UBL Pakistan Enter ETF · PSX:UBLPETF
UBL Pakistan Enter ETF — UBL Fund Managers — Investor Presentation (March 2023)
116 slides from UBL Pakistan Enter ETF's investor presentation, March 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: Definition of the Firm, Composite Description, 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, Significant Events
Fees Returns are presented net of all expenses (including custodial expenses, SECP fee, Listing fee) in addition to the Management Fee and Trading Expenses. Fee Schedule Management Fee is 1.5% p.a. (URSF-DSF), Management Fee is Upto 1.00% (USSP-I), Management Fee is Upto 1.00% (USSP-II), Management
Slide 4: Significant events: Sindh Workers' Welfare Fund
4. Further, as a consequence of the 18th amendment to the Constitution, levy for Sindh Workers’ Welfare Fund (SWWF) was also introduced by the Government of Sindh through the Sindh Workers Welfare Fund Act 2014 (SWWF Act 2014). SWWF Act 2014, enacted on May 21, 2015, requires every Industrial Establ
Slide 5: Significant events: USSP additions to composite
8. USSP-IV has been added in the composite list as period of 45 days has been completed for inclusion in portfolio (first NAV announced date May 30, 2019). The Fund/Scheme has maintained provisions against Sindh Workers’ Welfare Fund as of March 31, 2020 to the tune of Rs. 0.403 million. 9. USSP-V h
Slide 6: 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 and withholding tax
units or certificates as the case may be, shall not be taken into account. The ninety per cent (90%) of the income shall be calculated after excluding capital gains and as reduced by such expenses as are chargeable to the Fund under the Regulations. Withholding Tax Under the provisions of Clause 47(
Slide 8: UBL Capital Protected Composite GIPS Compliant Presentation
UBL Fund Managers Limited GIPS Compliant Presentation UBL Capital Protected Composite April 15, 2008 through March 31, 2020 Composite: UBL Capital Protected Composite Creation Date: 15-Apr-10 Reporting Currency: Pak Rupees Total Assets at Percentage of Total Net Number of end of Period Firm's assets
Slide 9: Definition of the Firm, Composite Description
(2) the firm‘s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Definition of the Firm UBL Fund Managers Limited is a wholly owned subsidiary of United Ba
Slide 10: Significant events: SWWF provision
the Mutual Funds are not financial institutions and rather an investment vehicle. However, the Sindh Revenue Board has not accepted the said position of MUFAP and as a result, MUFAP has taken up this matter with the Sindh Finance Ministry for resolution. In view of the above developments regarding t
Slide 11: Standard deviation and valuation assumptions
Composite 3-Yr St Dev Year (%) FY12 2.85 Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at the time when the Portfolio becomes a party to the contractual provisio
Slide 12: Liability for Income Tax
Liability for Income Tax Under the income tax law in Pakistan, the Fund is regarded as a public company for tax purposes. The income of the Fund is taxable, if 90% distribution is not made among the unit holders, certificate holders or shareholders as the case may be. The tax rate applicable to a pu
Slide 13: Capital gains treatment
Capital gains shall be treated as a separate block of income and losses under this head can be adjusted by the unit holder from the capital gains in the same tax year. Any unadjusted loss under this head is not allowed to be carried forward to the subsequent tax years. ______________________________
Slide 14: UBL Conventional Balance Composite GIPS Compliant Presentation
UBL Fund Managers Limited GIPS Compliant Presentation UBL Conventional Balance Composite December 1, 2008 through March 31, 2020 Composite: UBL Conventional Balance Composite Creation Date: 15-Apr-10 Benchmark: Refer to Benchmark Disclosure Reporting Currency: Pak Rupees Total Net Return Internal Nu
Slide 15: Definition of the Firm, 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, Minimum Portfolio Size
ii) Provision against SWWF, on prudent basis, should be made from the date of enactment of the SWWF Act, 2014 (i.e., May 21, 2015) with effect from January 12, 2017. Accordingly, the Fund has recorded these adjustments in its books of account on January 12, 2017. Based on which the provision against
Slide 18: Standard deviation and valuation assumptions
Composite 3-Yr St Dev Year (%) 9MFY20 8.34% FY19 28.81% FY18 5.44% FY17 5.49% 2016 5.40% 2015 9.81% 2014 9.64% 2013 9.48% 2012 5.1% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilitie
Slide 19: Proprietary Assets and Liability for Income Tax
Proprietary Assets in the Composite The Composite not contain investments of UBL Fund Managers Limited. However, contain ordinary shares of UBL Bank (UBL Fund Managers Limited Parent Company) as of March 31, 2020. Liability for Income Tax Under the income tax law in Pakistan, the Fund is regarded as
Slide 20: Capital Gains and Treatment of SMA
(b) Capital Gains: Capital Gains arising on disposition of Units of the Fund subject to withholding Capital Gains Tax (CGT) at the applicable rates given in the Income Tax Ordinance, 2001 (ITO). There shall be no CGT, if holding period is more than 48 months (4 years). As per section 37(A) of the In
Slide 21: UBL Dynamic Allocation Composite
GIPS Compliant Presentation Formatted: Font: 14 pt UBL Fund Managers Limited UBL Dynamic Allocation Composite December 20, 2012 through Mar 31, 2023 Formatted: Font: 11 pt, Font color: Custom Color(RGB(47,84,150)), Complex Script Font: 11 pt Composite: UBL Dynamic Allocation Composite Creation Date:
Slide 22: Compliance statement, Definition of the Firm
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, 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 Formatted: Default, Left Significant Event: Formatted: Justified 1. The BoD further resolved that with effect from Ma
Slide 24: Significant events: SWWF
includes any concern engaged in the Banking or Financial Institution in the definition of “Industrial Undertaking” but does not define Financial Institution. The Management Company, based on an opinion obtained by the Mutual Fund Association of Pakistan (MUFAP), believed that Mutual Funds are not li
Slide 25: Standard deviation and valuation assumptions
FY21 11.91% Formatted: Justified FY20 14.21% Formatted: Justified FY19 10.69% Formatted: Justified FY18 12.64% Formatted: Justified Key Assumption for Portfolio valuation Formatted: Font: 11 pt, Font color: Custom Following are key assumption used in Portfolio valuation: Color(RGB(47,84,150)), Compl
Slide 26: Formatted: Justified
Formatted: Justified _________________________________________________________________________________________________________________________________ Head Office : 4th floor, STSM Building, Beaumont Road, Civil Lines, Karachi, . Tel + 92 -21 – 111 825262
Slide 27: UBL Equity Composite
Formatted ... Formatted ... Formatted ... Formatted ... Formatted Table ... GIPS Compliant Presentation Formatted ... UBL Fund Managers Limited Formatted ... UBL Equity Composite Formatted ... August 4, 2006 through Mar 31, 2023 Formatted ... Composite: UBL Equity Composite Creation Date: 15-Apr-10
Slide 28: Compliance Statement
COMPLIANCE STATEMENT Formatted: Font: 10 pt, Complex Script Font: 10 pt UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently veri
Slide 29: Benchmark and Significant Events
Benchmark The Benchmark of UBL Funds Equity composite is KSE - 100 Index and returns of Benchmark are not net of withholding taxes. The Portfolios in this composite also may have International Exposure, whereas Benchmark does not represent the same. List of Composites Formatted: Font: 10 pt, Complex
Slide 30: Significant Events continued
However, fund has recorded a provision for WWF of Rs. 17.4444 million in URSF-ESF as at December 31, 2016. Formatted: Font: 10 pt, Complex Script Font: 10 pt 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% ef
Slide 31: SWWF provision, Fees, 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 Formatted: Justified as follows including the impact of reversal; Amount Increase in net asset Funds Formatted: Font: 10 pt, Complex Script Fo
Slide 32: Ex-Post Standard Deviation
Ex-Post Standard Deviation Formatted: Font: 10 pt, Complex Script Font: 10 pt The three-year annualized ex-post standard deviation of the composite and Benchmark as of each year end is as follows: Composite 3- Benchmark 3-Yr Formatted: Font: 10 pt, Font color: Dark Blue, Complex Year Yr St Dev St De
Slide 33: Revenue recognition, Proprietary Assets, Income Tax
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 and investments in deb
Slide 34: 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 35: UBL Fixed Income Composite
Formatted ... Formatted ... UBL Fund Managers Limited Formatted ... GIPS Compliant Presentation Formatted Table ... UBL Fixed Income Composite March 02, 2006 through Mar 31, 2023 Formatted ... Formatted ... Composite: UBL Fixed Income Composite Creation Date: 15-Apr-10 Benchmark: 1Y KIBOR Avg Report
Slide 36: Compliance Statement
Compliance Statement Formatted: Font: 10 pt, Complex Script Font: 10 pt UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently veri
Slide 37: Significant Events
List of Composites Formatted: Font: 10 pt, Complex Script Font: 10 pt A list of all composite descriptions is available upon request. Significant Event Formatted: Font: 10 pt, Complex Script Font: 10 pt 1. On June 29, 2009, UMF was merged into United Growth & Income Fund (UGIF). The Unit Holdings of
Slide 38: WWF provision
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 million, 0.138 million and Rs. 4.7340 for UGIF, UIOF and URSF-DSF respectively. However, considering the open ended nature of the Fund, the Board of Directors (B
Slide 39: Significant Events: FED and SWWF
2011 is Ultra Vires to the Constitution of Pakistan. The Management Company as a matter of abundant caution has not reversed the provision of FED, as the Federal Board of Revenue could file an appeal with Honorable Supreme Court of Pakistan against the Judgment passed by Honorable Sindh High Court o
Slide 40: Fees and Fee Schedule
11. The Management Company of UGIF has placed the temporary suspension on sale of units from February 15, 2021 till further notice under clause 13.5.1 of Formatted: Font: (Default) +Body (Calibri), 10 pt, Font the Trust Deed and clause 4.11.2 of the Offering Document of the Fund. color: Custom Color
Slide 41: Standard deviation and valuation assumptions
FY22 1.22% 0.15% Formatted: Font: 10 pt, Complex Script Font: 10 pt FY21 1.19% 0.13% Formatted: Font: 10 pt, Complex Script Font: 10 pt FY20 1.09% 0.15% FY19 0.97% 0.08% Formatted: Font: 10 pt, Complex Script Font: 10 pt FY18 1.61% 0.02% Formatted: Font: 10 pt, Complex Script Font: 10 pt 2017 1.98%
Slide 42: Subjective Unobservable Inputs, Proprietary Assets
Subjective Unobservable Inputs Formatted: Font: 10 pt, Complex Script Font: 10 pt UBL Fund Managers Limited uses subjective unobservable inputs for valuing some of its debt instruments i.e., Sukuks and Term Finance Certificates. The criteria used for valuation is in accordance with the Guidelines is
Slide 43: Withholding tax and capital gains
Unless exempted from such taxation or at a reduced rate under any law or Avoidance of Double Taxation Agreement, cash dividend paid to Unit Holders of the Fund will be subject to withholding tax as per the prevailing tax law. In terms of the provisions of the Income Tax Ordinance, 2001, the withhold
Slide 44: UBL Fixed Return Composite
UBL Fund Managers Limited Formatted: Font: 12 pt, Font color: Custom GIPS Compliant Presentation Color(RGB(31,56,100)), Complex Script Font: 10 pt UBL Fixed Return Composite Sep 13, 2022 to Mar 31, 2023 Formatted: Font color: Custom Color(RGB(31,56,100)) Formatted: Font: 10 pt, Font color: Custom Co
Slide 45: Composite Description and Benchmark
The investment objective of the composite is to provide market expected returns to its Unit-Holders subject to conditions such as holding period as defined in Formatted: Font: 10 pt, Complex Script Font: 10 pt the offering document Currently, the composite comprise of Portfolio UBL Fixed Return Plan
Slide 46: Fees, Minimum Portfolio Size, Standard Deviation
17. Fixed Return Plan II-(I) under UBL Fixed Return Fund-II has launched on March 30, 2023 Formatted: Font color: Custom Color(RGB(31,56,100)) Fees Formatted: Font: 10 pt, Complex Script Font: 10 pt Returns are presented net of all expenses (including custodial expenses, SECP fee, Listing fee) in ad
Slide 47: Revenue recognition and Proprietary Assets
Revenue recognition Formatted: Font: 10 pt, Complex Script Font: 10 pt 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
Slide 48: Taxation of Unit Holders
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 49: UBL Islamic Dynamic Allocation Composite
GIPS Compliant Presentation Formatted: Font: 12 pt, Font color: Custom UBL Fund Managers Limited Color(RGB(47,84,150)), Complex Script Font: 10 pt UBL Islamic Dynamic Allocation Composite Formatted: Font color: Custom Color(RGB(47,84,150)) August 6, 2015 through Mar 31, 2023 Formatted: Font: 10 pt,
Slide 50: Definition of the Firm, Composite Description
(ii) All Non-Fee Paying and Fee Paying and Discretionary and Non-Discretionary Portfolios. Policies Formatted: Font: 10 pt, Complex Script Font: 10 pt UBL Fund Managers Limited policies for valuing Portfolios, calculating performance, and preparing compliant presentations are available upon request.
Slide 51: 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 52: Significant Events: Al-Ameen plans
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 53: Fee schedule, Minimum Portfolio Size
Fee schedule Formatted: Font: 10 pt, Complex Script Font: 10 pt 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 Mana
Slide 54: Liability for Income 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 stated, the income of the Fund will be exempt from tax, if n
Slide 55: Formatted: Justified
Formatted: Justified _________________________________________________________________________________________________________________________________ Head Office : 4th floor, STSM Building, Beaumont Road, Civil Lines, Karachi, Tel + 92 -21 – 111 825262
Slide 56: UBL Islamic Equity Composite
GIPS Compliant Presentation Formatted: Font: 12 pt, Font color: Custom UBL Fund Managers Limited Color(RGB(31,56,100)), Complex Script Font: 10 pt UBL Islamic Equity Composite July 17, 2012 through Mar 31, 2023 Formatted: Font color: Custom Color(RGB(31,56,100)) Formatted: Font: 10 pt, Font color: C
Slide 57: Definition of the Firm, Composite Description
Definition of the Firm Formatted: Font: 10 pt, Complex Script Font: 10 pt 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
Slide 58: Significant Events
3. Management Fee of the Islamic Equity Fund Composite (previously UBL Islamic Balanced Fund) was reduced to 2% from 24th December 2011. Formatted: Font: 10 pt, Complex Script Font: 10 pt 4. The Finance Act 2008 introduced an amendment to the Workers' Welfare Fund Ordinance, 1971 (WWF Ordinance). As
Slide 59: Significant Events: Sales tax and FED
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% Formatted: Font: 10 pt, Complex Script Font: 10 pt effective July 1, 2011. Management fee charged during the period includes general sales tax.
Slide 60: SWWF provision and Fees
PKR mn (%) Al Ameen Shariah Stock Fund (ASSF) 117.71 1.28% Formatted: Font: 10 pt, Font color: Custom Al Ameen Islamic Retirement Savings Fund (AIRSF-ESF) 26.53 1.50% Color(RGB(31,56,100)), Complex Script Font: 10 pt Al-Ameen Islamic Energy Fund (AIEF) 0.76 0.20% Formatted: Font: 10 pt, Font color:
Slide 61: Standard deviation and valuation assumptions
9MFY23 18.05% 19.51% Formatted: Font: 10 pt, Complex Script Font: 10 pt FY22 21.20% 23.33% Formatted: Font: 10 pt, Complex Script Font: 10 pt FY21 21.60% 24.40% Formatted: Font: 10 pt, Complex Script Font: 10 pt FY20 21.90% 24.89% FY19 16.76% 19.64% Formatted: Font: 10 pt, Complex Script Font: 10 pt
Slide 62: Liability for Income 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 Formatted: Font: 10 pt, Complex Script Font: 10 pt Notwithstanding the tax rates and withholding tax, the inc
Slide 63: UBL Islamic Income Composite
Formatted ... Formatted ... Formatted ... Formatted ... UBL Fund Managers Limited Formatted Table ... GIPS Compliant Presentation Formatted ... UBL Islamic Income Composite Formatted ... October 20, 2007 through Mar 31, 2023 Formatted ... Composite: UBL Islamic Income Composite Creation Date: 15-Apr
Slide 64: Compliance Statement
Compliance Statement Formatted: Font: 10 pt, Complex Script Font: 10 pt UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently veri
Slide 65: Significant Events
Significant Event Formatted: Font: 10 pt, Complex Script Font: 10 pt 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 of UBL Fund Ma
Slide 66: Significant Events continued
However, fund has recorded a provision for WWF of Rs. 1.0309million in AIRSF-DSF as at December 31, 2016. Formatted: Font: 10 pt, Complex Script Font: 10 pt 3. Effective from 01 July 2011, Sindh Revenue Board under Sindh Sales Tax on Services Act, 2011 has applied Sales Tax on all services rendered
Slide 67: SWWF provision and Fees
Accordingly, the Fund has recorded these adjustments in its books of account on January 12, 2017. Based on which the provision against WWF has been reversed and provision related to SWWF has been recorded. As per direction of MUFAP on behalf of SECP, provision of SWWF has also reversed on August 13,
Slide 68: Internal Dispersion and Ex-Post Standard Deviation
Internal Dispersion Formatted: Font: 10 pt, Font color: Custom Since, number of Portfolios in the composite is less than five therefore calculation of internal dispersion is not required. Color(RGB(47,84,150)), Complex Script Font: 10 pt Ex-Post Standard Deviation The three-year annualized ex-post s
Slide 69: Valuation assumptions
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. Financial liabilities are
Slide 70: Withholding tax and Zakat
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 Formatted: Font: 10 pt, Complex Script F
Slide 71: UBL Islamic Liquid Composite
GIPS Compliant Presentation Formatted: Font: 12 pt, Complex Script Font: 10 pt UBL Fund Managers Limited UBL Islamic Liquid Composite Formatted: Font: 10 pt, Complex Script Font: 10 pt September 18, 2012 through Mar 31, 2023 Formatted: Font: Not Bold Formatted: Font: 10 pt, Not Bold, Complex Script
Slide 72: Definition of the Firm, 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 73: Significant Events: WWF
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 74: Significant Events: SWWF
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 75: Fee Schedule and 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. Fee Schedule AICF: *Up to 5% of the Gross Earnings subject to a min. fee of 0.02% of net assets, AICP-I:*Up to 5% of the Gross Earnings subject to a
Slide 76: Revenue recognition, Proprietary Assets, Income Tax
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 instrument/ arrangement
Slide 77: 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 78: UBL Islamic Principal Preservation Composite
GIPS Compliant Presentation Formatted: Font: 12 pt, Font color: Custom UBL Fund Managers Limited Color(RGB(47,84,150)), Complex Script Font: 10 pt UBL Islamic Principal Preservation Composite Formatted: Font color: Custom Color(RGB(47,84,150)) April 26, 2013 through Jun JuneDec 3010, 2022 Formatted:
Slide 79: Definition of the Firm, Composite Description
Definition of the Firm Formatted: Font: 10 pt, Complex Script Font: 10 pt 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
Slide 80: Significant Events: WWF
In July 2010, a clarification was issued by the Ministry of Labour and Manpower (the Ministry) which stated that mutual funds are not liable to contribute to Formatted: Font: 10 pt, Complex Script Font: 10 pt WWF on the basis of their income. This clarification was forwarded by Federal Board of Reve
Slide 81: Significant Events: FED
9. Al – Ameen Islamic Financial Planning Fund – III Al-Ameen Islamic Active Allocation Plan – IX has been matured on Formatted: Font: 10 pt, Complex Script Font: 10 pt Formatted: Font: 10 pt, Complex Script Font: 10 pt 8108. On 30 June 2016, the Honorable Sindh High Court of Pakistan has passed the
Slide 82: Fee schedule and Standard Deviation
Fee schedule Formatted: Font: 10 pt, Complex Script Font: 10 pt -AISSP-II : 0.75% during the Subscription Period & 0.75% during the Life of Plan -AIAPPP-IV: Upto 1% p.a. (on the value of underlying Funds not managed by UBL Fund Managers) Minimum Portfolio Size Formatted: Font: 10 pt, Complex Script
Slide 83: 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 Formatted: Font: 1
Slide 84: Withholding tax and capital gains
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 85: UBL Islamic Savings Composite
Formatted ... Formatted ... Formatted ... UBL Fund Managers Limited Formatted ... GIPS Compliant Presentation Formatted Table ... UBL Islamic Savings Composite November 07, 2010 through Mar 31, 2023 Formatted ... Formatted ... Composite: UBL Islamic Savings Composite Creation Date: 07-Nov-10 Formatt
Slide 86: Compliance Statement
Compliance Statement Formatted: Font: 10 pt, Complex Script Font: 10 pt UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently veri
Slide 87: Significant Events
Significant Event Formatted: Font: 10 pt, Complex Script Font: 10 pt 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 inco
Slide 88: Significant Events: FED and SWWF
2011 is Ultra Vires to the Constitution of Pakistan. The Management Company as a matter of abundant caution has not reversed the provision of FED, as the Federal Board of Revenue could file an appeal with Honorable Supreme Court of Pakistan against the Judgment passed by Honorable Sindh High Court o
Slide 89: Fee Schedule and 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. Fee Schedule Formatted: Font: 10 pt, Complex Script Font: 10 pt Fund: AISF: 1.00% Minimum Portfolio Size The Minimum Portfolio size for inclusion in
Slide 90: Key Assumption for Portfolio valuation
Key Assumption for Portfolio valuation Formatted: Font: 10 pt, Complex Script Font: 10 pt Following are key assumption used in Portfolio valuation: Financial instruments Formatted: Font: 10 pt, Complex Script Font: 10 pt All the financial assets and financial liabilities are recognized at the time w
Slide 91: Withholding tax and Zakat
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 Formatted: Font: 10 pt, Complex Script Font
Slide 92: UBL Liquid Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Liquid Composite July 1, 2009 through Mar 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 93: 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 94: List of Composites, 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 95: Significant Events continued
at June 30, 2015. Further, consequent to 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
Slide 96: SWWF provision 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 97: 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 98: 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 99: Liability for Income 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 100: UBL Principal Protected Composite
UBL Fund Managers Limited Formatted: Font: 12 pt, Font color: Custom GIPS Compliant Presentation Color(RGB(47,84,150)), Complex Script Font: 10 pt UBL Principal Protected Composite Formatted: Font color: Custom Color(RGB(47,84,150)) July 01, 2009 to Mar 31, 2023 Formatted ... Composite: UBL Principa
Slide 101: Compliance Statement
Formatted: Font color: Custom Color(RGB(47,84,150)) Compliance Statement Formatted: Font: 10 pt, Complex Script Font: 10 pt 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 standard
Slide 102: Fees and Fee schedule
Fees Formatted: Font: 10 pt, Complex Script Font: 10 pt 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
Slide 103: Standard deviation and Significant Events
FY20 4.84% Formatted: Font: 10 pt, Complex Script Font: 10 pt FY19 7.51% Formatted: Font: 10 pt, Complex Script Font: 10 pt FY18 7.30% 2017 8.60% Formatted: Font: 10 pt, Complex Script Font: 10 pt 2016 9.39% Formatted: Font: 10 pt, Complex Script Font: 10 pt 2015 10.22% 2014 10.48% Formatted: Font:
Slide 104: Significant Events continued
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 Formatted: Font: 10 pt, Complex Script Font: 10 pt the WWF Ordinance, 1971. Accordingly, the fund has recorded a provision for WWF of Rs. 4.338
Slide 105: Significant Events: USSP additions
In view of the above, MUFAP obtained a legal opinion on the applicability of WWF and SWWF on Mutual Funds, and based on such legal advice, recommended Formatted: Font: 10 pt, Complex Script Font: 10 pt to all its members through letter dated January 12, 2017 the following: 1) The provision against t
Slide 106: Significant Events: SWWF reversal
16. UBL Active Principal Preservation Plan‐I has matured as on Aug 21, 2020. 17. UBL Active Principal Preservation Plan‐II has matured as on Nov 30, 2020. 18. As per direction of MUFAP on behalf of SECP, provision of SWWF has also reversed on August 13, 2021. The amount of provision till date in fol
Slide 107: Key Assumption for Portfolio valuation
Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments Formatted: Font: 10 pt, Complex Script Font: 10 pt All the financial assets and financial liabilities are recognized at the time when the Portfolio becomes a party to the contractua
Slide 108: Income tax and withholding tax
Notwithstanding the tax rates and withholding tax the income of the Fund will be exempt from tax, if not less than ninety per cent (90%) of the income for the year is distributed amongst the Unit Holders as dividend. This includes only cash dividend as consequent to amendments in Income Tax Ordinanc
Slide 109: Formatted: Font: (Default) Times New Roman, Complex Script Font: Times New Roman Formatted: Normal,
Formatted: Font: (Default) Times New Roman, Complex Script Font: Times New Roman Formatted: Normal, Don't adjust space between Latin and Asian text, Don't adjust space between Asian text and numbers Formatted: Font: 10 pt, Font color: Custom Color(RGB(47,84,150)), Complex Script Font: 10 pt ________
Slide 110: UBL Savings Composite
UBL Fund Managers Limited Formatted: Font: 12 pt, Complex Script Font: 10 pt GIPS Compliant Presentation UBL Savings Composite Formatted: Font: 10 pt, Complex Script Font: 10 pt October 14, 2010 through Mar 31, 2023 Formatted Table Formatted: Font: 10 pt, Not Bold, Complex Script Font: Composite: UB
Slide 111: Compliance Statement
Compliance Statement Formatted: Font: 10 pt, Complex Script Font: 10 pt UBL Fund Managers Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. UBL Fund Managers Ltd has been independently veri
Slide 112: 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 his 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 b
Slide 113: Significant Events: FED 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 114: Fee Schedule and Standard Deviation
Fee Schedule Management Fee of UGSF is: 10% of all gross earnings (with min. fee of 1% & max. fee of 1.25% p.a. of net assets) Minimum Portfolio Size Formatted: Font: 10 pt, Complex Script Font: 10 pt The Minimum Portfolio size for inclusion in the composite is as follows: For Rs.100 Million per Fun
Slide 115: Key Assumption for Portfolio valuation
Following are key assumption used in Portfolio valuation: Financial instruments Formatted: Font: 10 pt, Complex Script Font: 10 pt 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. Financi
Slide 116: Income tax and withholding tax
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
UBL Fund Managers — Investor Presentation (March 2023) on 6ix