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 10.05 ABLCF 10.33 ABLFPF-Active 96.13 ABLFPF-Conservative 109.44 ABLFPF-SAP 98 ABLGSF-B 10.14 ABLIAAF 10.03 ABLIDSF 8.27 ABLIF 10.14 ABLIFPF-Active 101.4 ABLIFPF-Aggressive 103.61 ABLIFPF-Conservative 111.07 ABLIFPF-SAP 103.31 ABLIFPF-SAP-II 93.24 ABLIFPF-SAP-III 97.89 ABLIFPF-SAP-IV 101.45 ABLIIF 10.34 ABLIPPF-D 115.27 ABLIPPF-E 160.34 ABLIPPF-MM 113.06 ABLISF 14.33 ABLPPF-D 143.24 ABLPPF-E 155.13 ABLPPF-MM 118.58 ABLSF 14.01 AGHPAF 66.89 AGHPCF 498.36 AGHPIF 112.03 AGHPIIF 101.48 AGHPIMF 53.15 AGHPIPF-D 102.99 AGHPIPF-E 82.42 AGHPIPF-MM 103.85 AGHPIPPF-AAP 98.19 AGHPIPPF-AAP-II 90.72 AGHPIPPF-AAP-III 93.67 AGHPIPPF-BAP 99.24 AGHPISF 48.92 AGHPMMF 97.77 AGHPPF-D 105.66 AGHPPF-E 81.36 AGHPPF-MM 105.76 AGHPPPF-AAP 105.55 AGHPPPF-CAP 103.24 AGHPPPF-MAP 99.32 AGHPSF 118.31 AGHPVF 55.26 AGHSF 106.11 AKDCF 50.41 AKDGASSF 9.7 AKDIF 51.12 AKDIIF 50.18 AKDISF 45.09 AKDITF 13.69 AKDOF 79.93 ALFALAHGHPCPF-II 99.93 ALFALAHGHPIDEF 82.81 ALFALAHGHPIPPF-CPP-IV 100.08 ALFALAHGHPIVF 98.93 ASKARIAAF-B 42.39 ASKARIAAF-C 42.39 ASKARIEF 93.44 ASKARIHYS 101.94 ASKARIIAAF-B 91.81 ASKARIIAAF-C 91.81 ASKARIIIF-B 101.77 ASKARIIIF-C 101.77 ASKARISCF 101 ASKARISYE 102.4 ATLASIF 514.65 ATLASIIF 504.58 ATLASISF 522.64 ATLASMMF 504.24 ATLASPF-D 244.08 ATLASPF-E 495.81 ATLASPF-MM 234 ATLASPIF-D 201.84 ATLASPIF-E 599.32 ATLASPIF-MM 213.42 ATLASSLF 100.58 ATLASSMF 617.21 BMACRSF 8.27 BMAECF 10.17 DAWOODIF 80 DAWOODISF 113.48 FAYSALAAF 53.72 FAYSALFIAAF 79.19 FAYSALFSOF 101.52 FAYSALIGF 105.92 FAYSALISGF 103.12 FAYSALMMF 101.99 FAYSALMTSF 100.93 FAYSALSF 58.8 FAYSALSGF 102.16 FCMF 9.1 FCMF 9.1 FCMF-A 9.1 FDAWOODMF 21.75 FHABIBAAF 100.63 FHABIBCF 100.58 FHABIBIF 100.54 FHABIBIIF 100.41 FHABIBSF 89.41 FHISF 86.46 HBLCF-C 101.15 HBLCF-D 101.15 HBLEF 14.09 HBLEQF 109.84 HBLFPF-AAP 102.35 HBLFPF-CAP 103.89 HBLFPF-SAP 102.25 HBLGF-A 24.03 HBLGF-B 19.08 HBLGSF-C 106.05 HBLGSF-D 106.05 HBLIAAF 103.84 HBLIEF 90.56 HBLIF 105.89 HBLIF-A 8.58 HBLIF-B 9.97 HBLIFPF-AAP 99.29 HBLIFPF-CAP 101.24 HBLIFPF-SAP 100.61 HBLIIF 101.62 HBLIMMF 101.14 HBLIPF-D 141.8 HBLIPF-E 382.47 HBLIPF-MM 139.67 HBLISF 109.56 HBLMAF 104.82 HBLMMF 102.43 HBLPF-D 159.63 HBLPF-E 364.45 HBLPF-MM 147.69 HBLSF 106.35 JSCF 101.81 JSCPF-V 100.04 JSFOF 52.95 JSGF-A 185.02 JSIDEF 96.3 JSIF 95.57 JSIHFF-II-AAP-II 98.31 JSIHFF-JSIAAP I 100.48 JSIHFF-JSICPAP-I 100.01 JSIHFF-JSICPAP-II 99.87 JSIHFF-Mufeed 79.88 JSIHFF-Munafa 79.43 JSIHFF-Mustakhkem 97.36 JSIHFF-Mustanad 102.99 JSIHFF-Mutanasib 80.6 JSIIF 101.4 JSIPSF-D 201.21 JSIPSF-E 610.36 JSIPSF-MM 174.65 JSISF 101.96 JSLCF 137.27 JSPSF-D 239.08 JSPSF-E 476.66 JSPSF-MM 192.83 JSUTP 164.66 JSVF-A 216.91 LAKSONAADMF 136.71 LAKSONEF 113.79 LAKSONIF 101.15 LAKSONITF 93.29 LAKSONMMF 100.73 LAKSONTF 100.88 MCBAHAIAAF 92.86 MCBAHAIAAF-II 98.88 MCBAHAIAALF 69.34 MCBAHAIIF-A 101.44 MCBAHAISF 10.47 MCBAHDDF 100 MCBAHIIF-B 101.44 MCBAHMCBCMOF 100.93 MCBAHMCBDIF 106.78 MCBAHPCF 50.49 MCBAHPCM 11.17 MCBAHPFPF 101.25 MCBAHPIEF 53.28 MCBAHPIF 53.96 MCBAHPIPF-D 199.52 MCBAHPIPF-E 503.87 MCBAHPIPF-MM 180.21 MCBAHPPF-D 240.22 MCBAHPPF-E 511.19 MCBAHPPF-MM 219.99 MCBAHPSMF 93.9 MCBPAAF 78.69 MCBPSF 53.2 MEEZAMSAF-II(MCPP-IV) 49.69 MEEZAMSAF-II(MCPP-V) 49.98 MEEZAMSAF-II(MCPP-VI) 50.01 MEEZANAAF 43.29 MEEZANBF 15.13 MEEZANCF 50.57 MEEZANDEF 47.09 MEEZANEF 47.84 MEEZANFPFF-A 69.45 MEEZANFPFF-M 66.72 MEEZANFPFF-MAAP-I 57.87 MEEZANFPFF-MAAP-IV 46.14 MEEZANGF 56.12 MEEZANIF 61.33 MEEZANIIF-B 51.48 MEEZANIIF-C 51.48 MEEZANKMIF 68.44 MEEZANMF 17.08 MEEZANMFPFF-C 65.12 MEEZANMSAF-MCPP-III 50.08 MEEZANMSAF-MSAP-I 43.48 MEEZANMSAF-MSAP-II 42.52 MEEZANMSAF-MSAP-III 41.52 MEEZANMSAF-MSAP-IV 42.21 MEEZANMSAF-MSAP-V 48.17 MEEZANSF 51.33 MEEZANTPF-D 220.59 MEEZANTPF-E 479.73 MEEZANTPF-G 100.09 MEEZANTPF-MM 218.64 NAFAAAF 15.81 NAFAAARFSF 10.04 NAFAFSECTF 10.31 NAFAFSIF 10.52 NAFAGSLF 10.2 NAFAGSSF 10.34 NAFAIAAEF 11.1 NAFAIAAF 15.28 NAFAIAAP-I 115.19 NAFAIAAP-II 108.04 NAFAIAAP-III 106.46 NAFAIAAP-IV 96.46 NAFAIAAP-V 88.52 NAFAIAAP-VI 85.96 NAFAIAAP-VII 92.29 NAFAIAAP-VIII 99.06 NAFAICPP-I 100.08 NAFAICPP-II 100.13 NAFAICPP-III 100.26 NAFAIEF 12.19 NAFAIF 9.79 NAFAIIF 9.53 NAFAIMMF 10.03 NAFAIOF 10.73 NAFAIPF-D 127.77 NAFAIPF-E 290.15 NAFAIPF-MM 129.01 NAFAIPPF-II 101.03 NAFAISF 11.15 NAFAMAF 17.94 NAFAMMF 9.89 NAFAPF-D 147.9 NAFAPF-E 305.4 NAFAPF-MM 134.37 NAFARFSF 10.22 NAFASF 14.54 NAFASPF 10.18 NIT-GBF 9.96 NIT-IF 10.29 NIT-NI(U)T 69.04 NITIEF 9.53 NITIIF 9.92 NITIPF-D 11.11 NITIPF-E 10.25 NITIPF-MM 11.06 NITMMF 9.94 NITPF-C 11.18 NITPF-D 11.46 NITPF-E 9.91 NITPF-MM 11.41 PCF 105.42 PIMLAAF 89.03 POAAAF 49.41 POAIIF 52.72 POGSF 10.66 POIAAF 51.43 PRIMUSDRF 81.15 PRIMUSIEF 103.83 PRIMUSIMMF 101.99 PRIMUSVEF 102.86 UBLAAAIRSF-D 163.8 UBLAAAIRSF-E 613.54 UBLAAAIRSF-MM 158.26 UBLAAF 134.29 UBLAAIAAP-IX 97.69 UBLAAIAAP-V 102.27 UBLAAIAAP-VI 94.07 UBLAAIAAP-VII 88.84 UBLAAIAAP-VIII 88.79 UBLAAIAAP-X 100.18 UBLAAIAPPP-I 100.68 UBLAAIAPPP-II 100.78 UBLAAIDEF 112.46 UBLAIAAF 116.22 UBLAICF 100.59 UBLAIIF-G 100.08 UBLAIIF-I 100.08 UBLAISF 100.47 UBLAPPP-I 101.28 UBLAPPP-II 100.87 UBLASSF 130.04 UBLCPF-III 99.97 UBLDEF 97.28 UBLFSF 93.58 UBLGSF 105.86 UBLIOF 110.35 UBLLPF-C 100.81 UBLMMF 100.85 UBLRSF-C 111.87 UBLRSF-D 215.75 UBLRSF-E 653.91 UBLRSF-MM 176.01 UBLUGIF-G 84.87 UBLUGIF-I 84.87 UBLUSAF 68.14

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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