Js Investments Limited · PSX:JSIL
Js Investments — Investor Presentation (December 2016)
61 slides from Js Investments's investor presentation, December 2016
Slide 1: Global Investment Performance Standards (GIPS) Compliant Performance Presentation
Global Investment Performance Standards (GIPS) Compliant Performance Presentation & Reporting For the period ended December, 2016
Slide 2: JS Equity Composite Performance 2012-2016
JS Investments Limited GIPS Compliant Presentation JS Equity Composite From January 2012 to December 2016 Composite Name: JS Equity Composite Benchmark: KSE – 30 Index Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Benchmark Composite Benchmark Total
Slide 3: Policies, Composite Description and Benchmark
Policies The Firm’s policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite Description JS Equity Composite primarily participates in high yielding equity securities aiming at maximizing the investment return derived from
Slide 4: Significant Event: WWF Clarification
Subsequent to the year ended June 30, 2010, a clarification was issued by the Ministry of Labour and Manpower (the Ministry) which stated that mutual funds are not liable to contribute to WWF on the basis of their income. This clarification was forwarded by Federal Board of Revenue (FBR) (being the
Slide 5: Fees, Fee Schedule and Minimum Portfolio Size
converted into Initial Units in the ratio of 10:1 i.e. against ten shares of closed end Fund each of Rs. 10 into one unit of open end scheme of Rs. 100 was issued. Fees Returns are calculated and presented net of all fees/ expenses that includes custodial expenses, SECP fee, listing fee, Management
Slide 6: Financial Instruments and Revenue Recognition
Financial instruments All the financial assets and liabilities are recognized at the time when the Portfolio becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the contractual rights to receive cash flows related to the asset expire. Financial lia
Slide 7: Liability for Income Tax
Liability for Income Tax, if ninety per cent (90%) of the Fund’s income is paid as dividend Notwithstanding the tax rates and withholding tax the income of the Fund will be exempt from tax, if not less than ninety per cent (90%) of the income for the year is distributed amongst the Unit Holders as d
Slide 8: JS Islamic Equity Composite Performance
JS Investments Limited GIPS Compliant Presentation JS Islamic Equity Composite From January 2012 to December 2016 Composite Name: JS Islamic Equity Composite Benchmark: KMI – 30 Index Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Benchmark Composite
Slide 9: Policies, Composite Description and Benchmark
Policies The Firm’s policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite Description JS Islamic Equity Composite aims to maximize total returns along with capital gain that includes a combination of capital appreciation
Slide 10: Significant Event: WWF Petition
(FBR) (being the collecting agency of WWF on behalf of the Ministry) to its members for necessary action through letter dated October 6, 2010. Based on this clarification, the FBR also withdrew notice of demand which it had earlier issued to one of the mutual funds for collection of WWF. Notices of
Slide 11: Minimum Portfolio Size and Valuation Assumptions
Minimum Portfolio Size The Minimum portfolio size for inclusion in the composite is as follows; For portfolios of CIS (Funds) Rs. 100 Million* For other portfolio Rs. 5 Million *which is also the minimum regulatory requirement for a mutual fund. Internal Dispersion Since number of Portfolios in the
Slide 12: Liability for Income Tax
Liability for Income Tax Under the income tax law in Pakistan, the Fund is regarded as a public company for tax purposes. The income of the Fund is taxable, if 90% distribution is not made among the unit holders, certificate holders or shareholders as the case may be. The tax is chargeable at the ra
Slide 13: Taxation of Unit Holders and Liability to Zakat
Taxation of Unit Holders and Liability to Zakat (a) Withholding Tax: Unless exempted from such taxation or at a reduced rate under any law or Avoidance of Double Taxation Agreement, cash dividend paid to Unit holders of the Fund will be subject to withholding tax as per the prevailing tax law. In te
Slide 14: JS Balanced Composite Performance
JS Investments Limited GIPS Compliant Presentation JS Balanced Composite From January 2012 to December 2016 Composite Name: JS Balanced Composite Benchmark: 50% KSE 30 – index 50% 6M KIBOR Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Composite Ben
Slide 15: Definition of the Firm, Policies and Composite Description
Services. The definition of the Firm includes all Funds under its management and all fee paying and non – fee paying discretionary and non – discretionary portfolios. Policies The Firm’s policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upo
Slide 16: Significant Event: WWF Petition
percent of their accounting or taxable income, whichever is higher. In this regard, a constitutional petition has been filed by certain CISs through their trustees in the Honorable High Court of Sindh (SHC), challenging the applicability of WWF to the CISs, which is pending adjudication. Subsequent
Slide 17: Minimum Portfolio Size and Valuation Assumptions
Minimum Portfolio Size The Minimum portfolio size for inclusion in the composite is as follows; For portfolios of CIS (Funds) Rs. 100 Million* For other portfolio Rs. 5 Million *which is also the minimum regulatory requirement for a mutual fund. Internal Dispersion Since number of Portfolios in the
Slide 18: Liability for Income Tax
Liability for Income Tax Under the income tax law in Pakistan, the Fund is regarded as a public company for tax purposes. The income of the Fund is taxable, if 90% distribution is not made among the unit holders, certificate holders or shareholders as the case may be. The tax is chargeable at the ra
Slide 19: Taxation of Unit Holders and Liability to Zakat
Taxation of Unit Holders and Liability to Zakat (a) Withholding Tax: Unless exempted from such taxation or at a reduced rate under any law or Avoidance of Double Taxation Agreement, cash dividend paid to Unit holders of the Fund will be subject to withholding tax as per the prevailing tax law. In te
Slide 20: JS Fund of Funds Composite Performance
JS Investments Limited GIPS Compliant Presentation JS Fund of Funds Composite From January 2012 to December 2016 Composite Name: JS Fund of Funds Composite Benchmark: Refer to Benchmark Disclosure Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Benchma
Slide 21: Policies, Composite Description and Benchmark
Policies The Firm’s policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite Description JS Fund of Funds Composite aims to grow investor’s capital by undertaking minimal risk through investing primarily in any of all the a
Slide 22: Significant Event: WWF Petition
Notices of demand have also been issued to several other mutual funds and the matter has been taken up by the respective mutual funds with the FBR for their withdrawal on the basis of the above referred clarification of the Ministry. However, the Secretary (Income Tax Policy) Federal Board of Revenu
Slide 23: Internal Dispersion and Valuation Assumptions
Internal Dispersion Since number of Portfolios in the composite is less than five for the entire (full) year therefore calculation of internal dispersion is not required. Key Assumption for Portfolio valuation Following are the key assumptions used in portfolio valuation; Financial instruments All t
Slide 24: Capital Gains and Dividend Tax Liability
(b) Capital gains arising on sale of securities, listed on any stock exchange in Pakistan at applicable tax rates in accordance with the Income Tax Ordinance, 2001; Returns from all other sources/instruments are taxable at the rate applicable to a public company. Liability for Income Tax, if ninety
Slide 25: Capital Gains Tax on Units
(b) Capital Gains: Capital Gains arising on disposition of Units of the Fund subject to withholding Capital Gains Tax (CGT) at the applicable rates given in the Income Tax Ordinance, 2001 (ITO).There shall be no CGT, if holding period is more than 48 months (4 years). As per section 37(A) of the Inc
Slide 26: JS Income Composite Performance
JS Investments Limited GIPS Compliant Presentation JS Income Composite From January 2012 to December 2016 Composite Name: JS Income Composite Benchmark: Six Months KIBOR rate Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Benchmark Composite Benchmark
Slide 27: Policies, Composite Description and Benchmark
Policies The Firm’s policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite Description JS Income Composite aims to preserve investor’s capital while providing a regular stream of income on an annual basis which is higher
Slide 28: Significant Event: WWF Petition
(FBR) (being the collecting agency of WWF on behalf of the Ministry) to its members for necessary action through letter dated October 6, 2010. Based on this clarification, the FBR also withdrew notice of demand which it had earlier issued to one of the mutual funds for collection of WWF. Notices of
Slide 29: Fee Schedule, Minimum Portfolio Size, Valuation Assumptions
Fee Schedule Management Fee is 0.75% for JS IF; and Management Fee is 1.50% for JS AIF and JS PSDF. Minimum Portfolio Size The Minimum portfolio size for inclusion in the composite is as follows; For portfolios of CIS/ (Funds) Rs. 100 Million* For other portfolio(s) Rs. 5 Million *which is also the
Slide 30: Revenue Recognition and Income Tax Liability
Revenue recognition Capital gains of a security are accounted for in the period in which they arise. Dividend income is recognized when the right to receive them is established. Income on bank deposits is recognized on accrual basis, and adjustments (if required) are made on receipt of actual profit
Slide 31: Withholding Tax and Taxation of Unit Holders
Withholding Tax Under the provisions of Clause 47(B) of Part - iv of the Second Schedule to the Income Tax Ordinance, 2001, the Fund’s income namely, dividend, profit on government securities, return on deposits/certificates of investment with banks/financial institutions, profits from money market
Slide 32: JS Islamic Income Composite Performance
JS Investments Limited GIPS Compliant Presentation JS Islamic Income Composite From January 2012 to December 2016 Composite Name: JS Islamic Income Composite Benchmark: Refer to Benchmark Disclosure Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Bench
Slide 33: Definition of the Firm, Policies and Composite Description
Services. The definition of the Firm includes all Funds under its management and all fee – paying and non – fee – paying discretionary and non – discretionary portfolios. Policies The Firm’s policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available
Slide 34: Significant Event: WWF Clarification
Subsequent to the year ended June 30, 2010, a clarification was issued by the Ministry of Labour and Manpower (the Ministry) which stated that mutual funds are not liable to contribute to WWF on the basis of their income. This clarification was forwarded by Federal Board of Revenue (FBR) (being the
Slide 35: Minimum Portfolio Size and Valuation Assumptions
Minimum Portfolio Size The Minimum portfolio size for inclusion in the composite is as follows; For portfolios of CIS (Funds) Rs. 100 Million* For other portfolio Rs. 5 Million *which is also the minimum regulatory requirement for a mutual fund. Internal Dispersion Since number of Portfolios in the
Slide 36: Proprietary Assets and Income Tax Liability
Proprietary Assets in the Composite The composite contains the proprietary investments of JS Investments Limited as of December 31, 2016. Liability for Income Tax Under the income tax law in Pakistan, the Fund is regarded as a public company for tax purposes. The income of the Fund is taxable, if 90
Slide 37: Taxation of Unit Holders and Liability to Zakat
Taxation of Unit Holders and Liability to Zakat (a) Withholding Tax: Unless exempted from such taxation or at a reduced rate under any law or Avoidance of Double Taxation Agreement, cash dividend paid to Unit holders of the Fund will be subject to withholding tax as per the prevailing tax law. In te
Slide 38: JS Money Market Composite Performance
JS Investments Limited GIPS Compliant Presentation JS Money Market Composite From January 2012 to December 2016 Composite Name: JS Money Market Composite Benchmark: Refer to Benchmark Disclosure Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Benchmark
Slide 39: Policies, Composite Description and Benchmark
Policies The Firm’s policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite Description JS Money Market Composite aims to generate optimal return while maintaining high liquidity with minimum risk. Portfolio(s) within Mone
Slide 40: Significant Event: WWF Petition
(FBR) (being the collecting agency of WWF on behalf of the Ministry) to its members for necessary action through letter dated October 6, 2010. Based on this clarification, the FBR also withdrew notice of demand which it had earlier issued to one of the mutual funds for collection of WWF. Notices of
Slide 41: Minimum Portfolio Size and Valuation Assumptions
Minimum Portfolio Size The Minimum portfolio size for inclusion in the composite is as follows; For portfolios of CIS (Funds) Rs. 100 Million* For other portfolio Rs. 5 Million *which is also the minimum regulatory requirement for a mutual fund. Internal Dispersion Since number of Portfolios in the
Slide 42: Proprietary Assets and Income Tax Liability
Proprietary Assets in the Composite The composite contains the proprietary investments of JS Investments Limited as of December 31, 2016. Liability for Income Tax Under the income tax law in Pakistan, the Fund is regarded as a public company for tax purposes. The income of the Fund is taxable, if 90
Slide 43: Taxation of Unit Holders and Liability to Zakat
Taxation of Unit Holders and Liability to Zakat (a) Withholding Tax: Unless exempted from such taxation or at a reduced rate under any law or Avoidance of Double Taxation Agreement, cash dividend paid to Unit holders of the Fund will be subject to withholding tax as per the prevailing tax law. In te
Slide 44: JS Asset Allocation Composite Performance
JS Investments Limited GIPS Compliant Presentation JS Asset Allocation Composite From January 2012 to December 2016 Composite Name: JS Asset Allocation Composite Benchmark: 50% KSE30 Index 50% Avg. 6M KIBOR Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Compo
Slide 45: Policies, Composite Description and Benchmark
Policies The Firm’s policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite Description JS Asset Allocation Composite seeks to provide long term returns to the investors through capital gains and dividend income. The compo
Slide 46: Significant Event: WWF Clarification
Subsequent to the year ended June 30, 2010, a clarification was issued by the Ministry of Labour and Manpower (the Ministry) which stated that mutual funds are not liable to contribute to WWF on the basis of their income. This clarification was forwarded by Federal Board of Revenue (FBR) (being the
Slide 47: Fee Schedule, Minimum Portfolio Size, Valuation Assumptions
Fee Schedule Management Fee is 2.00% for JS AAAF. Minimum Portfolio Size The Minimum portfolio size for inclusion in the composite is as follows; For portfolios of CIS (Funds) Rs. 100 Million* For other portfolio Rs. 5 Million *which is also minimum regulatory requirement to start a mutual Fund Inte
Slide 48: Revenue Recognition and Income Tax Liability
Revenue recognition Capital gains of a security are accounted for in the period in which they arise. Dividend income is recognized when the right to receive them is established. Income on bank deposits is recognized on accrual basis, and adjustments (if required) are made on receipt of actual profit
Slide 49: Withholding Tax and Taxation of Unit Holders
profit from Profit or Loss sharing accounts with Banks of the Fund will not be subject to any withholding tax. Provided that exemption certificate, under section 150 & 151 of the Income Tax Ordinance, 2011, have been duly obtained by the CIS and approved Pension Schemes. Taxation of Unit Holders and
Slide 50: JS Capital Protected Composite Performance
JS Investments Limited GIPS Compliant Presentation JS Capital Protected Composite From January 2012 to December 2016 Composite Name: JS Capital Protected Composite Benchmark: Refer to Benchmark Disclosure Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite
Slide 51: Definition of the Firm, Policies and Composite Description
Definition of the Firm The Firm is a public listed company incorporated in Karachi - Pakistan and is listed on the Pakistan Stock Exchange (formerly, Karachi Stock Exchange). JSIL is a subsidiary of “JS Bank Limited” and is engaged in the business of providing Asset Management and Investment Advisor
Slide 52: Significant Event
Significant Event 1. The Finance Act, 2008 introduced an amendment to the Workers' Welfare Fund Ordinance, 1971 (WWF Ordinance). As a result of this amendment it may be construed that all Collective Investment Schemes / mutual funds (CISs) whose income exceeds Rs.0.5 million in a tax year, have been
Slide 53: Fund Events, Fees and Minimum Portfolio Size
2. The life of JS Principal Secure Fund I (JS PSF I) was 3 years & 6 weeks, and JS PSF I was matured on June 11, 2012. 3. JS Capital Protected Fund V (JS CPF V) was launched on May 30, 2016 and for the period from the date of maturity of JS PSF I to the launch of JS CPF V, there exists no portfolio(
Slide 54: Key Assumption for Portfolio Valuation
Key Assumption for Portfolio valuation Following are the key assumptions used in portfolio valuation; Financial instruments All the financial assets and liabilities are recognized at the time when the Portfolio becomes a party to the contractual provisions of the instrument. Financial assets are der
Slide 55: Liability for Income Tax and Withholding Tax
Liability for Income Tax, if ninety per cent (90%) of the Fund’s income is paid as dividend Notwithstanding the tax rates and withholding tax the income of the Fund will be exempt from tax, if not less than ninety per cent (90%) of the income for the year is distributed amongst the Unit Holders as d
Slide 56: JS Index Tracker Composite Performance
JS Investments Limited GIPS Compliant Presentation JS Index Tracker Composite From January 2012 to December 2016 Composite Name: JS Index Tracker Composite Benchmark: KSE – 30 Index Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Benchmark Composite Be
Slide 57: Policies, Composite Description and Benchmark
Policies The Firm’s policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite Description The composite targets sophisticated investors who can time their entry and exit in accordance with the expected performance of the equ
Slide 58: Significant Event: WWF Clarification
Based on this clarification, the FBR also withdrew notice of demand which it had earlier issued to one of the mutual funds for collection of WWF. Notices of demand have also been issued to several other mutual funds and the matter has been taken up by the respective mutual funds with the FBR for the
Slide 59: Fee Schedule, Internal Dispersion, Valuation Assumptions
Fee Schedule Management Fee is 1.50% for JS KSE 30. Internal Dispersion Since number of Portfolios in the composite is less than five for the entire (full) year therefore calculation of internal dispersion is not required. Key Assumption for Portfolio valuation Following are the key assumptions used
Slide 60: Capital Gains and Dividend Tax Liability
(b) Capital gains arising on sale of securities, listed on any stock exchange in Pakistan at applicable tax rates in accordance with the Income Tax Ordinance, 2001; Returns from all other sources/instruments are taxable at the rate applicable to a public company. Liability for Income Tax, if ninety
Slide 61: Capital Gains Tax on Units
(b) Capital Gains: Capital Gains arising on disposition of Units of the Fund subject to withholding Capital Gains Tax (CGT) at the applicable rates given in the Income Tax Ordinance, 2001 (ITO).There shall be no CGT, if holding period is more than 48 months (4 years). As per section 37(A) of the Inc
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