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 10.35 ABLAFF 10.49 ABLCF 10.3 ABLFPF-Active 93.42 ABLFPF-Conservative 115.12 ABLFPF-SAP 99.78 ABLGSF-B 10.56 ABLIAAF 10.3 ABLIDSF 7.39 ABLIF 10.53 ABLIFPF-Active 99.99 ABLIFPF-Aggressive 100.15 ABLIFPF-Conservative 115.02 ABLIFPF-CPP-I 106.84 ABLIFPF-SAP 110.58 ABLIFPF-SAP-III 105.13 ABLIIF 10.67 ABLIPPF-D 124.13 ABLIPPF-E 143.76 ABLIPPF-MM 121.14 ABLISF 13.23 ABLPPF-D 162.26 ABLPPF-E 138.82 ABLPPF-MM 132.39 ABLSF 12.7 ABLSSF-ASSP-I 10.3 ABLSSF-ASSP-II 10.2 ABLSSF-ASSP-III 10.11 AGHPAF 61.15 AGHPCF 522.71 AGHPIF 117.54 AGHPIIF 103.66 AGHPIMF 55.47 AGHPIPF-D 111.12 AGHPIPF-E 75.4 AGHPIPF-MM 110.62 AGHPIPPF-AAP-II 95.37 AGHPIPPF-AAP-III 97.2 AGHPIPPF-BAP 104.47 AGHPIPPF-MAP 104.33 AGHPISF 44.41 AGHPMMF 98.49 AGHPPF-D 117.75 AGHPPF-E 73.12 AGHPPF-MM 117.07 AGHPPPF-AAP 105 AGHPPPF-CAP 107.95 AGHPPPF-MAP 103.86 AGHPSF 107.96 AGHPVF 54.6 AGHSF 111.34 AKDCF 52.73 AKDGASSF 7.38 AKDIF 53.3 AKDIIF 52.36 AKDISF 33.92 AKDITF 11.96 AKDOF 63.69 ALFALAHGHPCPF-II 105.01 ALFALAHGHPIDEF 69.83 ALFALAHGHPIPPF-CPP-IV 105.59 ALFALAHGHPIPPF-CPP-V 105.58 ALFALAHGHPIVF 94.49 ASKARIAAF-B 40.38 ASKARIAAF-C 40.38 ASKARIHYS 101.55 ASKARISCF 105.6 ASKARISYE 107.08 ATLASIDSF 456.06 ATLASIF 542.94 ATLASIFOF-AAAIP 486.67 ATLASIFOF-ACAIP 529.51 ATLASIFOF-AICPP 520.25 ATLASIFOF-AMAIP 504.01 ATLASIIF 527.01 ATLASISF 478.21 ATLASMMF 506.54 ATLASPF-D 278.31 ATLASPF-E 452.21 ATLASPF-MM 265.16 ATLASPIF-D 225.4 ATLASPIF-E 551.07 ATLASPIF-MM 238.83 ATLASSF 106.75 ATLASSMF 549.06 AWTAAF 83.98 AWTIF 112.27 AWTIIF 106.57 AWTISF 91.15 AWTSF 89.93 BMACRSF 8.59 BMAECF 10.62 FAYSALAAF 46.38 FAYSALFIAAF 69.02 FAYSALFSOF 106.78 FAYSALHAF 100.87 FAYSALIGF 109.88 FAYSALISGF 107.34 FAYSALMMF 106.48 FAYSALMTSF 105.52 FAYSALSF 49.22 FAYSALSGF 106.21 FaysalSPF-FSCPP 100.48 FaysalSPF-FSCPP-II 101.37 FCMF 7.14 FCMF 7.14 FCMF-A 7.14 FHABIBAAF 88.51 FHABIBCF 100.55 FHABIBIF 104.5 FHABIBIIF 100.51 FHABIBSF 77.91 FHISF 75.27 HBLCF-C 101.13 HBLCF-D 101.13 HBLEF 12.05 HBLEQF 102.29 HBLFPF-AAP 103.92 HBLFPF-CAP 109.16 HBLFPF-SIP 101.69 HBLGF-A 20.43 HBLGF-B 17.42 HBLGF-C 17.42 HBLGSF-C 110.91 HBLGSF-D 110.91 HBLIAAF 109.13 HBLIDEF 91.9 HBLIEF 83.78 HBLIF 110.09 HBLIF-A 7.28 HBLIF-B 9.1 HBLIF-C 9.1 HBLIFPF-AAP 100.42 HBLIFPF-CAP 107.06 HBLIFPF-ICP 107.81 HBLIFPF-SAP 112.83 HBLIIF 106.09 HBLIMMF 101.25 HBLIPF-D 157.72 HBLIPF-E 359.94 HBLIPF-MM 153.58 HBLISF 99.94 HBLMAF 103.71 HBLMMF 106.86 HBLPF-D 185.15 HBLPF-E 348.6 HBLPF-MM 165.54 HBLSF 97.31 JSCF 102.08 JSFOF 54.23 JSGF-A 150.2 JSIDEF 78.19 JSIF 98.82 JSIHFF-II-AAP-II 102.37 JSIHFF-JSICPAP-I 104.49 JSIHFF-JSICPAP-II 104.5 JSIHFF-JSICPAP-III 104.41 JSIHFF-JSICPAP-IV 104.49 JSIHFF-JSICPAP-V 105.31 JSIHFF-JSICPAP-VI 104.98 JSIHFF-JSICPAP-VII 103.13 JSIHFF-Mufeed 76.81 JSIHFF-Mustakhkem 89.63 JSIHFF-Mustanad 114.15 JSIHFF-Mutanasib 86.41 JSIIF 101.76 JSIPSF-D 226 JSIPSF-E 525.15 JSIPSF-MM 195.87 JSISF 86.59 JSLCF 110.19 JSPSF-D 275.78 JSPSF-E 390.14 JSPSF-MM 218.5 JSUTP 147.82 JSVF-A 182.34 LAKSONAADMF 156.36 LAKSONEF 97.39 LAKSONIF 106.19 LAKSONITF 88.42 LAKSONMMF 100.89 LAKSONTF 95.93 MCBAHAIAAF 95.05 MCBAHAIAAF-II 101.33 MCBAHAIAALF 68.39 MCBAHAIIF-A 105.67 MCBAHAISF 9.3 MCBAHDDF 100 MCBAHIIF-B 105.67 MCBAHMCBCMOF 100.93 MCBAHMCBDIF 110.98 MCBAHPCF 52.5 MCBAHPCM 10.75 MCBAHPFPF 102.29 MCBAHPIEF 55.68 MCBAHPIF 56.52 MCBAHPIPF-D 218.42 MCBAHPIPF-E 455.5 MCBAHPIPF-MM 198.38 MCBAHPPF-D 271.92 MCBAHPPF-E 463.38 MCBAHPPF-MM 247.22 MCBAHPSMF 84.64 MCBPAAF 75 MCBPSF 56.53 MEEZAMSAF-II(MCPP-IV) 52.67 MEEZAMSAF-II(MCPP-V) 52.74 MEEZAMSAF-II(MCPP-VI) 52.51 MEEZAMSAF-II(MCPP-VII) 52.8 MEEZAMSAF-II(MCPP-VIII) 51.77 MEEZAMSAF-III(MCPP-IX) 51.26 MEEZANAAF 38.62 MEEZANBF 14.46 MEEZANCF 52.56 MEEZANDEF 38.24 MEEZANEF 35.26 MEEZANFPFF-A 62.97 MEEZANFPFF-M 57.79 MEEZANFPFF-MAAP-I 48.37 MEEZANGF 70.41 MEEZANIF 52.42 MEEZANIIF-B 53.7 MEEZANIIF-C 53.7 MEEZANKMIF 59.38 MEEZANMF 14.65 MEEZANMFPFF-C 57.71 MEEZANMSAF-MCPP-III 53.5 MEEZANMSAF-MSAP-I 37.65 MEEZANMSAF-MSAP-II 38.86 MEEZANMSAF-MSAP-III 37.84 MEEZANMSAF-MSAP-IV 38.42 MEEZANMSAF-MSAP-V 43.86 MEEZANRAF 50 MEEZANSF 53.74 MEEZANTPF-D 245.94 MEEZANTPF-E 414.81 MEEZANTPF-G 134.39 MEEZANTPF-MM 243.54 NAFAFSECTF 9.31 NAFAGSP-I 10.6 NAFAGSSF 10.35 NAFAIAAP-I 116.22 NAFAIAAP-II 109.3 NAFAIAAP-III 107.49 NAFAIAAP-IV 97.27 NAFAIAAP-V 89.14 NAFAIAAP-VI 86.86 NAFAIAAP-VII 88.95 NAFAIAAP-VIII 100.8 NAFAICPP-I 107.74 NAFAICPP-II 106.65 NAFAICPP-III 105.08 NAFAICPP-IV 104.93 NAFAICPP-V 105.07 NAFAIPF-D 141.42 NAFAIPF-E 266.42 NAFAIPF-MM 144.03 NAFAIPPF-II 109.88 NAFAPF-D 168.15 NAFAPF-E 274.18 NAFAPF-MM 150.96 NBPAARFSF 10.42 NBPBF 17.97 NBPFSIF 11.02 NBPGSLF 10.23 NBPIAAEF 9.95 NBPIDDF 10 NBPIEF 9.89 NBPIMAF 10.38 NBPIMMF 10.48 NBPIOF 11.16 NBPIRIF 9.08 NBPISIF 15.03 NBPISTF 9.95 NBPISVF 9.93 NBPMAF 10.63 NBPMMF 9.92 NBPRFSF 10.65 NBPSAVF 10.22 NBPSIF 15.8 NBPSTOCKF 12.96 NIT-GBF 10.37 NIT-IF 10.41 NIT-NI(U)T 57.2 NITIEF 7.87 NITIIF 10.21 NITIPF-D 12.36 NITIPF-E 8.9 NITIPF-MM 12.28 NITMMF 9.81 NITPF-C 13.53 NITPF-D 13.26 NITPF-E 8.82 NITPF-MM 12.93 POAAAF 45.91 POAIIF 54.11 POGSF 11.13 POIAAF 46.29 UBLAAAIRSF-D 182.35 UBLAAAIRSF-E 568.87 UBLAAAIRSF-MM 175.95 UBLAAF 141.12 UBLAAIAAP-IX 98.43 UBLAAIAAP-VI 93.45 UBLAAIAAP-VII 90.48 UBLAAIAAP-VIII 87.45 UBLAAIAAP-X 98.78 UBLAAIAAP-XI 102.14 UBLAAIAPPP-I 110.44 UBLAAIAPPP-II 109.25 UBLAAIAPPP-III 108.12 UBLAAIAPPP-IV 110.11 UBLAAIDEF 105.82 UBLAIAAF 119.69 UBLAICF 100.48 UBLAIIF-G 102.64 UBLAIIF-I 102.64 UBLAISF 105.13 UBLAPPP-I 109.9 UBLAPPP-II 107.13 UBLAPPP-III 106.04 UBLASSF 121.2 UBLCF 101.57 UBLCPF-III 102.1 UBLDEF 88.41 UBLFSF 83.39 UBLGSF 110.64 UBLIOF 115.91 UBLLPF-C 100.85 UBLMMF 105.2 UBLRSF-C 127.71 UBLRSF-D 241.41 UBLRSF-E 601.09 UBLRSF-MM 197.11 UBLSSP-I 104.78 UBLSSP-II 104.55 UBLSSP-III 106.61 UBLSSP-IV 105.7 UBLSSP-V 102.57 UBLSSP-VI 102.4 UBLUGIF-G 87.87 UBLUGIF-I 87.87 UBLUSAF 62.58

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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