Js Investments Limited · PSX:JSIL
Js Investments — Investor Presentation (June 2017)
64 slides from Js Investments's investor presentation, Jun 30, 2017
Slide 1: Global Investment Performance Standards (GIPS) Compliant Performance Presentation
Global Investment Performance Standards (GIPS) Compliant Performance Presentation & Reporting As at June 30, 2017
Slide 2: JS Equity Composite GIPS Compliant Presentation
JS Investments Limited GIPS Compliant Presentation JS Equity Composite From January 2012 to June 2017 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 % of
Slide 3: Definition of the Firm, Composite Description and Significant Events
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 4: Workers' Welfare Fund 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: SWWF provision and fund merger
MUFAP has also taken a legal opinion that SWWF, if applicable, can only be applied from the date of enactment of SWWF Act, 2014, i.e. May 21, 2015. For the purpose, MUFAP as an abundant caution decided that provision in respect of SWWF should be made effective from the date of enactment. Consequentl
Slide 6: Minimum Portfolio Size and Key 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. 3 Million* *The minimum asset level for other portfolio is changed from Rs. 5 million to Rs. 3 million Internal Dispersion Since numbe
Slide 7: 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 8: 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 9: JS Islamic Equity Composite GIPS Compliant Presentation
JS Investments Limited GIPS Compliant Presentation JS Islamic Equity Composite From January 2012 to June 2017 Composite Name: JS Islamic Equity Composite Benchmark: KMI – 30 Index Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Benchmark Composite Benc
Slide 10: Composite Description and Significant Events
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 11: Workers' Welfare Fund 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 12: SWWF provision, fees and minimum portfolio size
MUFAP has also taken a legal opinion that SWWF, if applicable, can only be applied from the date of enactment of SWWF Act, 2014, i.e. May 21, 2015. For the purpose, MUFAP as an abundant caution decided that provision in respect of SWWF should be made effective from the date of enactment. Consequentl
Slide 13: 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 14: Liability for Income Tax if 90% paid as dividend
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 15: JS Balanced Composite GIPS Compliant Presentation
JS Investments Limited GIPS Compliant Presentation JS Balanced Composite From January 2012 to June 2017 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 Benchma
Slide 16: Definition of the Firm 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 17: 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 18: SWWF and MUFAP legal opinion
respect of that year a sum equal to two percent of such income. The matter was taken up by the MUFAP with the Sindh Revenue Board (SRB) collectively on behalf of various asset management companies and their CISs whereby it was contested that mutual funds should be excluded from the ambit of the SWWF
Slide 19: Internal Dispersion and Key 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 20: Liability for Income Tax if 90% paid as dividend
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 21: JS Fund of Funds Composite GIPS Compliant Presentation
JS Investments Limited GIPS Compliant Presentation JS Fund of Funds Composite From January 2012 to June 2017 Composite Name: JS Fund of Funds Composite Benchmark: Refer to Benchmark Disclosure Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Benchmark C
Slide 22: Composite Description and Benchmark
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 23: WWF clarification and SHC 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 24: SWWF provision, fees and minimum portfolio size
of enactment. Consequently, the provision for SWWF is being made on daily basis going forward from January 12, 2015; subsequently JS FoF have maintained provision against SWWF to the tune of Rs. 1,519,908/-. Fees Returns are calculated and presented net of all fees/ expenses that includes custodial
Slide 25: Revenue recognition, proprietary assets and income tax
when they are extinguished, that is, when the obligation specified in the contract is discharged, cancelled, or expires. Any gain or loss on derecognizing of the financial assets and liabilities is taken to the income statement in the period in which it arises. Revenue recognition Capital gains of a
Slide 26: Withholding Tax and Taxation of Unit Holders
through bonus shares, 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 pr
Slide 27: JS Income Composite GIPS Compliant Presentation
JS Investments Limited GIPS Compliant Presentation JS Income Composite From January 2012 to June 2017 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 Tot
Slide 28: 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 29: 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 30: SWWF provision and JS AIF revocation
MUFAP has also taken a legal opinion that SWWF, if applicable, can only be applied from the date of enactment of SWWF Act, 2014, i.e. May 21, 2015. For the purpose, MUFAP as an abundant caution decided that provision in respect of SWWF should be made effective from the date of enactment. Consequentl
Slide 31: Internal Dispersion and Key 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 32: 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; Returns from all other sources/instruments are taxable at the rate applicable to a public company. Liability for Income Tax, if ninety
Slide 33: Capital Gains on unit disposition
(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 34: JS Islamic Income Composite GIPS Compliant Presentation
JS Investments Limited GIPS Compliant Presentation JS Islamic Income Composite From January 2012 to June 2017 Composite Name: JS Islamic Income Composite Benchmark: Refer to Benchmark Disclosure Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Benchmark
Slide 35: Definition of the Firm 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 36: 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 (CIS) whose income exceeds Rs.0.5 million in a tax year, have been
Slide 37: SWWF and MUFAP legal opinion
the total income of which in any accounting year is not less than Rs 0.50 million, is required to pay Sindh Workers’ Welfare Fund (SWWF) in respect of that year a sum equal to two percent of such income. The matter was taken up by the MUFAP with the Sindh Revenue Board (SRB) collectively on behalf o
Slide 38: Internal Dispersion and Key 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 39: 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; Returns from all other sources/instruments are taxable at the rate applicable to a public company. Liability for Income Tax, if ninety
Slide 40: Capital Gains on unit disposition
(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 41: JS Money Market Composite GIPS Compliant Presentation
JS Investments Limited GIPS Compliant Presentation JS Money Market Composite From January 2012 to June 2017 Composite Name: JS Money Market Composite Benchmark: Refer to Benchmark Disclosure Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Benchmark Com
Slide 42: 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 43: 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 44: SWWF provision, fees and minimum portfolio size
MUFAP has also taken a legal opinion that SWWF, if applicable, can only be applied from the date of enactment of SWWF Act, 2014, i.e. May 21, 2015. For the purpose, MUFAP as an abundant caution decided that provision in respect of SWWF should be made effective from the date of enactment. Consequentl
Slide 45: 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 46: Liability for Income Tax if 90% paid as dividend
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 47: JS Asset Allocation Composite GIPS Compliant Presentation
JS Investments Limited GIPS Compliant Presentation JS Asset Allocation Composite From January 2012 to June 2017 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) Composite
Slide 48: 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 49: 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 50: Fees, Minimum Portfolio Size and Valuation Assumptions
Fees Returns are calculated and presented net of all fees/ expenses that includes custodial expenses, SECP fee, listing fee, Management Fee, Trading Expenses etc Fee Schedule Management Fee is 2.00% for JS AAAF. Minimum Portfolio Size The Minimum portfolio size for inclusion in the composite is as f
Slide 51: Revenue recognition and income tax
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 52: 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 53: JS Capital Protected Composite GIPS Compliant Presentation
JS Investments Limited GIPS Compliant Presentation JS Capital Protected Composite From January 2012 to June 2017 Composite Name: JS Capital Protected Composite Benchmark: Refer to Benchmark Disclosure Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Com
Slide 54: Definition of the Firm 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 55: SWWF and MUFAP legal opinion
income of which in any accounting year is not less than Rs 0.50 million, is required to pay Sindh Workers’ Welfare Fund (SWWF) in respect of that year a sum equal to two percent of such income. The matter was taken up by the MUFAP with the Sindh Revenue Board (SRB) collectively on behalf of various
Slide 56: 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. 3 Million* *The minimum asset level for other portfolio is changed from Rs. 5 million to Rs. 3 million. Internal Dispersion Since numb
Slide 57: 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 58: 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 59: JS Index Tracker Composite GIPS Compliant Presentation
JS Investments Limited GIPS Compliant Presentation JS Index Tracker Composite From January 2012 to June 2017 Composite Name: JS Index Tracker Composite Benchmark: KSE – 30 Index Composite Creation Date: December 31, 2016 Reporting Currency: Pakistani Rupees (PKR) Composite Benchmark Composite Benchm
Slide 60: 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 61: WWF clarification and court proceedings
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 62: Fee Schedule and Minimum Portfolio Size
Fee Schedule Management Fee is 1.50% for JS KSE 30. 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. 3 Million Internal Dispersion Since number of Portfolios in the composite is less
Slide 63: 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 64: 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