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BMA Chundrigar Road Savings Fund (BCSF) - BMA Funds

BMA CHUNDRIGAR ROAD SAVINGS FUND (BCSF)

DAILY NAV

8.5104

LATEST FMR

FUND OBJECTIVES

The BMA Chundrigar Road Savings Fund seeks to provide its investors with an attractive rate of return by investing in all fixed income and money market instruments of medium risk and short duration. The fund will seek to maintain a rupee weighted average maturity for the investment portfolio of not more than 5 years.

FUND RETURNS

YearReturnsBM
FY 2012 -16.94 12.79
FY 2013 13.38 10.26
FY 2014 7.70 10.06
FY 2015 12.26 9.25
FY 2016 11.62 6.83


FUND DETAILS

Fund TypeOpen End
Category Aggressive Income Fund
Inception Date 23-Aug-07
Benchmark 6m KIBOR
Dealing Days Monday-Friday
Cut‐off time 4:00 PM
Pricing Mechanism Forward
Management Fee 1.50%
Front end Load upto 1%
Back End Load Nil
Fund Stability Rating A+ (F) (PACRA)
Risk Profile Moderate
Listing KSE
Trustee MCBFSL
Auditor A. F. Fergusons & Co.
Transfer Agent Technology Trade
Legal Advisors KMS Law Associates
Management Quality Rating AM3
Expense Ratio 2.27%
*This includes 0.30% of SECP Fee & Govt. Levy


FUND COMMENTARY

During Jan’17, the fund posted a return of 4.51% against the benchmark return of 6.41%, underperformed the benchmark by 190 bps. The underperformane in monthly return was mainly on account of provision against Sindh Workers’ Welfare fund. In FY17TD, fund posted a return of 5.00%. The current allocation of the fund is as follows: 68.57% invested in Cash, 2.78% invested in PIBs, 16.33% placed with Banks as TDRs and 7.48% in a commercial paper. Portfolio and benchmark standard deviations were 0.11% and 0.71%respectively. Portfolio duration was at 94 days while the weighted average maturity was also at 94 days. Keeping in mind the interest rate direction we have realigned the portfolio of the fund and have increased exposure in high yield, short term fixed income instruments.

PORTFOLIO RATING PROFILE

BCSFPieJan2017

ECONOMIC OUTLOOK

CPI for Jan’17 clocked in at 3.66% YoY against the CPI of 3.70% YoY for Dec’16, taking the 7MFY17 to 3.85% YoY against 2.26% YoY for the same period last year. The CPI witnessed a meager uptick of 0.18%MoM in Jan’17 as dip in food prices countered the quarterly rise in house rent inflation and increase in drug prices. Core inflation measured by non‐food non‐energy CPI (Core NFNE) increased by 5.4% YoY in Jan’17 as compared to increase of 5.2% YoY in the previous month. We expect the inflation to remain in range of 3.8%‐4.2% for FY17. In our view increasing oil prices pose an upside risk to the CPI figures. The State Bank of Pakistan (SBP) kept the policy rate unchanged at 5.75% in its Jan’17 Monetary Policy for the next two months. Citing benign inflation outlook as a core reason for maintaining the status quo. However in its MPS, SBP highlighted the looming risks on external account and the need of financial inflows as major concerns going forward.

During Dec’16 dismal trend in current account continued as country reported a deficit of USD1.08bn compared to a deficit of USD828mn in the Nov’16. Resultantly CAD during 1HFY17 has stood at USD3.6bn (2.2% of GDP). The dismal trend in current account can primarily be attributed to 7%YoY growth in imports to USD21.3bn, 3%YoY decline in exports to USD10.5bn and 2.4% YoY decline in Workers’ Remittances to USD9.4bn. The overall BOP position was supported by a rise in FDI on the back of proceeds from Engro Foods transaction (USD462mn) and 48%YoY jump in long term FC loans, and a SUKUK auction of USD1.0bn. Consequently, the BOP position reported a slight surplus of USD225mn during 1HFY17.

Country’s total foreign reserves stood at USD 22.43bn as of January 27, 2017. The drop in reserves was primarily due to external debt servicing during the month including loan repayment to State Administration of Foreign Exchange (SAFE), China. During the month Rupee traded in a narrow band against the US dollar. However we believe the need for devaluation continues to grow stronger, as the country runs large current account deficit.

In the PIB auction held during the month; Central bank raised Rs. 39.4bn against the target of Rs. 50bn after rejection of three previous auctions. The cut‐off yield for 3 years, 5 years and 10 years tenor arrived at 6.41%, 6.90% and 7.94% respectively, while no bids were accepted in 20 year tenor.

FUND MANAGERS

Disclosure: The scheme has maintained provisions against Workers’ Welfare Fund (WWF) liability to the tune of Rs. 142,576  as of Jun 30 , 2015 . Had the provision not been made, the NAV per unit/percentage return of the Fund would be higher by Rs. 0.002/0.02%. Details are specified at note 8.1 to the latest period ended report of Jun 2016. Performance data does not include the cost incurred directly by an investor in the form of sales load etc. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

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