UBL Pakistan Enter ETF · PSX:UBLPETF
UBL Pakistan Enter ETF — UBL Fund Managers — Debt Investor Presentation (March 2016)
105 slides from UBL Pakistan Enter ETF's debt investor presentation, March 2016
Slide 1: GIPS Compliant Presentation: UBL Fixed Income Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Fixed Income Composite March 02, 2006 through March 31, 2016 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 Pe
Slide 2: Compliance statement, firm definition and composite description
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 composite construction requirements of the GIPS standards on a firm -wide basis and (2) the firm‘s policies and procedu
Slide 3: 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 4: Significant events: WWF litigation
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, internal dispersion
Fees Returns are presented net of all expenses (including custodial expenses, SECP fee, Listing fee) in addition to the Management Fee and Trading Expenses. (Please refer to Schedule) Fee Schedule Before Merger United Money Market Fund 1.5% United Growth and Income Fund 1.5% After Merger (applicable
Slide 6: Ex-Post Standard Deviation and valuation assumptions
Ex-Post Standard Deviation The three-year annualized ex-post standard deviation of the composite and Benchmark as of each year end is as follows: Composite 3-Yr St Benchmark 3-Yr St Year Dev Dev (%) (%) 9MFY16 2.77% 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%
Slide 7: Revenue recognition and subjective inputs
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. Subjective Unob
Slide 8: Liability for income tax and withholding tax
Liability for Income Tax, if ninety per cent (90%) of the Fund’s income is paid as dividend Notwithstanding the tax rates and withholding tax the income of the Fund will be exempt from tax, if not less than ninety per cent (90%) of the income for the year is distributed amongst the Unit Holders as d
Slide 9: GIPS Compliant Presentation: UBL Equity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Equity Composite August 4, 2006 through March 31, 2016 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 the F
Slide 10: 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 11: 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 12: Fees and minimum account size
However, fund has recorded a provision for WWF of Rs. 9.9505 million in URSF-ESF as at March 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 the
Slide 13: Ex-Post Standard Deviation and valuation assumptions
Ex-Post Standard Deviation The three-year annualized ex-post standard deviation of the composite and Benchmark as of each year end is as follows: Composite 3-Yr St Benchmark 3-Yr St Year Dev Dev (%) (%) 9MFY16 15.53% 14.17% 2015 15.19% 13.38% 2014 15.53% 13.91% 2013 15.37% 14.00% 2012 16.81% 16.50%
Slide 14: Revenue recognition and proprietary assets
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 15: Taxation of unit holders and Zakat
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 Taxation Agre
Slide 16: GIPS Compliant Presentation: UBL Islamic Balance Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Balance Composite December 24, 2006 through March 31, 2016 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% 6M
Slide 17: Compliance Statement
Compliance Statement UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and present ed this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently verified by KPMG Taseer Hadi & Co. for the periods Jul
Slide 18: Benchmark change and significant events
and returns of Benchmark are not net of withholding taxes. Benchmark was changed on 1st March 2010 from 50% DJIMPK Index + 20% 1Yr Placement rate of 3 Islamic banks + 30% 6M Kibor to 50% KMI Index + 20% Avg Placement rate of 3 Islamic banks + 30% 6M Kibor Since DJIMPK index seize to exist. List of C
Slide 19: Fees and minimum portfolio size
of net accounting income under the WWF Ordinance, 1971. Accordingly, the fund has recorded a provision for WWF of Rs.3.6459 for AIAAF as at June 30, 2015. Further, consequent to amendments in tax laws through Finance Act 2015, where Mutual Funds & Collective Investment Schemes have been excluded fro
Slide 20: Ex-Post Standard Deviation
Ex-Post Standard Deviation The three-year annualized ex-post standard deviation of the composite and Benchmark as of each year end is as follows: Composite 3-Yr St Benchmark 3-Yr St Year Dev Dev (%) (%) 1QFY13 11.20% 8.49% 2012 11.26% 8.56% 2011 13.85% 11.97% 2010 14.75% 13.01% Following are key ass
Slide 21: Proprietary assets and income tax liability
also be made available to clients upon request. Proprietary Assets in the Composite The Composite does not contain investments of UBL Fund Managers Limited, UBL Fund Managers Limited Management and only contain investment of UBL (UBL Fund Managers Limited Parent Company) as at March 31, 2016. Liabil
Slide 22: Taxation of Unit Holders and 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 23: GIPS Compliant Presentation: UBL Islamic Income Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Income Composite October 20, 2007 through March 31, 2016 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 Numbe
Slide 24: Compliance Statement
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 25: Benchmark and significant events
Benchmark The benchmark of the portfolio is Weighted average of 12 Month deposit rates of 3 different Islamic Banks and returns of Benchmark are not net of withholding taxes. Previously the benchmark of the portfolio was Weighted average of 6 Month deposit rates of 3 different Islamic Banks and retu
Slide 26: WWF legal proceedings
According to the legal counsel who is handling the case, there is a contradiction between the aforementioned clarification issued by th e Ministry and the response filed by the Ministry in the SHC. During the current period, the Honorable Lahore High Court (LHC) in a similar Constitutional Petition
Slide 27: Minimum account size and standard deviation
Minimum Account Size The Minimum Portfolio size for inclusion in the composite is: Rs.100 Million per Fund (which is For Portfolio/Fund also the Minimum regulatory requirement to start a fund) For SMA Rs. 25 Million per Managed Account Internal Dispersion Since, number of Portfolios in the composite
Slide 28: 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 29: 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 30: Capital gains and SMA treatment
(b) Capital Gains: Capital Gains arising on disposition of Units of the Fund will be subject to withholding Capital Gains Tax (CGT) at the applicable rates given in the Income Tax Ordinance, 2001 (ITO). There shall be no CGT, if holding period is more than 48 months (4 years). As per section 37(A) o
Slide 31: 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 32: GIPS Compliant Presentation: UBL Principal Protected Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Principal Protected Composite July 01, 2009 to March 31, 2016 Composite: UBL Principle Protected Composite Creation Date: 15-Apr-10 Benchmark: Refer to Benchmark disclosure Reporting Currency: Pak Rupees Total Assets Internal Total Assets Per
Slide 33: 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 34: Fees, minimum portfolio size, dispersion
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 refer to Schedule) Fee schedule The fee on the portf
Slide 35: Standard deviation and significant events
Composite 3-Yr St Year Dev (%) 9MFY16 9.87% 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 36: WWF proceedings
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 Ministry and the response filed by the Ministry in the SHC. During the current period, the Honorable Lahore High Court
Slide 37: Revenue recognition
instrument. Financial assets are derecognized when the contractual rights to receive cash flows related to the asset expire. Financial liabilities are derecognized when they are extinguished, that is, when the obligation specified in the contract is discharged, cancelled, or expires. Any gain or los
Slide 38: 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 39: GIPS Compliant Presentation: UBL Liquid Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Liquid Composite July 1, 2009 through March 31, 2016 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 Percent
Slide 40: Compliance Statement
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 41: Benchmark, list of composites and significant events
Commission of Pakistan effective from May 23rd 2014. Benchmark 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 a
Slide 42: WWF provision details
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 Management Company is hopeful that the decision of the LHC, will lend further support to the constitutional petition which is pending in
Slide 43: Minimum portfolio size and standard deviation
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 44: 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 45: Income tax liability and exemptions
(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. The income of the newly added portfol
Slide 46: Capital Gains
(b) Capital Gains: Capital Gains arising on disposition of Units of the Fund will be subject to withholding Capital Gains Tax (CGT) at the applicable rates given in the Income Tax Ordinance, 2001 (ITO).There shall be no CGT, if holding period is more than 48 months (4 years). As per section 37(A) of
Slide 47: GIPS Compliant Presentation: UBL Conventional Balance Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Conventional Balance Composite December 1, 2008 through March 31, 2016 Composite: UBL Conventional Balance Composite Creation Date: 15-Apr-10 Benchmark: Refer to Benchmark Disclosure Reporting Currency: Pak Rupees Internal Total Assets at Tot
Slide 48: 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 49: Fees schedule and significant events
Fees Schedule Fees are charged as per different agreements as agreed with the clients. UAAF : 1% Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: For Rs.100 Million per Fund (which is also the Portfolio/Fund minimum regulatory requirement to start a fun
Slide 50: Standard deviation and valuation assumptions
Composite 3-Yr St Year Dev (%) 9MFY16 9.98% 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 liabilities are recognized at the time when the Portfol
Slide 51: Proprietary assets and income tax liability
Proprietary Assets in the Composite The Composite as at March 31, 2016 only contain 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 taxable,
Slide 52: Taxation of Unit Holders and 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 ter
Slide 53: GIPS Compliant Presentation: UBL Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Savings Composite October 14, 2010 through March 31, 2016 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 Asse
Slide 54: Compliance Statement
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 55: Benchmark and significant events
Benchmark Benchmark is Average of 6M KIBOR. List of Composites A list of all composite descriptions is available upon request. Significant Event 1. The Finance Act, 2008 introduced an amendment to the Workers' Welfare Fund Ordinance, 1971 (WWF Ordinance). As a result of his amendment it may be const
Slide 56: WWF provision and fees
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. 19.5056 million for UGSF as at June 30, 2015. Further, c
Slide 57: Standard deviation and valuation assumptions
Composite 3-Yr St Benchmark 3-Yr St Year Dev Dev (%) (%) 9MFY16 1.51% 0.08% FY15 1.43% 0.05% FY14 0.74% 0.07% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at th
Slide 58: Proprietary assets and income tax liability
Proprietary Assets in the Composite The Composite also contains investments of UBL Fund Managers Limited, UBL Fund Managers Limited Management and UBL (UBL Fund Managers Limited parent company) as of March 31, 2016. Liability for Income Tax Under the income tax law in Pakistan, the Fund is regarded
Slide 59: Taxation of Unit Holders and 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 60: GIPS Compliant Presentation: UBL Islamic Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Savings Composite November 07, 2010 through March 31, 2016 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 Benchmar
Slide 61: Compliance Statement
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 62: 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 63: Significant events, fees and minimum portfolio size
June 30, 2015. 2. Effective from 01 July 2011, Sindh Revenue Board under Sindh Sales Tax on Services Act, 2011 has applied Sales Tax on all services rendered by Non-Banking Financial Institution. The Sales Tax is being charged @16% on Management Fee paid/payable to the Management Company. 3. The por
Slide 64: Standard deviation and valuation assumptions
Composite 3-Yr St Benchmark 3-Yr St Year Dev Dev (%) (%) 9MFY16 0.51% 0.04% FY15 0.43% 0.02% FY14 0.30% 0.02% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at th
Slide 65: 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 66: Taxation of Unit Holders and 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 ter
Slide 67: GIPS Compliant Presentation: UBL Bond Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Bond Savings Composite November 4, 2011 through March 31 2016 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 Period
Slide 68: Compliance Statement
Compliance Statement UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and present ed this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently verified by KPMG Taseer Hadi & Co. for the periods Jul
Slide 69: Fees, minimum portfolio size, significant event
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. Fee Schedule Management Fee is 1.5% p.a. (URSF-DSF) Minimum
Slide 70: Standard deviation and valuation assumptions
Composite 3-Yr St Year Dev (%) 9MFY16 2.27% 2015 2.20% 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 contra
Slide 71: 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 72: Taxation of Unit Holders and 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 ter
Slide 73: GIPS Compliant Presentation: UBL Islamic Equity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Equity Composite July 17, 2012 through March 31, 2016 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 Total
Slide 74: Policies, composite description, benchmark, significant events
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 shariah compliant equities that seeks to maximize total returns and outperf
Slide 75: WWF significant events
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 76: Sales tax, fees and minimum account size
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. Fees Returns are presented net of all expenses (in
Slide 77: 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 78: 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
Slide 79: GIPS Compliant Presentation: UBL Islamic Liquid Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Liquid Composite September 18, 2012 through March 31, 2016 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 Net
Slide 80: Policies, composite description and 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 81: WWF significant events
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 Ministry and the response
Slide 82: Minimum portfolio size and standard deviation
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 83: Revenue recognition and income tax liability
Revenue recognition Gains / (losses) arising on sale of investments are accounted for in the period in which they arise. Income on reverse repurchase, certificates of investment, placements, government securities and investments in debt securities are recognized at rate of return implicit in the ins
Slide 84: Withholding tax and unit holder taxation
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 capital gains and as reduced by such expenses as are chargeable to the Funs under the
Slide 85: GIPS Compliant Presentation: UBL Commodity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Commodity Composite February 13, 2013 through March 31, 2016 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 of P
Slide 86: Policies, composite description and 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 Commodity Composite is to provide Unit‐holders exposure to Gold as an asset class by in
Slide 87: WWF significant events
applicability of 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 i
Slide 88: Internal dispersion and 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 is as follows:. Composite 3-Yr St Year Dev (%
Slide 89: 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 90: Capital Gains
(b) Capital Gains: Capital Gains arising on disposition of Units of the Fund will be subject to withholding Capital Gains Tax (CGT) at the applicable rates given in the Income Tax Ordinance, 2001 (ITO).There shall be no CGT, if holding period is more than 48 months (4 years). As per section 37(A) of
Slide 91: GIPS Compliant Presentation: UBL Dynamic Allocation Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Dynamic Allocation Composite December 20, 2012 through March 31, 2016 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 at
Slide 92: 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 93: Minimum portfolio size and valuation assumptions
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 Internal Dispersion Since number of Portfolios in the composite is less than five therefore calculation of internal dispersion is not required. Sig
Slide 94: Proprietary Assets and SMA treatment
Proprietary Assets in the Composite The Composite neither contain investment of UBL Fund Managers Limited nor UBL (Parent Company of UBL Fund Managers Limited). Treatment of Separately Managed Discretionary Account (SMA): The SMA shall be liable for payment withholding tax and other taxes on the inv
Slide 95: GIPS Compliant Presentation: UBL Islamic Principal Preservation Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Principal Preservation Composite April 26, 2013 through March 31, 2016 Composite: UBL Islamic Principal Preservation Creation Date: 26-Apr-13 Composite Reporting Currency: Pak Rupees Total Net Number Total Assets at Percentage Total A
Slide 96: Policies 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 97: Minimum portfolio size and significant events
Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: Rs.100 Million per Fund (which is also For Portfolio/Fund the minimum regulatory requirement to start a fund) For SMA Rs. 25 Million per Managed Account. Internal Dispersion Since number of Portfolios in
Slide 98: WWF significant events
ab -initio the clarification letter dated October 06, 2010 on applicability of 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
Slide 99: Revenue recognition and income tax liability
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 100: Withholding Tax and Taxation of Unit Holders
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 101: GIPS Compliant Presentation: UBL Islamic Dynamic Allocation Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Dynamic Allocation Composite August 6, 2015 through March 31, 2016 Composite: UBL Islamic Dynamic Allocation Creation Date: 6-Aug-15 Composite Reporting Currency: Pak Rupees Total Net Number Total Assets at Percentage Total Assets of
Slide 102: Composite Description and Benchmark
Composite Description The objective of the UBL Islamic Dynamic Allocation Composite is to earn a potentially high return through active asset allocation between Islamic Equity scheme and Islamic Income scheme based on the Fund Manager’s outlook on the asset classes. Currently, the composite comprise
Slide 103: Minimum Portfolio Size and valuation assumptions
Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: Rs.100 Million per Fund (which is also For Portfolio/Fund the minimum regulatory requirement to start a fund) For SMA Rs. 25 Million per Managed Account. Internal Dispersion Since number of Portfolios in
Slide 104: Proprietary Assets and income tax liability
Propriety Assets in the Composite The Composite does not contain investments of UBL Fund Managers Limited, UBL Fund Managers Limited Management as of March 31, 2016, and only contain investment of UBL (UBL Fund Managers Limited parent company). Liability for Income Tax Under the income tax law in Pa
Slide 105: 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
UBL Fund Managers — Debt Investor Presentation (March 2016) on 6ix