Professional Documents
Culture Documents
Sponsors Profile
The Organization
Private sector Equity fund in 2002 (PSM), which has delivered an absolute return of 1,410.2% since inception (2002), outperforming KSE-100 by 262.2% and the only state owned peer fund by a significant margin Fixed Income Fund in 2002 (PIF), which has consistently outperformed its benchmark and most of fixed income avenues/peer funds Launched countrys first Govt. Bond Fund (MSF-Perpetual) in 2003 Administrative investment plan in 2002 Govt. Bond Fund i.e. MetroBank Pakistan Sovereign Fund in 2003 Introduced countrys first AAA rated Money Market Fund (i.e. PCF) Introduced countrys first Index Tracker Fund based on an index provided by an international indices provider (i.e. Arif Habib Dow Jones SAFE Pakistan Titans 15 Index Fund-AHDJPF) First AMC to launch ATM withdrawal facility in 2004 First AMC to introduce web based e-statements for clients First AMC to introduce monthly Fund Managers reports and daily NAV by sms First one to initiate video FMR and webinar
Board of Directors
Mian Mohammad Mansha Chairman Mr. Nasim Beg - Executive Vice Chairman Mr. Yasir Qadri, Chief Executive Officer & Director Dr. Salman Shah Director Mr. Haroun Rashid Director Mr. Ahmed Jahangir Director Mr. Samad A. Habib Director Mirza Mahmood Ahmad - Director
Key Management
Name
Mr. Yasir Qadri Mr. Saqib Saleem, ACA Mr. Kashif Rafi Mr. Tanweer Ahmad Haral Mr. Muhammad Asim, CFA Mr. Umair Ahmed, ACA Syed Asif Mehdi, ACA Mr. Jamshed A. Khan Mr. Arif Maniar Mr. Yousuf Durvesh Mr. Mohsin Pervaiz
Designation
Chief Executive Officer SVP- COO & Company Secretary SVP-Head of Fixed Income SVP-Head of Sales & Marketing VP-Head of Equities VP CFO , Head of Fund Accounting & Special Mandates VP-Head of Internal Audit & Compliance VP- Head of Investment Advisory VP-Head of Corporate Sales (South) VP-National Business Manager (Direct Retail channel) VP-Investments
We believe in a comprehensive top-down fundamental approach, which, harnessed by our in-house research process, can provide superior risk-adjusted returns. We believe in focusing our portfolio in the most attractive investment ideas so as to create value for our investors.
Macroeconomic Environment Asset Classes Microenvironment Instruments Major Investment Valuation Models Include Absolute Valuation and Relative Valuation Techniques using PE, PBV, Dividend Yield, Earning Yield, RI, EVA , MVA and DCF (used dominantly) using FCFE, FCFF & DDM, DDDM
Select instruments based on fundamental analysis Keep Benchmark in mind, but take aggressive overweight or underweight positions based on view
Equity Funds vs. Indices Pakistan Stock Market Fund (Inception: March 11, 2002) KSE-100 MCB Dynamic Stock Fund (Inception: March 01, 2007) KSE-30
196.9% 22.8%
(since DSF inception)
-56.0%
Returns
-66.0%
-71.0%
MCB-DSF
PSMF
MIF
CDF
NIT
UTPA30+F
AKDITF
HBLSF
AKDOF
KSE-100
NSF
-76.0%
KASBSF
KSE-30
ASMF
USAF
APSF
-75%
120.0%
110.0%
100.0%
96% 91% 87% 82% 80% 80% 77% 73% 71% 68% 66% 61%
Returns
90.0%
80.0%
70.0%
60.0%
MCB-DSF
PSMF
IGISF
MIF
CDF
UTPA30+F
AKDITF
NIT
KSE-100
KASBSF
AKDOF
KSE-30
HBLSF
ASMF
USAF
AGAF
NSF
50.0%
Equity Funds - Performance in the complete cycle of market collapse and recovery (April 2008 to Feb 2011)
20.00%
11.00%
10.00%
0.00%
8.45%
-2.03%
-20.00%
-10.46%
-10.00%
-4.90%
-21.37%
-24.26%
-27.87%
-29.47%
-30.00%
-24.53%
MCB-DSF
PSMF
CDF
HBLSF
NIT
KSE-100
AKDOF
ASMF
USAF
KASBSF
NSF
-50.00%
KSE-30 -38.49%
-40.00%
-36.12%
Debt Markets in Pakistan though are insulated from Credit Crises that emerged in the leading economies in the form of Collapse of CDOs and Sub-Prime Mortgage, however corporate bonds felt the heat because of challenges on both macro and micro economic levels . Majority of Fixed Income Funds being investors of Corporate Bonds (TFCs) faced severe write downs and losses. Naturally, allocation to Weaker Credit Quality Institutions was penalized by market in terms of falling Bond Prices. Where price discovery hindered, regulator enforced mandatory provisioning requirements. On Nov 04, 2008 SECP (Apex regulator) forced Fixed Income Funds to make mandatory provisions according to the credit quality buckets. The TFC crises that began in Oct-08 continued to affect the performance in the days to come. Around the same quarter, credit placements for stock market investors (suspended subsequently by the regulator) also tainted the portfolio performance. On the following pages a snapshot of our relative performance since Oct-2008 (when heat began to threaten fixed income markets) to November 2010 also highlights our ability to sail through turbulent times
Absolute return over past 365 days (as on Aug 29, 2013) 14.1% 12.7%
Fixed Income Funds - Performance since the Corporate Debt Failures Started to affect markets in Pakistan (October 2008 to Feb 2011)
20% 15% 10% 5% 0%
16.9% 12.0%
11.9%
11.2%
8.3%
7.5%
10.1%
9.8%
5.3%
2.6%
2.1%
1.0% -0.6%
-1.0%
-1.3%
-4.9%
-5%
-3.6%
MCB-DCF
IGIIF
DMMF
PIEF
UGIF
FHIF
NCF
NIF
PIF
BMA-CRSF
AGIMF
HBL IF
AKDIF
JSIF
JSAIF
AskIF
AIF
Pakistan Cash Management Fund is the countrys first AAA(f) rated Fund based on Treasury Bills only (AUM Rs. 3.175 billion, inception: 20th March 2008). CAGR 10.8%. MCB Cash Management Optimizer is a flexible Money Market Fund rated: AA+(f) (AUM Rs. 12.76 billion, inception: 1st October: 2009). CAGR 10.6%. Both Funds are eligible as collateral against KSE exposure and for bank guarantees Countrys first income scheme, Pakistan Income Fund is the only Income fund eligible for statutory reserve requirements for insurance companies (AUM Rs.1.029 billion, inception 11th March 2002). CAGR since inception 10.2%. MCB Dynamic Cash Fund is one of markets least volatile income fund with over 50% retail investors (AUM Rs. 10.437 billion, inception: 1st March 2007). CAGR 10.5%. Metrobank-Pakistan Sovereign Fund (Perpetual), first Govt. Bond Fund of the country outperformed peer funds this year too with a big lead (AUM Rs. 1.099 billion, inception: 1st March 2003). CAGR 6.8% since inception, 4.1% p.a. return since July 2013.
Income Funds
Pakistan Income Enhancement Fund ranks among markets best performing aggressive income schemes (AUM Rs. 1.255 billion, inception 28th August 2008). CAGR 11.8%.
Funds Category
Equity Funds
MCB Dynamic Stock Fund had the distinction to be the only equity fund awarded 5-Star ranking by PACRA for two consecutive times 2010-2011. MCB-DSF has generated YTD13 return of 3.9% and 196.9% since inception (AUM Rs. 0.966 billion, inception 1st March 2007). This fund has been rated among 100 best performing equity funds of the world in 2012 with 54.6% return for the year 2012. Pakistan Stock Market Fund, has an 11 year performance history with big lead over KSE100 & NI(U)T, is the only equity fund eligible for statutory reserve requirement for insurance companies. Has delivered absolute return of 1,282.2% since inception.(AUM Rs. 1.204 billion, inception 11th March 2002) Pakistan Premier Fund has an accomplished return track record (converted from closed end to Open end) outperforming KSE-100 by 99% since inception (AUM Rs. 0.560 billion, inception 1st January 2003). YTD13 return 13.6% Pakistan Strategic Allocation Fund, another successful equity fund is based on a quantitative model. PSAF was converted from closed end to Open end in 2010 (AUM Rs. 0.324 billion, inception 11th September 2004). YTD13 return of 6.5%.
Pakistan Capital Market Fund converted form closed end to Open end Fund is a leading Balanced Fund by achieving an absolute YTD13 return of 3.4% and 261.7% since inception (AUM Rs. 0.414 billion, inception: 24th January 2004) MCB Dynamic Allocation Fund has generated an absolute YTD13 return of 1.0% and 23.7% return since inception (AUM Rs. 0.590 billion, inception 17th March 2008)
Pakistan Pension Fund (conventional) was introduced in 2007 under Voluntary Pension System Rules, 2005. PPF has 3 sub Funds (Money Market, Debt & Equity). Investor can choose from 10 different allocation plans. Well structured Income Payment Plan caters to post retirement needs (AUM Rs.0.428 billion, inception 29th June 2007). Equity pool of this fund has been rated among 100 best performing equity funds of the world in 2012 with 60% return.
Investment Plans
A number of investment & saving plans designed to meet unique investment needs of almost everyone