Mutual Funds Association of Pakistan (MUFAP) is the trade body for Pakistan's multi billion rupees asset management industry. The money our members manage is in a wide variety of investment vehicles including stocks, bonds, money market instruments, government securities and bank deposits. Our role is to ensure transparency, high ethical conduct and growth of the mutual fund industry.
ABLACPF 10.1 ABLAFF 8.5 ABLCF 10.21 ABLFPF-Active 83.81 ABLFPF-Conservative 108.02 ABLFPF-SAP 89.85 ABLGSF-B 10.21 ABLIAAF 9.46 ABLIDSF 5.81 ABLIF 10.21 ABLIFPF-Active 86.05 ABLIFPF-Aggressive 89.61 ABLIFPF-Conservative 109.52 ABLIFPF-CPP-I 101.2 ABLIFPF-SAP 101.11 ABLIFPF-SAP-II 88.39 ABLIFPF-SAP-III 96.27 ABLIFPF-SAP-IV 99.48 ABLIIF 10.35 ABLIPPF-D 120.27 ABLIPPF-E 111 ABLIPPF-MM 117.61 ABLISF 10.19 ABLPPF-D 155.93 ABLPPF-E 106.17 ABLPPF-MM 128.83 ABLSF 9.79 AGHPAF 48.12 AGHPCF 505.58 AGHPIF 113.83 AGHPIIF 103.13 AGHPIMF 53.94 AGHPIPF-D 108.01 AGHPIPF-E 58.95 AGHPIPF-MM 108.1 AGHPIPPF-AAP-II 91.04 AGHPIPPF-AAP-III 94.04 AGHPIPPF-BAP 99.93 AGHPIPPF-MAP 98.97 AGHPISF 35.16 AGHPMMF 98.42 AGHPPF-D 114.18 AGHPPF-E 57.56 AGHPPF-MM 113.81 AGHPPPF-AAP 99.93 AGHPPPF-CAP 103.62 AGHPPPF-MAP 96.22 AGHPSF 85.01 AGHPVF 47.13 AGHSF 107.6 AKDCF 51.1 AKDGASSF 7.13 AKDIF 51.58 AKDIIF 50.74 AKDISF 30.19 AKDITF 9.66 AKDOF 55.9 ALFALAHGHPCPF-II 100.13 ALFALAHGHPIDEF 55.48 ALFALAHGHPIPPF-CPP-IV 101.12 ALFALAHGHPIPPF-CPP-V 101.09 ALFALAHGHPIVF 83.43 ASKARIAAF-B 37.88 ASKARIAAF-C 37.88 ASKARIEF 57.57 ASKARIHYS 103.32 ASKARIIAAF-B 70.18 ASKARIIAAF-C 70.18 ASKARIIIF-B 98.93 ASKARIIIF-C 98.93 ASKARISCF 102.45 ASKARISYE 103.37 ATLASIDSF 345.56 ATLASIF 520.74 ATLASIFOF-AAAIP 395.97 ATLASIFOF-ACAIP 482.32 ATLASIFOF-AICPP 471.18 ATLASIFOF-AMAIP 432.05 ATLASIIF 511.44 ATLASISF 358.65 ATLASMMF 506.96 ATLASPF-D 264.49 ATLASPF-E 346.05 ATLASPF-MM 257.3 ATLASPIF-D 219.37 ATLASPIF-E 410.39 ATLASPIF-MM 232.39 ATLASSF 101.85 ATLASSMF 421.94 AWTAAF 75.31 AWTIF 107.35 AWTIIF 103.87 AWTISF 69.8 AWTSF 65.64 BMACRSF 8.37 BMAECF 10.32 DAWOODIF 81.36 DAWOODISF 104.36 FAYSALAAF 40.91 FAYSALFIAAF 60.12 FAYSALFSOF 103.38 FAYSALIGF 107.88 FAYSALISGF 104.3 FAYSALMMF 103.32 FAYSALMTSF 102.31 FAYSALSF 38.82 FAYSALSGF 103.82 FaysalSPF-FSCPP 100.95 FCMF 5.17 FCMF 5.17 FCMF-A 5.17 FDAWOODMF 16.31 FHABIBAAF 82.88 FHABIBCF 100.66 FHABIBIF 101.94 FHABIBIIF 101.5 FHABIBSF 60.67 FHISF 57.66 HBLCF-C 101.29 HBLCF-D 101.29 HBLEF 8.84 HBLEQF 78.47 HBLFPF-AAP 91.38 HBLFPF-CAP 101.71 HBLFPF-SAP 98.7 HBLGF-A 13.11 HBLGF-B 13.48 HBLGF-C 13.48 HBLGSF-C 107.43 HBLGSF-D 107.43 HBLIAAF 98.51 HBLIDEF 69.93 HBLIEF 63.8 HBLIF 107.69 HBLIF-A 4.64 HBLIF-B 7.05 HBLIF-C 7.21 HBLIFPF-AAP 87.76 HBLIFPF-CAP 99.29 HBLIFPF-ICP 96.34 HBLIFPF-SAP 102.43 HBLIIF 103.12 HBLIMMF 101.37 HBLIPF-D 154.13 HBLIPF-E 269.08 HBLIPF-MM 150.35 HBLISF 75.59 HBLMAF 87.39 HBLMMF 103.73 HBLPF-D 174.72 HBLPF-E 263.98 HBLPF-MM 161.02 HBLSF 75.1 JSCF 103.36 JSFOF 52.52 JSGF-A 122.22 JSIDEF 64.08 JSIF 97.07 JSIHFF-II-AAP-II 99.41 JSIHFF-JSIAAP I 101.09 JSIHFF-JSICPAP-I 101.56 JSIHFF-JSICPAP-II 101.32 JSIHFF-JSICPAP-III 101.51 JSIHFF-JSICPAP-IV 101.52 JSIHFF-JSICPAP-V 101.62 JSIHFF-JSICPAP-VI 101.42 JSIHFF-Mufeed 66.4 JSIHFF-Munafa 57.26 JSIHFF-Mustakhkem 95.9 JSIHFF-Mustanad 96.41 JSIHFF-Mutanasib 80.65 JSIIF 102.8 JSIPSF-D 219.91 JSIPSF-E 414.69 JSIPSF-MM 190.57 JSISF 70.82 JSLCF 89.76 JSPSF-D 261.96 JSPSF-E 311.71 JSPSF-MM 212.05 JSUTP 125.75 JSVF-A 148.75 LAKSONAADMF 150.91 LAKSONEF 77.26 LAKSONIF 102.48 LAKSONITF 73.12 LAKSONMMF 101.16 LAKSONTF 80.55 MCBAHAIAAF 79.82 MCBAHAIAAF-II 86.2 MCBAHAIAALF 56.25 MCBAHAIIF-A 102.68 MCBAHAISF 7.24 MCBAHDDF 100 MCBAHIIF-B 102.68 MCBAHMCBCMOF 101.05 MCBAHMCBDIF 107.92 MCBAHPCF 51.02 MCBAHPCM 9.17 MCBAHPFPF 102.56 MCBAHPIEF 53.92 MCBAHPIF 54.61 MCBAHPIPF-D 211.61 MCBAHPIPF-E 348.88 MCBAHPIPF-MM 194.08 MCBAHPPF-D 261.46 MCBAHPPF-E 366.44 MCBAHPPF-MM 240.11 MCBAHPSMF 67.46 MCBPAAF 63.75 MCBPSF 54.19 MEEZAMSAF-II(MCPP-IV) 48.88 MEEZAMSAF-II(MCPP-V) 48.64 MEEZAMSAF-II(MCPP-VI) 48.32 MEEZAMSAF-II(MCPP-VII) 48.29 MEEZAMSAF-II(MCPP-VIII) 48.7 MEEZAMSAF-III(MCPP-IX) 47.79 MEEZANAAF 30.2 MEEZANBF 12.12 MEEZANCF 51.15 MEEZANDEF 29.11 MEEZANEF 26.4 MEEZANFPFF-A 50.58 MEEZANFPFF-M 49.56 MEEZANFPFF-MAAP-I 41.97 MEEZANGF 74.75 MEEZANIF 39.4 MEEZANIIF-B 52.16 MEEZANIIF-C 52.16 MEEZANKMIF 43.97 MEEZANMF 10.97 MEEZANMFPFF-C 52.74 MEEZANMSAF-MCPP-III 51.14 MEEZANMSAF-MSAP-I 32.19 MEEZANMSAF-MSAP-II 31.8 MEEZANMSAF-MSAP-III 30.98 MEEZANMSAF-MSAP-IV 31.39 MEEZANMSAF-MSAP-V 36.04 MEEZANRAF 50 MEEZANSF 52.24 MEEZANTPF-D 239.12 MEEZANTPF-E 309.66 MEEZANTPF-G 143.2 MEEZANTPF-MM 237.29 NAFAFSECTF 7.69 NAFAGSP-I 10.1 NAFAGSSF 10.47 NAFAIAAP-I 95.01 NAFAIAAP-II 106.15 NAFAIAAP-III 88.01 NAFAIAAP-IV 79.55 NAFAIAAP-V 72.75 NAFAIAAP-VI 71.01 NAFAIAAP-VII 77.62 NAFAIAAP-VIII 97.34 NAFAICPP-I 99.85 NAFAICPP-II 99.21 NAFAICPP-III 97.45 NAFAICPP-IV 95.88 NAFAICPP-V 95.34 NAFAIPF-D 136.89 NAFAIPF-E 199.56 NAFAIPF-MM 140.28 NAFAIPPF-II 97.75 NAFAPF-D 160 NAFAPF-E 212.72 NAFAPF-MM 146.84 NBPAARFSF 10.14 NBPBF 15.05 NBPFSIF 10.68 NBPGSLF 10.25 NBPIAAEF 7.51 NBPIEF 7.29 NBPIMAF 10.08 NBPIMMF 10.18 NBPIOF 10.88 NBPIRIF 7.21 NBPISF 9.65 NBPISF 7.52 NBPISIF 12.26 NBPMAF 10.32 NBPMMF 9.93 NBPRFSF 10.35 NBPSF 9.93 NBPSF 10.13 NBPSIF 13.12 NIT-GBF 10 NIT-IF 10.24 NIT-NI(U)T 45.12 NITIEF 5.93 NITIIF 9.92 NITIPF-D 12.06 NITIPF-E 7.11 NITIPF-MM 11.97 NITMMF 9.83 NITPF-C 13.57 NITPF-D 12.55 NITPF-E 7.12 NITPF-MM 12.52 POAAAF 41.51 POAIIF 52.75 POGSF 10.79 POIAAF 41.36 UBLAAAIRSF-D 177.75 UBLAAAIRSF-E 431.45 UBLAAAIRSF-MM 171.53 UBLAAF 123.78 UBLAAIAAP-IX 80.41 UBLAAIAAP-VI 77.77 UBLAAIAAP-VII 75.39 UBLAAIAAP-VIII 72.84 UBLAAIAAP-X 81.7 UBLAAIAAP-XI 83.66 UBLAAIAPPP-I 101.79 UBLAAIAPPP-II 101.16 UBLAAIAPPP-III 98.79 UBLAAIAPPP-IV 99.39 UBLAAIDEF 79.84 UBLAIAAF 104.47 UBLAICF 100.36 UBLAIIF-G 101.38 UBLAIIF-I 101.38 UBLAISF 102.4 UBLAPPP-I 102.16 UBLAPPP-II 100.2 UBLAPPP-III 96.81 UBLASSF 90.86 UBLCPF-III 99.77 UBLDEF 67.64 UBLFSF 67.78 UBLGSF 107.3 UBLIOF 111.78 UBLLPF-C 100.81 UBLMMF 102.17 UBLRSF-C 130.31 UBLRSF-D 234.98 UBLRSF-E 460.02 UBLRSF-MM 191.97 UBLSSP-I 98.77 UBLSSP-II 98.6 UBLSSP-III 100.18 UBLSSP-IV 100.78 UBLSSP-VI 100.26 UBLUGIF-G 86.25 UBLUGIF-I 86.25 UBLUSAF 47.97

What You Should Know

Fees

All mutual funds have fees and expenses that are paid by investors. These costs are significant because they affect the return on the investment; therefore investors need to calculate their returns net of all such deductions. The fees and any other charges are usually mentioned in the offering documents and the fund brochure printed by the Asset Management Company. Fees generally fall into two categories: a) management fees and b) load charges. Management fees is calculated as a fixed percentage of the average net assets managed by the firm for providing office space and professional management, including all accounting and administrative services. The second category is sales commissions described as “front-end loads” (sales charges when you buy) or “back-end loads” (sales charges when you sell). “No-load” funds, as the name implies, do not have front-end or back-end sales charges. These fees are for undertaking the distribution and selling of the funds.

Taxation on Mutual Funds

The income of mutual funds is exempt from Income Tax, if not less than 90% of the income of the year, as reduced by capital gains is distributed amongst the unit holders as dividend or bonus units.

Taxation on Unit Holders

Holders of mutual funds are subject to Income Tax on dividend income received from a mutual fund (excluding the amount of dividend paid out of capital gains on listed securities) as under:
  • Public Company and Insurance Company 5%
  • If received by any other person, including a non-resident  10%
Capital gain on disposition of units in a mutual fund is exempted from tax till such time that capital gain on sale of securities listed on the stock exchanges is exempt from such tax.

Tax Credit

As funds are listed at the stock exchanges, unit holders of the mutual funds, other than a company, are entitled to a tax credit under section 62 of the Income Tax Ordinance, 2001 on purchase of new units. The amount on which tax credit is allowed is the lower of (a) amount invested in purchase of new units, (b) twenty percent of the taxable income of the unit holder, or (c ) Rupees One Million (PKR.1,000,000), and is calculated by applying the average rate of tax of the unit holder for the tax year. If the units are disposed within twenty four months, the amount of tax payable for the tax year in which the units are disposed is increased by the amount of credit allowed.

How to Develop an Investment Plan?

The first step to successful investing for any investor is to develop a clear understanding of his expected return from the investment and define his risk tolerance to help him identify a suitable choice of investment.
  • Investors need to establish financial goals with respect to the requirements from the investment and time horizon for realizing these goals. Goals may be immediate such as making a down payment on a home, paying for a wedding, or creating a college fund. Long-term goals could be like paying for college or retirement. Establishing goals helps to assess how much money you need to invest, how much the investments must earn, and when the money will be required.
  • Investors need to study the financial markets to understand the options available to them and forecast a realistic market expectation of future performance. Setting realistic expectations about investments and about market performance is an important part of the investment plan. Securities do not always rise in value, and when they fall, the downturns can sometimes be lengthy. A well-conceived, diversified personal investment plan can help against these downturns, and give a measure of comfort during market volatility.
  • Investors need to build their investment plan keeping in view liquidity and financial limitations. For instance, investors may need to make payments in the near future which restrict them from committing large sums of money for an indefinite period.
  • All mutual funds involve investment risk, including the possible loss of principal. To generate some returns a certain degree of risk is inevitable. This principle of investing is known as the risk/ reward tradeoff. When forming a plan, therefore the investor needs to understand his threshold risk tolerance levels. Is stability more important than higher returns, or can short-term losses be tolerated for potential long-term gains?
  • Investors should be able to set risk and return objectives after these considerations. Risk and return objectives must be set in specific terms for instance an investor may require 15% return p.a. with an expected standard deviation of 2% for the next 5 years.

Risks of Investing in Mutual Funds

Mutual funds are capital market instruments and therefore subject to the same risks as the underlying investments. Specific risks include:
  • Credit risk - potential that an investment (specifically fixed-income securities) will go down when assigned a negative rating (downgraded) by a reputable credit rating service.
  • Default risk - risk associated with an issuer of a debt instrument that may not have the financial ability to meet regular interest payments or is incapable of repaying the debt at maturity.
  • Equity investment risk - risk resulting from changes in a specific company or industry developments and prospects, as well as changes in interest rates, economic conditions and stock market news.
  • Interest rate risk - risk resulting from increased interest rates in the market place, that the income earned from an original investment will not be worth as much as the going market rates.
  • Liquidity risk - inability to sell a security reasonably quickly at the prevailing market price or convert an asset into cash as quickly as possible.
  • Political risk - potential for changes in government to impact the value of an investment. It may also include policy changes made by governments.

Fund Reporting

Mutual funds is a highly regulated industry by the SECP. To keep investors informed about the fund’s performance the management publishes daily returns on their website, monthly fund manager’s reports and quarterly and annual audited accounts. Legal documents affecting the fund’s operations are also available on the company websites or present at all sales offices.
  • Prospectus/ Offering document - A mutual fund’s prospectus describes the fund’s goals, fees and charges, investment strategies and risks, as well as information on how to buy and sell units. The SECP requires a fund to provide a full prospectus before accepting any investment.
  • Trust Deed - Agreement signed, between the trustee and the fund sponsors, which details the appointment of the trustee/ custodian and the roles and responsibilities as trustee and custodian which include safekeeping and possession of the fund’s assets, movements of the fund’s assets and their investment.
  • Financial Statements - These statements show the performance of the fund in the outgoing period and help the investor evaluate how successfully the fund has achieved its stated objectives. Shareholder reports typically include two main types of information a) the fund’s financial statements and performance and b) a list of the securities the fund held in its portfolio at the end of the most recent accounting period.
  • Reports and Website Information - AMCs regularly update their websites with daily fund prices, whereas monthly fund manager’s reports are added when the month ends, which details the market conditions, reasons for the fund’s performance and future outlook.
Websites also provide fund prices (recent or historical), compare trends, company information, copies of all legal documents and other useful data.

INFORMATION

MUFAP gratefully acknowledges Center for International Private Enterprise (CIPE) Business Support grant amongst others for investors protection and access to information.

MUFAP is an affiliate of the South Asian Federation of Exchanges (SAFE).

MUFAP is a member of International Investment Fund Managers Association (IIFA) and the Asia Oceania Regional Meeting (AORM).

SECP's Investor Portal Jama Punji

SECP's Service Desk