kse 30 perfomance · 2018-06-07 · bank alfalah ltd. 7.21 oil & gas development co. ltd. 5.91...

From CIO’s Desk May 2018

1

The month of May ’18 brought increased political and macroeconomic headwinds that led to the steepest monthly decline for the benchmark KSE100 Index, CYTD. The KSE100 Index lost 5.8%MoM, or 2,642 points, and closed at 42,847 points. Political landscape remained clouded with uncertainty amid initial standstill over caretaker setup and former Prime Minister’s statement regarding Mumbai attacks of 2008. On the other hand, economic indicators remained stressed with 10MFY18 Current Account Deficit (CAD) rising to USD 14.0bn, as compared to USD 9.4bn last year. The increase was driven by an increase in imports of 17% compared to the same period last year. The import bill settled at USD 45.6bn leading to a trade deficit of USD 25.0bn for the period. The CAD recorded an increase of 61%MoM during the month of April, settling at USD 2.0bn compared to USD 1.2bn in the previous month. Remittances by overseas Pakistanis registered a growth of 3.9%YoY to USD 16.3bn during 10MFY18 as compared with USD 15.6bn during same period last year. The forex reserves stood at USD 16.4bn during the last week of May amid debt servicing payments. Moreover, CPI Inflation stood at 4.2%YoY for May’18, up from 3.7% in Apr’18. Citing unprecedented rise in core inflation exceeding 7.0% and worrisome external account position, the State Bank of Pakistan raised the Policy Rate by 50bps to 6.5% in its Monetary Policy Statement for May’18. Foreign investors were once again net sellers for the month of May’18 with a net outflow of USD 73mn, taking 11MFY18 net selling to USD 218mn. Investor participation remained low with average daily value traded declining by 40%MoM to USD 49mn and average daily turnover clocking in at 135mn shares. On a sector-wise basis, Commercial Banks and Cements emerged as key laggards, while Oil and Gas, Fertilizers and, Insurance sectors outperformed the KSE100 Index. In May 2018, SBP borrowed total funds worth PKR 506bn in the T-Bill auction against a monthly target of PKR 1,600bn with a total maturing amount of PKR 1,583bn. The bidding pattern was skewed towards the 3-months tenor bills. In the first auction, SBP borrowed PKR 494bn against the target of PKR 950bn, with maturing amount of PKR 1,187bn. However, the total borrowed amount in the second auction was PKR 12bn against the target of PKR 650bn with maturing amount of PKR 396bn. In the last auction market participated only in 3-month T-bill with meager amount of PKR 4.9bn in anticipation of expected increase in State Bank's Policy Rate, which increased by 50 bps on May 25, 2018. The cut-off yield for 3-month T-Bill stood at 6.2591%. Furthermore, SBP borrowed funds worth PKR 6.865bn in the PIB auction against the month target of 50bn and the cut off yield for 3, 5 and 10 years PIBs at 7.2004%, 8.0308% and 8.49% respectively. Moreover the State Bank conducted the first 10Y floating Rate PIB auction on May 30, 2018. The government borrowed PKR 20.8bn against the target of PKR 50bn at a cut-off yield of 6.85%. The worsening current account deficit coupled with fiscal slippage pose a short term concern for the economy and a further rise in core inflation can lead to further monetary tightening.

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Monthly YoY Inflation

Unit Trust of Pakistan (UTP) May 2018

MUFAP Recommended Format

2

Investment philosophy UTP is a balanced fund that aims to preserve and grow investor’s capital in the long term while providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and fixed income investments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income investments help generate the current income. Key information Fund type Open endCategory Balanced SchemeFund launch date 27 October, 1997Net Assets (PKR mn) 1,438.73Net Assets Excluding JSIL FoFs (PKR mn) 1,438.73NAV (PKR) 166.41Benchmark BM #

Management fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Deloitte Yousuf Adil Risk profile MediumListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEO Mr. Zahid Ullah Khan - CIO / Fund ManagerMr. Khawar Iqbal - CFO Mr. Shahab Farooq - Head of ResearchMr. Syed Ali Turab Alvi - CSO

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3 Years Return on PKR 100 Inv ested in UTP Vs Benchmark

UTP Benchmark

Non Compliant Investments under Circular 16/2010 Name ofInvestment Type Value before

provision

Provision held

(if any)

Value after provision

% of Net Assets

% of Gross Assets

Agritech Ltd. Sukuks 117,601,483 (117,601,483) - 0.00 0.00Azgard Nine Ltd.a PPTFC 31,980,766 (31,980,766) - 0.00 0.00Agritech Ltd.b PPTFC - - - 0.00 0.00Azgard Nine Ltd.c PPTFC - - - 0.00 0.00

(a) The commercial paper amounting to Rs. 75 mn of Azgard Nine Ltd has been settled through Issuance of 15,000 PPTFC's of an equivalent amount in the name of the fund. The said PPTFCs were restructured and ANL provided 772,253 shares of Agritech Limited at the rate of Rs. 35 each which reduced our provision accordingly. During the month of January 2013 5000 PPTFC'S have been disposed off. (b) Fund has received Agritech PPTFC's against interest receivable of Agritech Sukuk which is valued at zero but cost is carried at 18,665,000. (c) The Fund has received 3,853 Zero Coupon PPTFC against interest receivable of unlisted TFC's. Since these PPTFC's are received against already defaulted securities and even MUFAP started its revaluation, the management as a matter of prudence is not revaluing said PPTFC's. These PPTFC's are valued at zero but cost is carried at 19,265,000.

# Effective from 01-Sep ‘16: Rate of return of KSE-30 Index and six (6) month KIBOR, for any period of return, on the basis of actual proportions of the portfolio. Previously 50% 6M KIBOR & 50% KSE 30 Index.

Cumulative return is based as per MUFAP stated methodology.

Performance (%) 1M 1Y 3Y 5Y Launch Avg. Ann.*

Fund -1.73 -16.41 19.98 65.90 1,772.56 15.28Benchmark -3.89 -10.49 12.52 38.80 919.63 11.93Difference 2.16 -5.92 7.46 27.10 852.93 3.35

* Average Annualized Return since inception as per Morning Star formula NAV to NAV return with dividend reinvestment.

Monthly performance (%) FY18 FY17 FY16 FY15 FY14

July -0.01 3.34 2.89 2.42 5.47August -9.18 1.82 -0.90 -6.41 -5.57September 0.51 3.28 -4.24 3.76 -0.66October -5.33 -2.91 5.66 3.43 2.44November -1.07 5.75 -2.36 5.31 6.40December -1.24 6.69 2.10 3.88 4.53January 7.07 3.26 0.99 4.50 1.18February -3.14 0.09 -4.01 -1.95 -0.19March 3.95 0.54 2.85 -8.59 4.49April -0.63 3.22 2.25 8.55 4.07May -1.73 3.66 1.84 -2.10 1.18June -5.96 0.20 1.35 -1.36YTD -11.12 24.49 6.98 13.52 23.56Benchmark -4.95 12.09 3.84 7.85 18.21Difference -6.17 12.40 3.14 5.67 5.35

Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment.

Asset Allocation (% age of total assets) May-18 Apr-18

Cash 14.19 12.81 Placement with Banks and DFIs - - Equity 68.81 67.38 TFCs / Sukkuks 14.77 14.38 PIBs - - T Bills - - MTS / Spread Transactions 1.24 0.43 Other including receivables 0.99 4.99 Total 100.00 100.00

Asset quality (%age of total assets)

AAA8.91%

A4.42%

AA-14.05%AA+

0.05%

AA1.52%

Sector Allocation - Equity (%age of total assets) May-18 Apr-18

Commercial Banks 21.05 19.20 Oil & Gas Exploration Companies 16.96 15.18 Power Generation & Distribution 5.32 5.58 Chemical 3.72 3.50 Pharmaceuticals 3.16 3.31 Others 18.60 20.61 Total 68.81 67.38

Top holding - Equity (%age of total assets) Mari Petroleum Co. Ltd. 8.40 Bank Alfalah Ltd. 7.21 Oil & Gas Development Co. Ltd. 5.91 Bank Al - Habib Ltd. 5.08 Faysal Bank Ltd. 4.74 The Hub Power Co. Ltd. 3.96 Synthetic Products Enterprises Ltd. 2.58 Searle Company Ltd. 2.18 Shabbir Tiles & Ceramics Ltd. 2.17 Engro Corporation Ltd. 1.99

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 9,297,174/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.08/0.65%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme.

Statistical analysis Fund Fund BM

Information Ratio (0.05) Beta 0.5 1.0Correlation 0.94 Largest Month Gain 14.0% 19.3%Standard Deviation 14.7% Largest Month Loss -24.0% -33.8%Expense Ratio* 3.00% % Positive Months 70.6% 64.5%

* This is annualized and includes 0.41% government levy, Sindh Worker’s Welfare Fund and SECP fee.

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JS Growth Fund (JS GF) May 2018


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Investment philosophy

The main objective of JSGF is to enable the Certificate Holders to participate in a diversified portfolio of high quality equity securities listed on the stock exchanges and to maximize the investment return, by prudent investment management. Key information Fund type Open endCategory Equity SchemeFund launch date 06 June, 2006 *Net Assets (PKR mn) 2,172.49Net Assets Excluding JSIL FoFs (PKR mn) 2,172.49NAV (PKR) 190.25Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16.

Management fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.AuditorRisk profile HighListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEO Mr. Syed Ali Turab Alvi - CSOMr. Zahid Ullah Khan - CIO / Fund Manager Mr. Shahab Farooq - Head of ResearchMr. Khawar Iqbal - CFO

Grant Thorton Anjum Rahman & Co.

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JSGF Benchmark

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Equity Cash Other including receivables

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 18,411,165/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.61/0.85%. For details investors are advised to read the Note 11.1 of the latest Financial Statements of the Scheme. * Converted into open end scheme on 19 July, 2013.



Fund -3.02 -21.15 26.08 92.01 207.32 9.81Benchmark -5.86 -16.56 11.26 38.28 91.64 5.57Difference 2.84 -4.59 14.82 53.73 115.68 4.24



July 0.76 3.46 3.44 2.92 11.41August -11.28 3.45 -2.40 -9.21 -8.85September 0.26 3.02 -6.80 4.22 0.45October -5.86 0.94 6.53 1.46 1.83November -0.73 10.55 -4.82 3.53 15.14December -2.60 9.87 3.81 8.28 4.63January 9.28 7.16 -0.79 8.17 1.43February -3.76 -1.51 -4.46 -5.12 0.06March 3.11 -0.73 4.74 -11.16 6.43April 0.30 2.78 3.49 11.54 3.18May -3.02 3.12 1.02 -2.67 1.78June -8.37 1.06 2.53 -1.28YTD -13.95 37.56 3.88 12.42 40.12Benchmark -8.58 17.92 0.37 5.67 25.96Difference -5.37 19.64 3.51 6.75 14.16

Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment. Asset Allocation (% age of total assets)

May-18 Apr-18Cash 7.44 10.86Equity 92.27 87.75Other including receivables 0.30 1.39Total 100.00 100.00 Sector Allocation – Equity (%age of total assets)

May-18 Apr-18Commercial Banks 23.48 20.92Oil & Gas Exploration Companies 15.66 14.03Insurance 13.41 13.66Sugar & Allied Industries 6.98 6.77Power Generation & Distribution 6.56 6.47Others 26.17 25.89Total 92.27 87.75 Top holding - Equity (%age of total assets) Bank Alfalah Ltd. 8.16IGI Holdings Ltd. (Formerly IGI Insurance Ltd.) 7.15Mari Petroleum Co. Ltd. 7.12Adamjee Insurance Co. Ltd. 6.26Oil & Gas Development Co. Ltd. 6.14Shahtaj Sugar Mills Ltd. 5.88Bank Al - Habib Ltd. 5.83The Hub Power Co. Ltd. 5.78Faysal Bank Ltd. 4.91Rafhan Maize Products Ltd. 4.74 Non Compliant Investments under Circular 16/2010 Name ofInvestment Type Value before

provisionProvision held

(if any)

Valueafter

provision

%of Net Assets

% of Gross Assets

AZGARD-9 TFC TFC 7,357,963 (7,357,963) - - -

AZGARD-9 ZERO COUPON PPTFC ISSUE 5

PPTFC 10,750,000 (10,750,000) - - -

AZGARD-9 CONVERTABLE PPTFC PPTFC 64,200,000 (64,200,000) - - -




Selling & Marketing Expense PKR 4,759,780.

JS Value Fund (JS VF) May 2018


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The fund maintains a portfolio of high yielding equity securities aiming at earnings derived from capital appreciation and dividend income. The portfolio seeks capital growth through investments in listed equity securities with better-than-average appreciation potential and liberal dividend policies. To benefit from changing interest rate environment and some portion of the portfolio is also kept in cash and near cash instruments (excluding TDR) which may include Government securities not exceeding ninety (90) days maturity. Key information Fund type Open endCategory Equity SchemeFund launch date 14 January, 1996 *Net Assets (PKR mn) 1,104.16Net Assets Excluding JSIL FoFs (PKR mn) 1,038.40NAV (PKR) 221.48Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16.

Management fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Deloitte Yousuf Adil Risk profile HighListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Khurram M. Arif, CFA - Fund ManagerMr. Syed Ali Turab Alvi - CSOMr. Shahab Farooq - Head of Research

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JSVF Benchmark

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Performance (%) 1M 1Y 3Y 5Y 10Y Avg. Ann.*


* Average Annualized Return since last ten years as per Morning Star formula NAV to NAV return with dividend reinvestment. Monthly performance (%)

FY18 FY17 FY16 FY15 FY14July -0.07 2.99 5.69 2.04 8.16August -11.07 3.04 -2.69 -6.80 -7.20September -1.28 2.65 -5.87 4.69 -0.82October -7.26 -1.84 7.55 1.33 3.02November -0.41 6.48 -3.25 2.17 12.94December -1.29 11.35 4.21 5.83 4.30January 11.20 3.18 0.09 6.26 0.57February -2.74 -0.75 -5.23 -2.35 0.73March 4.75 -0.90 5.88 -10.97 6.46April 0.33 3.38 3.44 10.44 2.87May -2.78 2.65 1.74 -3.52 2.13June -8.06 2.49 2.16 -1.00YTD -11.62 25.53 13.72 9.72 35.52Benchmark -8.58 17.92 0.37 5.67 25.96Difference -3.04 7.61 13.35 4.05 9.56


May-18 Apr-18Cash 6.03 7.66Equity 92.76 88.93Other including receivables 1.21 3.41Total 100.00 100.00 Sector Allocation - Equity (%age of total assets)

May-18 Apr-18Commercial Banks 28.33 22.92Oil & Gas Exploration Companies 11.64 12.11Power Generation & Distribution 7.05 11.32Sugar & Allied Industries 6.22 6.04Engineering 5.09 1.96Others 34.42 34.59Total 92.76 88.93 Top holding - Equity (%age of total assets) Bank Alfalah Ltd. 9.24Mari Petroleum Co. Ltd. 8.64Bank Al - Habib Ltd. 6.80Al-Abbas Sugar Mills Ltd. 6.22Faysal Bank Ltd. 4.80The Hub Power Co. Ltd. 4.40Thal Ltd. 3.44MCB Bank Ltd. 2.90Matco Foods Ltd. 2.56Lalpir Power Ltd. 2.41 Non Compliant Investments under Circular 16/2010 Name ofInvestment Type Value before


(if any)Value after provision

% of Net Assets

% of Gross Assets

AZGARD-9 TFC TFC 9,778,400 (9,778,400) - - -

PPTFC 12,900,000 (12,900,000) - - - AZGARD-9 ZERO COUPON PPTFC ISSUE 5


* Converted into open end scheme on 27 June, 2013.




* This is annualized and includes 0.44% government levy, Sindh Worker’s Welfare Fund and SECP

fee.Selling & Marketing Expense PKR 2,231,854.

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JS Large Cap. Fund (JS LCF) May 2018


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JS LCF is an open-end Equity Scheme that aims to benefit from an attractive Capital Market in an economy with growth potential, to maximize the total investment return consisting of a combination of capital appreciation and dividend income. Consistent with its Investment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash and/or near cash instruments which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity. Key information Fund type Open endCategory Equity SchemeFund launch date 14 May, 2004 *Net Assets (PKR mn) 767.52Net Assets Excluding JSIL FoFs (PKR mn) 699.19NAV (PKR) 141.25Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16.

Management fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Deloitte Yousuf Adil Risk profile HighListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEO Mr. Syed Ali Turab Alvi - CSOMr. Zahid Ullah Khan - CIO Mr. Shahab Farooq - Head of ResearchMr. Khawar Iqbal - CFO Mr. Syed Sanakhawan - Fund Manager

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JSLCF Benchmark

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Statistical analysis

Fund Fund BMInformation Ratio 0.07 Beta 0.7 1.0Correlation 0.93 Largest Month Gain 14.7% 25.2%Standard Deviation 22.0% Largest Month Loss -30.8% -45.0%Expense Ratio* 3.48% % Positive Months 59.2% 60.4%




Fund -3.29 -15.90 37.57 151.44 657.61 15.50Benchmark -5.86 -16.56 11.26 38.28 216.30 8.54Difference 2.57 0.66 26.31 113.16 441.31 6.96



July 0.41 6.71 6.07 3.43 12.94August -9.76 2.91 -3.30 -10.37 -8.41September -0.63 5.10 -7.28 8.70 -1.23October -6.50 -2.91 7.83 6.87 3.16November -0.05 9.81 -5.91 7.34 12.98December -0.93 8.99 4.67 9.16 5.55January 9.67 6.12 -0.49 8.86 4.48February -2.54 -1.70 -5.33 -3.83 -6.70March 4.98 -0.04 6.35 -9.81 8.30April -0.58 5.35 2.23 12.66 3.63May -3.29 4.76 -0.21 -3.00 3.40June -6.50 1.50 1.18 -1.79YTD -10.06 44.30 4.77 31.74 39.64Benchmark -8.58 17.92 0.37 5.67 25.96Difference -1.48 26.38 4.40 26.07 13.68


Asset Allocation (% age of total assets) May-18 Apr-18

Cash 11.40 6.34Equity 88.06 93.05Other including receivables 0.53 0.61Total 100.00 100.00


Commercial Banks 27.84 23.11Oil & Gas Exploration Companies 21.52 13.16Power Generation & Distribution 5.32 11.51Oil & Gas Marketing Companies 5.10 5.33Chemical 4.50 5.53Others 23.78 34.41Total 88.06 93.05

Top holding - Equity (%age of total assets) Mari Petroleum Co. Ltd. 8.17Bank Al - Habib Ltd. 7.04Bank Alfalah Ltd. 7.01Pakistan Petroleum Ltd. 4.90Faysal Bank Ltd. 4.86MCB Bank Ltd. 4.71Oil & Gas Development Co. Ltd. 4.70Pakistan Oilfields Ltd. 3.75Agriautos Industries Ltd. 3.68Thal Ltd. 2.85 Non Compliant Investments under Circular 16/2010 Name ofInvestment Type Value before



% of Net Assets

% of Gross Assets

Agritech Limited Sukuks 3,485,000 (3,485,000) - - -

Agritech Limited TFC 4,720,718 (4,720,718) - - -

Azgard Nine Limited - PPTFCs PPTFC 83,160,000 (83,160,000) - - -

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 5,875,542/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 1.08/0.77%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. * Converted into open end scheme on 26 September, 2010.

JS Islamic Fund (JS ISF) May 2018


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JS Islamic Fund [JS ISF] aims to grow investor’s capital in the long term in adherence with principles of Shariah compliance as advised by the Shariah Advisory Council (SAC) of this fund. The fund investments are limited to asset classes approved by the Shariah Advisory Council (SAC) and all companies under investment consideration are semiannually screened for Shariah compliance. Key information Fund type Open endCategory Shariah Compliant - Equity SchemeFund launch date 27 December, 2002Net Assets (PKR mn) 1,324.60Net Assets Excluding JSIL FoFs (PKR mn) 1,035.56NAV (PKR) 107.82Benchmark KMI-30 IndexManagement fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor A. F. Ferguson & Co.Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) LimitedRisk profile HighListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIO / Fund ManagerMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi - CSOMr. Shahab Farooq - Head of Research

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3 Years Retun on PKR 100 Inv eseted in JS Islamic Fund Vs Benchmark

JSISF Benchmark

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July -0.13 9.76 2.96 3.79 15.35August -10.34 1.98 -4.33 -11.70 -11.98September -1.03 7.51 -6.10 9.19 1.59October -6.99 -2.04 5.97 8.71 1.02November -1.01 10.44 -5.64 7.98 10.07December -1.92 8.12 4.56 8.68 4.84January 9.21 3.13 0.54 7.41 5.64February -3.83 -1.21 -5.20 -1.86 -3.33March 1.96 0.27 7.66 -10.57 7.37April 0.56 6.12 2.37 13.79 3.46May -4.28 2.94 1.85 -1.15 0.81June -7.02 2.33 5.55 0.67YTD -17.52 46.06 5.88 42.90 38.43Benchmark -7.15 18.80 15.53 20.10 29.89Difference -10.37 27.26 -9.65 22.80 8.54


May-18 Apr-18Cash 5.16 3.24Equity 94.33 96.15Other including receivables 0.51 0.61Total 100.00 100.00


Oil & Gas Exploration Companies 27.88 27.07Power Generation & Distribution 11.66 11.93Fertilizer 7.68 7.67Pharmaceuticals 5.45 5.72Automobile Parts & Accessories 5.28 4.79Others 36.39 38.98Total 94.33 96.15 Top holding - Equity (%age of total assets) Mari Petroleum Co. Ltd. 12.04The Hub Power Co. Ltd. 9.93Oil & Gas Development Co. Ltd. 9.18Agriautos Industries Ltd. 5.28Pakistan Petroleum Ltd. 5.08Engro Corporation Ltd. 4.94Meezan Bank Ltd. 3.90Thal Ltd. 3.65Searle Company Ltd. 3.09Ittefaq Iron Industries Ltd. 2.95

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 9,243,107/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.75/0.70%. For details investors are advised to read the Note 11.1 of the latest Financial Statements of the Scheme. Cumulative returns are based as per MUFAP stated methodology.





JS Islamic Dedicated Equity Fund (JS IDEF) May 2018


7


The objective of JS Islamic Dedicated Equity Fund (JSIDEF) is to provide other ‘Fund of Funds’ schemes a Shariah compliant avenue for taking exposure in Shariah Compliant Equities. Key information Fund type Open endCategory Shariah Compliant - Equity SchemeFund launch date 21 March, 2018Net Assets (PKR mn) 642.83Net Assets Excluding JSIL FoFs (PKR mn) NilNAV (PKR) 98.81Benchmark KMI-30 IndexManagement fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 4:00 p.m.Auditor KPMG Taseer Hadi & Co.Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) LimitedRisk profile HighListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating n/aInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Khurram M. Arif, CFA - Fund ManagerMr. Syed Ali Turab Alvi - CSOMr. Shahab Farooq - Head of Research


Fund -2.12 n/a n/a n/a -1.19 -5.97Benchmark -5.25 n/a n/a n/a -2.96 -14.31Difference 3.13 n/a n/a n/a 1.77 8.34



July n/a n/a n/a n/a n/aAugust n/a n/a n/a n/a n/aSeptember n/a n/a n/a n/a n/aOctober n/a n/a n/a n/a n/aNovember n/a n/a n/a n/a n/aDecember n/a n/a n/a n/a n/aJanuary n/a n/a n/a n/a n/aFebruary n/a n/a n/a n/a n/aMarch 0.58 n/a n/a n/a n/aApril 0.37 n/a n/a n/a n/aMay -2.12 n/a n/a n/a n/aJune n/a n/a n/a n/aYTD -1.19 n/a n/a n/a n/aBenchmark -2.96 n/a n/a n/a n/aDifference 1.77 n/a n/a n/a n/a


May-18 Apr-18Cash 2.07 25.39Equity 97.77 74.14Other including receivables 0.16 0.48Total 100.00 100.00 Sector Allocation - Equity (%age of total assets)

May-18 Apr-18Oil & Gas Exploration Companies 32.03 28.39Fertilizer 17.22 11.16Power Generation & Distribution 11.80 9.97Oil & Gas Marketing Companies 7.00 4.03Chemical 5.63 4.90Others 24.09 15.68Total 97.77 74.14 Top holding - Equity (%age of total assets) Engro Corporation Ltd. 12.89The Hub Power Co. Ltd. 10.51Oil & Gas Development Co. Ltd. 9.80Pakistan Petroleum Ltd. 9.37Mari Petroleum Co. Ltd. 8.55Pakistan State Oil Co. Ltd. 4.82Pakistan Oilfields Ltd. 4.31Meezan Bank Ltd. 3.46National Refinery Ltd. 3.35Searle Company Ltd. 3.03

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 0/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.00/0.00%. For details investors are advised to read the Note 10.3 of the latest Financial Statements of the Scheme. Cumulative returns are based as per MUFAP stated methodology.


Information Ratio 0.37 Beta 0.4 1.0Correlation 0.97 Largest Month Gain 0.6% 2.4%Standard Deviation 4.3% Largest Month Loss -2.1% -5.3%Expense Ratio* 3.39% % Positive Months 75.0% 75.0%


Selling & Marketing Expense PKR 443,748.

JS Fund of Funds (JS FoF) May 2018


8


JS FoF is a fund of funds that aims to grow investor’s capital in the long term while diversifying the asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens.

Key information Fund type Open endCategory Fund of Fund SchemeFund launch date 31 October, 2005Net Assets (PKR mn) 274.86Net Assets Excluding JSIL FoFs (PKR mn) 274.86NAV (PKR) 53.20Benchmark BM FOF#

Management fee 1.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Deloitte Yousuf Adil Risk profile MediumListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIO / Fund ManagerMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi - CSOMr. Shahab Farooq - Head of Research

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20

40

60

80

100

120

140

160

May-1

5

Au

g-1

5

Nov-1

5

Fe

b-1

6

May-1

6

Aug-1

6

No

v-1

6

Feb-1

7

Ma

y-1

7

Aug-1

7

No

v-1

7

Feb-1

8

Ma

y-1

8

3 Years Return on PKR 100 Invested in JS Fund of Fund Vs Benchmark

JS FoF Benchmark

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40

60

80

100


Open End / Closed End Funds Cash


Fund Fund BMInformation Ratio 0.01 Beta 0.9 1.0Correlation 0.95 Largest Month Gain 13.6% 11.0%Standard Deviation 15.9% Largest Month Loss -13.7% -25.1%Expense Ratio* 1.25% % Positive Months 64.5% 67.1%




* Average Annualized Return since inception as per Morning Star formula NAV to NAV return with dividend reinvestment. Monthly performance (%)

FY18 FY17 FY16 FY15 FY14July -0.22 1.09 2.66 4.88 13.60August -8.63 0.94 -2.28 -7.37 -8.62September 0.17 2.85 -6.25 3.52 6.78October -3.18 -3.09 5.78 2.93 -0.05November -1.32 5.77 -2.97 4.47 7.87December -0.28 8.27 3.78 5.34 4.63January 6.74 4.48 -1.11 5.35 3.32February -2.11 -0.28 -3.30 -0.95 -2.52March 4.69 -0.78 6.21 -7.01 5.38April -0.74 3.95 3.63 10.03 4.43May -3.22 3.85 3.71 -1.97 1.77June -6.62 -0.24 1.01 -0.67YTD -8.58 21.37 9.08 20.44 40.09Benchmark -6.34 15.74 3.98 21.16 19.79Difference -2.24 5.63 5.10 -0.72 20.30


May-18 Apr-18Open End / Closed End Funds 85.40 85.06 T Bills - - Cash 14.42 14.79 Other including receivables 0.18 0.15

Total 100.00 100.00 Top holding – OE/CE (%age of total assets) NAFA Financial Sector Fund 30.91JS Large Cap. Fund 24.58JS Value Fund 23.66NAFA Islamic Energy Fund 6.25

Total 85.40

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1,519,908/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.29/0.55%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. Cumulative returns are based as per MUFAP stated methodology.

# 'Weighted Average of "Three (3) months PKRV rates", "Six (6) months KIBOR rates" and "KSE-100 Index", on the basis of actual investment in money market, income and equity schemes '. "

JS Islamic Hybrid Fund of Funds (JS IHFoF) May 2018


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JS Islamic Hybrid Fund of Funds aims to generate need based returns for its clients by offering several Allocation Baskets/Plans with varying mix of exposures to low / high risk asset classes via underlying mutual funds. Investment Objectives of the Allocation Baskets/Plans initially offered under JSIHFOF are Mustanad, Mustahkem, Mutanasib, Mufeed & Munafa.

Key information Fund type Open endCategory Shariah Compliant Fund of FundsFund launch date 7 June, 2017Benchmark BM IHFOF*Management fee Nil (Up to 1% M.Fee p.a. applicable on investments

made in CIS not managed by JSILFront-end Load Mustanad 0% | Mustehkam 0.5% | Mutanasib Up to

3% | Mufeed Up to 3% | Munafa Up to 3% of NAV(FED & SST rate applicable)

Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services Ltd.Dealing Days & Cut-off time (Monday to Friday) 4:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile Low-Moderate-High (as per allocation

basket/plan)Listing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi - CSOMr. Khurram M. Arif, CFA - Fund ManagerMr. Shahab Farooq - Head of Research

NAV (PKR) Net Assets (PKR mn)JSIHFOF - Mustanad 106.09 23.04JSIHFOF - Mustahkem 97.22 184.80JSIHFOF - Mutanasib 83.81 39.76JSIHFOF - Munafa 81.93 9.04JSIHFOF - Mufeed 82.39 62.73

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30

40

50

60

70

80

90

100

Mustehkam Munafa Mustanad Mutansib Mufeed

Islamic Hybrid Fund of Fund Allocation

Cash Investment in Mutual Funds Other including receivables

Expense ratio Expense

RatioGovernment levy, Sindh

Worker’s Welfare Fund and

SECP fee*JS Islamic Hybrid Fund Of Funds-Mustanad 0.64% 0.28%JS Islamic Hybrid Fund Of Funds-Mustahkem 0.50% 0.14%JS Islamic Hybrid Fund Of Funds-Mutanasib 0.65% 0.13%JS Islamic Hybrid Fund Of Funds-Munafa 0.78% 0.15%JS Islamic Hybrid Fund Of Funds-Mufeed 0.63% 0.13%

All ratios are annualized *Included in Expense Ratio

BM IHFOF* Weighted average daily return of KMI 30 index, six (6)/ three (3) month average deposit rates of three (3) 'A' rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Baskets". Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 130,859/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.60/0.57% (Mustanad). For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme.

Performance (%) 1M 1Y 3Y 5Y Launch

JSIHFOF - Mustanad * 3.67 6.28 n/a n/a 6.40Benchmark * 2.10 1.95 n/a n/a 1.99JSIHFOF - Mustahkem -1.03 -2.78 n/a n/a -2.78Benchmark -1.37 -1.73 n/a n/a -1.73JSIHFOF - Mutanasib -3.54 -16.19 n/a n/a -16.19Benchmark -4.31 -9.95 n/a n/a -9.95JSIHFOF - Munafa -4.43 -18.07 n/a n/a -18.07Benchmark -5.20 -10.29 n/a n/a -10.29JSIHFOF - Mufeed -3.95 -17.61 n/a n/a -17.61Benchmark -4.81 -9.69 n/a n/a -9.69* Annualized returns NAV to NAV return with dividend reinvestment. Monthly performance (%)

FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17Jul 2.24 n/a 0.38 n/a 0.59 n/a 0.64 n/a 0.61 n/aAug 4.46 n/a -2.85 n/a -9.97 n/a -9.43 n/a -9.82 n/aSep 32.15 n/a 0.08 n/a -0.75 n/a -0.81 n/a -0.95 n/aOct 3.87 n/a -1.29 n/a -5.94 n/a -6.67 n/a -6.56 n/aNov 3.52 n/a -0.03 n/a -0.90 n/a -1.27 n/a -1.00 n/aDec 3.17 n/a -0.20 n/a -1.54 n/a -1.48 n/a -1.65 n/aJan 4.74 n/a 2.38 n/a 7.95 n/a 8.18 n/a 8.47 n/aFeb 2.99 n/a -0.77 n/a -2.87 n/a -3.49 n/a -3.44 n/aMar 6.28 n/a 0.95 n/a 1.63 n/a 1.87 n/a 1.76 n/aApr 3.35 n/a 0.37 n/a 0.47 n/a 0.35 n/a 0.50 n/aMay 3.67 n/a -1.03 n/a -3.54 n/a -4.43 n/a -3.95 n/aJun 3.02 -0.72 -1.62 -2.14 -2.08YTD 6.52 3.02 -2.07 -0.72 -14.81 -1.62 -16.28 -2.14 -15.86 -2.08BM 2.12 0.11 0.07 -1.80 -6.48 -3.72 -5.60 -4.97 -5.52 -4.41Diff. 4.40 2.91 -2.14 1.08 -8.33 2.10 -10.68 2.83 -10.34 2.33

JSIHFOFMufeed

JSIHFOFMustahkem

JSIHFOFMunafa

JSIHFOFMustanad*

JSIHFOFMutanasib

* Annualized returns Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment. Asset Allocation (%age of total assets)

JSIHFOFMustanad

JSIHFOF Mustahkem

JSIHFOFMutanasib

JSIHFOFMunafa

JSIHFOFMufeed

Cash 7.68 10.47 7.45 4.15 8.40 Open End Funds 85.56 88.99 90.93 88.90 90.58 Other 6.76 0.54 1.62 6.95 1.02 Total 100.00 100.00 100.00 100.00 100.00

May-18

Top holding – OE/CE (%age of total assets) JSIHFOF - Mustanad

85.56

JSIHFOF - Mustahkem61.18 27.81

JSIHFOF - Mutanasib80.83 10.10

JSIHFOF - Munafa88.90

JSIHFOF - Mufeed90.58

JS Islamic Income FundJS Islamic Fund

JS Islamic Income Fund

JS Islamic FundJS Islamic Income Fund

JS Islamic Fund

JS Islamic Fund

May 2018


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E JS Islamic Hybrid Fund of Funds JS Islamic Active Allocation Plan - I (JS IAAP I)

Investment philosophy JS Islamic Active Allocation Plan – I is a limited-term (2 Years) active allocation plan offered under “JS Islamic Hybrid Fund of Funds”. The plan aims to generate superior returns by dynamically managing the plan’s exposure in “Income Portion” and “Equity Portion” based on the investment view on the different asset classes. Key information Fund type Open endCategory Shariah Compliant Fund of Funds Scheme -

Allocation PlanFund launch date 21 September, 2017Benchmark BM IHFOF*Management fee

1% (No M.Fee to be charged on investments made in CIS managed by JSIL)

Front-end Load Up to 3% of NAV (FED & SST rate applicable)

Contingent Load 4% of NAV on redemption requests during 1st year of subscription and 2% of NAV on redemption requests during 2nd year of subscription

Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services Ltd.Dealing Days & Cut-off time (Monday to Friday) 4:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile Medium to HighListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISInvestment Committee MembersMr. Hasnain Raza Nensey _ CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi - CSOMr. Khurram M. Arif, CFA - Fund ManagerMr. Shahab Farooq - Head of Research

NAV (PKR) Net Assets (PKR mn)

JSIHFOF - JS IAAP-I 99.77 127.96

Expense Ratio

Expense Ratio

Government levy, Sindh Worker’s Welfare Fund and

SECP fee*JS Islamic Hybrid FOF-IAAP-1 0.46% 0.12%

All ratios are annualized * Included in Expense Ratio

BM IHFOF* Weighted average daily return of KMI 30 index, six (6)/ three (3) month average deposit rates of three (3) 'A' rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Baskets".

Performance (%) 1M 6M 1Y 2Y Launch Avg. Ann.*

Fund -2.58 n/a n/a n/a -0.23 n/aBenchmark -4.29 n/a n/a n/a -1.21 n/aDifference 1.71 n/a n/a n/a 0.98 n/a

NAV to NAV return with dividend reinvestment.

* Average Annualized Return since inception as per Morning Star formula

Monthly performance (%)

JS IAAP_I Benchmark Diff. July - 2017 n/a n/a n/a August - 2017 n/a n/a n/a September - 2017 0.11 0.00 0.11 October - 2017 0.20 0.04 0.16 November - 2017 -0.07 -0.05 -0.02 December - 2017 0.13 0.28 -0.15 January - 2018 1.38 1.48 -0.10 February - 2018 -0.95 -0.42 -0.53 March - 2018 1.28 2.29 -1.01 April - 2018 0.32 -0.40 0.72 May - 2018 -2.58 -4.29 1.72 June - 2018YTD -0.23 -1.21 0.98


May-18 Apr-18Cash 4.12 4.02

Open End / Closed End Funds 95.82 95.93

Other including receivables 0.06 0.06

Total 100.00 100.00

Top holding – OE/CE (%age of total assets) JS Islamic Dedicated Equity Fund 34.99

JS Islamic Income Fund 34.92

JS Islamic Fund 15.63

NAFA Islamic Energy Fund 10.29

Total 95.82

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 0/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.00/0.00%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme

May 2018


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E JS Islamic Hybrid Fund of Funds 2 JS Islamic Active Allocation Plan - II (JS IAAP II)

Investment philosophy JS Islamic Active Allocation Plan – II is a limited-term (2 Years) active allocation plan offered under “JS Islamic Hybrid Fund of Funds-2”. The plan aims to generate superior returns by dynamically managing the plan’s exposure in “Income Portion” and “Equity Portion” based on the investment view on the different asset classes. Key information Fund type Open endCategory Shariah Compliant Fund of Funds Scheme -

Allocation PlanFund launch date 11 December, 2017Benchmark BM IHFOF*Management fee



Contingent Load 2.00%Back-end Load NILPricing mechanism Forward Trustee

Central Depository Company of Pakistan Ltd.

Dealing Days & Cut-off time (Monday to Friday) 4:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile Moderate to HighListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VISInvestment Committee MembersMr. Hasnain Raza Nensey _ CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi - CSOMr. Khurram M. Arif, CFA - Fund ManagerMr. Shahab Farooq - Head of Research


JSIHFOF - JS IAAP_2 99.20 664.83

Expense Ratio

Expense Ratio


SECP fee*JS Islamic Hybrid FOF-IAAP-2 0.60% 0.14%


BM IHFOF* Weighted average daily return of KMI 30 index, six (6)/ three (3) month average deposit rates of three (3) ‘A’ rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Baskets”.

Performance (%)

1M 1Y 3Y 5Y Launch Avg. Ann.*Fund -2.58 n/a n/a n/a -0.80 n/aBenchmark -4.31 n/a n/a n/a -1.71 n/aDifference 1.73 n/a n/a n/a 0.91 n/a

NAV to NAV return with dividend reinvestment. * Average Annualized Return since inception as per Morning Star formula


JS IAAP_2 Benchmark Diff. July - 2017 n/a n/a n/a August - 2017 n/a n/a n/a September - 2017 n/a n/a n/a October - 2017 n/a n/a n/a November - 2017 n/a n/a n/a December - 2017 0.16 0.12 0.04 January - 2018 0.99 1.11 -0.12 February - 2018 -0.94 -0.43 -0.51 March - 2018 1.31 2.31 -1.01 April - 2018 0.32 -0.41 0.72 May - 2018 -2.58 -4.31 1.72 June - 2018YTD -0.80 -1.71 0.91


May-18 Apr-18Cash 1.41 1.91



Total 100.00 100.00


JS Islamic Income Fund 34.64

JS Islamic Fund 17.80

NAFA Islamic Energy Fund 10.54

Total 98.33

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 0/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.00/0.00%. For details investors are advised to read the Note 12.1 of the latest Financial Statements of the Scheme.

May 2018


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Investment philosophy JS Islamic Capital Preservation Allocation Plan – I aims to earn a potentially high return through dynamic asset allocation between Shariah Compliant Equities and Shariah Compliant Sovereign Income/Money Market based Collective Investment Schemes, while providing principal preservation of the Initial Investment Value at completion of the life of the Plan. Key information Fund type Open endCategory Shariah Compliant Fund of Funds Scheme

(CPPI) - Allocation PlanFund launch date 12 March, 2018Benchmark BM JSICPAP_I*Management fee



Contingent Load 2.00%Back-end Load NILPricing mechanism Forward Trustee

Central Depository Company of Pakistan Ltd.

Dealing Days & Cut-off time (Monday to Friday) 4:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile ModerateListing PSXLeverage NILManagement Quality Rating AM2 by JCR-VIS

Multiplier During the month, the multiplier was kept constant at 2.5 times.

Investment Committee MembersMr. Hasnain Raza Nensey _ CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi - CSOMr. Khurram M. Arif, CFA - Fund ManagerMr. Shahab Farooq - Head of Research


JSIHFOF - JS ICPAP_I 100.34 1,577.31

Expense Ratio

Expense Ratio


SECP fee*JS ICPAP_I 0.93% 0.21%


BM JSICPAP_I* The Benchmark of each Allocation Plan in the Fund will be the “weighted average daily return of KMI 30 index, six (6) month average deposit rates of three (3) ‘A’ rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, and three (3)month average deposit rates of three (3) ‘A’ rated scheduled Islamic Banks or Islamic Banking windows of scheduled Commercial Banks, as selected by MUFAP based on actual proportion of the Equity Portion consisting of Shariah Compliant Equity Funds, Income Portion consisting of Shariah Compliant Income and Money Market Funds, and any Cash or Near cash instruments in each of the Allocation Plans” as approved by SECP.


Fund -0.34 n/a n/a n/a 0.34 1.56Benchmark -1.38 n/a n/a n/a -0.99 -4.44Difference 1.04 n/a n/a n/a 1.33 6.00

NAV to NAV return with dividend reinvestment. * Average Annualized Return since inception as per Morning Star formula


JS ICPAP_I Benchmark Diff. July - 2017 n/a n/a n/a August - 2017 n/a n/a n/a September - 2017 n/a n/a n/a October - 2017 n/a n/a n/a November - 2017 n/a n/a n/a December - 2017 n/a n/a n/a January - 2018 n/a n/a n/a February - 2018 n/a n/a n/a March - 2018 0.31 0.47 -0.16 April - 2018 0.37 -0.08 0.45 May - 2018 -0.34 -1.38 1.04 June - 2018YTD 0.34 -0.99 1.33


May-18 Apr-18Cash 29.31 72.76

Equity - -

Placement with Banks and DFIs 47.39 -



Total 100.00 100.00


Total 22.88

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 108,122/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.01/0.01%. For details investors are advised to read the Note 12.1 of the latest Financial Statements of the Scheme.

JS Cash Fund (JS CF) May 2018


13


JS Cash Fund (JS CF) is an open-end 'Money Market Scheme' that mainly invests in low risk short-term fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The Fund shall invest primarily in short duration instruments and may even hold some or all of its assets in cash for the purpose maintaining liquidity. Key information Fund type Open endCategory Money Market SchemeFund launch date 29 March, 2010Net Assets (PKR mn) 466.53Net Assets Excluding JSIL FoFs (PKR mn) 466.53NAV (PKR) 106.43Benchmark BM CF1

Management fee 0.50% (Exclusive of SST & FED)Front-end Load 1.00%Back-end Load NILPricing mechanism BackwardTrustee MCB Financial Services Ltd Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile Extremely LowListing PSXFund stability rating (PACRA) AA+ (f)Leverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi - CSOMr Asim Ilyas - Fund ManagerMr. Shahab Farooq - Head of Research

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50

100

150

Ma

y-1

5

Au

g-1

5

No

v-1

5

Fe

b-1

6

Ma

y-1

6

Au

g-1

6

No

v-1

6

Fe

b-1

7

Ma

y-1

7

Au

g-1

7

No

v-1

7

Fe

b-1

8

Ma

y-1

8

3 Years Return on PKR 100 Inv ested in JS Income Fund VsBenchmark

JS IF Benchmark

-

20

40

60

80

100


T Bills Cash

Performance (%) Annualized performance2 1M 1Y 3Y** 5Y** Launch**

Fund 4.81 5.17 5.78 6.85 8.41Benchmark 5.64 5.44 5.52 6.72 7.96Difference -0.83 -0.27 0.26 0.13 0.45

NAV to NAV return with dividend reinvestment. ** Average Annualized Return as per Morning Star formula Monthly performance (%) Annualized performance2

FY18 FY17 FY16 FY15 FY14July 4.98 5.51 5.87 8.62 7.28August 4.96 5.37 5.72 8.69 7.24September 4.87 5.06 6.94 8.68 5.83October 4.92 4.99 5.66 9.05 7.27November 4.83 4.90 4.54 9.34 7.65December 4.88 5.28 5.61 8.33 8.04January 5.09 10.85 5.70 10.03 8.06February 5.19 4.91 5.47 7.62 8.17March 5.19 5.41 5.54 7.17 8.86April 5.62 4.43 5.35 8.93 8.88May 4.81 4.60 5.38 6.65 8.91June 5.33 4.95 14.10 8.84YTD 5.14 5.71 5.71 9.30 8.21Benchmark 5.43 5.29 5.74 8.20 8.73Difference -0.30 0.41 -0.03 1.10 -0.52


May-18 Apr-18Cash 99.25 99.27 Placement with Banks and DFIs - - T Bills - - Other including receivables 0.75 0.73 Total 100.00 100.00 Asset quality (%age of total assets)

AA+0.01%

AA99.10%

AA-0.12%

AAA0.02%

* Govt. securities (00.0 %)


1. 70% three (3) months PKRV rates + 30% three (3) months average

deposit rate of three (3) “AA” rated scheduled Banks as selected by MUF AP

2. Annualized returns are based on MUFAP recommended methodology.

Statistical analysis Fund BM Fund BM

Standard Deviation 0.8% 0.6% Largest Month Gain 1.2% 0.9%Expense Ratio* 1.12% Largest Month Loss 0.0% 0.0%Duration (Days) 1 % Positive Months 100.0% 100.0%WAM (Days) 1

* This is annualized and includes 0.27% government levy, Sindh Worker’s Welfare Fund and

SECP fee.

JS Income Fund (JS IF) May 2018


14


JS IF is an income fund that aims to preserve investor’s capital while providing a regular stream of current income on an annual basis which is higher than that offered by commercial banks on deposits of a similar liquidity profile as this fund. The fund operates a diverse portfolio of investment-grade debt securities, government securities and money market instruments. The fund may maintain liquidity in the form of spread transactions and bank deposits.

Key information Fund type Open endCategory Income Fund SchemeFund launch date 26 August, 2002Net Assets (PKR mn) 2,450.17Net Assets Excluding JSIL FoFs (PKR mn) 2,450.17NAV (PKR) 100.86Benchmark BM IF #

Management fee 0.75% (Exclusive of SST & FED)Front-end Load 1.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Grant Thorton Anjum Rahman & CoRisk profile Low To MediumListing PSXFund stability rating (PACRA) A+ (f)Leverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr Asim Ilyas - Fund ManagerMr. Syed Ali Turab Alvi - CSOMr. Shahab Farooq - Head of Research

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50

100

150

Ma

y-1

5

Au

g-1

5

No

v-1

5

Fe

b-1

6

Ma

y-1

6

Au

g-1

6

No

v-1

6

Fe

b-1

7

Ma

y-1

7

Au

g-1

7

No

v-1

7

Fe

b-1

8

Ma

y-1

8

3 Years Return on PKR 100 Inv ested in JS Income Fund VsBenchmark

JS IF Benchmark

Non Compliant Investments under Circular 16/2010 Name ofInvestment Type Value before



% of Net Assets

% of Gross Assets

Azgard Nine a TFC 6,661,110 (6,661,110) - - -

Azgard Nine b PPTFCs 31,980,766 (31,980,766) - - -

Agritech Ltd. c Sukuk 59,572,782 (59,572,782) - - -

Agritech Ltd.d PPTFC - - - - -

Dewan Cement e TFC 50,000,000 (49,990,000) 10,000 0.00 0.00

Azgard Nine f PPTFC - - - - - a) The fund has made a full provision against the principal amount in accordance with the requirements of regulatory body & the provisioning policy of the Fund. (b) The CP of ANL has been settled through issuance of 15,000 PPTFCs in the name of the Fund. These PPTFCs have been restructured however, the mgt. as a matter of prudence has maintained the provision against the said PPTFCs. In lieu of restructuring of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDS account. These shares are booked and marked to market accordingly. (c) The fund has made a full provision against the principal amount in accordance with the requirements of Circular 1 & the provisioning policy of the Fund. (d) The Fund has made a full provision against the principal amount of Agritech Limited’s Sukuk in accordance with the requirements of Circular 1 of 2009 issued by the SECP and the provisioning policy of the Fund. The Fund has received Agritech Limited’s PPTFC of face value of Rs. 11.245 million against interest due on Agritech Limited’s Sukuk which is not recognized as income by the Fund and these PPTFCs are valued at zero. (e) Non rated securities. (f) The fund received 4,827 zero coupon PPTFCs against interest receivable of listed and unlisted TFCs. Since these PPTFCs are received against already defaulted securities and have non-performing status in MUFAP, therefore the management as a matter of prudence maintained the provision against the said PPTFCs. These PPTFCs are valued at zero but cost is carried at 24,135,000.


Fund 7.69 5.89 6.23 7.47 7.90 Benchmark 6.57 6.47 6.50 7.86 8.49 Difference 1.12 (0.58) (0.27) (0.39) (0.59)

NAV to NAV return with dividend reinvestment. **Average Annualized Returns as per Morning Star formula

Monthly performance (%) Annualized performance1 FY18 FY17 FY16 FY15 FY14

July 6.02 13.78 11.50 7.44 4.86August 4.40 5.72 5.82 9.04 6.71September 6.41 7.13 3.69 9.55 -0.15October 4.60 5.17 3.31 8.90 5.81November 5.36 9.04 5.95 14.85 12.33December 4.68 6.66 6.58 20.84 7.77January 7.07 5.32 3.76 16.64 10.36February 4.92 4.82 9.81 7.55 7.29March 6.58 5.75 6.23 5.65 12.38April 2.99 4.10 0.86 17.17 13.93May 7.69 6.17 11.44 2.59 -0.41June 8.03 4.86 1.75 8.34YTD 5.66 7.04 6.33 10.65 7.67Benchmark 6.46 6.27 6.70 9.35 10.30Difference -0.80 0.76 -0.37 1.30 -2.63


Asset Allocation (%) May-18 Apr-18

Cash 37.44 34.48 Placement with Banks and DFIs - - Equity* - - T Bills - - PIBs - - TFCs / Sukkuks 44.76 45.39 MTS / Spread Transactions 15.74 17.76 Other including receivables 2.05 2.36 Total 100.00 100.00

* Under debt-swap arrangement with Azgard Nine Limited (ANL), the fund has received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC and listed TFCs, these listed TFCs and PPTFCs had been fully provided.

Top Holdings - TFC/Sukuks (%age of total assets) May-18

JS Bank Limited -TFC 14-Dec-16 10.16ASPIN Pharma (Pvt) Ltd 30-Nov-17 9.71Byco Oil Pakistan Limited 17-Jan-17 9.64Dawood Hercules Corpoation Ltd 16-Nov-17 8.38AGP Limited 09-Jun-17 2.60Dawood Hercules Corpoation Ltd-II 28-Feb-18 2.02Ghani Gases Limited 03-Feb-17 1.62NRSP Microfinance Bank Limited 30-Jun-16 0.63

Asset quality (%age of total assets)

AAA9.64%

A+11.29%

A14.62%

AA-11.43%

AA10.40%

A-24.80%

AA+0.02%

* Govt. securities (0.00%) Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 5,086,259/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.21/0.21%. For details investors are advised to read the Note 12.2 of the latest Financial Statements of the Scheme. 1 Annualized returns are based on MUFAP recommended methodology.

#The performance benchmark of the Fund shall be 'Average Return of Six (6) months KIBOR for any period of return. Effective from September 01 2016: Previously 40% 1Year PKRV rate + 60% 6M kibor.

Statistical analysis Fund BM Fund BM

Standard Deviation 4.2% 1.0% Largest Month Gain 3.7% 1.2%Expense Ratio* 1.41% Largest Month Loss -10.3% 0.0%Duration (Yr) 0.07 % Positive Months 93.2% 100.0%WAM (Yr) 2.10


SECP fee.

JS Islamic Income Fund (JSIIF) May 2018 MUFAP Recommended Format

15


The objective of JS Islamic Income Fund (JSIIF) is to generate stable returns and ensure capital preservation over medium to long term, by investing primarily in quality Sukuks, Shariah-compliant Government Securities, Shariah-compliant Bank Deposits and other Shariah-compliant debt instruments. Key information Fund type Open endCategory Shariah Compliant Income Scheme 3

Fund launch date 5 June, 2013Net Assets (PKR mn) 672.63Net Assets Excluding JSIL FoFs (PKR mn) 258.72NAV (PKR) 104.55Benchmark # BM IIF1

Management fee 0.50% (Exclusive of SST & FED)Front-end Load 1.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Grant Thorton Anjum Rahman & CoShariah advisor M/s. Al Hilal Shariah Advisors (Pvt) LimitedRisk profile Low to MediumListing PSXFund stability rating (PACRA) AA- (f)Leverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi - CSOMr Asim Ilyas - Fund Manager

Mr. Shahab Farooq - Head of Research

-

50

100

150

May

-15

Aug

-15

Nov

-15

Feb-

16

May

-16

Aug

-16

Nov

-16

Feb-

17

May

-17

Aug

-17

Nov

-17

Feb-

18

May

-18

3 Years Return on PKR 100 Inv ested in JS Islamic Income Fund Vs Benchmark

JSIIF Benchmark

-

20

40

60

80

100


TFCs / Sukkuks Cash Other including receivables


Fund 4.95 4.37 3.45 3.51 5.11Benchmark 2.36 2.77 3.49 4.21 5.50Difference 2.59 1.60 -0.04 -0.70 -0.39

NAV to NAV return with dividend reinvestment.

** Average Annualized Return as per Morning Star formula

Monthly performance (%) Annualized performance2 FY18 FY17 FY16 FY15 FY14

July -4.64 4.22 4.58 2.42 6.83August -0.47 4.20 3.98 3.13 6.91September 6.50 4.69 -0.12 4.26 7.88October 2.90 9.15 2.33 6.45 6.81November 1.79 9.62 1.56 5.54 12.54December 3.92 -6.16 6.75 5.80 9.47January 5.18 -2.06 -1.27 12.25 6.55February 3.76 -0.13 3.34 5.95 11.28March 6.88 -1.95 7.50 8.08 13.07April 4.30 1.90 4.03 7.13 6.10May 4.95 2.41 6.06 7.42 10.17June 16.77 4.33 4.05 4.19YTD 3.21 3.58 3.66 6.22 8.80Benchmark 2.64 4.21 5.49 7.62 7.16Difference 0.58 -0.63 -1.83 -1.41 1.64

Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment. Asset allocation (%age of total assets)

May-18 Apr-18Cash 33.55 29.76Placement with Banks and DFIs - - Sukuks 65.14 68.62Other including receivables 1.31 1.61Total 100.00 100.00 Asset quality (%age of total assets)

A+33.51%

AA-0.03%

A24.10%

AA+0.00%

AA21.33%

AAA19.72%

* Govt. securities (0.00%) Sukuks allocation – Top Holding

0%

5%

10%

15%

20%

25%

Byco Oil PakistanLimited 17-Jan-17

ASPIN Pharma(Pvt) Ltd 30-Nov-

17

Dawood HerculesCorpoation Ltd-II

28-Feb-18

AGP Limited 09-Jun-17

Dawood HerculesCorpoation Ltd

16-Nov-17


1. From 18th Aug ‘17 the performance benchmark of the scheme shall be “Six (6)

months average deposits rate of three (3) A rated scheduled Islamic banks or Islamic windows of conventional banks as selected by MUFAP.

2. Annualized return is based as per MUFAP stated methodology. 3. The fund had converted from a Shariah Compliant Government Securities Fund to a

Shariah Compliant Income Fund effective 18th Aug ’17.


Fund BM Fund BMStandard Deviation 1.2% 0.6% Largest Month Gain 1.4% 0.7%Expense Ratio* 1.57% Largest Month Loss -0.5% 0.0%WAM (Yr) 2.92 % Positive Months 86.9% 100.0%


SECP fee.

JS Capital Protected Fund V (JSCPF_V) May 2018


16

Investment Philosophy

JS Capital protected Fund V aims at protecting investor capital through the investment structure by placing 88% of the Fund’s Deposited property as term deposit(s) with Bank Alfalah Limited, having rating of “AA” with a positive outlook (Capital Protected Portion). The remaining Investment Portion of the Fund shall be invested in equity market or any other Authorized Investment instrument. Key information Fund type Open endCategory Capital Protected SchemeFund launch date 30 May, 2016Net Assets (PKR mn) 218.12NAV (PKR) 103.59Benchmark BM1

Management fee 1.00% (Exclusive of SST & FED)Front-end Load 1.00%Back-end Load NILContingent Load Up to 2.0% of NAV during the first 12 months and three weeks

Up to 1.0% of NAV during the last 12 months and three weeksPricing mechanism Forward Trustee MCB Financial Services LimitedDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Grant Thornton Anjum Rahman Chartered AccountantsRisk profile Very LowListing PSXLeverage NILCapital Protection Rating CP2+ (CP Two plus) by PACRAManagement Quality Rating AM2 by JCR-VISInvestment Committee MembersMr. Hasnain Raza Nensey - CEO Mr. Syed Ali Turab Alvi - CSOMr. Zahid Ullah Khan - CIO Mr. Shahab Farooq - Head of ResearchMr. Khawar Iqbal - CFO Mr. Syed Sanakhawan - Fund Manager

-

20

40

60

80

100

120

Oct

-16

Nov

-16

Dec

-16

Jan-

17

Feb-

17

Mar

-17

Apr

-17

May

-17

Jun-

17

Jul-1

7

Aug

-17

Sep

-17

Oct

-17

Nov

-17

Dec

-17

Jan-

18

Feb-

18

Mar

-18

Apr

-18

May

-18

3 Years Return on PKR 100 Inv ested in JS Capital Protected Fund V Vs Benchmark

JSCPF_V Benchmark

86

88

90

92

94

96

98

100


Placement with Banks and DFIs Equity TDR


Fund Fund BMStandard Deviation 1.4% Beta 1.1 1.0Expense Ratio* 2.18% Largest Month Gain 1.0% 1.3%

Largest Month Loss -0.7% -0.2%% Positive Months 80.0% 92.0%


Performance (%) 1M 6M 1Y 2Y Launch Avg. Ann.*

Fund 0.32 2.08 1.60 7.79 7.79 3.82Benchmark 0.49 2.94 4.44 11.28 11.28 5.48Difference -0.17 -0.86 -2.84 -3.49 -3.49 -1.66

* Average Annualized Return since inception as per Morning Star formula NAV to NAV return with dividend reinvestment. Monthly performance (%)

FY18 FY17 FY16July 0.31 -0.20 n/aAugust -0.75 0.83 n/aSeptember 0.31 0.91 n/aOctober -0.24 -0.08 n/aNovember 0.16 0.97 n/aDecember 0.38 0.83 n/aJanuary 0.35 0.89 n/aFebruary 0.31 0.24 n/aMarch 0.34 0.42 n/aApril 0.35 0.63 n/aMay 0.32 0.40 n/aJune -0.26 0.10YTD 1.87 5.71 0.10Benchmark 4.45 6.37 0.15Difference -2.58 -0.66 -0.05


May-18 Apr-18Cash 0.74 0.18Equity 0.00 0.00TDR 3.51 2.70Placement with Banks and DFIs 95.75 97.12Total 100.00 100.00

Sector Allocation - Equity (%age of total assets)

May-18 Apr-18

Total 0.00 0.00 Top holding - Equity (%age of total assets) n/a n/a

1 The benchmark of the Fund for any period of return shall be the “Weighted Average Daily Return of KSE-100 Index and Three (3) Months Deposit Rate of a Double A minus (AA-) or above rated Bank based on the Fund’s actual Proportion in the Investment and Capital Protection Portions”.

“Capital protection only applies to unit holders who hold their investments until the maturity date”

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 382,073/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 0.18/0.18%. For details investors are advised to read the Note 11.1 of the latest Financial Statements of the Scheme.

JS Pension Savings Fund (JS PSF) May 2018


17


JS Pension Savings Fund (JS PSF) is designed to provide a secure source of savings and retirement income to individuals. JS PSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity and fixed income investment avenues suited to their specific needs and risk profile. Key information Fund type Open endCategory Voluntary Pension SchemeFund launch date 26 June, 2007Benchmark n/aManagement fee 0.50% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & CoRisk profile Investor dependent Leverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi - CSOMr. Syed Sanakhawan - Fund ManagerMs. Salvina Lakhani - Fund ManagerMr. Shahab Farooq - Head of Research

Net Assets (PKR mn)JS-PSF - Equity Sub Fund 232.30JS-PSF - Debt Sub Fund 172.42JS-PSF - MM Sub Fund 123.46

NAV (PKR)JS-PSF - Equity Sub Fund 496.61JS-PSF - Debt Sub Fund 237.55JS-PSF - MM Sub Fund 191.32

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50

100

150

200

May

-15

Aug

-15

Nov

-15

Feb-

16

May

-16

Aug

-16

Nov

-16

Feb-

17

May

-17

Aug

-17

Nov

-17

Feb-

18

May

-18

3 Years Return on PKR 100 Inv ested in JS Pension Saving Fund

PSF-Equty PSF-Debt PSF-MM

0

20

40

60

80

100

Equity Cash Other T Bills &

PIBs

Cash T Bills Cash Other

JS Pension Equity JS Pension Debt JS Pension Money Market

May-18 Apr-18 Mar-18 Feb-18 Jan-18 Dec-17 Nov-17

Disclosure for Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 2,592,503/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 4.04 (ESF), Rs. 0.58 (DSF), Rs. 0.44 (MMF) / 0.81% (ESF), 0.24% (DSF), 0.23% (MMF). For details investors are advised to read the Note 8.1 of the latest Financial Statements of the Scheme.

1 Annualized performance return is based as per MUFAP recommended methodology.

** Fund returns are Average Annualized as per Morning Star formula. Equity sub fund return is absolute.

Performance (%) 1M 1Y 3Y** 5Y** Launch**

Equity Sub Fund -2.98 -19.27 30.07 152.80 15.78Debt Sub Fund 1 6.33 4.17 4.60 5.60 8.23MM Sub Fund 1 4.82 3.62 4.18 5.11 6.11

NAV to NAV return with dividend reinvestment. Monthly performance (%) Annualized performance1

Equity Debt 1 MM 1

FY18 FY17 FY18 FY17 FY18 FY17July 0.12 3.67 3.86 7.38 4.53 10.72August -11.77 3.10 3.54 3.43 1.40 3.03September -1.81 6.25 3.97 3.25 4.46 3.47October -7.58 -1.66 3.67 0.59 1.20 0.72November 1.40 8.43 3.47 4.23 2.61 6.91December -2.56 9.81 3.60 3.61 2.20 3.46January 11.14 2.96 3.69 13.90 3.77 12.87February -3.20 0.49 3.96 3.30 7.77 2.49March 4.82 0.89 5.93 3.80 4.61 3.91April -0.02 3.81 3.62 3.22 5.32 0.79May -2.98 5.20 6.33 4.14 4.82 2.88June -6.81 3.36 0.40YTD -13.37 41.25 4.23 4.63 3.91 4.42


Asset Allocation (% age of total assets) Equity Sub Fund May-18 Apr-18Cash 2.03 6.81 Equity 93.97 88.76 Other including receivables 4.00 4.43 Total 100.00 100.00 Debt Sub Fund May-18 Apr-18Cash 1.07 0.30 Equity* - - TFCs / Sukkuks 38.75 39.07 T Bills & PIBs 59.25 59.86 Other including receivables 0.93 0.78 Total 100.00 100.00 Money Market Sub Fund May-18 Apr-18Cash 59.59 40.13 Placement with Banks 19.61 39.82 Equity* - - T Bills 20.31 19.56 Other including receivables 0.49 0.49 Total 100.00 100.00

* Under debt-swap arrangement with Azgard Nine Limited (ANL), debt and money market sub funds have received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC, these PPTFCs in sub funds had been fully provided.


Commercial Banks 28.30 20.21 Oil & Gas Exploration Companies 22.41 12.68 Power Generation & Distribution 5.92 12.53 Chemical 5.75 5.62 Glass & Ceramics 5.46 3.33 Others 26.13 34.38 Total 93.97 88.76

Top holding - Equity (%age of total assets) Mari Petroleum Co. Ltd. 9.09 Bank Alfalah Ltd. 7.89 Bank Al - Habib Ltd. 7.11 MCB Bank Ltd. 4.85 Pakistan Petroleum Ltd. 4.85 Oil & Gas Development Co. Ltd. 4.44 Faysal Bank Ltd. 4.13 Pakistan Oilfields Ltd. 4.03 Agriautos Industries Ltd. 3.87 Thal Ltd. 3.12

VPS

-SH

AR

IAH

C

OM

PLIA

NT

FUN

D JS Islamic Pension Savings Fund (JS IPSF)

May 2018 MUFAP Recommended Format

18


JS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and secure source of savings and retirement income to individuals according to the principles of Islamic Shariah. JS IPSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity, fixed income and other Halal investment avenues suited to their specific needs and risk profile. Key information Fund type Open endCategory Shariah Compliant Voluntary Pension SchemeFund launch date 16 June, 2008Benchmark n/aManagement fee 0.50% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & CoShariah advisor M/s. Al Hilal Shariah Advisors (Pvt) LimitedRisk profile Investor dependent Leverage NILManagement Quality Rating AM2 by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersMr. Hasnain Raza Nensey - CEOMr. Zahid Ullah Khan - CIOMr. Khawar Iqbal - CFOMr. Syed Ali Turab Alvi - CSOMr. Syed Sanakhawan - Fund ManagerMs. Salvina Lakhani - Fund ManagerMr. Shahab Farooq - Head of Research

Net Assets (PKR mn)JS-IPSF - Equity Sub Fund 158.15JS-IPSF - Debt Sub Fund 80.95JS-IPSF - MM Sub Fund 60.08

NAV (PKR)JS-IPSF - Equity Sub Fund 645.67JS-IPSF - Debt Sub Fund 200.30JS-IPSF - MM Sub Fund 173.46

-

50

100

150

200

Ma

y-1

5

Au

g-1

5

Nov

-15

Fe

b-1

6

May-1

6

Au

g-1

6

No

v-1

6

Feb

-17

May-1

7

Au

g-1

7

Nov

-17

Feb

-18

Ma

y-1

8

3 Years Return on PKR 100 Inv ested in JS Islamic Pension Saving Fund

IPSF-Equty IPSF-Debt IPSF-MM

0

20

40

60

80

100

Equity Cash Other Ijara Cash Other Ijara Cash TDR Other

JS Islamic Pension Equity JS Islamic Pension Debt JS Islamic Pension Money Market

May-18 Apr-18 Mar-18 Feb-18 Jan-18 Dec-17 Nov-17

Disclosure for Sindh Workers' Welfare Fund (SWWF)

The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1,540,285/-. If the same were not made the NAV per unit/return of scheme would be higher by Rs. 5.25 (ESF), Rs. 0.38 (DSF), Rs.0.29 (MMF) / 0.81% (ESF), 0.19% (DSF), 0.17% (MMF). For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme.

1 Annualized performance return is based as per MUFAP stated methodology.

Performance (%) 1M 1Y 3Y** 5Y** Launch**

Equity Sub Fund -4.71 -24.41 21.97 133.27 20.54Debt Sub Fund 1 4.90 2.92 3.72 4.41 7.18MM Sub Fund 1 4.77 2.88 2.96 4.20 5.64

NAV to NAV return with dividend reinvestment. Monthly performance (%) Annualized performance1

Equity Debt 1 MM 1

FY18 FY17 FY18 FY17 FY18 FY17July -0.54 4.52 -6.23 8.31 -0.90 2.96August -11.30 3.09 1.50 4.94 1.67 2.73September -1.30 7.76 2.24 4.57 2.01 3.11October -8.37 -3.66 3.48 8.07 2.49 5.08November 1.22 10.64 3.52 14.20 2.79 6.92December -2.29 7.42 3.10 -2.19 2.69 1.25January 9.81 3.64 0.48 8.66 2.34 9.45February -4.09 -1.11 -0.46 0.00 1.37 1.71March 2.30 2.01 4.17 -1.57 3.71 0.49April 0.47 4.49 5.45 1.07 4.45 2.39May -4.71 2.34 4.90 2.06 4.77 2.52June -7.14 12.57 6.71YTD -18.60 38.01 2.03 5.17 2.52 3.85

Performance data does not include the cost incurred directly by an investor in the form of sales load etc. NAV to NAV return with dividend reinvestment. Asset Allocation (% age of total assets) Equity Sub Fund May-18 Apr-18Cash 10.77 7.35 Equity 88.96 91.93 Other including receivables 0.26 0.72 Total 100.00 100.00 Debt Sub Fund May-18 Apr-18Cash 47.62 52.19 IJARA Sukuk Bond 32.10 46.42 TDR Placement 19.22 - Other including receivables 1.05 1.39 Total 100.00 100.00 Money Market Sub Fund May-18 Apr-18Cash 59.23 58.34 IJARA Sukuk Bond 1.64 1.68 TDR Placement 38.50 39.35 Other including receivables 0.63 0.63 Total 100.00 100.00

Sector Allocation - Equity (%age of total assets)

May-18 Apr-18Oil & Gas Exploration Companies 28.66 16.91 Power Generation & Distribution 7.81 13.99 Fertilizer 7.02 6.08 Oil & Gas Marketing Companies 6.57 6.70 Miscellaneous 6.13 6.89 Others 32.77 41.35 Total 88.96 91.93

Top holding - Equity (%age of total assets) Mari Petroleum Co. Ltd. 9.66 Oil & Gas Development Co. Ltd. 7.14 Engro Corporation Ltd. 7.02 Pakistan Petroleum Ltd. 5.97 Pakistan Oilfields Ltd. 5.89 Meezan Bank Ltd. 4.70 Thal Ltd. 4.62 Synthetic Products Enterprises Ltd. 4.33 Attock Petroleum Ltd. 3.98 The Hub Power Co. Ltd. 3.93

** Fund returns are Average Annualized as per Morning Star formula. Equity sub fund return is absolute.

19

Fund Category Fund Name FY 12 FY13 FY 14 FY 15 FY 16 FY 17 FY 18TDAverage

AnnualizedReturn ***

Trailing One Year

Return

Equity JS Growth Fund 17.9% 56.9% 40.1% 12.4% 3.9% 37.6% -14.0% 9.8% -21.2%Benchmark 2.9% 35.9% 26.0% 5.7% 0.4% 17.9% -8.6% 5.6% -16.6%

Equity JS Value Fund** 15.3% 64.3% 35.5% 9.7% 13.7% 25.5% -11.6% 7.4% -18.7%Benchmark** 2.9% 35.9% 26.0% 5.7% 0.4% 17.9% -8.6% 5.2% -16.6%

Equity JS Large Cap. Fund 14.9% 54.6% 39.6% 31.7% 4.8% 44.3% -10.1% 15.5% -15.9%Benchmark 2.9% 35.9% 26.0% 5.7% 0.4% 17.9% -8.6% 8.5% -16.6%

Income JS Income Fund* 13.1% 10.6% 7.7% 10.7% 6.3% 7.0% 5.7% 7.9% 5.9%Benchmark* 13.0% 10.4% 10.3% 9.3% 6.7% 6.3% 6.5% 8.5% 6.5%

Balanced Unit Trust Of Pakistan 16.6% 42.0% 23.6% 13.5% 7.0% 24.5% -11.1% 15.3% -16.4%Benchmark 8.4% 22.8% 18.2% 7.8% 3.8% 12.1% -5.0% 11.9% -10.5%

Money Market JS Cash Fund* 11.7% 9.1% 8.2% 9.3% 5.7% 5.7% 5.1% 8.4% 5.2%Benchmark* 10.1% 9.0% 8.7% 8.2% 5.7% 5.3% 5.4% 8.0% 5.4%

Capital Protected JS Capital Protected Fund V 0.1% 5.7% 1.9% 3.8% 1.6%Benchmark 0.1% 6.4% 4.5% 5.5% 4.4%

Fund of Funds Fund of Funds 20.0% 21.0% 40.1% 20.4% 9.1% 21.4% -8.6% 12.8% -14.6%Benchmark 9.9% 26.9% 19.8% 21.2% 4.0% 15.7% -6.3% 8.6% -12.9%

Shariah Compliant Equity JS Islamic Fund 25.8% 45.5% 38.4% 42.9% 5.9% 46.1% -17.5% 16.0% -23.3%Benchmark 13.6% 54.4% 29.9% 20.1% 15.5% 18.8% -7.2% 14.6% -16.5%

Shariah Compliant Equity JS Islamic Dedicated Equity Fund -1.2% n/a n/aBenchmark -3.0% n/a n/a

Shariah Compliant Income JS Islamic Income Fund* 6.0% 8.8% 6.2% 3.7% 3.6% 3.2% 5.1% 4.4%Benchmark* 6.7% 7.2% 7.6% 5.5% 4.2% 2.6% 5.5% 2.8%

SHARIAH COMPLIANT FUND OF FUNDS JSIHFOF - Mustahkem -0.7% -2.1% n/a n/aBenchmark -1.8% 0.1% n/a n/a

SHARIAH COMPLIANT FUND OF FUNDS JSIHFOF - Munafa -2.1% -16.3% n/a n/aBenchmark -5.0% -5.6% n/a n/a

SHARIAH COMPLIANT FUND OF FUNDS JSIHFOF - Mustanad* 0.2% 6.5% n/a n/aBenchmark* 0.0% 2.1% n/a n/a

SHARIAH COMPLIANT FUND OF FUNDS JSIHFOF - Mutanasib -1.6% -14.8% n/a n/aBenchmark -3.7% -6.5% n/a n/a

SHARIAH COMPLIANT FUND OF FUNDS JSIHFOF - Mufeed -2.1% -15.9% n/a n/aBenchmark -4.4% -5.5% n/a n/a

SHARIAH COMPLIANT FUND OF FUNDS JS Islamic Active Allocation Plan - I -0.2% n/a n/aBenchmark -1.2% n/a n/a

SHARIAH COMPLIANT FUND OF FUNDS JS Islamic Active Allocation Plan - I I -0.8% n/a n/aBenchmark -1.7% n/a n/a

SHARIAH COMPLIANT FUND OF FUNDS-CPPI JS Islamic Capital Preservation Allocation Plan I 0.3% n/a n/aBenchmark -1.0% n/a n/a

Equity Sub Fund JS Pension Savings 17.1% 78.2% 61.5% 22.9% 3.4% 41.3% -13.4% 15.8% -19.3%Debt Sub Fund JS Pension Savings* 11.2% 11.4% 4.4% 10.7% 5.3% 4.6% 4.2% 8.2% 4.2%Money Market Sub Fund JS Pension Savings* 10.7% 11.3% 6.9% 6.7% 4.1% 4.4% 3.9% 6.1% 3.6%Equity Sub Fund JS Islamic Pension Savings 18.3% 55.7% 49.0% 32.0% 4.1% 38.0% -18.6% 20.5% -24.4%Debt Sub Fund JS Islamic Pension Savings* 10.0% 7.9% 6.8% 3.9% 3.9% 5.2% 2.0% 7.2% 2.9%Money Market Sub Fund JS Islamic Pension Savings* 9.7% 6.6% 6.6% 5.3% 2.4% 3.8% 2.5% 5.6% 2.9%

* All returns are Annualized ** Average annualized Return since last ten year as per Morning Star Formula*** Average annualized Return since inception as per Morning Star Formula

31-May-18

CONVENTIONAL FUNDS

SHARIAH COMPLIANT FUNDS

VOLUNTARY PENSION SCHEME

Performance Summary of JSIL Funds

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