LAKSON GROUP
ONLINE www.li.com.pk
[email protected]
TELEPHONE + 92 21 3569 8000 UAN: +92 21 111 Lakson F: +92 21 3568 1653
ADDRESS Lakson Investments Limited. Lakson Square, Building No. 2, Sarwar Shaheed Road, Karachi-74200, Pakistan
NOVEMBER 2016
Lakson Outlook.
CONTENTS 04
06
07
Economic & Markets Review
FMR Lakson Money Market Fund
FMR Lakson Income Fund
08
09
10
FMR Lakson Equity Fund
FMR Lakson Tactical Fund
FMR Lakson Islamic Tactical Fund
13
14
11 FMR Lakson Asset Allocation Developed Markets Fund
Funds Return History
17 Markets Information
Mutual Funds Performance Comparison
4
Economic & Markets Review PAKISTAN
Economy CPI during November 2016 clocked in at 3.8% Year-on-Year, lower compared to 4.2% last month. On a month-on-month basis, CPI was up 0.2% in November as compared to an increase of 0.8% during October 2016. Food inflation picked up by 3.3% YoY in November 2016 compared to an increase of 4.4% YoY last month. Inflationary expectations are on the rise, as commodity prices trend higher and the low base impact fades. Other macro indicators also improved in November 2016, where Large-scale manufacturing (LSM) increased by 1.9% YoY. Private sector credit off-take continues to accelerate (up 12.7% YoY in October 2016 vs. 5.8% in October 2015) with impetus from Construction (+43% YoY), Chemicals (+16% YoY) and Transport & Communication (+24% YoY).
Yield Curve 11.5% 10.5% 9.5% 8.5% 7.5% 6.5% 5.5% 1W
Net FDI flows during 4MFY17 clocked in at USD 316 mn, down 48% YoY. The current account balance posted a USD 381 mn deficit in October 2016 (1.4% of GDP) against USD 174 mn deficit in September 2016, led primarily by a slowdown in remittances, lackluster exports and rise in imports. As a result the 4MFY17 current account deficit rose 63% to USD 1.76 bn. Fixed Income Review The government of Pakistan raised PKR 540 bn through the T-Bill auctions in November 2016, led by participation in 3M T-Bills and followed by those of 6M T-Bills. Cut off yields of 3M and 6M T-Bills increased by 4bps, on average, during the month to 5.95% and 5.94%, respectively. Meanwhile, in the PIB auction held on Nov 16th, the government of Pakistan rejected all bids worth PKR 114 bn. Major participation came in the 3yr tenor paper (PKR 60.7 bn), followed by in the 5yr tenor paper (PKR 40.7 bn). The State Bank of Pakistan in its monetary policy announcement decided to keep the policy and discount rates on hold.
2M
6M
2Y
5Y
31-Oct-16
8Y
15Y
30-Nov-16
USD/PKR vs. Forex Reserves
Forex Res. (USD bn.) - RHS USD/PKR
105.0
25.0 24.0 23.0
104.0
Equities In November, the KSE 30 rallied 4.8% on abatement of political turmoil in the country as a leading opposition party called off its protest. The market also rose after the surprise win of Donald Trump in the U.S. elections and reduction in gas prices for industries which is beneficial for the fertilizers, glass and textile sectors. Average volumes in the market declined 7% to reach 71 mn shares per day and average daily traded value increased by 8% to USD 64 mn per day. Foreigners (- USD 117 mn) were major sellers during the month as they pulled out money from Emerging markets after increasing conviction over a US rate hike. Mutual funds (+ USD 78 mn), Individuals (+ USD 68 mn) and NBFCs (+ USD 23 mn) were major buyers during the month.
22.0 103.0
21.0 1-Nov
8-Nov
15-Nov
22-Nov
29-Nov
Market Rates 6.5%
Construction & Materials (+11.4%) was the best performing sector in November. The sector had declined in the previous months on negative sentiment due to fears of a price war. However, the sentiment improved as the sector gradually passed on the impact of higher coal prices. The next best performing sectors were Support Services (+10.2%), Pharma (+7.3%) and Personal Goods (+7.3%). The worst performers were Power Generation (+0.1%) and Food (+1.51%). The KSE 30's trailing 12 months (TTM) PE ratio is 11.1x and despite the strong price run up during 2016 remains at a substantial discount to regional markets such as China's Shanghai Composite Index and India's Sensex Index which are trading at 18.4x and 19.7x respectively.
5.5% 1-Nov 6M KIBOR
10-Nov
19-Nov O/N Repo Rate
28-Nov 6M T-Bill
4MFY17 current account deficit rose 63% to USD 1.76 bn.
5
Economic & Markets Review INTERNATIONAL
Developed Market Review The US stock market posted handsome gains in November 2016 (Dow: +5.4%; S&P500: +3.4%; Nasdaq: +2.6%), courtesy post-election rally and last minute gains from the Energy sector after OPEC agreed to cut oil production by 1.2mn bpd. The US financial sector has also been in the limelight ahead of rising expectations of an interest rate hike before year end. Meanwhile, in Asia, Nikkei rallied by 6% during November 2016, supported by weakening of Yen. The UK's FTSE100 fell by 4% during the month under review.
Performance of Equities and Commodities 120%
MSCI World Index MSCI EM Index DB Commodity Index
100%
80%
Emerging Markets Review Following the election of Donald Trump as President of the US, fears over a stronger USD, trade restrictions, protectionism and threats to global growth surfaced, spiking foreign outflows in Emerging markets. Largest pullouts were from Taiwan (USD 3.2 bn), India (USD 2.6 bn) and South Africa (USD 1.3 bn) during the month. Additionally, firming up of market expectations surrounding a rate hike by the FOMC kept EM currencies against the USD depressed, highlighted by the Dollar index rising 2.75% during the month. In light of these dampeners, MSCI Emerging Markets index witnessed a decline of 5.15%, where large Asian markets, Phillipines (down 8.4% MoM), India (down 5.2% MoM from uncertainty over demonetization) and Indonesia (falling 4.6% MoM) led declines. Commodities November 2016 turned out to be a felicitous month for the crude oil market. Though average oil prices declined during the previous month as Brent and Nymex averaged USD 47.1/bb and USD 45.9/bbl, respectively (down 8% MoM), the month ended with a bang as OPEC confounded its doubters and sent crude oil prices soaring by agreeing to its first production cuts in eight years. Both Brent & Nymex closed around 9% up at month end when OPEC members reached a deal to cut oil production by 1.2mn barrels a day. The deal overcame disagreements between the group's three largest producers - Saudi Arabia, Iran and Iraq - and ended a flirtation with free markets that started in 2014. It was also broader than many had expected, extending beyond OPEC. Most strikingly, Russia agreed to unprecedented cuts to its own output.
60% Nov-15
Feb-16
May-16
Aug-16
Nov-16
Valuation of International Markets
24 20 16 12 8 4 -
DM
US
UK
Japan Canada
EM
Brazil Russia
India
China
P/E Multiple
Coal prices continued their ascent and peaked at USD 99.4/MT (prices last seen in April-12) before settling at USD 84.3/MT at month end. Despite a decline in the latter half of the month, RB coal prices averaged USD 92.7/MT up by 15% on MoM basis. Gold prices declined to multi-month low as prices sank to USD 1,175/oz on account of a resurgent USD coupled with growing optimism over a interest rate hike in the next Fed meeting due in December. Fertilizer prices were at a 12-month high as Urea prices rose to USD 243/MT at month end compared to USD 215/MT at the beginning of November 2016.
Brent & Nymex closed around 9% up.
6
LAKSON MONEY MARKET FUND FU N D FA C T S
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
WWW Disclosure
The Lakson Money Market Fund generated an annualized return of 5.12% against the benchmark return of 5.26% in November 2016. The Fund underpeformed the benchmark by 0.14%. During CY16TD the Fund has returned 5.56% to unit holders against the benchmark of 5.24% and outperformed by 0.32%. Asset allocation changed with T bill allocation increasing to 71% while cash and placement exposure was at 10% and 19% respectively. As a result portfolio WAM remained stable at 27 days. Going forward the Fund will focus on increasing exposure to attractive deposits in order to generate returns and mitigate interest rate risk.
As of November 30th, 2016 the LMMF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 53.0 million. If the same were not made the NAV per unit of the LMMF would be higher by PKR 1.06 / 1.04%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LMMF.
(This is inclusive of 0.17% representing Government levies and SECP Fees)
10%
19%
Asset Allocation
19%
Placements with Banks & DFIs T Bill Cash
10%
Credit Split 71%
Gov Sec AA+ AA
71%
Asset Allocation Instruments (% of total Assets) Instruments Placements with Banks & DFIs PIBs T Bills Cash Others including receivables * Weighted Average Maturity
Sep-16 11% 0% 25% 64% 0%
Front End Load Back End Load Launch Date Benchmark*
Dealing Days Cut-Off Time Fund Rating Risk Profile Asset Manager Rating
Total Expense Ratio (TER) TER 0.89%
Fund Type Category Net Assets (PKR Mil.) NAV (30.11.2016) Pricing Mechanism Trustee Auditor Management Fee
Oct-16 9% 0% 38% 52% 1%
Nov-16 19% 0% 71% 10% 0%
WAM* days 61 0 21 0
Open-End Money Market Fund 5,107 102.3624 Previous Day CDC Pakistan Limited BDO Ebrahim & Co. 10% of Gross Earnings subject to a minimum of 0.50% and maximum of 1.00% of the average annual net assets. Current - 0.60% None None November 13, 2009 70% average 3 months PKRV rates + 30% average 3 months deposit rate of three AA rated banks Mon-Fri 4:00 PM 'AA' by PACRA (31.12.2015) Low Risk AM2 by PACRA (08.06.2016)
PERFORMANCE Morningstar FY17 - YTD November-16 2 Months 3 Months 6 Months 12 Months CY16 - YTD Simple Annualized FY17 - YTD November-16 2 Months 3 Months 6 Months 12 Months CY16 - YTD 3 Years 5 Years Since Inception
LMMF 5.37% 5.24% 5.19% 5.36% 5.46% 5.52% 5.57% LMMF 5.29% 5.12% 5.08% 5.26% 5.39% 5.52% 5.56% 7.61% 9.14% 11.69%
Benchmark 5.14% 5.39% 5.36% 5.38% 5.29% 5.35% 5.25% Benchmark 5.06% 5.26% 5.24% 5.27% 5.22% 5.35% 5.24% 7.70% 9.37% 11.89%
*The benchmark of the Fund was changed in February 2014 and September 2016.
LMMF vs. Benchmark Non Compliant Investments
Disclosures
Name on investment
Leverage as on November 30th, 2016 Non Performing Assets WAM of Portfolio
Type of instrument Value of investment before provisioning
Nil Nil 27 Days
Total provision held Value of investment
118 117 116 115 114 113 112 111 110 109 108 107 106 105 104 103 102 101 100 Jun-14
Oct-14
Feb-15
Jun-15 Benchmark
Oct-15 Feb-16 LMMF
Jun-16
after provisioning
INVESTMENT COMMITTEE
% of total assets
Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Maryam Hidayatallah, CPFA, MIPA
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.
LAKSON OUTLOOK
Oct-16
November 2016
7
LAKSON INCOME FUND FUND FACTS
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
WWW Disclosure
During November 2016 the LIF generated an annualized return of 6.09% against the benchmark return of 6.09%. Over CY16TD the LIF has generated a return of 6.73% and outperformed the benchmark by 0.16%. Asset allocation changed with placements decreasing to 26%, cash exposure increasing to 58% while corporate debt exposure declined to 11%. This meant that portfolio WAM decreased to 298 days. Going forward the Fund will concentrate on building exposure to high quality corporate debt and bank placements.
As of November 30th, 2016 the LIF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 11.8 million. If the same were not made the NAV per unit of the LIF would be higher by PKR 0.34 / 0.32%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LIF.
(This is inclusive of 0.29% representing Government levies and SECP Fees) 4%
Placements with Banks & DFIs PIB TFC Sukuk Cash
26%
58%
Asset Allocation
4% 8% 3%
2% 4%
24%
1%
Credit Split 16%
48%
Gov Sec AAA AA+ AA AAA+ A
Asset Allocation Instruments (% of total Assets) Instruments Placements with Banks & DFIs PIBs T Bills TFCs Sukuks MTS Cash Others including receivables
Sep-16 33% 5% 0% 10% 4% 0% 46% 1%
Issue Date
NRSP 30-Jun-16 PEL SUKUK 25-Aug-16 Habib Bank 19-Feb-16 Limited I Bank Al Falah 20-Feb-13 Limited V Askari Bank 23-Dec-11 Limited IV K-Electric AZM Sukuk III 24-Feb-14
Oct-16 32% 5% 0% 10% 4% 0% 48% 1%
Nov-16 26% 4% 0% 8% 3% 0% 58% 1%
WAM* days 118 2710 0 1786 524 0 0
Disclosures
TFCs/Sukuk Portfolio Name of the Issuer
Rating
% of Total Assets
A A
2.39% 2.19%
AAA
2.05%
AA-
1.80%
AA-
1.55%
AA
1.14%
Leverage as on November 30th, 2016 Non Performing Assets WAM of Portfolio
Nil Nil 298 Days
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.
LAKSON OUTLOOK
Open-End Income Fund 3,635 103.4878 Forward Day CDC Pakistan Limited BDO Ebrahim & Co. 1.50% 1.50% None November 13, 2009 Average daily rate of 6M KIBOR (Ask) Mon-Fri 4:00 PM 'A+' by PACRA (31.12.2015) Medium Risk AM2 by PACRA (8.06.2016)
PERFORMANCE
Total Expense Ratio (TER) TER 1.95%
Fund Type Category Net Assets (PKR Mil.) NAV (30.11.2016) Pricing Mechanism Trustee Auditor Management Fee Front End Load Back End Load Launch Date Benchmark* Dealing Days Cut-Off Time Fund Rating Risk Profile Asset Manager Rating
Morningstar FY17 - YTD September-16 2 Months 3 Months 6 Months 12 Months CY16 - YTD Simple Annualized FY17 - YTD September-16 2 Months 3 Months 6 Months 12 Months CY16 - YTD 3 Years 5 Years Since Inception
LIF 5.63% 6.27% 5.95% 5.73% 6.18% 6.76% 6.75% LIF 5.54% 6.09% 5.81% 5.61% 6.09% 6.76% 6.73% 11.23% 11.83% 14.21%
Benchmark 5.86% 6.26% 6.23% 6.20% 6.44% 6.88% 6.58% Benchmark 5.76% 6.09% 6.07% 6.06% 6.34% 6.88% 6.57% 12.84% 12.54% 11.98%
*The benchmark of the Fund was changed in September 2016
LIF vs. Benchmark 128 126 124 122 120 118 116 114 112 110 108 106 104 102 100 Jun-14
Nov-14
Apr-15
Sep-15
Feb-16
Benchmark
Jul-16
Nov-16
LIF
INVESTMENT COMMITTEE Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Maryam Hidayatallah, CPFA, MIPA
November 2016
8
LAKSON EQUITY FUND FUND FACTS
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
WWW Disclosure
LEF generated a return of 5.52%, versus benchmark return of 5.32% in November'16. FYTD return progressed to 12.58% for LEF, out performing the benchmark (8.24%) by a significant margin of 4.34%.
As of November 30th, 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 0.69 / 0.54%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LEF.
The fund increased its equity exposure in light of reduced volatility from international and domestic political situation. Funds were deployed into sectors that catered to the strategy theme, which included Banks, E&P and Chemicals. Exposure was also increased into off market items where fundamental value remained attractive.
(This is inclusive of 0.41% representing Government levies and SECP Fees)
Top 10 Holdings Oil & Gas Development Co Nishat Mills Limited Habib Bank Limited United Bank Limited MCB Bank Limited Pakistan State Oil Limited ICI Pakistan Limited Engro Corporation Limited DG Khan Cement Limited Lucky Cement Limited
Sectorwise Exposure 5.67% 5.42% 5.17% 5.13% 4.11% 4.03% 4.03% 3.59% 3.58% 3.04%
Open-End Equity Fund 3,701 128.7160 Forward Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 2.00% 3.00% None November 13, 2009 KSE-30 Index (Total Return Index) Mon-Fri 4:00 PM High Risk AM2 by PACRA (8.06.2016)
PERFORMANCE
Total Expense Ratio (TER) TER 2.82%
Fund Type Category Net Assets (PKR Mil.) NAV (30.11.2016) 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
Oct-16
Nov-16
Chemicals*
8.53%
10.07%
Comm Banks
14.46% 20.30%
Const. & Mat.
8.92%
10.14%
Electricity
4.12%
4.93%
Oil & Gas Exp
10.55%
11.92%
Oil & Gas Mktg
4.75%
4.59%
Others
13.53% 22.93%
*Includes fertilizers
FY17 - YTD November-16 2 Months 3 Months 6 Months 12 Months CY16- YTD 3 Year 5 Year Since Inception
LEF 12.58% 5.52% 5.04% 6.13% 15.37% 31.61% 26.30% 79.07% 222.93% 274.94%
Benchmark 7.75% 4.84% 2.87% 2.28% 11.56% 23.07% 25.16% 27.87% 113.42% 143.99%
*The benchmark of the Fund was changed in September 2016.
LEF vs. Benchmark 500
2% 13%
10%
23%
Asset Allocation
Equity Cash Others
85%
5%
Sector wise Exposure
12% 5%
Asset Allocation (% of Total Assets) Sep-16 Oct-16 Nov-16 Equities
85%
65%
85%
T-Bills
0%
0%
0%
Cash
14%
33%
13%
Others
1%
2%
2%
Disclosures Leverage as on November 30th, 2016 Non Performing Assets
10%
Country
Index
Pakistan KSE-100 India
400 350 300 250 200 150
50
1M P/E Div. Ret. Yield 6.84% 11.49 5.01
0 Oct-15
Mar-16 LEF
Aug-16 KSE-100
Nov-16 KSE-30
BSE Sensex 30 -4.57% 19.65
1.6
Malaysia FTSE KLCI -3.19% 16.8 3.16 DFM General
0.86% 10.96 4.13
USA
DJIA
5.41% 18.17 2.49
USA
S&P 500
3.42% 20.55 2.12
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.
LAKSON OUTLOOK
450
100
Pakistan vs. Global Markets
Dubai Nil Nil
20%
Chemicals Comm Banks Const. & Mat Electricity Oil & Gas Exp Oil & Gas Mktg Others
INVESTMENT COMMITTEE Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Maryam Hidayatallah, CPFA, MIPA
November 2016
9
Lakson Tactical Fund
(Formerly: Lakson Asset Allocation Global Commodities Fund)
FUND FACTS
Investment Objective The investment objective of the Lakson Tactical Fund (Formerly: Lakson Asset Allocation Global Commodities Fund) is to provide long-term capital appreciation by investing in a mix of securities comprising debt, equity and commodities future contracts. Performance Review
WWW Disclosure
During the month of November 2016 the Lakson Tactical Fund generated an absolute return of 3.15% against the benchmark return of 2.58%. The Fund has out performed the benchmark by 0.09% over CY16TD. Allocation was focused between Equities (41%), Placements (26%) Cash (24%), (TFCs/Sukuks (4%) and PIBs (4%). Going forward the Fund will look to minimize interest rate risk while maintaining a healthy exposure to equities.
As of November 30th, 2016 the LTF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 1.2 million. If the same were not made the NAV per unit of the LTF would be higher by PKR 0.09 / 0.08%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LTF.
Fund Type Category Net Assets (PKR Mil.) NAV (30.11.2016) Pricing Mechanism Trustee Auditor Management Fee
Front End Load Back End Load Launch Date Benchmark*
Total Expense Ratio (TER) TER 2.13%
(This is inclusive of 0.33% representing Government levies and SECP Fees)
Asset Allocation (% of Total Assets) Aug-16 Sep-16 Oct-16
2%
Placements with Banks & DFIs
19%
26%
26%
T bills
3%
0%
0%
PIBs
5%
4%
4%
TFC
5%
4%
4%
Equity
34%
33%
41%
Cash
34%
33%
24%
Others
0%
0%
2%
Top 10 Equity Holdings (%age of total assets) Securities Oil & Gas Dev. Nishat Mills Habib Bank United Bank MCB Bank P.S.O. ICI Pakistan Engro Corp D.G.K. Cement Lucky Cement
Nov-16 Weight 2.75% 2.63% 2.47% 2.46% 1.97% 1.93% 1.92% 1.73% 1.70% 1.46%
Disclosures Leverage as on November 30th, 2016 Non Performing Assets
Nil Nil
26%
24%
Asset Allocation
Placement with Banks & DFIs PIBs
4% 4%
41%
TFC Equity Cash Others
Sectorwise Exposure
PERFORMANCE LTF 6.73% 3.15% 3.17% 4.02% 8.38% 10.73% 10.51% 24.40% 39.86% 41.71%
FY17 - YTD November-16 2 Months 3 Months 6 Months 12 Months CY16-YTD 3 Years 5 Years Since Inception
Oct-16
Nov-16
Banks
7.51%
9.74%
Oil & Gas
7.76%
7.93%
Cement
4.85%
4.83%
Textiles
1.70%
3.17%
Engineering
1.60%
2.63%
139.00
Others
9.58%
12.29%
134.00
Benchmark 4.97% 2.58% 2.22% 2.60% 7.21% 9.95% 10.42% 9.07% 27.18% 29.80%
*The benchmark of the Fund was changed in September 2016.
LTF vs. Benchmark 149.00 144.00
129.00
The significant change in the performance of the fund is reflective of the change in the Investment objectives and thereby a change in its investment policies on the conversion of the Fund w.e.f April 19, 2016. The returns and the benchmark before April 19, 2016 were computed on the basis of investment objectives and policies before conversion and therefore do not offer a comparison This is being reported for the Investor information only
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.
LAKSON OUTLOOK
Dealing Days Cut-Off Time Risk Profile Asset Manager Rating
Open-End Asset Allocation Fund 1,440 109.5346 Forward Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 10% of the gross earnings of the Scheme, calculated on a daily basis. The fee is subject to a minimum of 1% and maximum of 2% of the average annual net assets of the Scheme. Current - 1.47% 2.50% None October 11, 2011 Weighted average daily return of KSE30 Index, 6M KIBOR and the DBIQ Optimum Yield Diversified Commodity Index Excess Return based on the Scheme's actual proportion in the equity, debt securities and commodities Mon-Fri 4:00 PM Medium Risk AM2 by PACRA (08.06.2016)
124.00 119.00 114.00 109.00 104.00 99.00 Jul-12
Jan-13
Jul-13
Jan-14
Benchmark
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
LTF
INVESTMENT COMMITTEE Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Maryam Hidayatallah, CPFA, MIPA
November 2016
10
Lakson ISLAMIC Tactical Fund (Formerly: Lakson Asset Allocation Emerging Markets Fund)
FUND FACTS
Investment Objective The investment objective of the Lakson Islamice Tcatical Fund (Formerly: Lakson Asset Allocation Emerging Markets Fund) is to provide long- term capital appreciation by exclusively investing in Shariah Complaint avenues including equities, fixed income instruments and emerging market securities. Performance Review
WWW Disclosure
During the month of November 2016 the Lakson Islamic Tactical Fund generated an absolute return of 2.40% against the benchmark return of 2.55%. The Fund has under performed the benchmark by 3.53% over CY16TD. Fund exposure is in Cash (62%) and Equities (34%). A build up in Shariah compliant equities and fixed income instruments will be targeted over 2HFY17.
As of November 30th, 2016 the LITF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 0.9 million. If the same were not made the NAV per unit of the LAAEMF would be higher by PKR 0.92 / 0.90%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LAAEMF.
Fund Type Category Net Assets (PKR Mil.) NAV (30.11.2016) Pricing Mechanism Trustee Auditor Management Fee
Front End Load Back End Load Launch Date Benchmark*
Total Expense Ratio (TER) TER 3.52%
(This is inclusive of 0.43% representing Government levies and SECP Fees)
5%
Asset Allocation (% of Total Assets) Sep-16 Oct-16 Nov-16
34%
Asset Allocation
Equities Cash Others
Equities Cash
0%
17%
34%
100%
73%
62%
0%
10%
5%
Others
Nov-16 Weight
Nishat Mills Ltd.
4.36%
Engro Corp.
2.94%
ICI Pakistan.
2.74%
D.G.K. Cement
2.41%
K-Electric Ltd.
2.00%
Pak Oilfields.
1.97%
The Searle Co.
1.93%
Meezan Bank
1.71%
Lucky Cement
1.70%
Pioneer Cement
1.55%
Disclosures Leverage as on November 30th, 2016 Non Performing Assets
Nil Nil
LITF 2.57% 2.40% 2.16% 2.24% 3.06% 4.94% 4.88% 12.43% 32.29% 34.00%
Benchmark 5.37% 2.55% 2.60% 3.00% 6.47% 7.87% 8.41% 10.24% 37.23% 40.78%
Oct-16
Nov-16
Cement
2.94%
6.79%
Oil & Gas
3.09%
4.81%
Textile
1.73%
4.36%
*The benchmark of the Fund was changed in September 2016.
Chemical
2.07%
3.65%
Fertilizers
1.32%
3.34%
144.00
Others
6.00%
10.65%
139.00
Sectorwise Exposure
The change in the performance of the fund is reflective of the change in the Investment objectives and thereby a change in its investment policies on the conversion of the Fund from a conventional asset allocation fund to a Shariah Compliant Asset Allocation Fund w.e.f September 21, 2016. The returns and the benchmark before September 21, 2016 were computed on the basis of investment objectives and policies before conversion and therefore do not offer a comparison. This is being reported for the Investor information only
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.
LAKSON OUTLOOK
PERFORMANCE FY17 - YTD November-16 2 Months 3 Months 6 Months 12 Months CY16-YTD 3 Years 5 Years Since Inception
62%
Top 10 Equity Holdings (%age of total assets) Securities
Dealing Days Cut-Off Time Risk Profile Asset Manager Rating
Open-End Asset Allocation Fund 103 102.2546 Forward Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 10% of the gross earnings of the Scheme, calculated on a daily basis. The fee is subject to a minimum of 1% and maximum of 2% of the average annual net assets of the Scheme. Current - 1.47% 2.50% None October 11, 2011 Weighted average daily return of KMI30 Index, 6M deposit rates of three A rated Islamic Banks or Islamic windows of Conventional Banks and MSCI Emerging Markets Islamic Index based on the Scheme's actual proportion in the equity, debt and emerging market securities Mon-Fri 4:00 PM Medium Risk AM2 by PACRA (08.06.2016)
LITF vs. Benchmark
134.00 129.00 124.00 119.00 114.00 109.00 104.00 99.00 Jul-12
Jan-13
Jul-13
Jan-14
Benchmark
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
LITF
INVESTMENT COMMITTEE Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Maryam Hidayatallah, CPFA, MIPA
November 2016
Lakson Asset Allocation Developed Markets Fund FUND FACTS
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
WWW Disclosure
During the month of November 2016 the Lakson Asset Allocation Developed Markets Fund generated an absolute return of 0.67% against the benchmark return of 0.72%. The Fund has outperformed the benchmark by 2.95% over CY16TD. Allocation has been taken in T bills (37%), PIBs (31%) and Developed Market Equities (28%). Exposure in equities has been focused on US indices which offer a superior risk/return profile to other Developed Markets.
As of November 30th, 2016 the LAADMF has maintained provisions against Workers' Welfare Fund's liability to the tune of PKR 2.7 million. If the same were not made the NAV per unit of the LAADMF would be higher by PKR 1.04 / 0.89%. For details investors are advised to read the Note 8.1 of the latest Financial Statements of the LAADMF.
Fund Type Category Net Assets (PKR Mil.) NAV (30.11.2016) Pricing Mechanism Trustee Auditor Management Fee
Front End Load Back End Load Launch Date Benchmark
Total Expense Ratio (TER) TER 2.50%
(This is inclusive of 0.36% representing Government levies and SECP Fees) Asset Allocation (% of Total Assets) Sep-16 Oct-16 Nov-16
4%
Placementswith
28%
Asset Allocation
37%
T-Bill PIBs DM Equities Cash
31%
Developed Markets Equities (Nov-16) QQQ ETF % of Asset Apple Inc 10.60% Microsoft Corp 8.46% Amazon.com Inc 6.49% Facebook Inc 4.92% Alphabet Inc 4.72% Alphabet Inc 4.14% Comcast Corp 2.97% Intel Corp 2.93% Cisco Systems Inc 2.68% Amgen Inc 1.96% QQQ ETF (As of Nov-16) Country United States
Banks & DFIs
0%
0%
0%
T-Bills
39%
38%
37%
PIBs
33%
33%
31%
(DM) Equities
29%
28%
28%
Cash
0%
1%
4%
Developed Markets
Vanguard S&P 500 Apple Inc Microsoft Corp Exxon Mobil Corp Johnson & Johnson Amazon.com Inc Facebook Inc General Electric Co Berkshire Hathaway Inc JPMorgan Chase & Co Alphabet Inc
% of Assets 3.31% 2.53% 1.87% 1.72% 1.68% 1.65% 1.41% 1.40% 1.35% 1.30%
PERFORMANCE Benchmark 2.81% 0.72% 0.51% 0.99% 2.56% 3.42% 4.09% 13.02% 52.35% 55.87%
*The benchmark of the Fund was changed in September 2016.
LAADMF vs. Benchmark 159 149 139
Weight
Weight
119
95.22%
109
129
United States
97.04%
1.88%
Ireland
1.13%
Singapore
1.18%
Switzerland
0.49%
United Kingdom
0.65%
United Kingdom
0.44%
Netherlands
0.60%
Singapore
0.36%
99 Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Benchmark
Jan-15 Jul-15
Jan-16 Jul-16
LAADMF
INVESTMENT COMMITTEE
Disclosures Leverage as on November 30th, 2016 Non Performing Assets
LAADMF 2.73% 0.67% 0.26% 0.65% 3.10% 6.89% 7.04% 21.7% 52.2% 54.2%
FY17 - YTD October-16 2 Months 3 Months 6 Months 12 Months CY16-YTD 3 Years 5 Years Since Inception
Vanguard S&P 500 (As of Nov-2016) Sector
China
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.
LAKSON OUTLOOK
Dealing Days Cut-Off Time Risk Profile Asset Manager Rating
Open-End Asset Allocation Fund 297 116.3861 Forward Day CDC Pakistan Limited KPMG Taseer Hadi & Co. 15% of the gross earnings of the Scheme, calculated on a daily basis. The fee is subject to a minimum of 1.25% and maximum of 2% of the average annual net assets of the Scheme. Current - 1.53% 2.50% None October 11, 2011 Weighted average daily return of 6M KIBOR and the MSCI World Index based on the Scheme's actual proportion in the debt securities and developed market securities Mon-Fri 4:00 PM Medium Risk AM2 by PACRA (08.06.2016)
Babar Ali Lakhani Chairman Kashif Mustafa Mustafa O. Pasha, CFA Sana Abdullah, CFA Syed Saifullah Kazmi Maryam Hidayatallah, CPFA, MIPA
November 2016
11
12
Powershare 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.
LAKSON OUTLOOK
November 2016
13
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
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
LAKSON MONEY M A R KE T FU N D ( L M M F )
Fund
11.19%
8.76%
7.90%
8.57%
5.60%
Benchmark
11.31%
9.14%
8.50%
8.45%
5.61%
LAKSON INCOME FUND (LIF)
Fund
11.57%
9.21%
8.38%
14.17%
8.57%
Benchmark
8.86%
9.17%
8.31%
12.64%
7.16%
LAKSON EQUITY FUND (LEF)
Fund
9.74%
40.02%
32.15%
23.93%
10.60%
Benchmark
10.45%
52.20%
25.96%
5.67%
0.37%
LAKSON ASSET ALLOCATION DEVELOPED M A R KE T S FU N D ( L A A D M F )
Fund
6.42%
10.52%
9.64%
7.76%
8.00%
Benchmark
10.63%
13.45%
12.94%
5.34%
2.33%
L A K S O N TA C T I C A L F U N D ( LT F ) *
Fund
5.85%
3.44%
4.24%
8.86%
6.85%
Benchmark
7.25%
7.89%
7.47%
-1.02%
3.18%
LAKSON ISLAMIC TA C T I C A L FUND (LITF)**
Fund
6.23%
5.46%
6.40%
4.96%
4.42%
Benchmark
9.82%
8.50%
10.01%
3.36%
0.05%
*Formerly: Lakson Asset Allocation Global Commodities Fund (LAAGCF) **Formerly: Lakson Asset Allocation Emerging Markets Fund (LAAEMF)
Since Inception Absolute Returns
LMMF vs BENCHMARK
LIF vs BENCHMARK
LEF vs BENCHMARK
LAADMF vs BENCHMARK
LT F v s B E N C H M A R K
LITF vs BENCHMARK
FY 2010
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
Fund
6.77%
19.25%
32.63%
44.25%
55.65%
68.98%
78.45%
Benchmark
6.66%
19.21%
32.73%
44.86%
57.17%
70.45%
80.01%
Fund
7.16%
19.49%
33.35%
45.63%
57.84%
80.20%
95.65%
Benchmark
4.59%
15.90%
26.20%
37.77%
49.22%
68.08%
80.12%
Fund
-0.66%
19.65%
31.30%
83.84%
142.95%
201.09%
233.00%
Benchmark
7.32%
37.94%
52.35%
107.12%
160.89%
175.69%
176.71%
Fund
6.42%
17.62%
28.95%
38.96%
50.08%
Benchmark
10.63%
25.51%
41.75%
49.33%
52.81%
Fund
5.85%
9.49%
14.13%
24.25%
32.76%
Benchmark
7.25%
15.71%
24.36%
23.09%
27.00%
Fund
6.23%
12.03%
19.20%
25.11%
30.64%
Benchmark
9.82%
19.15%
31.08%
35.49%
35.56%
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.
LAKSON OUTLOOK
November 2016
14
Mutual Funds Performance Comparison Annualized Returns (%): Positions as of December 02, 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 Income Opportunity Fund
30 DAYS
90 DAYS
180 DAYS
270 DAYS
365 DAYS
3.93 7.41 4.66 1.89 4.77 4.81 8.29 5.90 4.96 5.93 5.73 5.83 5.15 4.11 5.14 4.93 4.76
4.20 5.74 2.07 2.53 5.48 4.41 7.38 5.61 5.23 6.01 6.62 5.51 5.36 4.55 5.26 4.39 4.65
5.68 6.36 4.43 4.23 5.51 3.90 7.73 6.05 4.88 5.98 6.91 6.81 5.52 4.59 4.85 5.18 6.63
5.57 6.55 4.57 4.52 4.98 4.26 7.15 5.98 4.82 6.08 6.45 6.56 5.72 4.86 4.65 5.20 7.51
5.99 6.78 4.88 5.08 5.34 4.56 7.26 6.71 5.02 6.28 6.77 6.79 5.98 5.17 4.97 6.76 7.8
8.90 14.00 8.14 4.54 7.56 4.08 9.62 6.09 6.53 14.49 6.20 4.25
6.49 9.61 5.75 4.16 7.15 4.47 7.89 5.54 5.17 10.34 5.79 4.56
6.01 7.76 5.96 4.45 5.96 5.99 6.17 4.85 5.03 7.86 5.54 7.04
5.72 7.34 5.42 4.50 5.96 5.99 6.13 4.92 4.90 7.42 5.53 6.88
5.99 6.09 5.61 4.76 5.65 6.19 5.38 5.34 5.3 7.03 5.61 6.37
30 DAYS
90 DAYS
180 DAYS
270 DAYS
365 DAYS
4.68 4.35 4.75 4.82 4.88 5.09 4.77 3.92 4.61 5.22 4.89 4.78 5.13 5.22 4.97 5.53 5.32 5.34 4.88 4.82 4.27
5.25 4.41 4.81 4.97 4.92 5.27 4.98 3.87 4.99 5.31 4.75 5.00 5.26 5.20 5.23 5.75 5.29 5.19 4.91 4.82 4.48
5.77 4.61 5.00 5.24 4.95 5.27 5.03 3.85 5.37 5.23 4.72 5.18 5.38 5.32 5.42 6.09 5.34 5.55 4.94 5.44 4.76
5.60 4.83 4.96 5.20 5.13 5.48 5.21 3.93 5.38 5.19 4.71 5.30 5.47 5.27 5.54 6.14 5.44 5.54 5.11 5.34 4.79
5.62 4.98 5.05 5.31 5.12 5.59 5.3 4.07 5.48 5.19 4.77 5.46 5.52 5.37 5.67 6.25 5.56 5.63 5.43 5.31 4.89
4.93 4.36 4.52
4.98 4.31 4.51
4.88 4.28 4.71
4.89 4.04 4.62
4.82 4.14 4.59
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 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 Note: NA - Not Available. Source: MUFAP.
LAKSON OUTLOOK
November 2016
15
Mutual Funds Performance Comparison Annualized Returns (%): Positions as of December 02, 2016 AGGRESSIVE INCOME FUNDS
30 DAYS
90 DAYS
180 DAYS
270 DAYS
365 DAYS
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
5.08 6.59 5.40 4.93 0.80 5.21 4.66
5.25 5.42 3.76 4.60 0.65 4.18 3.30
6.39 6.64 4.48 6.54 4.25 4.71 9.09
6.39 6.50 4.81 7.92 5.72 4.57 10.30
9.05 7.24 6.19 8.98 6.2 5.22 11.17
4.53 5.49
4.61 5.40
6.27 6.06
6.05 6.19
6.91 6.57
30 DAYS
90 DAYS
180 DAYS
270 DAYS
365 DAYS
3.71 5.33 4.11 4.30 3.47 4.46 3.29 3.54 3.69 7.77 6.47 4.62 3.47 4.30 4.49 6.44 3.65 3.91 5.73 4.64
9.87 15.17 9.20 9.44 6.48 10.62 6.91 7.54 6.43 15.55 12.90 8.19 8.97 9.81 12.46 16.01 10.07 7.93 8.94 9.18
16.98 29.50 11.68 11.96 10.03 17.00 13.88 12.43 11.60 22.60 23.18 15.17 13.09 15.81 20.39 27.57 18.45 9.65 15.57 14.11
31.53 60.72 25.42 25.58 23.68 33.00 27.29 23.87 23.84 32.53 31.27 27.09 27.82 31.62 38.37 40.30 29.31 23.52 24.42 28.74
31.01 41.61 30.03 29.84 14.95 35.03 28.59 23.32 21.47 34.03 33.46 28.82 31.34 30.07 41.56 40.67 24.13 23.74 26.78 28.39
4.54 5.67 4.46 6.42 5.22 6.76 4.13 3.75
9.31 8.81 8.70 10.21 7.38 17.29 8.58 6.83
14.27 14.66 14.51 11.14 12.98 30.72 15.03 10.72
26.90 28.83 30.99 25.62 26.31 44.27 31.68 19.15
26.14 N/A 34.21 33.54 25.53 49.17 35.38 24.04
30 DAYS
90 DAYS
180 DAYS
270 DAYS
365 DAYS
1.14 3.88 3.84 3.09 3.76
2.82 6.11 10.01 8.11 5.93
2.78 9.55 16.49 11.80 10.32
11.99 18.38 28.78 22.70 18.46
3.77 17.1 30.83 22.58 18.58
3.86 2.64
5.66 4.97
7.66 9.02
16.39 18.87
15.44 21.31
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 Askari Equity Fund Atlas Stock Market Fund First Capital Mutual Fund First Habib Stock Fund HBL Stock Fund JS Growth Fund JS Large Cap 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 Islamic Dedicated Equity Fund Al Meezan Mutual Fund Alfalah GHP Islamic Stock Fund HBL Islamic Stock Fund JS Islamic Fund Meezan Islamic Fund PIML Islamic Equity Fund 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
Note: NA - Not Available. Source: MUFAP.
LAKSON OUTLOOK
November 2016
16
Mutual Funds Performance Comparison Annualized Returns (%): Positions as of December 02, 2016 ASSET ALLOCATION FUNDS
30 DAYS
90 DAYS
180 DAYS
270 DAYS
365 DAYS
3.67 2.05 3.94 0.53 2.08 1.33 0.68 3.82 4.17 1.71
8.91 3.47 0.18 0.21 4.91 2.99 1.74 10.22 8.96 3.21
13.73 5.53 (2.02) 2.78 7.59 7.58 2.85 14.79 15.03 6.49
27.65 13.81 9.01 5.13 9.04 12.12 4.38 27.48 20.76 13.18
33.76 6.69 0.79 6.31 11.03 12.48 5.77 29.58 24.9 16.67
2.59 3.34 2.07 3.07 4.02 4.32
4.43 4.55 2.76 7.47 8.71 7.41
7.16 7.55 3.53 12.08 12.74 12.98
13.41 18.26 4.28 22.73 19.42 27.08
15.34 13.95 5.36 27.05 25.4 27.11
CAPITAL PROTECTED FUNDS
30 DAYS
90 DAYS
180 DAYS
270 DAYS
365 DAYS
HBL Mustahekum Sarmaya Fund 1 JS Capital Protected Fund V Pakistan Sarmaya Mehfooz Fund
1.12 0.65 0.78
2.63 1.68 1.86
4.43 2.45 2.74
6.54 N/A 6.10
8.31 N/A 5.59
2.39 3.75
5.57 10.27
9.11 14.20
15.19 22.95
15.96 23.63
Alfalah GHP Value Fund Askari Asset Allocation Fund Faysal Asset Allocation Fund Lakson Asset Allocation Developed Markets Fund Lakson Tactical 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 Lakson Islamic Tactical Fund NAFA Islamic Asset Allocation Fund Pak Oman Islamic Asset Allocation Fund Pakistan Int'l Element Islamic Asset Allocation Fund
ISLAMIC CAPITAL PROTECTED FUNDS NAFA Islamic Principal Protected Fund I NAFA Islamic Principal Protected Fund II
Note: NA - Not Available. Source: MUFAP.
LAKSON OUTLOOK
November 2016
17
Markets Information Equities TOTAL RETURN IN PKR AND %
YTD
3M
1Y
5Y
TOTAL RETURN IN USD AND %
MARKETS
INDEX
YTD
3M
1Y
5Y
World
MSCI All Country World Index
3.5%
-0.8%
1.5%
62.1%
3.5%
-0.8%
1.5%
37.6%
Developed
MSCI World Index
3.0%
-0.4%
1.0%
70.2%
3.0%
-0.4%
1.0%
44.5% -7.1%
Emerging
MSCI Emerging Markets Index
8.6%
-3.5%
6.0%
9.5%
8.6%
-3.5%
6.0%
Europe
MSCI Europe Index
-8.1%
-4.9%
-10.6%
29.1%
-8.1%
-4.9%
-10.6%
9.6%
China
CSI 300
-5.2%
6.3%
-0.8%
65.3%
-5.2%
6.3%
-0.8%
40.3%
Dubai
DFM
0.0%
0.0%
0.0%
236.8%
0.0%
0.0%
0.0%
185.9%
India
BSE Sensex 30
2.0%
-6.3%
1.9%
94.7%
2.0%
-6.3%
1.9%
65.3%
Japan
Nikkei 225
-3.8%
8.4%
-7.3%
155.7%
-3.8%
8.4%
-7.3%
117.1%
Malaysia
FTSE Bursa
-4.3%
-3.5%
-3.2%
29.6%
-4.3%
-3.5%
-3.2%
10.0%
Pakistan
KSE 100
29.9%
7.1%
32.1%
269.6%
29.9%
7.1%
32.1%
213.8%
Sri Lanka
Colombo All Share
-9.5%
-4.4%
-9.7%
20.4%
-9.5%
-4.4%
-9.7%
2.2%
UK
FTSE 100
8.7%
0.0%
6.7%
45.1%
8.7%
0.0%
6.7%
23.2%
US
DJIA
9.7%
3.9%
7.9%
87.0%
9.7%
3.9%
7.9%
58.8%
US
S&P 500
7.6%
1.3%
5.7%
107.7%
7.6%
1.3%
5.7%
76.3%
US
NASDAQ 100
4.7%
0.8%
3.1%
146.9%
4.7%
0.8%
3.1%
109.6%
Germany
DAX Index
-1.0%
0.4%
-6.5%
105.8%
-1.0%
0.4%
-6.5%
74.8%
CANADA
TSX 300 Composite Index
15.9%
3.3%
12.0%
45.6%
15.9%
3.3%
12.0%
23.6%
France
CAC - 40
-1.3%
3.2%
-7.7%
71.0%
-1.3%
3.2%
-7.7%
45.1%
Brazil
Sao Paulo SE Bovespa Index
42.8%
6.9%
37.2%
28.2%
42.8%
6.9%
37.2%
8.8%
Korea
Korea SE Kospi
1.1%
-2.5%
-0.4%
26.5%
1.1%
-2.5%
-0.4%
7.4%
Taiwan
Taiwan SE Weighted Index
10.8%
1.9%
11.1%
57.7%
10.8%
1.9%
11.1%
33.8%
-30%
-5%
20%
45%
70%
KSE SECTORS Automobile and Parts
118.9%
43.6%
135.9% 1236.5% 118.9%
43.6%
135.9%
1034.7%
Banks
17.5%
10.1%
19.2%
154.9%
17.5%
10.1%
19.2%
116.4%
Chemicals
-64.1%
37.3%
-65.4%
-36.1%
-64.1%
37.3%
-65.4%
-45.7%
Construction and Materials
43.0%
8.8%
45.5%
1086.6% 43.0%
8.8%
45.5%
907.4%
Electricity
0.9%
-9.9%
-1.9%
203.4%
0.9%
-9.9%
-1.9%
157.6%
Fixed Line Telecommunication
-6.7%
1.1%
-11.6%
38.0%
-6.7%
1.1%
-11.6%
17.1%
Food Producers
3.0%
12.4%
-10.7%
134.5%
3.0%
12.4%
-10.7%
99.1%
Oil and Gas
36.0%
7.6%
37.5%
36.3%
36.0%
7.6%
37.5%
15.7%
Personal Goods
9.6%
20.9%
6.3%
250.1%
9.6%
20.9%
6.3%
197.2%
YTD 3-mo
Fixed Income MONEY MARKET
CURRENT INTERBANK RATES
HISTORIC 6M INTERBANK RATES
1M
3M
6M
12 M
YTD
3M
1Y
5Y
China
SHIBOR
2.87%
3.04%
3.06%
3.15%
NA
2.91%
2.98%
3.43%
Dubai
UAE IBOR
0.77%
1.41%
1.67%
2.10%
NA
1.55%
1.36%
1.12%
India
MIBOR
7.68%
7.80%
NA
NA
NA
NA
NA
NA
Japan
TIBOR
0.03%
0.06%
0.11%
0.13%
0.14%
0.11%
0.15%
0.20%
Malaysia
KLIBOR
3.16%
3.41%
3.52%
3.62%
3.70%
3.52%
3.71%
3.78%
Pakistan
KIBOR
6.26%
6.10%
6.12%
6.41%
6.20%
6.06%
6.23%
6.92%
Sri Lanka
SLIBOR
10.55%
11.00%
11.51%
12.00%
10.27%
11.50%
10.02%
8.60%
UK
LIBOR
0.26%
0.39%
0.55%
0.79%
0.65%
0.55%
0.66%
0.69%
US
SIBOR
0.62%
0.93%
1.29%
1.64%
1.04%
1.26%
1.01%
0.73%
CURRENT MARKET YIELDS
GOVERNMENT SECURITIES
HISTORIC 12M PAPER RATES
Govt. Securities vs. KIBOR 8.00% 7.75% 7.50% 7.25% 7.00% 6.75% 6.50% 6.25% 6.00% 5.75% 5.50% 5.25% 5.00% 1W
1M
3M
Govt. Sec. Nov 16
6M
1Y
2Y
12M Yields of Government Securities
3M
12 M
5Y
10 Y
YTD
3M
1Y
2Y
China
2.63%
2.32%
2.73%
2.95%
2.26%
2.19%
2.27%
2.42%
India
8.31%
6.05%
#N/A
6.25%
6.82%
6.42%
6.86%
7.29%
Japan
-0.34%
-0.30%
-0.09%
0.03%
-0.28%
-0.31%
-0.27%
-0.15%
Malaysia
3.13%
3.21%
4.04%
4.41%
2.70%
2.73%
2.71%
2.96%
Pakistan
5.85%
5.91%
7.07%
8.09%
6.00%
5.87%
6.03%
6.71%
Pakistan
Sri Lanka
11.00%
12.00%
NA
NA
10.75%
11.99%
10.49%
8.98%
Sri Lanka
UK
0.31%
0.12%
0.61%
1.42%
0.28%
0.14%
0.29%
0.37%
UK
US
0.48%
0.77%
1.84%
2.38%
0.57%
0.65%
0.58%
0.42%
China India Japan Malaysia
US 0%
LAKSON OUTLOOK
Interbank Nov 16
3%
6%
9%
12%
November 2016
18
Markets Information Commodities CURRENT PRICE
TOTAL RETURN
COMMODITY
UNIT
YTD
3M
1Y
DB Commodity Index
USD Excess Return
14.9%
6.2%
8.1%
-41.4%
5Y 317.3
S&P Global Commodity Index
USD Total Return
6.4%
5.2%
-2.8%
-53.7%
2308.5
110 100
Dow Jones UBS Commodity Index
USD Total Return
9.8%
4.0%
6.4%
-40.8%
173.8
Coal
USD/Tonne
72.8%
27.2%
63.3%
N.A
87.5
Copper
USc/lbs
22.8%
26.7%
28.2%
-26.4%
262.2
Cotton
USc/lbs
14.5%
10.9%
18.2%
-19.8%
72.5
Gold
USD/t oz.
10.4%
-10.5%
9.9%
-32.9%
1170.8
120
DBCI
SPGSCI
DJUBS
90 80 70
Palm Oil
USD/Tonne
23.8%
0.7%
37.1%
-27.0%
689.9
Sugar
USc/lbs
30.0%
-1.2%
32.7%
-16.4%
19.8
60
Wheat
USD/Bushel (60Ibs)
-19.0%
5.4%
-17.3%
-36.1%
3.8
50
WTI
USD/bbl
33.5%
10.6%
18.7%
-50.7%
49.4
Brent Crude
USD/bbl
35.4%
7.3%
13.1%
-54.3%
50.5
Heating Oil
USd/Gallon
42.7%
11.4%
17.5%
N.A
157.1
RBOB Gasoline
USD/Gallon
17.7%
5.6%
9.7%
-41.9%
1.5
Natural Gas
USD/MMBTU
43.4%
16.1%
50.0%
-5.6%
3.4
Silver
USD/t Ozs
18.9%
-11.9%
16.8%
-49.9%
16.4
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Currencies CURRENT EXCHANGE RATES
TOTAL RETURN
YTD
3M
1Y
5Y
GBP
EUR
CAD
USD
170
Canadian Dollar
CAD
3.63%
-2.02%
-0.89%
-0.89%
CAD - PKR
78.29
Euro
EUR
-2.32%
-4.16%
0.43%
0.43%
EUR - PKR
111.99
Indian Rupee
INR
7.54%
-7.59%
9.14%
9.14%
INR - PKR
0.94
Japanese Yen
JPY
7.54%
-7.59%
9.14%
9.14%
JPY - PKR
0.94
Pound Sterling
GBP
-15.46%
-4.54%
-17.35%
-17.35%
GBP - PKR
131.34
Singaporian Dollar
SGD
-0.48%
-3.99%
-1.36%
-1.36%
SGD - PKR
73.79
US Dollar
USD
-0.05%
0.09%
-0.62%
-0.62%
USD - PKR
104.82
LAKSON OUTLOOK
190
150 130 110 90 70 Oct-15
Dec-15 Jan-16
Mar-16
Apr-16
May-16
Jul-16
Aug-16
Sep-16
November 2016
19
LAKSON OUTLOOK
November 2016
TRANSA CTION L OCATIONS Islamabad 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 Mr. Haider Abbas 14 Ali Block, 1st Floor New Garden Town, Lahore. Tel: 042.591.1025/26 Faisalabad Mr. Shahbaz Choudhry - Branch Manager 1 st Floor, FM Plaza 15-D, Peoples Colony, Faisalabad Tel: 041.324.1704/07 Fax: 041.855.4453
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.
Sialkot Mr. Nisar Bhatti - Branch Manager 1 st Floor, Karim Plaza Iqbal Town, Defence Road, Sialkot Tel: 052.324.1704/07 Fax: 052.324.1703
Decades of Seasoned Investment:
since 1954
Century Insurance
Lakson Business Solution
Century Paper Merit Packaging & Board Mills Limited
Accuray Surgicals
