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.
786SF 87.02 ABLACPF 10.48 ABLAFF 11.14 ABLCF 10.35 ABLFPF-Active 98.2 ABLFPF-Conservative 119.7 ABLFPF-SAP 105.12 ABLGSF-B 10.86 ABLIAAF 10.78 ABLICF 10.02 ABLIDSF 7.98 ABLIF 10.84 ABLIFPF-Active 105.34 ABLIFPF-Aggressive 105.17 ABLIFPF-Conservative 118.05 ABLIFPF-CPP-I 111.03 ABLIFPF-SAP 116.11 ABLIFPF-SAP-III 110.57 ABLIIF 11.02 ABLIPPF-D 127.3 ABLIPPF-E 154.74 ABLIPPF-MM 123.99 ABLISF 14.08 ABLPPF-D 165.21 ABLPPF-E 151.89 ABLPPF-MM 136.35 ABLSF 13.92 ABLSSF-ASSP-I 10.07 ABLSSF-ASSP-II 10.03 ABLSSF-ASSP-III 10.45 ABLSSF-ASSP-IV 10.04 AGHPAF 65.79 AGHPCF 500.34 AGHPIF 120.8 AGHPIIF 106.89 AGHPIMF 57.28 AGHPIPF-D 113.51 AGHPIPF-E 80.01 AGHPIPF-MM 112.91 AGHPIPPF-AAP-II 97.06 AGHPIPPF-AAP-III 98.67 AGHPIPPF-BAP 107.57 AGHPIPPF-MAP 106.91 AGHPISF 47.19 AGHPMMF 98.57 AGHPPF-D 120.83 AGHPPF-E 78.44 AGHPPF-MM 120.57 AGHPPPF-AAP 107.67 AGHPPPF-CAP 111.07 AGHPPPF-MAP 107.37 AGHPSF 116.4 AGHPVF 57.63 AGHSF 114.49 AKDCF 54.48 AKDGASF 7.84 AKDGASF 7.84 AKDIF 54.83 AKDIIF 54.03 AKDISF 35 AKDITF 12.97 AKDOF 68.65 ALFALAHGHPCPF-II 108.13 ALFALAHGHPIDEF 73.97 ALFALAHGHPIPPF-CPP-IV 108.47 ALFALAHGHPIPPF-CPP-V 108.5 ALFALAHGHPIVF 97.5 ASKARIAAF-B 41.65 ASKARIAAF-C 41.65 ASKARIHYS 104.74 ASKARISCF 109.25 ASKARISYE 110.15 ATLASIDSF 496.91 ATLASIF 562.06 ATLASIFOF-AAAIP 522.97 ATLASIFOF-ACAIP 557.25 ATLASIFOF-AICPP 546.42 ATLASIFOF-AMAIP 537.25 ATLASIIF 544.81 ATLASISF 521.74 ATLASMMF 507.66 ATLASPF-D 286.35 ATLASPF-E 501.16 ATLASPF-MM 273.78 ATLASPIF-D 232.52 ATLASPIF-E 602.59 ATLASPIF-MM 246.06 ATLASSF 109.55 ATLASSMF 604.01 AWTAAF 91.09 AWTIF 115.41 AWTIIF 109.52 AWTISF 97.84 AWTSF 98.56 BMACRSF 8.86 BMAECF 10.96 FAYSALAAF 47.63 FAYSALFFPF-FAPPP 101.55 FAYSALFIAAF 70.97 FAYSALFSOF 110.46 FAYSALFVF 101.77 FAYSALHAF 103.9 FAYSALIDEF 92.71 FAYSALIGF 113.54 FAYSALISGF 110.42 FAYSALMMF 110.09 FAYSALMTSF 109.43 FAYSALSF 51.06 FAYSALSGF 109.68 FaysalSPF-FSCPP 102.29 FaysalSPF-FSCPP-II 103.21 FCMF 7.51 FCMF 7.51 FCMF-A 7.51 FHABIBAAF 93.35 FHABIBCF 100.86 FHABIBIF 108.06 FHABIBIIF 100.87 FHABIBSF 84.07 FHISF 80.36 HBLCF-C 101.34 HBLCF-D 101.34 HBLEF 12.43 HBLEQF 111.13 HBLFPF-AAP 110.02 HBLFPF-CAP 113.81 HBLFPF-SIP 104.07 HBLGF-A 21.33 HBLGF-B 18.95 HBLGF-C 18.95 HBLGSF-C 113.77 HBLGSF-D 113.77 HBLIAAF 113.64 HBLIDEF 98.23 HBLIEF 90.09 HBLIF 114 HBLIF-A 7.62 HBLIF-B 9.88 HBLIF-C 9.88 HBLIFPF-AAP 105.42 HBLIFPF-CAP 110.97 HBLIFPF-ICP 113.74 HBLIFPF-SAP 118.69 HBLIIF 108.95 HBLIMMF 101.42 HBLIPF-D 161.71 HBLIPF-E 390.28 HBLIPF-MM 157.17 HBLISF 108.14 HBLMAF 110.85 HBLMMF 110.47 HBLPF-D 190.6 HBLPF-E 381.08 HBLPF-MM 171.21 HBLSF 105.7 JSCF 102.37 JSFOF 58.29 JSGF-A 166.46 JSIDEF 82.01 JSIF 101.82 JSIHFF-JSICPAP-I 105.21 JSIHFF-JSICPAP-II 105.3 JSIHFF-JSICPAP-III 104.74 JSIHFF-JSICPAP-IV 106.47 JSIHFF-JSICPAP-V 107.27 JSIHFF-JSICPAP-VI 106.59 JSIHFF-JSICPAP-VII 104.82 JSIHFF-JSICPAP-VIII 99.22 JSIHFF-Mufeed 67.69 JSIHFF-Mustakhkem 82.22 JSIHFF-Mustanad 99.94 JSIHFF-Mutanasib 85.83 JSIIF 104.2 JSIPSF-D 233.29 JSIPSF-E 562.11 JSIPSF-MM 202.03 JSISF 91.89 JSLCF 120.22 JSPSF-D 284.08 JSPSF-E 420.28 JSPSF-MM 225.94 JSUTP 157.34 JSVF-A 197.74 LAKSONAADMF 165.89 LAKSONEF 105.44 LAKSONIF 110.05 LAKSONITF 91.76 LAKSONMMF 101.14 LAKSONTF 102.26 MCBAHAHIPF-D 224 MCBAHAHIPF-E 502.57 MCBAHAHIPF-MM 203.94 MCBAHAIAAF 96.99 MCBAHAIAAF-II 104.18 MCBAHAIAALF 71.48 MCBAHAIIF-A 109.04 MCBAHAISF 9.86 MCBAHDDF 100 MCBAHIIF-B 109.04 MCBAHMCBCMOF 100.95 MCBAHMCBDIF 114.12 MCBAHPCF 50.53 MCBAHPCM 11.44 MCBAHPFPF 101.52 MCBAHPIEF 57.39 MCBAHPIF 58.24 MCBAHPPF-D 279.51 MCBAHPPF-E 507.87 MCBAHPPF-MM 255.09 MCBAHPSMF 91.02 MCBPAAF 78.8 MCBPSF 57.91 MEEZAMSAF-II(MCPP-IV) 54.73 MEEZAMSAF-II(MCPP-V) 54.97 MEEZAMSAF-II(MCPP-VI) 54.68 MEEZAMSAF-II(MCPP-VII) 55.11 MEEZAMSAF-II(MCPP-VIII) 53.95 MEEZAMSAF-III(MCPP-IX) 53.54 MEEZANAAF 41.65 MEEZANBF 15.32 MEEZANCF 54.18 MEEZANDEF 41.29 MEEZANEF 37.31 MEEZANFPFF-A 66.92 MEEZANFPFF-M 60.98 MEEZANFPFF-MAAP-I 49.96 MEEZANGF 75.34 MEEZANIF 56.12 MEEZANIIF-B 55.42 MEEZANIIF-C 55.42 MEEZANKMIF 61.87 MEEZANMF 15.69 MEEZANMFPFF-C 60.26 MEEZANMSAF-MCPP-III 55.07 MEEZANMSAF-MSAP-I 39.08 MEEZANMSAF-MSAP-II 41.31 MEEZANMSAF-MSAP-III 40.18 MEEZANMSAF-MSAP-IV 40.87 MEEZANMSAF-MSAP-V 46.65 MEEZANRAF 50 MEEZANSF 55.46 MEEZANTPF-D 253.68 MEEZANTPF-E 444.91 MEEZANTPF-G 143.08 MEEZANTPF-MM 250.71 NAFAGSP-I 10.85 NAFAIAAP-I 125.07 NAFAIAAP-II 110.81 NAFAIAAP-III 114.7 NAFAIAAP-IV 103.71 NAFAIAAP-V 94.94 NAFAIAAP-VI 92.54 NAFAIAAP-VII 93.14 NAFAIAAP-VIII 106.7 NAFAICPP-I 112.92 NAFAICPP-II 111.24 NAFAICPP-III 109.41 NAFAICPP-IV 109.41 NAFAICPP-V 109.98 NAFAIPF-D 145.32 NAFAIPF-E 288.81 NAFAIPF-MM 148.24 NAFAIPPF-II 115.98 NAFAPF-D 172.41 NAFAPF-E 298.65 NAFAPF-MM 155.66 NBPAARFSF 10.73 NBPBF 19.18 NBPFSECTF 10.35 NBPFSIF 11.4 NBPGSLF 10.27 NBPGSSF 10.36 NBPIAAEF 10.69 NBPIDDF 10 NBPIEF 10.09 NBPIMAF 10.73 NBPIMMF 10.83 NBPIOF 11.57 NBPIRIF 9.55 NBPISIF 16.01 NBPISTF 10.72 NBPISVF 10.25 NBPMAF 11 NBPMMF 9.94 NBPRFSF 10.99 NBPSAVF 10.57 NBPSIF 17 NBPSTOCKF 14.08 NIT-GBF 10.61 NIT-IF 10.74 NIT-NI(U)T 61.77 NITIEF 8.37 NITIIF 10.51 NITIPF-D 12.73 NITIPF-E 9.49 NITIPF-MM 12.66 NITMMF 9.84 NITPF-C 14.58 NITPF-D 13.65 NITPF-E 9.59 NITPF-MM 13.36 POAAAF 47.73 POAIIF 55.44 POGSF 11.45 POIAAF 48.61 UBLAAAIRSF-D 187.64 UBLAAAIRSF-E 629.48 UBLAAAIRSF-MM 180.92 UBLAAF 149.72 UBLAAIAAP-IX 106.09 UBLAAIAAP-VII 97.16 UBLAAIAAP-VIII 94.28 UBLAAIAAP-X 104 UBLAAIAAP-XI 109.99 UBLAAIAPPP-I 116.13 UBLAAIAPPP-II 114.72 UBLAAIAPPP-III 114.42 UBLAAIAPPP-IV 117.4 UBLAAIDEF 115.13 UBLAIAAF 125.82 UBLAICF 100.49 UBLAIEF 95.49 UBLAIIF-G 107.03 UBLAIIF-I 107.03 UBLAISF 108.19 UBLAPPP-I 115.11 UBLAPPP-II 112.08 UBLAPPP-III 113.01 UBLASSF 133.36 UBLCF 105.26 UBLDEF 98.78 UBLFSF 91.39 UBLGSF 113.45 UBLIOF 119.21 UBLLPF-C 100.95 UBLMMF 108.64 UBLRSF-C 139.94 UBLRSF-D 247.43 UBLRSF-E 674.87 UBLRSF-MM 203.04 UBLSSP-I 102.34 UBLSSP-II 101.34 UBLSSP-III 103.78 UBLSSP-IV 102.74 UBLSSP-V 100.29 UBLSSP-VI 104.96 UBLSSP-VIII 100.35 UBLUGIF-G 90.5 UBLUGIF-I 90.5 UBLUSAF 69.55

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).

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