Arif Habib Investments: Mutual Funds

Pakistan Strategic Allocation Fund (PSAF)

Investment Objective

The objective of the fund is to provide investors capital growth over medium to long term primarily from investment in more liquid Pakistani equities.

Fund Profile

Pakistan Strategic Allocation Fund (PSAF) is an open end strategic allocation fund which primarily invests in equities based on a quantitative model. The Fund takes advantage of equity market volatility and buys equities when they are underpriced and sells equities when they are overpriced. DCF (discounted cash flow) valuations are pivotal for stocks selection in the portfolio. The fund is mostly invested in liquid stocks. 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.

Benchmark

KSE-100 Index.

Performance

PSAF (%)	31.67	23.39	24.78	-1.80	-27.35	18.54
*BM (%)**	40.03	34.08	37.87	-10.77	-41.72	35.74
	2005	2006	2007	2008	2009	2010

* PSAF Benchmark

PSAF - Overall Asset Allocation

Overall Asset Allocation

Fee Schedule

Management fee: 2% per annum
Overall annual expense ratio for the composite is as follows

Financial Year	Expense Ratio

2009-10	2.68%
2008-09	3.68%
2007-08	3.62%
2006-07	3.81%
2005-06	4.17%
2005	4.40%

Expense ratio has been calculated taking into account operating expenses as a percentage of average net assets of the composite

Quick Stats


Date of Inception	1^st September 2004
Fund Type	Open-end Equity
Fund Manager	Mohsin Pervaiz
Rating by PACRA	ST : 4 Star LT: 3 Star
Initial Public Offer	PKR 10.00
Currency	PKR
Registrar	M/s JWAFFS Registrar Services (Private) Limited
Trustee	Central Depository Company of Pakistan Ltd.(CDC)
Auditors	M. Yousuf Adil Saleem & Co., Chartered

Portfolio Characteristics

Portfolio Characteristics

Fund Returns

Fund Returns

Top Ten Holdings

Dividend History

Financial Year	% of Face Value	Payout /unit (Rs.)	Form

2009-10	11.5	1.15	Cash
2008-09	0	0.00	N/A
2007-08	7	0.70	Cash
2006-07	25	2.50	Cash
2005-06	25	2.50	Cash
2004-05	15	1.50	Cash
2004-05	10	1.00	Cash

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.