UBL Pakistan Enter ETF · PSX:UBLPETF
UBL Pakistan Enter ETF — UBL Fund Managers — Investor Presentation (December 2023)
117 slides from UBL Pakistan Enter ETF's investor presentation, December 2023
Slide 1: UBL Bond Savings Composite GIPS Compliant Presentation
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: Firm definition, composite description and benchmark
(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: composite additions
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: Financial instruments and revenue recognition
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, withholding tax and zakat
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: 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: Firm definition 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: Sindh WWF provisions
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: Composite 3-year 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: 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: Firm definition 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: Three-year 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 separately managed accounts
(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: UBL Dynamic Allocation Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Dynamic Allocation Composite December 20, 2012 through Dec 31, 2023 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 Number of
Slide 22: Compliance statement, firm definition 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 23: Minimum portfolio size and significant events
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. The BoD further resolved that with effect from May 30, 2013, the Fund will make provision on acco
Slide 24: MUFAP guidance on WWF and SWWF
Institution. The Management Company, based on an opinion obtained by the Mutual Fund Association of Pakistan (MUFAP), believed that Mutual Funds are not liable to pay SWWF under the said law, for the reason that the Mutual Funds are not financial institutions and rather an investment vehicle. Howeve
Slide 25: Standard deviation and valuation assumptions
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 Portfolio becomes a party to the contractual p
Slide 26: UBL Equity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Equity Composite August 4, 2006 through December 31, 2023 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 27: Compliance statement and firm definition
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 28: 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 29: Significant events: WWF, sales tax, management fee
However, fund has recorded a provision for WWF of Rs. 17.4444 million in URSF-ESF as at December 31, 2016. 2. In FY 2012, 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 fee charged during
Slide 30: SWWF reversal, fees and minimum account size
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 following funds was as follows including the impact of reversal; Amount Increase in net asset Funds PKR mn (%) UBL Stock Advantage Fund (USF) 90.87 1.11% UBL Reti
Slide 31: Standard deviation and valuation assumptions
Composite 3- Benchmark 3-Yr Year Yr St Dev St Dev (%) (%) 1HFY24 16.09% 15.51% FY23 14.97% 14.99% FY22 19.48% 19.51% FY21 20.14% 20.08% FY20 20.64% 20.57% FY19 16.30% 16.35% FY18 15.21% 14.80% FY17 15.04% 13.91% FY16 15.27% 13.94% FY15 15.19% 13.38% FY14 15.53% 13.91% FY13 15.37% 14.00% FY12 16.81%
Slide 32: 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. Proprietary Ass
Slide 33: Capital gains and separately managed accounts
(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 34: UBL Fixed Income Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Fixed Income Composite March 02, 2006 through Dec 31, 2023 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 of Tot
Slide 35: Compliance statement and firm definition
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 36: List of composites and significant events
List of Composites A list of all composite descriptions is available upon request. Significant Event 1. On June 29, 2009, UMF was merged into United Growth & Income Fund (UGIF). The Unit Holdings of all UMF investors (as of June 29, 2009) were converted to UGIF Income Units. 2. Securities and Exchan
Slide 37: WWF provisioning decisions
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 May 29, 2013 amounts to Rs. 46.396
Slide 38: FED judgment 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 39: Fees, fee schedule 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 Before Merger United Money Market Fund 1.5% United Growth and Income Fund 1.5% After Merger (applicable
Slide 40: Standard deviation and valuation assumptions
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 4.34% 0.09% Key Assumption for Portfolio valuation Following are key assumption used in Por
Slide 41: Proprietary assets and income tax liability
Proprietary Assets in the Composite The Composite contain investments of UBL Fund Managers Limited as at Sep 30, 2023. 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 n
Slide 42: Capital gains on disposition of units
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 Income Tax Ordinance,
Slide 43: UBL Fixed Return Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Fixed Return Composite Sep 13, 2022 to Dec 31, 2023 Composite: UBL Fixed Return Composite Creation Date: 13-Sep-2022 Benchmark: Refer to Benchmark disclosure Reporting Currency: Pak Rupees Total Assets at Percentage of Total Assets of Total N
Slide 44: Fixed return plans, benchmark and significant events
Return Plan II-(B), UBL Fixed Return Plan II-(H), Fixed Return Plan II-(E), Fixed Return Plan II-(G), UBL Fixed Return Plan III-(A), UBL Fixed Return Plan III-(B), UBL Fixed Return Plan III-(D), UBL Fixed Return Plan III-(I), UBL Fixed Return Plan III-(J), UBL Fixed Return Plan III-(H), The Inceptio
Slide 45: Significant events: plan launches and maturities
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) under UBL Fixed Return Fund-II has launched on May 04, 2023 23. Fixed Return Plan III-(I) u
Slide 46: Minimum portfolio size and valuation assumptions
For SMA Rs. 50 Million per Managed Account 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 an
Slide 47: Income tax liability 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
Slide 48: UBL Islamic Dynamic Allocation Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Dynamic Allocation Composite August 6, 2015 through Dec 31, 2023 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 end
Slide 49: Firm definition and composite description
(i) All Funds under Management (including investment plans) (ii) All Non-Fee Paying and Fee Paying and Discretionary and Non-Discretionary Portfolios. Policies UBL Fund Managers Limited policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon
Slide 50: 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 51: Significant events: Islamic funds launches
12. Al-Ameen Islamic Principal Preservation Fund-II (AIAPPP-II) launched on May 28, 2018 and added in the composite. 13. Al-Ameen Islamic Principal Preservation Fund-III (AIAPPP-III) launched on September 25, 2018 and added in the composite. 14. Al-Ameen Islamic Active Allocation Plan - VI (AIACTAP-
Slide 52: Fee schedule and minimum portfolio size
Fee schedule The fee on the portfolio is based on the asset allocation between equity and money market/ fixed income funds which changes on daily basis. Further, Management Fee of 1% p.a. on the value of underlying Funds not managed by UBL Fund Managers. AIAAF: 2% p.a AIACTAP-XI: Upto 1% p.a. (on th
Slide 53: Income tax liability and dividends
Return from all other sources/instruments are taxable at the rate applicable to a public company. 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 stated, the income of the Fund will be exempt from tax, if n
Slide 54: UBL Islamic Equity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Equity Composite July 17, 2012 through Dec 31, 2023 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 end
Slide 55: Firm definition 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 56: Significant events: management fee and WWF
3. Management Fee of the Islamic Equity Fund Composite (previously UBL Islamic Balanced Fund) was reduced to 2% from 24th December 2011. 4. 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 tha
Slide 57: Sales tax and FED judgment
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 fee charged during the period includes general sales tax. 6. On 30 June 2016, the Honorable Sindh High Court
Slide 58: SWWF provisions, fees and minimum account size
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, Listing fee) in addition to the Managemen
Slide 59: Standard deviation and valuation assumptions
1HFY24 17.57% 18.09% 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 used in Portfolio valuation: Financial instruments All the financial assets and financial liabilit
Slide 60: Capital gains and income tax exemption
(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 61: UBL Islamic Fixed Return Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Fixed Return Composite Jun 30, 2023 to Dec 31, 2023 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 Percentag
Slide 62: Benchmark, significant events and fees
Benchmark No benchmark has assigned to this composite as vary upon each plan duration. List of Composites A list of all composite descriptions is available upon request. Significant Event 1. Al Ameen Islamic Fixed Return Plan – I (A) Fund has launched on May 29, 2023 2. Al Ameen Islamic Fixed Return
Slide 63: Revenue recognition and proprietary assets
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 financial liabilities is taken to the income statement in the period in which it arises. Revenue recognition Gains / (losses) a
Slide 64: Withholding tax and taxation of unit holders
Under the provisions of Clause 47(B) of Part 4 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 transactions, profi
Slide 65: UBL Islamic Income Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Income Composite October 20, 2007 through Dec 31, 2023 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 at end
Slide 66: Compliance statement and firm definition
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 67: List of composites and significant events
A list of all composite descriptions is available upon request. Significant Event 1. Securities and Exchange Commission of Pakistan issued Circular number 1 Dated January 6, 2009 regarding Valuation of Debt Securities Provisioning Criteria of Non Performing Debt Securities. The Provisioning Policy o
Slide 68: Significant events: WWF, sales tax, benchmark change
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. 1.0309million in
Slide 69: SWWF provisions and fees
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 70: Minimum account size and standard deviation
For SMA Rs. 50 Million per Managed Account. Internal Dispersion Since, number of Portfolios in the composite is less than five therefore calculation of internal dispersion is not required. Ex-Post Standard Deviation The three-year annualized ex-post standard deviation of the composite and Benchmark
Slide 71: Key assumptions 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 are derecognized when the contractual rig
Slide 72: Income tax exemption and withholding tax
Notwithstanding the tax rates and withholding tax stated 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 O
Slide 73: UBL Islamic Liquid Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Liquid Composite September 18, 2012 through Dec 31, 2023 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 Asset
Slide 74: Firm definition 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 75: WWF notices and court proceedings
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 their withdrawal on the basis of the above referred clarification of the Ministry. However, the Secretary (Income Tax Policy) Federal board of R
Slide 76: SWWF applicability
located in the province of Sindh and having total income of Rs. 500,000 or more in any year of account commencing 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 Bankin
Slide 77: Minimum portfolio size and standard deviation
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 Portfolio/Fund minimum regulatory requirement to start a fund) For SMA Rs. 50 Millio
Slide 78: Key assumptions 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 79: Withholding tax and taxation of unit holders
Finance Act, 2014, for the purpose of determining distribution of at least 90% of accounting income, the income distributed 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 cap
Slide 80: 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 81: Firm definition 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 82: WWF clarification history
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 83: FED judgment and SWWF recomposition
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 84: 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 85: Revenue recognition, proprietary assets, 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 86: 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 87: UBL Islamic Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Savings Composite November 07, 2010 through Dec 31, 2023 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 end of
Slide 88: Compliance statement and firm definition
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 89: Significant events: WWF
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 90: FED judgment, reconstitution 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 91: Fee schedule and standard deviation
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 29, 2023. Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: Rs.100 Million per Fund (which is also the Portfoli
Slide 92: Key assumptions 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 93: Income tax exemption 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 94: UBL Liquid Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Liquid Composite July 1, 2009 through Dec 31, 2023 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 end of
Slide 95: Compliance statement and firm definition
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 period July
Slide 96: 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 97: WWF provisions and sales tax
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. 28.3860 million and 4.7818 million for ULPF & UMMF respe
Slide 98: SWWF provisions and fees
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 99: 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 100: Key assumptions 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 101: Pension fund tax exemption and dividend distribution
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 ra
Slide 102: UBL Principal Protected Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Principal Protected Composite July 01, 2009 to Dec 31, 2023 Composite: UBL Principal Protected Composite Creation Date: 15-Apr-10 Benchmark: Refer to Benchmark disclosure Reporting Currency: Pak Rupees Total Assets at Percentage of Total Asse
Slide 103: Compliance statement and firm definition
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 104: Fees, minimum portfolio size and 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 105: Standard deviation and significant events
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 Collective Investment
Slide 106: Significant events: WWF and principal protected funds
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. 4.3381 million and Rs 4.8273 million for UPPF-II and UPP
Slide 107: Significant events: USSP additions
1) The provision against the WWF held by the Mutual Funds till June 30, 2015 should be reversed on January 12, 2017; and 2) 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. 8. USSP-I has
Slide 108: Significant events: SWWF reversal and maturities
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 following funds was as follows including the impact of reversal; Amount Increase
Slide 109: Key assumptions 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 110: Income tax liability 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 111: UBL Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Savings Composite October 14, 2010 through Dec 31, 2023 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 Net Ben
Slide 112: Compliance statement and firm definition
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 113: List of composites and significant events
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 /mutual funds (CISs
Slide 114: FED judgment and SWWF
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 115: Fee schedule and standard deviation
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 effective from June 29, 2023. Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: For Rs.100 Million per Fund (which i
Slide 116: Key assumptions 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 117: Income tax exemption 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
UBL Fund Managers — Investor Presentation (December 2023) on 6ix