June 2017

July 2019

Fund Performance Report

TPL LIFE

July 2015

2 of 7

Source: PBS

KSE 100 Performance

Source: PSX

Money Market Review and Outlook:

July 2019

FUND MANAGER REPORT

Yield Curve

Macro Review and Outlook:

During the month of July 2019, benchmark KSE 100 index went down by 1,963 points MoM (-

5.79%) to close at 31,938 points. The market remained under pressure on the back of

implications of IMF extended facility, tighter monetary policy and expectation of weaker

results in cyclical stocks.

The sectors that outperformed the benchmark during the period included Fertilizer,

Commercial Banks and Oil and Gas Exploration companies. The sectors that underperformed

the benchmark included Engineering, Oil and Gas Marketing companies, Power Generation

and Distribution, Cement and Automobile. This was mainly due to increase in the cost of raw

materials due to PKR devaluation, 100 bps hike under monetary policy and increasing inflation.

Moving ahead, Pakistan equities are expected to remain range bound due to tough

macroeconomic environment. Currently the market is trading at a P.E multiple of 5.70x and

has a dividend yield of over 8.00%.

During the month of July 2019, SBP conducted two T-bill auctions with a cumulative target of

PKR 1,300 billion against the maturity of PKR 1,094 billion. The total accepted amount was PKR

2,308 billion out of which PKR 2,074 billion was for 3M tenor (excluding non-competitive bids).

The cut-off yields were 13.75%, 13.95% and 14.10% for the 3M, 6M and 12M tenor

respectively.

SBP conducted Fixed PIB auction on July 24, 2019 with a target of PKR 100 billion against

maturity of PKR 83.10 billion. Cumulative participation of PKR 699 billion was received out of

which SBP accepted PKR 201 billion, major amount pertaining to 3M tenor. The cut off yields

were 14.25%, 13.80% and 13.55% in 3M, 6M and 12M tenor respectively. In the floating PIB

auction, total participation of PKR 128 billion was witnessed out of which the government

accepted PKR 84.15 billion at a cut-off of 75bps over the benchmark.

Moving forward, it is expected that the interest rates will remain at current levels, however,

any unanticipated increase in inflation may lead to further tightening monetary measures.

Equity Market Review and Outlook:

CPI inflation for the month of July 2019 clocked in at 10.30% YoY as compared to 8.90% in the

previous month. This was mainly due to increase in prices of food, transportation and utilities.

The current account deficit for the month of June 2019 came in at USD 1.00 billion. However,

cumulative CAD for FY19 stands at USD 13.60 billion, down 31.70% YoY.

LSM continued to reflect slowdown in economic activity, declining 3.50% YoY during 11MFY19

driven by Automobiles, Iron and Steel, Pharmaceuticals and Food and Beverages.

On the fiscal side, tax collection in July 2019 was PKR 277 billion (up 34% YoY) against PKR 206

billion collected in SPLY.

Moving ahead, tough economic conditions are expected to persist with sluggish GDP growth

and inflationary pressures. However, the IMF program will help Pakistan to tap international

markets. In the coming months, the focus will remain on meeting FATF requirements and

government compliance with IMF policy directives.

CPI Inflation

-

2.00

4.00

6.00

8.00

10.00

12.00

CPI Inflation

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Jul-19 Jun-19 MoM %

NAV per Unit (PKR) 69.03 72.06 -4.21%

Net Assets Value (PKR '000) 8,578 8,519 0.70%

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

TPL Progressive Fund - TPF -2.71% -7.61% -9.05% -18.62% -21.90% -9.94% -29.47%

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

June 2017

3 of 7

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 *:

Jul-19 Jun-19

FUND PERFORMANCE:

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 -4.21% against its last month return of -

5.11% 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

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:

July 2019

67.00

69.00

71.00

73.00

75.00

77.00

79.00

81.00

83.00

Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

Unit Price 82.66 81.18 77.17 75.95 72.06 69.03

Deposits6%

PIB's22%

Stock70%

DFI & Others

2%

Deposits6%

PIB's22%

Stock70%

DFI & Others

2%

69.03

-

20.00

40.00

60.00

80.00

100.00

120.00

Since Inception Jul-19

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Jul-19 Jun-19 MoM %

NAV per Unit (PKR) 96.50 96.70 -0.20%

Net Assets Value (PKR '000) 8,256 8,086 2.10%

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

TPL Steady Fund - TSF 1.30% -0.38% -0.12% -2.54% -0.72% 1.60% -2.00%

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

June 2017

4 of 7

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 *:

Jul-19 Jun-19

FUND PERFORMANCE:

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 a negative

return of -0.20% against its last month return of -

1.68% in line with equity market performance.

Value of 100 Rupees invested since inception30-Oct-16

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:

July 2019

Balanced

Moderate

Daily Forward Pricing

Monday to Friday

1.5%

96.00

97.00

98.00

99.00

100.00

101.00

Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

Unit Price 99.40 99.25 98.09 98.34 96.70 96.50

Deposits2%

PIB's76%

Stock21%

DFI & Others

1%

96.50

94.00

95.00

96.00

97.00

98.00

99.00

100.00

101.00

Since Inception Jul-19

Deposits1%

PIB's77%

Stock21%

DFI & Others

1%

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Jul-19 Jun-19 MoM %

NAV per Unit (PKR) 115.59 114.01 1.39%

Net Assets Value (PKR '000) 5,581 5,340 4.52%

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

TPL Reliance Fund - TRF 18.36% 9.31% 11.26% 9.59% 8.99% 9.63% 7.16%

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

June 2017

5 of 7

Annualized 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 *:

Jul-19 Jun-19

FUND PERFORMANCE:

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Low

Daily Forward Pricing

Monday to Friday

1.5%

July 2019

30-Oct-16

During the month the fund generated an

annualized return of 16.86% against its last month

annualized return of -1.23%.

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

110.00

111.00

112.00

113.00

114.00

115.00

116.00

Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

Unit Price 111.90 112.35 112.88 114.13 114.01 115.59

PIB's100%

PIB's100%

115.59

90.00

95.00

100.00

105.00

110.00

115.00

120.00

Since Inception Jul-19

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 0%

Jul-19 Jun-19 MoM %

NAV per Unit (PKR) 94.36 94.79 -0.45%

Net Assets Value (PKR '000) 920 927 -0.76%

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

TPL Booster Fund - TBF 1.05% -1.00% -0.68% -2.57% -1.95% 1.78% -4.14%

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

June 2017

6 of 7

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 *:

Jul-19 Jun-19

FUND PERFORMANCE:

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 -0.45% against its last month return of -

2.06% in line with equity market performance.

Value of 100 Rupees invested since inception30-Oct-16

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:

July 2019

Balanced (without Bid-offer spread)

Moderate

Daily Forward Pricing

Monday to Friday

1.5%

92.00

94.00

96.00

98.00

Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

Unit Price 97.53 97.48 96.47 96.79 94.79 94.36

Deposits5%

PIB's68%

Stock26%

Deposits5%

PIB's69%

Stock26%

94.36

90.00

92.00

94.00

96.00

98.00

100.00

102.00

Since Inception Jul-19

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Jul-19 Jun-19 MoM %

NAV per Unit (PKR) 91.14 92.03 -0.98%

Net Assets Value (PKR '000) 851 907 -6.25%

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

TPL Interest Free Fund - TIFF 0.52% -0.74% -1.10% -3.34% -3.77% -0.80% -7.36%

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

June 2017

7 of 7

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 *:

Jul-19 Jun-19

FUND PERFORMANCE:

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 -0.98% against its last month return of -

1.28% in line with equity market performance.

Value of 100 Rupees invested since inception30-Oct-16

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:

July 2019

Islamic Balanced

Moderate

Daily Forward Pricing

Monday to Friday

1.5%

90.00

91.00

92.00

93.00

94.00

95.00

96.00

Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

Unit Price 95.12 94.76 93.57 93.23 92.03 91.14

Deposits62%

Sukuk13%

Stock17%

DFI & Others

8%

91.14

86.00

88.00

90.00

92.00

94.00

96.00

98.00

100.00

102.00

Since Inception Jul-19

Deposits69%

Sukuk10%

Stock16%

DFI & Others

5%