UBL Pakistan Enter ETF · PSX:UBLPETF
UBL Pakistan Enter ETF — UBL Fund Managers — Investor Presentation (March 2018)
118 slides from UBL Pakistan Enter ETF's investor presentation, March 2018
Slide 1: GIPS Compliant Presentation: UBL Bond Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Bond Savings Composite November 4, 2011 through March 31, 2018 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 2: Definition of the Firm, Composite Description, Fees
(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: Minimum Portfolio Size, Dispersion, Significant Events
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 Internal Dispersion Since number of Portfolios in the composite is less th
Slide 4: WWF Legal Opinion and Ex-Post Standard Deviation
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 to all its members through letter dated January 12, 2017 the following: i) The provision against the WWF held by the Mutual Funds till June 30, 2015
Slide 5: Revenue Recognition and Proprietary Assets
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 6: 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 7: GIPS Compliant Presentation: UBL Capital Protected Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Capital Protected Composite April 15, 2008 through March 31, 2018 Composite: UBL Capital Protected Composite Creation Date: 15-Apr-10 Reporting Currency: Pak Rupees Total Net Number Total Assets at Percentage Total Assets of the Firm at end o
Slide 8: Definition of the Firm and Composite Description
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 (including investment plans) (i
Slide 9: Sindh WWF and Fee Schedule
In view of the above developments regarding the applicability of Sindh WWF on Mutual Funds, the MUFAP obtained a legal opinion on these matters and based on such legal advice (which also stated that even if a review petition is filed by any party, such petition can only be based on very limited grou
Slide 10: Key Assumptions for Portfolio Valuation
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 provisions of the instrument. Financial
Slide 11: Income Tax Liability and Dividend Distribution
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 12: GIPS Compliant Presentation: UBL Commodity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Commodity Composite February 13, 2013 through March 31, 2017 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 13: 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 14: Significant Events: Finance Act 2008 and WWF
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 brought within the
Slide 15: Significant Events: FED and SWWF
Furthermore, after the promulgation of Finance Act, 2016 FED is no longer applicable to Collective Investment Scheme with effect from July 01, 2016. 4. As of March 31, 2017, UBL Gold Fund (UGF) has been removed from the composite since it does not qualify the criteria for inclusion in the composite
Slide 16: Fees, Minimum Size 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 Management Fee is: 1.50% Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: Rs.100 Million
Slide 17: 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 18: Income Tax Exemption and Withholding Tax
Notwithstanding the tax rates and withholding tax, the income of the Fund will be exempt from tax, if not less than ninety per cent (90%) of the income for the year is distributed amongst the Unit Holders as dividend. This includes only cash dividend as consequent to amendments in Income Tax Ordinan
Slide 19: GIPS Compliant Presentation: UBL Conventional Balance Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Conventional Balance Composite December 1, 2008 through March 31, 2018 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 20: 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 21: 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 22: Fee Schedule and Standard Deviation
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 23: 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 24: Income Tax Exemption and Withholding Tax
Notwithstanding the tax rates and withholding tax the income of the Fund will be exempt from tax, if not less than ninety per cent (90%) of the income for the year is distributed amongst the Unit Holders as dividend. This includes only cash dividend as consequent to amendments in Income Tax Ordinanc
Slide 25: GIPS Compliant Presentation: UBL Dynamic Allocation Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Dynamic Allocation Composite December 20, 2012 through March 31, 2018 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 26: Composite Description and Benchmark
investment advisory services. The definition of Firm at UBL Fund Managers Limited encompasses the following: (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 polic
Slide 27: Significant Events and Standard Deviation
For SMA Rs. 25 Million per Managed Account Internal Dispersion Since number of Portfolios in the composite is less than five for the entire (full) year therefore calculation of internal dispersion is not required. Significant Event: 1) UBL Conservative Allocation Plan (Fund of Funds Scheme) launched
Slide 28: Revenue Recognition and SMA Treatment
receive the dividend is established. 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 recor
Slide 29: GIPS Compliant Presentation: UBL Equity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Equity Composite August 4, 2006 through March 31, 2018 Composite: UBL Equity Composite Creation Date: 15-Apr-10 Benchmark: KSE100 Index Reporting Currency: Pak Rupees Internal Number Total Assets Percentage Total Assets of the Total Net Bench
Slide 30: Verification and Definition of the Firm
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 c
Slide 31: 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 32: Significant Events Continued
However, fund has recorded a provision for WWF of Rs. 17.4444 million in URSF-ESF as at December 31, 2016. 2. In FY 2012, through Sindh Sales Tax on Services Act 2011, general sales tax on fund management services has been imposed at the rate 16% effective July 1, 2011. Management fee charged during
Slide 33: SWWF Provisions, Fees and Account Size
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. The provision against SWWF has been charged to the tune of Rs.49.38million in USF and Rs. 13.1
Slide 34: Standard Deviation and Valuation Assumptions
FY17 15.04% 13.91% FY16 15.27% 13.94% FY15 15.19% 13.38% FY14 15.53% 13.91% FY13 15.37% 14.00% FY12 16.81% 16.50% FY11 22.39% 22.75% FY10 24.01% 25.22% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and
Slide 35: Income Tax Liability
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 public company, which is pr
Slide 36: Capital Gains and SMA Treatment
Income Tax Ordinance, 2001 (ITO). There shall be no CGT, if holding period is more than 48 months (4 years). As per section 37(A) of the Income Tax Ordinance, 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 cap
Slide 37: GIPS Compliant Presentation: UBL Fixed Income Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Fixed Income Composite March 02, 2006 through March 31, 2018 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 38: Compliance Statement and 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. UBL Fund Managers Ltd has been independently verified by KPMG Taseer Hadi & Co for the periods July 2011 to June 2012. Th
Slide 39: List of Composites and Significant Events
after deducting from the return all expenses which are charged to the Fund as per the Regulations. 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 al
Slide 40: WWF Litigation Update
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 41: Fund Renaming and FED Judgment
8. Effective from April 05, 2016, the Name of UBL Financial Sector Bond Fund (UFBF) has been changed to UBL Income Opportunity Fund (UIOF) vide SECP approval dated December 03, 2015. The Fund was converted into generic income scheme thereby investing in quality TFCs / Sukuk, Government Securities, B
Slide 42: Fees and Minimum Portfolio Size
Fees Returns are presented net of all expenses (including custodial expenses, SECP fee, Listing fee) in addition to the Management Fee and Trading Expenses. (Please refer to Schedule) Fee Schedule Before Merger United Money Market Fund 1.5% United Growth and Income Fund 1.5% After Merger (applicable
Slide 43: Composite Standard Deviation by Year
Composite 3-Yr St Benchmark 3-Yr St Year Dev Dev (%) (%) 9MFY18 1.71% 0.04% 2017 1.98% 0.08% 2016 2.82% 0.07% 2015 2.96% 0.04% 2014 8.92% 0.08% 2013 9.09% 0.06% 2012 9.02% 0.03% 2011 5.19% 0.04% 2010 4.42% 0.08% 2009 4.34% 0.09% Key Assumption for Portfolio valuation Following are key assumption use
Slide 44: Unobservable Inputs and Proprietary Assets
Profit on bank deposits is recorded on accrual basis. Subjective Unobservable Inputs 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
Slide 45: 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 holdersof the Fund will be subject to withholding tax as per the prevailing tax law. In ter
Slide 46: GIPS Compliant Presentation: UBL Islamic Balance Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Balance Composite December 24, 2006 through March 31, 2018 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 47: Compliance Statement and 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. UBL Fund Managers Ltd has been independently verified by KPMG Taseer Hadi & Co. for the periods July 2011 to June 2012. T
Slide 48: List of Composites and Significant Events
Kibor Since, DJIMPK index seize to exist. 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 constr
Slide 49: Significant Events: Sales Tax and FED
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. On 30 June 2016, the H
Slide 50: Fees and Minimum Portfolio Size
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. The provision against SWWF has been charged to the tune of Rs. 24.24 million in AIAAF as at Ma
Slide 51: Key Assumptions for Portfolio Valuation
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 provisions of the instrument. Fi
Slide 52: Income Tax Liability
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 public company, which is pr
Slide 53: 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 54: 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, 2018 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 55: Composite Description and Policies
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 Islamic Dynamic Allocation Composite is to earn a potentially high return through active asset
Slide 56: 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 57: Provision for SWWF by Fund
Provision for SWWF Fund (Rs. in million) AIACTAP-IV 7.36 (till date of maturity) AIACTAP-V 6.20 AIACTAP-VI 3.64 AIACTAP-VII 0 AIACTAP-VII 0 AIACTAP-IX 3.08 AICONAP 0.03 AIACTAP-X 2.32 5. Al‐Ameen Islamic Active Allocation Plan ‐ I (AIActAP‐I) has matured on June 22, 2017. 6. Al‐Ameen Islamic Active
Slide 58: Fund Maturities, Fees and Minimum Size
7. Al‐Ameen Islamic Active Allocation Plan ‐ III (AIActAP‐III) has matured on December 22, 2017. 8. Al‐Ameen Islamic Active Allocation Plan ‐ IV (AIActAP‐IV) has matured on March 28, 2018. Fees Returns are presented net of all expenses (including custodial expenses, SECP fee, Listing fee) in additio
Slide 59: 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 60: Income Tax Exemption and Withholding Tax
Notwithstanding the tax rates and withholding tax stated, the income of the Fund will be exempt from tax, if not less than ninety per cent (90%) of the income for the year is distributed amongst the Unit Holders as dividend. This includes only cash dividend as consequent to amendments in Income Tax
Slide 61: GIPS Compliant Presentation: UBL Islamic Equity Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Equity Composite July 17, 2012 through March 31, 2018 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 62: 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 UBL Funds Islamic Equity Composite includes shariah compliant equities that seek to maximize total returns and outperfo
Slide 63: Significant Events: Finance Act 2008 and WWF
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 64: Significant Events: FED and SWWF
6. 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 65: Fees 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. Fees Schedule Management Fee is ASSF : 2.00% AIRSF-ESF : 1.5% AIDEF : 2.00% Minimum Account Size The Minimum Portfolio size for inclusion in the com
Slide 66: Key Assumptions for Portfolio Valuation
Following are key assumption used in Portfolio valuation: Financial instruments All the financial assets and financial liabilities are recognized at the time when the Portfolio becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the contractual rig
Slide 67: Withholding Tax and Zakat
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 Fund under the Regulations. Withholding Tax
Slide 68: GIPS Compliant Presentation: UBL Islamic Income Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Income Composite October 20, 2007 through March 31, 2018 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 69: 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 compo
Slide 70: Significant Events: SECP Circular and WWF
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 Managers Limited is in accordance of the same. The Debt securities held
Slide 71: Significant Events: Benchmark Change and FED
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 from the definition of “Industrial Establishment”, no provision for WWF has been provided after June 30, 2015. However, fund has recorded
Slide 72: SWWF Provisions, Fees and Account 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 73: Composite Standard Deviation by Year
Composite 3-Yr St Benchmark 3-Yr St Year Dev Dev (%) (%) 9MFY18 0.64% 0.05% 2017 0.74% 0.07% 2016 1.41% 0.05% 2015 2.03% 0.02% 2014 9.39% 0.02% 2013 10.21% 0.03% 2012 10.13% 0.03% 2011 6.95% 0.03% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financ
Slide 74: Unobservable Inputs and Proprietary Assets
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 issued by Regulator through Circular 1 of 2009 (as amended from time to time) and un
Slide 75: 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 Ordinanc
Slide 76: GIPS Compliant Presentation: UBL Islamic Liquid Composite
GIPS Compliant Presentation UBL Fund Managers Limited UBL Islamic Liquid Composite September 18, 2012 through March 31, 2018 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 77: Composite Description and Benchmark
(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 request. Composite Description The investment objective of
Slide 78: 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 79: 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 80: Minimum Size and Standard Deviation
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 the composite is less than five therefore calculation of internal dispersion is not required. Ex-
Slide 81: Proprietary Assets and 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 and only contain investment of UBL Bank Limited (UBL Fund Managers Limited parent company) as of March 31, 2018. Liability for Income Tax
Slide 82: Withholding Tax and Capital Gains
dividend, profit on government securities, return on deposits/certificates of investment with banks/financial 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
Slide 83: 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, 2018 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 84: Composite Description and CPPI Methodology
(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 85: WWF Clarification and FBR Notices
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 86: Fund Maturity and FED Judgment
7. Al-Ameen Islamic Principal Preservation Fund-V (AIPPF-V) has been matured on December 25, 2016. 8. 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
Slide 87: Ex-Post Standard Deviation and Valuation
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 (%) FY17 9.14% FY16 10.24% Key Assumption for Portfolio valuation Following are key assumption used in Portfolio valuation: Financial instruments A
Slide 88: Income Tax Liability
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 public company, which is pr
Slide 89: Capital Gains and SMA Treatment
rates given in the Income Tax Ordinance, 2001 (ITO).There shall be no CGT, if holding period is more than 48 months (4 years). As per section 37(A) of the Income Tax Ordinance, 2001, Capital gains shall be treated as a separate block of income and losses under this head can be adjusted by the unit h
Slide 90: GIPS Compliant Presentation: UBL Islamic Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Islamic Savings Composite November 07, 2010 through March 31, 2018 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 91: Definition of the Firm and Composite Description
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 Bank Limited licensed by SECP to undertake asset management and investment advisory services. The definition of Firm at UBL Fund M
Slide 92: WWF Litigation Update
funds for collection of 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 Po
Slide 93: SWWF and MUFAP Legal Opinion
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 Banking or Financial Institution in the definition of “Industrial Undertaking” but does not define Financial
Slide 94: Ex-Post Standard Deviation and Valuation
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 (%) (%) 9MFY18 0.61% 0.05% FY17 0.61% 0.07% FY16 0.52% 0.05% FY15 0.43% 0.02% FY14 0.30% 0.02% Key Assump
Slide 95: 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 96: Capital Gains Treatment
the Income Tax 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 97: GIPS Compliant Presentation: UBL Liquid Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Liquid Composite July 1, 2009 through March 31, 2018 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 98: Verification and Definition of the Firm
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 the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm‘s policies and pro
Slide 99: 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 100: WWF Provisions and Sales Tax
4.7818 million for ULPF & UMMF respectively 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 from the definition of “Industrial Establishment”, no provision for WWF has been provided aft
Slide 101: MUFAP Legal Opinion and Fees
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 to all its members through letter dated January 12, 2017 the following: i) The provision against the WWF held by the Mutual Funds till June 30, 2015
Slide 102: Minimum Size and Standard Deviation
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 a
Slide 103: Revenue Recognition and Proprietary Assets
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 104: Withholding Tax and Zakat
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 Funds under the Regulations. Withhold
Slide 105: GIPS Compliant Presentation: UBL Principal Protected Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Principal Protected Composite July 01, 2009 to March 31, 2018 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 106: 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 107: Fee Schedule and Standard Deviation
Fee schedule The fee on the portfolio is based on the asset allocation between equity and money market/ fixed income funds which changes on daily basis. Minimum Portfolio Size The Minimum Portfolio size for inclusion in the composite is as follows: For Portfolio/Fund Rs.100 Million per Fund (which i
Slide 108: 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 109: Fund Maturities and FED Judgment
rendered by Non-Banking Financial Institution. The Sales Tax is being charged @16% on Management Fee paid/payable to the Management Company. 3. UBL Principal Protected Fund – I (UPPF-I) has matured as on 3rd Feb' 14, 4. UBL Principal Protected Fund – II (UPPF-II) has matured as on July 22, 2015. 5.
Slide 110: 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 111: Income Tax Liability and Withholding Tax
Liability for Income Tax, if ninety per cent (90%) of the Fund’s income is paid as dividend Notwithstanding the tax rates and withholding tax the income of the Fund will be exempt from tax, if not less than ninety per cent (90%) of the income for the year is distributed amongst the Unit Holders as d
Slide 112: GIPS Compliant Presentation: UBL Savings Composite
UBL Fund Managers Limited GIPS Compliant Presentation UBL Savings Composite October 14, 2010 through March 31, 2018 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 113: Definition of the Firm and Composite Description
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 Bank Limited licensed by SECP to undertake asset management and investment advisory services. The definition of Firm at UBL Fund M
Slide 114: WWF Litigation Update
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 FBR also withdrew notice of demand which it had earlier issued to one of the mutual funds for collection of WWF. Notices of demand have
Slide 115: SWWF and MUFAP Opinion
requires every Industrial Establishment 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 in
Slide 116: Standard Deviation and Valuation Assumptions
Since, the 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 3-Yr St Benchma
Slide 117: Proprietary Assets and Income Tax
The Composite does only contain investments of UBL Fund Managers Limited and UBL Bank as of March 31, 2018. 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 amo
Slide 118: Capital Gains 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) of
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