1. Funds listed in Pakistan
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NAME SYMBOL TYPE OBJECTIVE
ABL AMC Capital Protected Fund Open-End Corporate/Preferred-Inv
ABLACAP:PA
(ABLACAP) Fund Grade
Open-End
ABL Cash Fund (ABLCSHA) ABLCSHA:PA
Fund
ABL Government Securities Fund Open-End
ABLGOSF:PA Govt/Agency-Long Term
(ABLGOSF) Fund
ABL Government Securities Fund Open-End
ABLGOSA:PA Govt/Agency-Long Term
(ABLGOSA) Fund
Open-End Region Fund-Geo
ABL Income Fund (ABLINCM) ABLINCM:PA
Fund Focused-Debt
Open-End Region Fund-Geo
ABL Islamic Income Fund (ABLCASH) ABLCASH:PA
Fund Focused-Debt
Open-End
ABL Stock Fund (ABLSTFD) ABLSTFD:PA Growth
Fund
AKD Aggressive Income Fund Open-End
AKDINCO:PA Government/Corporate
(AKDINCO) Fund
Open-End
AKD Cash Fund (AKDCASH) AKDCASH:PA
Fund
Open-End
AKD Index Tracker Fund (AKDITFA) AKDITFA:PA Index Fund-Large Cap
Fund
Open-End
AKD Opportunity Fund (AKDOPRF) AKDOPRF:PA Growth and Income
Fund
Open-End Sector Fund-
Al-Meezan Mutual Fund Ltd (AMMF) AMMF:PA
Fund Equity/Islamic
Open-End
Alfalah GHP Alpha Fund (ALFGHPA) ALFGHPA:PA Growth
Fund
Open-End
Alfalah GHP Cash Fund (ALFGHPC) ALFGHPC:PA
Fund
Alfalah GHP Income Multiplier Fund Open-End
ALFINMA:PA Government/Corporate
(ALFINMA) Fund
Open-End
Alfalah GHP Islamic Fund (ALFISLM) ALFISLM:PA Balanced
Fund
Open-End
Alfalah GHP Value Fund (ALFVALU) ALFVALU:PA Balanced
Fund
Open-End
AMZ Plus Income Fund (AMZINCO) AMZINCO:PA Government/Corporate
Fund
AMZ Plus Stock Fund (AMZSTOK) AMZSTOK:PA Open-End Growth and Income
2. Fund
Arif Habib Investment Management - Open-End
ARIFPIF:PA Govt/Corp Short Term
Pakistan Income Fund (ARIFPIF) Fund
Arif Habib Investment Management - Open-End
ARIFPSM:PA Growth and Income
Pakistan Stock Market Fund (ARIFPSM) Fund
Arif Habib Investment Management -
Open-End
Pakistan Strategic Allocation Fund PSAF:PA Growth
Fund
(PSAF)
Arif Habib Investment Management -
Open-End
Pakistan Cash Management Fund PKCASHF:PA
Fund
(PKCASHF)
Arif Habib Investment Management - Open-End
PPFL:PA Growth
Pakistan Premier Fund (PPFL) Fund
Arif Habib Investment Management-
Open-End
MetroBank-Pakistan Sovereign Fund- ARIFM12:PA Government/Agency
Fund
December 2012 (ARIFM12)
Arif Habib Investment Management-
Open-End
MetroBank-Pakistan Sovereign Fund- ARIFMSP:PA Government/Agency
Fund
Perpetual (ARIFMSP)
Arif Habib Investment Management -
Open-End
Pakistan Capital Market Fund ARIFPCM:PA Balanced
Fund
(ARIFPCM)
Arif Habib Investment Management -
Closed-
Pakistan Capital Protected Fund 1 PCPF/1:PA Balanced
End Fund
(PCPF/1)
Closed-
Asian Stocks Fund Ltd (ASFL) ASFL:PA Growth and Income
End Fund
Askari Asset Allocation Fund Open-End
ASKAAFB:PA Balanced
(ASKAAFB) Fund
Askari Asset Allocation Fund Open-End
ASKAAFC:PA Balanced
(ASKAAFC) Fund
Open-End
Askari Equity Fund (ASKEQTY) ASKEQTY:PA Blend
Fund
Open-End
Askari High Yield Scheme (ASKINCO) ASKINCO:PA
Fund
Askari Islamic Asset Allocation Fund Open-End Sector Fund-Ast
ASKISAB:PA
(ASKISAB) Fund Alloc/Islamic
Askari Islamic Asset Allocation Fund Open-End Sector Fund-Ast
ASKISAC:PA
(ASKISAC) Fund Alloc/Islamic
Open-End
Askari Islamic Income Fund (ASKISIB) ASKISIB:PA Sector Fund-Debt/Islamic
Fund
Askari Islamic Income Fund (ASKISIC) ASKISIC:PA Open-End Sector Fund-Debt/Islamic
3. Fund
Askari Sovereign Cash Fund Open-End
ASKSOVC:PA Govt/Agency-Short Term
(ASKSOVC) Fund
Askari Sovereign Yield Enhancer Fund Open-End
ASKSOYE:PA Sector Fund-Debt
(ASKSOYE) Fund
Fund of
Atlas Fund of Funds (ATFF) ATFF:PA Growth
Funds
Open-End
Atlas Income Fund (ATLINCF) ATLINCF:PA Government/Corporate
Fund
Open-End
Atlas Islamic Income Fund (ATISINC) ATISINC:PA Sector Fund-Debt/Islamic
Fund
Open-End Sector Fund-
Atlas Islamic Stock Fund (ATLISLM) ATLISLM:PA
Fund Equity/Islamic
Atlas Money Market Fund/Pakistan Open-End
ATLMMKT:PA
(ATLMMKT) Fund
Atlas Pension Islamic Fund - Debt Sub- Open-End
APIFDBT:PA Sector Fund-Debt/Islamic
Fund (APIFDBT) Fund
Atlas Pension Islamic Fund - Equity Open-End Sector Fund-
APIFEQY:PA
Sub-Fund (APIFEQY) Fund Equity/Islamic
Atlas Pension Islamic Fund - Money Open-End
APIFMMK:PA
Market Sub-Fund (APIFMMK) Fund
Open-End
Atlas Stock Market Fund (ATLSTMF) ATLSTMF:PA Growth and Income
Fund
BMA Chundrigar Road Savings Fund Open-End
BMAROAD:PA Govt/Corp Intermediate
(BMAROAD) Fund
Open-End
BMA Empress Cash Fund (BMAEMPC) BMAEMPC:PA
Fund
Open-End
Crosby Dragon Fund (CRODRAG) CRODRAG:PA Growth and Income
Fund
Open-End
Dawood Income Fund (DAMONEY) DAMONEY:PA Govt/Corp Long Term
Fund
Open-End
Dawood Islamic Fund (DAISLAM) DAISLAM:PA Balanced
Fund
Closed-
Dominion Stock Fund Ltd (DOMF) DOMF:PA Growth
End Fund
Faysal Asset Allocation Fund Open-End
FAYSALA:PA Global Asset Allocation
(FAYSALA) Fund
Faysal Balanced Growth Fund Open-End
FAYBALG:PA Balanced
(FAYBALG) Fund
Faysal Income & Growth Fund Open-End
FAYINGR:PA Government/Corporate
(FAYINGR) Fund
Faysal Islamic Savings Growth Fund FAYISSG:PA Open-End Sector Fund-Debt/Islamic
4. (FAYISSG) Fund
Faysal Money Market Fund Open-End
FAYMMKT:PA
(FAYMMKT) Fund
Faysal Savings Growth Fund - A Open-End
FAYSAVA:PA Government/Agency
(FAYSAVA) Fund
First Capital Mutual Fund Ltd/FUND Closed-
CPMFI:PA Growth and Income
(CPMFI) End Fund
Closed-
First Dawood Mutual Fund (FDMF) FDMF:PA Balanced
End Fund
Open-End
First Habib Cash Fund (FIRHABC) FIRHABC:PA
Fund
First Habib Islamic Balanced Fund Open-End Sector Fund-Ast
FHISBAL:PA
(FHISBAL) Fund Alloc/Islamic
Golden Arrow Selected Stock Fund Closed-
GASF:PA Growth and Income
(GASF) End Fund
Habib Asset Management - First Habib Open-End
HABFINC:PA Government/Corporate
Income Fund (HABFINC) Fund
Habib Asset Management - First Habib Open-End
HABFSTK:PA Value
Stock Fund (HABFSTK) Fund
Open-End
HBL Income Fund (HBLINCM) HBLINCM:PA Government/Corporate
Fund
HBL Islamic Money Market Fund Open-End
HBLIMMK:PA
(HBLIMMK) Fund
Open-End Sector Fund-
HBL Islamic Stock Fund (HBLISST) HBLISST:PA
Fund Equity/Islamic
HBL Money Market Fund Open-End
HBMMMKT:PA
(HBMMMKT) Fund
Open-End
HBL Multi-Asset Fund (HBLMTIA) HBLMTIA:PA Balanced
Fund
Open-End
HBL Stock Fund - B (HBLSTOK) HBLSTOK:PA Growth and Income
Fund
IGI Aggressive Income Fund Open-End
POBOPAP:PA Government/Corporate
(POBOPAP) Fund
Open-End
IGI Capital Protected Fund (IGICPRO) IGICPRO:PA Government/Corporate
Fund
Open-End
IGI Income Fund - A (IGINCMA) IGINCMA:PA Government/Corporate
Fund
Open-End
IGI Islamic Income Fund (IGISLIN) IGISLIN:PA Sector Fund-Debt/Islamic
Fund
Open-End
IGI Money Market Fund (IGIMMKT) IGIMMKT:PA
Fund
IGI Stock Fund - B (IGISTKB) IGISTKB:PA Open-End Growth
5. Fund
Closed-
Investec Mutual Fund (INMF) INMF:PA Flexible Portfolio
End Fund
JS Aggressive Asset Allocation Fund Open-End
ABAAGRE:PA Flexible Portfolio
(ABAAGRE) Fund
Open-End
JS Aggressive Income Fund (JSAGRIC) JSAGRIC:PA Government/Corporate
Fund
Open-End
JS Cash Fund (JSCASHF) JSCASHF:PA
Fund
Fund of
JS Fund of Funds (ABAMFOF) ABAMFOF:PA Balanced
Funds
Closed-
JS Growth Fund (JSGF) JSGF:PA Growth and Income
End Fund
Open-End
JS Income Fund (ABAUTIF) ABAUTIF:PA Government/Corporate
Fund
Open-End
JS Islamic Fund (ABAISLM) ABAISLM:PA Balanced
Fund
JS Islamic Pension Savings Fund - Open-End
JSIMMKT:PA
Money Market (JSIMMKT) Fund
JS Islamic Pension Savings Fund - Debt Open-End
JSIPDBT:PA Sector Fund-Debt/Islamic
(JSIPDBT) Fund
JS Islamic Pension Savings Fund - Open-End Sector Fund-
JSIPEQY:PA
Equity (JSIPEQY) Fund Equity/Islamic
Open-End
JS KSE 30 Index Fund (ABAUA30) ABAUA30:PA Index Fund
Fund
Closed-
JS Value Fund Ltd (JSVFL) JSVFL:PA Balanced
End Fund
KASB Asset Allocation Fund Open-End
KASBBAL:PA Balanced
(KASBBAL) Fund
Open-End
KASB Cash Fund (KASCASH) KASCASH:PA
Fund
KASB Income Opportunity Fund Open-End
KASLIQL:PA
(KASLIQL) Fund
KASB Income Opportunity Fund Open-End
KASLIQU:PA
(KASLIQU) Fund
KASB Islamic Income Opportunity Fund Open-End
KASISIN:PA Government/Corporate
(KASISIN) Fund
Open-End
KASB Stock Market Fund (KASSTOK) KASSTOK:PA Growth and Income
Fund
Open-End
KSE Meezan Index Fund (KSEMIND) KSEMIND:PA Index Fund
Fund
Lakson Asset Allocation Developed LKAADMF:PA Open-End Flexible Portfolio
6. Markets Fund (LKAADMF) Fund
Lakson Asset Allocation Emerging Open-End
LKAAEMF:PA Global Asset Allocation
Markets Fund (LKAAEMF) Fund
Lakson Asset Allocation Global Open-End
LKAAGCF:PA Commodity
Commodities Fund (LKAAGCF) Fund
Open-End
Lakson Equity Fund (LAKSEQT) LAKSEQT:PA Growth
Fund
Open-End
Lakson Income Fund (LAKSINC) LAKSINC:PA Government/Agency
Fund
Lakson Money Market Fund Open-End
LAKSMMF:PA
(LAKSMMF) Fund
MCB Cash Management Optimizer Fund Open-End
MCBCSMO:PA
(MCBCSMO) Fund
MCB Dynamic Allocation Fund Open-End
MCBDALL:PA Balanced
(MCBDALL) Fund
Open-End
MCB Dynamic Cash Fund (MCBCASH) MCBCASH:PA
Fund
MCB Dynamic Stock Fund Open-End
MCBSTOK:PA Growth and Income
(MCBSTOK) Fund
MCB Islamic Income Fund - A Open-End
MCBISIA:PA Sector Fund-Debt/Islamic
(MCBISIA) Fund
MCB Islamic Income Fund - B Open-End
MCBISIB:PA Sector Fund-Debt/Islamic
(MCBISIB) Fund
Closed- Sector Fund-Ast
Meezan Balanced Fund (MBF) MBF:PA
End Fund Alloc/Islamic
Meezan Capital Protected Fund II Open-End Sector Fund-Ast
MEEZCAP:PA
(MEEZCAP) Fund Alloc/Islamic
Open-End
Meezan Cash Fund (MEEZCSH) MEEZCSH:PA Sector Fund-Debt/Islamic
Fund
Open-End
Meezan Islamic Fund (MEZISLM) MEZISLM:PA Growth and Income
Fund
Meezan Islamic Income Fund - B Open-End
MZMIIFB:PA Sector Fund-Debt/Islamic
(MZMIIFB) Fund
Meezan Islamic Income Fund - C Open-End
MZMIIFC:PA Sector Fund-Debt/Islamic
(MZMIIFC) Fund
Open-End
Meezan Sovereign Fund (MEEZSOV) MEEZSOV:PA Government/Corporate
Fund
Meezan Tahaffuz Pension Fund - Debt Open-End
MEETPDT:PA Sector Fund-Debt/Islamic
(MEETPDT) Fund
Meezan Tahaffuz Pension Fund - Equity Open-End Sector Fund-
MEETPEQ:PA
(MEETPEQ) Fund Equity/Islamic
Meezan Tahaffuz Pension Fund - Money MEETPMM:PA Open-End
7. Market (MEETPMM) Fund
NAFA Asset Allocation Fund Open-End
NAFAASA:PA Flexible Portfolio
(NAFAASA) Fund
NAFA Financial Sector Income Fund Open-End
NAFAFSI:PA Sector Fund-Debt
(NAFAFSI) Fund
NAFA Government Securities Liquid Open-End
NAFAGSL:PA Govt/Agency-Short Term
Fund (NAFAGSL) Fund
Open-End
NAFA Income Fund (NAFANIF) NAFANIF:PA Government/Corporate
Fund
NAFA Income Opportunity Open-End
NAFCASH:PA
(NAFCASH) Fund
NAFA Islamic Aggressive Income Fund Open-End
NAFISLI:PA Sector Fund-Debt/Islamic
(NAFISLI) Fund
NAFA Islamic Multi Asset Fund Open-End Sector Fund-Ast
NAFISMA:PA
(NAFISMA) Fund Alloc/Islamic
NAFA Money Market Fund Open-End
NAFAMMF:PA
(NAFAMMF) Fund
Open-End
NAFA Multi Asset Fund (NAFMULT) NAFMULT:PA Balanced
Fund
NAFA Riba Free Savings Fund Open-End
NAFARFS:PA Sector Fund-Debt/Islamic
(NAFARFS) Fund
Open-End
NAFA Savings Plus Fund (NAFASAV) NAFASAV:PA
Fund
Open-End
NAFA Stock Fund (NAFSTOK) NAFSTOK:PA Growth and Income
Fund
Closed-
Namco Balanced Fund (NBF) NBF:PA Balanced
End Fund
Open-End
NAMCO Income Fund (NAMCOIB) NAMCOIB:PA Government/Corporate
Fund
National Investment Trust-UNIT Fund Open-End
NITRUST:PA Growth and Income
(NITRUST) Fund
National Investment Trust - Income Open-End
NITIFRS:PA Global Debt
Fund - RS (NITIFRS) Fund
NIT Government Bond Fund Open-End
NITGLOB:PA Government/Agency
(NITGLOB) Fund
Pak Oman Advantage Asset Allocation Open-End Region Fund-Geo
PAKOAAA:PA
Fund (PAKOAAA) Fund Focused-Asset
Closed-
Pak Oman Advantage Fund (POAF) POAF:PA Govt/Corp Long Term
End Fund
Pak Oman Advantage Islamic Income Open-End Sector Fund-
PAKOAII:PA
Fund (PAKOAII) Fund Equity/Islamic
Pak Oman Government Securities Fund POGOVMS:PA Open-End Government/Agency
8. (POGOVMS) Fund
Pak Oman Islamic Asset Allocation Open-End Sector Fund-
PAKOAIS:PA
Fund (PAKOAIS) Fund Equity/Islamic
Pakistan Income Enhancement Fund Open-End
PAKIENH:PA Index Fund-Debt
(PAKIENH) Fund
Pakistan International Element Islamic Open-End
ARIFISL:PA Balanced
Asset Allocation Fund (ARIFISL) Fund
Pakistan Islamic Pension Fund - Debt Open-End
PAKIPDB:PA Government/Corporate
(PAKIPDB) Fund
Pakistan Islamic Pension Fund - Equity Open-End
PAKIPEQ:PA Growth
(PAKIPEQ) Fund
Pakistan Islamic Pension Fund - Money Open-End
PAKIPMM:PA
Market (PAKIPMM) Fund
Open-End
PICIC Cash Fund - C (PICCSFC) PICCSFC:PA
Fund
Open-End
PICIC Cash Fund - D (PICCSFD) PICCSFD:PA
Fund
Closed-
PICIC Energy Fund (PEF) PEF:PA Sector Fund-Energy
End Fund
Closed-
PICIC Growth Fund (PGF) PGF:PA Growth
End Fund
Open-End
PICIC Income Fund (PICIINC) PICIINC:PA Global Debt
Fund
Closed-
PICIC Investment Fund (PIF) PIF:PA Growth
End Fund
Open-End
PICIC Stock Fund (PICICST) PICICST:PA Global Equity
Fund
Closed-
Prudential Stock Fund (PUDF) PUDF:PA Growth and Income
End Fund
Closed-
Safeway Mutual Fund Ltd (SFWF) SFWF:PA Balanced
End Fund
Closed-
Tri-Star Mutiual Fund Ltd (TSMF) TSMF:PA Growth and Income
End Fund
UBL Government Securities Fund Open-End
UBLGVTS:PA Global Debt
(UBLGVTS) Fund
Open-End
UBL Islamic Cash Fund (UBLISCS) UBLISCS:PA
Fund
UBL Islamic Retirement Savings Fund - Open-End
UBLRMMK:PA
Money Market (UBLRMMK) Fund
UBL Islamic Retirement Savings Fund - Open-End
UBLRDBT:PA Government/Corporate
Debt (UBLRDBT) Fund
UBL Islamic Retirement Savings Fund - UBLREQY:PA Open-End Growth
9. Equity (UBLREQY) Fund
UBL Islamic Sovereign Fund Open-End
UBLISSF:PA
(UBLISSF) Fund
UBL Liquidity Plus Fund - C RETAIL Open-End
UBLLIQC:PA Government/Corporate
(UBLLIQC) Fund
Open-End
UBL Savings Income Fund (UBLSAIN) UBLSAIN:PA Government/Corporate
Fund
Open-End Sector Fund-Ast
UBL Shariah Stock Fund (UBLISLM) UBLISLM:PA
Fund Alloc/Islamic
Open-End
Unit Trust of Pakistan (ABAUTPA) ABAUTPA:PA Balanced
Fund
United Growth and Income Fund - Open-End
UBLGROW:PA Government/Corporate
GROWTH (UBLGROW) Fund
United Growth and Income Fund - Open-End
UBLINCO:PA Government/Corporate
INCOME (UBLINCO) Fund
United Islamic Income Fund - Open-End
UBLISIG:PA Government/Corporate
GROWTH UNITS (UBLISIG) Fund
United Islamic Income Fund - INCOME Open-End
UBLISII:PA Government/Corporate
UNITS (UBLISII) Fund
United Stock Advantage Fund Open-End
UBLADVN:PA Growth and Income
(UBLADVN) Fund
Closed-
WE Balanced Fund (WEBF) WEBF:PA Balanced
End Fund
Mutual funds in Pakistan are registered and legally established in the form of a Trust, under the
Trust Act of 1882. The mutual fund industry is regulated by, the Securities and Exchange
Commission of Pakistan (SECP) which licenses each Asset Management Company in strict
compliance with the NBFC Rules, 2003 and requires all AMC’s to obtain an independent rating.
The AMC appoints a team of investment professionals, supported by a team of research analysts
to manage the portfolio of the fund in conformity with the stated Investment objective.
How do Pakistan’s Asset Management Companies Work (AMC)?
10. In Pakistan, asset management companies (AMCs) are licensed and regulated by the Securities
and Exchange Commission of Pakistan (SECP)
What categories of funds are available in Pakistan?
Types of Mutual Funds (By Objective)
Open-ended or closed-end funds can be of several types; however the most basic classifications
are stock funds, income funds, hybrid funds or specialty funds. Further classifications evolve as
each fund pursues diverse investment strategies for instance: Islamic Equity Funds, Sector
Funds, Global Equity Funds, High Yield Debt Funds, Aggressive Equity Funds, Income Funds
and so on.
Stock Funds
Income and Money Market Funds
Hybrid Funds
Pension Funds
Islamic Funds
Specialty Funds
Who Regulates Mutual funds in Pakistan?
11. All fund companies operating in Pakistan are subject to strict regulation and oversight by the
Securities and Exchange Commission Pakistan (SECP). As part of this regulation, all funds must
provide investors with full and complete disclosure about the fund in a written prospectus
describing the fund’s investment objective, its investment methods, information on how to
purchase and redeem shares, information about the investment adviser, risks of investments and
fund fees and expenses.
Unit holders are also to be provided with annual and semiannual reports that contain recent
information on the fund’s portfolio, performance, and investment goals and policies.
Taxes 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.
Taxes on Shareholders in funds:
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) ten percent of the taxable income of the unit holder, or (c )
Rupees Three Hundred Thousand (PKR. 300,000), and is calculated by applying the average rate
of tax of the unit holder for the tax year. If the units are disposed within twelve months, the
amount of tax payable for the tax year in which the units are disposed is increased by the amount
of credit allowed.
Links for further information:
Karachi Stock Exchange
Lahore Stock Exchange
12. Securities and Exchange Commission of Pakistan
Central Depository Company Pakistan
Mutual Funds Association of Pakistan
Mutual Fund Basics
A Mutual Fund is a pool of money that gives investors access to a well-diversified portfolio of
stocks, bonds, and other securities. Each shareholder participates in the gain or loss of the fund.
Shares are issued and can be redeemed as needed (in the case of an open-ended fund). The fund's
net asset value (NAV) is determined each day and is posted on the respective Asset Management
Company’s website on a daily basis.
Equity Funds
An equity fund is one that is invested mainly in a company’s equity through the stock exchange and is
exposed to the risk of volatility associated with the equity market. Although this fund is the riskiest
within the genre of mutual funds, it is also known to provide the maximum yields and dividends.
Fixed Income Funds
A Fixed Income Fund is one that offers fixed returns over a set tenor. These funds are inherently linked
to the general interest rate and are, unlike the stock market, safe from drastic fluctuation. The capital
value is more easily sustainable while the returns are generally modest. However, active fund
management can yield returns which are higher than most fixed income avenues in the market and
therefore, it is an attractive investment avenue for investors with moderate risk appetites.
Money Market Funds
A Money Market Fund is one that invests in liquid, short-term securities which offer fixed returns over
short periods. These funds are inherently linked to the general interest rate and are, therefore, unlike
the stock market, safe from drastic fluctuation. Underlying investment may include securities issued by
corporate bodies, spread transactions, reverse-repo transactions, selective exposure in the CFS market,
Term Finance Certificates (TFCs) and commercial paper.
Balanced Funds
These funds maintain a mix within equity and fixed income markets. This fund offers room to its fund
managers to switch between different investment types i.e. fixed income and capital markets.
Effectively, the risk associated to this category lies between equity funds and fixed income funds and the
returns also vary correspondingly between the ranges of the two.
13. Why Invest in Mutual Funds
Mutual funds make investing simple, accessible and affordable for everyone, regardless of how
much you have to invest or what your investment goals are. The advantages of mutual funds
include liquidity, tax benefits, professional management, diversification, accessibility, security,
as well as strict government regulation and full disclosure.
Mutual Funds provide the opportunity for long term growth without
Liquidity the requirement of any long term commitment, as mutual funds
provide the option to redeem your investment on a daily basis.
Mutual funds in Pakistan are exempted from tax as Mutual Funds
have to distribute 90% of their income to Unit Holders.
Tax Benefits
Additionally, bonus units may be redeemed without any tax
liability.
Dedicated research team, specialized portfolio management, and
Professional Management
risk management oversight and controls.
Diversification regardless Mutual Funds provide the opportunity to establish a well diversified
of small Investment portfolio without the large investment typically required to achieve
Amount this diversification.
Investments with mutual funds attempt to weather all storms as
Active Management AMC's, who specialize in managing your investments, take
advantage of ups & downs in the market.
A Mutual Fund allows you to invest without requiring a large
investment - in fact at JSIL you can invest for as little as PKR 100.
Accessibility
This means that small amounts may be invested over a period of
time.
Net Assets of a Mutual Fund are completely under the custody the
Security Trustee which ensures that the fund is operating within the
investment policy as detailed in the Trust Deed.
Mutual Funds are fully regulated by the Securities and Exchange
Regulated by SECP Commission of Pakistan, ensuring investor's rights to be afforded
protection.
Mutual Fund Structures
There are two generic types of funds available in the market (1) Closed end & (2) Open end
Close end Funds
Closed-end mutual funds are more like the stock of a listed company, a fixed number of whose
shares are traded on an exchange. The shares of closed-end mutual funds are priced at market
value determined by supply and demand and are not priced at the fund’s net assets per share
14. value and thus may trade below or above the net asset value; if the shares of a closed-end fund
trade above the net asset value the fund is said to be trading at a "premium" and if it is trading
below the fund is said to be trading at a "discount". A feature of closed-end funds is that they can
be converted into open-end funds.
Units trade on a stock exchange which is the only exit route
Trade at last price determined by the market which may be greater than, equal to or less
than the NAV
Do not continually offer units for sale
No sales load (front end or back end), only management fee
Some funds follow the practice of sharing excess profits above benchmark to align fund
manager goals with that of the investor
Open end Funds
Open-end mutual fund are also called unit trusts, because they are registered as trusts. An open-
end fund unit holder can redeem or purchase units at any time. Units are priced at their Net Asset
Value (NAV) on per unit basis and its unit price is determined by the net increase and/or
decrease in the share prices of the stocks that the fund owns along with any dividends and capital
gains received. The units of an open-end mutual fund can be bought directly or through the
AMC.
Registered as trusts
Bought through the Management Company at offer price, which is NAV plus front end
load, if any
Redeemed through the Management Company at redemption price which is NAV less the
back end load, if any
In addition to sales load, if any, flat management fee is charged
Some funds follow the practice of sharing excess profits above benchmark to align fund
manager goals with that of the investor
Mutual Fund Category JSIL Product Suite Offering (Open-End and Closed-End)
JS Income Fund
Fixed Income Fund JS Aggressive Income Fund
Unit Trust of Pakistan
Balanced Fund
JS Large Cap. Fund
JS Growth Fund
Equity Fund
JS Value Fund Limited
JS Aggressive Asset Allocation Fund
Asset Allocation Fund
JS KSE 30 Index Fund
Index Fund
15. JS Islamic Fund
Islamic Fund
JS Fund of Funds
Fund of Funds
JS Pension Savings Fund
Pension Funds JS Islamic Pension Savings Fund
National Investment Trust Limited Gujranwala Contact Number & Address
Branch Name ::Gujranwala
Branch Code :: -
Address ::42-A/B, Trust Plaza, Ground Floor, G.T Road, Gujranwala.
Telephone No. ::055-9200220
Fax No. :: 055-9200421
Branch Office
Address: G.T Road, Gujranwala
Landmarks: GT Road
City: Gujranwala
PABX +92-55-9200805, 9200856, 9200861, 9200862