NAFA Savings Plus Fund (NSPF) NBP FUNDS Managing Your Savings

Unit Price (31/01/2019): Rs. 10.1530 January 2019

Performance %
Jan FYTD Rolling FY FY FY FY FY Last 3 Last 5 Since Launch
Performance Period
2019 2019 12 months 2018 2017 2016 2015 2014 years* years* November 21, 2009*
NAFA Savings Plus Fund 9.7% 7.8% 7.0% 5.4% 8.1% 6.3% 8.7% 7.9% 6.9% 7.3% 8.4%

Benchmark** 10.8% 9.2% 8.1% 6.3% 5.8% 4.7% 6.7% 7.1% 6.5% 6.4% 7.1%

* Annualized Return Based on Morning Star Methodology The performance reported is net of management fee & all other expenses and based on
All other returns are Annualized Simple Return dividend reinvestment gross of with-holding tax where applicable.

Launch Date: November 21, 2009 To minimize risk, preserve capital and generate a reasonable return along
Fund Size: Rs. 398 million with a high degree of liquidity from a portfolio primarily constituted of bank
Type: Open-end – Income fund deposits and money market instruments.
Dealing Days: Daily – Monday to Saturday
Dealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M
(Friday) 9:00 A.M to 5:30 P.M The Fund earned an annualized return of 9.7% p.a. during the month versus
(Saturday) 9:00 A.M to 1:00 P.M the Benchmark return of 10.8% p.a. Since its launch in November 2009, the
Settlement: 2-3 business days Fund has offered an annualized return of 8.4% p.a. against the Benchmark
Pricing Mechanism: Forward Pricing return of 7.1% p.a., hence an outperformance of 1.3% p.a. This
Load:*** Front End Load (Individual): without life outperformance is net of management fee and all other expenses.
insurance 0.5%, with life insurance 3% (Nil
on investment above Rs. 26 million)
The Fund is allowed to invest in Government Securities up to a maximum
Front End Load (Other): 0.5% (Nil on
maturity of 3 years and also in debt securities with rating of A and above with
investment above Rs. 16 million)
a maximum remaining maturity of 1 year. The Fund invests 25% of its net
Back End Load: NIL
assets in less than 90 days T-Bills or saving accounts with banks, which further
Management Fee: 7% of Net Income (min: 0.5% p.a., max:
1.50% p.a.) w.e.f 10-Sep-18 enhances liquidity profile of the Fund.
Total Expense Ratio: 2.15% p.a. (including 0.34% government levies)
Selling & Marketing expenses: 0.4% p.a. The portfolio of NSPF is invested in Treasury bills, MTS and bank deposits etc.
Risk Profile: Very Low The allocation in MTS is around 17% of net assets. The weighted average time
Fund Stability Rating: "AA- (f)" by PACRA to maturity of the entire Fund is around 12 days. Our internal guidelines
Listing: Pakistan Stock Exchange permit MTS financing in only fundamentally strong companies with lower
Custodian & Trustee: Central Depository Company (CDC) volatility. It is pertinent to mention that in this asset class the Fund provides
Auditors: KPMG Taseer Hadi & Co. Chartered Accountants financing at only pre-determined rates of return with no direct exposure to the
Benchmark:** 6-Month KIBOR stock market.
Fund Manager: Muhammad Ali Bhabha, CFA, FRM
Minimum Growth Unit: Rs. 1,000/- We will rebalance the allocation of the Fund proactively based on the capital
Subscription: Income Unit: Rs. 100,000/- market outlook.
Asset Manager Rating: AM1 by PACRA (Very High Quality)
Credit Quality of the Portfolio as of January 31, 2019 (% of Total Assets)
** effective from September 01, 2016; Previously Average 6-Month deposit rate (A & above rated banks)
*** effective from January 02, 2017
Govt. Securities (AAA rated) 6.0%
Asset Allocation (% of Total Assets) 31-Jan-19 31-Dec-18 AAA 1.8%
T-Bills 6.0% 5.7% AA+ 2.4%
AA 0.9%
Margin Trading System (MTS) 16.0% 23.8%
AA- 47.8%
Placements with Banks - 9.2% 9.7%
A+
Bank Deposits 77.0% 60.7% A 14.2%
Others including receivables 1.0% 0.6% A- 0.2%
Total 100.0% 100.0% MTS (Unrated) 16.0%
Leverage Nil Nil Others including receivables 1.0%
Total 100.0%
Sindh Workers' Welfare Fund (SWWF)
The scheme has maintained provisions against Sindh Workers' Welfare Fund's
liability to the tune of Rs. 1,757,898/-. If the same were not made the NAV per
unit/ last one year return of scheme would be higher by Rs. 0.0449/0.47%. For
details investors are advised to read note 8 of the financial statements of the
Scheme for the period ended September 30,2018.

Dr. Amjad Waheed, CFA

Sajjad Anwar, CFA
Muhammad Ali Bhabha, CFA, FRM
Hassan Raza, CFA
Notes: 1) The calculation of performance does not include cost of front end load.
2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001.
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 investment
policies and the risks involved.
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