UBL Pakistan Enter ETF · PSX:UBLPETF
UBL Pakistan Enter ETF — UBL Fund Managers — Debt Investor Presentation (December 2014)
97 slides from UBL Pakistan Enter ETF's debt investor presentation, December 2014
Slide 1: GIPS Compliant Presentation: UBL Fixed Income Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Fixed Income Composite March 02, 2006 through December 31, 2014 Composite: UBL Fixed Income Composite Creation Date: 15-Apr-10 Benchmark: 6M Rolling Average of 6M Kibor Reporting Currency: Pak Rupees Total Net Benchmark Number Total Assets at
Slide 2: Definition of the Firm, Policies, Composite Description, Benchmark
whether; (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm -wide basis and (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 accurac
Slide 3: Significant Events
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 Exchange Commission of Pa
Slide 4: WWF Significant Event (continued)
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 5: Fees, Minimum Portfolio Size, Ex-Post Standard Deviation
Management Fee is United Growth & Income Fund 1.50% UBL Financial Sector Bond Fund 1.50% Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: For Portfolio/ Rs. 100 million per Fund (which is also the minimum Fund regulatory requirement to start a fund) For
Slide 6: 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 7: 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 rate applicable to a public
Slide 8: Capital Gains Tax
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 9: GIPS Compliant Presentation: UBL Equity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Equity Composite August 4, 2006 through December 31, 2014 Composite: UBL Equity Composite Creation Date: 15-Apr-10 Benchmark: KSE100 Index Reporting Currency: Pak Rupees Total Net Benchmark Number Total Assets at Percentage Total Assets of th
Slide 10: Compliance and Definition of the Firm
(1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm -wide basis and (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 s
Slide 11: List of Composites, Significant Event
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 12: Significant Events, Fees, Minimum Account Size
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 the period includes general sales tax. 3. Management Fee of the United Stock Advantage Fund included in th
Slide 13: Ex-Post Standard Deviation and Valuation Assumptions
Composite 3-Yr St Benchmark 3-Yr St Year Dev Dev (%) (%) 1HFY15 14.84% 13.20% 2014 15.53% 13.91% 2013 15.37% 14.00% 2012 16.81% 16.50% 2011 22.39% 22.75% 2010 24.01% 25.22% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the
Slide 14: Proprietary Assets, Liability for Income Tax
The Composite also contains investments of UBL Fund Managers Limited, UBL Fund Managers Limited Management, and UBL (UBL Fund Managers Limited Parent Company). 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
Slide 15: Capital Gains
(b) Capital Gains: Capital Gains arising on disposition of Units of the Fund subject to withholding Capital Gains Tax based on the holding period as provided in Income Tax Ordinance, 2001 (ITO) at the applicable rates given in the ITO, 2001 , 2001. As per section 37(A) of the Income Tax Ordinance, 2
Slide 16: GIPS Compliant Presentation: UBL Islamic Balance Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Balance Composite December 24, 2006 through December 31, 2014 Composite: UBL Islamic Balance Composite Creation Date: 15-Apr-10 50% KMI Index + 20% Avg Placement Benchmark: Reporting Currency: Pak Rupees rate of 3 Islamic banks + 30%
Slide 17: Verification and Definition of the Firm
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 2011 to June 2012. The verification report(s) is available upon request. Verification assesses whether (1) The firm has complied with all the compos
Slide 18: List of Composites, Significant Event
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 19: Fees and Minimum Portfolio Size
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. Fees Returns are presente
Slide 20: Standard Deviation and Valuation Assumptions
(%) (%) 1QFY13 11.20% 8.49% 2012 11.26% 8.56% 2011 13.85% 11.97% 2010 14.75% 13.01% 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 prov
Slide 21: 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 22: Capital Gains
(b) Capital Gains: Capital Gains arising on disposition of Units of the Fund will be subject to withholding Capital Gains Tax based on the holding period as provided in Income Tax Ordinance, 2001 (ITO) at the applicable rates given in the ITO, 2001. As per section 37 (A) of the Income Tax Ordinance,
Slide 23: GIPS Compliant Presentation: UBL Islamic Income Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Income Composite October 20, 2007 through December 31, 2014 Composite: UBL Islamic Income Composite Creation Date: 15-Apr-10 Average 6M Placement rate of 3 Benchmark: Reporting Currency: Pak Rupees Islamic Banks Total Net Benchmark Nu
Slide 24: Verification and Definition of the Firm
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 2011 to June 2012. The verification report(s) is available upon request. Verification assesses whether (1) the firm has complied with all the compos
Slide 25: List of Composites, Significant Events
List of Composites 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 Pr
Slide 26: WWF and Sales Tax Events
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 Management Company is hopeful that the decision of the LHC, will lend further support to the constitutional petition which is pending in the SHC
Slide 27: Standard Deviation and Valuation Assumptions
For SMA Rs. 25 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 as
Slide 28: Revenue Recognition and Unobservable Inputs
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) arising on sale of investments are accounted for in the period in which they arise. Dividend income is recognized wh
Slide 29: Liability for Income Tax and Withholding Tax
Liability for Income Tax, if ninety per cent (90%) of the Fund’s income is paid as dividend Notwithstanding the tax rates and withholding tax 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 Holde
Slide 30: GIPS Compliant Presentation: UBL Capital Protected Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Capital Protected Composite April 15, 2008 through September 30, 2012 Composite: UBL Capital Protected Composite Creation Date: 15-Apr-10 Benchmark: 85% TDR + 15% KSE 30 Index Reporting Currency: Pak Rupees Total Net Benchmark Number Total As
Slide 31: GIPS Compliant Presentation: UBL Principal Protected Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Principal Protected Composite July 01, 2009 to December 31, 2014 Composite: UBL Principle Protected Composite Creation Date: 15-Apr-10 Benchmark: Refer to Benchmark disclosure Reporting Currency: Pak Rupees Number Total Assets at Percentage o
Slide 32: Verification and Definition of the Firm
Verification assesses whether; (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm‘s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does n
Slide 33: Benchmark, Fees, Minimum Portfolio Size
No benchmark has been assigned to this composite. List of Composites A list of all composite descriptions is available upon request. 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 re
Slide 34: Standard Deviation and Significant Events
Composite 3-Yr St Year Dev (%) 1HFY15 10.43% 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 Schemes /m
Slide 35: WWF Significant Event (continued)
Honorable Lahore High Court (LHC) in a similar constitutional petition relating to the amendments brought on the WWF Ordinance, 1971 through the Finance Act, 2006, and the Finance Act, 2008, has declared the said amendments as unlawful and unconstitutional. The Management Company is hopeful that the
Slide 36: Proprietary Assets, Liability for Income Tax
Profit on bank deposits is recorded on accrual basis. Propriety Assets in the Composite The Composite does not contain investments of UBL Fund Managers Limited, UBL Fund Managers Limited Management as of December 31, 2014, and only contain investment of UBL(UBL Fund Managers Limited parent company).
Slide 37: 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 Ordinance
Slide 38: GIPS Compliant Presentation: UBL Liquid Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Liquid Composite July 1, 2009 through December 31, 2014 Composite: UBL Liquid Composite Creation Date: 15-Apr-10 50% 3M PKRV + 50% 3M TDR (with Benchmark: Reporting Currency: Pak Rupees AA bank) Total Net Benchmark Number Total Assets at Perc
Slide 39: Verification and Definition of the Firm
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 2011 to June 2012. The verification report(s) is available upon request. Verification assesses whether (1) the firm has complied with all t
Slide 40: Benchmark, List of Composites, Significant Event
Benchmark is a combination of 50% PKRV average Yields for 3 months & 50% 3M TDR with AA or above rated bank for ULPF and 75% 3M PKRV + 25% 3M TDR (with AA or above rated banks) List of Composites A list of all composite descriptions is available upon request. Significant Event 1. The Finance Act, 20
Slide 41: WWF Provisions, Sales Tax, Fees
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 42: Internal Dispersion and Ex-Post Standard Deviation
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 as of each year end is as follows: Composite
Slide 43: Revenue Recognition and Proprietary Assets
are derecognized 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 financial liabilities is taken to the income statement in the period in which it arises. Revenue rec
Slide 44: Pension Fund Tax Exemption and Withholding 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 ra
Slide 45: GIPS Compliant Presentation: UBL Conventional Balance Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Conventional Balance Composite December 1, 2008 through December 31, 2014 Composite: UBL Conventional Balance Composite Creation Date: 15-Apr-10 Benchmark: Refer to Benchmark Disclosure Reporting Currency: Pak Rupees Total Net Number of Total
Slide 46: Verification and Definition of the Firm
(1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (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 s
Slide 47: Fees Schedule, Minimum Portfolio Size, 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 Rs.100 Million per Fund (which is also the Portfolio/Fund minimum regulatory requirement to start a fun
Slide 48: Standard Deviation and Valuation Assumptions
Composite 3-Yr St Year Dev (%) 1HFY15 9.69% 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 liabilities are recognized at the time when the Portfolio becomes
Slide 49: Proprietary Assets, Liability for Income Tax
Proprietary Assets in the Composite The Composite as at December 31, 2014 only contains investment of UBL Fund Managers Limited and its Management. 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 taxa
Slide 50: Withholding Tax, Capital Gains, SMA Treatment
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 withholding tax shall be deemed to be full and final liability in respect of such distribution. (b) Capital Gains: Capital Gains arising on dispositi
Slide 51: GIPS Compliant Presentation: UBL Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Savings Composite October 14, 2010 through December 31, 2014 Composite: UBL Savings Composite Creation Date: 14-Oct-10 Benchmark: Average of 6M KIBOR Reporting Currency: Pak Rupees Total Net Benchmark Number Total Assets at Percentage Total A
Slide 52: Verification and Definition of the Firm
(1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (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 s
Slide 53: List of Composites, Significant Event
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 54: Sales Tax, Fees, Minimum Portfolio Size
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. Fees Returns are presente
Slide 55: Standard Deviation and Valuation Assumptions
Composite 3-Yr St Benchmark 3-Yr St Year Dev Dev (%) (%) 1HFY15 1.04% 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 P
Slide 56: 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 57: Withholding Tax and Capital Gains
the withholding tax shall be deemed to be full and final liability in respect of such distribution. (b) Capital Gains: Capital Gains arising on disposition of Units of the Fund will be subject to withholding Capital Gains Tax based on the holding period as provided in Income Tax Ordinance, 2001 (ITO
Slide 58: GIPS Compliant Presentation: UBL Islamic Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Savings Composite November 07, 2010 through December 31, 2014 Composite: UBL Islamic Savings Composite Creation Date: 07-Nov-10 Average of 6M Placement rates of 3 Benchmark: Reporting Currency: Pak Rupees Islamic Banks Total Net Bench
Slide 59: Verification and Definition of the Firm
for the periods July 2011 to June 2012. The verification report(s) is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm‘s policies and procedures are designed to
Slide 60: Significant Events
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 61: Fees, Minimum Portfolio Size, Standard Deviation
3. The portfolio has been reconstituted from Islamic Income Fund to Islamic Government Securities Fund. 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: 1.00% Minimum
Slide 62: Key Assumption for Portfolio Valuation
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 becomes a party to the contractual provisions of the instrument. Fi
Slide 63: Income Tax Liability
company, which is presently as under: (a) Dividend income is taxable at the rate of ten per cent (10%) 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 Ordin
Slide 64: Capital Gains
Ordinance, 2001, 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 65: GIPS Compliant Presentation: UBL Bond Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Bond Savings Composite November 4, 2011 through December 31, 2014 Composite: UBL Bond Savings Composite Creation Date: 30-Jun-12 Reporting Currency: Pak Rupees Total Net Number Total Assets at Percentage Total Assets of the Firm at end of Per
Slide 66: Verification and Definition of the Firm
(1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (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 s
Slide 67: Fee Schedule, Minimum Portfolio Size, Significant Event
Fee Schedule Management Fee is 1.5% p.a. (URSF-DSF) Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: For Rs.100 Million per Fund (which is also the Portfolio/Fund minimum regulatory requirement to start a fund) For SMA Rs. 25 Million per Managed Account
Slide 68: Standard Deviation and Valuation Assumptions
Composite 3-Yr St Year Dev (%) 1HFY15 1.72% 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 provi
Slide 69: Income Tax Liability
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 presently as under: (a) Dividend income is taxable at the rate of ten per cent (10%) for public companies on gross income basis. (b) Capital
Slide 70: Capital Gains and SMA Treatment
Ordinance, 2001, 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. Treatment for
Slide 71: GIPS Compliant Presentation: UBL Islamic Equity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Equity Composite July 17, 2012 through December 31, 2014 Composite: UBL Islamic Equity Composite Creation Date: 17-Jul-12 Benchmark: KMI-30 Index Reporting Currency: Pak Rupees Total Net Benchmark Number Total Assets at Percentage Tot
Slide 72: Policies, Composite Description, Benchmark
Policies UBL Fund Managers Limited policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite Description UBL Funds Islamic Equity Composite includes sharia compliant equities that seeks to maximize total returns and outperfo
Slide 73: Significant Event: Workers' Welfare Fund
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 that all Collective Investment Schemes /mutual funds (CISs) whose income exceeds Rs. 0.5 million in a tax year, have been brought within the
Slide 74: Fees, Minimum Account Size, Valuation Assumptions
Fees Returns are presented net of all expenses (including custodial expenses, SECP fee, Listing fee) in addition to the Management Fee and Trading Expenses. Fees Schedule Management Fee is ASSF : 2% AIRSF-ESF : 1.5% Minimum Account Size The Minimum Portfolio size for inclusion in the composite is Rs
Slide 75: Revenue Recognition and Proprietary Assets
derecognized 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 financial liabilities is taken to the income statement in the period in which it arises. Revenue recogni
Slide 76: Withholding Tax and Unit Holder Taxation
Withholding Tax 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 tra
Slide 77: GIPS Compliant Presentation: UBL Islamic Liquid Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Liquid Composite September 18, 2012 through December 31, 2014 Composite: UBL Islamic Liquid Composite Creation Date: 31-Mar-13 Average of 3 months placement Benchmark: Reporting Currency: Pak Rupees rates of three Islamic Banks Total
Slide 78: Policies, Composite Description, Benchmark
Policies UBL Fund Managers Limited policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite Description The investment objective of UBL Islamic Liquid Composite is to provide high liquidity and competitive returns while see
Slide 79: WWF on Mutual Funds
WWF on mutual funds. On December 14, 2010, the Ministry had filed its response against the constitutional petition requesting the SHC to dismiss the petition. According to the legal counsel who is handling the case, there is a contradiction between the aforementioned clarification issued by the Mini
Slide 80: Minimum Portfolio Size and Valuation Assumptions
Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: For Portfolio/Fund Rs.100 Million per Fund (which is also the minimum regulatory requirement to start a fund) For SMA Rs. 25 Million per Managed Account Internal Dispersion Since number of Portfolios in t
Slide 81: Proprietary Assets and Liability for Income Tax
Profit on bank deposits is recorded on accrual basis. Proprietary Assets in the Composite The Composite does not contain investments of UBL Fund Managers Limited, UBL Fund Managers Limited Management as of December 31, 2014, and only contain investment of UBL (UBL Fund Managers Limited parent compan
Slide 82: Withholding Tax and Capital Gains
market transactions, profit from Profit or Loss sharing accounts with Banks of the Fund will not be subject to any withholding tax. 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 Taxati
Slide 83: GIPS Compliant Presentation: UBL Commodity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Commodity Composite February 13, 2013 through December 31, 2014 Composite: UBL Commodity Composite Creation Date: 13-Feb-13 Reporting Currency: Pak Rupees Total Net Number Total Assets at Percentage Total Assets of the Firm at Return of end o
Slide 84: Composite Description, Benchmark, Significant Event
UBL Fund Managers Limited policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite Description The investment objective of UBL Commodity Composite is to provide Unit‐holders exposure to Gold as an asset class by investing s
Slide 85: WWF and Sales Tax Events
by the Ministry in the SHC. During the current period, the Honorable Lahore High Court (LHC) in a similar constitutional petition relating to the amendments brought on the WWF Ordinance, 1971 through the Finance Act, 2006, and the Finance Act, 2008, has declared the said amendments as unlawful and u
Slide 86: Standard Deviation and Valuation Assumptions
The three-year annualized ex-post standard deviation of the composite and Benchmark is not presented because 36 monthly returns are not available. Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and finan
Slide 87: Income Tax and Withholding Tax
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, the income of the Fund will be exempt from tax, if not les
Slide 88: GIPS Compliant Presentation: UBL Dynamic Allocation Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Dynamic Allocation Composite December 20, 2012 through December 31, 2014 Composite: UBL Dynamic Allocation Composite Creation Date: 20-Dec-12 Reporting Currency: Pak Rupees Total Net Number Total Assets at Percentage Total Assets of the Firm
Slide 89: Policies, Composite Description, Benchmark, Fees
Policies UBL Fund Managers Limited policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite Description The objective of the UBL Funds Dynamic Allocation Composite is income and growth by investing in Domestic listed equiti
Slide 90: Internal Dispersion, Significant Event, Valuation Assumptions
Internal Dispersion Since number of Portfolios in the composite is less than five therefore calculation of internal dispersion is not required. Significant Event: During the quarter a Separately Managed Account (SMAs) has been added in the composite since it met the Minimum fund size for SMA i.e. Rs
Slide 91: SMA Tax Treatment
The SMA shall be liable for payment withholding tax and other taxes on the investment amount and on returns or growth of inve stment 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
Slide 92: GIPS Compliant Presentation: UBL Islamic Principal Preservation Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Principal Preservation Composite April 26, 2013 through December 31, 2014 Composite: UBL Islamic Principal Preservation Creation Date: 26-Apr-13 Composite Reporting Currency: Pak Rupees Total Net Number Total Assets at Percentage Tota
Slide 93: 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 94: Fees, Minimum Portfolio Size, Standard Deviation
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 fund
Slide 95: WWF Clarification and Court Proceedings
not liable to contribute to WWF on the basis of their income. This clarification was forwarded 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
Slide 96: Revenue Recognition, Proprietary Assets, 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 97: Withholding Tax and Capital Gains
institutions, profits from money market transactions, profit from Profit or Loss sharing accounts with Banks of the Fund will not be subject to any withholding tax. Taxation of Unit Holders and Liability to Zakat (a) Withholding Tax: Unless exempted from such taxation or at a reduced rate under any
UBL Fund Managers — Debt Investor Presentation (December 2014) on 6ix