mutual funds fixed income category -...
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Mutual Funds
Fixed Income Category
November 2015
AMC Sector Money Market Government Bond Income Fund Islamic Income Aggressive
Income
AMC Sector | AUM vs GDP
AMC Sector Money Market Govt. Bond Funds Income Fund Islamic Income
Funds Aggressive
Income Funds
3%2% 2% 2% 2%
39%
34%32% 32% 32%
0%
10%
20%
30%
40%
50%
-
100
200
300
400
500
Jun-08 Jun-10 Jun-12 Jun-14 Jun-15
%ag
e
PKR
bln
AUMs AUMs as % of GDP Deposits as % of GDP
AMC Sector | Trend Analysis
AMC Sector Money Market Govt. Bond Funds Income Fund Islamic Income
Funds Aggressive
Income Funds
Snapshot Sep-13 Sep-14 Sep-15Total AUM's (PKR mln) 389,115 436,572 466,908 Total No. Of Funds 192 215 229
38%
16%28%
19% 18% 19%
15%
22%
19%28%
21%25%
27%
26%
36%24% 37% 24%
1%
6%
4%
8%7%
11%
10%
5%
9%
5%11%
5%
9%
25%
4%16%
6%17%
0%
20%
40%
60%
80%
100%
Split No. Split No. Split No.
Sep-13 Sep-14 Sep-15
Categorical Split | AUM's & Funds
Money Market Income Equity Capital Protected Government Bond Others
AUM & SMA | Growth Trend
AMC Sector Money Market Govt. Bond Funds Income Fund Islamic Income
Funds Aggressive
Income Funds
Jun-12 Jun-13 Jun-14 Jun-1532% 63% 54% 48%25% 10% 9% 20%
Discretionary PortfoliosNon Discretionary Portfolios
Annual Growth Rate
Jun-13 Jun-14 Jun-151% 53% 37%
31% 21% 69%
Annual Growth Rate
Islamic Banking DepositShariah Compliant AUM's
9% 13% 10% 13% 12%21%
13%
27%
91% 87% 90% 87% 88%79%
87%
73%
0%
20%
40%
60%
80%
100%
Deposits AUMs Deposits AUMs Deposits AUMs Deposits AUMs
Jun-12 Jun-13 Jun-14 Jun-15
Islamic Conventional
14,255 23,267
35,857
53,054 30,148
33,217
36,258
43,555
-
20,000
40,000
60,000
80,000
100,000
120,000
Jun-12 Jun-13 Jun-14 Jun-15
PKR
mln
Discretionary Portfolios Non Discretionary Portfolios
AMC Sector | Flow Analysis
AMC Sector Money Market Govt. Bond Funds Income Fund Islamic Income
Funds Aggressive
Income Funds
Dec‐14 Sep‐15Asset Size Difference Return Mobilization Asset Size115,383 (32,179) 5,747 (37,926) 83,20451,132 804 4,280 (3,475) 51,93751,106 6,301 4,322 1,979 57,40821,218 3,363 1,249 2,113 24,58011,496 3,051 903 2,147 14,547
176,196 (3,639) (2,867) (772) 172,55725,725 8,026 1,000 7,026 33,751
Asset Allocation 8,369 9,231 625 8,607 17,60010,130 1,193 437 756 11,323
4,707,563 (38,482) 156,964 (195,446) 4,669,081
Equity Equity
HybridCPPI
OthersTotal
AMC INDUSTRY | FLOW ANALYSIS (Amount in PKR mln)
Category
Income
Money MarketGovernmernt BondIncome Islamic Income Aggressive Income
AMC | Market Share
AMC Sector Money Market Govt. Bond Funds Income Fund Islamic Income
Funds Aggressive
Income Funds
AMC Rating Rater Total Mkt.sh Total Mkt.sh
Meezan AM2+ JCR-VIS 60,241 13.8% 74,364 15.9%UBL AM2+ JCR-VIS 45,324 10.4% 59,446 12.7%MCB-AH AM2+ PACRA 43,432 10.0% 48,901 10.5%NAFA AM2+ PACRA 43,539 10.0% 44,497 9.5%NIT AM2 PACRA 87,177 20.0% 76,541 16.4%Allied AM2 JCR-VIS 23,855 5.5% 27,924 6.0%PICIC AM2- JCR-VIS 25,607 5.9% 21,580 4.6%Alfalah AM2- PACRA 12,189 2.8% 20,688 4.4%HBL AM2- JCR-VIS 19,528 4.5% 19,582 4.2%Atlas AM2- PACRA 15,169 3.5% 18,242 3.9%Lakson AM2- PACRA 10,779 2.5% 10,867 2.3%JS AM2- JCR-VIS 10,075 2.3% 9,141 2.0%Askari AM3+ PACRA 9,346 2.1% 9,107 2.0%Faysal AM3+ JCR-VIS 7,755 1.8% 8,189 1.8%Primus AM3 JCR-VIS 8,614 2.0% 8,239 1.8%AKD AM3 PACRA 3,878 0.9% 4,159 0.9%Habib AM3 PACRA 4,154 1.0% 3,102 0.7%KASB AM3 JCR-VIS 2,313 0.5% 1,081 0.2%BMA AM3 PACRA 656 0.2% 348 0.1%Pak Oman AM4+ JCR-VIS 1,620 0.4% 415 0.1%National AM4+ JCR-VIS 1,035 0.2% 287 0.1%First Cap AM4+ PACRA 286 0.1% 210 0.1%Total (PKR mln) 436,572 466,910
Sep-14 Sep-15
Money Market | Snapshot
AMC Sector Money Market Govt. Bond Funds Income Fund Islamic Income
Funds Aggressive
Income Funds
Average Category Return 7.72%PICIC Cash Fund 9.85%Primus Daily Reserve Fund 8.89%
Al Ameen Islamic Cash Fund 6.08%HBL Islamic Money Market Fund 6.16%
Best return
Weak Return
Total AUM's (PKR mln) 83,204 Total No. Of Funds 41
Snapshot (30-Sep-15)
Rating Category No of FundsAAA 3AA+ 2AA 8
Rating Distribution PACRA RATED (30-Sep-15)
Asset Size Difference Return Mobilization Asset SizeMar‐15 115,383 (2,326) 2,323 (4,649) 113,057Jun‐15 113,057 (30,646) 2,270 (32,916) 82,412Sep‐15 82,412 793 1,154 (361) 83,204
FLOW ANALYSIS | MONEY MARKET (Amount in PKR mln)
Government Bond | Snapshot
AMC Sector Money Market Govt. Bond Funds Income Fund Islamic Income
Funds Aggressive
Income Funds
Average Performance 11.90%MCB Pakistan Sovereign Fund (Formerly: MetroBank Pakistan Sovereign Fund) 16.28%Alfalah GHP Sovereign Fund 15.63%
JS Islamic Government Securities Fund 6.12%Meezan Sovereign Fund 6.71%
Best return
Weak Return
Total AUM's (PKR mln) 51,662 Total No. Of Funds 11
Snapshot (30-Sep-15)
Rating Category No of FundsAA- 6A+ 1
Rating Distribution PACRA RATED (30-Sep-15)
Asset Size Difference Return Mobilization Asset SizeMar‐15 51,132 15,889 2,041 13,848 67,021Jun‐15 67,021 (24,389) 1,233 (25,622) 42,632Sep‐15 42,632 9,305 1,005 8,299 51,937
FLOW ANALYSIS | GOVERNEMENT BOND (Amount in PKR mln)
Income | Snapshot
AMC Sector Money Market Govt. Bond Funds Income Fund Islamic Income
Funds Aggressive
Income Funds
Average Performance 11.86%PIML Income Fund 17.35%Lakson Income Fund 14.61%
Faysal Financial Sector Opportunity Fund 6.72%NAFA Savings Plus Fund 8.19%
Best return
Weak Return
Total AUM's (PKR mln) 66,827 Total No. Of Funds 37
Snapshot (30-Sep-15)
Rating Category No of FundsAA- 3A+ 8A 1A- 2
Rating Distribution PACRA RATED (30-Sep-15)
Asset Size Difference Return Mobilization Asset SizeMar‐15 51,106 8,165 1,992 6,173 59,272Jun‐15 59,272 (12,174) 1,132 (13,306) 47,098Sep‐15 47,098 10,310 1,198 9,112 57,408
FLOW ANALYSIS | INCOME (Amount in PKR mln)
Islamic Income | Snapshot
AMC Sector Money Market Govt. Bond Funds Income Fund Islamic Income
Funds Aggressive
Income Funds
Average Performance 6.86%ABL Islamic Income Fund (Formerly: ABL Islamic Cash Fund) 8.06%PICIC Islamic Income Fund 7.60%
Pak Oman Advantage Islamic Income Fund 4.00%MCB Islamic Income Fund 6.53%
Best return
Weak Return
Total AUM's (PKR mln) 15,765 Total No. Of Funds 10
Snapshot (30-Sep-15)
Rating Category No of FundsAA- 3A 1A- 1
Rating Distribution PACRA RATED (30-Sep-15)
Asset Size Difference Return Mobilization Asset SizeMar‐15 21,218 2,301 503 1,798 23,519Jun‐15 23,519 (3,976) 406 (4,382) 19,543Sep‐15 19,543 5,038 340 4,698 24,580
FLOW ANALYSIS | ISLAMIC INCOME (Amount in PKR mln)
Aggressive Income | Snapshot
AMC Sector Money Market Govt. Bond Funds Income Fund Islamic Income
Funds Aggressive
Income Funds
Total AUM's (PKR mln) 14,547 Total No. Of Funds 10
Snapshot (30-Sep-15)
Average Performance 7.88%AKD Aggressive Income Fund (Formerly: AKD Income Fund) 18.01%Pakistan Income Enhancement Fund 14.12%
KASB Islamic Income Opportunity Fund -17.25%KASB Income Opportunity Fund 2.45%
Best return
Weak Return
Rating Category No of FundsA+ 3A 1A- 1
Rating Distribution PACRA RATED (30-Sep-15)
Asset Size Difference Return Mobilization Asset SizeMar‐15 11,496 2,402 455 1,947 13,899Jun‐15 13,899 (3,432) 170 (3,602) 10,467Sep‐15 10,467 4,080 278 3,802 14,547
FLOW ANALYSIS | AGGRESSIVE INCOME
Fund Stability Rating | Definition
A current opinion on the prospective relative stability in a fund’s return. The rating provides an objective measure as to the main areas of risk to which the income and money market funds are exposed
AMC Sector Money Market Government Bond Income Fund Islamic Income Aggressive
Income
Fund Stability Rating | Scale
AMC Sector Money Market Government Bond Income Fund Islamic Income Aggressive
Income
DISCLAIMER PACRA has used due care in preparation of this document. Our information has been obtained from sources we consider to be reliable but its accuracy or completeness is not guaranteed. The information in this document may be copied or otherwise reproduced, in whole or in part, provided the source is duly acknowledged. The presentation should not be relied upon as professional advice.
Analysts
Rai Umar Zafar Manager Ratings +92 42 3586 9504 [email protected]
Shoaib Afzal Financial Analyst +92 42 3586 9504 [email protected]
Usama Liaquat Financial Analyst +92 42 3586 9504 [email protected]