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 88.09 ABLAFF 9.22 ABLCF 10.21 ABLFPF-Active 81.01 ABLFPF-Conservative 118.83 ABLFPF-SAP 87.04 ABLGSF-B 11.29 ABLIAAF 10.15 ABLICF 10 ABLIDSF 6.22 ABLIF 11.23 ABLIFPF-Active 86.18 ABLIFPF-Aggressive 91.84 ABLIFPF-Conservative 115.81 ABLIFPF-CPP-I 102.34 ABLIFPF-SAP 96.5 ABLIFPF-SAP-III 94.91 ABLIIF 11.2 ABLIPPF-D 128.76 ABLIPPF-E 117 ABLIPPF-MM 125.34 ABLISF 11.28 ABLPPF-D 170.88 ABLPPF-E 113.98 ABLPPF-MM 138.76 ABLSF 10.98 ABLSSF-ASSP-I 10.5 ABLSSF-ASSP-II 10.24 ABLSSF-ASSP-III 10.74 ABLSSF-ASSP-IV 10.08 AGHPAF 50.49 AGHPCF 509.72 AGHPIF 125.99 AGHPIIF 103.35 AGHPIMF 59.61 AGHPIPF-D 115.1 AGHPIPF-E 64.82 AGHPIPF-MM 114.24 AGHPIPPF-AAP-II 86.84 AGHPIPPF-AAP-III 89.26 AGHPIPPF-BAP 105.69 AGHPIPPF-MAP 100.07 AGHPISF 37.07 AGHPMMF 98.41 AGHPPF-D 124.23 AGHPPF-E 61.32 AGHPPF-MM 122.72 AGHPPPF-AAP 93.28 AGHPPPF-CAP 109.7 AGHPPPF-MAP 101.7 AGHPSF 89.22 AGHPVF 48.79 AGHSF 119.93 AKDCF 55.5 AKDGASF 6.49 AKDGASF 6.49 AKDIF 56.88 AKDIIF 54.97 AKDISF 28.92 AKDITF 10.32 AKDOF 56.72 ALFALAHGHPCPF-II 102.17 ALFALAHGHPIDEF 59.02 ALFALAHGHPIPPF-CPP-IV 105.95 ALFALAHGHPIPPF-CPP-V 106.39 ALFALAHGHPIVF 85.79 ASKARIAAF-B 39.31 ASKARIAAF-C 39.31 ASKARIHYS 107.55 ASKARISCF 111.5 ASKARISYE 114.16 ATLASIDSF 406.53 ATLASIF 581.66 ATLASIFOF-AAAIP 457.64 ATLASIFOF-ACAIP 536.39 ATLASIFOF-AICPP 517 ATLASIFOF-AIDP 500 ATLASIFOF-AMAIP 490.74 ATLASIIF 553.92 ATLASISF 422.01 ATLASMMF 505.73 ATLASPF-D 300.08 ATLASPF-E 405 ATLASPF-MM 278.86 ATLASPIF-D 236.06 ATLASPIF-E 491.45 ATLASPIF-MM 249.69 ATLASSF 114.94 ATLASSMF 485.65 AWTAAF 90.26 AWTIF 121.14 AWTIIF 111.04 AWTISF 75.41 AWTSF 78.98 BMACRSF 9 BMAECF 11.15 FAYSALAAF 41.04 FAYSALFFPF-FAPPP 103.52 FAYSALFIAAF 70.16 FAYSALFIFPF-FSCPP-III 100.29 FAYSALFSOF 112.49 FAYSALFVF 103.67 FAYSALGSF 100.72 FAYSALHAF 105.69 FAYSALIDEF 75.86 FAYSALIGF 115.53 FAYSALISGF 112.24 FAYSALMMF 112.09 FAYSALMTSF 111.5 FAYSALSF 42.26 FAYSALSGF 111.69 FaysalSPF-FSCPP 100.23 FaysalSPF-FSCPP-II 101.63 FCMF 6.03 FCMF 6.03 FCMF-A 6.03 FHABIBAAF 87.42 FHABIBCF 100.44 FHABIBIF 110.04 FHABIBIIF 100.28 FHABIBSF 67.74 FHISF 64.76 HBLCF-C 101.08 HBLCF-D 101.08 HBLEF 9.36 HBLEQF 91.54 HBLFPF-AAP 98.12 HBLFPF-CAP 111.77 HBLFPF-SIP 108.95 HBLGF-A 16.31 HBLGF-B 15.11 HBLGF-C 15.11 HBLGSF-C 119.49 HBLGSF-D 119.49 HBLIAAF 107.55 HBLIDEF 81.32 HBLIEF 71.92 HBLIF 117.66 HBLIF-A 5.87 HBLIF-B 7.88 HBLIF-C 7.88 HBLIFPF-AAP 95.03 HBLIFPF-CAP 107.91 HBLIFPF-ICP 109.09 HBLIFPF-SAP 108.51 HBLIIF 110.53 HBLIMMF 101.1 HBLIPF-D 163.59 HBLIPF-E 318.6 HBLIPF-MM 158.71 HBLISF 86.99 HBLMAF 95.08 HBLMMF 112.54 HBLPF-D 199.6 HBLPF-E 309.17 HBLPF-MM 174.09 HBLSF 83.47 JSCF 102.11 JSFOF 46.37 JSGF-A 136.23 JSIDEF 56.03 JSIF 104 JSIHFF-JSICPAP-I 105.67 JSIHFF-JSICPAP-II 105.16 JSIHFF-JSICPAP-III 96.86 JSIHFF-JSICPAP-IV 94.19 JSIHFF-JSICPAP-IX 100.34 JSIHFF-JSICPAP-V 90.79 JSIHFF-JSICPAP-VI 90.89 JSIHFF-JSICPAP-VII 90.61 JSIHFF-JSICPAP-VIII 85.14 JSIHFF-Mufeed 40.79 JSIHFF-Mustakhkem 70.09 JSIHFF-Mustanad 84.72 JSIHFF-Mutanasib 58.47 JSIIF 106.33 JSIPSF-D 237.14 JSIPSF-E 477.7 JSIPSF-MM 205.05 JSISF 74.41 JSLCF 94.35 JSPSF-D 290.13 JSPSF-E 340.64 JSPSF-MM 230.6 JSUTP 136.44 JSVF-A 157.63 LAKSONAADMF 151.11 LAKSONEF 83.04 LAKSONIF 112.51 LAKSONITF 82.28 LAKSONMMF 100.93 LAKSONTF 88.48 MCBAHAHIPF-D 227.07 MCBAHAHIPF-E 420.25 MCBAHAHIPF-MM 206.61 MCBAHAIAAF 93.16 MCBAHAIAAF-II 103.03 MCBAHAIAALF 59.72 MCBAHAIIF-A 110.75 MCBAHAISF 8.04 MCBAHDDF 100 MCBAHIIF-B 110.75 MCBAHMCBCMOF 100.78 MCBAHMCBDIF 117.23 MCBAHPCF 51.46 MCBAHPCM 10.05 MCBAHPFPF 101.47 MCBAHPIEF 59.26 MCBAHPIF 59.88 MCBAHPPF-D 291.7 MCBAHPPF-E 407.76 MCBAHPPF-MM 259.55 MCBAHPSMF 71.23 MCBPAAF 65.29 MCBPSF 60.25 MEEZAMSAF-II(MCPP-IV) 50.2 MEEZAMSAF-II(MCPP-V) 50.49 MEEZAMSAF-II(MCPP-VI) 49.36 MEEZAMSAF-II(MCPP-VII) 49.29 MEEZAMSAF-II(MCPP-VIII) 48.41 MEEZAMSAF-III(MCPP-IX) 48.55 MEEZANAAF 35.16 MEEZANBF 13.83 MEEZANCF 55.02 MEEZANDEF 31.68 MEEZANEF 28.74 MEEZANFPFF-A 57.96 MEEZANFPFF-M 56.25 MEEZANFPFF-MAAP-I 46.9 MEEZANGF 80.25 MEEZANIF 45.13 MEEZANIIF-B 56.29 MEEZANIIF-C 56.29 MEEZANKMIF 49.24 MEEZANMF 12.62 MEEZANMFPFF-C 58.45 MEEZANMSAF-MCPP-III 49.91 MEEZANMSAF-MSAP-I 36.72 MEEZANMSAF-MSAP-II 36.1 MEEZANMSAF-MSAP-III 35.23 MEEZANMSAF-MSAP-IV 35.88 MEEZANMSAF-MSAP-V 40.82 MEEZANRAF 50 MEEZANSF 56.32 MEEZANTPF-D 257.58 MEEZANTPF-E 361.92 MEEZANTPF-G 151.37 MEEZANTPF-MM 254.28 NAFAGSP-I 11.44 NAFAIAAP-I 112.91 NAFAIAAP-II 100.81 NAFAIAAP-III 104.19 NAFAIAAP-IV 94.18 NAFAIAAP-V 85.89 NAFAIAAP-VI 83.4 NAFAIAAP-VII 84.47 NAFAIAAP-VIII 96.55 NAFAICPP-I 104.09 NAFAICPP-II 103.83 NAFAICPP-III 101.67 NAFAICPP-IV 100.9 NAFAICPP-V 99.46 NAFAIPF-D 147.35 NAFAIPF-E 239.07 NAFAIPF-MM 150.29 NAFAIPPF-II 108.18 NAFAPF-D 182.19 NAFAPF-E 248.26 NAFAPF-MM 158.79 NBPAARFSF 10.89 NBPBF 17.03 NBPFSECTF 7.96 NBPFSIF 11.63 NBPGSLF 10.24 NBPGSSF 10.53 NBPIAAEF 8.79 NBPIDDF 10 NBPIEF 8.02 NBPIMAF 10.9 NBPIMMF 11.01 NBPIOF 11.84 NBPIRIF 8.39 NBPISIF 14.12 NBPISTF 8.75 NBPISVF 10.4 NBPMAF 11.22 NBPMMF 9.92 NBPRFSF 11.16 NBPSAVF 10.74 NBPSIF 15.02 NBPSTOCKF 11.28 NIT-GBF 11.08 NIT-IF 11.09 NIT-NI(U)T 50.41 NITAAF 10.01 NITIEF 6.68 NITIIF 10.68 NITIPF-D 12.91 NITIPF-E 7.88 NITIPF-MM 12.84 NITMMF 9.81 NITPF-C 15.46 NITPF-D 14.86 NITPF-E 7.53 NITPF-MM 13.6 POAAAF 43.68 POAIIF 56.44 POGSF 11.84 POIAAF 44.14 UBLAAAIRSF-D 190.23 UBLAAAIRSF-E 527.87 UBLAAAIRSF-MM 183.37 UBLAAF 142.54 UBLAAIAAP-IX 92.99 UBLAAIAAP-VIII 83.02 UBLAAIAAP-X 91.46 UBLAAIAAP-XI 97.87 UBLAAIAPPP-I 105.07 UBLAAIAPPP-II 103.98 UBLAAIAPPP-III 103.87 UBLAAIAPPP-IV 109.24 UBLAAIDEF 94.84 UBLAASSF-AISSP-II 100.67 UBLAIAAF 118.6 UBLAICF 100.73 UBLAIEF 77.12 UBLAIIF-G 108.61 UBLAIIF-I 108.61 UBLAISF 109.76 UBLAPPP-I 101.9 UBLAPPP-II 102.13 UBLAPPP-III 99.39 UBLASSF 110.37 UBLCF 107.37 UBLDEF 79.32 UBLFSF 71.3 UBLGSF 118.4 UBLIOF 123.79 UBLLPF-C 101.2 UBLMMF 110.64 UBLPAKETF 10 UBLRSF-C 149.64 UBLRSF-D 258.94 UBLRSF-E 554.81 UBLRSF-MM 207.03 UBLSSP-I 109.91 UBLSSP-II 108.72 UBLSSP-III 112.37 UBLSSP-IV 108.72 UBLSSP-V 103.99 UBLSSP-VI 110.64 UBLSSP-VIII 102.69 UBLUGIF-G 94.24 UBLUGIF-I 94.24 UBLUSAF 57.18

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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