Beruflich Dokumente
Kultur Dokumente
MAT TERS
Fund Manager’s Report
JANUARY 2019
Balanced Scheme
Equity Scheme
MCB Pakistan Stock Market Fund -1.09% -7.51% 29.54%
Voluntary Pension Scheme
Pakistan Pension Fund-Debt 6.65% 4.31% 4.31%
Pakistan Pension Fund-Money Market 6.77% 4.39% 4.30%
Pakistan Pension Fund-Equity -0.35% -9.43% 35.72%
Growth in the value of Rs.100 invested in MCB Pakistan Stock Market Fund (MCB-PSM) at inception (11th Mar, 2002)
2,600
2,100
PKR
1,600
1,100
600
100
FY19
FY16
FY17
FY18
FY14
FY15
FY12
FY13
FY09
FY10
FY11
FY07
FY08
FY05
FY06
FY02
FY03
FY04
Returns are computed on the basis of NAV to NAV with dividends reinvested
Annualized Returns for: Money Market, Income, Aggressive Fixed Income, Pakistan Pension Fund (Debt and Money Market).
Absolute Returns for: Asset Allocation, Balanced, Equity, Pakistan Pension Fund-Equity.
MCB-AH believes in providing best investment experience to our investors. Please feel free to forward your complaint/query/suggestion and we will do our best to redress the same to further improve our processes.
For any complaint/query/suggestion, please email at mcbah.qa@mcbah.com
DEAR
I
NVESTORS,
Thankyoufortakingouttimetorevi
ew ourFundManager’
sRepor
tforthemonthofJanuar
y201
9.W ewoul d
l
ike t
o expr
essourdeepes tgr
ati
tude t
o ourinvest
orsf
orthei
rsuppor
twhich mot
ivat
esustoimprove our
ser
vicesanddel
ivernothi
ngbuttheabsolut
ebest.
W hetheri
tisgetti
ngyourhandsonthelates
tmobilephone,repai
ri
ngyourcar,r
enovati
ngyourhous
eorfinal
ly
taki
ngyourdr eam tr
ipt
oEurope;weallsetgoal
s,ei
therbi
gors mallbutmostoftheti
mewedonotknow how
toachievethem.Thepathtowardsyourgoalsmaynotalwaysrunsmoot hl
ybutl
etusgiveyousomehandyt
ips
onhow youcanaccompl is
hthem.
Ifyouhaveanyquery,feelfr
eetocont
actusonour24/7hel
pli
neat0800-622-
24.Ouri
nvestors
ervi
cesofficer
s
arealwaysavail
abl
et oserveyou,r
oundthecl
ock.Youmayalsovis
itourwebsit
ewww. mcbah.
com toexplor
e
ourproductsandservi
ces.
MuhammadSaqi
bSal
eem
Chi
efExecui
veOf
ficer
4 MCB Cash Management Optimizer NAV - PKR 100.8080
January 31, 2019
The fund generated an annualized return of 9.04% during the month against Since inception (CAGR)* 8.57 6.31
Average Annual Return (Geometric Mean) 8.86 -
benchmark of 8.99%.WAM of the fund was 18 days.
*Adjustment of accumulated WWF since Oct 1, 2009
Returns are computed on the basis of NAV to NAV with dividends reinvested
AA 9.1%
AA+ 12.6%
Fund Facts / Technical Information AAA 20.6%
Government Securities 44.9%
Not Rated 12.8%
NAV per Unit (PKR) 100.8080
Net Assets (PKR M) 11,778
Weighted average time to maturity (Days) 18
Sharpe Ratio* 0.01
Standard Deviation 0.14
Correlation** 3.25%
Total expense ratio with government levy*** 0.71%
Total expense ratio without government levy 0.51% Asset-wise Maturity (No. of Days)
*As against 12 month PKRV
**As against Benchmark
*** This includes 0.2% representing government levy, Sindh Workers' Welfare fund and SECP Fee
1
Cash
7
Money Market
Particulars 2014 2015 2016 2017 2018 Placement
27
Benchmark (%) 7.19 6.74 4.42 4.18 5.35 TDR
MCB CMOP (%) 8.25 8.83 5.77 7.11 5.41 87
- 10 20 30 40 50 60 70 80 90
Pricing Mechanism
scheduled Banks selected by MUFAP.
Backward
Asset Allocation (%age of Total Assets)
Dealing Days Monday - Friday
Cut off Timing Mon - Fri (9:00AM to 4:30 PM) Particulars Jan-19 Dec-18
For same day redemption
T-Bills 81.7% 0.0%
Mon - Fri (9:00AM to 10:00AM)
Cash 17.6% 99.4%
Leverage Nil Others including receivables 0.7% 0.6%
The objective of PCF is to deliver regular income and provide high level of 180 Days Return (Annualized) 6.38 7.84
liquidity, primarily from short duration government securities investments. 365 Days Return (Annualized) 5.65 6.75
Since inception (CAGR) 8.96 9.54
The fund generated an annualized return of 8.02% during the month against Returns are computed on the basis of NAV to NAV with dividends reinvested
benchmark of 8.99%.
The fun d would remain vigilant towards the changes in macroeconomic Asset Quality (%age of Total Assets)
variables and would continue to harvest attractive opportunities in the market.
AA+ 1.0%
AAA 16.7%
81.7%
Fund Facts / Technical Information Government Securities
Not Rated 0.6%
Particulars PCF
NAV per Unit (PKR) 52.1839
Net Assets (PKR M) 257
Weighted average time to maturity (Days) 34
Sharpe Ratio* 0.004
Correlation** 12.35%
Standard Deviation 0.05
Total expense ratio with government levy*** 1.45% Asset-wise Maturity (No. of Days)
Total expense ratio without government levy 1.21%
*as against 12 month PKRV
**as against Benchmark
***This includes 0.24% representing government levy, Sindh Workers’ Welfare fund and SECP fee
Cash 1
Annualized
Particulars 2014 2015 2016 2017 2018 T-Bills 39
- 10 20 30 40 50
Investment Objective
To deliver superior fixed income returns by investing in an optimal mix of authorized debt
instruments while taking into account capital security and liquidity considerations. Performance Information (%)
Manager’s Comment Particulars MCB - DCFIF Benchmark
During the month the fund generated an annualized return of 9.44% against its benchmark return Year to Date Return (Annualized) 6.93 9.47
of 10.81%.Allocations in cash was decreased. Month to Date Return (Annualized) 9.44 10.81
180 Days Return (Annualized) 7.13 9.75
365 Days Return (Annualized) 6.14 8.28
Since inception (CAGR)** 9.37 10.09
Average Annual Return (Geometric Mean) 9.54 -
**One off hit of 4% due to SECP directive on TFCs’ portfolio Adjustment of accumulated WWF since July 1, 2008
Fund Facts / Technical Information Returns are computed on the basis of NAV to NAV with dividends reinvested
Details of non-compliant investments with the investment criteria of assigned category (securities below investment grade - Rs. in millions)
New Allied Electronics Industries - Sukuk 35.00 35.00 35.00 - 0.00% 0.00%
New Allied Electronics Industries - TFC 21.98 21.98 21.98 - 0.00% 0.00%
Saudi Pak Leasing Company Limited - TFC 27.55 27.55 27.55 - 0.00% 0.00%
Fund Facts / Technical Information Top 10 TFC Holdings (%age of Total Assets)
Jahangir Siddiqui And Company Limited (06-Mar-2018) 8.3%
NAV per Unit (PKR) 56.1106
Dawood Hercules Corporation Limited (16-Nov-2017) 7.6%
Net Assets (PKR M) 1,303
Askari Bank Limited (30-Sep-2014) 7.0%
Weighted average time to maturity (Years) 2.5
Bank Al-Habib Limited (17-Mar-2016) 6.2%
Sharpe Ratio 0.05
The Bank Of Punjab (23-Apr-2018) 4.6%
Standard Deviation 0.13
Bank Alfalah Limited (20-Feb-2013) 3.9%
Correlation** 7.82%
International Brands Limited (15-Nov-2017) 3.7%
Total expense ratio with government levy* 1.03%
Ghani Gases Limted (02-Feb-2017) 2.6%
Total expense ratio without government levy 0.81%
Dawood Hercules Corporation Limited (01-Mar-2018) 1.8%
* This includes 0.22% representing government levy, Sindh Workers' Welfare Fund and SECP fee. Byco Petroleum Pakistan Limited (18-Jan-2017) 0.1%
**as against Benchmark
Details of non-compliant investments with the investment criteria of assigned category (securities below investment grade - Rs. in millions)
Allocation in T-Bill s was increased. While exposure in Cash was decreased. Benchmark (%) 9.11 10.41 6.93 5.88 5.74
WAM of the fund stood at 2.9 years at month end. MCB-PSF (%) 9.26 16.58 7.30 5.89 5.08
Cash 1
T-Bills 10
During the month, the fund generated a return of 6.94% against its benchmark Returns are computed on the basis of NAV to NAV with dividends reinvested
return of 11.39%. Exposure in cash was decreased.
Top TFC Holdings (%age of Total Assets)
Dawood Hercules Corporation Limited (16-Nov-17) 12.6%
Bank Al Habib Limited (17-Mar-16) 10.6%
The Bank of Punjab (23-Dec-16) 9.8%
Jahangir Siddiqui & Company Limited (18-Jul-17) 8.7%
Askari Bank Limited (30-Sep-14) 4.8%
Bank Al Falah Limited (20-Feb-13) 3.9%
The Bank of Punjab (23-Apr-18) 2.4%
Fund Facts / Technical Information Byco Petroleum Pakistan Limited (18-Jan-17) 0.1%
Investment Objective
Others including receivables 4.3% 2.9%
Cash 22.5% 68.6%
T-Bills 47.1% 0.0%
The objective of the Fund is to provide investors regular monthly payments by Stocks/Equities 1.0% 4.6%
investing Fund's assets in Debt and Equity instruments.
Manager’s Comment
Considering market dynamics fund remain underweight in equities.
Fund will keep exploring opportunities and will timely allocate funds in areas
where it could balance risk and reward to its unit holders.
Top Holdings (%age of Total Assets)
Dawood Hercules Corporation Limited (01-Mar-2018) Sukuk 10.9%
The Bank Of Punjab (23-Dec-2016) TFC 7.5%
Jahangir Siddiqui And Company Limited (06-Mar-2018) TFC 6.4%
Dolmen City REIT Equity 1.0%
Performance Information (%) Byco Petroleum Pakistan Limited (18-Jan-2017) Sukuk 0.3%
Kohinoor Textile Mills Limited Equity 0.0%
Returns are computed on the basis of NAV to NAV with dividends reinvested
Government Securities 47.1%
Absolute Cash 22.5%
Fertilizer 10.9%
2016** 2017 2018 Commercial Banks 7.5%
Inv. Banks/Inv.Com./Securities Cos. 6.4%
Benchmark (%) 4.36 5.88 4.88
Other Assets 4.3%
MCB-PFPF (%) 3.54 5.54 4.50
Real Estate Investment And Trust 1.0%
** From November 16, 2015 to June 30, 2016
Refinery 0.3%
The objective of the Fund is to provide investors a mix of income and capital Bank Of Punjab Equity 3.9%
growth over medium to long term from equity and debt investments. MCB Bank Limited Equity 3.8%
Engro Fertilizer Limited Equity 3.5%
Hub Power Company Limited Equity 3.0%
MTD YTD
194,441 1,412,321
Investment Objective
Fund Facts / Technical Information
The objective of the fund is to provide investors long term capital appreciation
from its investment in Pakistani equities Particulars MCB-PSM KSE-100
NAV per Unit (PKR) 93.7711 -
Manager’s Comment Net Assets (PKR M) 11,512 -
Price to Earning (x)* 8.44 8.20
The Fund posted a return of 10.95% in January 2019 compared to its benchmark Dividend Yield (%) 6.30 7.00
return of 10.07%, resulting in an outperformance of 88 basis points. At the month No. of Holdings 48 100
end, the fund was 92.3% invested in equities, while remaining in cash and cash Weighted. Avg Mkt Cap (PKR Bn) 144 153
equivalent. Sharpe Ratio 0.06 0.04
Beta 0.74 -
Correlation*** 90.36% -
Standard Deviation 1.06 1.29
Total expense ratio with government levy** 1.93% -
Total expense ratio without government levy 1.71% -
*prospective earnings
Members of the Investment Committee **This includes 0.22% representing government levy, Sindh Worker’s Welfare Fund and SECP fee
***as against benchmark
Oil & Gas Exploration Companies 18.3% 365 days Return -4.60 -7.38
Fertilizer 10.0% Since inception 3,023.31 2,078.64
Cement 6.7% Returns are computed on the basis of NAV to NAV with dividends reinvested
Oil & Gas Marketing Companies 6.4% 2014 2015 2016 2017 2018
Government Securities 5.5% Benchmark (%) 41.16 16.01 9.84 23.24 -10.00
Cash & Other 2.2% MCB-PSM (%) 34.78 39.35 5.25 29.54 -7.51