March 2016
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 Global Commodities Fund
09
Lakson Asset Allocation Developed Markets Fund
10 - 11
Lakson Asset Allocation Emerging Markets Fund
12
Funds Return History
13
Mutual Funds Performance Comparison
14 - 16
Markets Information
17 - 18
03
Lakson Outlook - March 2016
Economic & Markets Review - Pakistan Economy CPI inflation clocked in line with expectations at 3.9% YoY in March 2016, slightly down from 4.0%, last month. On a month-on-month basis, there was a minor increase of 0.2% in as compared to a decline of 0.3% during February. Food inflation picked up by 0.2% in March compared to a decline of 2.0% last month. The rebound in inflation is expected to be contained in the coming months, even though the government has slightly raised petrol prices, which will have a direct and indirect inflationary impact.
Yield Curve 12.0% 11.0% 10.0% 9.0%
Macro indicators continued their positive trend in Mar'16, where Large-scale manufacturing (LSM) grew by 4.1% YoY in 7MFY16. Private sector credit off-take increased by 9.8% YoY, likely benefitting from monetary easing in CY15. As per provisional data, tax collection in 9MFY16 was up 19.7% YoY at PkR2.1tn, and on track with the Government's target for FY16. FDI inflows for Feb'16 recorded at USD 103 million compared to USD 89.1 million in Feb'15, taking 8MFY16 FDI position to USD 751 million, reflecting an encouraging growth of 4.8%YoY. The current account posted a USD 157 million surplus in Feb'16 against a USD 590 million deficit in Jan'16 primarily benefiting from low oil prices and higher remittances. Pakistan's current account deficit (CAD) shrank by 23% YoY over 8MFY16 to USD 2.0 billion from USD 2.6 billion in the corresponding period of the previous year. The deficit is now 1.2% of GDP as opposed to 1.7% in 8M2015. The reduction in the deficit can largely be attributed to a 6% YoY growth in remittances and an 8% YoY decline in the import of goods and services. Outstanding advances worth PKR 3.15 trillion were extended to the private-sector in the 7 months of the current fiscal year - an increase of 10.0% YoY. Advances for machinery import saw the largest increase (up 79%), followed by fixed assets (up 25%) and securities shares and other financial instruments (up 22%). These are encouraging signs for policy makers who have through an expansive monetary and fiscal stance attempted to kick start GDP growth to 5.0%+. Fixed Income Review The SBP decided to maintain the discount and policy rate at 6.5% and 6.0% respectively in its latest monetary policy review. The decision was premised on an expected though moderate rebound in inflation and fears that excessive easing could be undone by an upswing in the commodity cycle which would also create pressure on the PKR. In the 3 T-Bill auctions held for the month, the SBP accepted bids worth PKR 488 billion against a target of PKR 450 billion and maturity of PKR 468 billion. The last auction of the month saw cut-off yields for 3M, 6M and 12M T-Bills decline to at 6.1697%, 6.1812% and 6.2079% respectively. Yields dropped by 4 bps in 3M and 6M tenor while 12M saw yields drop by 3bps and participation remained skewed towards 12M as compared to 3M and 6M tenors. In the PIB auction held in March, 3, 5, 10, and 20-year bonds were offered for sale where the cut-off yield settled at 6.3%, 7.0%, and 8.2% in the 3 year, 5 year and 10 years respectively while no bids were received in the 20 year tenor. Bids totaling PKR 219 billion were received for the 3, 5 and 10-year PIBs against the target of PKR 50 billion while the SBP accepted PKR 115 billion. Equities Markets Review March saw upward momentum continue, with the KSE-30 index up by 4.3% at 19,167 points. The index was driven by the heavyweight Oil and Gas sector (+14%) and Cement Sector (+11%). Overall recovery was the outcome of a) improved global equities outlook amid a dovish US Fed stance and commodity price uptick, b) the regulator and the exchange scrambling to address relatively lower liquidity/volumes in the market and c) progress on Pakistan's reclassification into the MSCI Emerging Markets Index also acted as a trigger. Volumes saw considerable improvement averaging 144.9mn shares in March vs. 136mn shares in February. Sector wise, Oil & Gas led the board, posting gains of 14% for the month followed by Pharma (+12% on drug price increase), Cements (+11% on robust dispatches growth), Food (+9% on news of EFOODS' potential acquisition) and Telecom (+9% on expected setting of floor on cellular service tariffs). On the other hand, Banks and Power declined by 2% and 2% respectively as compressed margins and foreign selling took its toll. Foreign investors remained net sellers during the month with outflows of USD 14.6 million, though lower than the USD 39.5 million recorded in February.
8.0% 7.0% 6.0% 1W
2M
6M
2Y
5Y
8Y
29-Feb-16
USD/PKR vs. Forex Reserves Forex Res. (USD bn.) - RHS USD/PKR
105.5
21.0
104.5
20.0
103.5
19.0
102.5
18.0 1-Mar
10-Mar
21-Mar
Market Rates 7.0%
6.0%
5.0%
4.0% 1-Mar 6M KIBOR
10-Mar
19-Mar O/N Repo Rate
28-Mar 6M T-Bill
The SBP decided to maintain the discount and policy rate at 6.5% and 6.0%
The KSE-30 Index continues to trade at a discount to regional indices. The trailing-twelvemonth (TTM) PE ratio of the KSE 30 at 9.7x in March. India's Sensex Index has a TTM PE ratio of 19.6x whereas China's Shanghai Composite Index has a TTM PE ratio of 16.2x
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved.
04
15Y
31-Mar-16
Lakson Outlook - March 2016
Economic & Markets Review - International Developed Markets Review Developed markets started off March on a healthy note as upbeat manufacturing data in the US showed that the economy fared well despite the strong dollar and depressed oil prices. Consumer confidence surprised with an uptick to 96.2 in March from 94.0 in February. Market momentum remained bullish in March despite unemployment data deteriorated as a dovish FOMC/weaker US Dollar helped trigger a strong rebound in commodities, emerging markets and broader risk assets.
Performance of Equities & Commodities
120%
The S&P 500 rose 6.6% to close at 2,060 points and the Nasdaq closed at 4,870 points up by 6.8%. The Dow Jones Index posted the second highest monthly return in the past 5 years at 7.1% to close at 17,685 points.
100%
Emerging Markets Review Chinese stocks were buoyed by better than expected corporate profitability, signs of a stabilizing economy and easing concerns about capital flows as the country's currency consolidated. China's official manufacturing PMI rebounded to a nine-month high of 50.2 in March from 49.0 in February, much stronger than the market expectation of 49.4, reflecting a recovery in real activity as distortions due to the Lunar New Year holiday faded.
80%
MSCI World Index
MSCI EM Index
DB Commodity Index
60% Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Tracking the international equity rebound, India's Sensex rose 10.2% during the month while the broader Nifty rallied 10.8% during the same period reporting the largest monthly gain over the past four years. Commodities Review Oil prices continued their upwards trajectory with global benchmarks Brent and WTI above the US$38/bbl mark recording gains of 7.7% and 13.6% respectively. As the OPEC meeting draws closer, anticipations over a consensus output freeze is increasing.
Valuations of International Markets
20
The FAO Food Price Index averaged 151 pts in March marking an increase of 1%, though still recording a 12% decline on a YoY basis. Sugar prices saw a strong rebound, up 16.6% YoY on expected supply shortage. This however was offset by a 29.5%YoY decline in the dairy index for the month.
12
Coal gained 2.8% on expectation of higher demand from China helped in boosting prices.
8
16
4 -
DM
US
UK
Japan Canada EM
Brazil Russia India
P/E Multiple
As the OPEC meeting draws closer, anticipations over a consensus output freeze is increasing.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved.
05
Lakson Outlook - March 2016
China
Lakson Money Market Fund
MUFAPs Recommended Format
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 generated an annualized return of 5.27% against the benchmark return of 5.24% in March 2016. The Fund outpeformed the benchmark by 0.03%. Over the last 12 months the Fund has outperformed the benchmark by 0.13% and generated a return of 6.14%. Asset allocation changed with exposure to T bills dropping to 32% while placements with Banks and DFIs increased to 17% and cash holdings jumped to 51%. Portfolio WAM decreased to 38 days as staus quo is expected in the upcoming monetary policy review. WWF Disclosure As of March 31st, 2016 the LMMF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 55.0 million. If the same were not made the NAV per unit of the LMMF would be higher by PKR 1.41. If the LMMF would not have made the WWF provisions during FY16, the year to date annualized return of the LMMF for FY16 would be higher by 0.07%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LMMF.
Asset Allocation
Credit Split Govt Sec 16% Govt Sec 32% AA 60% AA 66%
T-Bills 32%
AA+ 18% AA+ 8%
Asset Allocation Instruments
Jan-16 Feb-16 Mar-16 % of Total Assets 17% 8% 17% 0% 0% 0% 39% 91% 32% 44% 1% 51% 0% 0% 0%
Placements with Banks & DFIs PIBs T Bills Cash Others including receivables
WAM* Days 45 0 95 0
* Weighted Average Maturity
Non Compliant Investments Name of Non - Compliant Investment
Pak Brunei Investment Co. Pak Oman Investment Co.
Type of
Value of
Instrument
Investment
COI COI
Total
Value of
Provisioning Investment
before Provisioning
Held
600,000,000 600,000,000
-
Disclosures Leverage as on March 31st, 2016 Non Performing Assets WAM of Portfolio
Open-End Money Market Fund 4,087 104.3749 Previous Day CDC Pakistan Limited BDO Ebrahim & Co. 10% of Gross Earnings subject to a minimum of 1.00% and maximum of 1.25% of the average annual net assets Front End Load None Back End Load None Launch Date November 13, 2009 Benchmark 50% Average 3M T-bills yield + 50% Average 3M TDR rate of minimum AA rated banks. Dealing Days Mon - Fri Cut-Off Time 4:00 PM Fund Rating 'AA' by PACRA (31.12.2015) Risk Profile Low Risk Asset Manager Rating AM2- by PACRA (31.03.2016)
Performance
Placements with Banks & DFIs 17%
Cash 51%
Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (31.3.2016) Pricing Mechanism Trustee Auditor Management Fee
Nil. Nil. 38 Days
% of Net % of Total Assets
Assets
after Provisioning 600,000,000 10.56% 600,000,000 10.56%
Morningstar FY16 - YTD March-16 2 Months 3 Months 6 Months 12 Months CY16 - YTD
LMMF 5.53% 5.40% 5.45% 5.67% 5.41% 6.14% 5.67%
Benchmark 5.70% 5.36% 5.37% 5.39% 5.50% 6.01% 5.39%
Simple Annualized FY16 - YTD March-16 2 Months 3 Months 6 Months 12 Months CY16 - YTD 3 Years 5 Years Since Inception
LMMF 5.49% 5.27% 5.33% 5.56% 5.34% 6.14% 5.56% 8.12% 10.36% 11.90%
Benchmark 5.66% 5.24% 5.25% 5.28% 5.43% 6.01% 5.28% 8.44% 10.70% 12.18%
Please note that the benchmark of the fund was changed in February 2014. Benchmark calculation of tenors which include months prior to February 2014 incorporate the old benchmark as well.
LMMF vs. Benchmark 114 113 112 111 110 109 108 107 106 105 104 103 102 101 100 Jun-14
Sep-14
Dec-14
Mar-15
Benchmark
10.39% 10.39%
Jun-15
Sep-15
Dec-15
Mar-16
LMMF
Investment Committee Babar Ali Lakhani Mustafa O. Pasha, CFA Syed Saifullah Kazmi Farhan Bashir Maryam Hidayatallah
Chairman
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. Tha Lakson Money Market Fund holds certain non-complaint investments. Before making any investment decision investors should review this document and the latest financial statements.
06
Lakson Outlook - March 2016
Lakson Income Fund
MUFAPs Recommended Format
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 During March 2016 the LIF generated an annualized return of 5.76% against the benchmark return of 5.39%. The LIF outpeformed the benchmark by 0.37%. Over 9MFY16 the LIF has outperformed the average income fund by 1.55%. Asset allocation changed with placements with Banks and DFIs increasing to 25% while exposure to PIBs and T bills was maintained at 18% and 11% respectively. As a result the WAM of the portfolio remained stable at 497 days. Going forward the Fund will look to realize gains on its PIB holdings and look towards high quality corporate paper and MTS to maintain portfolio yield. WWF Disclosure As of March 31st, 2016 the LIF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 15.7 million. If the same were not made the NAV per unit of the LIF would be higher by PKR 0.40. If the LIF would not have made the WWF provisions during FY16, the year to date annualized return of the LIF for FY16 would be higher by 0.13%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LIF.
Asset Allocation
Credit Split
Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (31.3.2016) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark
Open-End Income Fund 4,232 107.7667 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 1.50% 1.50% None November 13, 2009 Average of returns earned by the Income Funds in the industry Dealing Days Mon - Fri Cut-Off Time 4:00 PM Fund Rating 'A+' by PACRA (31.12.2015) Risk Profile Medium Risk Asset Manager Rating AM2- by PACRA (31.03.2016)
Unrated 1%
Performance
Placements with Banks/ Other DFIs 2% 25%
Cash 39%
Govt Sec 30% Unrated 0.27%
A+ 44%
TFCs 5%
AA+ 5%
PIB 18%
Sukuk 1%
AA12%
T-Bill 11%
AAA 2%
Morningstar FY16 - YTD March-16 2 Months 3 Months 6 Months 12 Months CY16 - YTD
LIF 9.16% 5.92% 8.15% 8.63% 7.58% 9.88% 8.63%
Benchmark 7.58% 5.52% 6.82% 7.82% 6.69% 7.57% 7.82%
Simple annualized FY16 - YTD March-16 2 Months 3 Months 6 Months 12 Months CY16 - YTD 3 Years 5 Years Since Inception
LIF 9.06% 5.76% 7.89% 8.36% 7.45% 9.88% 8.36% 11.65% 13.14% 14.49%
Benchmark 7.51% 5.39% 6.64% 7.60% 6.58% 7.57% 7.60% 10.45% 11.34% 12.16%
AA 6%
TFCs/Sukuk Portfolio Name of the Issuer Habib Bank Limited I Bank Al Falah Limited V Askari Bank Limited IV K-Electric AZM Sukuk III Bank Al Habib Limited IV PMCL VII
Issue Date 19-Feb-16 20-Feb-13 23-Dec-11 24-Feb-14 30-Jun-11 18-Apr-12
Rating % of Total Assets AAA 1.76% AA1.55% AA1.33% AA 0.98% AA 0.48% AA0.15%
LIF vs. Benchmark 122 120 118 116
Asset Allocation
114 112
Instruments Placements with Banks & DFIs PIBs T Bills TFCs Sukuks MTS Cash Others including receivables
Jan-16
Feb-16
18% 22% 5% 4% 1% 0% 48% 3%
% of Total Assets 15% 18% 11% 5% 1% 0% 49% 1%
* Weighted Average Maturity
Disclosures Leverage as on March 31st, 2016 Non Performing Assets WAM of Portfolio
Nil. Nil. 497 Days
Mar-16 25% 18% 11% 5% 1% 0% 39% 1%
WAM* Days 66 1753 165 2434 1060 0 0
110 108 106 104 102 100 Jun-14
Sep-14
Dec-14
Mar-15
Benchmark
Jun-15
Sep-15
Dec-15
Mar-16
LIF
Investment Committee Babar Ali Lakhani Mustafa O. Pasha, CFA Syed Saifullah Kazmi Farhan Bashir Maryam Hidayatallah
Chairman
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved.
07
Lakson Outlook - March 2016
Lakson Equity Fund
MUFAPs Recommended Format
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 LEF closed 1QCY16 on a high note, with a CYTD return of 2.61% vs -0.60% for the benchmark. Over 9MFY16 the Fund has outperformed the KSE-30 index by 12.31%. The fund maintained a cautious stance in March, focusing on key sectors where fundamental improvement translated into positive price performance. LEF maintained a lower exposure of 82%, realizing gains in Chemicals where pressure on off take figures prompted a reduction in exposure. Proceeds were redeployed into the Oil & Gas sector as positive news flow propped up prices in the short term. WWF Disclosure As of March 31st, 2016 the LEF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 19.9 million. If the same were not made the NAV per unit of the LEF would be higher by PKR 0.75. If the LEF would not have made the WWF provisions during FY16, the year to date return of the LEF for FY16 would be higher by 0.00%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LEF.
Top 10 Holdings
Asset Allocation
Pioneer Cement Limited Engro Corporation Limited Lucky Cement Limited DG Khan Cement Limited Pakistan State Oil Limited Hub Power Co Cherat Cement Limited Oil & Gas Development Co MCB Bank Limited United Bank Limited
6.24% 5.48% 5.38% 5.19% 4.39% 3.81% 3.55% 3.50% 3.34% 3.21%
Others 2% Cash 16%
Equity 82%
Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (31.3.2016) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark Dealing Days Cut-Off Time Risk Profile Asset Manager Rating
Open-End Equity Fund 2,807 105.5333 Forward Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 2.00% 3.00% None November 13, 2009 KSE-30 Index Mon-Fri 4:00 PM High Risk AM2- by PACRA (31.03.2016)
Performance
LEF
KSE-30
1.16% 7.01% 5.09% 2.61% 7.10% 10.83% 2.61% 83.13% 150.63% 204.60%
-11.15% 4.27% 5.44% -0.60% -0.63% -0.34% -0.60% 33.27% 64.81% 100.45%
FY16 - YTD March-16 2 Months 3 Months 6 Months 12 Months CY16- YTD 3 Year 5 Year Since Inception
*Returns based on last working day NAV
Sectorwise Exposure Sectorwise Exposure
Feb-16
Mar-16
Chemicals Const. & Mat. Oil & Gas Electricity Comm Banks Others
14.69% 24.31% 12.57% 7.57% 11.59% 12.74%
11.32% 24.87% 15.31% 7.52% 10.32% 12.90%
Others
Chemicals
LEF vs. Benchmark 300
Commercial Banks
Const. & Mat.
Electricity
250 200
Oil & Gas 150
Asset Allocation (% of Total Assets) Mar-16 82% 0% 16% 2%
50
LEF
Pakistan vs. Global Markets Country Pakistan India Malaysia Dubai USA USA
Index KSE-100 BSE Sensex 30 FTSE KLCI DFM General DJIA S&P 500
* Source: Reuters, Bloomberg
1M Return 5.6% 10.2% 3.8% 3.6% 7.1% 6.6%
P/E 9.1 19.1 18.7 11.5 16.1 18.8
Div. Yield 6.0% 1.6% 3.1% 3.7% 2.6% 2.2%
KSE-100
Mar-16
Jan-16
Feb-16
Dec-15
Oct-15
Nov-15
Sep-15
Jul-15
Aug-15
Jun-15
Apr-15
0
May-15
Feb-16 83% 0% 15% 2%
Mar-15
Equities T-Bills Cash Others
100
Jan-16 85% 0% 14% 0%
KSE-30
Investment Committee Babar Ali Lakhani Mustafa O. Pasha, CFA Syed Saifullah Kazmi Farhan Bashir Maryam Hidayatallah
Chairman
Disclosures Leverage as on Mar 31, 2016 Non Performing Assets
Nil. Nil.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved.
08
Lakson Outlook - March 2016
Lakson Asset Allocation Global Commodities Fund
MUFAPs Recommended Format
Investment Objective The investment objective of the Lakson Asset Allocation Global Commodities Fund is to provide longterm capital appreciation by investing in a mix of domestic debt and commodities. Performance Review During the month of March 2016 the Lakson Asset Allocation Global Commodities Fund generated an absolute return of 0.36% against the benchmark return of 0.90%. The Fund has outperformed the benchmark by 5.86% over 9MFY16. With the outlook for global growth still depressed, the Fund will continue to avoid commodity exposure. Allocation has been taken in T bills (43%) and PIBs (34%), while Cash (24%) has been kept in USD which has allowed the Fund to outperform the benchmark by a significant margin. WWF Disclosure As of March 31st, 2016 the LAAGCF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 1.3 million. If the same were not made the NAV per unit of the LAAGCF would be higher by PKR 0.76. If the LAAGCF would not have made the WWF provisions during FY16, the year to date return of the LAAGCF for FY16 would be higher by 0.06%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LAAGCF.
Global Commodities (DB Balanced Commodity ETF) Weight as of Mar-16 16.09 9.01 8.29 7.25 6.79 7.04 6.25 6.50 6.37 6.14 5.75 3.80 3.16 2.62 2.49 2.46
Cash 24%
Placements with Banks & DFIs T bills PIBs Global Commodities Cash
PIBs 6%
PIBs 34%
Commodities Exposure
Benchmark*
LAAGCF
FY16-YTD March-16 2 Month 3 Month 6 Month 12 Months CY16-YTD 3 Years 5 Years Since Inception
5.23% 0.36% 1.18% 1.96% 3.01% 6.07% 1.96% 18.32% NA 30.75%
-0.63% 0.90% 1.38% 1.31% 0.68% 1.02% 1.31% 3.91% NA 19.09%
* The new Benchmark is effective from September 10, 2013.
Zinc 6.79%
LAAGCF vs. Benchmark
Benchmark
Oct-15
Dec-15
Mar-16
Aug-15
Mar-15
May-15
Oct-14
Jan-15
Jun-14
Aug-14
Jan-14
Mar-14
Nov-13
Jun-13
Jan-16 Feb-16 Mar-16 % of Total Assets 0% 0% 0% 42% 43% 43% 33% 34% 34% 0% 0% 0% 24% 24% 24%
Sugar 9.01%
Aug-13
Soybeans 8.29%
Apr-13
Corn 7.25%
Jan-13
Mar-16 32.11% 28.82% 19.89% 19.18%
125 123 121 119 117 115 113 111 109 107 105 103 101 99 Nov-12
Gold 16.09%
Disclosures Leverage as on March 31, 2016 Non Performing Assets
Fund Performance T bills 43%
Asset Allocation Instruments
Open-End Asset Allocation Fund 192 109.4042 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 10% of the gross earnings of the Scheme, calculated on a daily basis. The fee is Management Fee subject to a minimum of 0.75% and maximum of 2% of the average annual net assets of the Scheme. Front End Load 2.50% Back End Load None Launch Date October 10, 2011 Benchmark performance of the LAAGCF is calculated Benchmark through a 30:70 combination of DBLC - OY Balanced Index and 6month T-Bills. Dealing Days Mon - Fri Cut-Off Time 04:00 PM Risk Profile Medium Risk Asset Manager Rating AM2- by PACRA (31.03.2016)
Jun-12
Sectorwise Exposure as of Agriculture Energy Precious Metals Base Metals
Asset Allocation
Fund Type Category Net Assets (PKR Mil.) NAV (31.3.2016) Pricing Mechanism Trustee Auditor
Sep-12
Commodity Gold Sugar #11 Soybeans Corn Zinc RBOB Gasoline Aluminium Brent Crude Heating Oil Copper - Grade A Light Crude Silver Natural Gas Wheat-Mineapolis Wht Wheat (Kansas Wheat) Wheat
Fund Facts
LAAGCF
Investment Committee Babar Ali Lakhani Mustafa O. Pasha, CFA Syed Saifullah Kazmi Farhan Bashir Maryam Hidayatallah
Chairman
Nil. Nil.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved.
09
Lakson Outlook - March 2016
Lakson Asset Allocation Developed Markets Fund
MUFAPs Recommended Format
Investment Objective The investment objective of the Lakson Asset Allocation Developed Markets Fund is to provide longterm capital appreciation by investing in a mix of domestic debt and developed markets securities. Performance Review During the month of March 2016 the Lakson Asset Allocation Developed Markets Fund generated an absolute return of 1.98% against the benchmark return of 2.35%. The Fund has outperformed the benchmark by 4.88% over 9MFY16. Allocation has been taken in T bills (24%), PIBs (49%) and Developed Market Equities (26%). Exposure in equities has been focused on US indices which offer a superior risk/return profile to other Developed Markets. WWF Disclosure As of March 31st, 2016 the LAADMF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 2.8 million. If the same were not made the NAV per unit of the LAADMF would be higher by PKR 1.12. If the LAADMF would not have made the WWF provisions during FY16, the year to date return of the LAADMF for FY16 would be higher by 0.04%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LAADMF.
Developed Markets Equities Mar-16 % of ETF's Assets Apple Inc 3.17% Microsoft Corp 2.39% Exxon Mobil Corp 1.96% Johnson & Johnson 1.71% General Electric Co 1.62% Berkshire Hathaway Inc 1.48% Facebook Inc 1.43% AT&T Inc 1.34% Procter & Gamble Co/Th1.29% Wells Fargo & Co 1.28% Vanguard S&P 500
Asset Allocation Cash 1% T-Bills 24%
DM Equities 26%
Open-End Asset Allocation Fund 305 122.3019 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 15% of the gross earnings of the Scheme, calculated on a daily basis. The fee is Management Fee subject to a minimum of 1.25% and maximum of 2% of the average annual net assets of the Scheme. Front End Load 2.50% Back End Load None Launch Date October 10, 2011 Benchmark performance of the LAADMF is calculated Benchmark through a 30:70 combination of MSCI World Index and 6-month T-Bills. Dealing Days Mon - Fri Cut-Off Time 04:00 PM Risk Profile Medium Risk Asset Manager Rating AM2- by PACRA (31.03.2016)
Fund Performance
PIBs 49%
Weight 95.09% 1.94% 0.85% 0.84% 0.54%
Sectors United States Ireland Switzerland United Kingdom Singapore
Disclosures
Weight 97.10% 1.27% 0.49% 0.48% 0.30%
Benchmark
1.49% 2.35% 2.26% 0.41% 3.00% 2.19% 0.41% 22.36% NA 50.36%
Feb-16
Jul-15
Oct-15
Dec-15
Mar-15
May-15
Oct-14
Dec-14
Aug-14
May-14
Jan-14
Mar-14
Jun-13
Nov-13
Apr-13
Vanguard S&P 500 (As of Mar-16)
QQQ ETF (As of Mar-16)
Aug-13
Placements with Banks & DFIs T-Bills PIBs Developed Markets (DM) Equities Cash
Nov-12
Jan-16 Feb-16 Mar-16 % of Total Assets 0% 0% 0% 15% 24% 24% 49% 50% 49% 25% 25% 26% 11% 1% 1%
Jun-12
141 139 137 135 133 131 129 127 125 123 121 119 117 115 113 111 109 107 105 103 101 99
Sep-12
Instruments
Leverage as on March 31, 2016 Non Performing Assets
6.37% 1.98% 3.43% 2.63% 5.98% 8.05% 2.63% 27.8% NA 47.81%
LAADMF vs. Benchmark
Asset Allocation
Country United States China United Kingdom Singapore Netherlands
LAADMF Benchmark
FY16-YTD March-16 2 Months 3 Months 6 Months 12 Months CY16-YTD 3 Years 5 Years Since Inception
Jan-13
% of ETF's Assets Apple Inc 11.85% Microsoft Corp 8.43% Amazon.com Inc 5.37% Facebook Inc 4.97% Alphabet Inc 4.95% Alphabet Inc 4.31% Intel Corp 2.91% Comcast Corp 2.87% Cisco Systems Inc 2.72% Gilead Sciences Inc 2.48%
QQQ ETF
Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (31.3.2016) Pricing Mechanism Trustee Auditor
LAADMF
Investment Committee Babar Ali Lakhani Mustafa O. Pasha, CFA Syed Saifullah Kazmi Farhan Bashir Maryam Hidayatallah
Chairman
Nil. Nil.
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved.
10
Lakson Outlook - March 2016
PowerShares QQQ ETF (Developed Markets): Allocations
Type QQQ US Equity DES and click on Allocations
Vanguard S&P 500 ETF (Developed Markets): Allocations
Type VUSD LN Equity DES and click on Allocations
11
Lakson Outlook - March 2016
Lakson Asset Allocation Emerging Markets Fund
MUFAPs Recommended Format
Investment Objective The investment objective of the Lakson Asset Allocation Emerging Markets Fund is to provide longterm capital appreciation by investing in a mix of domestic debt and emerging market securities. Performance Review During the month of March 2016 the Lakson Asset Allocation Emerging Markets Fund generated an absolute return of 0.22% against the benchmark return of 3.27%. The Fund has outperformed the benchmark by 4.02% over 9MFY16. With Chinese, Brazilian and Indian equities continuing to face headwinds the Fund will avoid exposure in Emerging Markets. Allocation has been taken in T bills (53%) and PIBs (25%), while Cash (22%) has been kept in USD which has allowed the Fund to outperform the benchmark by a significant margin. WWF Disclosure As of March 31st, 2016 the LAAEMF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 1.0 million. If the same were not made the NAV per unit of the LAAEMF would be higher by PKR 1.11. If the LAAEMF would not have made the WWF provisions during FY16, the year to date return of the LAAEMF for FY16 would be higher by 0.03%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LAAEMF.
Emerging Market Equities
As of Mar-16
Security
% of Assets
Samsung Electronics Co Taiwan Semiconductor Tencent Holdings Ltd China Mobile Ltd Naspers Ltd China Construction Bank Industrial & Commercia Alibaba Group Holding L Hon Hai Precision Indus Infosys Ltd
Asset Allocation
3.39% 3.36% 2.93% 1.88% 1.52% 1.48% 1.11% 1.08% 1.03% 0.93%
Cash 22%
Fund Facts Fund Type Category Net Assets (PKR Mil.) NAV (31.3.2016) Pricing Mechanism Trustee Auditor
Open-End Asset Allocation Fund 100 113.1542 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 10% of the gross earnings of the Scheme, calculated on a daily basis. The fee is Management Fee subject to a minimum of 0.75% and maximum of 2% of the average annual net assets of the Scheme. Front End Load 2.50% Back End Load None Launch Date October 10, 2011 Benchmark performance of the LAAEMF is Benchmark calculated through a 30:70 combination of MSCI Emerging Markets Index and 6-month TBills. Dealing Days Mon - Fri Cut-Off Time 04:00 PM Risk Profile Medium Risk Asset Manager Rating AM2- by PACRA (31.03.2016)
T-Bills 53%
Fund Performance
LAAEMF Benchmark
FY16-YTD March-16 2 Month 3 Month 6 Month 12 Months CY16-YTD 3 Years 5 Years Since Inception
PIBs 25%
3.34% 0.22% 0.67% 1.20% 1.86% 4.10% 1.20% 14.42% NA 29.29%
-0.68% 3.27% 3.48% 2.14% 3.17% 0.14% 2.14% 10.58% NA 32.64%
Asset Allocation LAAEMF vs. Benchmark
Disclosures Leverage as on March 31, 2016 Non Performing Assets
Nil. Nil.
Benchmark
Jan-16
Mar-16
Jun-15
Nov-15
Apr-15
Aug-15
Jan-15
Nov-14
Jun-14
Aug-14
Apr-14
Jan-14
Nov-13
Jun-13
Weight 14.63% 8.77% 7.05% 6.65% 5.96%
Sep-13
Sectors Banks Semiconductors Telecommunications Oil&Gas Internet
Apr-13
Weight 19.15% 15.31% 12.25% 8.12% 6.63%
Feb-13
Country China South Korea Taiwan India Brazil
Jun-12
EEM Composition (As of Mar-16)
127 125 123 121 119 117 115 113 111 109 107 105 103 101 99
Nov-12
Placements with Banks & DFIs T-Bills PIBs Emerging Markets (EM) Equities Cash
Jan-16 Feb-16 Mar-16 % of Total Assets 0% 0% 0% 52% 53% 53% 24% 25% 25% 0% 0% 0% 24% 22% 22%
Sep-12
Instruments
LAAEMF
Investment Committee Babar Ali Lakhani Mustafa O. Pasha, CFA Syed Saifullah Kazmi Farhan Bashir Maryam Hidayatallah
Chairman
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved.
12
Lakson Outlook - March 2016
Funds Return History The periodic returns for the funds have been presented below as per SECP's SCD Circular No. 16 dated July 03, 2014. The returns presented below are: Yearly returns for the last five fiscal years and Absolute returns for every fiscal year since inception The returns have been annualized for money market and income schemes where the performance evaluation is less than one year.
Last 3 and 5 Fiscal Years Lakson Money Market Fund (LMMF) Fund Benchmark
FY'11
FY'12
FY'13
FY'14
FY'15
11.69% 11.76%
11.19% 11.31%
8.76% 9.14%
7.90% 8.50%
8.57% 8.45%
11.50% 10.82%
11.57% 8.86%
9.21% 9.17%
8.38% 8.31%
14.17% 12.64%
20.44% 28.53%
9.74% 10.45%
40.02% 52.20%
32.15% 25.96%
23.93% 5.67%
6.42% 10.63%
10.52% 13.45%
9.64% 12.94%
7.76% 5.34%
5.85% 7.25%
3.44% 7.89%
4.24% 7.47%
8.86% -1.02%
6.23% 9.82%
5.46% 8.50%
6.40% 10.01%
4.96% 3.36%
Lakson Income Fund (LIF) Fund Benchmark
Lakson Equity Fund (LEF) Fund Benchmark
Lakson Asset Allocation Developed Markets Fund (LAADMF) Fund Benchmark
Lakson Asset Allocation Global Commodities Fund (LAAGCF) Fund Benchmark
Lakson Asset Allocation Emerging Markets Fund (LAAEMF) Fund Benchmark
Since Inception Absolute Returns LMMF vs Benchmark Fund Benchmark
FY'10 6.77% 6.66%
FY'11 19.25% 19.21%
FY'12 32.63% 32.73%
FY'13 44.25% 44.86%
FY'14 55.65% 57.17%
FY'15 68.98% 70.45%
LIF vs Benchmark Fund Benchmark
7.16% 4.59%
19.49% 15.90%
33.35% 26.20%
45.63% 37.77%
57.84% 49.22%
80.20% 68.08%
LEF vs Benchmark Fund Benchmark
-0.66% 7.32%
19.65% 37.94%
31.30% 52.35%
83.84% 107.12%
142.95% 160.89%
201.91% 200.87%
LAADMF vs Benchmark Fund Benchmark
6.42% 10.63%
17.62% 25.51%
28.95% 41.75%
38.96% 49.33%
LAAGCF vs Benchmark Fund Benchmark
5.85% 7.25%
9.49% 15.71%
14.13% 24.36%
24.25% 23.09%
LAAEMF vs Benchmark Fund Benchmark
6.23% 9.82%
12.03% 19.15%
19.20% 31.08%
25.11% 35.49%
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. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved.
13
Lakson Outlook - March 2016
Mutual Funds Performance Comparison Position as of April 04, 2016 Income Funds ABL Income Fund Atlas Income Fund Faysal Financial Sector Opportunity Fund Faysal Savings Growth Fund First Habib Income Fund HBL Income Fund JS Income Fund Lakson Income Fund MCB DCF Income Fund NAFA Financial Sector Income Fund NAFA Income Fund NAFA Income Opportunity Fund NAFA Savings Plus Fund NIT - Income Fund Pakistan Income Fund PICIC Income Fund UBL Financial Sector Bond Fund Islamic Income Funds ABL Islamic Income Fund Al Ameen Islamic Sovereign Fund Alfalah GHP Islamic Income Fund Askari Islamic Income Fund Atlas Islamic Income Fund Faysal Islamic Savings Growth Fund JS Islamic Government Securities Fund MCB Islamic Income Fund Meezan Islamic Income Fund Meezan Sovereign Fund NAFA Riba Free Savings Fund Pak Oman Advantage Islamic Income Fund
Annualized Returns (%) 30 Days 6.18 6.20 8.57 7.59 5.65 5.26 6.06 6.00 5.21 7.19 7.48 7.20 6.53 6.36 5.01 6.64 5.10
90 Days 6.86 7.37 6.47 7.44 5.95 6.14 6.64 8.48 5.65 6.49 6.66 6.80 6.33 6.27 5.74 10.99 6.24
180 Days 6.38 6.84 5.67 6.31 5.34 4.96 6.04 7.49 5.71 6.26 6.69 7.05 6.08 5.65 5.02 8.62 5.82
270 Days 7.20 7.87 7.59 8.62 7.05 6.37 6.51 9.26 6.64 6.53 7.27 7.95 6.21 6.12 6.70 8.61 6.17
365 Days 7.75 7.92 6.16 7.89 6.53 7.45 6.7 9.92 6.76 7.72 8.12 8.89 6.69 6.59 6.85 7.97 6.23
7.46 8.48 7.57 6.62 7.34 8.18 7.51 6.06 7.58 7.47 5.50 10.88
6.18 4.05 6.54 5.01 4.90 7.38 3.15 4.15 5.13 3.32 5.39 7.40
6.15 3.81 5.09 5.19 4.87 5.87 3.38 5.24 6.48 5.50 5.40 4.76
6.10 4.13 4.88 5.62 5.07 5.77 3.18 5.33 6.12 5.08 5.50 N/A
6.49 4.65 5.15 5.62 5.63 6.08 3.99 5.72 6.51 5.65 5.88 3.67
4.97 4.99 4.59 4.80 4.87 5.39 5.04 3.62 5.05 4.99 4.32 5.53 5.29 4.87 5.77 6.43 5.47 5.20 5.04 4.75 4.21
5.38 5.19 4.89 5.12 4.95 5.55 5.21 4.25 5.34 4.99 4.70 5.58 5.54 5.22 5.89 6.48 5.54 5.47 5.78 4.97 4.71
5.42 5.19 5.04 5.23 5.08 5.66 5.39 4.17 5.41 5.11 4.87 5.49 5.33 5.45 5.65 6.06 5.70 5.72 5.99 5.07 4.97
5.65 5.45 5.27 5.49 5.45 6.02 5.68 4.70 5.58 5.37 5.22 5.78 5.49 5.75 5.75 6.12 5.88 5.98 6.18 5.28 5.15
6.98 5.98 6.18 6.32 6.54 6.62 6.8 5.24 6.25 5.92 6.36 6.87 6.12 6.55 6.06 6.97 6.8 7.99 7.25 6.05 5.54
4.77 3.37 4.19
4.64 3.94 4.23
4.59 4.20 4.29
4.68 4.44 4.54
4.98 4.55 5.04
Money Market Funds ABL Cash Fund AKD Cash Fund Alfalah GHP Cash Fund Alfalah GHP Money Market Fund Askari Sovereign Cash Fund Atlas Money Market Fund Atlas Sovereign Liquid Fund BMA Empress Cash Fund Faysal Money Market Fund First Habib Cash Fund HBL Money Market Fund JS Cash Fund Lakson Money Market Fund MCB Cash Management Optimizer NAFA Government Securities Liquid Fund NAFA Money Market Fund Pakistan Cash Management Fund PICIC Cash Fund PIML Daily Reserve Fund UBL Liquidity Plus Fund UBL Money Market Fund Islamic Money Market Funds Al Ameen Islamic Cash Fund HBL Islamic Money Market Fund Meezan Cash Fund
N/A = Not Available
Source: MUFAP
14
Lakson Outlook - March 2016
Mutual Funds Performance Comparison Position as of April 04, 2016 Aggressive Income Funds AKD Aggressive Income Fund Alfalah GHP Income Multiplier Fund Askari High Yield Scheme BMA Chundrigar Road Savings Fund Faysal Income & Growth Fund Pakistan Income Enhancement Fund United Growth & Income Fund Islamic Aggressive Income Funds Al Ameen Islamic Aggressive Income Fund NAFA Islamic Aggressive Income Fund Equity Funds ABL Stock Fund AKD Opportunity Fund Alfalah GHP Alpha Fund Alfalah GHP Stock Fund Atlas Stock Market Fund First Capital Mutual Fund First Habib Stock Fund HBL Stock Fund JS Growth Fund JS Value Fund Lakson Equity Fund MCB Pakistan Stock Market Fund NAFA Stock Fund National Investment Unit Trust PICIC Energy Fund PICIC Stock Fund PIML Value Equity Fund United Stock Advantage Fund Islamic Equity Funds ABL Islamic Stock Fund Al Ameen Shariah Stock Fund Al Meezan Mutual Fund Alfalah GHP Islamic Stock Fund HBL Islamic Stock Fund JS Islamic Fund Meezan Islamic Fund PIML Islamic Equity Fund
Absolute Returns (%) 30 Days 8.36 6.76 6.70 22.22 14.62 6.26 17.10
90 Days 16.64 9.31 9.88 13.79 10.24 7.36 15.36
180 Days 11.53 7.82 8.41 12.13 7.67 6.73 13.62
270 Days 11.25 8.28 9.67 12.95 10.14 8.71 12.46
365 Days 7.61 7.79 8.22 11.06 8.76 8.28 10.32
9.97 7.41
10.18 6.53
8.65 7.20
7.27 7.50
7.64 7.96
5.01 8.82 3.83 3.85 4.85 5.39 4.60 5.40 3.29 4.24 5.89 4.34 5.25 4.27 1.45 5.57 5.06 4.59
0.43 (5.42) 1.34 1.25 1.92 2.36 0.50 0.59 (1.63) (0.28) 3.69 (1.80) 1.05 (0.52) (3.33) 0.60 1.92 (2.12)
1.91 (4.83) 5.98 5.81 3.32 1.11 (0.28) (0.91) 2.69 6.99 6.33 2.19 2.90 4.91 (4.64) (2.03) 2.82 4.70
(2.85) (3.49) 1.34 1.55 (6.20) (5.75) (8.88) (5.85) (4.00) 2.81 (2.38) (7.33) (3.44) (3.21) (11.75) (2.77) (3.43) 0.12
12.68 28.92 21.1 22.55 4.69 6.6 3.37 4.69 6.01 11.32 9.57 7.82 13.03 9.86 -3.93 7.63 14.62 17.39
4.69 5.95 6.98 4.47 6.05 5.82 6.84 5.18
0.18 0.49 2.47 3.61 1.22 4.17 2.23 2.95
(0.41) 2.24 6.25 10.06 0.24 6.34 7.10 4.74
(5.51) (1.52) (0.87) 6.38 (7.91) (2.88) (0.27) (1.67)
9.5 16.91 16.28 24.51 2.54 14.46 18.32 18.13
0.76 3.84 3.42 2.88 2.05
(7.32) (0.05) 1.08 0.00 (0.97)
6.81 (0.01) 1.87 1.17 3.56
(0.03) (3.06) (1.80) (3.63) 0.07
10.55 5.84 9.94 6.95 8.24
3.67 4.84
0.57 2.26
(1.66) 4.84
(4.87) 1.52
1.56 12.96
Balanced Funds Faysal Balanced Growth Fund HBL Multi Asset Fund NAFA Multi Asset Fund Pakistan Capital Market Fund Unit Trust of Pakistan Islamic Balanced Funds First Habib Islamic Balanced Fund Meezan Balanced Fund
N/A = Not Available
Source: MUFAP
15
Lakson Outlook - March 2016
Mutual Funds Performance Comparison Position as of April 04, 2016 Asset Allocation Funds Alfalah GHP Value Fund Askari Asset Allocation Fund Faysal Asset Allocation Fund Lakson Asset Allocation Developed Markets Fund Lakson Asset Allocation Emerging Markets Fund Lakson Asset Allocation Global Commodities Fund MCB Pakistan Asset Allocation Fund MCB Pakistan Frequent Payout Fund NAFA Asset Allocation Fund Pak Oman Advantage Asset Allocation Fund UBL Asset Allocation Fund Islamic Asset Allocation Funds Al Ameen Islamic Asset Allocation Fund Askari Islamic Asset Allocation Fund NAFA Islamic Asset Allocation Fund Pak Oman Islamic Asset Allocation Fund Pakistan Int'l Element Islamic Asset Allocation Fund
Absolute Returns (%) 30 Days 3.53 2.25 1.44 1.45 0.20 0.32 0.96 0.36 3.03 2.30 2.56
90 Days 2.66 (6.27) (8.28) 2.63 1.20 1.96 0.11 1.15 2.12 2.69 2.48
180 Days 7.25 (5.92) (2.77) 5.63 1.83 2.96 0.66 N/A 1.51 3.09 4.49
270 Days 4.86 (14.35) (9.69) 6.30 3.30 5.12 (0.77) N/A (2.18) N/A 5.88
365 Days 22.4 -2.54 0.96 8.27 4.09 6.06 3.06 N/A 11.1 10.85 10.63
3.02 3.49 3.63 3.18 3.23
1.71 (1.47) 3.35 4.80 0.53
3.45 (2.64) 4.22 4.82 0.72
3.33 (11.40) 1.83 N/A (6.82)
11.56 -0.74 17.2 15.78 3.02
0.90 0.60
1.53 (1.01)
2.54 0.24
3.35 (3.10)
5.35 3.26
1.35 2.45
0.55 0.97
0.27 (0.53)
(2.36) (4.77)
7.22 6.97
Capital Protected Funds HBL Mustahekum Sarmaya Fund 1 Pakistan Sarmaya Mehfooz Fund
Islamic Capital Protected Funds NAFA Islamic Principal Protected Fund I NAFA Islamic Principal Protected Fund II
N/A = Not Available
Source: MUFAP
16
Lakson Outlook - March 2016
Markets Information Equities Total Return in PKR and % Markets
Index
YTD
3-mo
1-yr
5-yr
Total Return in USD and % YTD
3-mo
1-yr
5-yrWorld
World
MSCI All Country World Index
-0.3%
-0.3%
-6.2%
15.9%
-0.3%
-0.3%
-6.2%
15.9%
Developed
MSCI World Index
-0.9%
-0.9%
-5.3%
23.5%
-0.9%
-0.9%
-5.3%
23.5%
Emerging
MSCI Emerging Markets Index
5.4%
5.4%
-14.1%
-28.5%
5.4%
5.4%
-14.1%
-28.5%
Europe
MSCI Europe Index
-3.2%
-3.2%
-10.9%
-4.4%
-3.2%
-3.2%
-10.9%
-4.4%
China
CSI 300
-13.7%
-13.7%
-20.6%
-0.2%
-13.7%
-13.7%
-20.6%
-0.2%
Dubai
DFM
0.0%
0.0%
0.0%
153.4%
0.0%
0.0%
0.0%
153.4%
India
BSE Sensex 30
-3.0%
-3.0%
-9.4%
30.3%
-3.0%
-3.0%
-9.4%
30.3%
Japan
Nikkei 225
-12.0%
-12.0%
-12.7%
71.8%
-12.0%
-12.0%
-12.7%
71.8%
Malaysia
FTSE Bursa
1.5%
1.5%
-6.2%
11.2%
1.5%
1.5%
-6.2%
11.2%
Pakistan
KSE 100
Sri Lanka
Colombo All Share
UK
1.0%
1.0%
9.6%
180.6%
1.0%
1.0%
9.6%
180.6%
-11.9%
-11.9%
-11.0%
-19.3%
-11.9%
-11.9%
-11.0%
-19.3%
FTSE 100
-1.1%
-1.1%
-8.8%
4.5%
-1.1%
-1.1%
-8.8%
4.5%
US
DJIA
1.5%
1.5%
-0.5%
43.6%
1.5%
1.5%
-0.5%
43.6%
US
S&P 500
0.8%
0.8%
-0.4%
55.4%
0.8%
0.8%
-0.4%
55.4%
US
NASDAQ 100
-2.4%
-2.4%
3.5%
91.7%
-2.4%
-2.4%
3.5%
91.7%
Germany
DAX Index
-7.2%
-7.2%
-16.7%
41.5%
-7.2%
-7.2%
-16.7%
41.5%
CANADA
TSX 300 Composite Index
3.7%
3.7%
-9.4%
-4.4%
3.7%
3.7%
-9.4%
-4.4%
France
CAC - 40
-5.4%
-5.4%
-12.9%
9.9%
-5.4%
-5.4%
-12.9%
9.9%
Brazil
Sao Paulo SE Bovespa Index
15.5%
15.5%
-2.1%
-27.0%
15.5%
15.5%
-2.1%
-27.0%
Korea
Korea SE Kospi
1.8%
1.8%
-2.2%
-5.3%
1.8%
1.8%
-2.2%
-5.3%
Taiwan
Taiwan SE Weighted Index
4.9%
4.9%
-8.8%
0.7%
4.9%
4.9%
-8.8%
0.7%
-30%
-5%
20%
45%
70%
KSE Sectors Automobile and Parts
-7.8%
-7.8%
9.1%
439.8%
-7.8%
-7.8%
9.1%
439.8%
Commercial Banks
-7.4%
-7.4%
-5.5%
85.1%
-7.4%
-7.4%
-5.5%
85.1%
Chemicals
-7.4%
-7.4%
0.3%
76.2%
-7.4%
-7.4%
0.3%
76.2%
Construction and Materials (Cement)
11.7%
11.7%
36.6%
909.8%
11.7%
11.7%
36.6%
909.8%
Electricity
-3.7%
-3.7%
4.7%
188.8%
-3.7%
-3.7%
4.7%
188.8%
Fixed Line Telecommunication
-8.8%
-8.8%
-27.4%
-13.9%
-8.8%
-8.8%
-27.4%
-13.9%
Food Producers
-2.5%
-2.5%
-10.8%
147.4%
-2.5%
-2.5%
-10.8%
147.4%
Non Life Insurance
0.0%
0.0%
18.4%
167.2%
0.0%
0.0%
18.4%
167.2%
Oil and Gas
4.7%
4.7%
-19.1%
8.3%
4.7%
4.7%
-19.1%
8.3%
Personal Goods (textile)
-1.5%
-1.5%
1.7%
158.2%
-1.5%
-1.5%
1.7%
158.2%
YTD 3-mo
Fixed Income Current Interbank Rates on Money Market
3M
6M
12M
YTD
3-mo
1-yr
2-yr
China
SHIBOR
2.80%
2.90%
3.02%
3.19%
4.43%
3.23%
4.11%
4.45%
Dubai
UAE IBOR
0.69%
1.05%
1.27%
1.57%
1.18%
0.93%
0.88%
0.92%
India
MIBOR
7.68%
7.80%
NA
NA
Japan
TIBOR
0.07%
0.10%
0.16%
0.18%
0.34%
0.26%
0.26%
0.29%
Malaysia
KLIBOR
3.38%
3.74%
3.83%
3.92%
3.46%
3.81%
3.83%
3.64%
Pakistan
KIBOR
6.50%
6.35%
6.36%
6.66%
9.73%
6.97%
8.18%
9.13%
Sri Lanka
SLIBOR
8.17%
8.43%
8.92%
9.34%
10.24%
7.20%
7.09%
8.15%
UK
LIBOR
0.51%
0.59%
0.74%
0.99%
0.77%
0.75%
0.71%
0.67%
US
SIBOR
0.44%
0.63%
0.89%
1.18%
0.47%
0.51%
0.41%
0.37%
Current Market Yields on Government Securities China
Govt. Securities vs. KIBOR
Historic 6-month Interbank Rates
1M
8.00% 7.75%
Interbank Feb 16
6.75% 6.50% 6.25% 6.00% 5.75% 5.50% 5.25% 5.00% 1W
Historic 12-Month Paper Rates
3M
12M
5Y
10Y
YTD
3-mo
1-yr
2-yr
2.19%
2.38%
3.10%
3.27%
3.04%
2.23%
2.79%
3.28%
India
8.31%
8.31%
7.63%
7.54%
8.37%
8.40%
8.36%
8.68%
Japan
-0.02%
-0.10%
0.07%
0.36%
0.04%
-0.06%
-0.03%
0.00%
Malaysia
3.14%
3.18%
3.86%
4.15%
3.12%
3.18%
3.29%
3.20%
Pakistan
6.50%
6.55%
8.23%
9.26%
9.64%
6.87%
8.02%
9.00%
Sri Lanka
NA
NA
NA
NA
NA
NA
NA
NA
UK
0.55%
0.50%
1.19%
1.76%
0.37%
0.51%
0.43%
0.42%
US
-0.02%
0.31%
1.36%
2.04%
0.15%
0.33%
0.22%
0.16%
1M
3M
6M
1Y
2Y
12M Yields of Government Securities China India Japan Malaysia Pakistan Sri Lanka UK US 0%
17
Govt. Sec. Feb 16
7.50% 7.25% 7.00%
3%
6%
9%
Lakson Outlook - March 2016
12%
Markets Information Commodities Total Return Commodity
Unit
YTD
3-mo
DB Commodity Index
USD Excess Return
-0.2%
S&P Global Commodity Index
USD Total Return
-2.5%
Coal
USD/Tonne
1.0%
Current Prices
1-yr
5-yr
-0.2%
-21.4%
-53.9%
275.7
-2.5%
-28.7%
-61.6%
2116.4
1.0%
-10.0%
N.A
51.1
Copper
USc/lbs
2.2%
2.2%
-20.3%
-49.3%
218.3
Cotton
USc/lbs
-7.6%
-7.6%
-7.4%
-70.8%
58.4
Gold
USD/t oz.
16.4%
16.4%
4.3%
-14.2%
1234.2
Palm Oil
USD/Tonne
24.7%
24.7%
20.5%
-37.8%
694.5
Sugar
USc/lbs
0.7%
0.7%
28.7%
-43.4%
15.4
Wheat
USD/Bushel (60Ibs)
0.7%
0.7%
-7.5%
-38.0%
4.7
WTI
USD/bbl
3.5%
3.5%
-19.5%
-64.1%
38.3
Brent Crude
USD/bbl
6.2%
6.2%
-28.1%
-66.3%
39.6
Heating Oil
USd/Gallon
7.6%
7.6%
-31.0%
N.A
118.5
RBOB Gasoline
USD/Gallon
12.6%
12.6%
-19.9%
-54.1%
1.4
Natural Gas
USD/MMBTU
-16.2%
-16.2%
-25.8%
-55.4%
2.0
Silver
USD/t Ozs
12.0%
12.0%
-6.8%
-59.2%
15.5
120
DBCI
SPGSCI
110 100 90 80 70 60 50 Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
Currencies Change Versus PKR in %
Current Exchange Rates
YTD
3-mo
1-yr
5-yr
0.24%
-8.39%
CAD - PKR
80.56 119.21
190 GBP
Canadian Dollar
CAD
6.26%
6.26%
Euro
EUR
4.66%
4.66%
8.97%
-1.33%
EUR - PKR
Indian Rupee
INR
0.00%
0.00%
0.00%
-6.30%
INR - PKR
1.7941
Japanese Yen
JPY
6.66%
6.66%
9.66%
66.16%
JPY - PKR
0.9305
130
Pound Sterling
GBP
-2.55%
-2.55%
-0.40%
9.99%
GBP - PKR
150.45
110
Singaporian Dollar
SGD
5.07%
5.07%
4.59%
14.77%
SGD - PKR
77.69
90
US Dollar
USD
-0.02%
-0.02%
2.72%
22.66%
USD - PKR
104.71
CAD
Jul-15
Aug-15 Sep-15
USD
150
70 Jan-15 Mar-15
18
EUR
170
Apr-15
May-15
Nov-15 Dec-15
Lakson Outlook - March 2016
Jan-16
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. Haider Abbas 14 Ali Block, 1st Floor New Garden Town, Lahore. Tel: 042.591.1025/26 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
19
Lakson Outlook - March 2016
1954
DECADES OF SEASONED INVESTMENT
Century Insurance
Merit Packaging Limited
Century Paper & Board Mills
Hassan Ali Karabhai Foundation
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
