AHSA Mutual fund Performance Report August 2020

1. JULY 2020
SHARIAH COMPLIANT MUTUAL FUNDS
PERFORMANCE REPORT
AUGUST 2020

2. 1
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
Contents
KEY HIGHLIGHTS ........................................................................................................................................................................... 2
FUNDS IN SPOTLIGHT ................................................................................................................................................................... 5
AUM’S OF SHARIAH COMPLIANT FUNDS ..................................................................................................................................... 7
TOP EQUITY HOLDINGS OF INDUSTRY.......................................................................................................................................... 8
OPEN END MUTUAL FUND RETURNS ......................................................................................................................................... 10
VOLUNTARY PENSION FUNDS .................................................................................................................................................... 12

3. 2
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
KEY HIGHLIGHTS
SUMMARY:
As per the data obtained from Fund Manager Reports and MUFAP, for the month of August 2020, the Shariah Compliant
Mutual Funds Industry grew by 21.475 billion (5.78%) to a total of PKR 371.528 billion from PKR 350.052 billion.
MARKET OVERVIEW:
During the month KSE-100 and KMI-30 increased by 4.72% and 4.03% on month on month basis, the decline in Covid-19
cases and the ease of lockdown lifted the sentiments of market participants and the market rebounded to pre-covid
levels. The country reported a current account surplus in the month of July’20 as worker remittances increased to a
record USD 2.77 Bn, highest ever in one month in the history of Pakistan along with a healthy export growth of 20% on
MoM basis.
Inflation, for the month of June 2020 increased to 8.6% YoY and 0.8% MoM. The upward pressure on food
basket kept the downward pressure on transport/fuel basket in check resulting in a slight month on month
increase in inflation.

4. 3
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
KEY HIGHLIGHTS
FUTURE OUTLOOK:
Pakistan’s economy is moving towards stabilization as the COVID-19 cases dwindled down and the related restrictions
are eased. The core inflation is also stabilizing, we believe that inflation will decline due to downward pressure on food
prices. In line with SBP’s steps to counter the demand contraction caused by the pandemic, we do not rule out further
monetary easing provided that inflation remains below central bank’s target rate. The market is still trading at an
attractive PE of 7.8x against historical PE of 9x-10x and historical analysis have shown that market outperforms during
periods of low interest rates and manageable current account. Although the aftershocks of Covid-19 may keep the
growth rate on the lower side in short term, we believe once the pandemic is successfully contained that the economy
can go back to its historical growth rate trajectory.
AVERAGE RETURNS:
For the month of August 2020, in the open-end scheme category, Shariah Compliant Income Fund recorded the highest
absolute return of 5.59%, followed by Shariah Compliant Money Market Funds with an average annualized return of
4.96% on MTD basis. In the voluntary pension scheme category, Shariah Compliant Debt Fund had the highest absolute
return of 5.9% followed by Shariah Compliant Equity Funds with an annualized average return of 4.85% on MTD basis.
AVERAGE RETURN – OPEN END FUNDS:
CATEGORY - OPEN END SCHEME
Fund Name YTD MTD 90 DAY 180 DAY 365 DAY
Shariah Compliant Money Market 6.21 4.96 6.71 8.26 10.44
Shariah Compliant Capital Protected Fund 7.05 1.75 7.38 4.66 21.54
Shariah Compliant Capital Protected – Income 0.83 0.44 1.21 N/A N/A
Shariah Compliant Fund of Funds – CPPI 3.03 0.99 3.36 (2.70) 6.42
Shariah Compliant Income 7.03 5.59 7.16 7.42 10.06
Shariah Compliant Aggressive Fixed Income 7.45 2.71 7.59 4.20 8.46
Shariah Compliant Balanced Fund 9.22 2.43 9.49 5.42 28.98
Shariah Compliant Asset Allocation 7.12 1.56 7.58 3.49 23.31
Shariah Compliant Fund of Funds 10.89 2.26 10.88 5.20 22.12
Shariah Compliant Fund of Funds - Income 0.89 0.45 1.44 N/A N/A
Shariah Compliant Index Tracker 18.93 3.86 18.11 7.10 40.49
Shariah Compliant Commodities 8.84 (0.20) 11.76 22.98 23.93
Shariah Compliant Equity 17.87 4.21 17.99 6.04 39.53

5. 4
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
KEY HIGHLIGHTS
AVERAGE RETURN – VOLUNTARY PENSION PLAN:
CATEGORY - VOLUNTARY FUND SCHEMES
Fund Name YTD MTD 90 DAY 180 DAY 365 DAY
Shariah Compliant Money Market 4.4 3.4 4.8 5.3 8.1
Shariah Compliant Debt Fund 6.4 5.9 7.0 5.4 8.5
Shariah Compliant Commodities 10.2 (0.09) 13.9 20.1 23.3
Shariah Compliant Equity 19.42 4.85 19.05 10.57 47.26

6. 5
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
FUNDS IN SPOTLIGHT
ALFALAH GHP ISLAMIC STOCK FUND:
For the month of August KSE-100 increased by
4.71% whereas KMI-30 Index increase by 4.03%.
Amongst all Shariah Compliant Equity Funds,
Alfalah GHP Islamic Stock Fund (AGISF) out-
performed its peers, posting a gain of 5.12% on
MTD basis. AGISF was 94.5% invested in the
equity market in August 2020, a slight increase
from 93.3% in July 2020.
AGISF has focused more on Oil & Gas Exploration
Companies with 23.48% of its AUM’s invested,
17.46% in Cement, 11.55% in Fertilizer, 7.98% of
its AUMs in Oil and Gas Marketing Companies,
and 5.71% in Textile Composite
Source: FMR of Alfalah Investments
Disclaimer: Funds with AUMs greater than 1 billion are considered for analysis.

7. 6
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
FUNDS IN SPOTLIGHT
MEEZAN SOVEREIGN FUND:
Amongst all the Shariah Compliant Income and
Money Market funds, Meezan Sovereign Fund
outperformed its competitors; as per the FMR of
MSF, the fund posted a return of 20.19% on MTD
basis, as compared to benchmark annualized
return of 4.40% on MTD basis. MSF comprises of
13% bank deposits, 83% Government Guaranteed
and 4% of Other Receivables.
MSF has invested 85.9% of AUMs in AAA Credit
rating avenues 7.5% in AA Credit rating and 1.7%
of its AUMs in A+ credit rating. The remaining
AUMs comprises of AA+, AA- and unrated
securities.
Source: FMR of Al Meezan Investment Management Ltd
Disclaimer: Funds with AUMs greater than 1 billion are considered for analysis.

8. 7
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
AUM August 20 AUM July 20 INDUSTRY SHARE
(AUMs in million) (AUMs in million) %
Al-Meezan Investment Management Ltd 17 156,773.00 151,402.00 42.20%
NBP Fullerton Asset Management Ltd 17 61,346.00 61,025.00 16.51%
UBL Al-Ameen Funds Manager Ltd 14 36,146.89 31,841.02 9.73%
Faysal Asset Management Ltd 10 21,180.88 17,031.52 5.70%
MCB-Arif Habib Savings and Investments Ltd 8 17,903.61 15,489.19 4.82%
ABL Asset Management Company Ltd 7 17,318.79 13,830.45 4.66%
Alfalah GHP Investment Management Ltd 6 15,281.62 16,335.66 4.11%
HBL Asset Management Ltd 9 12,549.00 10,452.00 3.38%
Habib Asset Management Ltd 2 11,468.35 11,891.33 3.09%
JS Investments Ltd 14 7,620.55 7,142.48 2.05%
Atlas Asset Management Ltd 5 6,329.90 6,126.00 1.70%
National Investment Trust Ltd 3 4,786.51 4,661.74 1.29%
Pak Oman Asset Management Company Ltd 2 1,292.85 1,337.54 0.35%
786 Investments Ltd 1 602.35 602.42 0.16%
AKD Investment Management Ltd 2 402.57 326.99 0.11%
AWT Investment Management Ltd 2 356.11 392.48 0.10%
Lakson Investments Ltd 1 168.60 164.44 0.05%
TOTAL 120 371,528 350,052 100.00%
ASSET MANAGEMENT COMPANIES NO. OF FUNDS
AUM’S OF SHARIAH COMPLIANT FUNDS
SHARIAH COMPLIANT MUTUAL FUND’S ASSET UNDER
MANAGEMENT
Source: FMRs

9. 8
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
TOP EQUITY HOLDINGS OF INDUSTRY
Source: FMRs

10. 9
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
TOP EQUITY HOLDINGS OF INDUSTRY
Source: FMRs

11. 10
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
OPEN END MUTUAL FUND RETURNS
SHARIAH COMPLIANT MONEY MARKET
Fund Name YTD MTD 90 DAY 180 DAY 365 DAY
Al Ameen Islamic Cash Plan I 6.39 6.74 6.73 N/A N/A
NBP Islamic Daily Dividend Fund 6.60 6.40 6.73 8.40 N/A
Faysal Halal Amdani Fund 6.74 6.34 7.18 8.93 N/A
ABL Islamic Cash Fund 6.48 6.33 7.06 8.72 N/A
Meezan Rozana Amdani Fund 6.48 6.20 7.03 8.36 10.78
NBP Islamic Money Market Fund 6.20 6.20 6.47 8.31 10.80
Alhamra Islamic Money Market Fund 6.15 6.15 N/A N/A N/A
Al Ameen Islamic Cash Fund 6.17 6.14 6.57 8.09 10.31
HBL Islamic Money Market Fund 6.21 6.12 6.55 8.00 10.44
Meezan Cash Fund 6.12 5.92 6.42 7.97 10.07
Faysal Islamic Cash Fund 4.92 4.92 N/A N/A N/A
SHARIAH COMPLIANT EQUITY
Fund Name YTD MTD 90 DAY 180 DAY 365 DAY
AKD Islamic Stock Fund 31.61 8.99 30.49 11.81 29.03
JS Islamic Fund 21.36 6.43 19.39 7.05 32.00
Alfalah GHP Islamic Stock Fund 19.51 5.12 18.42 5.52 37.15
ABL Islamic Stock Fund 19.77 5.10 18.41 6.83 40.18
AWT Islamic Stock Fund 17.89 5.06 20.51 0.17 30.13
Alhamra Islamic Stock Fund 17.38 4.94 17.07 7.91 39.32
Al Ameen Shariah Stock Fund 18.41 4.92 19.05 12.70 52.90
NBP Islamic Energy Fund 15.70 4.90 12.15 4.16 33.90
NBP Islamic Stock Fund 19.90 4.80 18.78 8.23 46.10
Al Ameen Islamic Energy Fund 16.11 4.59 13.50 6.60 N/A
Meezan Islamic Fund 18.40 4.39 18.57 10.26 43.91
Atlas Islamic Stock Fund 19.37 4.34 18.82 8.98 48.79
First Habib Islamic Stock Fund 16.46 4.28 16.47 4.46 37.09
Al Meezan Mutual Fund 17.61 4.13 17.89 9.28 43.43
Meezan Energy Fund 15.31 4.13 12.50 2.33 33.09
Faysal Islamic Stock Fund 5.68 4.02 N/A N/A N/A
NIT Islamic Equity Fund 19.97 3.94 19.79 11.75 41.07
HBL Islamic Equity Fund 17.34 3.86 17.39 6.94 39.71
HBL Islamic Stock Fund 17.11 3.59 17.53 7.53 42.34

12. 11
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
OPEN END MUTUAL FUND RETURNS
Source: MUFAP and FMRs
SHARIAH COMPLIANT INCOME
Fund Name YTD MTD 90 DAY 180 DAY 365 DAY
Meezan Sovereign Fund 13.93 20.19 12.29 10.53 11.67
AKD Islamic Income Fund 9.24 11.10 8.49 9.11 11.18
NBP Islamic Income Fund 9.88 9.90 N/A N/A N/A
Meezan Islamic Income Fund 8.19 9.03 8.29 9.07 10.96
NBP Riba Free Savings Fund 8.60 9.00 8.87 8.25 10.40
Faysal Islamic Savings Growth Fund 6.62 6.70 7.10 7.71 9.96
Alhamra Islamic Income Fund 6.78 6.64 6.81 8.73 10.86
NBP Islamic Mahana Amdani Fund 7.00 6.50 7.36 7.56 10.40
Alfalah GHP Islamic Income Fund 6.79 6.34 6.63 8.33 10.75
Al Ameen Islamic Sovereign Fund 5.88 6.23 6.24 6.76 9.05
HBL Islamic Income Fund 5.13 6.05 5.62 6.57 9.04
Alhamra Daily Dividend Fund 6.28 6.00 6.53 8.32 10.82
First Habib Islamic Income Fund 6.51 5.95 6.71 8.50 10.98
NBP Islamic Savings Fund 5.80 5.70 6.03 7.40 10.00
NIT Islamic Income Fund 6.12 5.62 7.37 7.01 9.49
Atlas Islamic Income Fund 5.64 5.60 6.46 7.44 10.46
ABL Islamic Income Fund 6.75 5.23 7.33 7.29 10.41
AWT Islamic Income Fund 8.20 5.19 9.13 3.64 7.28
Pak Oman Advantage Islamic Income Fund 6.01 5.14 6.65 5.91 8.63
JS Islamic Income Fund 5.83 5.04 6.60 5.46 9.58
NBP Active Allocation Riba Free Savings Fund 4.70 4.60 5.05 6.81 9.40
786 Smart Fund 4.63 3.77 5.15 5.90 10.05

13. 12
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
VOLUNTARY PENSION FUNDS
VPS SHARIAH COMPLIANT DEBT FUND
Fund Name YTD MTD 90 DAY 180 DAY 365 DAY
Meezan Tahaffuz Pension Fund 17.76 26.34 15.18 11.92 12.32
HBL Islamic Pension Fund 5.84 6.64 5.97 3.61 6.75
Alhamra Islamic Pension Fund 7.14 5.25 6.72 6.30 9.11
Atlas Pension Islamic Fund 4.95 4.18 6.65 5.55 8.91
Al Ameen Islamic Retirement Savings Fund 4.89 3.64 5.52 4.84 8.04
NAFA Islamic Pension Fund 5 3.6 5.46 5.25 8.84
Alfalah GHP Islamic Pension Fund 5.31 2.78 4.83 6.17 8.25
NIT Islamic Pension Fund 5.02 2.6 7.35 3.01 7
ABL Islamic Pension Fund 3.65 2.36 4.86 3.82 7.77
JS Islamic Pension Savings Fund 4.75 1.18 7.08 3.79 8.10
Source: MUFAP and FMRs
VPS SHARIAH COMPLAINT MONEY MARKET
Fund Name YTD MTD 90 DAY 180 DAY 365 DAY
HBL Islamic Pension Fund 4.17 4.19 4.93 5.41 7.31
Meezan Tahaffuz Pension Fund 5.07 4.04 5.55 6.27 8.89
NIT Islamic Pension Fund 4.52 3.46 5.13 5.26 8.29
JS Islamic Pension Savings Fund 4.61 3.45 6.00 5.69 8.94
Al Ameen Islamic Retirement Savings Fund 3.83 3.45 4.65 5.26 8.17
Atlas Pension Islamic Fund 4.63 3.35 5.79 5.51 8.71
Alhamra Islamic Pension Fund 4.72 3.2 4.75 5.22 7.74
ABL Islamic Pension Fund 3.2 3.19 1.46 2.93 6.87
NAFA Islamic Pension Fund 4.25 3.1 4.84 5.81 8.67
Alfalah GHP Islamic Pension Fund 5.27 2.40 5.07 5.77 7.4

14. 13
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
VOLUNTARY PENSION FUNDS
VPS SHARIAH COMPLIANT COMMODITIES/GOLD
Fund Name YTD MTD 90 DAY 180 DAY 365 DAY
Meezan Tahaffuz Pension Fund 10.21 (0.09) 13.93 20.12 23.33
Source: MUFAP and FMRs
VPS SHARIAH COMPLAINT EQUITY
Fund Name YTD MTD 90 DAY 180 DAY 365 DAY
JS Islamic Pension Savings Fund 22.56 6.52 22.14 13.42 44.12
Al Ameen Islamic Retirement Savings Fund 18.37 5.49 18.79 10.70 54.53
ABL Islamic Pension Fund 20.92 5.46 20.36 8.88 40.69
Alhamra Islamic Pension Fund 18.22 5.10 18.28 12.57 53.10
Meezan Tahaffuz Pension Fund 18.71 4.70 18.72 10.42 48.63
NAFA Islamic Pension Fund 20.33 4.50 19.70 10.97 52.09
Atlas Pension Islamic Fund 19.82 4.49 19.06 9.21 50.66
Alfalah GHP Islamic Pension Fund 18.14 4.44 17.50 6.93 41.41
HBL Islamic Pension Fund 18.53 4.05 17.38 9.84 47.53
NIT Islamic Pension Fund 18.64 3.74 18.58 12.78 39.84

15. 14
August 2020SHARIAH COMPLIANT MUTUAL FUND REPORT
AL-HILAL SECURITIES ADVISORS (Pvt.) LIMITED
FARAZ YOUNUS BANDUKDA, CFA CHIEF EXECUTIVE faraz.bandukda@alhilalsa.com 021-35305931
MUHAMMAD ISHAQ KHAN HEAD OF INVESTMENTS ishaq.khan@alhilalsa.com 021-35305933
SYED SHAHARYAR AKHTER RESEARCH ANALYST shaharyar.akhter@alhilalsa.com 021-35305937
ABDUL RAHIM MOTEN RESEARCH ANALYST abdul.rahim@alhilalsa.com 021-35305937