April 2012
Lakson Outlook Economic and Markets Review FMR Lakson Money Market Fund FMR Lakson Income Fund FMR Lakson Equity Fund FMR Lakson Asset Allocation Developed Markets Fund FMR Lakson Asset Allocation Emerging Markets Fund FMR Lakson Asset Allocation Global Commodities Fund Mutual Funds Performance Comparison Markets Information
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Table of contents Economic & Markets Review
04 - 05
Lakson Money Market Fund
06
Lakson Income Fund
07
Lakson Equity Fund
08
Lakson Asset Allocation Developed Markets Fund
09
Lakson Asset Allocation Emerging Markets Fund
10
Lakson Asset Allocation Global Commodities Fund
11
Mutual Funds Performance Comparison
12 - 13
Markets Information
14 - 15
03
Lakson Outlook - April 2012
Economic & Markets Review - Pakistan Economic Review (Monetary and Fiscal) The State Bank of Pakistan ("SBP") in its Monetary Policy Statement for April-May kept the Discount Rate unchanged at 12% and highlighted unabated government borrowing, external accounts pressure, depleting forex reserves and dismal private sector credit offtake as the key challenges facing the Pakistan economy. At the same time, the Central Bank raised minimum return offered by banks on saving account deposits from 5% to 6% in an effort to rationalize surging banking spreads and promote savings in the economy. CPI Inflation for Apr '12 clocked in at 19-month high of 1.83% MoM with major contributors to price escalation being food items (up 2.19% MoM) and Transport segment (up 4.24% MoM). On YoY basis, CPI inflation stood at 11.27% during Apr '12 as against 10.79% YoY surge witnessed in the previous month. Except for 'Communication', all other segments of the CPI basked witnessed double digit hike in the prices during Apr '12. However overall, the CPI for the period 10MFY12 averaged at 10.84% YoY, which was considerably lower when compared to same period last year (13.80% YoY) as well as the SBP full year target of 11-12% for FY12. Moreover, despite acute energy shortages and prolonged load shedding, the Large Scale Manufacturing ("LSM") segment maintained its positive growth momentum during Feb '12, as it grew by 6.03% YoY - the second highest growth since Aug '11. Decent growth in production of Food, Beverages & Tobacco, Pharma, Textiles and Non-metallic mineral products supported overall LSM growth during the month under review. The cumulative LSM growth during 8MFY12 stood at 1.78% YoY compared to a decline of 0.47% YoY in the same period last year. During Mar '12, the country's external account position also witnessed modest improvement as the current account balance posted a surplus of USD 142 million, backed by respite in the services' deficit and further improvement in inward remittances. The current account deficit for the 9MFY12 concluded at USD 3,089 million compared to a mere deficit of USD 10 million in the comparable period last year. Forex reserves of the country declined by USD 128 million during the last month to USD 16.42 billion (up till April 20, 2012) due to ongoing debt and import payments. The Government would be servicing an installment of USD 400 million to IMF under the SBA agreement by the end of May, which may exert pressure on the forex reserves and eventually the Rupee, which depreciated by 0.4% MoM to stand at PKR 91.0 against the USD at the end of Apr '12. Fixed Income Review The money market remained relatively tight during Apr '12, with overnight repo rates recording MoM uptick of 10 bps to 11.27%. The SBP injected an average of PKR 187 billion on weekly basis to keep the market liquid, compared to average weekly injection of PKR 173 billion in Mar '12. The two T-bill auctions held during the month fetched PKR 316 billion against the targeted amount of PKR 1,080 billion, due to participation at higher cut offs. With status quo in Discount Rate in the April-May Monetary Policy, the yields for 3M, 6M and 12M were marginally adjusted upward by 4bps, 3bps and 3bps respectively during the month. The benchmark 6M KIBOR was also up by 5 bps to 12.0% during Apr '12 while M2 growth remained contained at 7.7% up till April 20, 2012 versus a growth of 9.3% witnessed in the same period last year. Equity Market Review The much awaited Presidential Ordinance was finally released during the month which froze the Capital Gains Tax ("CGT") slabs at current levels and confirmed the earlier stated relaxations on source of funds invested in the equity markets. Resultantly domestic equity bourses maintained their upward trajectory despite renewed political tensions emanating from Prime Minister's conviction by the Supreme Court. KSE 100 thus returned 1.7% during Apr '12, taking CY12 to date ("TD") and FY12 TD respective returns to 23.3% and 12.0%. Trading volumes dipped 6% MoM as the daily average clocked in at 314 million shares during Apr '12; however encouragingly blue-chip stocks generated a higher degree of flows as average daily traded value increased 13% MoM to PKR 7.0 billion. Foreign investors too posted another month of positive momentum with net foreign portfolio flows recording an increase of 163% MoM to USD 22.1 million, taking CY12 TD net inflows to USD 38.2 million. The outgoing month witnessed the corporate result announcements for the quarter ended Mar '12 with the major listed companies posting a bottom-line growth of 26% YoY. Most of the gains were led by banking, cement and oil & gas exploration sectors. The former benefited from recovery in asset quality and reduced effective taxation while profitability for cement and exploration sectors grew on the back of healthy increase in retention prices. The key laggard remained the fertilizer sector, due to exacerbated gas curtailment and unwarranted government subsidy on imported urea.
Yield Curve
15.0% 14.0% 13.0% 12.0% 11.0% 1W
2M
6M
2Y
5Y
30-Mar-12
8Y
15Y
30-Apr-12
USD/PKR vs. Forex Reserves 92.0
17.0
Forex Res. (USD bn.) - RHS USD/PKR
16.8
91.3 16.5 90.5
16.3 16.0
89.8 15.8 89.0 1-Apr
8-Apr
15-Apr
22-Apr
29-Apr
15.5
Market Rates 13.0% 12.0% 11.0% 10.0% 9.0% 8.0% 2-Apr 6M KIBOR
12-Apr 22-Apr O/N Repo Rate
6M T-Bill
The SBP in its Monetary Policy Statement highlighted unabated government borrowing, external accounts pressure, depleting forex reserves and dismal private sector credit offtake as the key challenges facing the Pakistan economy.
DISCLAIMER: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily an indication of future results.
04
Lakson Outlook - April 2012
Economic & Markets Review - International Developed Markets After posting record gains in the first quarter of 2012, global equity markets eased during the outgoing month on the back of resurgence in Euro debt crisis and disappointing economic data in the US. The benchmark MSCI World index dropped 1.4% MoM while MSCI Europe was down 1.5% MoM and S&P 500 of US declined 0.7% MoM. Amongst major developed markets, Japan posted the most significant decline of 5.6% during the month, as renewed gains in the Japanese Yen pose threats to its export oriented industries. Spain's sovereign credit rating was cut for the second time this year by Standard & Poor's ("S&P") on concerns that the country will have to provide further fiscal support to banks as the economy contracts. The Euro region's fifth largest economy dipped back into its second recession since 2009, unemployment rate edged to over 24% and the yield on its 10 year bond rose to around 6%. In the US, the economy reported to have added 120,000 jobs in March, the fewest in five months and well below all market expectations. The GDP growth for Q1CY12 in the world's largest economy too fell short of consensus forecasts as it clocked in at 2.2% (annualized), after posting a growth of 3.0% in the previous quarter. However the release of manufacturing data for April lifted up the sentiments as the Institute for Supply Management's factory index climbed to 54.8, the highest in almost a year and exceeding the most optimistic market forecasts. In other key developments, UK managed to retain its AAA grade with a stable outlook at S&P as the rating company disagreed with Moody's Investors Service and Fitch Ratings on the risks to Britain's ability to pay its debts. The country however later reported to have succumbed to its first double-dip recession since 1970s as GDP fell 0.2% in the Q1CY12. Emerging Markets Benchmark MSCI Emerging Markets index declined 1.5% during Apr '12, as equity markets succumbed to profit taking after posting record gains in the Q1CY12. Countries most reliant on exports to Europe remained in the limelight as the benchmark equity indices for Taiwan, Brazil, Russia and Korea posted respective declines of 5.4%, 4.2%, 2.9% and 1.6% during the month. China stood out as the key outperformer with the benchmark CSI 300 gaining 7.0% MoM, on the back of recently announced relaxations for foreign investment in the country. The China Securities Regulatory Commission increased the quotas from USD 30 billion to USD 80 billion for qualified foreign institutions investing in the country's stocks, bonds and back deposits. The move came amidst slowing exports and increasing focus towards domestic economy as the annualized GDP growth for Q1CY12 clocked in at a 3 year low of 8.1%. However encouraging retail sales and industrial production have eased speculations of a "hard landing" for the world's second largest economy as China's Purchasing Managers' index rose to 53.3 in April from 53.1 in March - the fifth straight reading above the 50 level dividing expansion from contraction. In other developments, India's central bank cut policy repo rate by 50 bps to 8.0% in a move to boost flagging economic growth but warned that there is limited scope for further cuts. Vietnam too cut its interest rates for the second time in a month as refinancing and discount rates were reduced from 14% to 13% and 12% to 11%, respectively. On the other hand, Indonesia stood in the limelight as it raised USD 2.5 billion from sales of 10 and 30 year dollar bonds at record low yields of 3.85% and 4.95%, respectively. Global Commodities Driven by slowdown in Europe, India and China, global commodity markets eased during the outgoing month with DB Commodity index declining by 0.9% MoM. Amongst major commodities, cotton, coal, silver and Brent crude oil posted respective MoM declines of 6.7%, 5.8%, 4.7% and 2.8%. On the other hand, gold remained stable while Nymex crude oil gained 1.8% during Apr '12. Cotton slumped during the month on forecasts of surplus global supplies as India, the world's second largest producer, suspends a ban on exports. On the other hand, Brent crude oil dropped on the back of easing geo-political climate in the Middle East as Iran met with six world powers (US, Russia, China, France, UK and Germany) to begin negotiations on its nuclear program. At the same time, stock piles in the US surged the most since 2008 as its domestic crude output climbed to the highest level in 12 years.
Performance of Equities & Commodities 140%
MSCI World Index
MSCI EM Index
DB Commodity Index
120%
100%
80%
60% Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Valuations of International Markets 16
12
8
4
-
DM
US
UK Japan Canada EM
Brazil Russia India China
P/E Multiple
After posting record gains in the first quarter of 2012, global equity markets eased during the outgoing month on the back of resurgence in Euro debt crisis and disappointing economic data in the US.
From a global liquidity standpoint, investors registered their disappointment on relatively hawkish minutes from the US Federal Open Market Committee's ("FOMC") March 13 policy meeting which suggested that the Fed is less likely than previously thought to embark on a third round of Quantitative Easing ("QE3"). While the Fed later committed to remain "accommodative", the minutes showed that QE3 will only be considered if growth and inflation fall significantly below forecasts.
05
Lakson Outlook - April 2012
Lakson Money Market Fund Investment Objective The investment objective of the Lakson Money Market Fund is to provide stable and competitive returns in line with the money markets, exhibiting low volatility consistent with capital preservation by constructing a liquid portfolio of low risk short term investments. Performance Review The Lakson Money Market Fund ("LMMF") yielded an annualized return of 10.56% in April '12 compared to the Benchmark (average return of all money market funds) return of 10.81% p.a. The LMMF underperformed the average money market fund by 25bps. The LMMF continues to provide the liability related to the Workers Welfare Fund ("WWF") that has a negative impact of approximately 20bps in monthly annualized performance. The yield since inception (13th November 2009) of the LMMF stood at 11.34% p.a. compared to a 11.40% p.a. return for the average money market fund. As of April 30, 2012, the Weighted Average Maturity ("WAM") of the LMMF portfolio was 38 days compared to 52 days at the start of the month. The portfolio of the LMMF still offers very high liquidity and as on April 30, 2012, 78% portfolio of the LMMF comprised of instruments that can be liquidated within six (6) business days keeping in view the present market situation. The Standard Deviation, a measure of the volatility of the fund's performance, of monthly returns of the LMMF since inception is just 1.01%.
Credit Split
Asset Allocation LOPs 4%
AA 24%
TDRs 23% AA+ 4%
Cash 1%
AAA 72%
T-Bills 72%
Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (30.04.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark Dealing Days Cut-Off Time Fund Rating Asset Manager Rating
Open-End Money Market Fund 6,465 100.1119 Previous Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 1.25% None None November 13, 2009 Average of returns earned by Money Market Funds in the industry. Mon - Fri 04:00 PM 'AA' by PACRA AM3+
Performance Morningstar April-12 2 Months 3 Months 6 Months 12 Months CY12 - YTD FY12 - YTD Since Inception
LMMF 10.56% 10.45% 10.29% 10.38% 11.43% 10.52% 11.33% 11.34%
Benchmark 10.81% 10.76% 10.53% 10.57% 11.57% 10.69% 11.49% 11.40%
Simple Annualized April-12 2 Months 3 Months 6 Months 12 Months CY12 - YTD FY12 - YTD Since Inception
LMMF 10.08% 10.03% 9.92% 10.12% 11.43% 10.17% 11.23% 12.30%
Benchmark 10.30% 10.23% 10.12% 10.30% 11.57% 10.33% 11.39% 12.37%
LMMF vs. Benchmark 135
Asset Allocation Instruments
Feb-12
Government Securities (T-Bills) Placements with Banks (TDRs) Placements with DFIs (LOPs) Cash
81% 18% 1% 0%
Mar-12 Apr-12 % of Net Assets 75% 73% 25% 23% 0% 4% 0% 1%
WAM* Days 41 35 2 1
* Weighted Average Maturity
11.87% 11.83% 11.27%
11.93% 11.97% 11.78%
Disclosures
06
120 115 110 105
Benchmark
12.02% 11.92% 11.68%
* Source: Bloomberg, Reuters
Leverage as on April 30, 2012 Non Performing Assets WAM of Portfolio
125
100 Nov-09 Mar-10 Jun-10 Oct-10 Jan-11 May-11 Aug-11 Dec-11 Mar-12
Key Interest Rates (Monthly Average) KIBOR (1W, 1M, 3M, 6M, 12M) T-Bills (3M, 6M, 12M) Repo (O/N, 1M, 3M, 6M, 12M)
130
Nil. Nil. 38 Days
12.00%
12.35%
11.86%
11.90%
LMMF
Investment Committee Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam Syed Imran Raza Kazmi Muhammad Qasim
Chairman
Lakson Outlook - April 2012
Lakson Income Fund Investment Objective The investment objective of the Lakson Income Fund is to provide competitive total return through investment in a diversified portfolio of fixed income securities. Investments will be made in a variegated mix of short term, medium term and longer term maturities depending on the assessment by the Investment Team of interest rate trends and prospective returns. Performance Review The Lakson Income Fund ("LIF") provided an annualized yield of 11.07% for the month of April '12, compared to the Benchmark return (average return of all income funds) of 2.67 %. The LIF outperformed the average income fund by 840bps. The yield since inception (13th November 2009) of the LIF stands at an annualized rate of 11.49%, compared to the Benchmark return of 7.90% p.a. The LIF continued to build position in high quality debt securities and during April '12, exposure of the LIF in TFCs increased to 18%. As of April 30, 2012, the WAM of the LIF portfolio was 418 days compared to 403 days at the start of the month. The WAM of the LIF portfolio went up due to increased exposure in TFCs. As of April 30, 2012, 50% of the LIF portfolio comprised of liquid instruments that can be liquidated within six (6) business days keeping in view the prevailing market conditions. In a situation where the income funds are providing very volatile returns, the standard deviation of annualized monthly returns of the LIF is only 1.57 % compared to 5.37% for the Benchmark.
Asset Allocation CPs 13%
Credit Split
Cash 1%
TFCs 18%
AA10%
A+ 1%
AA 22%
T-Bills 50%
AAA 50%
AA+ 17%
TDRs 18%
Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (30.04.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark Dealing Days Cut-Off Time Fund Rating Asset Manager Rating
Performance Morningstar April-12 2 Months 3 Months 6 Months 12 Months CY12 - YTD FY12 - YTD Since Inception
LIF 11.07% 10.68% 10.36% 10.16% 11.57% 10.43% 11.54% 11.49%
Benchmark 2.67% 7.08% 8.12% 7.46% 7.85% 8.32% 8.33% 7.90%
Simple annualized April-12 2 Months 3 Months 6 Months 12 Months CY12 - YTD FY12 - YTD Since Inception
LIF 10.54% 10.23% 9.98% 9.92% 11.57% 10.09% 11.44% 12.48%
Benchmark 0.95% 6.49% 7.72% 7.22% 7.85% 7.99% 8.25% 8.54%
TFCs Portfolio Name of the Issue Askari Bank Limited Bank Al Habib Limited Engro Fertilizer Limited NIB Bank Limited Orix Leasing Pakistan Limited Pakistan Mobile Communication United Bank Limited
Issue Date 23-Dec-11 30-Jun-11 17-Dec-09 05-Mar-08 30-Jun-11 18-Apr-12 14-Feb-08
Rating AAAA AA A+ AA+ AAAA
Feb-12
Mar-12
LIF vs. Benchmark
% of Net Assets 5.03% 1.55% 0.36% 1.09% 4.60% 4.79% 1.07%
135 130 125 120 115 110
Asset Allocation Instruments Government Securities (T-Bills) Placements with Banks (TDRs) Term Finance Certificates (TFCs) Commercial Papers (CPs) Cash
105
% of Net Assets 69% 48% 4% 18% 12% 17% 14% 13% 1% 4%
* Weighted Average Maturity
Disclosures Leverage as on April 30, 2012 Non Performing Assets WAM of Portfolio
07
Open-End Income Fund 1,375 100.388 Forward Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 1.50% 1.50% None November 13, 2009 Average of returns earned by the Income Funds in the industry Mon - Fri 04:00 PM (Mon-Fri) 'AA-' by PACRA AM3+
Nil. Nil. 418 Days
Apr-12
WAM*
50% 18% 18% 13% 1%
Days 48 36 2,065 84 1
100 Nov-09 Mar-10 Jun-10 Oct-10 Jan-11 May-11 Aug-11 Dec-11 Mar-12
Benchmark
LIF
Investment Committee Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam Syed Imran Raza Kazmi Muhammad Qasim
Chairman
Lakson Outlook - April 2012
Lakson Equity Fund Investment Objective The investment objective of the Lakson Equity Fund is to provide long term capital appreciation by investing mainly in equity and related listed securities. Investments will be made in companies of substance, financial strength and demonstrably superior management skills with some exposure given to smaller capitalized value stocks. Performance Review The Lakson Equity Fund ("LEF") increased by 1.59% in April '12 compared to the KSE100 Index return of 1.66% and the KSE-30 Index return of 1.14%. The LEF underperformed the KSE-100 Index by 7bps and outperformed the KSE-30 Index by 45bps. The LEF has provided a cumulative return of 33.88% since its inception. During the month, the LEF reduced its exposure in equities to 76% compared to 78% at the start of the month. The LEF realized gains in Commercial Banks and Construction & Material sectors as their prices reached their target prices. During the month the LEF increased exposure in Oil & Gas and Personal Goods sectors. The LEF has higher exposure in those sectors and companies that can outperform their peers in tough economic situations. Presently the market is trading at a P/E multiple of 6.99x with an average dividend yield of 6.41% and the discount of the market as compared to regional markets continues to narrow down.
Open-End Equity Fund 146 114.3560 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 3.00% 3.00% None November 13, 2009 KSE-100 Index Mon-Fri 04:00 PM AM3+
Asset Allocation
Top 10 Holdings (In Alphabetical Order) Attock Petroleum Limited Bank Al Habib Limited Fauji Fertilizer Company Limited MCB Bank Limited Nishat Mills Limited Oil & Gas Development Company Pakistan Oilfields Limited Pakistan Petroleum Limited Pakistan State Oil The Hub Power Company
Fund Facts
Fund Type Category Net Assets (PKR Mil.) NAV (30.04.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark Dealing Days Cut-Off Time Asset Manager Rating
5.15% 3.61% 7.09% 4.71% 4.16% 7.94% 9.13% 9.24% 3.06% 3.92%
Cash & Equi. 3%
T-Bills 21%
Equities 76%
Performance
LEF
KSE-30
KSE-100
April-12 2 Months 3 Months 6 Months 12 Months CY12 - YTD FY12 - YTD Since Inception
1.59% 5.85% 13.56% 12.71% 9.81% 23.76% 11.89% 33.88%
1.14% 2.90% 9.66% 8.97% 4.57% 20.37% 5.75% 28.13%
1.66% 8.64% 17.81% 17.87% 16.03% 23.29% 11.96% 54.30%
Sectorwise Exposure Others
Sectorwise Exposure Oil & Gas Banks Chemicals Personal Goods Construction & Materials Others
Mar-12
Apr-12
31.08% 17.74% 10.34% 3.63% 8.49% 6.66%
34.52% 11.95% 10.78% 6.34% 4.45% 7.29%
Const. & Mat.
LEF vs. Benchmark
Personal Goods
Oil & Gas
160 150
Chemicals
140 130
Banks
120 110
Asset Allocation Equities T-Bills Cash & Equivalents
100
Feb-12 85% 0% 15%
Mar-12 78% 0% 22%
Apr-12 76% 21% 3%
90 Nov-09 Mar-10 Jun-10 Oct-10 Jan-11 May-11 Aug-11 Dec-11 Mar-12
LEF
KSE-100
KSE-30
Pakistan vs. Global Markets Country Pakistan India Malaysia Dubai USA USA * Source: Reuters, Bloomberg
Index KSE-100 BSE Sensex 30 FTSE KLCI DFM General DJIA S&P 500
Disclosures Leverage as on April 30, 2012 Non Performing Assets
08
Nil. Nil.
1M Return 1.66% -0.49% -1.61% -1.09% 0.01% -0.75%
P/E 6.99 15.13 14.58 10.57 12.54 13.35
Div. Yield 6.41% 1.84% 3.58% 3.14% 2.60% 2.13%
Investment Committee Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam Syed Imran Raza Kazmi Muhammad Qasim
Chairman
Lakson Outlook - April 2012
Lakson Asset Allocation Developed Markets Fund Investment Objective The investment objective of the Lakson Asset Allocation Developed Markets Fund is to provide long-term capital appreciation by investing in a mix of domestic debt and developed markets securities. Performance Review The Lakson Asset Allocation Developed Markets Fund ("LAADMF") increased by 0.47% in April '12 compared to the Benchmark (70% 6-month T-Bills + 30% MSCI World Index) return of 0.39%. The LAADMF outperformed the Benchmark by 8bps. The LAADMF has appreciated by 4.51% since its inception. During the month, the LAADMF increased exposure in Developed Markets equities to 6% compared to 3% at the start of the month. The LAADMF aims to gradually increase its exposure in Developed Markets equities using Dollar Cost Averaging approach (the technique of buying a fixed dollar amount of a particular investment on a regular schedule). The total foreign currency exposure of the LAADMF is 30%, of which 24% is invested in foreign currency (USD) deposits and remaining 6% is invested in iShares MSCI World ETF. This ETF tracks the performance of MSCI World Index and is being managed by BlackRock. The iShares MSCI World ETF has USD 3.92 billion in assets under management. Developed Market Equities (iShares MSCI World ETF)
Asset Allocation
Security % of ETF's Assets Apple Incorporation 2.28% Exxon Mobil Corporation 1.72% Intl Business Machines Corporation 1.07% Microsoft Corporation 1.01% Nestle SA 0.88% General Electric 0.87% Chevron Corporation 0.87% AT&T INC 0.87% Pfizer Incorporation 0.74% Johnson & Johnson 0.73%
Cash (PKR) 1%
USD Deposit 24% DM Equities 6%
Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (30.4.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark Dealing Days Cut-Off Time Fund Rating Asset Manager Rating
Fund Performance
T-Bills 69%
Open-End Asset Allocation Fund 323 104.5102 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 2.00% 2.50% None October 10, 2011 30% MSCI World Index +70% 6-month T-Bills Mon - Fri 04:00 PM In Process AM3+
LAADMF Benchmark
1 Month 2 Month 3 Month 4 Month 5 Month 6 Month CY12 - YTD FY12 - YTD*
0.47% 0.88% 1.54% 2.41% 3.16% 3.95% 2.41% 4.51%
0.39% 1.30% 3.54% 5.98% 7.05% 7.66% 5.98% 8.82%
*Since Inception
Asset Allocation
LAADMF vs. Benchmark
Instruments
Feb-12
Government Securities (T-Bills) Cash (Local Currency PKR) Foreign Currency (USD) Deposit Developed Markets (DM) Equities
69% 1% 30% 0%
Mar-12 Apr-12 % of Net Assets 69% 69% 1% 1% 27% 24% 3% 6%
109 107 105 103 101 99 Oct-11
MSCI World Index (Composition) Country United States United Kingdom Japan Canada France
Weight 53% 10% 9% 5% 4%
09
Dec-11
Jan-12
Benchmark
Sectors Financials Information Technology Industrials Consumer Discretionary Consumer Staples
Disclosures Leverage as on April 30, 2012 Non Performing Assets
Nov-11
Nil. Nil.
Weight 19% 13% 11% 11% 11%
Feb-12 Mar-12 LAADMF
Apr-12
Investment Committee Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam Syed Imran Raza Kazmi Muhammad Qasim
Chairman
Lakson Outlook - April 2012
Lakson Asset Allocation Emerging Markets Fund Investment Objective The investment objective of the Lakson Asset Allocation Emerging Markets Fund is to provide long-term capital appreciation by investing in a mix of domestic debt and emerging market securities. Performance Review The Lakson Asset Allocation Emerging Markets Fund ("LAAEMF") increased by 0.45% in April '12 compared to the Benchmark (70% 6-month T-Bills + 30% MSCI Emerging Markets Index) return of 0.35%. During the month, the LAAEMF outperformed the benchmark by 10bps. The LAAEMF has appreciated by 4.40% since its inception. The LAAEMF increased exposure in Emerging Markets equities to 6% compared to 3% at the start of the month. The LAAEMF aims to gradually increase its exposure in foreign equities using Dollar Cost Averaging approach (the technique of buying a fixed dollar amount of a particular investment on a regular schedule). The total foreign currency exposure of the fund is 30%, of which 24% is invested in foreign currency (USD) deposit and remaining 6% is invested in Vanguard MSCI Emerging Markets ETF. This ETF tracks the performance of MSCI Emerging Markets Index and is being managed by Vanguard. The Vanguard MSCI Emerging Markets ETF has USD 68.2 billion in assets under management.
Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (30.4.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date
Dealing Days Cut-Off Time Fund Rating Asset Manager Rating
Open-End Asset Allocation Fund 322 104.4046 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 2.00% 2.50% None October 10, 2011 30% MSCI Emerging Markets Index +70% 6-month T-Bills Mon - Fri 04:00 PM In Process AM3+
Fund Performance
LAAEMF Benchmark
Benchmark
Asset Allocation
Emerging Market Equities (Vanguard MSCI EM ETF) Security % of ETF's Assets Samsung Electronics 3.80% Petroleo Brasileiro SA 2.50% Vale SA 2.10% Taiwan Semiconductor Manufacturing 1.90% China Mobile 1.80% Gazprom OAO 1.80% America Movil SAB de CV 1.30% China Construction Bank Corp 1.30% Itau Unibanco Holding 1.20% Industrial & Commercial Bank of China 1.10%
USD deposit 24%
Cash (PKR) 1%
EM Equities 6%
T-Bills 69%
1 Month 2 Month 3 Month 4 Month 5 Month 6 Month CY12 - YTD FY12 - YTD*
0.45% 0.79% 1.45% 2.32% 3.07% 3.85% 2.32% 4.40%
0.35% -0.08% 2.44% 6.75% 7.45% 6.65% 6.75% 9.54%
*Since Inception
Asset Allocation Instruments
Feb-12
Government Securities (T-Bills) Cash (Local Currency PKR) Foreign Currency (USD) Deposit Emerging Markets (EM) Equities
69% 1% 30% 0%
LAAEMF vs. Benchmark
Mar-12 Apr-12 % of Net Assets 69% 69% 1% 1% 27% 24% 3% 6%
111 109 107 105 103 101 99 Oct-11
MSCI Emerging Markets Index (Composition) Country China Korea Brazil Taiwan South Africa
Weight 17% 15% 15% 11% 8%
Sectors Banks Oil & Gas Telecommunication Semiconductor Iron/Steel
Disclosures Leverage as on April, 2012 Non Performing Assets
10
Nil. Nil.
Weight 16% 12% 9% 5% 5%
Nov-11
Jan-12
Feb-12
Benchmark
Mar-12
Apr-12
LAAEMF
Investment Committee Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam Syed Imran Raza Kazmi Muhammad Qasim
Chairman
Lakson Outlook - April 2012
Lakson Asset Allocation Global Commodities Fund Investment Objective The investment objective of the Lakson Asset Allocation Global Commodities Fund is to provide long-term capital appreciation by investing in a mix of domestic debt and commodities. Performance Review The Lakson Asset Allocation Global Commodities Fund ("LAAGCF") increased by 0.44% in April '12 compared to the Benchmark (70% 6-month T-Bills + 30% DB Commodity Index) return of 0.53%. The LAAGCF underperformed the Benchmark by 9bps. The LAAGCF has appreciated by 4.35% since its inception. During the month, the LAAGCF increased exposure in global commodities to 6% compared to 3% at the start of the month. The LAAGCF aims to gradually increase its exposure in commodities using Dollar Cost Averaging approach (the technique of buying a fixed dollar amount of a particular investment on a regular schedule). The total foreign currency exposure of the fund is 30%, of which 24% is invested in foreign currency (USD) deposit and remaining 6% is invested in DBLCI-OY Balanced ETF. This ETF tracks the performance of DBLCI-OY Balanced Index and is being managed by Deutsche Bank. Global Commodities (DB Balanced Commodity ETF) Commodity Gold Light Crude Brent Crude RBOB Gasoline Soybeans Heating Oil Wheat Corn Sugar Copper Zinc Aluminium Silver Natural Gas
Sectorwise Exposure Energy Agriculture Base Metals Precious Metals
Asset Allocation
Weight 12.71% 8.76% 8.66% 8.64% 8.60% 8.44% 6.97% 6.74% 6.52% 6.50% 6.18% 5.94% 3.05% 2.30%
Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (30.4.2012) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark Dealing Days Cut-Off Time Fund Rating Asset Manager Rating
Open-End Asset Allocation Fund 368 104.3509 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 2.00% 2.50% None October 10, 2011 30% DB Commodity Index +70% 6-month TBills Mon - Fri 04:00 PM In Process AM3+
Cash 0% USD Deposit 24%
Fund Performance
Commodities 6% T-Bills 70%
1 Month 2 Month 3 Month 4 Month 5 Month 6 Month CY12 - YTD FY12 - YTD*
LAAGCF
Benchmark
0.44% 0.72% 1.38% 2.24% 2.99% 3.78% 2.24% 4.35%
0.53% 0.50% 2.90% 4.95% 5.22% 6.42% 4.95% 6.98%
*Since Inception
Sectorwise Exposure LAAGCF vs. Benchmark
Precious Metals 15.76%
Apr-12 36.79% 28.83% 18.63% 15.76%
107
Energy 36.79%
Base Metals 18.63%
105 103 101
Agriculture 28.83%
99 Oct-11
Nov-11
Dec-11
Benchmark
Jan-12
Feb-12
Mar-12
LAAGCF
Asset Allocation Instruments Government Securities (T-Bills) Cash (Local Currency PKR) Foreign Currency Deposit Global Commodities
Feb-12 67% 3% 30% 0%
Disclosures Leverage as on April 30, 2012 Non Performing Assets
11
Nil. Nil.
Mar-12 Apr-12 % of Net Assets 67% 70% 3% 0% 27% 24% 3% 6%
Investment Committee Babar Ali Lakhani Iqbal Ali Lakhani A. Aziz H. Ebrahim Muhammad Umair Chauhan Amir Mobin Hamad Aslam Syed Imran Raza Kazmi Muhammad Qasim
Chairman
Lakson Outlook - April 2012
Mutual Funds Performance Comparison Position as of May 04, 2012 Income Fund ABL Income Fund Atlas Income Fund Crosby Phoenix Fund Faysal Savings Growth Fund First Habib Income Fund HBL Income Fund IGI Income Fund Lakson Income Fund MCB Dynamic Cash Fund NAFA Income Fund NAFA Income Opportunity Fund NAFA Saving Plus Fund NIT - Income Fund Pakistan Income Fund PICIC Income Fund UBL Savings Income Fund
Annualized Returns 30 Days 9.81 14.46 7.77 10.13 8.56 (0.02) 9.65 10.37 7.52 (14.82) (7.47) 9.90 5.15 5.58 9.98 10.16
90 Days 9.51 11.40 8.90 9.18 8.73 8.34 10.74 10.07 9.22 5.91 12.11 10.13 9.48 8.39 8.94 9.74
180 Days 9.71 11.09 9.15 9.31 8.90 12.94 9.18 9.90 9.81 (11.29) (2.76) 10.56 10.13 8.63 9.51 9.50
270 Days 11.56 6.73 10.11 10.85 9.97 12.17 10.91 11.31 10.70 (5.94) (5.10) 10.98 11.85 8.65 11.52 11.99
365 Days 12.02 4.89 10.58 11.30 10.58 12.82 11.27 11.55 11.28 (15.09) (4.44) 11.20 12.19 9.11 11.92 12.26
10.34 10.12 10.49 10.21 10.59 10.04 10.38 10.30 10.67 10.44 10.09 10.21 10.11 10.59 10.34 10.26
10.22 9.96 10.37 10.16 10.55 9.92 10.03 10.19 10.61 10.53 10.02 10.15 9.96 10.43 10.23 10.11
10.36 9.98 10.57 10.28 10.52 9.96 10.10 10.34 10.67 10.52 10.15 10.39 10.02 10.55 10.29 10.24
11.17 10.74 11.42 11.08 11.08 10.78 10.96 11.25 11.54 11.47 10.98 11.19 10.70 11.25 11.19 11.07
11.58 11.18 11.95 11.51 11.42 11.11 11.36 11.71 11.87 11.78 11.41 11.54 11.11 11.68 11.67 11.60
(6.69) 13.33 1.69 9.63 16.72 28.24 160.70 5.23
8.92 35.08 4.34 26.67 18.85 21.72 78.70 7.21
9.35 (12.71) 4.94 51.15 15.91 18.08 49.82 (20.61)
9.66 (7.95) 3.74 (23.77) 15.36 24.15 29.93 (19.25)
11.27 (1.24) 6.59 (14.47) 15.16 13.38 (15.85) (18.71)
Money Market Funds ABL Cash Fund Alfalah GHP Cash Fund* Askari Sovereign Cash Fund Atlas Money Market Fund* BMA Empress Cash Fund Faysal Money Market Fund* First Habib Cash Fund* HBL Money Market Fund* IGI Money Market Fund KASB Cash Fund Lakson Money Market Fund* MCB Cash Management Optimizer Fund NAFA Government Securities Liquid Fund Pakistan Cash Management Fund PICIC Cash Fund* UBL Liquidity Plus Fund
Aggressive Income Funds AAKD Aggressive Income Fund Alfalah GHP Income Multiplier Fund Askari High Yield Scheme BMA Chundrigar Road Saving Fund Faysal Income & Growth Fund IGI Aggressive Income Fund KASB Income Opportunity Fund United Growth & Income Fund
*These money market funds are providing liability related to Workers Welfare Fund N.A. = Not Available
Source: MUFAP
12
Lakson Outlook - April 2012
Mutual Funds Performance Comparison Position as of May 04, 2012 Equity Funds ABL Stock Fund AKD Opportunity Fund Alfalah GHP Alpha Fund Askari Equity Fund Atlas Stock Market Fund Crosby Dragon Fund First Habib Stock Fund HBL Stock Fund IGI Stock Fund JS Large Cap Fund KASB Stock Market Fund Lakson Equity Fund MCB Dynamic Stock Fund NAFA Stock Fund National Investment Unit Trust Pakistan Premier Fund Pakistan Stock Market Fund Pakistan Strategic Allocation PICIC Stock Fund United Stock Advantage Fund
Absolute Returns 180 Days 270 Days
30 Days
90 Days
7.16 10.68 1.30 1.49 6.78 1.80 5.44 4.21 5.19 3.41 2.57 3.77 6.23 7.34 4.60 5.66 5.84 4.94 4.02 5.02
24.18 41.11 9.61 N.A. 20.68 5.63 14.43 15.04 16.34 17.71 10.18 15.08 19.12 26.46 13.78 18.24 18.58 15.90 14.43 17.72
26.38 45.85 7.99 N.A. 22.94 12.52 12.00 14.54 19.43 18.45 10.57 14.14 18.61 27.19 11.04 16.61 17.52 15.62 15.09 18.65
40.10 47.00 17.92 N.A. 37.49 16.63 17.23 24.03 24.24 27.12 16.24 22.25 29.87 37.48 20.37 24.10 22.23 26.55 N.A. 31.04
365 Days 35.24 43.02 9.72 N.A. 26.94 12.19 10.45 17.82 21.97 20.71 6.28 14.96 24.52 30.93 16.52 19.34 16.12 18.12 N.A. 22.05
1.82 4.19 4.81 2.64 2.97
6.97 13.13 14.19 9.54 12.89
6.61 11.97 15.12 8.96 16.65
10.17 19.03 20.87 14.79 25.74
(1.11) 17.90 22.02 10.34 16.54
2.12 5.02 2.01 2.24 2.79 0.38 0.31 0.19 0.50 3.73 5.20
10.38 13.64 8.71 14.55 8.91 1.41 1.31 1.13 7.98 12.05 14.21
9.92 15.46 8.96 12.48 11.59 3.77 3.65 3.49 7.58 15.67 11.57
14.34 22.81 12.20 20.50 13.00 N.A. N.A. N.A. 12.68 19.45 9.60
11.55 19.33 7.98 13.08 (6.54) N.A. N.A. N.A. 10.79 22.02 5.27
0.48 0.82 0.56 0.70
1.69 2.55 1.71 7.75
3.39 5.20 2.89 4.37
N.A. 7.89 4.20 6.27
N.A. 10.74 6.95 6.81
Balanced Funds Faysal Balanced Growth Fund HBL Multi Asset Fund NAFA Multi Asset Fund Pakistan Capital Market Fund Unit Trust of Pakistan
Asset Allocation Funds Alfalah GHP Value Fund Askari Asset Allocation Fund Faysal Asset Allocation Fund JS Aggressive Asset Allocation KASB Asset Allocation Fund Lakson Asset Allocation Developed Markets Fund Lakson Asset Allocation Emerging Markets Fund Lakson Asset Allocation Global Commodities Fund MCB Dynamic Allocation Fund NAFA Asset Allocation Fund Pak Oman Advantage Asset Allocation Fund
Capital Protected Funds IGI Capital Protected Fund JS Principal Secure Fund I Pakistan Capital Protected Fund (FIS) UBL Capital Protected Fund II
N.A. = Not Available
Source: MUFAP
13
Lakson Outlook - April 2012
Markets Information Equities Total Return in PKR and % YTD-CY12 3-mo
1-yr
5-yr
Total Return in USD and %
Markets
Index
World
MSCI All Country World Index
11.01%
4.48%
-1.09%
26.10%
9.74%
Developed
MSCI World Index
10.69%
4.97%
0.08%
23.07%
9.42%
Emerging
MSCI Emerging Markets Index
13.26%
1.32%
-8.48%
58.74%
11.96%
Europe
MSCI Europe Index
7.90%
2.69%
-13.20%
-3.99%
6.66%
China
CSI 300
13.53%
7.77%
-8.67%
35.97%
Dubai
DFM
21.90%
14.35%
7.19%
-35.95%
India
BSE Sensex 30
14.07%
-4.91%
-18.50% 46.28%
Japan
Nikkei 225
9.76%
4.03%
5.60%
22.96%
YTD-CY12 3-mo
1-yr
5-yr
3.80%
-7.91%
-15.97%
4.28%
-6.81%
-17.99%
0.65%
-14.78%
5.78%
2.01%
-19.18% -36.02%
12.23%
7.06%
-14.96%
-9.39%
20.51%
13.60%
-0.19%
-57.32%
12.76%
-5.54%
-24.11%
-2.52%
8.50%
3.35%
-1.68%
-18.06%
Malaysia
FTSE Bursa
8.61%
4.38%
7.48%
101.48%
7.37%
3.69%
0.08%
34.27%
Pakistan
KSE 100
23.29%
17.81%
16.03%
13.10%
21.87%
17.04%
8.03%
-24.63%
Sri Lanka
Colombo All Share
-20.69%
-15.81%
-32.92% 122.16%
-21.60%
-16.36%
-37.54%
48.04%
UK
FTSE 100
8.80%
4.71%
-1.35%
8.40%
7.55%
4.03%
-8.15%
-27.77%
US
DJIA
9.41%
5.29%
10.78%
51.79%
8.15%
4.60%
3.15%
1.15%
US
S&P 500
12.45%
7.22%
10.10%
41.51%
11.16%
6.51%
2.52%
-5.70%
US
NASDAQ 100
20.96%
11.09%
21.68% 118.83%
19.57%
10.36%
13.29%
45.83%
Germany
DAX Index
18.45%
6.62%
-13.60% 32.84%
17.09%
5.92%
-19.55% -11.48%
CANADA
TSX 300 Composite Index
7.61%
0.92%
-9.36%
54.55%
6.38%
0.26%
-15.61%
France
CAC - 40
5.06%
-0.79%
-24.88% -21.53%
3.86%
-1.45%
-30.06% -47.71%
Brazil
Sao Paulo SE Bovespa Index
7.79%
-9.69%
-17.12% 102.03%
6.56%
-10.28%
-22.83%
34.63%
Korea
Korea SE Kospi
11.99%
1.39%
-7.94%
58.85%
10.70%
0.72%
-14.28%
5.85%
Taiwan
Taiwan SE Weighted Index
11.39%
1.85%
-12.27% 63.26%
10.11%
1.18%
-18.32%
8.79%
-50%
-25%
0%
25%
50%
2.99%
KSE Sectors Automobile and Parts
27.53%
22.91%
17.85%
-36.98%
26.06%
22.10%
9.73%
-58.00%
Banks
33.61%
23.96%
13.93% -63.95%
32.08%
23.15%
6.08%
-75.97%
Chemicals
15.00%
1.70%
56.16%
13.68%
1.03%
-5.78%
4.06%
Construction & Materials
86.15%
68.78%
92.83% -15.78%
84.01%
67.67%
79.54%
-43.88%
Electricity
13.47%
10.93%
-4.67%
12.17%
10.20%
-2.26%
-36.47%
Fixed Line Tele.
27.41%
18.28%
-21.93% -74.52%
25.95%
17.50%
-27.31%
-83.02%
Food Producers
23.14%
30.62%
34.46% 164.18%
21.72%
29.76%
25.20%
76.05%
Non Life Insurance
24.99%
18.51%
11.14% -62.21%
23.55%
17.73%
3.48%
-74.82%
Oil and Gas
11.15%
8.62%
9.29%
14.93%
9.88%
7.90%
1.76%
-23.41%
Personal Goods
21.73%
17.46%
0.98%
-6.46%
20.33%
16.69%
-5.98%
-37.67%
1.19%
4.98%
YTD 3-mo
Fixed Income Current Interbank Rates on Interbank Rates
1M
3M
6M
12M
Historic 6-month Interbank Rates YTD-CY12 3-mo
1-yr
2-yr
China
SHIBOR
4.04%
4.70%
5.02%
5.11%
5.24%
5.20%
5.22%
4.19%
Dubai
UAE IBOR
0.98%
1.54%
1.72%
1.99%
1.71%
1.71%
1.80%
2.11%
India
MIBOR
9.33%
9.64%
N.A.
N.A.
N.A
N.A
N.A
N.A
Japan
TIBOR
0.18%
0.34%
0.44%
0.46%
0.44%
0.44%
0.44%
0.46%
Malaysia
KLIBOR
3.08%
3.19%
3.25%
3.36%
3.26%
3.25%
3.30%
3.13%
Pakistan
KIBOR
12.03%
11.95%
12.01%
12.36%
11.94%
1.94%
12.74%
12.96%
Sri Lanka
SLIBOR
11.13%
12.00%
12.43%
13.23%
10.68%
10.97%
9.28%
9.18%
UK
LIBOR
0.69%
1.01%
1.33%
1.86%
1.37%
1.36%
1.25%
1.15%
US
SIBOR
0.24%
0.47%
0.73%
1.05%
0.76%
0.74%
0.61%
0.57%
Current Market Yields on Government Securities
5Y
10Y
13.00% 12.50% 12.00% 11.50% 11.00%
Historic 12-Month Paper Rates
3M
12M
YTD-CY12 3-mo
China
3.13%
2.82%
3.15%
3.56%
2.88%
India
8.37%
8.19%
8.50%
8.68%
8.33%
1-yr
2-yr
2.90%
3.13%
2.73%
8.37%
8.36%
7.52%
1W
1M
3M
6M
1Y
2Y
12M Yields of Government Securities China India Japan
Japan
0.10%
0.11%
0.27%
0.89%
0.11%
0.10%
0.12%
0.14%
Malaysia
3.04%
3.03%
3.31%
3.57%
2.95%
2.95%
2.96%
2.89%
Pakistan
11.84%
11.98%
12.98% 13.28%
11.89%
11.93%
12.65%
12.89%
Sri Lanka
11.93%
12.17%
12.97%
13.13%
9.96%
9.96%
8.16%
8.12%
UK
UK
0.00%
0.42%
1.06%
2.08%
0.42%
0.42%
0.48%
0.58%
US
US
0.09%
0.18%
0.83%
1.95%
0.15%
0.16%
0.13%
0.19%
14
Interbank April-12 Govt. Sec. April-12
10.50%
Malaysia Pakistan Sri Lanka
0%
3%
6%
9%
Lakson Outlook - April 2012
12%
Markets Information Commodities Total Return Unit
YTD-CY12 3-mo 2.16%
Current Prices
1-yr
5-yr
-10.66%
12.99%
110
DB Commodity Index
USD Excess Return
6.03%
558.96
S&P Global Commodity Index
USD Total Return
5.34%
3.04%
-10.63% -12.84%
5,146.10
Dow Jones UBS Commodity Index
USD Total Return
0.46%
-1.97%
-19.42% -14.48%
284.12
100
Coal
USD/Tonne
-10.24%
-14.22%
-17.96%
N.A
100.75
95
Copper
USc/lbs
11.57%
1.15%
-7.97%
8.25%
383.35
Cotton
USc/lbs
-4.96%
-6.43%
-51.20%
84.66%
87.25
Gold
USD/t oz.
6.22%
-4.24%
6.93%
143.48%
1,664.20
Palm Oil
USD/Tonne
14.43%
13.63%
0.84%
69.23%
1,147.35
Sugar
USc/lbs
-9.14%
-10.45%
-9.45%
129.11%
21.17
Wheat
USD/Bushel (60Ibs)
-0.77%
-2.74%
-15.79%
33.42%
6.48
WTI
USD/bbl
6.11%
6.49%
-7.95%
59.60%
104.87
Brent Crude
USD/bbl
11.26%
7.65%
-5.10%
76.60%
119.47
Heating Oil
Usc/Gallon
8.46%
3.94%
-2.22%
N.A
318.34
RBOB Gasoline
USD/Gallon
18.54%
10.29%
-8.09%
30.48%
3.18
Natural Gas
USD/MMBTU
-23.55%
-8.71%
-51.36% -70.94%
2.29
Silver
Usc/Ozs
11.06%
-6.92%
-36.28% 130.26%
30.96
DBCI
SPGSCI
DJUBS
105
90 85 80 75 Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
Currencies Change Versus PKR in % YTD-CY12
3-mo
1-yr
Current Exchange Rates 5-yr
Canadian Dollar
CAD
4.72%
2.23%
2.93%
68.75%
CAD - PKR
92.21
Euro
EUR
3.33%
1.86%
-3.86%
45.62%
EUR - PKR
120.52
Indian Rupee
INR
1.79%
-5.60%
-9.94%
17.17%
INR - PKR
1.73
Japanese Yen
JPY
-2.51%
-3.83%
9.37%
103.63%
JPY - PKR
1.14
Pound Sterling
GBP
5.71%
3.70%
4.48%
21.87%
GBP - PKR
147.78
Singaporian Dollar
SGD
6.02%
2.38%
6.40%
84.38%
SGD - PKR
73.58
US Dollar
USD
1.16%
0.66%
7.40%
50.06%
USD - PKR
91.00
15
160
GBP
EUR
CAD
USD
140 120 100 80 60 Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Lakson Outlook - April 2012
Disclaimer This information has been prepared by Lakson Investments for your general information and private use only. It does not constitute investment advice and is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell any securities mentioned. It should not be considered as an incentive to invest. The securities described in this document may not be eligible for sale or subscription in all jurisdictions or to certain categories of investors. This document is not intended for distribution to a person or within a jurisdiction where such distribution would be restricted or illegal. This document may not be conveyed to or used by a third party without our express consent. Any other use is not authorized. The information contained herein has been obtained from sources believed to be reliable and no member of Lakson Investments makes any warranty, expressed or implied, as to the accuracy or completeness of the information. All the information included in this presentation is current when this document is prepared and subject to changes at any time. Any forecast or projection or forward looking statement made in this document is not necessarily indicative of future or likely performance, future events or future financial performance of securities, countries, markets or companies. Such statements are only predictions and actual events or results may differ. Lakson Investments may from time to time provide services to the companies and their affiliates mentioned herein. Employees of Lakson Investments or ersons/entities connected to them may from time to time have position in or are holding any of the securities mentioned in this document. No consideration have been given to and no investigation was made of your investment objectives, financial situation or particulars, and accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of you acting on such information or opinion or estimate. Lakson Investments expressly disclaims any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on this information in this document. Disclaimer: All investments in mutual funds are subject to market risks. The NAV of Units may go up or down based on market conditions. Past performance is not necessarily indicative of the future results. The investors are advised in their own interest to carefully read the Offering Document in particular the investment policy in Clause 2.2 and risk disclosure and warning statements contained in Clause 2.11 and Part 11 respectively in this Offering Document.
Transaction Locations: Islamabad: Contact Person: Mr. Ali Kazmi - Branch Manager Office No.6, Mezzanine floor, Kashmir Plaza, Jinnah Avenue, Blue Area, Islamabad. UAN: 051.111-111-717 Fax: 051.2870228 Lahore: Contact Person: Mr. Rao Ashraf - Branch Manager Suit No.209, Eden Center 43-Jail Road, Lahore. Tel: 042.759.0500/756.7390 Fax: 042.756.7881 Rawalpindi: Contact Person: Mr. Tariq Aziz - Branch Manager Suite No.3, 1 st Floor, Majeed Plaza Bank Road, Rawalpindi Tel: 051.551.2251/52 Fax: 051.511.0996 Faisalabad: Contact Person: Mr. Shahbaz Choudhry - Branch Manager 1 st Floor, FM Plaza 15-D, Peoples Colony, Faisalabad Tel: 041.324.1704/07 Fax: 041.855.4453 Sialkot: Contact Person: Mr. Nisar Bhatti - Branch Manager 1 st Floor, Karim Plaza Iqbal Town, Defence Road, Sialkot Tel: 052.324.1704/07 Fax: 052.324.1703
16
Lakson Outlook - April 2012
1954
DECADES OF SEASONED INVESTMENT
Lakson Investments Limited. Lakson Square, Building No. 2, Sarwar Shaheed Road, Karachi-74200, Pakistan
UAN T F E
+92.21 111 Lakson +92.21 3569.8000 +92.21 3568.1653
[email protected] www.li.com.pk
