66.42 67.95
4/12/2007 66.48 68.01
4/13/2007 66.68 68.21
4/16/2007 67.09 68.63
4/17/2007 66.81 68.35
4/18/2007 67.63 69.19
4/19/2007 67.2 68.75
4/20/2007 67.29 68.84
4/23/2007 67.01 68.55
4/24/2007 67.42 68.97
4/25/2007 67.03 68.57
4/26/2007 67.12 68.66
4/27/2007 67.75 69.31
4/30/2007 68.41 69.98
5/2/2007 68.8 70.38
5/3/2007 69.18 70.77
5/4/2007 69.76 71.37
5/7/2007 67.25 68.8
5/8/2007 68.53 70.11
5/9/2007 69.26 70.85
5/10/2007 69.29 70.88
5/11/2007 69.71 71.31
5/14/2007 70.31 71.93
5/15/2007 70.18 71.8
5/16/2007 69.66 71.26
5/17/2007 69.75 71.36
5/18/2007 70.13 71.74
5/21/2007 69.83 71.44
5/22/2007 70.32 71.94
5/23/2007 70.67 72.3
5/24/2007 71.03 72.66
5/25/2007 71.27 72.91
5/28/2007 71.42 73.06
5/29/2007 71.07 72.71
5/30/2007 70.97 72.6
5/31/2007 71.74 73.39
6/1/2007 71.67 73.32
6/4/2007 72.04 73.7
6/5/2007 73.24 74.93
6/6/2007 73.58 75.27
6/7/2007 73.64 75.34
6/8/2007 73.95 75.65
6/11/2007 74.72 76.44
6/12/2007 74.88 76.6
6/13/2007 74.75 76.47
6/14/2007 75.07 76.8
6/15/2007 75.31 77.04
6/18/2007 75.88 77.63
6/19/2007 75.56 77.3
6/20/2007 75.33 77.06
6/21/2007 75.27 77
6/22/2007 74.77 76.49
6/25/2007 75.21 76.94
6/26/2007 75.28 77.01
6/27/2007 75.72 77.46
6/28/2007 75.58 77.32
6/29/2007 75.49 77.23
7/11/2007 60.49 61.88
7/12/2007 61.26 62.67
7/13/2007 62.28 63.71
7/16/2007 62.07 63.5
7/17/2007 62.3 63.73
7/18/2007 60.97 62.37
7/19/2007 59.35 60.72
7/20/2007 60.07 61.45
7/23/2007 60.83 62.23
7/24/2007 60.22 61.61
7/25/2007 60.33 61.72
7/26/2007 60.62 62.02
7/27/2007 60.18 61.57
7/30/2007 60.5 61.89
7/31/2007 60.81 62.21
8/1/2007 60.68 62.08
8/2/2007 61.28 62.69
8/3/2007 61.44 62.85
8/6/2007 60.54 61.93
8/7/2007 60.2 61.59
8/8/2007 60.46 61.85
8/9/2007 58.87 60.23
8/10/2007 58.75 60.1
8/13/2007 57.76 59.09
8/15/2007 58.14 59.48
8/16/2007 57.96 59.29
8/17/2007 57.82 59.15
8/20/2007 57.84 59.17
8/21/2007 55.92 57.21
8/22/2007 56.49 57.79
8/23/2007 55.16 56.43
8/24/2007 55.26 56.53
8/27/2007 54.77 56.03
8/28/2007 55.19 56.46
8/29/2007 56.06 57.35
8/30/2007 56.43 57.73
8/31/2007 55.55 56.83
9/3/2007 55.09 56.36
9/4/2007 55.73 57.01
9/5/2007 57.02 58.33
9/6/2007 56.83 58.14
9/7/2007 56.33 57.63
9/10/2007 56.92 58.23
9/11/2007 57.05 58.36
9/12/2007 58 59.34
9/13/2007 58.57 59.92
9/17/2007 58.29 59.63
9/18/2007 58.93 60.29
9/19/2007 60.02 61.4
9/20/2007 59.57 60.94
9/21/2007 59.84 61.22
9/24/2007 60.82 62.22
9/25/2007 60.81 62.21
9/26/2007 61.1 62.51
9/27/2007 61.34 62.75
9/28/2007 61.48 62.9
10/1/2007 63.06 64.51
10/2/2007 63.49 64.95
10/3/2007 64.38 65.86
10/4/2007 64.9 66.39
10/5/2007 64.57 66.06
10/8/2007 64.94 66.43
10/9/2007 65.46 66.97
10/11/2007 65.85 67.37
10/17/2007 66.92 68.46
10/18/2007 67.77 69.33
10/19/2007 68.05 69.62
10/22/2007 67.74 69.3
10/23/2007 67.11 68.65
10/24/2007 65.8 67.31
10/25/2007 66.19 67.71
10/26/2007 66.88 68.42
10/29/2007 66.77 68.31
10/30/2007 65.52 67.03
10/31/2007 66.63 68.16
11/1/2007 64.95 66.45
11/2/2007 64.72 66.21
11/5/2007 62.36 63.8
11/6/2007 63.33 64.79
11/7/2007 63.68 65.15
11/8/2007 63.63 65.09
11/12/2007 64.51 65.99
11/13/2007 64.08 65.55
11/14/2007 62.76 64.2
11/15/2007 61.87 63.29
11/16/2007 61.74 63.16
11/19/2007 62.7 64.14
11/20/2007 62.9 64.35
11/21/2007 63.6 65.06
11/22/2007 63.91 65.38
11/23/2007 64.91 66.4
11/26/2007 64.66 66.15
11/27/2007 64.49 65.97
11/28/2007 65.25 66.75
11/29/2007 65.35 66.85
11/30/2007 65.41 66.92
12/3/2007 64.89 66.38
12/4/2007 65.24 66.74
12/5/2007 65.42 66.93
12/6/2007 65.68 67.19
12/7/2007 66.29 67.82
12/10/2007 66.33 67.86
12/11/2007 66.31 67.84
12/12/2007 65.86 67.38
12/13/2007 65.85 67.37
12/15/2007 65.95 67.47
12/17/2007 65.79 67.3
12/18/2007 65.49 67
12/19/2007 65.85 67.37
12/24/2007 66.06 67.58
12/26/2007 66.04 67.56
12/27/2007 65.89 67.41
12/31/2007 63.04 64.49
 ATLAS Islamic Fund & KSE Return Analaysis
2.20%

2.00%

1.80%

1.60%

1.40%
ATLAS Islamic Fund Return

1.20%

1.00%

0.80%
Column T
0.60%

0.40%

0.20%

0.00%

-0.20%

-0.40%

-0.60%
Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
KSE Return
Column T
 (1) (2) (3) (4) (5) (6) (7) (4) * (7) = (8)
Date Atlas IF Return (%) Return - Average KSE 100 Index Return Return - Average Product
31-Jan-08 531.65 14,017.01
1-Feb-08 529.25 -0.45% -0.45% 13,974.41 -0.30% -0.64% 0.0029% 1-Feb-08 -0.45% -0.30%
4-Feb-08 528.69 -0.11% -0.11% 13,991.88 0.13% -0.21% 0.0002% 4-Feb-08 -0.11% 0.13%
6-Feb-08 526.37 -0.44% -0.44% 14,018.18 0.19% -0.15% 0.0007% 6-Feb-08 -0.44% 0.19%
7-Feb-08 526.38 0.00% 0.00% 13,992.75 -0.18% -0.52% 0.0000% 7-Feb-08 0.00% -0.18%
8-Feb-08 525.97 -0.08% -0.08% 13,938.33 -0.39% -0.73% 0.0006% 8-Feb-08 -0.08% -0.39%
11-Feb-08 525.76 -0.04% -0.04% 13,884.96 -0.38% -0.72% 0.0003% 11-Feb-08 -0.04% -0.38%
12-Feb-08 531.90 1.17% 1.17% 14,096.91 1.53% 1.19% 0.0139% 12-Feb-08 1.17% 1.53%
13-Feb-08 532.28 0.07% 0.07% 14,115.89 0.13% -0.20% -0.0001% 13-Feb-08 0.07% 0.13%
14-Feb-08 535.86 0.67% 0.67% 14,283.06 1.18% 0.85% 0.0057% 14-Feb-08 0.67% 1.18%
15-Feb-08 537.33 0.27% 0.27% 14,353.84 0.50% 0.16% 0.0004% 15-Feb-08 0.27% 0.50%
19-Feb-08 548.90 2.15% 2.15% 14,797.18 3.09% 2.75% 0.0592% 19-Feb-08 2.15% 3.09%
20-Feb-08 547.74 -0.21% -0.21% 14,829.58 0.22% -0.12% 0.0003% 20-Feb-08 -0.21% 0.22%
21-Feb-08 551.18 0.63% 0.63% 14,971.97 0.96% 0.62% 0.0039% 21-Feb-08 0.63% 0.96%
22-Feb-08 550.35 -0.15% -0.15% 14,980.66 0.06% -0.28% 0.0004% 22-Feb-08 -0.15% 0.06%
25-Feb-08 548.82 -0.28% -0.28% 14,947.54 -0.22% -0.56% 0.0016% 25-Feb-08 -0.28% -0.22%
26-Feb-08 555.43 1.20% 1.20% 15,056.12 0.73% 0.39% 0.0047% 26-Feb-08 1.20% 0.73%
27-Feb-08 556.87 0.26% 0.26% 15,019.69 -0.24% -0.58% -0.0015% 27-Feb-08 0.26% -0.24%
28-Feb-08 561.10 0.76% 0.76% 15,078.19 0.39% 0.05% 0.0004% 28-Feb-08 0.76% 0.39%
29-Feb-08 559.45 -0.29% -0.29% 14,934.30 -0.95% -1.29% 0.0038% 29-Feb-08 -0.29% -0.95%
Monthly Return 5.23% 6.54% 0.0051%
Correlation 89%
Varriance 0.004355% 0.007637% 0.67
Std. Dev. 0.6780% 0.8979%
Average 0.2708% 0.3380%
Beta (Coveriance/AIF Return Varriance) 0.67
Treynor Measure (A Islamic F) 0.0032
(Portfolio Return – Risk Free Rate) / Beta This is the covariance of
( 5.66% -2% / 1.43) MIF returns with the
KSE100 Index returns.
Sharp Ratio 0.0026
(Portfolio Return/Days – Risk-Free Rate/Days) / St.Dev.
( 5.66% -2% / 1.43)

1) Benchmark Return (CAPM) = Risk Free Rate of Return + Beta (Return of Market – Risk-Free Rate of Return)
Benchmark Return 4.44%
2) Jensen's Alpha = Portflio Return - Benchmark Portfolio Return
Jensen's Alpha 0.79%

Market Reward to Varibility

(Arm - Arf) / Stdm (0.0066) 0.000089
(Arp - Arf) / Stdp (0.0105)

0
Impact of Systematic Risk
(Beta * (Arm-Arf) 0.11%

Net Superior Return due to Selectivity

(Arp-Arf)-(Stdp/Stpm)(Arm-Arf) 0.1011%

Holding Sectorwise

Fertilizer 28.48
OEC 26.61
Refinery 5.6
OMCs 4.24
This worksheet presents an example of calculating beta (this is not the way you'd do it in a spreadsheet, this is the set of calculations that you'd use to calculate beta by hand). For the
Paper & Board 3.96
example, I've used the NAV for month of February'2008 of ATLAS Islamic Funds. Columns 2 and 5 are the values of Atlas Islamic Fund NAV and an KSE100 Index, respectively.
Autos 3 and 6 are the percentage returns.
Columns 2.86 Cells D28 and G28 are the average returns for the month of Feb'2008. Columns 4 and 7 are simply the actual return in each day minus the
Power return. Column 8 merely takes
average 1.92
the product of columns 4 and 7 and then sums the result to obtain the covariance of ATLAS Islamic Fund and the KSE100 Index. This value is
Cementby the variance of the KSE1001.42
divided Index returns to obtain ATLAS Islamic Fund's beta (cell D29).
Textile 0.93
Telecom 0.92
Cash 16
Other Assets 7.06
100

22-Jan-07 Monday 510.21 497.58 505.16

23-Jan-07 Tuesday 510.21 497.58 505.16
24-Jan-07 Wednesday 510.22 497.59 505.17
25-Jan-07 Thursday 510.22 497.59 505.17
26-Jan-07 Friday 510.23 497.6 505.18
31-Jan-07 Wednesday 510.26 497.63 505.21
1-Feb-07 Thursday 510.26 497.63 505.21
2-Feb-07 Friday 510.26 497.63 505.21
6-Feb-07 Tuesday 510.28 497.65 505.23
7-Feb-07 Wednesday 510.29 497.66 505.24
8-Feb-07 Thursday 510.91 498.26 505.85
9-Feb-07 Friday 510.67 498.03 505.61
12-Feb-07 Monday 510.37 497.74 505.32
13-Feb-07 Tuesday 510.25 497.62 505.2
14-Feb-07 Wednesday 509.87 497.25 504.82
15-Feb-07 Thursday 509.87 497.25 504.82
16-Feb-07 Friday 509.7 497.08 504.65
19-Feb-07 Monday 510.32 497.69 505.27
20-Feb-07 Tuesday 510.01 497.39 504.96
21-Feb-07 Wednesday 509.89 497.27 504.84
22-Feb-07 Thursday 509.78 497.16 504.73
23-Feb-07 Friday 509.96 497.34 504.91
26-Feb-07 Monday 509.76 497.14 504.71
27-Feb-07 Tuesday 509.86 497.24 504.81
28-Feb-07 Wednesday 509.35 496.75 504.31
1-Mar-07 Thursday 509.31 496.71 504.27
2-Mar-07 Friday 509.09 496.49 504.05
5-Mar-07 Monday 508.59 496 503.55
6-Mar-07 Tuesday 508.46 495.88 503.43
7-Mar-07 Wednesday 509.6 496.98 504.55
8-Mar-07 Thursday 510.39 497.76 505.34
9-Mar-07 Friday 510.69 498.05 505.63
12-Mar-07 Monday 510.19 497.56 505.14
13-Mar-07 Tuesday 509.93 497.31 504.88
14-Mar-07 Wednesday 509.3 496.7 504.26
15-Mar-07 Thursday 509.69 497.07 504.64
16-Mar-07 Friday 509.53 496.92 504.49
19-Mar-07 Monday 508.55 495.96 503.51
20-Mar-07 Tuesday 509.02 496.42 503.98
21-Mar-07 Wednesday 508.95 496.35 503.91
22-Mar-07 Thursday 508.72 496.12 503.68
26-Mar-07 Monday 509.25 496.65 504.21
27-Mar-07 Tuesday 509.59 496.97 504.54
28-Mar-07 Wednesday 509.36 496.76 504.32
29-Mar-07 Thursday 509.25 496.65 504.21
30-Mar-07 Friday 509.68 497.06 504.63
2-Apr-07 Monday 509.57 496.95 504.52
3-Apr-07 Tuesday 509.89 497.27 504.84
4-Apr-07 Wednesday 509.59 496.97 504.54
5-Apr-07 Thursday 510.23 497.6 505.18
6-Apr-07 Friday 511.08 498.43 506.02
9-Apr-07 Monday 511.09 498.44 506.03
10-Apr-07 Tuesday 511.55 498.89 506.49
11-Apr-07 Wednesday 512.49 499.81 507.42
12-Apr-07 Thursday 512.56 499.88 507.49
13-Apr-07 Friday 512.92 500.22 507.84
16-Apr-07 Monday 513.05 500.35 507.97
17-Apr-07 Tuesday 513.03 500.33 507.95
18-Apr-07 Wednesday 514.3 501.57 509.21
19-Apr-07 Thursday 513.72 501 508.63
20-Apr-07 Friday 513.57 500.86 508.49
23-Apr-07 Monday 513.21 500.51 508.13
24-Apr-07 Tuesday 513.76 501.04 508.67
25-Apr-07 Wednesday 513.36 500.66 508.28
26-Apr-07 Thursday 513.69 500.97 508.6
27-Apr-07 Friday 514.37 501.64 509.28
30-Apr-07 Monday 514.91 502.16 509.81
2-May-07 Wednesday 515.87 503.1 510.76
3-May-07 Thursday 515.73 502.96 510.62
4-May-07 Friday 516.68 503.89 511.56
7-May-07 Monday 513.62 500.9 508.53
8-May-07 Tuesday 515.09 502.34 509.99
9-May-07 Wednesday 515.45 502.69 510.35
10-May-07 Thursday 514.65 501.91 509.55
11-May-07 Friday 515.1 502.35 510
14-May-07 Monday 515.29 502.54 510.19
15-May-07 Tuesday 515.47 502.71 510.37
16-May-07 Wednesday 515 502.25 509.9
17-May-07 Thursday 514.93 502.18 509.83
18-May-07 Friday 515.58 502.82 510.48
21-May-07 Monday 515.26 502.51 510.16
22-May-07 Tuesday 515.88 503.11 510.77
23-May-07 Wednesday 516.69 503.9 511.57
24-May-07 Thursday 517.12 504.32 512
25-May-07 Friday 517.93 505.11 512.8
28-May-07 Monday 519.19 506.34 514.05
29-May-07 Tuesday 519.07 506.22 513.93
30-May-07 Wednesday 518.42 505.59 513.29
31-May-07 Thursday 519.98 507.11 514.83
1-Jun-07 Friday 519.38 506.53 514.24
4-Jun-07 Monday 520.28 507.4 515.13
5-Jun-07 Tuesday 521.85 508.93 516.68
6-Jun-07 Wednesday 522.36 509.43 517.19
7-Jun-07 Thursday 523.43 510.48 518.25
8-Jun-07 Friday 523.72 510.75 518.53
11-Jun-07 Monday 525.19 512.19 519.99
12-Jun-07 Tuesday 525.33 512.33 520.13
13-Jun-07 Wednesday 524.95 511.95 519.75
14-Jun-07 Thursday 524.62 511.64 519.43
15-Jun-07 Friday 523.14 510.19 517.96
18-Jun-07 Monday 524.73 511.74 519.53
19-Jun-07 Tuesday 523.6 510.64 518.42
20-Jun-07 Wednesday 523.34 510.39 518.16
21-Jun-07 Thursday 523.32 510.37 518.14
22-Jun-07 Friday 521.53 508.62 516.37
25-Jun-07 Monday 523.14 510.19 517.96
26-Jun-07 Tuesday 523.23 510.28 518.05
27-Jun-07 Wednesday 525.08 512.08 519.88
28-Jun-07 Thursday 523.97 511 518.78
29-Jun-07 Friday 522.79 509.85 517.61
23-Jul-07 Monday 512.76 500.06 507.68
24-Jul-07 Tuesday 507.6 495.03 502.57
25-Jul-07 Wednesday 508.3 495.72 503.27
26-Jul-07 Thursday 511.06 498.41 506
27-Jul-07 Friday 509.06 496.46 504.02
30-Jul-07 Monday 511.33 498.68 506.27
31-Jul-07 Tuesday 513.39 500.69 508.31
1-Aug-07 Wednesday 513.76 501.04 508.67
2-Aug-07 Thursday 515.2 502.45 510.1
3-Aug-07 Friday 515.16 502.41 510.06
6-Aug-07 Monday 508.25 495.67 503.22
7-Aug-07 Tuesday 505.77 493.25 500.76
8-Aug-07 Wednesday 507.88 495.31 502.85
9-Aug-07 Thursday 497.72 485.4 492.79
10-Aug-07 Friday 494.88 482.63 489.98
13-Aug-07 Monday 487.76 475.69 482.93
15-Aug-07 Wednesday 490.65 478.5 485.79
16-Aug-07 Thursday 489.62 477.5 484.77
17-Aug-07 Friday 488.04 475.96 483.21
20-Aug-07 Monday 487.82 475.75 482.99
21-Aug-07 Tuesday 475.41 463.64 470.7
22-Aug-07 Wednesday 478.16 466.33 473.43
23-Aug-07 Thursday 467.08 455.52 462.46
24-Aug-07 Friday 468.27 456.68 463.63
27-Aug-07 Monday 464.43 452.93 459.83
28-Aug-07 Tuesday 468.37 456.77 463.73
29-Aug-07 Wednesday 474.24 462.5 469.54
30-Aug-07 Thursday 477.17 465.36 472.45
31-Aug-07 Friday 472.19 460.5 467.51
3-Sep-07 Monday 469.36 457.74 464.71
4-Sep-07 Tuesday 473.77 462.04 469.08
5-Sep-07 Wednesday 483.64 471.67 478.85
6-Sep-07 Thursday 482.22 470.29 477.45
7-Sep-07 Friday 478.4 466.56 473.66
10-Sep-07 Monday 483.55 471.58 478.76
11-Sep-07 Tuesday 483.09 471.14 478.31
12-Sep-07 Wednesday 490.4 478.26 485.54
13-Sep-07 Thursday 494.2 481.97 489.31
17-Sep-07 Monday 490.65 478.5 485.79
18-Sep-07 Tuesday 495.62 483.35 490.71
19-Sep-07 Wednesday 502.12 489.69 497.15
20-Sep-07 Thursday 498.41 486.08 493.48
21-Sep-07 Friday 500.57 488.18 495.61
24-Sep-07 Monday 507.1 494.55 502.08
25-Sep-07 Tuesday 506.61 494.07 501.59
26-Sep-07 Wednesday 508.34 495.76 503.31
27-Sep-07 Thursday 509.5 496.89 504.46
28-Sep-07 Friday 510.34 497.71 505.29
1-Oct-07 Monday 522.55 509.62 517.38
2-Oct-07 Tuesday 527.79 514.72 522.56
3-Oct-07 Wednesday 533.99 520.77 528.7
4-Oct-07 Thursday 538.2 524.88 532.87
5-Oct-07 Friday 535.14 521.89 529.84
8-Oct-07 Monday 540.69 527.31 535.34
9-Oct-07 Tuesday 542.71 529.28 537.34
11-Oct-07 Thursday 546.03 532.51 540.62
12-Oct-07 Friday 546.03 532.51 540.62
17-Oct-07 Wednesday 553.7 540 548.22
18-Oct-07 Thursday 559.17 545.33 553.63
19-Oct-07 Friday 560.24 546.37 554.69
22-Oct-07 Monday 557.3 543.5 551.78
23-Oct-07 Tuesday 552.19 538.52 546.72
24-Oct-07 Wednesday 540.98 527.59 535.62
25-Oct-07 Thursday 544.58 531.1 539.19
26-Oct-07 Friday 545.46 531.96 540.06
29-Oct-07 Monday 545.79 532.28 540.39
30-Oct-07 Tuesday 535.47 522.22 530.17
31-Oct-07 Wednesday 542.84 529.41 537.47
1-Nov-07 Thursday 530.29 517.16 525.04
2-Nov-07 Friday 530.12 517 524.87
5-Nov-07 Monday 510.14 497.51 505.09
6-Nov-07 Tuesday 517.75 504.93 512.62
7-Nov-07 Wednesday 523.34 510.39 518.16
8-Nov-07 Thursday 522.35 509.42 517.18
12-Nov-07 Monday 528.77 515.68 523.53
13-Nov-07 Tuesday 524.82 511.83 519.62
14-Nov-07 Wednesday 513.91 501.19 508.82
15-Nov-07 Thursday 506.63 494.09 501.61
16-Nov-07 Friday 506.47 493.94 501.46
19-Nov-07 Monday 514.77 502.02 509.67
20-Nov-07 Tuesday 516.19 503.41 511.08
21-Nov-07 Wednesday 522.44 509.51 517.27
22-Nov-07 Thursday 524.57 511.59 519.38
23-Nov-07 Friday 533.55 520.35 528.27
26-Nov-07 Monday 532.41 519.23 527.14
27-Nov-07 Tuesday 531.61 518.45 526.35
28-Nov-07 Wednesday 538.23 524.91 532.9
29-Nov-07 Thursday 540.46 527.08 535.11
30-Nov-07 Friday 540.87 527.48 535.51
3-Dec-07 Monday 535.36 522.11 530.06
4-Dec-07 Tuesday 538.96 525.62 533.62
5-Dec-07 Wednesday 540.43 527.05 535.08
6-Dec-07 Thursday 542.23 528.81 536.86
7-Dec-07 Friday 547.47 533.92 542.05
10-Dec-07 Monday 549.37 535.77 543.93
11-Dec-07 Tuesday 550.84 537.21 545.39
12-Dec-07 Wednesday 546.65 533.12 541.24
13-Dec-07 Thursday 546.66 533.13 541.25
14-Dec-07 Friday 546.87 533.34 541.46
17-Dec-07 Monday 545.79 532.28 540.39
18-Dec-07 Tuesday 542.99 529.55 537.61
19-Dec-07 Wednesday 545.99 532.47 540.58
24-Dec-07 Monday 547.86 534.3 542.44
26-Dec-07 Wednesday 548.01 534.44 542.58
27-Dec-07 Thursday 546.61 533.08 541.2
31-Dec-07 Monday 528.37 515.29 523.14
1-Jan-08 Tuesday 517.47 504.66 512.35
2-Jan-08 Wednesday 508.01 495.44 502.98
3-Jan-08 Thursday 524.48 511.5 519.29
4-Jan-08 Friday 534.26 521.04 528.97
7-Jan-08 Monday 531.96 518.79 526.69
8-Jan-08 Tuesday 539.01 525.66 533.67
9-Jan-08 Wednesday 537.09 523.79 531.77
10-Jan-08 Thursday 532.96 519.76 527.68
11-Jan-08 Friday 528.97 515.87 523.73
14-Jan-08 Monday 531.61 518.45 526.35
15-Jan-08 Tuesday 531.41 518.26 526.15
16-Jan-08 Wednesday 524.7 511.71 519.5
17-Jan-08 Thursday 521.83 508.91 516.66
18-Jan-08 Friday 527.61 514.55 522.39
21-Jan-08 Monday 528.55 515.47 523.32
22-Jan-08 Tuesday 523.09 510.14 517.91
23-Jan-08 Wednesday 523.48 510.53 518.3
24-Jan-08 Thursday 520.12 507.25 514.97
25-Jan-08 Friday 527.08 514.03 521.86
28-Jan-08 Monday 529.79 516.67 524.54
29-Jan-08 Tuesday 536.13 522.86 530.82
30-Jan-08 Wednesday 534.13 520.91 528.84
31-Jan-08 Thursday 536.97 523.68 531.65
1-Feb-08 Friday 534.54 521.31 529.25
4-Feb-08 Monday 533.98 520.76 528.69
6-Feb-08 Wednesday 531.63 518.47 526.37
7-Feb-08 Thursday 531.64 518.48 526.38
8-Feb-08 Friday 531.23 518.08 525.97
11-Feb-08 Monday 531.02 517.87 525.76
12-Feb-08 Tuesday 537.22 523.92 531.9
13-Feb-08 Wednesday 537.6 524.3 532.28
14-Feb-08 Thursday 541.22 527.82 535.86
15-Feb-08 Friday 542.7 529.27 537.33
19-Feb-08 Tuesday 554.39 540.67 548.9
20-Feb-08 Wednesday 553.22 539.52 547.74
21-Feb-08 Thursday 556.69 542.91 551.18
22-Feb-08 Friday 555.85 542.09 550.35
25-Feb-08 Monday 554.31 540.59 548.82
26-Feb-08 Tuesday 560.98 547.1 555.43
27-Feb-08 Wednesday 562.44 548.52 556.87
28-Feb-08 Thursday 566.71 552.68 561.1
29-Feb-08 Friday 565.04 551.06 559.45
3-Mar-08 Monday 561.71 547.81 556.15
4-Mar-08 Tuesday 559.33 545.48 553.79
5-Mar-08 Wednesday 566.73 552.7 561.12
6-Mar-08 Thursday 577.53 563.23 571.81
7-Mar-08 Friday 578.17 563.86 572.45
10-Mar-08 Monday 573.45 559.25 567.77
11-Mar-08 Tuesday 575.1 560.87 569.41
12-Mar-08 Wednesday 580.23 565.87 574.49
13-Mar-08 Thursday 577.49 563.19 571.77
14-Mar-08 Friday 579.73 565.38 573.99
17-Mar-08 Monday 578.44 564.12 572.71
18-Mar-08 Tuesday 567.67 553.62 562.05
19-Mar-08 Wednesday 577.09 562.81 571.38
20-Mar-08 Thursday 577.71 563.41 571.99
24-Mar-08 Monday 583.11 568.68 577.34
25-Mar-08 Tuesday 579.74 565.39 574
26-Mar-08 Wednesday 581.72 567.32 575.96
27-Mar-08 Thursday 581.67 567.27 575.91
28-Mar-08 Friday 580.87 566.49 575.12
31-Mar-08 Monday 579.59 565.24 573.85
1-Apr-08 Tuesday 581.38 566.99 575.62
2-Apr-08 Wednesday 585.23 570.75 579.44
3-Apr-08 Thursday 588.64 574.07 582.81
4-Apr-08 Friday 590.73 576.11 584.88
 (1) (2) (3) (4) (5) (6) (7) (4) * (7) = (8)
Date PIEF Return (%) Return - Average KSE 100 Index Return Return - Average Product
31-Jan-08 54.40 14,017.01
1-Feb-08 54.21 -0.35% -0.58% 13,974.41 -0.30% -0.64% 0.0037% 1-Feb-08 -0.35% -0.30%
4-Feb-08 54.24 0.06% -0.17% 13,991.88 0.13% -0.21% 0.0004% 4-Feb-08 0.06% 0.13%
6-Feb-08 54.65 0.76% 0.53% 14,018.18 0.19% -0.15% -0.0008% 6-Feb-08 0.76% 0.19%
7-Feb-08 54.58 -0.13% -0.36% 13,992.75 -0.18% -0.52% 0.0019% 7-Feb-08 -0.13% -0.18%
8-Feb-08 54.39 -0.35% -0.58% 13,938.33 -0.39% -0.73% 0.0042% 8-Feb-08 -0.35% -0.39%
11-Feb-08 54.46 0.13% -0.10% 13,884.96 -0.38% -0.72% 0.0007% 11-Feb-08 0.13% -0.38%
12-Feb-08 54.44 -0.04% -0.27% 14,096.91 1.53% 1.19% -0.0032% 12-Feb-08 -0.04% 1.53%
13-Feb-08 54.48 0.07% -0.16% 14,115.89 0.13% -0.20% 0.0003% 13-Feb-08 0.07% 0.13%
14-Feb-08 54.69 0.39% 0.16% 14,283.06 1.18% 0.85% 0.0013% 14-Feb-08 0.39% 1.18%
15-Feb-08 55.02 0.60% 0.37% 14,353.84 0.50% 0.16% 0.0006% 15-Feb-08 0.60% 0.50%
19-Feb-08 56.10 1.96% 1.73% 14,797.18 3.09% 2.75% 0.0477% 19-Feb-08 1.96% 3.09%
20-Feb-08 55.72 -0.68% -0.91% 14,829.58 0.22% -0.12% 0.0011% 20-Feb-08 -0.68% 0.22%
21-Feb-08 55.84 0.22% -0.01% 14,971.97 0.96% 0.62% -0.0001% 21-Feb-08 0.22% 0.96%
22-Feb-08 55.87 0.05% -0.18% 14,980.66 0.06% -0.28% 0.0005% 22-Feb-08 0.05% 0.06%
25-Feb-08 55.70 -0.30% -0.53% 14,947.54 -0.22% -0.56% 0.0030% 25-Feb-08 -0.30% -0.22%
26-Feb-08 56.44 1.33% 1.10% 15,056.12 0.73% 0.39% 0.0043% 26-Feb-08 1.33% 0.73%
27-Feb-08 56.53 0.16% -0.07% 15,019.69 -0.24% -0.58% 0.0004% 27-Feb-08 0.16% -0.24%
28-Feb-08 56.87 0.60% 0.37% 15,078.19 0.39% 0.05% 0.0002% 28-Feb-08 0.60% 0.39%
29-Feb-08 56.80 -0.12% -0.35% 14,934.30 -0.95% -1.29% 0.0046% 29-Feb-08 -0.12% -0.95%
Monthly Return 4.41% 6.54% 0.0037%
Correlation 70%
Varriance 0.003680% 0.007637% 0.4873096
Std. Dev. 0.6066% 0.8739%
Average (Mean Value) 0.2293% 0.3380%
Beta (Coveriance/PIEF Return Varriance) 0.49
Treynor Measure (PIEF) 0.0032
(Portfolio Return – Risk Free Rate) / Beta This is the covariance of
0.06462% PIEF returns with the
Sharp Ratio 0.0021 KSE100 Index returns.
(Portfolio Return/Days – Risk-Free Rate/Days) / St.Dev.

1) Benchmark Return (CAPM) = Risk Free Rate of Return + Beta (Return of Market – Risk-Free Rate of Return)
Benchmark Return 3.28%
2) Jensen's Alpha = Portflio Return - Benchmark Portfolio Return
Jensen's Alpha 1.14%

Market Reward to Varibility

(Arm - Arf) / Stdm -0.69% 0.00895%
(Arp - Arf) / Stdp -1.25%

0
Impact of Systematic Risk
(Beta * (Arm-Arf) 0.08%

Net Superior Return due to Selectivity

(Arp-Arf)-(Stdp/Stpm)(Arm-Arf) 0.0598%

This worksheet presents an example of calculating beta (this is not the way you'd do it in a spreadsheet, this is the set of calculations that you'd use to calculate beta by hand). For the
example, I've used the NAV for month of February'2008 of PIEF. Columns 2 and 5 are the values of PIEF NAV and an KSE100 Index, respectively. Columns 3 and 6 are the percentage
returns. Cells D28 and G28 are the average returns for the month of Feb'2008. Columns 4 and 7 are simply the actual return in each day minus the average return. Column 8 merely takes
the product of columns 4 and 7 and then sums the result to obtain the covariance of PIEF and the KSE100 Index. This value is divided by the variance of the KSE100 Index returns to
obtain PIEF's beta (cell D29).

PIIF 3-Jan-07 49.16 47.93

PIIF 4-Jan-07 49.23 48
PIIF 5-Jan-07 49.06 47.83
PIIF 8-Jan-07 49.09 47.86
PIIF 9-Jan-07 49.35 48.12
PIIF 10-Jan-07 49.44 48.2
PIIF 11-Jan-07 49.41 48.17
PIIF 12-Jan-07 49.52 48.28
PIIF 15-Jan-07 49.73 48.49
PIIF 16-Jan-07 49.74 48.5
PIIF 17-Jan-07 49.84 48.59
PIIF 18-Jan-07 49.89 48.64
PIIF 19-Jan-07 49.93 48.68
PIIF 22-Jan-07 50.13 48.88
PIIF 23-Jan-07 50.12 48.87
PIIF 24-Jan-07 50.5 49.24
PIIF 25-Jan-07 50.97 49.7
PIIF 26-Jan-07 50.92 49.65
PIIF 31-Jan-07 51.37 50.09
PIIF 1-Feb-07 51.68 50.39
PIIF 2-Feb-07 52.37 51.06
PIIF 6-Feb-07 52.72 51.4
PIIF 7-Feb-07 53.1 51.77
PIIF 8-Feb-07 53.53 52.19
PIIF 9-Feb-07 53.59 52.25
PIIF 12-Feb-07 53.03 51.7
PIIF 13-Feb-07 52.81 51.49
PIIF 14-Feb-07 52.28 50.98
PIIF 15-Feb-07 52.25 50.94
PIIF 16-Feb-07 51.95 50.65
PIIF 19-Feb-07 52.62 51.3
PIIF 20-Feb-07 52.55 51.24
PIIF 21-Feb-07 52.44 51.13
PIIF 22-Feb-07 52.67 51.35
PIIF 23-Feb-07 53.02 51.69
PIIF 26-Feb-07 52.53 51.22
PIIF 27-Feb-07 52.52 51.21
PIIF 28-Feb-07 51.7 50.41
PIIF 1-Mar-07 51.68 50.39
PIIF 2-Mar-07 51.61 50
PIIF 5-Mar-07 51.35 50.07
PIIF 6-Mar-07 50.76 49.49
PIIF 7-Mar-07 51.26 49.98
PIIF 8-Mar-07 51.7 50.41
PIIF 9-Mar-07 52.12 50.82
PIIF 12-Mar-07 52.04 50.74
PIIF 13-Mar-07 52.08 50.78
PIIF 14-Mar-07 51.72 50.43
PIIF 15-Mar-07 51.99 50.69
PIIF 16-Mar-07 51.96 50.66
PIIF 19-Mar-07 51.69 50.4
PIIF 20-Mar-07 51.76 50.47
PIIF 21-Mar-07 51.53 50.24
PIIF 22-Mar-07 51.28 50
PIIF 26-Mar-07 51.55 50.26
PIIF 27-Mar-07 51.91 50.61
PIIF 28-Mar-07 51.72 50.43
PIIF 29-Mar-07 51.72 50.43
PIIF 30-Mar-07 51.86 50.56
PIIF 2-Apr-07 51.84 50.54
PIIF 3-Apr-07 51.96 50.66
PIIF 4-Apr-07 52.05 50.75
PIIF 5-Apr-07 52.4 51.09
PIIF 6-Apr-07 52.62 51.3
PIIF 9-Apr-07 52.8 51.48
PIIF 10-Apr-07 53.45 52.11
PIIF 11-Apr-07 54.03 52.68
PIIF 12-Apr-07 54.1 52.75
PIIF 13-Apr-07 54.06 52.71
PIIF 16-Apr-07 54.14 52.79
PIIF 17-Apr-07 54.23 52.87
PIIF 18-Apr-07 54.45 53.09
PIIF 19-Apr-07 54.1 52.75
PIIF 20-Apr-07 54.06 52.71
PIIF 23-Apr-07 53.89 52.54
PIIF 24-Apr-07 54.05 52.7
PIIF 25-Apr-07 53.72 52.38
PIIF 26-Apr-07 53.76 52.42
PIIF 27-Apr-07 54.28 52.93
PIIF 30-Apr-07 54.91 53.54
PIIF 2-May-07 55.06 53.68
PIIF 3-May-07 55.39 54.01
PIIF 4-May-07 55.73 54.34
PIIF 7-May-07 54.18 52.83
PIIF 8-May-07 55.21 53.83
PIIF 9-May-07 55.77 54.38
PIIF 10-May-07 56.12 54.72
PIIF 11-May-07 56.68 55.26
PIIF 14-May-07 57.25 55.81
PIIF 15-May-07 56.88 55.46
PIIF 16-May-07 56.19 54.79
PIIF 17-May-07 56.33 54.92
PIIF 18-May-07 56.43 55.02
PIIF 21-May-07 56.24 54.83
PIIF 22-May-07 56.67 55.25
PIIF 23-May-07 56.99 55.57
PIIF 24-May-07 57.33 55.9
PIIF 25-May-07 57.43 55.99
PIIF 28-May-07 57.48 56.04
PIIF 29-May-07 57.05 55.62
PIIF 30-May-07 57.02 55.59
PIIF 31-May-07 57.21 55.78
PIIF 1-Jun-07 57.31 55.88
PIIF 4-Jun-07 57.59 56.15
PIIF 5-Jun-07 58.32 56.86
PIIF 6-Jun-07 58.64 57.17
PIIF 7-Jun-07 58.52 57.06
PIIF 8-Jun-07 58.96 57.49
PIIF 11-Jun-07 59.59 58.1
PIIF 12-Jun-07 59.47 57.98
PIIF 13-Jun-07 59.3 57.82
PIIF 14-Jun-07 59.7 58.21
PIIF 15-Jun-07 59.88 58.38
PIIF 18-Jun-07 60.22 58.71
PIIF 19-Jun-07 60.28 58.77
PIIF 20-Jun-07 60.06 58.56
PIIF 21-Jun-07 60.06 58.56
PIIF 22-Jun-07 59.69 58.2
PIIF 25-Jun-07 60.14 58.64
PIIF 26-Jun-07 60.03 58.53
PIIF 27-Jun-07 60.52 59.01
PIIF 28-Jun-07 60.41 58.9
PIIF 29-Jun-07 60.29 58.78
PIIF 5-Jul-07 52.34 51.03
PIIF 6-Jul-07 52.32 51.01
PIIF 9-Jul-07 52.57 51.26
PIIF 10-Jul-07 52.39 51.08
PIIF 11-Jul-07 52.52 51.21
PIIF 12-Jul-07 53.16 51.83
PIIF 13-Jul-07 54.18 52.83
PIIF 16-Jul-07 54.05 52.7
PIIF 17-Jul-07 54.45 53.09
PIIF 18-Jul-07 53.31 51.98
PIIF 19-Jul-07 51.83 50.53
PIIF 20-Jul-07 52.08 50.78
PIIF 23-Jul-07 52.9 51.58
PIIF 24-Jul-07 52.21 50.9
PIIF 25-Jul-07 52.38 51.07
PIIF 26-Jul-07 53.05 51.72
PIIF 27-Jul-07 52.98 51.66
PIIF 30-Jul-07 53.1 51.77
PIIF 31-Jul-07 52.78 51.46
PIIF 1-Aug-07 52.73 51.41
PIIF 2-Aug-07 53.23 51.9
PIIF 3-Aug-07 53.21 51.88
PIIF 6-Aug-07 52.35 51.04
PIIF 7-Aug-07 52.05 50.75
PIIF 8-Aug-07 52.4 51.09
PIIF 9-Aug-07 51.11 49.83
PIIF 10-Aug-07 50.86 49.59
PIIF 13-Aug-07 50.09 48.84
PIIF 15-Aug-07 50.35 49.09
PIIF 16-Aug-07 50.29 49.03
PIIF 17-Aug-07 50.34 49.08
PIIF 20-Aug-07 50.54 49.28
PIIF 21-Aug-07 49.34 48.11
PIIF 22-Aug-07 49.63 48.39
PIIF 23-Aug-07 48.7 47.48
PIIF 24-Aug-07 49.48 48.24
PIIF 27-Aug-07 48.69 47.47
PIIF 28-Aug-07 49.04 47.81
PIIF 29-Aug-07 49.41 48.17
PIIF 30-Aug-07 49.7 48.46
PIIF 31-Aug-07 49.03 47.8
PIIF 3-Sep-07 48.83 47.61
PIIF 4-Sep-07 49.35 48.12
PIIF 5-Sep-07 50.38 49.12
PIIF 6-Sep-07 50.26 49
PIIF 7-Sep-07 49.91 48.66
PIIF 10-Sep-07 50.22 48.96
PIIF 11-Sep-07 50.25 48.99
PIIF 12-Sep-07 50.77 49.5
PIIF 13-Sep-07 51.14 49.86
PIIF 14-Sep-07 50.84 49.57
PIIF 17-Sep-07 50.89 49.62
PIIF 18-Sep-07 51.65 50.36
PIIF 19-Sep-07 52.39 51.08
PIIF 20-Sep-07 52.16 50.86
PIIF 21-Sep-07 52.42 51.11
PIIF 24-Sep-07 52.82 51.5
PIIF 25-Sep-07 53.32 51.99
PIIF 26-Sep-07 53.56 52.22
PIIF 27-Sep-07 53.68 52.34
PIIF 28-Sep-07 53.56 52.22
PIIF 1-Oct-07 54.41 53.05
PIIF 2-Oct-07 54.86 53.49
PIIF 3-Oct-07 55.21 53.83
PIIF 4-Oct-07 55.67 54.28
PIIF 5-Oct-07 55.52 54.13
PIIF 8-Oct-07 55.73 54.34
PIIF 9-Oct-07 56.13 54.73
PIIF 11-Oct-07 56.33 54.92
PIIF 17-Oct-07 57.09 55.66
PIIF 18-Oct-07 57.75 56.31
PIIF 19-Oct-07 58.26 56.8
PIIF 22-Oct-07 58.5 57.04
PIIF 23-Oct-07 57.93 56.48
PIIF 24-Oct-07 56.94 55.52
PIIF 25-Oct-07 57.37 55.94
PIIF 26-Oct-07 58.13 56.68
PIIF 29-Oct-07 57.77 56.33
PIIF 30-Oct-07 57.52 56.08
PIIF 31-Oct-07 58.25 56.79
PIIF 1-Nov-07 57.43 55.99
PIIF 2-Nov-07 57.16 55.73
PIIF 5-Nov-07 55.61 54.22
PIIF 6-Nov-07 55.25 53.87
PIIF 7-Nov-07 55.78 54.39
PIIF 8-Nov-07 55.82 54.42
PIIF 12-Nov-07 56.46 55.05
PIIF 13-Nov-07 56.18 54.78
PIIF 14-Nov-07 55.31 53.93
PIIF 15-Nov-07 54.84 53.47
PIIF 16-Nov-07 54.76 53.39
PIIF 19-Nov-07 54.97 53.6
PIIF 20-Nov-07 54.77 53.4
PIIF 21-Nov-07 55.33 53.95
PIIF 22-Nov-07 55.84 54.44
PIIF 23-Nov-07 56.53 55.12
PIIF 26-Nov-07 56.25 54.84
PIIF 27-Nov-07 56.23 54.82
PIIF 28-Nov-07 56.63 55.21
PIIF 29-Nov-07 56.62 55.2
PIIF 30-Nov-07 56.79 55.37
PIIF 3-Dec-07 56.42 55.01
PIIF 4-Dec-07 56.98 55.56
PIIF 5-Dec-07 56.99 55.57
PIIF 6-Dec-07 57.08 55.65
PIIF 7-Dec-07 57.42 55.98
PIIF 10-Dec-07 57.21 55.78
PIIF 11-Dec-07 57.2 55.77
PIIF 12-Dec-07 56.94 55.52
PIIF 13-Dec-07 56.89 55.47
PIIF 14-Dec-07 57.07 55.64
PIIF 17-Dec-07 57.09 55.66
PIIF 18-Dec-07 56.27 54.86
PIIF 19-Dec-07 56.64 55.22
PIIF 24-Dec-07 56.73 55.31
PIIF 26-Dec-07 57.01 55.58
PIIF 27-Dec-07 56.89 55.47
PIIF 31-Dec-07 55.08 53.7
PIIF 1-Jan-08 54.43 53.07
S.No. Table 1 : Return and Risk on Portfolios
"1-1" Return on Fund
"1-2" Risk Free Rate of Return
"1-3" Market Return
"1-4" Over/(Under) performance of Fund
"1-5" Fund Risk (Fund Return Standard Deviation)
"1-6" Market Risk (Market Return Standard Deviation)
"1-7" Volatility of Portfolio (Beta)
"1-8" Average Daily Return on Fund
"1-9" Average Daily Market Return
"1-10" Correlation (Fund with Market)

S.No. Table 2 : Risk Adjusted Performance Measure

"2-1" Equilibrium Monthly Return
"2-2" Monthly Return on Fund
"2-3" Excess of Average Return of Fund ( 2-1)
"2-4" Market Reward to Volatility (Benchmark)
"2-5" Fund Reward to Volatility
"2-6" Market Reward to Variability
"2-7" Fund Reward to Variability

S.No. Table 3 : Risk and Diversification

"3-1" Total Risk (Standard Deviation)
"3-2" Systematic Risk (Beta)
"3-3" Diversification (R2)

S.No. Table 4 : Breakup of Fund Returns

"4-1" Risk Free Return
"4-2" Impact of Systematic Risk (Beta * Arm - Arf)
"4-3" Impact of Imperfect Diversification
"4-4" Net Superior Returns due to Selectivity
"4-5" Total Fund Return
Risk Free Return
PLS CHEQUING ACCOUNT
For balances of Rs.20,001/= & above = 1.00% (HBL,
UBL, MCB)

The variance measures the fluctuation of the observations around their mean. The larger the value of variance, the

The standard deviation also measures the variability of observations around the mean. It is defined as the square ro
the same unit as the observation and is in a way easier to interpret.
 FORMULA MIF ATLAS PIEF
Rp = NAV31.01.08 - NAV29.02.08 / NAV29.02.08 5.66% 5.23% 4.41%
Rf= (PLS A/c. Annual Rate /12 I.e. 2%/12) 0.17% 0.17% 0.17%
Rm= KSE10031.01.08 - KSE10029.02.08 / KSE10029.02.08 6.54% 6.54% 6.54%
= Rm - Rp -0.88% -1.32% -2.13%
=STDEVPA(Rp) 0.68% 0.68% 0.61%
=STDEVPA(Rm) 0.90% 0.90% 0.87%
=SLOPE(Rp,Rm) 0.69 0.67 0.49
=AVERAGE(Rp) 0.29% 0.27% 0.23%
=AVERAGE(Rm) 0.34% 0.34% 0.34%
=CORREL(Rp, Rm) 91% 89% 70%

MIF ATLAS PIEF

Benchmark Return (CAPM) = Rf + Beta (Rm – Rf) 4.58% 4.44% 3.28%
Rm= KSE10031.01.08 - KSE10029.02.08 / KSE10029.02.08 5.66% 5.23% 4.41%
=(2-1) - (2-2) 1.09% 0.79% 1.14%
Or Treynor Measure = (Rm – Rf) / Beta 0.33% 0.32% 0.32%
Or Treynor Measure = (Rp – Rf) / Beta 0.28% 0.26% 0.21%
Or Sharp Ratio = (Arm - Arf) / Stdm -0.66% -0.66% -0.66%
Or Sharp Ratio = (Arp - Arf) / Stdp -1.02% -1.05% -1.02%

MIF ATLAS PIEF

0.68% 0.68% 0.61%
0.69 0.67 0.49
0.82 0.78 0.48

MIF ATLAS PIEF

0.17% 0.17% 0.17%
0.12% 0.11% 0.08%
5.25% 4.85% 4.10%
0.12% 0.10% 0.06%
5.66% 5.23% 4.41%
observations around their mean. The larger the value of variance, the greater the fluctuation.

ability of observations around the mean. It is defined as the square root of the variance. The standard deviation will as a consequence have
y easier to interpret.