UBL Pakistan Enter ETF · PSX:UBLPETF
UBL Pakistan Enter ETF — UBL Fund Managers — Investor Presentation (December 2024)
122 slides from UBL Pakistan Enter ETF's investor presentation, December 2024
Slide 1: GIPS Compliant Presentation UBL Bond Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Bond Savings Composite November 4, 2011 through March 31, 2020 Composite: UBL Bond Savings Composite Creation Date: 30-Jun-12 Reporting Currency: Pak Rupees Total Assets at Percentage Total Net Number of end of Period of Firm's Total Assets o
Slide 2: Definition of the Firm and Composite Description
(2) the firm‘s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Definition of the Firm UBL Fund Managers Limited is a wholly owned subsidiary of United Ba
Slide 3: Fees, Minimum Portfolio Size and Significant Events
Fees Returns are presented net of all expenses (including custodial expenses, SECP fee, Listing fee) in addition to the Management Fee and Trading Expenses. Fee Schedule Management Fee is 1.5% p.a. (URSF-DSF), Management Fee is Upto 1.00% (USSP-I), Management Fee is Upto 1.00% (USSP-II), Management
Slide 4: Significant Events: Sindh Workers' Welfare Fund
4. Further, as a consequence of the 18th amendment to the Constitution, levy for Sindh Workers’ Welfare Fund (SWWF) was also introduced by the Government of Sindh through the Sindh Workers Welfare Fund Act 2014 (SWWF Act 2014). SWWF Act 2014, enacted on May 21, 2015, requires every Industrial Establ
Slide 5: Significant Events: USSP plans added to composite
8. USSP-IV has been added in the composite list as period of 45 days has been completed for inclusion in portfolio (first NAV announced date May 30, 2019). The Fund/Scheme has maintained provisions against Sindh Workers’ Welfare Fund as of March 31, 2020 to the tune of Rs. 0.403 million. 9. USSP-V h
Slide 6: Key Assumptions for Portfolio Valuation
Financial instruments All the financial assets and financial 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. Fin
Slide 7: Income Tax and Withholding Tax
units or certificates as the case may be, shall not be taken into account. The ninety per cent (90%) of the income shall be calculated after excluding capital gains and as reduced by such expenses as are chargeable to the Fund under the Regulations. Withholding Tax Under the provisions of Clause 47(
Slide 8: GIPS Compliant Presentation UBL Capital Protected Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Capital Protected Composite April 15, 2008 through March 31, 2020 Composite: UBL Capital Protected Composite Creation Date: 15-Apr-10 Reporting Currency: Pak Rupees Total Assets at Percentage of Total Net Number of end of Period Firm's assets
Slide 9: Definition of the Firm and Composite Description
(2) the firm‘s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Definition of the Firm UBL Fund Managers Limited is a wholly owned subsidiary of United Ba
Slide 10: Significant Events: SWWF
the Mutual Funds are not financial institutions and rather an investment vehicle. However, the Sindh Revenue Board has not accepted the said position of MUFAP and as a result, MUFAP has taken up this matter with the Sindh Finance Ministry for resolution. In view of the above developments regarding t
Slide 11: Standard Deviation and Valuation Assumptions
Composite 3-Yr St Dev Year (%) FY12 2.85 Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at the time when the Portfolio becomes a party to the contractual provisio
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 rate applicable to a pu
Slide 13: Capital Gains Treatment
Capital gains shall be treated as a separate block of income and losses under this head can be adjusted by the unit holder from the capital gains in the same tax year. Any unadjusted loss under this head is not allowed to be carried forward to the subsequent tax years. ______________________________
Slide 14: GIPS Compliant Presentation UBL Conventional Balance Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Conventional Balance Composite December 1, 2008 through March 31, 2020 Composite: UBL Conventional Balance Composite Creation Date: 15-Apr-10 Benchmark: Refer to Benchmark Disclosure Reporting Currency: Pak Rupees Total Net Return Internal Nu
Slide 15: Definition of the Firm and Composite Description
(2) the firm‘s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Definition of the Firm UBL Fund Managers Limited is a wholly owned subsidiary of United Ba
Slide 16: Significant Events
Significant Event: 1. The BoD further resolved that with effect from May 30, 2013, the Fund will make provision on account of WWF at the rate of 2% of net accounting income under the WWF Ordinance, 1971. Accordingly, the fund has recorded a provision for WWF of Rs 5.9470 million for UAAF as at June
Slide 17: SWWF Provision, Fees and Minimum Portfolio Size
ii) Provision against SWWF, on prudent basis, should be made from the date of enactment of the SWWF Act, 2014 (i.e., May 21, 2015) with effect from January 12, 2017. Accordingly, the Fund has recorded these adjustments in its books of account on January 12, 2017. Based on which the provision against
Slide 18: Standard Deviation and Valuation Assumptions
Composite 3-Yr St Dev Year (%) 9MFY20 8.34% FY19 28.81% FY18 5.44% FY17 5.49% 2016 5.40% 2015 9.81% 2014 9.64% 2013 9.48% 2012 5.1% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilitie
Slide 19: Proprietary Assets and Income Tax Liability
Proprietary Assets in the Composite The Composite not contain investments of UBL Fund Managers Limited. However, contain ordinary shares of UBL Bank (UBL Fund Managers Limited Parent Company) as of March 31, 2020. Liability for Income Tax Under the income tax law in Pakistan, the Fund is regarded as
Slide 20: Capital Gains and Treatment of SMA
(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 In
Slide 21: GIPS Compliant Presentation UBL Dynamic Allocation Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Dynamic Allocation Composite December 20, 2012 through December 31, 2024 Composite: UBL Dynamic Allocation Composite Creation Date: 20-Dec-12 Reporting Currency: Pak Rupees Total Assets Percentage of Total Assets of the Firm at Total Net Numb
Slide 22: Compliance Statement and Composite Description
Compliance Statement UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Definition of the Firm UBL Fund Managers Limited is a wholly owned subsidiary of United Bank Limited
Slide 23: Fees Schedule and Significant Events
Fees Schedule Fees are charged as per different agreements as agreed with the clients. UAAF: 1% Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: For Portfolio/Fund Rs.100 Million per Fund For SMA Rs.50 Million per Managed Account Significant Event: 1. T
Slide 24: Significant Events: SWWF
on or after the date of closing of account on or after December 31, 2013, to pay two percent of its total income declared to SWWF. The said Act includes any concern engaged in the Banking or Financial Institution in the definition of “Industrial Undertaking” but does not define Financial Institution
Slide 25: Standard Deviation and Valuation Assumptions
1QFY25 4.78% FY24 4.92% FY23 4.33% FY22 6.10% FY21 11.91% FY20 14.21% FY19 10.69% FY18 12.64% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at the time when the
Slide 26: SMA Tax Liability
The SMA shall be liable for payment withholding tax and other taxes on the investment amount and on returns or growth of investment unless any SMA is recognized as tax-exempted by the Commissioner of Income Tax. The Investment Adviser shall be responsible for complying with the requirements of law w
Slide 27: GIPS Compliant Presentation UBL Equity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Equity Composite August 4, 2006 through December 31, 2024 Composite: UBL Equity Composite Creation Date: 15-Apr-10 Benchmark: KSE100 Index Reporting Currency: Pak Rupees Internal Total Assets at Percentage of Total Net Benchmark Number of Tot
Slide 28: Compliance Statement and Definition of the Firm
*Returns are from August 04, 2006 to June 30, 2007 COMPLIANCE STATEMENT UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently veri
Slide 29: Benchmark and Significant Events
Benchmark The Benchmark of UBL Funds Equity composite is KSE - 100 Index and returns of Benchmark are not net of withholding taxes. The Portfolios in this composite also may have International Exposure, whereas Benchmark does not represent the same. List of Composites A list of all composite descrip
Slide 30: Significant Events: WWF and Sales Tax
amendments in tax laws through Finance Act 2015, where Mutual Funds & Collective Investment Schemes have been excluded from the definition of “Industrial Establishment”, no provision for WWF has been provided after June 30, 2015. However, fund has recorded a provision for WWF of Rs. 17.4444 million
Slide 31: SWWF Reversal and Fees
Accordingly, the Fund has recorded these adjustments in its books of account on January 12, 2017. Based on which the provision against SWWF has been reversed and provision related to SWWF has been recorded. As per direction of MUFAP on behalf of SECP, provision of SWWF has also reversed on August 13
Slide 32: Ex-Post Standard Deviation
Ex-Post Standard Deviation The three-year annualized ex-post standard deviation of the composite and Benchmark as of each year end is as follows: Composite 3- Benchmark 3-Yr Year Yr St Dev St Dev (%) (%) 1HFY25 17.91% 16.75% 1QFY25 16.88% 15.89% FY24 16.82% 15.83% FY23 14.97% 14.99% FY22 19.48% 19.5
Slide 33: Revenue Recognition and Income Tax
Revenue recognition Gains / (losses) arising on sale of investments are accounted for in the period in which they arise. Dividend income is recognized when the right to receive the dividend is established. Income on reverse repurchase, certificates of investment, placements, government securities an
Slide 34: Withholding Tax and Capital Gains
(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 terms of the provisions of the Income Tax Ordinanc
Slide 35: GIPS Compliant Presentation UBL Fixed Income Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Fixed Income Composite March 02, 2006 through December 31, 2024 Composite: UBL Fixed Income Composite Creation Date: 15-Apr-10 Benchmark: 1Y KIBOR Avg Reporting Currency: Pak Rupees Total Assets at Percentage Total Assets of the Firm at end o
Slide 36: Compliance Statement and Definition of the Firm
Compliance Statement UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently verified by KPMG Taseer Hadi & Co for the periods July
Slide 37: Benchmark and Significant Events
The Benchmark of UIOF is Average of 6M KIBOR rate. Prior to Oct 2016, benchmark of UBL Income Opportunity Fund (UIOF) was 70% 6M PKRV rate& 30% average of 3M deposit rate of AA-and above rated banks. The Fund’s performance will be compared to its benchmark after deducting from the return all expense
Slide 38: Significant Events: WWF
During the current period, the Honorable Lahore High Court (LHC) in a similar Constitutional Petition relating to the amendments brought in the WWF Ordinance, 1971 through the Finance Act, 2006, and the Finance Act, 2008, has declared the said amendments as unlawful and unconstitutional. The Managem
Slide 39: Significant Events: FED and SWWF
9. On 30 June 2016, the Honorable Sindh High Court of Pakistan has passed the Judgment that after 18th amendment in Constitution of Pakistan the Provinces alone have the legislative power to levy a tax on rendering or providing services therefore chargeability and collection of Federal Excise Duty (
Slide 40: Fees and Fee Schedule
11. The Management Company of UGIF has placed the temporary suspension on sale of units from February 15, 2021 till further notice under clause 13.5.1 of the Trust Deed and clause 4.11.2 of the Offering Document of the Fund. Fees Returns are presented net of all expenses (including custodial expense
Slide 41: Standard Deviation and Valuation Assumptions
1HFY25 2.64% 0.20% 1QFY25 1.21% 0.22% FY24 1.16% 0.26% FY23 1.23% 0.26% FY22 1.22% 0.15% FY21 1.19% 0.13% FY20 1.09% 0.15% FY19 0.97% 0.08% FY18 1.61% 0.02% 2017 1.98% 0.08% 2016 2.82% 0.07% 2015 2.96% 0.04% 2014 8.92% 0.08% 2013 9.09% 0.06% 2012 9.02% 0.03% 2011 5.19% 0.04% 2010 4.42% 0.08% 2009 4.
Slide 42: Unobservable Inputs and Proprietary Assets
Subjective Unobservable Inputs UBL Fund Managers Limited uses subjective unobservable inputs for valuing some of its debt instruments i.e., Sukuks and Term Finance Certificates. The criteria used for valuation is in accordance with the Guidelines issued by Regulator through Circular 1 of 2009 (as am
Slide 43: Withholding Tax and Capital Gains
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 terms of the provisions of the Income Tax Ordinance, 2001, the withhold
Slide 44: GIPS Compliant Presentation UBL Fixed Return Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Fixed Return Composite September 13, 2022 to December 31, 2024 Composite: UBL Fixed Return Composite Creation Date: 13-Sep-2022 Benchmark: Refer to Benchmark disclosure Reporting Currency: Pak Rupees Total Assets of the Internal Number of Tot
Slide 45: Composite Description and Benchmark
The investment objective of the composite is to provide market expected returns to its Unit-Holders subject to conditions such as holding period as defined in the offering document Currently, the composite comprises of UBL FIXED RETURN PLAN-II-F,UBL FIXED RETURN PLAN-III-G,UBL FIXED RETURN PLAN-IV-C
Slide 46: Significant Events: Fixed Return Plans
19. Fixed Return Plan II-(B) under UBL Fixed Return Fund-II has launched on June 08, 2023 20. Fixed Return Plan II-(C) under UBL Fixed Return Fund-II has launched on June 13, 2023 21. Fixed Return Plan II-(H) under UBL Fixed Return Fund-II has launched on May 15, 2023 22. Fixed Return Plan III-(F) u
Slide 47: Significant Events: Fixed Return Plans Launched
50. UBL Fixed Return Plan III-(N) under UBL Fixed Return Fund-III has launched on Feb 15, 2024 51. UBL Fixed Return Plan III-(0) under UBL Fixed Return Fund-III has launched on Feb 16, 2024 52. UBL Fixed Return Plan IV-(B) under UBL Fixed Return Fund-III has launched on Dec 27, 2023 53. UBL Fixed Re
Slide 48: Ex-Post Standard Deviation and Valuation
Ex-Post Standard Deviation The Annual ex-post standard deviation of the composite and Benchmark is as follows: Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at t
Slide 49: Income Tax and Withholding Tax
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 dividend. This includes only cash dividend as consequent to amendments in Income Tax Ordinan
Slide 50: GIPS Compliant Presentation UBL Islamic Dynamic Allocation Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Dynamic Allocation Composite August 6, 2015 through December 31, 2024 Composite: UBL Islamic Dynamic Allocation Creation Date: 6-Aug-15 Composite Reporting Currency: Pak Rupees Total Assets at Percentage of Total Assets of the Firm at
Slide 51: Definition of the Firm and Composite Description
UBL Fund Managers Limited is a wholly owned subsidiary of United Bank Limited licensed by SECP to undertake asset management and investment advisory services. The definition of Firm at UBL Fund Managers Limited encompasses the following: (i) All Funds under Management (including investment plans) (i
Slide 52: Significant Events: FED and SWWF
2011 is Ultra Vires to the Constitution of Pakistan. The Management Company as a matter of abundant caution has not reversed the provision of FED, as the Federal Board of Revenue could file an appeal with Honorable Supreme Court of Pakistan against the Judgment passed by Honorable Sindh High Court o
Slide 53: Significant Events: Islamic Plans
10. Al-Ameen Islamic Principal Preservation Fund (AIAPPP-I) launched on March 20, 2019 and added in the composite. 11. Al‐Ameen Islamic Active Allocation Plan ‐ V (AIActAP‐V) has matured on August 15, 2018. 12. Al-Ameen Islamic Principal Preservation Fund-II (AIAPPP-II) launched on May 28, 2018 and
Slide 54: Fees and Minimum Portfolio Size
Fees Returns are presented net of all expenses (including custodial expenses, SECP fee, Listing fee) in addition to the Management Fee and Trading Expenses. (Please refer to Schedule) Fee schedule The fee on the portfolio is based on the asset allocation between equity and money market/ fixed income
Slide 55: Income Tax Liability
(a) Dividend income is taxable at the applicable tax rate as provided in Income Tax Ordinance, 2001 for public companies on gross income basis. (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 Ordinanc
Slide 56: GIPS Compliant Presentation UBL Islamic Equity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Equity Composite July 17, 2012 through December 31, 2024 Composite: UBL Islamic Equity Composite Creation Date: 17-Jul-12 Benchmark: KMI-30 Index Reporting Currency: Pak Rupees Total Assets at Percentage of Total Assets of the Firm at
Slide 57: Compliance Statement and Composite Description
UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards Definition of the Firm UBL Fund Managers Limited is a wholly owned subsidiary of United Bank Limited licensed by SECP to u
Slide 58: Significant Events
and mark to market adjustment were made against NPA’s and other corporate debt instruments, in conformity with the SECP circular 1 of 2009. Subsequent to conversion of category from Islamic Balanced to Islamic Equity, the investment in NPA was disposed-off and there was no provisioning held in ASSF.
Slide 59: Significant Events: WWF and FED
However, fund has recorded a provision for WWF of Rs. 16.0587million in AIRSF-ESF as at December 31, 2016. 5. Effective from 01 July 2011, through Sindh Sales Tax on Services Act 2011, general sales tax on fund management services has been imposed at the rate 16% effective July 1, 2011. Management f
Slide 60: SWWF Provision, Fees and Minimum Account Size
Amount Increase in net asset Funds PKR mn (%) Al Ameen Shariah Stock Fund (ASSF) 117.71 1.28% Al Ameen Islamic Retirement Savings Fund (AIRSF-ESF) 26.53 1.50% Al-Ameen Islamic Energy Fund (AIEF) 0.76 0.20% Fees Returns are presented net of all expenses (including custodial expenses, SECP fee, Listin
Slide 61: Standard Deviation and Valuation Assumptions
Composite 3-Yr St Dev Benchmark 3-Yr St Dev Year (%) (%) 1HFY25 20.07% 19.66% 1QFY25 18.57% 18.51% FY24 18.45% 18.50% FY23 16.43% 17.90% FY22 21.20% 23.33% FY21 21.60% 24.40% FY20 21.90% 24.89% FY19 16.76% 19.64% FY18 15.55% 17.15% FY17 14.96% 15.52% FY16 15.65% 15.50% Following are key assumption u
Slide 62: 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 rate applicable to a pu
Slide 63: GIPS Compliant Presentation UBL Islamic Fixed Return Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Fixed Return Composite June 30, 2023 to December 31, 2024 Composite: UBL Fixed Return Composite Creation Date: 30 - Jun - 2022 Benchmark: Refer to Benchmark disclosure Reporting Currency: Pak Rupees Total Assets of Total Assets at Per
Slide 64: Composite Description and Significant Events
The investment objective of the composite is to provide market expected returns to earn fixed return (expected) for Unit Holders who held their investment within Plan till maturity. Currently, the composite comprises of Al Ameen Islamic Fixed Term Plan I-(G), Al Ameen Islamic Fixed Term Plan I-(H),
Slide 65: Key Assumption for Portfolio Valuation
Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at the time when the Portfolio becomes a party to the contractual provisions of the instrument. Financial assets ar
Slide 66: Income Tax and Withholding Tax
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 dividend. This includes only cash dividend as consequent to amendments in Income Tax Ordinan
Slide 67: GIPS Compliant Presentation UBL Islamic Income Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Income Composite October 20, 2007 through December 31, 2024 Composite: UBL Islamic Income Composite Creation Date: 15-Apr-10 Benchmark: 1Y TDR Isl Reporting Currency: Pak Rupees Total Assets at Percentage of Total Assets of the Firm a
Slide 68: Compliance Statement and Definition of the Firm
*Returns are from October 20, 2007 to June 30, 2008 Compliance Statement UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently ver
Slide 69: Benchmark and Significant Events
The benchmark of the portfolio is Weighted average of 12 Month deposit rates of 3 different Islamic Banks and returns of Benchmark are not net of withholding taxes. Previously; the benchmark of the portfolio was Weighted average of 6 Month deposit rates of 3 different Islamic Banks and returns of Be
Slide 70: Significant Events: WWF
is hopeful that the decision of the LHC, will lend further support to the constitutional petition which is pending in the SHC. Based on the above, the Management Company believes that the Fund is not liable to contribute to WWF. The unrecognized amount of WWF as at March 31, 2013 is Rs. 3.717million
Slide 71: SWWF Provision Reversal
In view of the above, MUFAP obtained a legal opinion on the applicability of WWF and SWWF on Mutual Funds, and based on such legal advice, recommended to all its members through letter dated January 12, 2017 the following: i) The provision against the WWF held by the Mutual Funds till June 30, 2015
Slide 72: Minimum Portfolio Size and Standard Deviation
The Minimum Portfolio size Rs.100 Million per Fund for inclusion in the composite (which is also the minimum is as follows: For regulatory requirement to Portfolio/Fund start a fund) For SMA Rs. 50 Million per Managed Account. Internal Dispersion Since, number of Portfolios in the composite is less
Slide 73: Key Assumption for Portfolio Valuation
2014 9.39% 0.02% 2013 10.21% 0.03% 2012 10.13% 0.03% 2011 6.95% 0.03% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at the time when the Portfolio becomes a part
Slide 74: 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 rate applicable to a pu
Slide 75: SMA Tax Liability
The SMA shall be liable for payment withholding tax and other taxes on the investment amount and on returns or growth of investment. The Investment Adviser shall be responsible for complying with the requirements of law with regard to any deductions at source. _______________________________________
Slide 76: GIPS Compliant Presentation UBL Islamic Liquid Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Liquid Composite September 18, 2012 through December 31, 2024 Composite: UBL Islamic Liquid Composite Creation Date: 31-Mar-13 Average of 3 months placement rates of Benchmark: Reporting Currency: Pak Rupees three Islamic Banks Total
Slide 77: Compliance Statement and Composite Description
UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Definition of the Firm UBL Fund Managers Limited is a wholly owned subsidiary of United Bank Limited licensed by SECP to
Slide 78: Significant Events: WWF Clarifications
by Federal Board of Revenue (FBR) (being the collecting agency of WWF on behalf of the Ministry) to its members for necessary action through letter dated October 06, 2010. Based on this clarification, the FBR also withdrew notice of demand which it had earlier issued to one of the mutual funds for c
Slide 79: Significant Events: SWWF
4. Further, as a consequence of the 18th amendment to the Constitution, levy for Sindh Workers’ Welfare Fund (SWWF) was also introduced by the Government of Sindh through the Sindh Workers Welfare Fund Act 2014 (SWWF Act 2014). SWWF Act 2014, enacted on May 21, 2015, requires every Industrial Establ
Slide 80: Fees and Standard Deviation
AIRSF –MMSF: Upto 1.50% *change in Management Fee effective from June 29, 2023. Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: The Minimum Portfolio size for Rs.100 Million per Fund (which is inclusion in the composite is as also the follows: For Port
Slide 81: Standard Deviation and Valuation Assumptions
FY18 0.15% 0.09% FY17 0.19% 0.09% FY16 0.19% 0.05% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at the time when the Portfolio becomes a party to the contractua
Slide 82: Pension Fund Tax Exemption and Income Tax
The income of the newly added portfolio, being a pension fund, is exempt from Income Tax under clause 57(3) (viii) of Part I of the Second Schedule to the Income Tax Ordinance, 2001. Liability for Income Tax, if ninety per cent (90%) of the Fund’s income is paid as dividend Notwithstanding the tax r
Slide 83: GIPS Compliant Presentation UBL Islamic Principal Preservation Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Principal Preservation Composite April 26, 2013 through June 30, 2022 Composite: UBL Islamic Principal Preservation Creation Date: 26-Apr-13 Composite Reporting Currency: Pak Rupees Total Assets at Percentage of Total Assets of the Fi
Slide 84: Definition of the Firm and Composite Description
Definition of the Firm UBL Fund Managers Limited is a wholly owned subsidiary of United Bank Limited licensed by SECP to undertake asset management and investment advisory services. The definition of Firm at UBL Fund Managers Limited encompasses the following: (i) All Funds under Management (includi
Slide 85: Significant Events: WWF
Ministry) to its members for necessary action through letter dated October 06, 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 demand have also been issued to several other mutual funds
Slide 86: Significant Events: FED and SWWF
2011 is Ultra Vires to the Constitution of Pakistan. The Management Company as a matter of abundant caution has not reversed the provision of FED, as the Federal Board of Revenue could file an appeal with Honorable Supreme Court of Pakistan against the Judgment passed by Honorable Sindh High Court o
Slide 87: Minimum Portfolio Size and Standard Deviation
Minimum Portfolio Size The Minimum Portfolio size Rs.100 Million per Fund for inclusion in the composite (which is also the minimum is as follows: For regulatory requirement to Portfolio/Fund start a fund) For SMA Rs. 50 Million per Managed Account. Internal Dispersion Since number of Portfolios in
Slide 88: Revenue Recognition and Income Tax
Income on reverse repurchase, certificates of investment, placements, government securities and investments in debt securities are recognized at rate of return implicit in the instrument/ arrangement on a time proportionate basis. Profit on bank deposits is recorded on accrual basis. Propriety Asset
Slide 89: Withholding Tax and Capital Gains
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 terms of the provisions of the Income Tax Ordinance, 2001, the withhold
Slide 90: GIPS Compliant Presentation UBL Islamic Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Savings Composite November 07, 2010 through December 31, 2024 Composite: UBL Islamic Savings Composite Creation Date: 07-Nov-10 Benchmark: PKISRV Reporting Currency: Pak Rupees Total Assets at Percentage Total Assets of the Firm at en
Slide 91: Compliance Statement and Definition of the Firm
* Returns since 7th November, 2010 Compliance Statement UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently verified by KPMG Tas
Slide 92: List of Composites and Significant Events
List of Composites A list of all composite descriptions is available upon request. 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
Slide 93: Significant Events: FED and Reconstitution
3. On 30 June 2016, the Honorable Sindh High Court of Pakistan has passed the Judgment that after 18th amendment in Constitution of Pakistan the Provinces alone have the legislative power to levy a tax on rendering or providing services therefore chargeability and collection of Federal Excise Duty (
Slide 94: Fees, Minimum Portfolio Size and Standard Deviation
Fees Returns are presented net of all expenses (including custodial expenses, SECP fee, Listing fee) in addition to the Management Fee and Trading Expenses. Fee Schedule Fund-AISF: *Up to 2.5% of daily net assets not to exceed max. TER regulatory limit. *change in Management Fee effective from June
Slide 95: Standard Deviation and Valuation Assumptions
FY18 0.61% 0.04% FY17 0.61% 0.07% FY16 0.52% 0.05% FY15 0.43% 0.02% FY14 0.30% 0.02% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at the time when the Portfolio
Slide 96: Capital Gains and Income Tax
(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; Return from all other sources/instruments are taxable at the rate, applicable to a public company. Liability for Income Tax, if ninety
Slide 97: GIPS Compliant Presentation UBL Liquid Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Liquid Composite July 1, 2009 through December 31, 2024 Composite: UBL Liquid Composite Creation Date: 15-Apr-10 Benchmark: 3M TDR Con. 30% / 3M PKRV 70% Reporting Currency: Pak Rupees Total Assets at Percentage Total Assets of the Firm at en
Slide 98: Compliance Statement and Definition of the Firm
FY10 10.6 8.5 <5 7,967 40.1 19,874 Compliance Statement UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently verified by KPMG Tas
Slide 99: Benchmark and Significant Events
Benchmark Benchmark is a combination of 70% Average of 3M PKRV rates + 30% 3M average deposit rate of three 3 AA rated scheduled Banks List of Composites A list of all composite descriptions is available upon request. Significant Event 1. The Finance Act, 2008 introduced an amendment to the Workers'
Slide 100: Significant Events: WWF Provisions
Based on the above, the Management Company believes that the Fund is not liable to contribute to WWF and, hence, provision in respect of WWF has not been made by the management. The BoD further resolved that with effect from May 30, 2013, the Fund will make provision on account of WWF at the rate of
Slide 101: SWWF Provision Reversal
In view of the above, MUFAP obtained a legal opinion on the applicability of WWF and SWWF on Mutual Funds, and based on such legal advice, recommended to all its members through letter dated January 12, 2017 the following: i) The provision against the WWF held by the Mutual Funds till June 30, 2015
Slide 102: Minimum Portfolio Size and Standard Deviation
Minimum Portfolio Size The Minimum Portfolio size for Rs.100 Million per Fund (which is inclusion in the composite is as also the minimum regulatory follows: For Portfolio/Fund requirement to start a fund) For SMA Rs. 50 Million per Managed Account Internal Dispersion Since, number of Portfolios in
Slide 103: Key Assumption for Portfolio Valuation
2016 0.18% 0.08% 2015 0.22% 0.04% 2014 0.21% 0.06% 2013 0.20% 1.03% 2012 0.26% 0.35% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at the time when the Portfolio
Slide 104: 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 rate applicable to a public company, which is pre
Slide 105: Capital Gains Tax
Capital Gains arising on disposition of Units of the Fund will be 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 Income Tax Or
Slide 106: GIPS Compliant Presentation UBL Principal Protected Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Principal Protected Composite July 01, 2009 to December 31, 2024 Composite: UBL Principal Protected Composite Creation Date: 15-Apr-10 Benchmark: Refer to Benchmark disclosure Reporting Currency: Pak Rupees Total Assets of Total Assets at Per
Slide 107: Compliance Statement and Definition of the Firm
Compliance Statement UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently verified by KPMG Taseer Hadi & Co. for the periods July
Slide 108: Fees, Minimum Portfolio Size and Internal Dispersion
Fees Returns are presented net of all expenses (including custodial expenses, SECP fee, Listing fee) in addition to the Management Fee and Trading Expenses. (Please refer to Schedule) Fee schedule The fee on the portfolio is based on the net assets or asset allocation. Management Fee is Upto 2.5% of
Slide 109: Standard Deviation and Significant Events
FY21 3.32% FY20 4.84% FY19 7.51% FY18 7.30% 2017 8.60% 2016 9.39% 2015 10.22% 2014 10.48% 2013 8.94% 2012 7.66% 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
Slide 110: Significant Events: WWF and Sales Tax
amendments as unlawful and unconstitutional. The Management Company is hopeful that the decision of the LHC, will lend further support to the constitutional petition which is pending in the SHC. The BoD further resolved that with effect from May 30, 2013, the Fund will make provision on account of W
Slide 111: SWWF and Plans Added to Composite
In view of the above, MUFAP obtained a legal opinion on the applicability of WWF and SWWF on Mutual Funds, and based on such legal advice, recommended to all its members through letter dated January 12, 2017 the following: 1) The provision against the WWF held by the Mutual Funds till June 30, 2015
Slide 112: Plan Maturities and SWWF Reversal
16. UBL Active Principal Preservation Plan‐I has matured as on Aug 21, 2020. 17. UBL Active Principal Preservation Plan‐II has matured as on Nov 30, 2020. 18. As per direction of MUFAP on behalf of SECP, provision of SWWF has also reversed on August 13, 2021. The amount of provision till date in fol
Slide 113: Plan Maturities and Valuation Assumptions
24. UBL Special Saving Plan –VII has matured as on June 20, 2023. 25. UBL Special Saving Plan –XI has launched on July 31, 2023. 26. UBL Special Saving Plan –II has matured as on Nov 15, 2024 27. UBL Special Saving Plan –III has matured as on Nov 15, 2024 28. UBL Special Saving Plan –IV has matured
Slide 114: Revenue Recognition, Proprietary Assets and Income Tax
Income on reverse repurchase, certificates of investment, placements, government securities and investments in debt securities are recognized at rate of return implicit in the instrument/ arrangement on a time proportionate basis. Profit on bank deposits is recorded on accrual basis. Propriety Asset
Slide 115: Withholding Tax and Capital Gains
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 terms of the provisions of the Income Tax Ordinance, 2001, the withholdi
Slide 116: GIPS Compliant Presentation UBL Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Savings Composite October 14, 2010 through December 31, 2024 Composite: UBL Savings Composite Creation Date: 14-Oct-10 Benchmark: Reporting Currency: Pak Rupees 6M PKRV Total Assets at Percentage of Total Assets of the Firm at end of Total Ne
Slide 117: Compliance Statement and Definition of the Firm
* Returns since 14th October, 2010 Compliance Statement UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently verified by KPMG Tas
Slide 118: List of Composites and Significant Events
List of Composites A list of all composite descriptions is available upon request. Significant Event 1. The Finance Act, 2008 introduced an amendment to the Workers' Welfare Fund Ordinance, 1971 (WWF Ordinance). As a result of his amendment it may be construed that all Collective Investment Schemes
Slide 119: Significant Events: Sales Tax and FED
2. Effective from 01 July 2011, Sindh Revenue Board under Sindh Sales Tax on Services Act, 2011 has applied Sales Tax on all services rendered by Non-Banking Financial Institution. The Sales Tax is being charged @16% on Management Fee paid/payable to the Management Company. 3. On 30 June 2016, the H
Slide 120: Fees, Minimum Portfolio Size and Standard Deviation
Fees Returns are presented net of all expenses (including custodial expenses, SECP fee, Listing fee) in addition to the Management Fee and Trading Expenses. Fee Schedule Management Fee of UGSF is: *Upto 2.5% of daily net assets not to exceed max. TER regulatory limit. *change in Management Fee effec
Slide 121: Standard Deviation and Valuation Assumptions
FY18 0.68% 0.01% FY17 1.44% 0.08% FY16 1.54% 0.08% FY15 1.43% 0.05% FY14 0.74% 0.07% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at the time when the Portfolio
Slide 122: Capital Gains and Income 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; Return from all other sources/instruments are taxable at the rate applicable to a public company. Liability for Income Tax, if ninety p
UBL Fund Managers — Investor Presentation (December 2024) on 6ix