NBP Savings Fund (NBP-SF)

Formerly; NAFA Income Fund (NIF)

NBP FUNDS Managing Your Savings

MONTHLY REPORT (MUFAP's Recommended Format)

Unit Price (30/11/2019): Rs. 10.2836 November 2019
Performance %
Nov FYTD Rolling FY FY FY FY FY Last 3 Last 5 Last 10 Since Launch
Performance Period 12
2019 2020 Months 2019 2018 2017 2016 2015 years* years* years* March 28, 2008*
NBP Savings Fund 12.3% 12.4% 11.1% 9.3% 5.5% 6.5% 6.9% 13.7% 7.9% 8.3% 4.8% 5.0%
Formerly; NAFA Income Fund

Benchmark 13.5% 13.7% 12.4% 10.2% 6.3% 6.1% 6.5% 9.0% 8.6% 7.9% 9.6% 10.0%

* 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.

General Information Investment Objective

Launch Date: March 28, 2008 To earn a competitive rate of return while preserving capital to the extent
Fund Size: Rs. 1,183 million possible by investing in liquid assets.
Type: Open-end – Income Fund
Dealing Days: Daily – Monday to Friday Fund Manager’s Commentary
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 posted an annualized return of 12.3% p.a. during November 2019
Settlement: 2-3 business days
Pricing Mechanism: Forward Pricing versus the Benchmark return of 13.5% p.a. The reported return is net of
Load:** Front End Load (Individual): without life management fee and all other expenses.
insurance 1%, with life insurance (amount
upto Rs. 5 million) upto 3%, with life insurance
(amount over & above Rs. 5 million) upto 1% The weighted average time to maturity of the Fund is around 39 days.
Front End Load (Other): 1% (Nil on investment Potential recovery in fully provided TFCs (Face Value of around Rs. 305
above Rs. 16 million)
Management Fee: 6% of Net Income (min: 0.5% p.a., max: 1.0% p.a.) million), is potential upside for the Fund. Thus, the Fund is expected to
w.e.f 12-July-19. 0.80% p.a. of average net assets perform well over the medium to long term horizon. However, since TFCs
Total Expense Ratio: 2.25% p.a. (including 0.38% government levies)
Selling & Marketing expenses: 0.7% p.a. prices may go up or down, therefore, only investors with medium term
Risk Profile: Low investment horizon are advised to invest in this Fund.
Fund Stability Rating "A (f)" by PACRA
Listing: Pakistan Stock Exchange
Custodian & Trustee: Central Depository Company (CDC) We will rebalance the allocation of the Fund proactively based on the capital
Auditors: KPMG Taseer Hadi & Co.
Chartered Accountants market outlook.
Benchmark: 6-Month KIBOR
Fund Manager: Muhammad Ali Bhabha, CFA, FRM
Minimum Growth Unit: Rs. 10,000/-
Subscription: Income Unit: Rs. 100,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality)
** effective from January 02, 2017 Details of Non-Compliant Investments
Asset Allocation (% of Total Assets) 30-Nov-19 31-Oct-19 Value of
Value of % %
Type of Investments Provision
T-Bills 4.1% - Particulars Investment before held
Investments of Net of Gross
after Provision Assets Assets
Commercial paper 17.3% 20.6% Provision
Placement with Banks 13.4% 16.1% AgriTech Limited II - Revised II 14-JAN-08-14-JUL-21 TFC 149,875,800 149,875,800 - - -
Bank Deposits 64.0% 61.6%
AgriTech Limited V 01-JUL-11-01-JAN-20 TFC 22,180,000 22,180,000 - - -
Others including receivables 1.2% 1.7%
Total 100.0% 100.0% Saudi Pak Leasing Company Limited- Revised II
13-MAR-08 13-MAR-21
TFC 41,321,115 41,321,115 - - -
Leverage Nil Nil Worldcall RS-III 10-APR-18 20-SEP-26 TFC 23,326,170 23,326,170 - - -

Sindh Workers' Welfare Fund (SWWF) Eden House Limited - Sukuk Revised 29-MAR-08 29-SEP-19 SUKUK

New Allied Electronics Limited II - Sukuk 03-DEC-07 03-DEC-20 SUKUK

19,687,500 19,687,500 - - -

49,054,371 49,054,371 - - -
The scheme has maintained provisions against Sindh Workers' Welfare Fund's Total 305,444,956 305,444,956 - - -
liability to the tune of Rs. 5,602,942.59/. If the same were not made the NAV
per unit/last one year return of scheme would be higher by Rs. 0.0487/0.53%. Credit Quality of the Portfolio as of November 30, 2019 (% of Total Assets)
For details investors are advised to read note 6 of the latest financial
statements of the Scheme. Govt. Securities (AAA rated) 4.1%
AAA 0.1%
AA+ 37.8%
AA 22.4%
AA- 15.5%
A+ 9.3%
A 9.5%
A- 0.1%
Others including receivables 1.2%
Total 100.0%

Name of the Members of Investment Committee

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. The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the latest monthly Fund
Manager Report and Financial Statements. The reported returns may include provisioning and reversal of provisioning against some debt securities.
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