Pakistan Income Enhancement Fund

Pakistan income enhancement Fund (Pief)

Composite

Pakistan Income Enhancement Fund (PIEF) is an open ended fund. Objective of the fund is to provide investors an opportunity to earn a reasonable rate of return by taking exposure primarily in debt & fixed income products and also seek enhancement in return wherever possible, by taking limited exposure in Ready / Future transaction and structured products both within and outside Pakistan.

Performance ( Since Inception)

PIEF%)		8.76
		2008

PIEF Overall Asset Allocation

	Feb	Jan

Cash	0.3	5.5
Other assets net of liabilities	-	1.8
T-bills (Govt. securities)	52.5	45.8
PIBs (Govt. securities)	4.3	4.7
Term Finance Certificates	39.4	37.4
Term Deposit Receipts	-	4.8
Placements	3.5	-

Fee Schedule

	Management fee: 1.5 %
	Front-end load: 1.35 % of NAV
	Back-end load:Nil

Financial Year	Expense Ratio

2007-08	0.22%	^
^ annualized

Expense ratio has been calculated taking into account operating expenses excluding brokerage as a percentage of average net assets of the composite

Quick Stats


	Date of Inception	28 August, 2008.
	Fund Type	Open-end fixed income
	Minimum investment	Type A : 5,000
		Type B : 10,000,000
	Fund Manager	Mr. Zafar Rehman
	Rating by PACRA	A + (f)
	Initial Price	PKR 50.00
	Currency	PKR
	Registrar	Gangjees Registrar Services (Pvt.) Ltd.
	Trustee	Central Depositary Company
	Auditors	KPMG Taseer Hadi & Co

Volatility Measures

	Feb	Jan

Average Duration (Days)	100	91
Avg. Portfolio Maturity (Year)	1.98	1.79
NAV (Rs. per unit)	50.69*	50.82*
Net Asset (Rs. mn)	1,722	1,552

*Ex-dividend

Fund Returns *				(%)

	Feb	Jan

Month on Month	9.76	14.62
Quarter on Quarter	9.98	11.83
FY’10 to date	14.17	14.64
Since Inception	16.77	17.13
Industry AverageBenchmark (MoM)	7.66	-5.94

* CAGR

Dividend History

Financial Year	% of Face Value	Payout /unit (Rs.)	Form

2009-10(Jan)	1.02	0.51	Bonus
2009-10(Dec)	0.94	0.47	Bonus
2009-10(Nov)	1.04	0.52	Bonus
2009-10(Oct)	0.86	0.43	Bonus
2009-10(Sep)	1.64	0.82	Bonus
2009-10(Aug)	1.06	0.53	Bonus
2009-10(July)	1.3	0.65	Bonus
2008-09(Jun)	0.74	0.37	Bonus
2008-09(May)	1	0.5	Bonus
2008-09(Apr)	1.26	0.63	Bonus
2008-09(Mar)	2.3	1.15	Bonus
2008-09(Feb)	2.96	1.48	Bonus
2008-09(Jan)	2.8	1.4	Bonus
2008-09(Oct)	1.52	0.76	Bonus
2008-09(Sep)	0.9	0.45	Bonus

All investments in mutual funds and securities are subject to market risk. The NAV based price of these units and any dividends and return thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and the risk involved.