JS Returns

8/12/2019 JS Returns

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Apr-13

ECONOMYCurrent account for the country posted a deficit of USD 513mn forMarch 2013, as compared to a deficit of USD 596mn in February.During Jul-March FY13 current account recorded a deficit of USD

1,028mn, an improvement from a deficit of USD 3,038mn during thesame period last fiscal year.

Workers remittances for February came in at USD 1.1bn accumulatingto a total of USD 10.4bn for YTDFY13 posting a 6.34% increase YoY.Foreign Reserves held by the State Bank dropped to alarming levels ofUSD 6.7bn towards the end of April as compared to USD 8.7bn at theend of January and USD 10.8bn in June 2012.

Nearing the elections the state finds itself overwhelmed with theelections preparation, with all major decision including a deal with theIMF held up till the elected government takes hold. Going forward thefaith of the state lies with the new government and how they deal withthe countrys problems specifically the power issue which inculcates

with it several other matters of the state.

MONEY MARKET REVIEWIn April 2013 the State Bank of Pakistan borrowed funds worth PKR371.5bn through three T-bill auctions while weighted average yields for3M, 6M and 12M T-bills stood at 9.41%, 9.42% and 9.43% respectively.The SBP planned to borrow PKR75 bn in 3QFY13 through three PIBauctions, however all bids in the auctions were rejected. PIBs (3yr)worth 16.3bn were accepted nearing the end of April with a weightedaverage yield of 10.67%.

CPI inflation, General, increased by 5.8% on a year-on-year basis in

April 2013 as compared to 6.6% in the previous month. On a month-on-month basis, it increased by 1.09% in April 2013 as compared to anincrease of 0.4% in the previous month.

During the month, the categories which recorded the highest priceincreases were: Onions (116.49%), Honey (17.25%), Tea (15.67%),Wheat (15.64%), Wheat Flour (15.30%), Rice (15.25%), WheatProducts (13.92%), Cigarettes (13.45%), Beans (12.15%), Milk Powder(11.81%), Cereals (10.84%), Eggs (10.07%) and Milk Fresh (9.69%).

Status quo was maintained in the February 2013 Monetary Policywhereby the SBP maintained the Discount Rate at 9.5%, while averageinflation for 10MFY13 stood at 7.5%.

EQUITY MARKET REVIEWThe KSE-30 Index gained 1.79% during April 2013, with an averagedaily increment of 0.09%. The volumes for the month of April averagedat 50.63mn, a 24% MoM decline. The KSE-100 index gained 3.89% for

April with the index crossing the 19,000 mark on the last day of themonth; accordingly the KMI-30 index posted a gain of 2.7%.

Markets remained uncertain owing to the continued elections euphoria,coupled with the depleting state of the countrys Forex reserves. TheMinistry of Finance met with the International Monetary Fund to discussfuture prospects of the country, the IMF is said to have offered USD5bn. Going forward the abrasive road towards the elections may affect

the markets movement.

Monthly YoY Inflation

0.0%

4.0%

8.0%

12.0%

16.0%

Apr12

May12

Jun12

Jul12

Aug12

Sep12

Oct12

Nov12

Dec12

Jan13

Feb

13

Mar13

Apr13

Source: Pakistan Bureau of Statistics

Interbank ratesKIBOR (Average) Apr 13 vs. Mar 13

9.6

9.5 9

.6 9.9 9.9

10.4

11.1

9.5

9.5 9

.5 9

.8 9.9

10.5

11.3

9.00

10.00

11.00

12.00

1M 3M 6M 9M 1Y 2Y 3Y

Apr'13 Mar'13

Source: State Bank of Pakistan

Market activity

Daily volume vs. KSE-30 movement

25

50

75

100

1Apr 9Apr 17Apr 25Apr

Shrsinmn

14,250

14,400

14,550

14,700

Volume(L.H.S) KSE30 (R.H.S)

Source: Karachi Stock Exchange


3/16

Performance data and analytics MUFAP Recommended Format Apr-13Investment philosophyJS Cash Fund (JS CF) is an open-end 'Money Market Scheme' that mainly invests

in low risk short-term fixed income instruments including money marketinstruments to provide a regular and reasonable return to investors whileensuring high liquidity. The Fund shall invest primarily in short durationinstruments and may even hold some or all of its assets in cash for the purpose

maintaining liquidity.

Key informationFund type Open end

Category Money Market Scheme

Fund launch date 29 March, 2010

Net Assets (PKR mn) 2,032.19

NAV (PKR) 102.52

Benchmark BM CF

Management fee 1.00% (Exclusive of Sindh Sales Tax)

Front-end Load 1.00%

Back-end Load NIL

Pricing mechanism Backward

Trustee MCB Financial Services Ltd

Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Ernst & Young Ford Rhodes Sidat Hyder & Co.

Risk profile Extremely Low

Listing LSE

Fund stability rating AA+(f) - (By JCR-VIS)

Leverage NIL

AMC Rating AM2- (By JCR-VIS)

Performance (%) Annualised performance 21M 6M 1Y Launch

Fund 8.29 7.89 9.49 12.30

Benchmark 8.16 8.35 9.20 11.08

Difference 0.13 -0.46 0.29 1.22

Monthly performance (%) Annualised performance 2FY13 FY12 FY11 FY10Jul 10.42 11.66 11.00 n/a

Aug 13.78 13.06 10.88 n/a

Sep 8.35 11.85 10.89 n/a

Oct 9.77 13.81 12.32 n/a

Nov 7.65 10.43 11.43 n/a

Dec 7.97 9.64 13.16 n/a

Jan 7.72 11.03 10.76 n/a

Feb 7.10 9.72 12.31 n/a

Mar 7.79 10.31 12.32 n/a

Apr 8.29 10.79 12.61 10.74

May 10.00 11.28 8.99

Jun 10.13 11.80 10.40

YTD 9.21 11.62 12.01 9.90Benchmark 9.05 10.09 10.65 9.85

Difference 0.16 1.53 1.36 0.05

Fund manager's review

JS Cash Fund reported an annualized return of 8.29% for the month of April2013 as compared to the annualized benchmark return of 8.16%, outperformingthe benchmark by 0.13%. The YTD annualized return of JSCF outperformed thebenchmark by 0.16% by providing a return of 9.21%.

Asset allocation (%)Apr-13 Mar-13

Cash 0.83 0.23

Placement with Banks and DFIs - 15.28

T Bills 99.14 84.41

Other including receivables 0.03 0.07

Total 100.00 100.00

Asset quality (%age of total assets)

A+, 0.09AA+, 0.002

AA, 0.74

AAA, 99.14

Statistical analysisFund Benchmark

Standard Deviation 0.7% 0.5%

Largest Month Gain 1.2% 0.9%

Largest Month Loss 0.0% 0.0%

% Positive Months 100.0% 100.0%

Duration (Days) 55

Weighted Avg. Maturity (Days) 55

Investment Committee MembersMr. Rashid Mansur - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial Officer

Dr. Ali Akhtar Ali - Chief Investment OfficerMs. Nazia Enam Siddiqui - Fund Manager

Ms. Maleeha Mimi Bangash - Chief Strategy OfficerMr. Assad H. Khan - Country Head Business DevelopmentMr. Zohaib Pervez, CFA - Head of Research & RM

Contact usJS Investments LimitedToll Free: 0800 - 00887

E-mail: [email protected] Website: www.jsil.com

1. 50% Average return of 3-months deposit rates of AA and above rated scheduledcommercial Bank(s), and 50% average 3-months T-Bill rate.

2. Annualised return is based as per MUFAP stated methodology.Disclosure for WWF Liability under Circular 17 of 2012The Fund/Scheme has not made provisions amounting to Rs. 9,832,546against Workers Welfare Fund (WWF) liability, if the same were made theNAV per unit/return of the Scheme would be lower by Rs. 0.50 / 0.5%.For details investors are advised to read the Note 7 of the latest FinancialStatements of the Scheme.


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Performance data and analytics MUFAP Recommended Format Apr-13Investment philosophyJS IF is an income fund that aims to preserve investors capital while providing a

regular stream of current income on an annual basis which is higher than thatoffered by commercial banks on deposits of a similar liquidity profile as this fund.The fund operates a diverse portfolio of investment-grade debt securities,government securities and money market instruments. The fund may maintains

liquidity in the form of spread transactions and bank deposits.


Category Income Fund Scheme

Fund launch date 26 August, 2002

Net Assets (PKR mn) 952.99

NAV (PKR) 89.08

Benchmark BM IF1



Back-end Load NIL

Pricing mechanism Forward



Risk profile Low To Medium

Listing LSE

Fund stability rating A+(F) PACRA Rating

Leverage NIL


Performance (%) Annualised performance 21M 6M 1Y 3Y Launch

Fund 8.69 8.77 11.44 3.70 12.16

Benchmark 9.59 9.66 10.86 12.19 13.62

Difference -0.90 -0.89 0.58 -8.50 -1.47

Monthly performance (%)

Annualised performance

2

FY13 FY12 FY11 FY10 FY09

Jul 11.24 11.58 9.22 9.32 13.22

Aug 20.78 22.81 18.44 10.48 11.26

Sep 11.71 12.05 12.32 13.41 13.88

Oct 11.72 21.02 14.29 37.73 14.68

Nov 5.78 10.81 23.38 -0.12 -27.24

Dec 23.72 6.45 15.66 0.57 14.41

Jan 6.49 13.54 1.70 4.78 12.43

Feb -0.85 11.42 15.43 11.66 15.08

Mar 7.00 11.29 17.44 -23.36 38.90

Apr 8.69 3.67 11.52 17.69 9.58

May 12.94 -79.51 -72.06 15.35

Jun 10.16 -1.28 -36.52 15.62

YTD 11.18 13.07 3.95 -8.47 11.58

Benchmark 10.39 13.01 10.02 9.94 14.23

Difference 0.79 0.05 -6.07 -18.41 -2.65

Non Compliant Investments under Circular 07/2009

Azgard Ninea TFC 6,661,110 (6,661,110) - - -

Azgard Nineb PPTFCs 47,971,149 (47,971,149) - - -

Agritech Ltd.c Sukuk 59,572,782 (59,572,782) - - -

Agritech Ltd.d PPTFC - - - - -

Dewan Cemente TFC 50,000,000 (49,990,000) 10,000 0.00 0.00

Azgard Ninef PPTFC - - - - -

% of

Gross

Assets

Name of

InvestmentType

Value

before

provision

Provision

held

(if any)

Value after

provision

% of

Net

Assets

a) The fund has made a full provision against the principal amount in accordance with the requirements of regulatory body & the provisioning policy of theFund. (b)The CP of ANL has been settled through issuance of 15,000 PPTFCs in the name of the Fund. These PPTFCs have been restructured however, the

mgt. as a matter of prudence has maintained the provision against the said PPTFCs. In lieu of restructuring of Azgard Nine existing debt securities, Agritechpledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDS account. These shares are booked and marked to market accordingly. (c)Thefund has made a full provision against the principal amount in accordance with the requirements of Circular 1 & the provisioning policy of the Fund. (d) TheFund has made a full provision against the principal amount of Agritech Limiteds Sukuk in accordance with the requirements of Circular 1 of 2009 issued bythe SECP and the provisioning policy of the Fund. The Fund has received Agritech Limiteds PPTFC of face value of Rs. 11.245 million against interest due on

Agritech Limiteds Sukuk which is not recognized as income by the Fund and these PPTFCs are valued at zero.(e)Non rated securities. (f)The fund received4,827 zero coupon PPTFCs against interest receivable of listed and unlisted TFCs. Since these PPTFCs are received against already defaulted securities andhave non-performing status in MUFAP, therefore the management as a matter of prudence maintained the provision against the said PPTFCs. These PPTFCsare valued at zero but cost is carried at 24,135,000.


Cash 18.49 0.78

Placement with Banks and DFIs 0.00 0.00

Equity* 1.31 1.19

T Bills 76.17 78.65

PIBs 0.00 15.21

TFCs / Sukkuks 3.78 3.63


Total 100.00 100.00

* Under debt-swap arrangement with Azgard Nine Limited (ANL), the fund has

received shares of Agritech Limited (AGL), against the investments of ANL-

PPTFC and listed TFCs, these listed TFCs and PPTFCs had been fully provided. TFCs/Sukuks allocation - Top Ten Holding

1.60%

0.47%

1.70%

0.001%

0.0% 0.5% 1.0% 1.5% 2.0%

United Bank Ltd

Bank Alfalah Ltd.

Jahangir Siddiqui Co

Ltd - V

Dewan Cement


AAA

76.17%

AA-

1.60%AA

19.98%

"


5/16

Performance data and analytics MUFAP Recommended Format Apr-13Investment philosophyJS AIF aims at generating current income on investments while maintaining the

prospects of capital appreciation by investing in a diversified portfolio of moneymarket and fixed income instruments. The fund may aggressively adjust assetweightings to take advantage of directional macro and micro economic trendsand may hold some or even all of its assets in cash to either provide liquidity or

for defensive purposes.


Category Aggressive Fixed Income Scheme

Fund launch date 22 January, 2008

Net Assets (PKR mn) 49.89 ( 29 Apr '13)

NAV (PKR) 106.45 (29 Apr '13)

Benchmark BM AIF



Back-end Load NIL


Trustee Central Depository Company of Pakistan Ltd.

Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.

Auditor Ernst & Young Ford Rhodes Sidat Hyder & Co.

Risk profile Medium

Listing LSE

Fund stability rating BBB-(f)

Leverage NIL


Performance (%) Annualised performance 21M 6M 1Y 3Y Launch

Fund 6.18 5.66 10.55 11.59 8.74

Benchmark 9.55 9.62 10.75 12.15 14.94

Difference -3.37 -3.96 -0.20 -0.57 -6.20

Monthly performance (%) Annualised performance 2FY13 FY12 FY11 FY10 FY09

Jul 12.46 28.90 11.26 26.11 11.91

Aug 27.73 13.55 10.63 -2.25 9.07

Sep 10.05 12.71 33.28 6.67 13.75

Oct 11.83 59.53 -9.29 -31.52 14.41

Nov 12.81 18.90 8.74 -5.54 -31.48

Dec 1.69 12.17 51.31 -6.30 17.38

Jan 6.74 26.73 -60.02 0.00 13.61

Feb -0.74 24.53 29.14 10.37 15.08

Mar 6.59 22.75 26.56 -31.12 14.81

Apr 6.18 37.34 33.08 12.73 12.43

May 12.49 31.61 -4.91 35.60

Jun 12.42 -159.51 13.20 -18.87

YTD 9.97 26.16 -1.99 -2.72 7.72

Benchmark 10.33 12.97 10.02 9.94 14.23

Difference -0.36 13.19 -12.01 -12.67 -6.51

Detail of Non Compliant InvestmentName of Type Value Provision Value % Net % Gross

Investment before held after Assets Assets

Dewan Cement* TFC 50,000,000 49,990,000 10,000 0.02 0.02

* Non rated securities


JS Aggressive Income Fund reported an annualized return of 6.18% for themonth of April 2013 as compared to the annualized benchmark return of 9.55%,underperforming the benchmark by 3.37%. On YTD basis, annualized return ofJSAIF stood at 9.97% and underperformed its benchmark by 0.36%.

REVOCATION OF JS AIFJS Investments Limited, the Management Company of JS Aggressive Income Fund (JS AIF), with

the consent of the Central Depository Company of Pakistan Limited (the Trustee of JS AIF) has

decided to proceed with the revocation (liquidation) ofJS AIFw.e.f. April 30, 2013. The said decision

has been taken on account ofJS AIFmaintaining a Fund Size below the minimum limit prescribed by

the Securities & Exchange Commission of Pakistan.


Cash 10.67 9.51


T Bills 88.85 90.03

PIBs 0.00 0.00


Total 100.00 100.00


AA, 9.99%

AAA, 88.85%

"


6/16

Performance data and analytics MUFAP Recommended Format Apr-13Investment philosophyUTP is a balanced fund that aims to preserve and grow investors capital in the

long term while providing a regular stream of current income on an annual basis.The fund operates a diverse portfolio of equity and fixed income investmentswhereby the equity component is meant to provide the growth in capital whiledividends on the equity component along with the fixed income investments help

generate the current income.

Key informationFund type Open endCategory Balanced Scheme

Fund launch date 27 October, 1997


NAV (PKR) 133.00Benc mar 50% 6M KIBOR & 50% KSE 30 Index



Back-end Load NIL




Auditor KPMG Taseer Hadi & Co.Risk profile Medium

Listing LSE

Leverage NIL


Performance (%) Cumulative return21M 1Y 3Y 7Y Launch Avg. Ann.*

Fund 1.64 27.62 55.47 57.72 931.20 16.23

Benchmark 1.92 15.32 42.92 39.81 581.09 13.16

Difference -0.28 12.30 12.55 17.91 350.11 3.07* Average Annualized Return since inception as per Morning Star formula

Monthly performance (%)FY13 FY12 FY11 FY10 FY09

Jul 3.57 -0.15 4.22 5.69 -13.87Aug 5.07 -1.21 -3.10 9.51 -10.12

Sep -0.06 4.13 0.40 8.26 0.19

Oct 1.64 0.39 3.57 -1.36 n/a*

Nov 4.01 -2.44 4.13 0.95 n/a*

Dec 1.89 -2.45 4.58 1.23 n/a*

Jan 2.37 7.38 2.08 0.52 -1.84

Feb 4.73 5.16 -4.30 -1.39 3.95

Mar 1.70 4.88 7.85 0.20 13.98

Apr 1.64 2.08 -0.45 0.25 -0.66

May -0.67 -3.29 -7.73 3.79

Jun -1.05 -2.40 -1.72 -1.49

YTD 29.85 16.60 13.23 14.05 -31.95

Benchmark 15.66 8.37 18.08 25.07 -32.19

Difference 14.19 8.23 -4.85 -11.02 0.24 * No dealing in units during this period

Non Compliant Investments under Circular 07/2009

Agritech Ltd. Sukuks 117,601,483 (117,601,483) - 0.00 0.00

Azgard Nine Ltd.a PPTFC 31,980,766 (31,980,766) - 0.00 0.00

Agritech Ltd.b PPTFC - - - 0.00 0.00

Azgard Nine Ltd.c PPTFC - - - 0.00 0.00

Name of

Investment

% o

Net

Assets

% o

Gross

Assets

Type

Va ue

before

provision

Provision

held

(if any)

Va ue

after

provision

(a)The commercial paper amounting to Rs. 75 mn of Azgard Nine Ltd has been settled through Issuance of 15,000 PPTFC's of an equivalent amount in thename of the fund. The said PPTFCs were restructured and ANL provided 772,253 shares of Agritech Limited at the rate of Rs. 35 each which reduced ourprovision accordingly. During the month of January 2013 5000 PPTFC'S have been disposed off. (b) Fund has received Agritech PPTFC's against interestreceivable of Agritech Sukuk which is valued at zero but cost is carried at 18,665,000. (c)The Fund has received 3,853 Zero Coupon PPTFC against interestreceivable of unlisted TFC's. Since these PPTFC's are r eceived against already defaulted securities an d even MUFAP started its revaluation, the ma nagementas a matter of prudence is not revaluing said PPTFC's. These PPTFC's are valued at zero but cost is carried at 19,265,000.


UTP returned 1.64 percent during April 2013 and underperformed its benchmarkby 0.28 percent. On YTD basis, the fund returned 29.85 percent, andoutperformed its benchmark by 14.19 percent.


Cash 2.51 1.21

Placement with Banks and DFIs - 6.38

Equity 63.81 59.92

TFCs / Sukkuks - -

PIBs - 3.21

T Bills 31.35 27.48


Total 100.00 100.00

Equity sector breakdown (%)Apr-13 Mar-13

Oil & Gas 22.40 21.76

Electricity 13.66 11.95

Construction & Materials 7.81 9.09

Personal Goods 7.71 7.54

Banks 6.99 5.95

Others 5.24 3.63

Total 63.81 59.92

Top holding (%age of total assets)

Pakistan Oilfields Ltd. 6.58

Pakistan State Oil Co. Ltd. 5.19

The Hub Power Co. Ltd. 4.97

Nishat Power Ltd. 4.87

Nishat (Chunian) Ltd. 4.41

Oil & Gas Development Co. Ltd. 4.37

Pakistan Petroleum Ltd. 3.98

Nishat Chunian Power Ltd. 3.82

D. G. Khan Cement Co. Ltd. 3.63

Nishat Mills Ltd. 3.30


AAA, 31.35%

AA, 2.51%


Beta 0.5 1.0



Largest Month Loss -24.0% -33.8%


Investment Committee MembersMr. Rashid Mansur - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerDr. Ali Akhtar Ali - Chief Investment Officer

Ms. Nazia Enam Siddiqui - Fund ManagerMs. Maleeha Mimi Bangash - Chief Strategy OfficerMr. Assad H. Khan - Country Head Business DevelopmentMr. Zohaib Pervez, CFA - Head of Research & RM

Contact usJS Investments LimitedToll Free: 0800 - 00887E-mail: [email protected] Website: www.jsil.com1. From the month of Jan 2010 onwards, the benchmark for the UTP fund has switched

from 70% 6M KIBOR & 30% KSE 30 Index to 50% 6M KIBOR & 50 % KSE 30 Index.2. Cumulative return is based as per MUFAP stated methodology.Disclosure for WWF Liability under Circular 17 of 2012The Fund/Scheme has not made provisions amounting to Rs. 22,808,989against Workers Welfare Fund (WWF) liability, if the same were made theNAV per unit/return of the Scheme would be lower by Rs. 1.97 / 1.5%.

For details investors are advised to read the Note 7 of the latest FinancialStatements of the Scheme.1Annualized performance return is based as per MUFAP stated methodology.


7/16

Performance data and analytics MUFAP Recommended Format Apr-13Investment philosophyJS FoF is a fund of funds that aims to grow investors capital in the long term

while diversifying the asset manager risk bundled together with the benefits ofan asset allocation fund. The fund operates a diverse portfolio of equity,balanced, fixed income and money market funds (both open and closed ended)with the option to adjust the asset mix as equity markets rise or fall and the

economy strengthens or weakens.


Category Fund of Fund Scheme

Fund launch date 31 October, 2005


NAV (PKR) 101.10

Benchmark BM FoF



Back-end Load NIL



Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.

Risk profile Medium

Listing LSE

Leverage NIL



Fund 2.59 26.04 42.78 75.50 122.57 11.26

Benchmark 1.41 17.75 31.24 46.56 61.23 6.57

Difference 1.18 8.29 11.54 28.94 61.34 4.68

* Average Annualized Return since inception as per Morning Star formula

Monthly performance (%)FY13 FY12 FY11 FY10 FY09Jul 0.36 0.03 3.52 5.74 -11.31

Aug 3.11 -3.49 -1.08 8.60 -8.22

Sep -0.38 6.18 1.41 12.84 1.24

Oct 1.52 0.88 1.88 -0.36 n/a*

Nov 3.20 0.10 10.27 0.57 n/a*

Dec 1.07 -1.88 6.45 -0.83 n/a*

Jan 2.31 4.34 2.53 0.45 1.04

Feb 4.35 4.21 -4.80 -2.38 -2.88

Mar 1.20 5.66 6.70 0.34 4.21

Apr 2.59 -1.28 3.55 -1.96 -1.64

May 2.98 0.01 -10.60 3.67

Jun 1.15 -1.68 2.65 -0.69

YTD 21.01 20.00 31.70 13.99 -25.79

Benchmark 18.12 9.88 18.27 21.18 -32.64

Difference 2.89 10.12 13.43 -7.19 6.85 * No dealing in units during this period


JS FoF depicted a monthly performance of 2.59 percent in April 2013 ascompared to its benchmark return of 1.41 percent, thereby outperforming it by

1.18 percent. On YTD basis the fund outperformed its benchmark by 2.89percent.


Open-end 65.52 83.46

Close-end 10.58 9.72

T Bills - -

Cash 23.76 5.61


Total 100.00 100.00


Beta 0.8 1.0





Investment Committee Members

Mr. Rashid Mansur - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerDr. Ali Akhtar Ali - Chief Investment OfficerMr. Arslan Asif Soomro - Fund ManagerMs. Maleeha Mimi Bangash - Chief Strategy OfficerMr. Assad H. Khan - Country Head Business DevelopmentMr. Zohaib Pervez, CFA - Head of Research & RM

Contact usJS Investments LimitedToll Free: 0800 - 00887E-mail: [email protected] Website: www.jsil.com

Disclosure for WWF Liability under Circular 17 of 2012The Fund/Scheme has not made provisions amounting to Rs. 10,467,175against Workers Welfare Fund (WWF) liability, if the same were made theNAV per unit/return of the Scheme would be lower by Rs. 12.54 / 12.4%.For details investors are advised to read the Note 9 of the latest Financial

Statements of the Scheme.1Average of asset allocation funds returns.2Cumulative return is based as per MUFAP stated methodology.


8/16

Performance data and analytics MUFAP Recommended Format Apr-13Investment philosophyJS LCF is an open-end Equity Scheme that aims to benefit from an attractive

Capital Market in an economy with growth potential, to maximize the totalinvestment return consisting of a combination of capital appreciation anddividend income. Consistent with its Investment Objective, the Fund shall investprimarily in equity securities of listed Large-Cap companies with market

capitalization of over Rupees one billion. The remaining Funds shall be investedin Authorized Investments including cash and/or near cash instruments whichinclude cash in bank accounts, and Government securities not exceeding ninety

(90) days maturity.


Category Equity Scheme

Fund launch date 14 May, 2004


NAV (PKR) of Unit "A" 82.65

Benchmark KSE30 Index


Front-end Load 3% of NAV (Applicable to Class "A")

Back-end Load 16% of NAV (Applicable to Class "B")

Pricing mechanism ForwardTrustee Central Depository Company of Pakistan Ltd.


Auditor KPMG Taseer Hadi & Co.

Risk profile High

Listing LSE

Leverage NIL



Fund 0.66 39.78 58.37 94.02 168.85 11.66

Benchmark 3.04 19.50 24.96 39.56 98.39 7.94

Difference -2.38 20.28 33.41 54.46 70.46 3.72* Average Annualized Return since inception as per Morning Star formula


FY13 FY12 FY11 FY10 FY09

Jul 4.07 -1.09 5.36 8.33 -18.57

Aug 4.39 -6.17 -4.36 6.80 -12.18

Sep -1.16 6.94 0.48 7.34 -0.47

Oct 1.89 -2.67 11.10 -1.81 -0.12

Nov 6.40 -3.43 8.58 -0.53 0.12

Dec 1.40 -4.21 5.52 0.66 -30.81

Jan 2.87 9.03 2.06 -0.26 -9.73

Feb 7.98 9.81 -6.34 -1.97 3.02

Mar 3.96 4.94 12.22 -1.34 14.68

Apr 0.66 0.44 -0.39 -0.14 -0.48

May 3.08 0.62 -9.13 4.50

Jun -1.16 -0.14 -2.10 -4.00YTD 37.20 14.87 38.38 4.65 -47.56Benchmark 22.80 2.90 21.24 26.22 -47.15

Difference 14.40 11.97 17.14 -21.58 -0.41

Non Compliant Investments under Circular 07/2009 & Circular No. 16 of 2010

Agritech Ltd. PPTFC - - - - -

Agritech Ltd. Sukuk 4,991,429 (4,991,429) - - -

Azgard Nine PPTFC - - - - -

Value

after

% of Net

Assets

% Gross

Assets

Name of

InvestmentType

Value

before

Provision

held

(1) These PPTFCs were issued on 11 January 2012 against outstanding mark-up due on Sukuk certificates of Agritech Limited The Fund hasrecognized the above TFCs at nil value. The principal outstanding against these TFCs is to be redeemed in six equal semi-annual installmentsstarting from 01 July 2012 and will mature on 01 January 2015. These TFCs have been classified as Non Performing Asset by MUFAP on 17January 2012.Cost of these PPTFCs are carried at Rs. 3.485 million. (2)The above investment was made by the Fund prior to its conversionfrom closed end fund to an open end fund. However, under the circular 7 of 2009 of SECP, the open end equity fund cannot invest in the debtsecurities. Management is of the view that investment was made prior to the above mentioned conversion. Nevertheless, the carrying value of

investments at 31 March 2013 was Nil. (3) These convertible privately placed term finance certificates (PPTFCs) were issued against thecumulative preference shares of Azgard Nine Limited on 22 October 2012 under the "Settlement Agreement" dated 22 October 2012 betweenthe Management Company of the Fund and Azgard Nine Limited. Since these PPTFCs are received against non-performing security, thereforethe management, as a matter of prudence has recognized above PPTFCs at nil value. These convertible PPTFCs carry mark-up rate of 11%per annum with a tenor of 8 years (inclusive of a 2 year grace period for principal redemption) as per the terms and conditions. In case ofDefault, the PPTFC Holders shall have the right to exercise the option to convert the PPTFCs into o rdinary voting shares of Azgard Nine Limitedas per the terms and procedures. Cost of these PPTFCs are carried at Rs. 83.160 million.


Cash 3.89 8.05

Equity 94.50 90.11


Total 100.00 100.00


Oil & Gas 27.18 22.29




Banks 11.21 9.00

Others 14.39 6.54

Total 94.50 90.11








Nishat Mills Ltd. 7.25Nishat Chunian Power Ltd. 4.78

Kohat Cement Ltd. 4.64

IGI Insurance Ltd. 4.36


Beta 0.7 1.0





Investment Committee MembersMr. Rashid Mansur - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerDr. Ali Akhtar Ali - Chief Investment OfficerMr. Arslan Asif Soomro - Fund ManagerMs. Maleeha Mimi Bangash - Chief Strategy OfficerMr. Assad H. Khan - Country Head Business DevelopmentMr. Zohaib Pervez, CFA - Head of Research & RM


In the month of April 2013, JS Large Cap Fund delivered returns

of 0.66% as compared to the benchmark's return of 3.04%,thereby underperforming by 2.38%. The YTD return of JS LargeCap Fund stands at 37.20%, as compared to the benchmark'sreturn of 22.80%, thereby outperforming by 14.40%.

Contact usJS Investments Limited

Toll Free: 0800 - 00887E-mail: [email protected] Website: www.jsil.com1Cumulative return is based as per MUFAP stated methodology.

Disclosure for WWF Liability under Circular 17 of 2012The Fund/Scheme has not made provisions amounting to Rs. 26,170,495

against Workers Welfare Fund (WWF) liability, if the same were made theNAV per unit/return of the Scheme would be lower by Rs. 1.41 / 1.7%.For details investors are advised to read the Note 8 of the latest FinancialStatements of the Scheme.


9/16

Performance data and analytics MUFAP Recommended Format Apr-13Investment philosophyJS Islamic Fund [JS ISF] aims to grow investors capital in the long term in

adherence with principles of Shariah compliance as advised by the ShariahAdvisory Council (SAC) of this fund. The fund investments are limited to assetclasses approved by the Shariah Advisory Council (SAC) and all companies underinvestment consideration are semiannually screened for Shariah compliance.


Category Shariah Compliant Islamic - Equity Scheme

Fund launch date 27 December, 2002


NAV (PKR) 65.7

Benchmark KMI-30 Index



Back-end Load NIL




Auditor KPMG Taseer Hadi & Co.Risk profile High

Listing LSE

Leverage NIL



Fund 2.07 38.67 65.25 101.59 252.59 12.95

Benchmark 4.32 36.07 61.47 108.95 268.82 13.44

Difference -2.25 2.60 3.78 -7.36 -16.23 -0.49



FY13 FY12 FY11 FY10 FY09Jul 3.24 2.57 7.66 7.45 -15.51

Aug 6.71 -4.25 -4.86 10.19 -15.58

Sep 0.11 7.38 2.14 6.86 0.04

Oct -0.36 1.10 3.67 -0.94 n/a*

Nov 1.40 -6.35 7.66 1.75 n/a*

Dec 1.89 -7.14 6.59 0.71 n/a*

Jan 3.05 11.00 6.00 0.37 -0.43

Feb 7.08 6.68 -6.44 -0.33 -0.62

Mar 2.83 12.78 10.77 4.13 9.95

Apr 2.07 -3.64 2.67 0.06 1.50

May 5.59 0.31 -12.64 4.33

Jun -0.12 -0.43 -0.55 -0.32

YTD 31.48 25.84 40.23 16.31 -43.05

Benchmark 38.64 13.57 43.66 41.98 -36.54

Difference -7.16 12.27 -3.43 -25.67 -6.51 * No dealing in units during this period


In the month of April 2013, the JS Islamic Fund returned 2.07% as compared tothe benchmarks return of 4.32%, underperforming the benchmark by 2.25%.The cumulative Fiscal Year 2013's YTD return stands at 31.48%, as compared tothe benchmark returns of 38.64%, implying an under-performance of 7.16%.


Cash 5.16 9.26

Equity 93.61 88.97


Total 100.00 100.00


Oil & Gas 34.85 30.37



General Industrials 8.81 8.30


Others 7.99 0.00

Total 93.61 88.97








Packages Ltd. 8.81


Pak Suzuki Motor Co. Ltd. 7.99


Beta 0.8 1.0





Investment Committee MembersMr. Rashid Mansur - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerDr. Ali Akhtar Ali - Chief Investment OfficerMr. Arslan Asif Soomro - Fund ManagerMs. Maleeha Mimi Bangash - Chief Strategy OfficerMr. Assad H. Khan - Country Head Business DevelopmentMr. Zohaib Pervez, CFA - Head of Research & RM



against Workers Welfare Fund (WWF) liability, if the same were made theNAV per unit/return of the Scheme would be lower by Rs. 1.33 / 2.0%.For details investors are advised to read the Note 8 of the latest FinancialStatements of the Scheme.1 From January 2010, benchmark switched from DJIMPK to KMI-30 index.

2 Cumulative returns are based as per MUFAP stated methodology.


10/16

Performance data and analytics MUFAP Recommended Format Apr-13Investment philosophyJS AAA Fund is a dynamic asset allocation fund that aims to achieve superior risk

adjusted growth in investors capital over the long term. The fund operates adiverse portfolio of equity, fixed income and money market investments and itmay constantly adjust the asset mix as equity markets rise or fall and theeconomy strengthens or weakens. The fund is allowed to invest up to 100% of

net assets in any one type of asset class.


Category Asset Allocation Scheme

Fund launch date 28 June, 2005


NAV (PKR) 13.19

Benchmark 50% KSE30 Index + 50% Avg. 6M KIBOR



Back-end Load NIL




Risk profile High

Listing LSE

Leverage NIL



Fund 3.13 18.91 27.52 36.42 32.28 3.63

Benchmark 1.92 15.25 20.04 34.07 40.63 4.44

Difference 1.21 3.66 7.48 2.35 -8.35 -0.81


Monthly performance (%)FY13 FY12 FY11 FY10 FY09Jul 3.41 -0.27 7.66 6.89 -21.51

Aug 4.16 -3.56 -5.10 9.38 -17.66

Sep -1.75 4.89 1.01 8.26 -0.18

Oct -0.34 -0.88 4.42 -3.41 n/a*

Nov 3.66 -4.44 4.13 0.19 n/a*

Dec -0.25 -5.58 4.38 2.92 n/a*

Jan 0.49 9.40 2.12 0.04 -13.66

Feb 5.40 5.04 -7.32 -1.92 1.82

Mar -0.70 6.94 8.59 3.74 4.68

Apr 3.13 0.20 0.34 -1.25 -3.60

May 0.92 0.09 -11.60 5.62

Jun -0.40 -3.55 0.16 0.06

YTD 18.30 11.68 16.62 12.20 -62.65

Benchmark 15.60 5.00 21.24 26.22 -47.16

Difference 2.70 6.68 -4.62 -14.02 -15.49 * No dealing in units during this period


JS AAA depicted a monthly performance of 3.13 percent in April 2013 ascompared to its benchmark return of 1.92 percent, thereby outperforming it by1.21 percent. On YTD basis the fund outperformed its benchmark by 2.70percent.


Cash 7.86 17.88

Equity 89.02 63.98

PIBs - -

T Bills - -


Total 100.00 100.00


Oil & Gas 27.39 24.66

Banks 26.12 15.57

Personal Goods 10.70 -

General Industrials 7.84 5.09

Automobile & Parts 6.89 -

Others 10.07 18.67

Total 89.02 63.98



United Bank Ltd. 8.32



Faysal Bank Ltd. 7.86

Packages Ltd. 7.84




Bank Alfalah Ltd. 6.31


Beta 0.8 1.0





Investment Committee MembersMr. Rashid Mansur - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerDr. Ali Akhtar Ali - CIO / Fund ManagerMs. Maleeha Mimi Bangash - Chief Strategy OfficerMr. Assad H. Khan - Country Head Business DevelopmentMr. Zohaib Pervez, CFA - Head of Research & RM


Disclosure for WWF Liability under Circular 17 of 2012The Fund/Scheme has not made provisions amounting to Rs. 3,329,723against Workers Welfare Fund (WWF) liability, if the same were made the

NAV per unit/return of the Scheme would be lower by Rs. 0.33 / 2.5%.For details investors are advised to read the Note 7 of the latest FinancialStatements of the Scheme.


11/16

Performance data and analytics MUFAP Recommended Format Apr-13Investment philosophyJS KSE-30 Index Fund is an index fund that aims to track the performance of the

KSE-30 Index by investing in constituent companies of the index in proportion totheir weighting. The fund targets sophisticated investors who can time theirentry and exit from the fund in accordance with the expected performance of theequity market or for investors who seek long term exposure to the equity

market.


Category Index Tracker Scheme

Fund launch date 29 May, 2006


NAV (PKR) 22.44




Back-end Load NIL



Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.

Risk profile High

Listing LSE

Leverage NIL



Fund 2.70 20.10 32.79 52.50 45.30 5.54

Benchmark 3.04 19.50 24.96 39.56 21.97 2.91

Difference -0.34 0.60 7.83 12.94 23.33 2.63


Monthly performance (%)FY13 FY12 FY11 FY10 FY09Jul 5.23 -0.53 9.14 7.88 -15.53

Aug 5.28 -8.19 -5.76 13.68 -15.17

Sep -1.03 6.71 0.77 8.23 -0.56

Oct 0.75 1.32 5.22 -3.26 n/a*

Nov 1.39 -3.51 6.46 0.50 n/a*

Dec 2.26 -5.22 7.04 1.75 n/a*

Jan 2.02 9.05 3.24 1.78 -5.21

Feb 5.46 6.86 -8.72 0.20 13.64

Mar -2.46 4.48 7.52 5.69 25.48

Apr 2.70 0.72 1.13 0.68 4.91

May -2.38 0.46 -12.86 2.47

Jun -0.34 -0.62 3.50 -2.47

YTD 23.45 7.75 27.12 28.52 -43.64

Benchmark 22.80 2.90 21.24 26.22 -47.16

Difference 0.65 4.85 5.88 2.29 3.52 * No dealing in units during this period

JS KSE-30 Index Fund vs. KSE 30

-20%

-10%

0%

10%

20%

Jan/10 Jul/10 Jan/11 Jul/11 Jan/12 Jul/12 Jan/13

JS KSE-30 Index Fund KSE-30 Index


Cash 5.44 5.37

Equity 93.34 92.29


Total 100.00 100.00


Oil & Gas 35.57 35.78

Banks 22.40 21.31

Chemicals 16.58 16.50



Others 7.14 7.33

Total 93.34 92.29


Oil & Gas Development Co. Ltd. 16.24MCB Bank Ltd. 11.13

Fauji Fertilizer Co. Ltd. 9.86




Engro Corporation Ltd. 3.73

United Bank Ltd. 3.45

Lucky Cement Ltd. 2.83



Beta 1.0 1.0





Investment Committee MembersMr. Rashid Mansur - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial Officer

Dr. Ali Akhtar Ali - Chief Investment OfficerMr. Muhammad Salman Siddiqui, CFA - Fund ManagerMs. Maleeha Mimi Bangash - Chief Strategy Officer

Mr. Assad H. Khan - Country Head Business DevelopmentMr. Zohaib Pervez, CFA - Head of Research & RM


Toll Free: 0800 - 00887E-mail: [email protected] Website: www.jsil.com

Disclosure for WWF Liability under Circular 17 of 2012The Fund/Scheme has not made provisions amounting to Rs. 1,717,992against Workers Welfare Fund (WWF) liability, if the same were made theNAV per unit/return of the Scheme would be lower by Re. 0.97 / 4.3%.For details investors are advised to read the Note 7 of the latest FinancialStatements of the Scheme.


12/16

Performance data and analytics MUFAP Recommended Format Apr-13

Investment philosophyThe main objective of JSGF is to enable the Certificate Holders to participate in a

diversified portfolio of high quality equity securities listed on the stock exchangesand to maximize the investment return, by prudent investment management.

Key information

Fund type Closed endCategory Equity Fund



NAV (PKR) 13.05





Risk profile High

Listing KSE, LSE & ISE

Leverage NIL


Performance (%) Cumulative return21M 1Y 2Y 3Y Launch

Fund 3.00 40.15 59.83 73.01 39.34

Benchmark 3.04 19.50 24.96 39.56 20.21

Difference -0.04 20.65 34.87 33.45 19.13


Jul 3.80 -1.13 6.80 7.80 -15.66

Aug 5.36 -5.05 -7.98 9.99 -16.20

Sep -0.71 5.12 2.96 7.41 0.00

Oct 2.34 -3.31 2.45 -0.95 -0.60

Nov 6.32 -3.28 6.24 -1.48 -0.17

Dec 1.24 -3.95 9.50 0.44 -35.17

Jan 2.12 8.93 1.43 -0.62 -7.05Feb 7.11 9.60 -6.08 -2.13 5.44

Mar 2.25 6.89 8.54 1.15 18.86

Apr 3.00 2.49 -0.09 -0.19 0.68

May 2.07 1.98 -12.65 4.65

Jun -0.35 -3.54 -0.54 -1.41

YTD 37.79 17.92 22.56 6.51 -45.02

Benchmark 22.80 2.90 21.24 26.22 -47.15

Difference 14.99 15.02 1.32 -19.71 2.14


During the month of April 2013, JS Growth Fund delivered a return of 3.00% ascompared to its benchmarks return of 3.04%, thereby underperforming it by0.04%. On YTD basis, the fund out performed the benchmark by 14.99%.

Note:

In lieu of debt swap restructuring agreement of Azgard Nine existing debt securities,Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDSaccount. These shares are booked and marked to market accordingly.


Cash 10.38 27.42

Equity 86.34 70.53


Total 100.00 100.00


Oil & Gas 26.21 17.97

Banks 18.86 10.89



Food Producers 5.71 5.91

Others 16.21 15.30

Total 86.34 70.53

Top holding (%age of total assets)Nishat Power Ltd. 9.10




Bank Alfalah Ltd. 6.00


MCB Bank Ltd. 5.27

Packages Ltd. 5.03


Rafhan Maize Products Ltd. 4.14


Beta 0.8 1.0







Disclosure for WWF Liability under Circular 17 of 2012The Fund/Scheme has not made provisions amounting to Rs. 45,149,161against Workers Welfare Fund (WWF) liability, if the same were made theNAV per unit/return of the Scheme would be lower by Re. 0.16 / 1.2%.For details investors are advised to read the Note 8 of the latest FinancialStatements of the Scheme.

1Cumulative return is based as per MUFAP stated methodology.


13/16

Performance data and analytics MUFAP Recommended Format Apr-13

Investment philosophyThe fund maintains a portfolio of high yielding equity securities aiming at

earnings derived from capital appreciation and dividend income. The portfolioseeks capital growth through investments in marketable securities with better-than-average appreciation potential and liberal dividend policies. To benefit fromchanging interest rate environment and some portion of the portfolio is also kept

in debt instruments and bank deposits.

Key informationFund type Closed end

Category Equity Fund

Fund launch date 14 January, 1996


NAV (PKR) 15.26



Custodian MCB Financial Services Ltd

Auditor KPMG Taseer Hadi & Co.

Risk profile High

Listing KSE

Leverage NILAMC Rating AM2- (By JCR-VIS)

Performance (%) Cumulative return21M 1Y 2Y 3Y 5Y

Fund 3.74 51.36 60.28 73.15 -19.34

Benchmark 3.04 19.50 24.96 39.56 -19.38

Difference 0.70 31.86 35.32 33.59 0.04


Jul 3.57 -0.10 7.08 7.85 -14.29

Aug 5.88 -3.25 -6.28 0.80 -11.57

Sep 1.11 4.09 0.47 6.61 0.06

Oct 4.23 -0.60 8.20 -0.33 -0.06Nov 4.98 -5.32 7.58 -2.57 -0.12

Dec 1.86 -2.97 6.14 -0.19 -23.64

Jan 1.37 7.42 1.14 -1.21 -24.38

Feb 7.90 5.08 -4.31 -2.45 -0.22

Mar 2.58 5.61 6.27 -2.22 11.32

Apr 3.74 0.00 1.66 0.99 2.74

May 5.13 -0.57 -14.59 4.19

Jun 0.09 -2.77 -2.87 -4.66

YTD 43.85 15.25 25.89 -11.32 -48.91

Benchmark 22.80 2.90 21.24 26.22 -47.15

Difference 21.05 12.35 4.65 -37.55 -1.75


During the month of April 2013, JS Value Fund delivered a return of 3.74% ascompared to its benchmarks return of 3.04%, thereby outperforming by 0.70%.On YTD basis, the fund outperformed the benchmark by 21.05%.

Note:

In lieu of debt swap restructuring agreement of Azgard Nine existing debt securities,Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDSaccount. These shares are booked and marked to market accordingly.


Cash 9.48 1.71

Equity 86.65 93.26


Total 100.00 100.00


Oil & Gas 24.04 17.82





Others 13.57 14.08

Total 86.65 93.26

Top holding (%age of total assets)Pakistan State Oil Co. Ltd. 8.09











Beta 0.6 1.0





Investment Committee Members

Mr. Rashid Mansur - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerDr. Ali Akhtar Ali - Chief Investment Officer

Mr. Muhammad Salman Siddiqui, CFA - Fund ManagerMs. Maleeha Mimi Bangash - Chief Strategy OfficerMr. Assad H. Khan - Country Head Business DevelopmentMr. Zohaib Pervez, CFA - Head of Research & RM

Contact usJS Investments LimitedToll Free: 0800 - 00887

E-mail: [email protected] Website: www.jsil.com

Disclosure for WWF Liability under Circular 17 of 2012The Fund/Scheme has not made provisions amounting to Rs. 20,122,803against Workers Welfare Fund (WWF) liability, if the same were made theNAV per unit/return of the Scheme would be lower by Re. 0.17 / 1.1%.

For details investors are advised to read the Note 9 of the latest FinancialStatements of the Scheme.

1From July 2006, benchmark's equity portion switched from KSE-100 to KSE-30 index.2Cumulative return is based as per MUFAP stated methodology.


14/16

Performance data and analytics MUFAP Recommended Format Apr-13Investment philosophyJS Pension Savings Fund (JS PSF) is designed to provide a secure source of

savings and retirement income to individuals. JS PSF is a portable pensionscheme allowing individuals the flexibility of contributions and portfoliocustomization through allocation of such contributions among equity and fixedincome investment avenues suited to their specific needs and risk profile.

Key informationFund type Open endCategory Pension Savings Fund


Benchmark n/a



Back-end Load NILPricing mechanism Forward




Risk profile Investor dependent

Leverage NIL


Net Assets (PKR mn)

JS - PSF-Equity Sub Fund 54.46

JS - PSF-Debt Sub Fund 106.15

JS - PSF-MM Sub Fund 98.38

NAV (PKR)

JS - PSF-Equity Sub Fund 170.36

JS - PSF-Debt Sub Fund 179.77

JS - PSF-MM Sub Fund 148.25

Performance (%)1M 1Y 2Y 3Y Launch

JS - PSF-Equity Sub Fund 8.88 55.88 79.19 106.05 70.37

JS - PSF-Debt Sub Fund 1 5.51 13.37 26.16 35.30 79.78

JS - PSF-MM Fund1 8.26 12.60 25.00 15.70 48.26

Monthly performance (%) Annualised performance1FY13 FY12 FY13 FY12 FY13 FY12

Jul 7.67 -1.73 14.90 9.66 9.77 10.23

Aug 6.54 -4.66 44.00 14.50 11.35 11.69

Sep -0.47 5.83 13.37 12.00 8.13 11.07

Oct 2.94 -2.76 17.75 15.60 8.33 11.94

Nov 5.14 -3.23 7.14 9.48 7.14 9.50

Dec 1.62 -3.10 8.76 7.48 26.53 9.40

Jan 1.08 8.32 12.50 11.35 30.01 10.44

Feb 7.25 4.60 -5.05 8.68 8.32 9.20Mar 3.56 6.59 11.29 9.35 5.46 9.54

Apr 8.88 5.58 5.51 9.20 8.26 9.97

May 1.35 10.10 9.66

Jun 0.21 9.51 9.62

YTD 53.49 17.09 13.85 11.12 12.98 10.69

Equity Debt1

Money market1


During the month of April 2013, JS Pension Savings Equity Sub Fund, Debt SubFund and Money Market Sub Fund delivered returns of 8.88%, 5.51% p.a and

8.26% p.a respectively. On YTD basis, the aforementioned sub funds delivered53.49%, 13.85% p.a and 12.98% p.a respectively.

Asset allocation (%)Equity Apr-13 Mar-13

Cash 3.45 5.96

Equity 95.71 92.57


Total 100.00 100.00

Debt Apr-13 Mar-13

Cash 2.38 24.85

Equity* 0.29 0.46


T Bills 95.76 70.07


Total 100.00 100.00

Money Market Apr-13 Mar-13

Cash 3.62 1.69

Equity* 1.57 1.49

T Bills 94.69 96.69


Total 100.00 100.00

* Under debt-swap arrangement with Azgard Nine Limited (ANL), debt andmoney market sub funds have received shares of Agritech Limited (AGL),against the investments of ANL-PPTFC, these PPTFCs in sub funds hadbeen fully provided.Equity sector breakdown (%)

Apr-13 Mar-13

Oil & Gas 19.45 18.17

Automobile & Parts 18.80 11.50


Non Life Insurance 9.82 -


Others 23.20 38.88Total 95.71 92.57







Adamjee Insurance Co. Ltd. 6.76


Agriautos Industries Ltd. 6.10


Baluchistan Wheels Ltd. 5.99



Toll Free: 0800 - 00887E-mail: [email protected] Website: www.jsil.com


against Workers Welfare Fund (WWF) liability, if the same were made theNAV per unit/return of the Scheme would be lower by Rs. 2.17 (ESF), Rs.1.54 (DSF), Re. 0.92 (MMF) / 1.3% (ESF), 0.9% (DSF), 0.6% (MMF). Fordetails investors are advised to read the Note 7 of the latest FinancialStatements of the Scheme.

1Annualized performance return is based as per MUFAP stated methodology.


15/16

Performance data and analytics MUFAP Recommended Format Apr-13Investment philosophyJS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and

secure source of savings and retirement income to individuals according to theprinciples of Islamic Shariah. JS IPSF is a portable pension scheme allowingindividuals the flexibility of contributions and portfolio customization throughallocation of such contributions among equity, fixed income and other Halal

investment avenues suited to their specific needs and risk profile.


Category Shariah Compliant Voluntary Pension Scheme


Benchmark n/a



Back-end Load NIL





Risk profile Investor dependentLeverage NIL


Net Assets (PKR mn)

JS - IPSF-Equity Sub Fund 62.33

JS - IPSF-Debt Sub Fund 45.64

JS - IPSF-MM Sub Fund 42.34

NAV (PKR)

JS - IPSF-Equity Sub Fund 247.68

JS - IPSF-Debt Sub Fund 160.67

JS - IPSF-MM Sub Fund 140.81

Performance (%)1M 1Y 2Y 3Y Launch

JS - IPSF-Equity Sub Fund 5.34 38.62 61.52 103.85 146.66

JS - IPSF-Debt Sub Fund 10.54 8.91 18.04 32.96 60.00

JS - IPSF-MM Sub Fund 8.44 7.33 17.73 25.79 40.22

Monthly performance (%) Annualised performance1FY13 FY12 FY13 FY12 FY13 FY12

Jul 4.86 2.54 10.34 8.44 9.37 9.02

Aug 7.29 -2.04 34.70 27.20 18.15 13.76

Sep -0.90 5.82 14.10 14.95 11.33 11.99

Oct 0.88 0.15 17.59 32.96 14.21 16.01

Nov 1.95 -5.06 -31.11 8.05 -10.48 8.64

Dec 3.00 -5.94 3.84 -3.91 -1.54 7.20Jan 1.63 9.23 11.64 23.47 8.37 10.73

Feb 6.37 5.08 -0.16 -0.76 2.44 3.69

Mar 2.22 5.78 7.66 -28.05 6.18 2.63

Apr 5.34 1.63 10.54 10.40 8.44 8.97

May -0.55 12.61 8.89

Jun 1.40 10.20 9.30

YTD 37.48 18.29 8.23 10.01 6.87 9.66

Money market1

Equity Debt1


In the month of April 2013, JS Islamic Pension Savings Equity Sub Fund, DebtSub Fund and Money Market Sub Fund delivered returns of 5.34%, 10.54% p.aand 8.44% p.a. On YTD basis, the aforementioned funds delivered 37.48%,8.23% p.a and 6.87%. The Fund's composition is tilted towards investments

avenues that offer higher risk-adjusted returns to the valuable pension clients.

Asset allocation (%)Equity Apr-13 Mar-13

Cash 2.94 1.88

Equity 96.66 96.73


Total 100.00 100.00

Debt Apr-13 Mar-13

Cash 2.61 4.77

IJARA Sukuk Bond 93.61 92.29


Total 100.00 100.00

Money Market Apr-13 Mar-13

Cash 36.26 35.42

IJARA Sukuk Bond 61.05 62.30

TDR - -


Total 100.00 100.00


Oil & Gas 33.07 30.64





Others 11.83 6.16

Total 96.66 96.73









Packages Ltd. 7.14

Attock Petroleum Ltd. 6.49

National Foods Ltd. 5.45

Investment Committee MembersMr. Rashid Mansur - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerDr. Ali Akhtar Ali - Chief Investment OfficerMr. Muhammad Salman Siddiqui, CFA - Fund ManagerMs. Maleeha Mimi Bangash - Chief Strategy OfficerMr. Assad H. Khan - Country Head Business DevelopmentMr. Zohaib Pervez, CFA - Head of Research & RM


Disclosure for WWF Liability under Circular 17 of 2012The Fund/Scheme has not made provisions amounting to Rs. 1,391,369against Workers Welfare Fund (WWF) liability, if the same were made the

NAV per unit/return of the Scheme would be lower by Rs. 3.17 (ESF), Rs.1.23 (DSF), Re. 0.82 (MMF) / 1.3% (ESF), 0.8% (DSF), 0.6% (MMF). Fordetails investors are advised to read the Note 7 of the latest FinancialStatements of the Scheme.

1Annualized performance return is based as per MUFAP stated methodology.


16/16

Documents

JS Returns