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    NBP Government Securities Liquid Fund (NGSLF)

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    The NBP Government Securities Liquid Fund (NGSLF) earned an annualized return of 14.5% in March 2020, outperforming its benchmark return of 12%. The fund primarily invests in short-term government securities, with 66.1% allocated to T-Bills and 33.3% in bank deposits as of March 31, 2020. It has a stability rating of AAA(f) from PACRA and is the largest money market fund in Pakistan with this rating, reflecting its strong credit and liquidity profile.

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    NBP Government Securities Liquid Fund (NGSLF)

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    HIRA -
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    The NBP Government Securities Liquid Fund (NGSLF) earned an annualized return of 14.5% in March 2020, outperforming its benchmark return of 12%. The fund primarily invests in short-term government securities, with 66.1% allocated to T-Bills and 33.3% in bank deposits as of March 31, 2020. It has a stability rating of AAA(f) from PACRA and is the largest money market fund in Pakistan with this rating, reflecting its strong credit and liquidity profile.

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    The NBP Government Securities Liquid Fund (NGSLF) earned an annualized return of 14.5% in March 2020, outperforming its benchmark return of 12%. The fund primarily invests in short-term government securities, with 66.1% allocated to T-Bills and 33.3% in bank deposits as of March 31, 2020. It has a stability rating of AAA(f) from PACRA and is the largest money market fund in Pakistan with this rating, reflecting its strong credit and liquidity profile.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    97 views1 page

    NBP Government Securities Liquid Fund (NGSLF)

    Uploaded by

    HIRA -
    The NBP Government Securities Liquid Fund (NGSLF) earned an annualized return of 14.5% in March 2020, outperforming its benchmark return of 12%. The fund primarily invests in short-term government securities, with 66.1% allocated to T-Bills and 33.3% in bank deposits as of March 31, 2020. It has a stability rating of AAA(f) from PACRA and is the largest money market fund in Pakistan with this rating, reflecting its strong credit and liquidity profile.

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    NBP GOVERNMENT SECURITIES LIQUID FUND (NGSLF)

    (FORMERLY: NAFA GOVERNMENT SECURITIES LIQUID FUND)

    MONTHLY REPORT (MUFAP's Recommended Format) March 2020


    Unit Price (31/03/2020): Rs.10.2034
    Performance %
    FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
    Performance Period Mar-2020
    2020 Months 2019 2018 2017 2016 2015 Years* Years* Years* May 15, 2009*
    NBP GOVERNMENT SECURITIES LIQUID FUND
    (FORMERLY: NAFA GOVERNMENT SECURITIES 14.5% 13.1% 12.5% 8.5% 5.3% 7.6% 5.7% 8.3% 8.3% 7.8% 8.7% 8.9%
    LIQUID FUND)

    BENCHMARK 12.0% 12.6% 12.2% 8.7% 5.4% 5.3% 6.0% 8.7% 8.3% 7.3% 8.6% 8.8%

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

    General Information Investment Objective


    Launch Date: May 15, 2009 To generate optimal return with minimum risk, to provide easy liquidity and reasonable
    Fund Size: Rs. 2,723 million income to its unit holders by investing primarily in short-term Government Securities.
    Type: Open-end - Money Market Fund
    Dealing Days: Daily – Monday to Saturday Fund Manager Commentary
    Dealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M The Fund earned an annualized return of 14.5% p.a. during March 2020 versus the
    (Friday) 9:00 A.M to 5:30 P.M Benchmark return of 12.0% p.a. The return generated by the Fund is net of
    (Saturday) 9:00 A.M to 1:00 P.M management fee and all other expenses.
    Settlement: 2-3 business days
    Pricing Mechanism: Forward Pricing NGSLF's stability rating is 'AAA (f)' awarded by PACRA. NGSLF is the largest Fund in
    Load: Front End Load (Individual without life insurance): Pakistan with this rating. The rating reflects exceptionally strong credit and liquidity
    0% Front End Load (Individual with life insurance): profile of the Fund. Average daily allocation for the last 365 days in short-term T-Bills
    Amount up to Rs.5 million: up to 3%, Amount over was 77% of net assets. While at the end of the month, T-Bills comprises around 66%
    & above Rs.5 million: 1% Back End Load: NIL of the Total Assets and around 77% of the Net Assets. Weighted average time to
    maturity of the Fund is 67 days.
    Management Fee: 3% of Net Income (Min 0.4% p.a., Max 1.0% p.a.).
    0.46% p.a. of average net assets during the month. We will rebalance the allocation of the Fund proactively based on the capital market
    outlook.

    Total Expense Ratio: 1.68% p.a. (including 0.34% government levies) Credit Quality of the Portfolio as of March 31 , 2020 (% of Total Assets)
    Government Securities (AAA rated) 66.1%
    Selling & Marketing Expenses: 0.7% p.a. AAA 32.5%
    Risk Profile: Exceptionally Low AA+ 0.5%
    Fund Stability Rating: "AAA (f)" by PACRA AA- 0.2%
    Listing: Pakistan Stock Exchange Un-rated 0.1%
    Custodian & Trustee: Central Depository Company (CDC)
    Others including Receivables 0.6%
    Auditors: Deloitte Yousuf Adil
    Chartered Accountants Total 100.0%
    Benchmark: 70% 3-Month PKRV & 30% average 3-Month
    deposit rates of three AA rated banks as
    selected by MUFAP
    Fund Manager: Muhammad Ali Bhabha, CFA, FRM
    Name of the Members of Investment Committee
    Minimum: Growth Unit: Rs. 10,000/-
    Dr. Amjad Waheed, CFA
    Subscription: Income Unit: Rs. 100,000/-
    Sajjad Anwar, CFA
    Asset Manager Rating: AM1 by PACRA (Very High Quality)
    Muhammad Ali Bhabha, CFA, FRM
    Asset Allocation (% of Total Assets) 31-Mar-20 29-Feb-20 Hassan Raza, CFA
    T-Bills 66.1% 77.8%
    Bank Deposits 33.3% 21.4%
    Others including Receivables 0.6% 0.8%
    Total 100.0% 100.0%
    Leverage Nil Nil

    Sindh Workers' Welfare Fund (SWWF)


    The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability
    to the tune of Rs. 22,208,196/-. If the same were not made the NAV per unit / last one
    year return of scheme would be higher by Rs. 0.0832/.92%. For details investors are
    advised to read note 9.1 of the latest financial statements
    of the Scheme.

    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.
    Page 03

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