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 87.85 ABLAFF 8.09 ABLCF 10.17 ABLFPF-Active 70.52 ABLFPF-Conservative 115.43 ABLFPF-SAP 75.88 ABLGSF-B 11.16 ABLIAAF 9.64 ABLICF 10 ABLIDSF 5.26 ABLIF 11.12 ABLIFPF-Active 74.52 ABLIFPF-Aggressive 83.84 ABLIFPF-Conservative 113.17 ABLIFPF-CPP-I 96.33 ABLIFPF-SAP 85.3 ABLIFPF-SAP-III 86.08 ABLIIF 11.16 ABLIPPF-D 128.51 ABLIPPF-E 104.37 ABLIPPF-MM 125.08 ABLISF 9.47 ABLPPF-D 169.82 ABLPPF-E 101.75 ABLPPF-MM 138.27 ABLSF 9.27 ABLSSF-ASSP-I 10.35 ABLSSF-ASSP-II 10.2 ABLSSF-ASSP-III 10.67 ABLSSF-ASSP-IV 10.26 AGHPAF 43.81 AGHPCF 507.52 AGHPIF 124.32 AGHPIIF 102.96 AGHPIMF 58.83 AGHPIPF-D 114.73 AGHPIPF-E 55.27 AGHPIPF-MM 113.97 AGHPIPPF-AAP-II 78.9 AGHPIPPF-AAP-III 81.92 AGHPIPPF-BAP 103.32 AGHPIPPF-MAP 94.96 AGHPISF 31.79 AGHPMMF 97.99 AGHPPF-D 122.97 AGHPPF-E 53.16 AGHPPF-MM 122.21 AGHPPPF-AAP 83.81 AGHPPPF-CAP 107.09 AGHPPPF-MAP 97 AGHPSF 77.43 AGHPVF 44.14 AGHSF 117.98 AKDCF 55.27 AKDGASF 6.31 AKDGASF 6.31 AKDIF 56.48 AKDIIF 54.77 AKDISF 26.13 AKDITF 9.14 AKDOF 52.56 ALFALAHGHPCPF-II 101.36 ALFALAHGHPIDEF 50.54 ALFALAHGHPIPPF-CPP-IV 105.09 ALFALAHGHPIPPF-CPP-V 105.55 ALFALAHGHPIVF 78.39 ASKARIAAF-B 37.6 ASKARIAAF-C 37.6 ASKARIHYS 107.03 ASKARISCF 110.97 ASKARISYE 112.1 ATLASIDSF 346.89 ATLASIF 575.15 ATLASIFOF-AAAIP 409.04 ATLASIFOF-ACAIP 514.05 ATLASIFOF-AICPP 491.31 ATLASIFOF-AIDP 500 ATLASIFOF-AMAIP 453.2 ATLASIIF 551.77 ATLASISF 357.88 ATLASMMF 503.33 ATLASPF-D 295.69 ATLASPF-E 348.57 ATLASPF-MM 277.6 ATLASPIF-D 235.29 ATLASPIF-E 419.93 ATLASPIF-MM 248.86 ATLASSF 113.24 ATLASSMF 415.99 AWTAAF 89.91 AWTIF 119.12 AWTIIF 110.68 AWTISF 66.95 AWTSF 71.53 BMACRSF 8.95 BMAECF 11.11 FAYSALAAF 38.1 FAYSALFFPF-FAPPP 102.27 FAYSALFIAAF 69.84 FAYSALFSOF 111.94 FAYSALFVF 102.9 FAYSALGSF 100.3 FAYSALHAF 105.24 FAYSALIDEF 71.94 FAYSALIGF 115.02 FAYSALISGF 111.81 FAYSALMMF 111.66 FAYSALMTSF 110.95 FAYSALSF 36.83 FAYSALSGF 111.17 FaysalSPF-FSCPP 98.2 FaysalSPF-FSCPP-II 99.55 FCMF 5.3 FCMF 5.3 FCMF-A 5.3 FHABIBAAF 82.06 FHABIBCF 101.25 FHABIBIF 109.46 FHABIBIIF 101.23 FHABIBSF 58.32 FHISF 55.85 HBLCF-C 101.82 HBLCF-D 101.82 HBLEF 7.75 HBLEQF 79.5 HBLFPF-AAP 91.48 HBLFPF-CAP 107.76 HBLFPF-SIP 107.38 HBLGF-A 13.36 HBLGF-B 13.15 HBLGF-C 13.15 HBLGSF-C 117.48 HBLGSF-D 117.48 HBLIAAF 103.78 HBLIDEF 70.39 HBLIEF 61.76 HBLIF 116.51 HBLIF-A 4.81 HBLIF-B 6.87 HBLIF-C 6.87 HBLIFPF-AAP 88.62 HBLIFPF-CAP 104.56 HBLIFPF-ICP 105.74 HBLIFPF-SAP 101.59 HBLIIF 110.17 HBLIMMF 0 HBLIPF-D 163.1 HBLIPF-E 274.46 HBLIPF-MM 158.32 HBLISF 75.02 HBLMAF 87.7 HBLMMF 0 HBLPF-D 196.63 HBLPF-E 268.17 HBLPF-MM 173.37 HBLSF 72.5 JSCF 102.97 JSFOF 41.31 JSGF-A 115.73 JSIDEF 53.64 JSIF 103.42 JSIHFF-JSICPAP-I 105.67 JSIHFF-JSICPAP-II 104.82 JSIHFF-JSICPAP-III 96.48 JSIHFF-JSICPAP-IV 93.88 JSIHFF-JSICPAP-V 90.48 JSIHFF-JSICPAP-VI 90.55 JSIHFF-JSICPAP-VII 90.26 JSIHFF-JSICPAP-VIII 84.88 JSIHFF-Mufeed 40.89 JSIHFF-Mustakhkem 70.39 JSIHFF-Mustanad 88.25 JSIHFF-Mutanasib 56.12 JSIIF 105.92 JSIPSF-D 236.2 JSIPSF-E 404.46 JSIPSF-MM 204.36 JSISF 63.24 JSLCF 80.89 JSPSF-D 288.2 JSPSF-E 290.06 JSPSF-MM 229.26 JSUTP 121.08 JSVF-A 133.94 LAKSONAADMF 150.05 LAKSONEF 72.7 LAKSONIF 111.75 LAKSONITF 73.01 LAKSONMMF 101.41 LAKSONTF 79.96 MCBAHAHIPF-D 226.46 MCBAHAHIPF-E 361.57 MCBAHAHIPF-MM 206.03 MCBAHAIAAF 92.85 MCBAHAIAAF-II 102.71 MCBAHAIAALF 51.9 MCBAHAIIF-A 110.37 MCBAHAISF 6.83 MCBAHDDF 100 MCBAHIIF-B 110.37 MCBAHMCBCMOF 100.86 MCBAHMCBDIF 116.38 MCBAHPCF 51.28 MCBAHPCM 9.21 MCBAHPFPF 100.9 MCBAHPIEF 58.86 MCBAHPIF 59.47 MCBAHPPF-D 290.02 MCBAHPPF-E 352.54 MCBAHPPF-MM 258.52 MCBAHPSMF 61.6 MCBPAAF 58.79 MCBPSF 59.69 MEEZAMSAF-II(MCPP-IV) 49.43 MEEZAMSAF-II(MCPP-V) 49.68 MEEZAMSAF-II(MCPP-VI) 48.89 MEEZAMSAF-II(MCPP-VII) 48.42 MEEZAMSAF-II(MCPP-VIII) 47.49 MEEZAMSAF-III(MCPP-IX) 46.59 MEEZANAAF 30.04 MEEZANBF 12.8 MEEZANCF 54.82 MEEZANDEF 26.91 MEEZANEF 23.54 MEEZANFPFF-A 50.3 MEEZANFPFF-M 51.21 MEEZANFPFF-MAAP-I 41.33 MEEZANGF 77.38 MEEZANIF 38.4 MEEZANIIF-B 56.08 MEEZANIIF-C 56.08 MEEZANKMIF 42.01 MEEZANMF 10.83 MEEZANMFPFF-C 55.93 MEEZANMSAF-MCPP-III 49.26 MEEZANMSAF-MSAP-I 32.48 MEEZANMSAF-MSAP-II 31.86 MEEZANMSAF-MSAP-III 31.07 MEEZANMSAF-MSAP-IV 31.66 MEEZANMSAF-MSAP-V 35.98 MEEZANRAF 50 MEEZANSF 56.12 MEEZANTPF-D 256.62 MEEZANTPF-E 305.78 MEEZANTPF-G 146.35 MEEZANTPF-MM 253.44 NAFAGSP-I 11.25 NAFAIAAP-I 97.82 NAFAIAAP-II 87.15 NAFAIAAP-III 90.34 NAFAIAAP-IV 81.68 NAFAIAAP-V 74.62 NAFAIAAP-VI 72.25 NAFAIAAP-VII 73.08 NAFAIAAP-VIII 83.58 NAFAICPP-I 102.61 NAFAICPP-II 102.86 NAFAICPP-III 100.91 NAFAICPP-IV 100.23 NAFAICPP-V 98.59 NAFAIPF-D 146.94 NAFAIPF-E 201.62 NAFAIPF-MM 149.83 NAFAIPPF-II 101.85 NAFAPF-D 178.98 NAFAPF-E 211.38 NAFAPF-MM 157.95 NBPAARFSF 10.85 NBPBF 15.61 NBPFSECTF 7.08 NBPFSIF 11.56 NBPGSLF 10.19 NBPGSSF 10.32 NBPIAAEF 7.31 NBPIDDF 10 NBPIEF 6.55 NBPIMAF 10.86 NBPIMMF 10.97 NBPIOF 11.77 NBPIRIF 7.44 NBPISIF 12.78 NBPISTF 7.37 NBPISVF 10.36 NBPMAF 11.16 NBPMMF 9.87 NBPRFSF 11.12 NBPSAVF 10.7 NBPSIF 13.72 NBPSTOCKF 9.63 NIT-GBF 10.94 NIT-IF 10.99 NIT-NI(U)T 45.82 NITIEF 5.71 NITIIF 10.64 NITIPF-D 12.87 NITIPF-E 6.88 NITIPF-MM 12.8 NITMMF 9.88 NITPF-C 15.25 NITPF-D 14.46 NITPF-E 6.73 NITPF-MM 13.54 POAAAF 40.96 POAIIF 56.23 POGSF 11.62 POIAAF 41.7 UBLAAAIRSF-D 189.67 UBLAAAIRSF-E 442.74 UBLAAAIRSF-MM 182.82 UBLAAF 131.45 UBLAAIAAP-IX 82.45 UBLAAIAAP-VIII 73.62 UBLAAIAAP-X 81.98 UBLAAIAAP-XI 85.71 UBLAAIAPPP-I 103.19 UBLAAIAPPP-II 101.98 UBLAAIAPPP-III 101.25 UBLAAIAPPP-IV 104.62 UBLAAIDEF 79.55 UBLAASSF-AISSP-II 100.41 UBLAIAAF 109.02 UBLAICF 100.78 UBLAIEF 63.17 UBLAIIF-G 108.26 UBLAIIF-I 108.26 UBLAISF 109.41 UBLAPPP-I 101.41 UBLAPPP-II 101.83 UBLAPPP-III 98.97 UBLASSF 91.99 UBLCF 106.73 UBLDEF 68.99 UBLFSF 62.05 UBLGSF 117.01 UBLIOF 122.21 UBLLPF-C 101.36 UBLMMF 110.11 UBLRSF-C 147.5 UBLRSF-D 255.95 UBLRSF-E 472.75 UBLRSF-MM 205.98 UBLSSP-I 107.5 UBLSSP-II 106.37 UBLSSP-III 109.67 UBLSSP-IV 106.8 UBLSSP-V 102.9 UBLSSP-VI 109.11 UBLSSP-VIII 101.39 UBLUGIF-G 93.07 UBLUGIF-I 93.07 UBLUSAF 47.94

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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