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| Pakistan International Element Islamic Asset Allocation Fund (PIEIF) |
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Investment Objective |
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The objective of the fund is to provide medium to long term capital appreciation
through investing in Shariah compliant investments in Pakistan and internationally. |
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Fund Profile |
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Pakistan International Element Islamic Asset Allocation Fund (PIEIF) is an Islamic open-end asset allocation
fund, which seeks to achieve its objective through investing in a portfolio of Shariah
compliant investments diversified across the capital markets of Pakistan as well
as keeping a limited exposure internationally. The fund is managed through an active
management strategy with dynamic allocations towards different asset classes.
The investment process is driven by fundamental research. The domestic portfolio
of the fund primarily invests in fundamentally strong Shariah compliant equities,
while some portion of the fund is also allocated towards high quality Sukuks and
other types of Shariah compliant instruments offering higher comparative returns.
For equities investment, fundamental outlook of sectors/companies and DCF (discounted
cash flow) valuations are the primary factors in sectors’ allocation and stock selection.
Major portion of the fund’s portfolio is high quality liquid stocks. International
investments up to 30% of the net assets are made in Shariah compliant mutual funds
investing into various world markets. Allocation in various international mutual
funds is decided on the basis of economic and capital market outlook for major world
economies and track record of the fund managers.
PIEIF is a long only fund and cannot undertake leveraged investments. Under the NBFC
Rules, it is only allowed to borrow up to 15% of net assets for up to 90 days to
meet redemption needs. |
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Benchmark |
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70% KMI 30 Index, 30% DJIM-World |
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| Performance (Since Inception) |
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| PIEIF (%) |
23.38 |
3.43 |
-15.87 |
6.95 |
| KSE (%) |
37.87 |
-10.77 |
-41.72 |
35 74 |
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2007 |
2008 |
2009 |
2010 |
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| PIEIF - Overall Asset Allocation(%) |
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| Fee Schedule |
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Front-end load |
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Type A: up to 2% effective 12th Jan, 2009 and
Type B,C & D: None |
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Back-end load |
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Type A: None Type: B, C & D: Yr 1- 3%, Yr 2- 2%, Yr 3- 1% |
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Management Fee |
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Type A & B: 3% Type C & D: 2% |
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| Financial Year |
Expense Ratio |
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| 2007-08 |
3.68%
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| 2006-07 |
3.72% |
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2006 |
4.08%
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| ^ annualized |
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| Expense ratio has been calculated taking into account operating expenses as a percentage of average net assets of the composite |
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| Quick Stats |
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Date of Inception |
2nd May 2006 |
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Fund Type |
Open End Sharia Compliant Asset Allocation |
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Minimum
investment |
A&B - PKR 5,000/- B&C - PKR 10,000,000 |
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Fund Manager |
Uzma Khan, CFA, FRM |
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Rating by PACRA
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ST : 3 Star LT: 3 Star
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Initial Public Offer |
PKR 50.00 |
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Currency |
PKR |
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Registrar |
MCB-Arif Habib Savings and Investments Limited (formerly: Arif Habib Investments Ltd.) |
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Trustees |
Central Depository Company of Pakistan Ltd. (CDC) |
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Auditors |
KPMG Taseer Hadi & Co Chartered Accountants |
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| Portfolio Characteristics |
 Portfolio Characteristics |
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Fund Returns
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| Top Ten Holdings |
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| Dividend History |
| Financial Year |
% of Face Value |
Payout /unit (Rs.) |
Form |
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2010-11 |
11.16 |
5.58 |
Bonus |
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2009-10 |
14.20 |
7.1 |
Bonus |
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2007-08 |
3.5 |
1.75 |
Bonus |
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| 2006-07 |
17.50 |
8.75 |
Bonus |
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All investments in mutual funds and securities are subject to market risk. The NAV based price of
these units and any dividends and return 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. Please read the Offering Document to understand the
investment policies and the risk involved. |
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