Aim FMR - May 2015

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May2015
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to
buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are
dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily
indicative of future results.
May, 2015
MUFAPs Recommended Format
ECONOMIC REVIEW
May15 witnessed the CPI edge up to 3.16% compared to a low of 2.11% in the previous month. Average 11MFY15 CPI stood at 4.65%
compared to 8.66% in its comparable period last year. On a Year-on-Year basis major increase was witnessed in food items (non
perishable) as well as the housing and electricity index.
On the other hand, 11MFY15 SPI averaged at 1.80% whereas WPI averaged at -0.14%.
In the bi-monthly Monetary Policy statement announced in May15, SBP decided to slash benchmark policy rate by 100bps to 7%. The
decision was broadly in line with market expectations on the back of declining inflation (10MFY15 average CPI at 4.81% pre MPS), soft
international commodity prices, stability in exchange rate, hike in foreign exchange reserves and improving trade deficit. In addition to a cut
of 100bps in the discount rate, SBP also decided to reduce the interest rate corridor by 50bps by setting floor rate at 200bps below ceiling
rate. A target rate which is set at 50bps below discount rate was also introduced.
On the external front, current account continued its positive trajectory and reported a surplus of $275 million in the month of April15 against
a deficit of $20 million in Mar15 (revised figures). 10MFY15 current account balance currently stands at $ 1,364 million against $2,931
million in its comparable period last year. During the month of April, positivity on the external front is primarily attributed to a decline in
imports by approximately 9.7% to $ 2,984 million against $3,304 million in the previous month. During the month oil imports, agriculture
products and machinery which contribute about 22%, 18% and 16% (collectively 56%) registered decline of 9.75%, 4.13% and 1.94%
respectively. On the other hand, exports showed negligible increase of 0.39% and stood at $2,059 million against $2,059 million. Overseas
workers remittances in May stood at $ 1,641 million against 1,578 million, improving by approximately 4% on a MoM basis.
On the revenue side, FBR provisional tax collection for the month of April15 stood at PKR 200 billion. Cumulative tax collection for
10MFY15 now stands at PKR 1.745 trillion substantially below the governments target of PKR 2.691 trillion.
Other major macro-economic developments during May include S&Ps upgrade on Pakistan sovereign credit rating to Positive from
Stable and successful completion of IMFs 7th review. The upcoming Budget FY16 (due on 5th June) will crystalize governments dual
focus on improving fiscal imbalance (Rs200bn new tax measures) and outlining its policies on promoting medium-term growth via
investment.
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units
and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
May, 2015
EQUITY MARKET REVIEW

KSE 100 index yielded a negative return of 2% in the month of May 2015 dragging the YTD return to 11.48%.
The month started with the index under pressure ignoring encouraging macroeconomic data including upgrade of the countrys sovereign
credit rating to Positive from Stable by Standard and Poor. Political tensions kept investors at bay as they remained skeptical regarding
election tribunals decision regarding the Lahore elections. Too add fuel to the fire was news regarding National Accountability Bureaus
(NAB) investigations which kept activity subdued. Investor sentiment was also hurt by the approval of Gas Infrastructure Development Cess
(GIDC).
Month ended proved to be a positive surprise as the State Bank slashed the policy rate by 100bps to 7%. This however failed to garner
investor interest as pre budget speculation about a proposed hike in the capital gain tax (CGT) acted as a dampener with the index closing
the month at 33,056.79.
During May, KSE 100 index witnessed net buying of USD 14.955mn compared to a net buy of USD 33.926mn in the previous month.
Banks/DFIs made a net buy of USD 25.351mn whereas mutual funds were net sellers of USD 29.414mn, respectively. Average traded
volume in the month declined to 168.37mn shares compared to 275.92mn in the previous month.
MSCI Indices during May also remain subdued. MSCI Frontier Market Index and MSCI Emerging Market index posted a decline of 4.1%
and 3.7% respectively.
FIXED INCOME REVIEW

During the month of May, State Bank of Pakistan announced its bi-monthly monetary policy slashing the discount rate by 100bps to a 42
year low of 7 %. This decision was based on declining headline inflation (10MFY15 average CPI at 4.81%-Pre MPS), soft international
commodity prices, stability in exchange rate, increasing foreign exchange reserves and improving trade deficit. SBP also decided to narrow
the interest rate corridor by 50bps by setting the floor rate at 5%. Another initiative taken by SBP includes introduction of a target rate at
50bps below discount rate which will effectively be treated as an OMO rate. These initiatives taken by SBP are aimed at reducing short term
volatility in the money market.
During the month of May15, yields across short term papers witnessed sharp decline of 66bps, 36bps and 22bps and stood at 6.60%,
6.67% and 6.81% for 3 month, 6 month and 12 month paper respectively. Yields across longer tenor instruments closed the month at
7.38%, 8.12% and 9.21%, fluctuating by, -6 bps, 18 bps and 17 bps for 3 year, 5 year and 10 year bond respectively.
In the bi-monthly T-bill auctions conducted during May SBP raised an aggregate of PKR 211 billion against the target of PKR 425 billion
with last cut-off yield settling at 6.61%, 6.65% and 6.75% for 3 month, 6 month and 12 month paper respectively. In addition to this SBP
also raised a total of PKR 61 billion through PIBs against a target of PKR 50 billion. The last cut-off yields settled at 7.55%, 8.10% and
9.25% for the 3 year, 5 year and 10 year bond respectively.
May, 2015

MONTHLY REVIEW
PORTFOLIO QUALITY (% OF TOTAL ASSETS)
In the month of May15, ASCF delivered a return of 7.21% against the

benchmark return of 6.67%, outperforming its benchmark by 54bps. By
AA,
25.06%
the end of the month, asset under management of the fund stood
declined by approximately 17% and stood at PKR 2.409 billion against
AA+,
9.30%
PKR 2.889 billion in previous month.
Weighted Average Rating: AAA
previous month. Approximately 7.24% of the funds were invested as
ASSET ALLOCATION (% OF TOTAL ASSETS)
constituted 10.86% of the fund size. Remaining funds which constitutes
71.20%
Term deposits with commercial banks while money market placements

80.00%
65.63%
Exposure against Treasury bills closed at 65.63% against 71.20% in
70.00%
about 16.52% of the fund size were invested as cash with AA and
above rated banks.
AAA, 65.64%
60.00%
10.00%
0.26%
1.63%
20.00%
0.00%
STATTIC INFORMATION
Leverage Nil
Fund Objective:
The objective of the Fund is to provide investors a money market instrument with high level of
liquidity, stability in earning and very high level of credit. The Fund will target to deliver rolling
returns closer to a mix of Treasury Bills (70%) + Bank Deposits (30%) - fund expenses on short
term basis. The Fund would AIM to achieve top quartile performance in its category through
active fund management.
Investment Committee Member:
Saqib Mukhtar
May-15
0.25%
30.00%
Apr-15
16.52%
40.00%
17.60%
26.91%
50.00%
T. Bills
Placements/TDRs
Cash
Other Receivables
KEY STATISTIC
Apr-15
NAV*
May-15
107.5818
108.2406
2,889
2,409
0.10
0.09
Net Assets (million)

CEO
Duration (Years)
Mustafa Iqbal
CIO Equities
Mustafa Kamal
SVP Fund Management
Adeel Shahid
CFO (Acting)
Sumaira Shaukat
Asst. Manager Fixed Income
Minimum Investment
5,000.00
Sales Load
Nil
Management Fee
1.0%
Fund Stability rating
AAA by PACRA
Management Co. Rating
AM3+ (Positive Outlook) by PACRA
Price Mechanism
Backward
Benchmark
70% 3 month T-bill's + 30% Average 3-month deposit rate of

at least 3 banks (AA and above)
Dealing day and Cutoff times
Monday Friday 10.00 am
Fund Manager
Mustafa Kamal
Fund type
Open End
Category
Money Market Fund
Fund Launch Date
September 18, 2009
*Adjusted for Dividend
FUND PERFORMANCE
Period
ASCF*
ASCF**
Benchmark
Month to Month
7.21%
7.45%
6.67%
Year to Date
8.37%
8.39%
8.52%
365 day
8.37%
8.37%
8.57%
*Annualized
**Morning Star
Since Inception*
10.02%
ASSET ALLOCATON (% OF TOTAL ASSETS)

ASSETS
Apr-15
May-15
Treasury Bill
71.20%
65.63%
Risk
Low
Registrar
Askari Investment Management Ltd.
Placements / TDRs
26.91%
17.60%
Trustee
Central Depository Company of Pakistan Ltd. (CDC)
Cash
1.63%
16.52%
Auditors
A. F. Ferguson & Company
Other Including Receivables
0.26%
0.25%
RISK GRID
Low
High
WORKERS WELAFRE FUND (WWF)
5 YEAR
RETURN
FY-2015
FY-2014
FY-2013
FY-2012
FY-2011
FY-2010
Return
8.37%
8.07%
9.24%
11.47%
12.26%
10.67%
Benchmark
8.52%
8.88%
8.87%
10.66%
11.32%
10.66%
HISTORIC
RETURNS
*Morning Star
Jun-14
July-14
Aug-14
Sep-14
Return
8.12%
8.60%
8.72%
8.63%
Benchmark
9.23%
9.23%
9.24%
9.24%
Oct-14
The Scheme has maintained provisions against Workers Welfare Funds liability of
Rs. 60.39 million, if the same were not made the NAV per unit and (YtD) return of
the Scheme would be higher by Rs. 2.7133 and 294bps respectively enhancing
the YtD return to 11.31%. For details investors are advised to read the Note: 12.1of
the latest Financial Statements of the Scheme.
Nov-14
Dec-14
8.91%
8.71%
8.34%
9.20%
9.03%
8.95%
Jan-15
Feb-15
Mar-15
Apr-15
May-15
11.13%
7.45%
7.34%
7.48%
7.45%
8.53%
7.68%
7.89%
7.67%
6.67%
May, 2015

MONTHLY REVIEW
In the month of May15, AHYS posted a return of 1.47% against the

benchmark return of 7.07%, underperforming its benchmark by 560bps.
However in 11MFY15, the fund delivered a return of 14.80%, significantly
outperforming its benchmark by 563bps. Underperformance during the
month was due to volatility in prices of Pakistan Investment Bonds as the
fund has significant exposure against this asset class.
Non-Inv Grade/unRated, 2.63%
BBB, 2.82%
A-, 0.01%
A+,
16.25%
A, 3.84%
AAA, 49.49%
During the month, assets under management of the fund increased by

approximately 4% and stood at PKR 4.187 billion against PKR 4.02 billion in
previous month.
AA-,
12.98%
AA, 4.20%
50.12%
46.52%

60.00%
50.00%
40.00%
0.21%
0.11%
MTS
2.22%
2.94%
0.08%
0.07%
Ordinary Shares
4.52%
6.02%
0.58%
0.56%
7.07%
2.40%
2.35%
T. Bills
6.04%
5.89%
1.69%
1.63%
Leverage Nil
O. Receivables
Cash
Properties
TFC Pre-IPO
PIB
TFC Sukuk - IPO
0.00%
TFCs/Sukuk Tier-1
STATTIC INFORMATION
10.00%
TFCs/Sukuk Tier-2
30.00%
20.00%
The cycle of providing against non-performing assets under regulations has

virtually been completed. One significant aspect of the fund is that the return
of the fund could substantially improve going forward once some of these
assets are classified as performing again.
Weighted Average Rating: AA
AA+, 7.79%
32.14%
26.84%
By month end, allocation against Treasury Bills and Pakistan Investment

Bonds stood at 2.35% and 45.52% respectively. Exposure in Tier-1 TFC(s)
was realigned during the month as fresh exposure of approximately 12.96%
was built against Soneri Bank TFC together with K-Electric Sukuk to increase
funds recurring return. Few corporate and banking sector TFCs were also
sold by the fund to realize capital gains. This movement resulted in the
reduction of the overall exposure against Tier 1 TFC(s) by 5.25% closing at
26.84% against 32.14% in previous month. Cash of approximately 6.02% of
the funds were invested with A and above rated banks.
Apr-15
May-15
Fund Objective:
KEY STATISTIC
The objective of the Fund is to provide investors an opportunity to make competitive returns from
fixed income securities while targeting a portfolio duration of six months. In addition to accruing
benefits from fixed income securities, the Fund would target capitalizing on yield enhancing
opportunities available in the market using its proprietary investment efficiency tools. The Fund
would aim to achieve top quartile performance in its category.
NAV (PKR per unit)
Net Assets (PKR million)
Saqib Mukhtar
CEO
Mustafa Iqbal
CIO Equities
Mustafa Kamal
SVP Fund Management
Adeel Shahid
CFO (Acting)
Sumaira Shaukat
Minimum Investment
5,000.00
Sales Load
Up to 2.0% Front End
May-15
112.7839
112.9159
4,021
4,187
3.50
3.29
Duration (Years)
FUND PERFORMANCE
Period
Up to 1.0% Back End

Management Fee
2.0%
A by PACRA
Price Mechanism
Forward
Benchmark
Average 6 month KIBOR
Monday Friday 9.00 am to 4.30 pm
Fund Manager
Mustafa Kamal
Fund type
Open End
Category
Aggressive Fixed Income Scheme
Fund Launch Date
March 16, 2006
Risk
Moderate
Registrar
Trustee
Auditors
Apr-15
AHYS*
AHYS**
Benchmark
Month to Month
1.47%
1.48%
7.07%
Year to Date
14.80%
14.89%
9.17%
180 day
16.35%
17.35%
8.42%
*Annualized
**Morning Star
Since Inception*
5.74%
Exposure
(% Total
Assets)
Valued At
PKR
YTM
(%)
Bank Al Falah Ltd (20-02-13)
6.28%
100.8681
7.94%
NIB Bank TFC (19-06-14)*
6.15%
98.5516
8.26%
Engro Chemical PRP-I (18-03-08)
2.46%
102.25
8.48%
Engro Fertilizer Sukuk (09-07-14)
3.15%
103.625
7.245
Maple Leaf Cement Sukuk (3-12-07)
1.63%
84.6803
14.31%
Faysal Bank Ltd (27-12-10)
2.41%
102.55
7.69%
Engro Chemical PRP-II (18-03-08)*
1.75%
93.9383
11.53%
Bank Al-Habib Ltd. TFC (30-06-11)
1.58%
111.8883
12.46%
K-Electric Ltd (19-03-14)
1.33%
102.6053
7.52%
Al Baraka Bank (Pak) Ltd (26-09-14)*
0.83%
99.3618
8.42%
Top Exposures

The Scheme has maintained provisions against Workers Welfare Funds liability to the tune of Rs.
22.67 million, if the same were not made the NAV per unit/ year to date (YtD) return of the Scheme
would be higher by Rs. 0.6114/0.67bps enhancing the YtD return to 15.47%. For details investors
are advised to read the Note: 13.1 of the latest Financial Statements of the Scheme.
5 YEAR
RETURN
FY-2015
FY-2014
FY-2013
FY-2012
FY-2011
FY-2010
Return
14.80%
11.63%
1.61%
-0.03%
5.40%
-7.09%
Benchmark
9.17%
9.83%
9.93%
12.37%
14.77%
12.33%
HISTORIC
RETURNS
*Moring Star
Jun-14
July-14
Aug-14
Return
24.18%
9.41%
8.29%
10.38%
17.24%
17.26%
27.84%
19.59%
13.40%
12.61%
27.91%
1.48%
Benchmark
10.17%
10.17%
10.18%
10.18%
10.19%
9.87%
9.65%
9.20%
8.49%
8.18%
7.88%
7.07%
Sep-14
Oct-14
Nov-14
*Discretion Applied
RISK GRID
Low
Dec-14
High
Jan-15
Feb-15
Mar-15
Apr-15
May-15
May, 2015

MONTHLY REVIEW
During the month of May15, AIIF delivered a return of 6.23% against
AAA, 1.56% Other, 0.39%
A-, 0.12%
A,
9.70%
the benchmark return of 5.81%, outperforming its benchmark by 42bps.

Fund size increased by approximately 4% and closed the month at
A+,
18.25%
AA+,
9.45%
PKR 520 million against PKR 504 million in previous month.
By month end, allocation against GoP Ijarah Sukuk stood at 1.56%
AA, 60.25%
whereas Corporate Sukuk constituted 27.08% of the fund size.

Weighted Average Rating: AA
Approximately 9.43% of the funds were invested in fresh Sukuk issue

69.23%
funds constituting 60.36% of the fund size were invested as cash with
80.00%
70.00%
Islamic Banking windows of commercial banks.
60.36%
of Karachi Electric offering attractive accounting yield. The remaining
Apr-15
May-15
1.57%
10.00%
0.00%
20.00%
1.56%
1.61%
30.00%
1.33%
40.00%
9.43%
27.83%
50.00%
27.08%
60.00%
0.00%
Ijara Sukuk
Corporate
Sukuk
Cash
K-Electric
Sukuk (PreIPO)
Other
Receivables
Leverage Nil
KEY STATISTIC
Apr-15
NAV (Rs/unit)*
May-15
106.4520
106.9789
Fund Objective:
Net Assets (million)
505
520
The objective of the Fund is to provide investors a Shariah compliant product with stable halal
income. The fund would target on capitalizing available opportunities in the Shariah compliant
income generating instruments. The Fund will focus on superior quality portfolio compared with
average portfolio quality of Islamic income funds in the industry and enhanced returns over a 3
month horizon. The Fund would AIM to achieve top quartile performance in its category.
Duration (Years)
0.07
0.05
STATTIC INFORMATION
*Adjusted for Dividend
FUND PERFORMANCE
Period
Saqib Mukhtar
CEO
Mustafa Iqbal
CIO Equities
Mustafa Kamal
SVP Fund Management
Adeel Shahid
CFO (Acting)
Sumaira Shaukat
Minimum Investment
5,000.00
Sales Load
Benchmark
Month to Month
6.23%
6.41%
5.81%
Year to Date
6.97%
6.99%
6.51%
90 day
6.07%
6.15%
5.80%
**Morning Star
Since Inception*
Up to 1.0% Back End

Management Fee
1.10%
A+ by PACRA
Price Mechanism
Forward
Benchmark
Average 3-month Placement (Deposit) rate of 3 Islamic Banks
Fund Manager
Faisal Raza
Fund type
Open End
9.46%
EXPOSURE
(% TOTAL
ASSETS)
VALUED
AT PKR
YTM
(%)
Engro Fertilizer Sukuk (9-7-14)
13.63%
103.6250
7.24%
Al Barka Bank Sukuk (26-9-14)*
9.57%
99.3618
8.42%
K-Electric Sukuk (19-3-14)
3.87%
102.6053
7.52%
Ijara Sukuk (18-09-12)
1.56%
100.8800
6.07%
TOP EXPOSURES
Category
Shariah Compliant Islamic Income Fund
Fund Launch Date
September 18, 2009
Risk
Low
Registrar
Trustee
MCB Financial Services Ltd
5 YEAR
RETURN
AIIF**
*Annualized
Up to 1.0% Front End
Auditors
AIIF*
*Discretion Applied
RISK GRID
Low
High
FY-2015
FY-2014
FY-2013
FY-2012
FY-2011
FY-2010
Return
6.97%
7.93%
8.74%
12.06%
12.24%
8.35%
Benchmark
6.51%
7.34%
6.65%
7.74%
8.24%
7.79%
HISTORIC
RETURNS
*Moring Star
Jun-14
July-14
Aug-14
Sep-14
Return
4.02%
0.37%
6.15%
7.83%
6.20%
9.69%
10.98%
Benchmark
7.94%
7.99%
7.99%
6.98%
6.30%
6.30%
6.23%
Oct-14
Nov-14
Rs. 5.60 million, if the same were not made the NAV per unit and (YtD) return of the
Scheme would be higher by Rs. 1.1518 and 125bps respectively, enhancing the
YtD return to 8.22%For details investors are advised to read the Note: 12.1 of the
latest Financial Statements of the Scheme.
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
9.51%
7.26%
3.85%
8.59%
6.41%
6.23%
6.23%
5.85%
5.73%
5.81%
May, 2015

MONTHLY REVIEW
In the month of May15, ASYE delivered a return of 6.41% against the
Non-Rated, 1.42%
AA-,
8.11%
benchmark return of 6.62 resulting in underperformance of 21bps. This

A+,
9.13%
was attributed to volatility in the price of Pakistan Investment Bonds.

AA, 6.34%
Assets under management saw a negligible increase and closed the

AA+, 1.04%
month at PKR 1.053 billion against PKR 1.048 billion in the previous
AAA, 73.96%
month.
Weighted Average Rating: AA+
By month end, allocation against PIB(s) and Treasury Bills stood at
40.00%
issue of Soneri Bank to increase funds recurring return. The remaining
30.00%
Apr-15
1.86%
5.00%
May-15
1.34%
10.00%
6.40%
15.00%
with AA ad above rated banks.
0.79%
4.70%
20.00%
4.68%
13.27%
35.00%
25.00%
funds, constituting about 6.40% of the fund size, were invested as cash
34.75%
45.00%
Approximately 4.68% of the funds were diverted towards a fresh TFC
33.50%
45.15%
50.00%
13.14%
previous month. Banking Sector TFC(s) closed the month at 13.14%.
40.43%
33.50% and 40.43% against 34.75% and 45.15% respectively in
0.00%
TCFs
T. Bills
PIB
TFC PreIPO
Cash
Other
Receivables
Leverage Nil
KEY STATISTIC
Apr-15
NAV (PKR per unit)
May-15
111.3524
111.9196
1,047
1,053
2.84
2.32
STATTIC INFORMATION
Fund Objective:
The objective of the Fund is to generate relatively higher yield than the conventional bank
deposits, from a portfolio constituted of credit worthy sovereign instruments and banking sector
fixed income instruments and deposits.
Duration (Years)
FUND PERFORMANCE
Period
Saqib Mukhtar
CEO
Mustafa Iqbal
CIO Equities
Mustafa Kamal
SVP Fund Management
Adeel Shahid
CFO (Acting)
Sumaira Shaukat
Minimum Investment
5,000.00
Sales Load
Front End 1.25%
ASYE**
Benchmark
Month to Month
6.41%
6.60%
6.62%
Year to Date
12.98%
13.06%
8.48%
120 day
11.59%
12.05%
7.51%
*Annualized
**Morning Star
Since Inception*
Back End - Nil

Management Fee
1.10%
AA- by PACRA
Price Mechanism
Forward
Benchmark
70% Average 6 month PKRV plus 30% three month average

deposit rate of 3 Banks having A+ or above rating.
ASYE*
10.87%
EXPOSURE
(% TOTAL
ASSETS)
TOP EXPOSURES
Fund Manager
Mustafa Kamal
Fund type
Open End
Category
Income Scheme
Fund Launch Date
September 07, 2012
Risk
Low
Registrar
Trustee
Central Depository Company of Pakistan ltd. (CDC)
Auditors
VALUED
AT PKR
YTM
(%)
NIB Bank Limited (19-06-14)*
4.61%
98.5516
8.26%
Bank Al Falah Ltd. TFC (20-02-13)
4.67%
100.8681
7.94%
Faysal Bank Ltd. TFC (27-12-10)
2.87%
102.5500
7.69%
Bank Al-Habib Ltd. TFC (30-06-11)
0.99%
111.8883
12.46%
*Discretion Applied
RISK GRID
Low
High
5 YEAR
RETURN
FY-2015
FY-2014
FY-2013
FY-2012
FY-2011
FY-2010
Return
12.98%
8.83%
10.98%
10.32%
Benchmark
8.48%
8.90%
8.92%
10.58%
HISTORIC
RETURNS
*Moring Star
Jun-14
July-14
Aug-14
Return
8.59%
8.61%
9.70%
11.42%
17.30%
16.01%
14.66%
18.79%
11.11%
9.29%
20.89%
6.60%
Benchmark
9.24%
9.23%
9.21%
9.22%
6.99%
8.99%
8.93%
8.20%
7.65%
7.81%
7.60%
6.62%
Sep-14
Oct-14
Nov-14
Rs. 7.92 million, if the same were not made the NAV per unit and (YtD) return of the
Scheme would be higher by Rs. 0.8414 and 0.93bps respectively, enhancing the
YtD return to 13.91%. For details investors are advised to read the Note: 12.1 of the
latest Financial Statements of the Scheme.
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
May, 2015

MONTHLY REVIEW
negative 1.32%.The underperformance was mainly attributed to Bank
90.00%
80.00%
67.30%
posted a negative return of 2.73% compared to its benchmark return of
80.89%
For the month of May 2015, Askari Asset Allocation Fund (AAAF)
70.00%
30.00%
Apr-15
May-15
20.00%
10.00%
During the month, equity exposure reduced drastically from 80.89% to
1.51%
40.00%
2.74%
stood at PKR 333.403 million versus PKR 341.492 million last month.
50.00%
31.19%
Limited depreciating by 9.59% Month end assets under management
60.00%
16.37%
Al Falah delivering a MTD negative return of 12.76% and United Bank
0.00%
Equity
Cash
Other Receivables
67.30% as capital gains were booked. Exposure in Cements reduced

TOP HOLDINGS (% OF TOTAL ASSETS)
considerably from 10.16% to 7.87%. Allocation in Commercial banks
ICL, 2.98%
was decreased from 11.33% to 8.97%.On the other hand Fertilizer
BAFL, 3.79%
sector allocation was increased from 4.52% to 8.17% as the fund
EFERT,
7.35%
KTML, 4.02%
participated in SPO (Secondly Public Offering) of Engro Fertilizer. Cash
POL,
7.08%
JSCL,
5.17%
and bank balances at month end stood at 31.19% compared to 16.37%

last month.
PPL,
6.27%
UBL,
5.18%
STATTIC INFORMATION
FECTC,
5.99%
Fund Objective:
The objective of the Fund is to provide investors an investment solution through disciplined and
structured investment techniques. The Fund shall target capitalizing on opportunities available in
both fixed income and equity markets using in-house research and proprietary investment matrix.
MTL,
6.04%
KEY STATISTIC
Apr-15
May-15

Saqib Mukhtar
NAV (PKR per unit)
57.9209
56.3422
341.492
333.403
AA
CEO
Mustafa Iqbal
CIO Equities
Mustafa Kamal
SVP Fund Management
Adeel Shahid
CFO (Acting)
Komal Niazi
Asst. Manager Equities
Minimum Investment
5,000.00
Front End Load
2.5%
Back End Load
2.5%
Management Fee
2.0%
Fund Performance Ranking
Short term - 2 Star, Long term 4 Star by PACRA
Price Mechanism
Forward
Benchmark
50% KSE-30 Index + 50% 6 months KIBOR.
Fund Manager
Mustafa Iqbal
Fund type
Open End
Credit Quality
FUND PERFORMANCE
Period
AAAF
Benchmark
KSE-100
Month on Month
-2.73%
-1.32%
-2.00%
Quarter on Quarter
-3.51%
-1.08%
-1.71%
Year to Date
10.19%
6.02%
11.48%
4.32%
Since Inception*
*Annualized return for year since inception
SECTOR ALLOCATION (% OF TOTAL ASSETS)

SECTOR
Apr-15
May-15
13.08%
13.35%
Category
Asset Allocation Fund
Oil & Gas Exploration Companies
Fund Launch Date
September 10, 2007
Oil & Gas Marketing Companies
7.07%
7.17%
Risk
Moderate
Registrar
Cement
10.16%
7.87%
8.19%
4.03%
Trustee
Central Depository Company of Pakistan ltd. (CDC)
Textile Composite
Auditors
Commercial Bank
11.33%
8.97%
Chemicals
2.95%
2.98%
Automobile Parts & Accessories
0.99%
0.96%
Automobile Assembler
5.92%
6.04%
Power Generation & Distribution
3.47%
Fertilizer
4.52%
8.17%
Technology & Communication
3.50%
2.59%
Insurance
3.96%
Inv.Banks/Inv.Cos./Securities Cos.
5.75%
5.17%
RISK GRID
Low
High

The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 4.88
million, if the same were not made the NAV per unit and (YtD) return of the Scheme would
be higher by Rs. 0.8248 enhancing the absolute YtD return to 11.80%. For details
investors are advised to read the Note: 6.1 of the latest Financial Statements of the Scheme.
5 YEAR
RETURN
FY-2015
FY-2014
FY-2013
FY-2012
FY-2011
FY-2010
Return
10.19%
19.31%
39.87%
12.12%
13.47%
7.61%
Benchmark
6.02%
18.24%
22.73%
8.35%
17.78%
35.74%
HISTORIC
RETURNS
*Moring Star
Jun-14
July-14
Aug-14
Sep-14
Return
0.12%
1.75%
-5.00%
4.55%
Benchmark
0.60%
2.02%
-2.40%
1.31%
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
2.16%
3.10%
2.97%
5.85%
-1.58%
-11.77%
12.43%
-2.73%
0.17%
0.96%
1.54%
4.00%
-0.51%
-5.91%
6.53%
-1.32%
May, 2015

MONTHLY REVIEW
69.29%
80.00%
70.00%
60.00%
Apr-15
May-15
4.34%
30.00%
20.00%
10.00%
152.594mn in the previous month. During the month, equity exposure
6.43%
19.94%
40.00%
Month end net assets stood at PKR131.467mn as compared to PKR
27.44%
50.00%
Petroleum Limited shedding 7.65%, 6.02% and 5.73% respectively.
0.00%
primarily came from Lucky Cement, D.G. Khan Cement and Pakistan
2.47%
against the benchmark return of -0.32%. The underperformance
70.09%
For the month under review AIAAF posted an absolute return of -2.84%
0.00%
Equity
increased moderately to 70.09% from 69.29% as fresh exposure was
Cash
Other Receivables
Ijara Sukuk
taken in the technology and communication sector. Exposure in cement

was reduced from 23.67% and to 15.27% on account of profit
PTC, 3.07%
MTL,
9.48%
DGKC, 4.27%
realization.
FECTC, 4.38%
EFERT,
9.26%
LUCK,
6.62%
By month end, the funds exposure in Ijara Sukuk was completely

eliminated from 6.43% last month, whereas cash balance stood at
PPL,
7.77%
27.44% of the fund size.
POL,
8.87%
NML,
8.16%
PSO,
8.23%
KEY STATISTIC
Apr-15
STATTIC INFORMATION
Fund Objective:
NAV (Rs/unit)*
The objective of the Fund is to provide investors a unique AIM Based Shariah compliant
Investment solution focused on a Total Return based philosophy. The Fund AIMs to provide
Risk free rate + 3% returns on rolling period of two years, targeting to capitalize on opportunities
available in equity and debt markets based on in-house research and proprietary investment
techniques.
Net Assets (Rs/million)
May-15
121.7183
118.2575
152.594
131.467
AAA
Credit Quality (Debt Instrument)
FUND PERFORMANCE

Saqib Mukhtar
CEO
Mustafa Iqbal
CIO Equities
Mustafa Kamal
SVP Fund Management
Adeel Shahid
CFO (Acting)
Komal Niazi
Minimum Investment
5,000.00
Front End Load
2.5%
Back End Load
Up to 5%
Management Fee
2.0%
Short term 2 star by PACRA
Price Mechanism
Forward
Benchmark
The Benchmark of the fund is 50% three months average

deposit rate of 3 Islamic Banks + 50% KMI 30 Equity index.
7.39%
8.23%
Fund Manager
Mustafa Iqbal
Cement
23.67%
15.27%
Fund type
Open End
Textile Composite
6.08%
8.16%
Category
Shariah Compliant Islamic Asset Allocation Fund
Fund Launch Date
September 18, 2009
8.24%
9.48%
Risk
Moderate
3.07%
Registrar
9.47%
9.26%
Trustee
MCB Financial Services Ltd
Auditors
Period
AIAAF
Benchmark*
RFR+3%
Month on Month
-2.84%
-0.32%
0.80%
Quarter on Quarter
-1.98%
1.65%
2.65%
Year to Date
8.38%
9.65%
11.71%
13.23%
Since Inception*
*50% KMI-30 + 50% 3m-deposit

SECTOR
Apr-15
May-15
14.44%
16.64%

Fertilizer
RISK GRID
Low
5 YEAR
RETURN
High
FY-2015
FY-2014
FY-2013
FY-2012
FY-2011
FY-2010
Return
8.38%
12.53%
30.80%
10.50%
11.77%
3.02%
Benchmark
9.65%
17.21%
27.51%
9.88%
16.65%
2.46%
HISTORIC
RETURNS
*Moring Star
Jun-14
July-14
Aug-14
Sep-14
Return
-0.25%
1.76%
-4.18%
3.54%
Benchmark
0.99%
1.58%
-2.31%
2.27%
Oct-14
Rs.2.11 million, if the same were not made the NAV per unit and (YtD) return of the
Scheme would be higher by Rs. 1.8981 enhancing the absolute YtD return to
10.12%. For details investors are advised to read the Note: 9.1 of the latest
Financial Statements of the Scheme.
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
0.71%
2.00%
1.41%
6.17%
-0.98%
-9.02%
10.89%
-2.84%
0.53%
1.32%
1.18%
3.28%
-0.08%
-3.78%
6.01%
-0.32%
May, 2015

MONTHLY REVIEW
60.00%
50.00%
30.00%
20.00%
On a MoM basis, equity exposure decreased from 85% to 73.59%.
Apr-15
May-15
10.00%
4.96%
40.00%
2.62%
at PKR 127.336 million compared to PKR 160.622 million in April 2015.
70.00%
21.45%
Bank Limited and Nishat Mills Ltd. Net assets under management stood
80.00%
12.38%
dragged the funds return were Fecto Cement, Engro Fertilizer, United
90.00%
73.59%
compared to its benchmark negative return of 3.21%. The scripts which
85.00%

For the month of April 2015, AEF recorded a negative return of 3.66%
0.00%
Equity
Allocation in Cements was decreased from 16.26% to 10.48% on

account of reduced exposure in Lucky Cement as capital gains were
Cash
Other Receivables
realized. Allocations in Commercial Banks were also reduced from

10.72% to 7.87% on account of booking profits in Bank of Punjab and
APL,
3.73%
KTML, 4.18%
decreasing allocation in National Bank of Pakistan. Month end, bank
FECTC,
8.03%
UBL, 4.24%
deposits remained at 21.45% compared to 12.38% in the last month.
EFERT,
7.96%
NML,
4.66%
SSGC,
6.06%
PPL,
4.69%
STATTIC INFORMATION
POL,
5.45%
Fund Objective:
The objective of Askari Equity Fund (AEF) is to provide equity investors a vehicle for their long
term investment needs, capable of locking in capital appreciation and securing reasonable
dividends from listed equity securities. The Fund would seek to replicate benchmark returns and
reduce volatility compared with the benchmark through efficient equity allocations, enhancing
"Risk Adjusted Returns".
KEY STATISTIC
Apr-15
NAV (Rs/unit)
MTL,
5.99%
Net Assets (Rs. million)
May-15
131.4354
126.6281
160.622
127.336
Saqib Mukhtar
CEO
Mustafa Iqbal
CIO Equities
Mustafa Kamal
SVP Fund Management
Adeel Shahid
CFO (Acting)
Komal Niazi
Minimum Investment
5,000.00
Front End Load
2.0%
Back End Load
Nil
Management Fee
3.0%
Short term 2 star by PACRA
Price Mechanism
Forward
Benchmark
KSE-30 Index
Fund Manager
Mustafa Iqbal
Fund type
Open End
Apr-15
Mays-15
Category
Equity Fund
8.10%
10.14%
Fund Launch Date
March 30, 2012
13.52%
12.63%
Risk
High
Registrar
Commercial Banks
10.72%
7.87%
Textile Composite
7.99%
8.84%
Cement
16.26%
10.48%
Fertilizer
9.58%
7.96%
Automobile Parts Accessories
2.09%
2.50%
Power Generation & Distribution
0.45%
Insurance
2.80%
Inv.Banks/Inv.Cos./Securities Cos.
3.21%
3.53%
3.19%
3.64%
Miscellaneous
2.29%
4.80%
5.99%
Trustee
Auditors
Credit Quality
FUND PERFORMANCE
Period
-3.21%
Quarter on Quarter
-3.30%
-4.28%
12.05%
2.76%
25.33%
SECTOR

The Scheme has maintained provisions against Workers Welfare Funds liability of Rs. 1.70 million, if
the same were not made the NAV per unit and (YtD) return of the Scheme would be higher by
Rs. 1.6880 enhancing the absolute YtD return to 13.55%. For details investors are advised to
read the Note: 7 of the latest Financial Statements of the Scheme.
FY-2013
-3.66%
High
FY-2014
Month on Month
Since Inception*
RISK GRID
FY-2015
KSE-30
Year to Date
Low
5 YEAR
RETURN
AEF
FY-2012
FY-2011
FY-2010
Return
12.05%
28.73%
42.07%
-0.31%
Benchmark
2.76%
25.96%
35.95%
-1.58%
HISTORIC
RETURNS
*Moring Star
Jun-14
July-14
Aug-14
Return
0.09%
2.27%
-7.01%
4.97%
Benchmark
0.31%
3.26%
-5.71%
1.69%
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
1.96%
2.60%
2.33%
6.10%
2.20%
-10.96%
12.72%
-3.66%
-0.54%
1.13%
2.16%
7.32%
-1.68%
-12.25%
12.69%
-3.21%
May, 2015

Below are the details of non-complaint exposure/assets in our funds. These non-compliant exposures/assets include non-performing assets
which have been classified in line with the applicable SECP circulars and the provisioning policy** (available on our web site) approved by
the Board of Directors of Askari Investment Management Limited.
Non Compliant Exposures / Assets in Askari High Yield Scheme
Type of
Investment
Value of
Investment
Before
Provisioning
Provision
held if any
Value of
Investment
After
Provisioning
Suspended
Markup
% of Net
Assets
% of Gross
Assets
Property
95,622,260
64,840,385
23,874,525
0.57%
0.56%
Saudi Pak Leasing
TFA
15,000,000
15,000,000
0%
0%
Trust Investment Bank
TFA
129,111,798
129,111,798
46,037,504
0%
0%
Pace Pakistan Limited
TFC
74,895,000
74,895,000
39,693,824
0%
0%
Agritech Limited (30-11-2007)
TFC
59,952,000
59,952,000
29,617,996
0%
0%
Agritech Limited (01-01-2012)
TFC
11,875,000
11,875,000
4,451,986
0%
0%
Azgard Nine Limited
TFC
13,007,622
13,007,622
17,002,798
0%
0%
PPTFC
10,221,613
10,221,613
12,439,539
0%
0%
TFC
18,742,500
18,742,500
7,791,160
0%
0%
Ordinary
Shares
16,968,378
13,395,328
3,151,276
0.08%
0.07%
Deewan Cement Limited
TFC
125,000,000
125,000,000
142,722,432
0%
0%
Worldcall Telecom Limited
TFC
8,994,598
8,995,598
Security Leasing Company

Limited
TFC
12,322,907
12,922,307
0%
0%
591,713,676
557,959,151
27,025,801
299,757,239
0.65%
0.63%
Name Of Non Compliant

Investment
Properties Held for Sale*
New Allied Electronics (LG)

Trust Investment Bank
Limited
Agritech Limited
TOTAL
*Represents settlement value (together with related direct cost incurred) of four different properties situated in Karachi. The fair value of these five properties
have been assessed by independent valuators as at March 31, 2015 to be PKR 23,874,525 (Book value PKR 40,200,000 as at December 31,2014).
CONTACT DETAILS
BUSINESS DEVELOPMENT
SOUTH REGION - 20-C, Khayaban-e-Nishat, Ittehad Commercial Area, DHA Phase VI, Karachi.
Mr. Rehan-ur-Rehman
rehan.rehman@aiml.com.pk
Cell : 0333-2343581
Mr. Zeeshan Younus
zeeshan.younus@aiml.com.pk
Cell : 0321-2421321
NORTH REGION - Office 2/W, Kashmir Plaza, Jinnah Avenue, Blue Area Islamabad.
Saba Abid
saba.abid@aiml.com.pk
051-2801138
waqas.sheikh@aiml.com.pk
Cell: 0345 430 0434
Wealth Management
Mr. Waqas Ahmed Sheikh

(Central)
INVESTOR SERVICES - 20-C, Khayaban-e-Nishat, Ittehad Commercial Area, DHA Phase VI, Karachi.
Ms. Zubdah Tun Nisa
zubdahtunnisa@aiml.com.pk
PABX: (021) 111-246-111 Ext.129
Mr. Moiz Ali
moiz.ali@aiml.com.pk
PABX: (021) 111-246-111 Ext.129

Aim FMR - May 2015

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MUFAPs Recommended Format

MUFAPs Recommended Format

EQUITY MARKET REVIEW

FIXED INCOME REVIEW

MUFAPs Recommended Format

PORTFOLIO QUALITY (% OF TOTAL ASSETS)

In the month of May15, ASCF delivered a return of 7.21% against the

PKR 2.889 billion in previous month.

Weighted Average Rating: AAA

previous month. Approximately 7.24% of the funds were invested as

ASSET ALLOCATION (% OF TOTAL ASSETS)

constituted 10.86% of the fund size. Remaining funds which constitutes

Term deposits with commercial banks while money market placements

Exposure against Treasury bills closed at 65.63% against 71.20% in

Net Assets (million)

SVP Fund Management

Asst. Manager Fixed Income

Fund Stability rating

Management Co. Rating

AM3+ (Positive Outlook) by PACRA

70% 3 month T-bill's + 30% Average 3-month deposit rate of

Dealing day and Cutoff times

Monday Friday 10.00 am

Money Market Fund

Fund Launch Date

September 18, 2009

*Adjusted for Dividend

ASSET ALLOCATON (% OF TOTAL ASSETS)

Askari Investment Management Ltd.

Central Depository Company of Pakistan Ltd. (CDC)

A. F. Ferguson & Company

Other Including Receivables

WORKERS WELAFRE FUND (WWF)

MUFAPs Recommended Format

In the month of May15, AHYS posted a return of 1.47% against the

Non-Inv Grade/unRated, 2.63%

During the month, assets under management of the fund increased by

ASSET ALLOCATION (% OF TOTAL ASSETS)

TFC Sukuk - IPO

The cycle of providing against non-performing assets under regulations has

Weighted Average Rating: AA

By month end, allocation against Treasury Bills and Pakistan Investment

NAV (PKR per unit)

Investment Committee Member:

Net Assets (PKR million)

SVP Fund Management

Asst. Manager Fixed Income

Up to 2.0% Front End

Up to 1.0% Back End

Fund Stability rating

Management Co. Rating

AM3+ (Positive Outlook) by PACRA

Average 6 month KIBOR

Dealing day and Cutoff times

Monday Friday 9.00 am to 4.30 pm

Aggressive Fixed Income Scheme

Fund Launch Date

March 16, 2006

Askari Investment Management Ltd.

Central Depository Company of Pakistan Ltd. (CDC)

Bank Al Falah Ltd (20-02-13)

NIB Bank TFC (19-06-14)*