June 2017

March 2020

Fund Performance Report

TPL LIFE

July 2015

2 of 7

March 2020

FUND MANAGER REPORT

Yield Curve

Macro Review and Outlook:

The KSE 100 index decreased by 23.04% MoM to close at 29,231.63 points in March 2020. The

outbreak of Covid-19 adversely hit international markets and PSX was no exception.

Sectors that outperformed the benchmark during the period included Cement, Engineering,

Automobile Assembler and Power Generation & Distribution. On the other hand, sectors that

underperformed the benchmark during the period included Commercial Banks, Oil & Gas

Marketing companies and Oil & Gas Exploration companies. This was mainly on the back of cut

in policy rate and sharp decline in international crude oil prices.

Currently, the market is trading at a P.E multiple of 5.25x and has a dividend yield of 9.5%.

During the month of March 2020, SBP conducted two T-bill auctions with a target of

PKR 850 billion against the maturity of PKR 732 billion. The total accepted amount was

PKR 826 billion out of which PKR 361 billion was for 3M tenor (excluding non-competitive bids).

The cut-off yields in the last T-Bill Auction were 11.2985%, 11.2989% and 10.8699% for the 3M,

6M and 12M tenor respectively.

SBP conducted Fixed PIB auction on March 04, 2020 with a target of PKR 100 billion against the

maturity of PKR 389 billion. Cumulative participation of PKR 419.20 billion was received in 3Y,

5Y, 10Y & 20Y tenors. The government accepted PKR 37.90 billion, PKR 31.90 billion, PKR 38.20

billion and PKR 1.00 billion in the 3Y, 5Y, 10Y and 20Y tenors, respectively. The cut off yields

were 11.5888%, 10.9900%, 10.8500% and 11.7999% respectively.

During March, market witnessed a sharp reduction in the policy rate bringing it down to 11%

from 13.25%, a cumulative adjustment of 225bps, as a result of Covid-19 situation. With low oil

prices, it is expected that the monetary easing will continue with another 50-100bps further

reduction in interest rate in the calendar year.

Equity Market Review and Outlook:

The CPI inflation clocked in at 10.74% YoY under the old methodology and 10.24% under the

new base. Decline in CPI was mainly due to decline in prices of petroleum products due to

which the transportation index decreased by 4.41% MoM (under the new base).

The Current Account registered a deficit of USD 210 million for the month of February 2020,

taking 8MFY20 cumulative deficit to USD 2.8 billion, a massive decrease of 71% as compared to

the same period of last year. On the other hand, large scale manufacturing remained

depressed in 7MFY20 and went down by 3.4% YoY, driven by automobiles, pharmaceuticals,

petroleum, iron and steel products.

Moving ahead, it seems that Pakistan's path towards an economic recovery has been disrupted

by spread of Covid-19. The near term GDP is likely to contract in line with the world economy

due to lockdown measures. The focus in the upcoming months would remain on recovery post

resolution of the current crisis.

CPI Inflation

Source: PBS

KSE 100 Performance

Source: PSX

Money Market Review and Outlook:

-

2.00

4.00

6.00

8.00

10.00

12.00

14.00

CPI Inflation

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Mar-20 Feb-20 MoM %

NAV per Unit (PKR) 69.95 79.26 -11.75%

Net Assets Value (PKR '000) 12,018 11,775 2.06%

30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception

TPL Progressive Fund - TPF -10.25% -15.27% -13.72% 2.03% -12.34% -13.72% -28.55%

* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.

June 2017

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TPL Progressive Fund - TPF

INVESTMENT OBJECTIVE:This is an investment fund designed on an aggressive investment strategy to provide higher returns in long term by investing primarily in equities along with

debt / money market instruments.

FUND INFORMATION: RETURNS:

March 2020

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Absolute Return

TPL Progressive Fund - TPF BID PRICE:

During the month the fund showed a negative

return of -11.75% against its last month return of -

5.70% in line with equity market performance.

Value of 100 Rupees invested since inception

Aggressive

High

Daily Forward Pricing

Monday to Friday

1.5%

30-Oct-16

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Mar-20 Feb-20

FUND PERFORMANCE:

62.00

66.00

70.00

74.00

78.00

82.00

86.00

Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

Unit Price 73.42 80.12 82.50 84.04 79.26 69.95

Deposits4%

T-Bills1%

TDR5%

PIB's33%Stock

56%

DFI & Others

1%

Deposits4%

TDR5%

PIB's46%

Stock44%

DFI & Others

1%

69.95

-

20.00

40.00

60.00

80.00

100.00

120.00

Since Inception Mar-20

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Mar-20 Feb-20 MoM %

NAV per Unit (PKR) 108.40 108.02 0.35%

Net Assets Value (PKR '000) 10,510 11,009 -4.54%

30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception

TPL Steady Fund - TSF 1.85% 0.89% 1.64% 9.87% 10.72% 1.64% 9.90%

* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.

June 2017

4 of 7

Balanced

Moderate

Daily Forward Pricing

Monday to Friday

1.5%

TPL Steady Fund - TSF

INVESTMENT OBJECTIVE:

The primary investment objective of this fund is to provide stable returns by balancing the investment in equities and debt / money market instruments.

FUND INFORMATION: RETURNS:

March 2020

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Absolute Return

TPL Steady Fund - TSF BID PRICE:

During the month the fund showed an absolute

return of 0.35% against its last month return of -

0.95% in line with equity market performance.

Value of 100 Rupees invested since inception30-Oct-16

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Mar-20 Feb-20

FUND PERFORMANCE:

93.00

96.00

99.00

102.00

105.00

108.00

111.00

Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

Unit Price 103.49 106.38 108.25 109.06 108.02 108.40

Deposits1%

TDR2%

PIB's79%

Stock17%

DFI & Others

1%

108.40

96.00

99.00

102.00

105.00

108.00

111.00

114.00

Since Inception Mar-20

Deposits1%

TDR2%

PIB's83%

Stock13%

DFI & Others

1%

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Mar-20 Feb-20 MoM %

NAV per Unit (PKR) 133.96 127.70 4.91%

Net Assets Value (PKR '000) 8,201 6,744 21.61%

30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception

TPL Reliance Fund - TRF 6.41% 7.38% 7.89% 12.57% 20.74% 7.89% 35.46%

* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.

June 2017

5 of 7

30-Oct-16

During the month the fund generated an

annualized return of 59.69% against its last month

annualized return of 11.24%.

Value of 100 Rupees invested since inception

INVESTMENT OBJECTIVE:The primary investment objective of this fund is to generate income by investing in a range of debt instruments of various maturities with a view to maximize

the optimal balance between yield, safety and liquidity.

FUND INFORMATION: RETURNS:

Conservative

Absolute Return

TPL Reliance Fund - TRF BID PRICE:

TPL Reliance Fund - TRF

IGI Conservative Fund - ICF BID PRICE:

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Mar-20 Feb-20

FUND PERFORMANCE:

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Low

Daily Forward Pricing

Monday to Friday

1.5%

March 2020

112.00

115.00

118.00

121.00

124.00

127.00

130.00

133.00

136.00

Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

Unit Price 123.68 124.48 125.92 126.53 127.70 133.96

TDR29%

PIB's71%

TDR28%

PIB's72%

133.96

90.00

100.00

110.00

120.00

130.00

140.00

Since Inception Mar-20

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 0%

Mar-20 Feb-20 MoM %

NAV per Unit (PKR) 104.32 107.11 -2.60%

Net Assets Value (PKR '000) 1,000 1,029 -2.85%

30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception

TPL Booster Fund - TBF -1.10% -3.02% -2.27% 7.65% 8.52% -2.27% 5.82%

* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.

June 2017

6 of 7

Balanced (without Bid-offer spread)

Moderate

Daily Forward Pricing

Monday to Friday

1.5%

TPL Booster Fund - TBF

INVESTMENT OBJECTIVE:The primary investment objective of the fund is to provide stable returns by balancing the investment in equities and debt / money market instruments.

Returns in this fund are maximized through low expense charge allocations.

FUND INFORMATION: RETURNS:

March 2020

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Absolute Return

TPL Booster Fund - TBF BID PRICE:

During the month the fund showed a negative

return of -2.60% against its last month return of -

1.97% in line with equity market performance.

Value of 100 Rupees invested since inception30-Oct-16

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Mar-20 Feb-20

FUND PERFORMANCE:

91.00

95.00

99.00

103.00

107.00

111.00

115.00

Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

Unit Price 102.36 106.25 108.41 109.26 107.11 104.32

Deposits1%

PIB's70%

Stock29%

Deposits1%

PIB's77%

Stock21%

DFI & Others

1%

104.32

96.00

98.00

100.00

102.00

104.00

106.00

108.00

Since Inception Mar-20

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Mar-20 Feb-20 MoM %

NAV per Unit (PKR) 92.49 95.47 -3.13%

Net Assets Value (PKR '000) 1,682 1,335 25.99%

30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception

TPL Interest Free Fund - TIFF -1.63% -2.82% -2.31% 2.49% -0.90% -2.31% -6.01%

* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.

June 2017

7 of 7

Islamic Balanced

Moderate

Daily Forward Pricing

Monday to Friday

1.5%

TPL Interest Free Fund - TIFF

INVESTMENT OBJECTIVE:The primary investment objective of this fund is to generate interest-free income by investing in a range of Islamic investment and shariah-compliant

instruments.

FUND INFORMATION: RETURNS:

March 2020

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Absolute Return

TPL Interest Free Fund - TIFF BID PRICE:

During the month the fund showed a negative

return of -3.13% against its last month return of -

1.23% in line with equity market performance.

Value of 100 Rupees invested since inception30-Oct-16

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Mar-20 Feb-20

FUND PERFORMANCE:

88.00

90.00

92.00

94.00

96.00

98.00

Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

Unit Price 92.95 95.29 96.15 96.66 95.47 92.49

Deposits70%

Sukuk6%

Stock16%

DFI & Others

8%

92.49

80.00

85.00

90.00

95.00

100.00

105.00

Since Inception Mar-20

Deposits51%

Sukuk13%

Stock23%

DFI & Others

13%