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The BMA Empress Cash Fund is a professionally managed cash fund, which aims to minimize risk, maximize liquidity and generate a competitive rate of return. This will be achieved by concentrating portfolio allocation in AA rated banks and short duration sovereign rated securities.


FY 2012 11.32 11.00
FY 2013 9.14 8.87
FY 2014 8.47 8.91
FY 2015 8.15 8.13
FY 2016 4.61 5.83


Fund TypeOpen End
Category Money Market Fund
Inception Date 12-Nov-09
Benchmark 3M Bank Rate
Dealing Days Monday-Friday
Cut‐off time 4:00 PM
Pricing Mechanism Forward
Management Fee** 0.75%
Front end Load upto 1%
Back End Load Nil
Fund Stability Rating AA+ (F) (JCR)
Risk Profile Low Risk
Listing KSE
Trustee MCBFSL
Auditor A. F. Fergusons & Co.
Transfer Agent Technology Trade
Legal Advisors KMS Law Associates
Management Quality Rating AM3
Expense Ratio* 2.25%
*This includes 0.25% of SECP Fee & Govt. Levy
**Management fee is reduced to 0% from 18 November 2016 for
a period of six month


The fund earned an annualized return of 8.43% during Jan’17 as against the benchmark of 5.26%, outperforming the benchmark significantly by 317bps mainly on account of reversal of Workers’ Welfare Fund’s (WWF) provisioning. The 7MFY17 return of the fund stood at 4.50% p.a. against the benchmark of 5.32%. Standard deviation of returns was 0.30%, reflecting the stable nature of the fund’s income. Going forward, we will maintain investment in shorter tenor instruments to avoid interest rate risk.




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 bya 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 thhePIBauctiion hehlldd duriding thhemonthh;Centrall bbkank raisided Rs. 39.4bbnagaiinstthhetarget off Rs. 50bbnaffter rejectjiion off thhree previious auctiions. Thhecut‐offff yieilldd 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.


Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any Fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

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