JS Returns

Apr-13
ECONOMY
Current account for the country posted a deficit of USD 513mn for March 2013, as compared to a deficit of USD 596mn in February. During Jul-March FY13 current account recorded a deficit of USD 1,028mn, an improvement from a deficit of USD 3,038mn during the same period last fiscal year. Workers remittances for February came in at USD 1.1bn accumulating to a total of USD 10.4bn for YTDFY13 posting a 6.34% increase YoY. Foreign Reserves held by the State Bank dropped to alarming levels of USD 6.7bn towards the end of April as compared to USD 8.7bn at the end of January and USD 10.8bn in June 2012. Nearing the elections the state finds itself overwhelmed with the elections preparation, with all major decision including a deal with the IMF held up till the elected government takes hold. Going forward the faith of the state lies with the new government and how they deal with the countrys problems specifically the power issue which inculcates with it several other matters of the state.
Monthly YoY Inflation

16.0% 12.0% 8.0% 4.0% 0.0% Apr12 May12 Jun12 Jul12 Aug12 Sep12 Oct12 Nov12 Dec12 Jan13 Feb13 Mar13 Apr13 11.1 11.3 9.6 9.5 9.00 1M 3M 6M 9M 1Y 2Y 3Y
Source: State Bank of Pakistan
Source: Pakistan Bureau of Statistics
MONEY MARKET REVIEW
In April 2013 the State Bank of Pakistan borrowed funds worth PKR 371.5bn through three T-bill auctions while weighted average yields for 3M, 6M and 12M T-bills stood at 9.41%, 9.42% and 9.43% respectively. The SBP planned to borrow PKR75 bn in 3QFY13 through three PIB auctions, however all bids in the auctions were rejected. PIBs (3yr) worth 16.3bn were accepted nearing the end of April with a weighted average yield of 10.67%. CPI inflation, General, increased by 5.8% on a year-on-year basis in April 2013 as compared to 6.6% in the previous month. On a month-onmonth basis, it increased by 1.09% in April 2013 as compared to an increase of 0.4% in the previous month. During the month, the categories which recorded the highest price increases were: Onions (116.49%), Honey (17.25%), Tea (15.67%), Wheat (15.64%), Wheat Flour (15.30%), Rice (15.25%), Wheat Products (13.92%), Cigarettes (13.45%), Beans (12.15%), Milk Powder (11.81%), Cereals (10.84%), Eggs (10.07%) and Milk Fresh (9.69%). Status quo was maintained in the February 2013 Monetary Policy whereby the SBP maintained the Discount Rate at 9.5%, while average inflation for 10MFY13 stood at 7.5%.
Interbank rates
KIBOR (Average) Apr 13 vs. Mar 13
Apr'13 12.00
Mar'13
9.5 9.5
Market activity
Daily volume vs. KSE-30 movement
EQUITY MARKET REVIEW
The KSE-30 Index gained 1.79% during April 2013, with an average daily increment of 0.09%. The volumes for the month of April averaged at 50.63mn, a 24% MoM decline. The KSE-100 index gained 3.89% for April with the index crossing the 19,000 mark on the last day of the month; accordingly the KMI-30 index posted a gain of 2.7%. Markets remained uncertain owing to the continued elections euphoria, coupled with the depleting state of the countrys Forex reserves. The Ministry of Finance met with the International Monetary Fund to discuss future prospects of the country, the IMF is said to have offered USD 5bn. Going forward the abrasive road towards the elections may affect the markets movement.
Volume(L.H.S) Shrsinmn 100 75 50 25 1Apr 9Apr 17Apr
9.6 9.5
10.00
9.9 9.8
KSE30(R.H.S) 14,700
9.9 9.9
10.4 10.5 14,550 14,400 14,250 25Apr

Source: Karachi Stock Exchange
11.00
Performance data and analytics

Investment philosophy
MUFAP Recommended Format
Apr-13
Apr-13 0.83 99.14 0.03 100.00 Mar-13 0.23 15.28 84.41 0.07 100.00
Asset allocation (%)

Cash Placement with Banks and DFIs T Bills Other including receivables Total
JS Cash Fund (JS CF) is an open-end 'Money Market Scheme' that mainly invests in low risk short-term fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The Fund shall invest primarily in short duration instruments and may even hold some or all of its assets in cash for the purpose maintaining liquidity.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Fund stability rating Leverage AMC Rating Open end Money Market Scheme 29 March, 2010 2,032.19 102.52 1 BM CF 1.00% (Exclusive of Sindh Sales Tax) 1.00% NIL Backward MCB Financial Services Ltd (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. Extremely Low LSE AA+(f) - (By JCR-VIS) NIL AM2- (By JCR-VIS)
Asset quality (%age of total assets)

AA+,0.002 A+,0.09 AA,0.74
AAA,99.14
Performance (%)
Fund Benchmark Difference 1M 8.29 8.16 0.13 6M 7.89 8.35 -0.46
Annualised performance 2 1Y Launch 9.49 12.30 9.20 11.08 0.29 1.22 Annualised performance 2 FY11 FY10 11.00 n/a 10.88 n/a 10.89 n/a 12.32 n/a 11.43 n/a 13.16 n/a 10.76 n/a 12.31 n/a 12.32 n/a 12.61 10.74 11.28 8.99 11.80 10.40 12.01 9.90 10.65 9.85 1.36 0.05
Monthly performance (%)

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Benchmark Difference FY13 10.42 13.78 8.35 9.77 7.65 7.97 7.72 7.10 7.79 8.29 FY12 11.66 13.06 11.85 13.81 10.43 9.64 11.03 9.72 10.31 10.79 10.00 10.13 11.62 10.09 1.53
Statistical analysis
Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Duration (Days) Weighted Avg. Maturity (Days) Fund 0.7% 1.2% 0.0% 100.0% 55 55 Benchmark 0.5% 0.9% 0.0% 100.0%
Investment Committee Members

Mr. Rashid Mansur - Chief Executive Officer Mr. Khawar Iqbal - Chief Financial Officer Dr. Ali Akhtar Ali - Chief Investment Officer Ms. Nazia Enam Siddiqui - Fund Manager Ms. Maleeha Mimi Bangash - Chief Strategy Officer Mr. Assad H. Khan - Country Head Business Development Mr. Zohaib Pervez, CFA - Head of Research & RM
9.21 9.05 0.16
Fund manager's review

JS Cash Fund reported an annualized return of 8.29% for the month of April 2013 as compared to the annualized benchmark return of 8.16%, outperforming the benchmark by 0.13%. The YTD annualized return of JSCF outperformed the benchmark by 0.16% by providing a return of 9.21%.
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com
1. 2.
50% Average return of 3-months deposit rates of AA and above rated scheduled commercial Bank(s), and 50% average 3-months T-Bill rate. Annualised return is based as per MUFAP stated methodology.
Disclosure for WWF Liability under Circular 17 of 2012
The Fund/Scheme has not made provisions amounting to Rs. 9,832,546 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 0.50 / 0.5%. For details investors are advised to read the Note 7 of the latest Financial Statements of the Scheme.

Apr-13
Apr-13 18.49 0.00 1.31 76.17 0.00 3.78 0.25 100.00 Mar-13 0.78 0.00 1.19 78.65 15.21 3.63 0.54 100.00

Cash Placement with Banks and DFIs Equity* T Bills PIBs TFCs / Sukkuks Other including receivables Total
JS IF is an income fund that aims to preserve investors capital while providing a regular stream of current income on an annual basis which is higher than that offered by commercial banks on deposits of a similar liquidity profile as this fund. The fund operates a diverse portfolio of investment-grade debt securities, government securities and money market instruments. The fund may maintains liquidity in the form of spread transactions and bank deposits.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Fund stability rating Leverage AMC Rating Open end Income Fund Scheme 26 August, 2002 952.99 89.08 BM IF1 1.50% (Exclusive of Sindh Sales Tax) 1.00% NIL Forward MCB Financial Services Ltd (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. Low To Medium LSE A+(F) PACRA Rating NIL AM2- (By JCR-VIS)
Annualised performance 2 3Y Launch 3.70 12.16 12.19 13.62 -8.50 -1.47 Annualised performance 2 FY10 FY09 9.32 13.22 10.48 11.26 13.41 13.88 37.73 14.68 -0.12 -27.24 0.57 14.41 4.78 12.43 11.66 15.08 -23.36 38.90 17.69 9.58 -72.06 15.35 -36.52 15.62 -8.47 11.58 9.94 14.23 -18.41 -2.65
* Under debt-swap arrangement with Azgard Nine Limited (ANL), the fund has received shares of Agritech Limited (AGL), against the investments of ANLPPTFC and listed TFCs, these listed TFCs and PPTFCs had been fully provided.
TFCs/Sukuks allocation - Top Ten Holding

Dewan Cement Jahangir Siddiqui Co Ltd - V Bank Alfalah Ltd. United Bank Ltd 0.0% 0.5% 1.0% 1.5% 0.001% 0.47% 1.60% 1.70% 2.0%

AA1.60% AAA 76.17%
Performance (%)
Fund Benchmark Difference 1M 8.69 9.59 -0.90 6M 8.77 9.66 -0.89 1Y 11.44 10.86 0.58
AA 19.98% "<BBB" 0.001%
A+ 0.68%

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Benchmark Difference FY13 11.24 20.78 11.71 11.72 5.78 23.72 6.49 -0.85 7.00 8.69 FY12 11.58 22.81 12.05 21.02 10.81 6.45 13.54 11.42 11.29 3.67 12.94 10.16 13.07 13.01 0.05 FY11 9.22 18.44 12.32 14.29 23.38 15.66 1.70 15.43 17.44 11.52 -79.51 -1.28 3.95 10.02 -6.07
Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Duration (Yr) Weighted Avg. Maturity (Yr) Fund Benchmark 5.0% 1.2% 3.7% 1.2% -10.3% 0.0% 91.5% 100.0% 0.11 0.31

11.18 10.39 0.79

For the month of April 2013, JSIF yielded an annualized return of 8.69% as compared to the benchmark of 9.59%; underperforming it by 0.90%. The YTD annualized return of JSIF outperformed the benchmark by 0.79% by giving a return of 11.18%.
Non Compliant Investments under Circular 07/2009

Name of Investment Azgard Nine a Azgard Nine b Agritech Ltd.c Agritech Ltd.d Dewan Cement e Azgard Nine f Value before provision TFC 6,661,110 PPTFCs 47,971,149 Sukuk 59,572,782 PPTFC TFC 50,000,000 PPTFC Type Provision % of Value after Net held provision Assets (if any) (6,661,110) (47,971,149) (59,572,782) (49,990,000) 10,000 0.00 % of Gross Assets 0.00 -
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1. 2.
a) The fund has made a full provision against the principal amount in accordance with the requirements of regulatory body & the provisioning policy of the Fund. (b) The CP of ANL has been settled through issuance of 15,000 PPTFCs in the name of the Fund. These PPTFCs have been restructured however, the mgt. as a matter of prudence has maintained the provision against the said PPTFCs. In lieu of restructuring of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDS account. These shares are booked and marked to market accordingly. (c) The fund has made a full provision against the principal amount in accordance with the requirements of Circular 1 & the provisioning policy of the Fund. (d) The Fund has made a full provision against the principal amount of Agritech Limiteds Sukuk in accordance with the requirements of Circular 1 of 2009 issued by the SECP and the provisioning policy of the Fund. The Fund has received Agritech Limiteds PPTFC of face value of Rs. 11.245 million against interest due on Agritech Limiteds Sukuk which is not recognized as income by the Fund and these PPTFCs are valued at zero. (e) Non rated securities. (f) The fund received 4,827 zero coupon PPTFCs against interest receivable of listed and unlisted TFCs. Since these PPTFCs are received against already defaulted securities and have non-performing status in MUFAP, therefore the management as a matter of prudence maintained the provision against the said PPTFCs. These PPTFCs are valued at zero but cost is carried at 24,135,000.
From Mar '12, the benchmark was changed from 60% 1Year PKRV Rate + 40% 6M KIBOR Rate to 40% 1Year PKRV Rate + 60% 6M KIBOR Annualized performance return is based as per MUFAP stated methodology.

Apr-13
Apr-13 10.67 0.02 88.85 0.00 0.46 Mar-13 9.51 0.02 90.03 0.00 0.45

Cash TFCs / Sukkuks T Bills PIBs Other including receivables
JS AIF aims at generating current income on investments while maintaining the prospects of capital appreciation by investing in a diversified portfolio of money market and fixed income instruments. The fund may aggressively adjust asset weightings to take advantage of directional macro and micro economic trends and may hold some or even all of its assets in cash to either provide liquidity or for defensive purposes.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Fund stability rating Leverage AMC Rating Open end Aggressive Fixed Income Scheme 22 January, 2008 49.89 (29 Apr '13) 106.45 (29 Apr '13) 1 BM AIF 1.50% (Exclusive of Sindh Sales Tax) 1.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. Medium LSE BBB-(f) NIL AM2- (By JCR-VIS)
6M 5.66 9.62 -3.96 1Y 10.55 10.75 -0.20
Total
100.00
100.00

"<BBB", 0.02% A+, 0.68% AA, 9.99%
AAA, 88.85%
Performance (%)
Fund Benchmark Difference 1M 6.18 9.55 -3.37
Annualised performance 2 3Y Launch 11.59 8.74 12.15 14.94 -0.57 -6.20 Annualised performance 2 FY10 FY09 26.11 11.91 -2.25 9.07 6.67 13.75 -31.52 14.41 -5.54 -31.48 -6.30 17.38 0.00 13.61 10.37 15.08 -31.12 14.81 12.73 12.43 -4.91 35.60 13.20 -18.87 -2.72 7.72 9.94 14.23 -12.67 -6.51
% Net Assets 0.02 % Gross Assets 0.02

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Benchmark Difference
Name of Investment Dewan Cement*
* Non rated securities
FY13 12.46 27.73 10.05 11.83 12.81 1.69 6.74 -0.74 6.59 6.18
9.97 10.33 -0.36

Type Value before 50,000,000
FY12 28.90 13.55 12.71 59.53 18.90 12.17 26.73 24.53 22.75 37.34 12.49 12.42 26.16 12.97 13.19
FY11 11.26 10.63 33.28 -9.29 8.74 51.31 -60.02 29.14 26.56 33.08 31.61 -159.51 -1.99 10.02 -12.01
Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Duration (Yr) Weighted Avg. Maturity (Yr) Fund Benchmark 8.1% 0.8% 5.1% 1.2% -13.1% 0.0% 81.5% 100.0% 0.24 0.24

Mr. Rashid Mansur - Chief Executive Officer Mr. Khawar Iqbal - Chief Financial Officer Dr. Ali Akhtar Ali - CIO / Fund Manager Ms. Maleeha Mimi Bangash - Chief Strategy Officer Mr. Assad H. Khan - Country Head Business Development Mr. Zohaib Pervez, CFA - Head of Research & RM
Detail of Non Compliant Investment

Provision held 49,990,000 Value after 10,000
TFC
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1. 2.

JS Aggressive Income Fund reported an annualized return of 6.18% for the month of April 2013 as compared to the annualized benchmark return of 9.55%, underperforming the benchmark by 3.37%. On YTD basis, annualized return of JSAIF stood at 9.97% and underperformed its benchmark by 0.36%. REVOCATION OF JS AIF
JS Investments Limited, the Management Company of JS Aggressive Income Fund (JS AIF), with the consent of the Central Depository Company of Pakistan Limited (the Trustee of JS AIF) has decided to proceed with the revocation (liquidation) of JS AIF w.e.f. April 30, 2013. The said decision has been taken on account of JS AIF maintaining a Fund Size below the minimum limit prescribed by the Securities & Exchange Commission of Pakistan.
From Mar '12, the benchmark was changed from 60% 1Year PKRV Rate + 40% 6-M KIBOR Rate to 1 Year PKRV Rate Annualized performance return is based as per MUFAP stated methodology.

Apr-13
Apr-13 2.51 63.81 31.35 2.33 100.00 Mar-13 1.21 6.38 59.92 3.21 27.48 1.80 100.00

Cash Placement with Banks and DFIs Equity TFCs / Sukkuks PIBs T Bills Other including receivables Total
UTP is a balanced fund that aims to preserve and grow investors capital in the long term while providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and fixed income investments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income investments help generate the current income.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark1 Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating Open end Balanced Scheme 27 October, 1997 1,542.14 133.00 50% 6M KIBOR & 50% KSE 30 Index 2.00% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co. Medium LSE NIL AM2- (By JCR-VIS)
1Y 27.62 15.32 12.30 3Y 55.47 42.92 12.55 7Y 57.72 39.81 17.91
Cumulative return2 Launch Avg. Ann.* 931.20 16.23 581.09 13.16 350.11 3.07
Equity sector breakdown (%)

Oil & Gas Electricity Construction & Materials Personal Goods Banks Others Total
Apr-13 22.40 13.66 7.81 7.71 6.99 5.24 63.81
Mar-13 21.76 11.95 9.09 7.54 5.95 3.63 59.92
Top holding (%age of total assets)

Pakistan Oilfields Ltd. Pakistan State Oil Co. Ltd. The Hub Power Co. Ltd. Nishat Power Ltd. Nishat (Chunian) Ltd. Oil & Gas Development Co. Ltd. Pakistan Petroleum Ltd. Nishat Chunian Power Ltd. D. G. Khan Cement Co. Ltd. Nishat Mills Ltd. 6.58 5.19 4.97 4.87 4.41 4.37 3.98 3.82 3.63 3.30
Performance (%)
* Average Annualized Return since inception as per Morning Star formula

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Benchmark Difference FY13 3.57 5.07 -0.06 1.64 4.01 1.89 2.37 4.73 1.70 1.64 FY12 -0.15 -1.21 4.13 0.39 -2.44 -2.45 7.38 5.16 4.88 2.08 -0.67 -1.05 16.60 8.37 8.23 FY11 4.22 -3.10 0.40 3.57 4.13 4.58 2.08 -4.30 7.85 -0.45 -3.29 -2.40 13.23 18.08 -4.85 FY10 5.69 9.51 8.26 -1.36 0.95 1.23 0.52 -1.39 0.20 0.25 -7.73 -1.72 14.05 25.07 -11.02 FY09 -13.87 -10.12 0.19 n/a* n/a* n/a* -1.84 3.95 13.98 -0.66 3.79 -1.49 -31.95 -32.19 0.24

AA, 2.51%
AAA, 31.35%
Beta Standard Deviation Largest Month Gain Largest Month Loss % Positive Months Fund 0.5 14.9% 14.0% -24.0% 73.3% Benchmark 1.0 23.0% 19.3% -33.8% 64.2%
29.85 15.66 14.19
* No dealing in units during this period

Non Compliant Investments under Circular 07/2009

Name of Investment Agritech Ltd. Azgard Nine Ltd.a Agritech Ltd.b Azgard Nine Ltd.c Type Sukuks PPTFC PPTFC PPTFC Provision Value before held provision (if any) 117,601,483 (117,601,483) 31,980,766 -
Value after provision -
% of Net Assets 0.00 0.00 0.00 0.00
% of Gross Assets 0.00 0.00 0.00 0.00
(31,980,766)
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(a) The commercial paper amounting to Rs. 75 mn of Azgard Nine Ltd has been settled through Issuance of 15,000 PPTFC's of an equivalent amount in the name of the fund. The said PPTFCs were restructured and ANL provided 772,253 shares of Agritech Limited at the rate of Rs. 35 each which reduced our provision accordingly. During the month of January 2013 5000 PPTFC'S have been disposed off. (b) Fund has received Agritech PPTFC's against interest receivable of Agritech Sukuk which is valued at zero but cost is carried at 18,665,000. (c) The Fund has received 3,853 Zero Coupon PPTFC against interest receivable of unlisted TFC's. Since these PPTFC's are received against already defaulted securities and even MUFAP started its revaluation, the management as a matter of prudence is not revaluing said PPTFC's. These PPTFC's are valued at zero but cost is carried at 19,265,000.

UTP returned 1.64 percent during April 2013 and underperformed its benchmark by 0.28 percent. On YTD basis, the fund returned 29.85 percent, and outperformed its benchmark by 14.19 percent.
1
1. From the month of Jan 2010 onwards, the benchmark for the UTP fund has switched from 70% 6M KIBOR & 30% KSE 30 Index to 50% 6M KIBOR & 50 % KSE 30 Index. 2. Cumulative return is based as per MUFAP stated methodology.
Annualized performance return is based as per MUFAP stated methodology.

Apr-13
Apr-13 65.52 10.58 23.76 0.14 100.00 Mar-13 83.46 9.72 5.61 1.20 100.00

Open-end Close-end T Bills Cash Other including receivables Total
JS FoF is a fund of funds that aims to grow investors capital in the long term while diversifying the asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating Open end Fund of Fund Scheme 31 October, 2005 84.39 101.10 1 BM FoF 1.00% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co. Medium LSE NIL AM2- (By JCR-VIS)
Performance (%)
Fund Benchmark Difference 1M 2.59 1.41 1.18 1Y 26.04 17.75 8.29 2Y 42.78 31.24 11.54 3Y 75.50 46.56 28.94

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Benchmark Difference FY13 0.36 3.11 -0.38 1.52 3.20 1.07 2.31 4.35 1.20 2.59 FY12 0.03 -3.49 6.18 0.88 0.10 -1.88 4.34 4.21 5.66 -1.28 2.98 1.15 20.00 9.88 10.12 FY11 3.52 -1.08 1.41 1.88 10.27 6.45 2.53 -4.80 6.70 3.55 0.01 -1.68 31.70 18.27 13.43 FY10 5.74 8.60 12.84 -0.36 0.57 -0.83 0.45 -2.38 0.34 -1.96 -10.60 2.65 13.99 21.18 -7.19 FY09 -11.31 -8.22 1.24 n/a* n/a* n/a* 1.04 -2.88 4.21 -1.64 3.67 -0.69 -25.79 -32.64 6.85
21.01 18.12 2.89

Mr. Rashid Mansur - Chief Executive Officer Mr. Khawar Iqbal - Chief Financial Officer Dr. Ali Akhtar Ali - Chief Investment Officer Mr. Arslan Asif Soomro - Fund Manager Ms. Maleeha Mimi Bangash - Chief Strategy Officer Mr. Assad H. Khan - Country Head Business Development Mr. Zohaib Pervez, CFA - Head of Research & RM

JS FoF depicted a monthly performance of 2.59 percent in April 2013 as compared to its benchmark return of 1.41 percent, thereby outperforming it by 1.18 percent. On YTD basis the fund outperformed its benchmark by 2.89 percent.
Contact us
JS Investments Limited Toll Free: 0800 - 00887 E-mail: ir@jsil.com Website: www.jsil.com Disclosure for WWF Liability under Circular 17 of 2012
1 2
Average of asset allocation funds returns. Cumulative return is based as per MUFAP stated methodology.

Apr-13
Apr-13 3.89 94.50 1.61 100.00 Mar-13 8.05 90.11 1.84 100.00

Cash Equity Other including receivables Total
JS LCF is an open-end Equity Scheme that aims to benefit from an attractive Capital Market in an economy with growth potential, to maximize the total investment return consisting of a combination of capital appreciation and dividend income. Consistent with its Investment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash and/or near cash instruments which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity.

Oil & Gas Personal Goods Electricity Construction & Materials Banks Others Total Apr-13 27.18 15.50 13.99 12.24 11.21 14.39 94.50 Mar-13 22.29 16.95 16.54 18.79 9.00 6.54 90.11
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) of Unit "A" Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating Open end Equity Scheme 14 May, 2004 1,533.02 82.65 KSE30 Index 2.00% (Exclusive of Sindh Sales Tax) 3% of NAV (Applicable to Class "A") 16% of NAV (Applicable to Class "B") Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co. High LSE NIL AM2- (By JCR-VIS)
1Y 39.78 19.50 20.28 2Y 58.37 24.96 33.41 3Y 94.02 39.56 54.46

Pakistan State Oil Co. Ltd. Pakistan Petroleum Ltd. Nishat Power Ltd. Oil & Gas Development Co. Ltd. Nishat (Chunian) Ltd. D. G. Khan Cement Co. Ltd. Nishat Mills Ltd. Nishat Chunian Power Ltd. Kohat Cement Ltd. IGI Insurance Ltd. 9.34 9.26 9.19 8.58 8.25 7.60 7.25 4.78 4.64 4.36
Performance (%)

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Benchmark Difference
Name of Investment Agritech Ltd. Agritech Ltd. Azgard Nine
1 2
FY13 4.07 4.39 -1.16 1.89 6.40 1.40 2.87 7.98 3.96 0.66
37.20 22.80 14.40

Value before 4,991,429 -
FY12 -1.09 -6.17 6.94 -2.67 -3.43 -4.21 9.03 9.81 4.94 0.44 3.08 -1.16 14.87 2.90 11.97
Provision held (4,991,429) -
FY11 5.36 -4.36 0.48 11.10 8.58 5.52 2.06 -6.34 12.22 -0.39 0.62 -0.14 38.38 21.24 17.14
Value after -
FY10 8.33 6.80 7.34 -1.81 -0.53 0.66 -0.26 -1.97 -1.34 -0.14 -9.13 -2.10 4.65 26.22 -21.58
% of Net Assets -
FY09 -18.57 -12.18 -0.47 -0.12 0.12 -30.81 -9.73 3.02 14.68 -0.48 4.50 -4.00 -47.56 -47.15 -0.41
% Gross Assets -


In the month of April 2013, JS Large Cap Fund delivered returns of 0.66% as compared to the benchmark's return of 3.04%, thereby underperforming by 2.38%. The YTD return of JS Large Cap Fund stands at 37.20%, as compared to the benchmark's return of 22.80%, thereby outperforming by 14.40%.
Non Compliant Investments under Circular 07/2009 & Circular No. 16 of 2010
Type PPTFC Sukuk PPTFC
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1
(1) These PPTFCs were issued on 11 January 2012 against outstanding mark-up due on Sukuk certificates of Agritech Limited The Fund has recognized the above TFCs at nil value. The principal outstanding against these TFCs is to be redeemed in six equal semi-annual installments starting from 01 July 2012 and will mature on 01 January 2015. These TFCs have been classified as Non Performing Asset by MUFAP on 17 January 2012.Cost of these PPTFCs are carried at Rs. 3.485 million. (2) The above investment was made by the Fund prior to its conversion from closed end fund to an open end fund. However, under the circular 7 of 2009 of SECP, the open end equity fund cannot invest in the debt securities. Management is of the view that investment was made prior to the above mentioned conversion. Nevertheless, the carrying value of investments at 31 March 2013 was Nil. (3) These convertible privately placed term finance certificates (PPTFCs) were issued against the cumulative preference shares of Azgard Nine Limited on 22 October 2012 under the "Settlement Agreement" dated 22 October 2012 between the Management Company of the Fund and Azgard Nine Limited. Since these PPTFCs are received against non-performing security, therefore the management, as a matter of prudence has recognized above PPTFCs at nil value. These convertible PPTFCs carry mark-up rate of 11% per annum with a tenor of 8 years (inclusive of a 2 year grace period for principal redemption) as per the terms and conditions. In case of Default, the PPTFC Holders shall have the right to exercise the option to convert the PPTFCs into ordinary voting shares of Azgard Nine Limited as per the terms and procedures. Cost of these PPTFCs are carried at Rs. 83.160 million.
Cumulative return is based as per MUFAP stated methodology.

Apr-13
Apr-13 5.16 93.61 1.24 Mar-13 9.26 88.97 1.78

Cash Equity Other including receivables
JS Islamic Fund [JS ISF] aims to grow investors capital in the long term in adherence with principles of Shariah compliance as advised by the Shariah Advisory Council (SAC) of this fund. The fund investments are limited to asset classes approved by the Shariah Advisory Council (SAC) and all companies under investment consideration are semiannually screened for Shariah compliance.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark1 Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating Open end Shariah Compliant Islamic - Equity Scheme 27 December, 2002 327.27 65.7 KMI-30 Index 2.00% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co. High LSE NIL AM2- (By JCR-VIS)
Total
100.00
100.00

Oil & Gas Construction & Materials Personal Goods General Industrials Electricity Others Total Apr-13 34.85 21.59 12.28 8.81 8.08 7.99 93.61 Mar-13 30.37 30.11 11.67 8.30 8.51 0.00 88.97

Nishat Mills Ltd. Pakistan State Oil Co. Ltd. Pakistan Petroleum Ltd. Kohat Cement Ltd. Oil & Gas Development Co. Ltd. D. G. Khan Cement Co. Ltd. Packages Ltd. The Hub Power Co. Ltd. Pak Suzuki Motor Co. Ltd. 12.28 12.22 11.80 11.29 10.82 10.30 8.81 8.08 7.99
Performance (%)
Fund Benchmark Difference 1M 2.07 4.32 -2.25 1Y 38.67 36.07 2.60 2Y 65.25 61.47 3.78 3Y 101.59 108.95 -7.36
Cumulative return2 Launch Avg. Ann.* 252.59 12.95 268.82 13.44 -16.23 -0.49

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Benchmark Difference FY13 3.24 6.71 0.11 -0.36 1.40 1.89 3.05 7.08 2.83 2.07 FY12 2.57 -4.25 7.38 1.10 -6.35 -7.14 11.00 6.68 12.78 -3.64 5.59 -0.12 25.84 13.57 12.27 FY11 7.66 -4.86 2.14 3.67 7.66 6.59 6.00 -6.44 10.77 2.67 0.31 -0.43 40.23 43.66 -3.43 FY10 7.45 10.19 6.86 -0.94 1.75 0.71 0.37 -0.33 4.13 0.06 -12.64 -0.55 16.31 41.98 -25.67 FY09 -15.51 -15.58 0.04 n/a* n/a* n/a* -0.43 -0.62 9.95 1.50 4.33 -0.32 -43.05 -36.54 -6.51
Beta Standard Deviation Largest Month Gain Largest Month Loss % Positive Months
31.48 38.64 -7.16
Fund 0.8 21.8% 12.8% -28.7% 68.0%
Benchmark 1.0 25.3% 20.2% -37.1% 65.4%


In the month of April 2013, the JS Islamic Fund returned 2.07% as compared to the benchmarks return of 4.32%, underperforming the benchmark by 2.25%. The cumulative Fiscal Year 2013's YTD return stands at 31.48%, as compared to the benchmark returns of 38.64%, implying an under-performance of 7.16%.
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1 2
From January 2010, benchmark switched from DJIMPK to KMI-30 index. Cumulative returns are based as per MUFAP stated methodology.

Apr-13
Apr-13 7.86 89.02 3.11 100.00 Mar-13 17.88 63.98 18.14 100.00

Cash Equity PIBs T Bills Other including receivables Total
JS AAA Fund is a dynamic asset allocation fund that aims to achieve superior risk adjusted growth in investors capital over the long term. The fund operates a diverse portfolio of equity, fixed income and money market investments and it may constantly adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens. The fund is allowed to invest up to 100% of net assets in any one type of asset class.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating Open end Asset Allocation Scheme 28 June, 2005 132.12 13.19 50% KSE30 Index + 50% Avg. 6M KIBOR 2.00% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. High LSE NIL AM2- (By JCR-VIS)

Oil & Gas Banks Personal Goods General Industrials Automobile & Parts Others Total Apr-13 27.39 26.12 10.70 7.84 6.89 10.07 89.02 Mar-13 24.66 15.57 5.09 18.67 63.98

Nishat (Chunian) Ltd. United Bank Ltd. Pakistan State Oil Co. Ltd. Pakistan Petroleum Ltd. Faysal Bank Ltd. Packages Ltd. Oil & Gas Development Co. Ltd. Pak Suzuki Motor Co. Ltd. Nishat Power Ltd. Bank Alfalah Ltd. 8.67 8.32 8.19 8.14 7.86 7.84 7.71 6.89 6.72 6.31
Performance (%)
Fund Benchmark Difference 1M 3.13 1.92 1.21 1Y 18.91 15.25 3.66 2Y 27.52 20.04 7.48 3Y 36.42 34.07 2.35
Cumulative return2 Launch Avg. Ann.* 32.28 3.63 40.63 4.44 -8.35 -0.81

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Benchmark Difference FY13 3.41 4.16 -1.75 -0.34 3.66 -0.25 0.49 5.40 -0.70 3.13 FY12 -0.27 -3.56 4.89 -0.88 -4.44 -5.58 9.40 5.04 6.94 0.20 0.92 -0.40 11.68 5.00 6.68 FY11 7.66 -5.10 1.01 4.42 4.13 4.38 2.12 -7.32 8.59 0.34 0.09 -3.55 16.62 21.24 -4.62 FY10 6.89 9.38 8.26 -3.41 0.19 2.92 0.04 -1.92 3.74 -1.25 -11.60 0.16 12.20 26.22 -14.02 FY09 -21.51 -17.66 -0.18 n/a* n/a* n/a* -13.66 1.82 4.68 -3.60 5.62 0.06 -62.65 -47.16 -15.49
18.30 15.60 2.70


JS AAA depicted a monthly performance of 3.13 percent in April 2013 as compared to its benchmark return of 1.92 percent, thereby outperforming it by 1.21 percent. On YTD basis the fund outperformed its benchmark by 2.70 percent.
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Apr-13
Apr-13 5.44 93.34 1.22 100.00 Mar-13 5.37 92.29 2.34 100.00

Open end Index Tracker Scheme 29 May, 2006 39.93 22.44 KSE30 Index 1.50% (Exclusive of Sindh Sales Tax) 2.00% NIL Forward MCB Financial Services Ltd (Monday to Friday) 3:00 p.m. KPMG Taseer Hadi & Co. High LSE NIL AM2- (By JCR-VIS)
JS KSE-30 Index Fund is an index fund that aims to track the performance of the KSE-30 Index by investing in constituent companies of the index in proportion to their weighting. The fund targets sophisticated investors who can time their entry and exit from the fund in accordance with the expected performance of the equity market or for investors who seek long term exposure to the equity market.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Listing Leverage AMC Rating

Oil & Gas Banks Chemicals Electricity Construction & Materials Others Total Apr-13 35.57 22.40 16.58 6.86 4.80 7.14 93.34 Mar-13 35.78 21.31 16.50 6.54 4.83 7.33 92.29

Oil & Gas Development Co. Ltd. MCB Bank Ltd. Fauji Fertilizer Co. Ltd. Pakistan Petroleum Ltd. Pakistan Oilfields Ltd. The Hub Power Co. Ltd. Engro Corporation Ltd. United Bank Ltd. Lucky Cement Ltd. Pakistan State Oil Co. Ltd. 16.24 11.13 9.86 7.77 6.40 5.64 3.73 3.45 2.83 2.83
Performance (%)
Fund Benchmark Difference 1M 2.70 3.04 -0.34 1Y 20.10 19.50 0.60 2Y 32.79 24.96 7.83 3Y 52.50 39.56 12.94

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Benchmark Difference FY13 5.23 5.28 -1.03 0.75 1.39 2.26 2.02 5.46 -2.46 2.70 FY12 -0.53 -8.19 6.71 1.32 -3.51 -5.22 9.05 6.86 4.48 0.72 -2.38 -0.34 7.75 2.90 4.85 FY11 9.14 -5.76 0.77 5.22 6.46 7.04 3.24 -8.72 7.52 1.13 0.46 -0.62 27.12 21.24 5.88 FY10 7.88 13.68 8.23 -3.26 0.50 1.75 1.78 0.20 5.69 0.68 -12.86 3.50 28.52 26.22 2.29 FY09 -15.53 -15.17 -0.56 n/a* n/a* n/a* -5.21 13.64 25.48 4.91 2.47 -2.47 -43.64 -47.16 3.52
23.45 22.80 0.65

Mr. Rashid Mansur - Chief Executive Officer Mr. Khawar Iqbal - Chief Financial Officer Dr. Ali Akhtar Ali - Chief Investment Officer Mr. Muhammad Salman Siddiqui, CFA - Fund Manager Ms. Maleeha Mimi Bangash - Chief Strategy Officer Mr. Assad H. Khan - Country Head Business Development Mr. Zohaib Pervez, CFA - Head of Research & RM
JS KSE-30 Index Fund vs. KSE 30

20% 10% 0% -10% -20% Jan/10
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The Fund/Scheme has not made provisions amounting to Rs. 1,717,992 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Re. 0.97 / 4.3%. For details investors are advised to read the Note 7 of the latest Financial Statements of the Scheme.
Jul/10
Jan/11
Jul/11
Jan/12
Jul/12
KSE-30 Index
Jan/13
JS KSE-30 Index Fund

Apr-13
Apr-13 10.38 86.34 3.27 Mar-13 27.42 70.53 2.05

Cash Equity Other including receivables
The main objective of JSGF is to enable the Certificate Holders to participate in a diversified portfolio of high quality equity securities listed on the stock exchanges and to maximize the investment return, by prudent investment management.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) Benchmark Management fee Trustee Auditor Risk profile Listing Leverage AMC Rating Closed end Equity Fund 06 June, 2006 3,728.27 13.05 KSE30 Index 2.00% (Exclusive of Sindh Sales Tax) MCB Financial Services Ltd Ernst & Young Ford Rhodes Sidat Hyder & Co. High KSE, LSE & ISE NIL AM2- (By JCR-VIS)
Total
100.00
100.00

Oil & Gas Banks Personal Goods Electricity Food Producers Others Total Apr-13 26.21 18.86 10.24 9.10 5.71 16.21 86.34 Mar-13 17.97 10.89 10.98 9.48 5.91 15.30 70.53
Performance (%)
Fund Benchmark Difference 1M 3.00 3.04 -0.04 1Y 40.15 19.50 20.65 2Y 59.83 24.96 34.87
Cumulative return2 3Y Launch 73.01 39.34 39.56 20.21 33.45 19.13

Nishat Power Ltd. Pakistan State Oil Co. Ltd. Pakistan Petroleum Ltd. Oil & Gas Development Co. Ltd. Bank Alfalah Ltd. Nishat (Chunian) Ltd. MCB Bank Ltd. Packages Ltd. Nishat Mills Ltd. Rafhan Maize Products Ltd. 9.10 8.92 8.84 7.57 6.00 5.31 5.27 5.03 4.93 4.14

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Benchmark Difference FY13 3.80 5.36 -0.71 2.34 6.32 1.24 2.12 7.11 2.25 3.00 FY12 -1.13 -5.05 5.12 -3.31 -3.28 -3.95 8.93 9.60 6.89 2.49 2.07 -0.35 17.92 2.90 15.02 FY11 6.80 -7.98 2.96 2.45 6.24 9.50 1.43 -6.08 8.54 -0.09 1.98 -3.54 22.56 21.24 1.32 FY10 7.80 9.99 7.41 -0.95 -1.48 0.44 -0.62 -2.13 1.15 -0.19 -12.65 -0.54 6.51 26.22 -19.71 FY09 -15.66 -16.20 0.00 -0.60 -0.17 -35.17 -7.05 5.44 18.86 0.68 4.65 -1.41 -45.02 -47.15 2.14
37.79 22.80 14.99

During the month of April 2013, JS Growth Fund delivered a return of 3.00% as compared to its benchmarks return of 3.04%, thereby underperforming it by 0.04%. On YTD basis, the fund out performed the benchmark by 14.99%. Note:
In lieu of debt swap restructuring agreement of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDS account. These shares are booked and marked to market accordingly.

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Cumulative return is based as per MUFAP stated methodology.

Apr-13
Apr-13 9.48 86.65 3.87 100.00 Mar-13 1.71 93.26 5.03 100.00

The fund maintains a portfolio of high yielding equity securities aiming at earnings derived from capital appreciation and dividend income. The portfolio seeks capital growth through investments in marketable securities with betterthan-average appreciation potential and liberal dividend policies. To benefit from changing interest rate environment and some portion of the portfolio is also kept in debt instruments and bank deposits.
Key information
Fund type Category Fund launch date Net Assets (PKR mn) NAV (PKR) 1 Benchmark Management fee Custodian Auditor Risk profile Listing Leverage AMC Rating Closed end Equity Fund 14 January, 1996 1,809.27 15.26 KSE30 Index 2.00% (Exclusive of Sindh Sales Tax) MCB Financial Services Ltd KPMG Taseer Hadi & Co. High KSE NIL AM2- (By JCR-VIS)

Oil & Gas Electricity Personal Goods Food Producers Construction & Materials Others Total Apr-13 24.04 18.34 13.75 9.20 7.74 13.57 86.65 Mar-13 17.82 19.47 14.53 9.46 17.89 14.08 93.26

Pakistan State Oil Co. Ltd. Nishat (Chunian) Ltd. Rafhan Maize Products Ltd. Pakistan Oilfields Ltd. D. G. Khan Cement Co. Ltd. The Hub Power Co. Ltd. Pakistan Petroleum Ltd. Nishat Mills Ltd. Nishat Power Ltd. Nishat Chunian Power Ltd. 8.09 7.70 7.63 7.32 7.22 6.77 6.65 6.05 5.95 5.63
Performance (%)
Fund Benchmark Difference 1M 3.74 3.04 0.70 1Y 51.36 19.50 31.86 2Y 60.28 24.96 35.32
Cumulative return2 3Y 5Y 73.15 -19.34 39.56 -19.38 33.59 0.04

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Benchmark Difference FY13 3.57 5.88 1.11 4.23 4.98 1.86 1.37 7.90 2.58 3.74 FY12 -0.10 -3.25 4.09 -0.60 -5.32 -2.97 7.42 5.08 5.61 0.00 5.13 0.09 15.25 2.90 12.35 FY11 7.08 -6.28 0.47 8.20 7.58 6.14 1.14 -4.31 6.27 1.66 -0.57 -2.77 25.89 21.24 4.65 FY10 7.85 0.80 6.61 -0.33 -2.57 -0.19 -1.21 -2.45 -2.22 0.99 -14.59 -2.87 -11.32 26.22 -37.55 FY09 -14.29 -11.57 0.06 -0.06 -0.12 -23.64 -24.38 -0.22 11.32 2.74 4.19 -4.66 -48.91 -47.15 -1.75
43.85 22.80 21.05

During the month of April 2013, JS Value Fund delivered a return of 3.74% as compared to its benchmarks return of 3.04%, thereby outperforming by 0.70%. On YTD basis, the fund outperformed the benchmark by 21.05%. Note:

In lieu of debt swap restructuring agreement of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDS account. These shares are booked and marked to market accordingly.
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1 2
From July 2006, benchmark's equity portion switched from KSE-100 to KSE-30 index. Cumulative return is based as per MUFAP stated methodology.

Apr-13
Apr-13 3.45 95.71 0.84 100.00 Apr-13 2.38 0.29 1.43 95.76 0.14 100.00 Apr-13 3.62 1.57 94.69 0.13 100.00 Mar-13 5.96 92.57 1.47 100.00 Mar-13 24.85 0.46 2.40 70.07 2.22 100.00 Mar-13 1.69 1.49 96.69 0.12 100.00

Equity Cash Equity Other including receivables Total
JS Pension Savings Fund (JS PSF) is designed to provide a secure source of savings and retirement income to individuals. JS PSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity and fixed income investment avenues suited to their specific needs and risk profile.
Key information
Fund type Category Fund launch date Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Leverage AMC Rating Open end Pension Savings Fund 26 June, 2007 n/a 1.50% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. Investor dependent NIL AM2- (By JCR-VIS)
Debt Cash Equity* TFCs / Sukkuks T Bills Other including receivables Total Money Market Cash Equity* T Bills Other including receivables Total
Net Assets (PKR mn)

JS - PSF-Equity Sub Fund JS - PSF-Debt Sub Fund JS - PSF-MM Sub Fund 54.46 106.15 98.38
* Under debt-swap arrangement with Azgard Nine Limited (ANL), debt and money market sub funds have received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC, these PPTFCs in sub funds had been fully provided.
NAV (PKR)
JS - PSF-Equity Sub Fund JS - PSF-Debt Sub Fund JS - PSF-MM Sub Fund 170.36 179.77 148.25

Oil & Gas Automobile & Parts Electricity Non Life Insurance Food Producers Others Total Apr-13 19.45 18.80 15.70 9.82 8.74 23.20 95.71 Mar-13 18.17 11.50 16.05 7.97 38.88 92.57
Performance (%)
JS - PSF-Equity Sub Fund JS - PSF-Debt Sub Fund 1 JS - PSF-MM Fund 1 1M 8.88 5.51 8.26 1Y 55.88 13.37 12.60 2Y 79.19 26.16 25.00 3Y 106.05 35.30 15.70 Launch 70.37 79.78 48.26
1

Rafhan Maize Products Ltd. Pakistan State Oil Co. Ltd. Nishat Power Ltd. Nishat (Chunian) Ltd. Nishat Chunian Power Ltd. Adamjee Insurance Co. Ltd. Pak Suzuki Motor Co. Ltd. Agriautos Industries Ltd. Pakistan Petroleum Ltd. Baluchistan Wheels Ltd. 8.74 8.62 8.57 7.73 7.13 6.76 6.71 6.10 6.00 5.99

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD Equity FY13 FY12 7.67 -1.73 6.54 -4.66 -0.47 5.83 2.94 -2.76 5.14 -3.23 1.62 -3.10 1.08 8.32 7.25 4.60 3.56 6.59 8.88 5.58 1.35 0.21 53.49 17.09
Debt 1 FY13 14.90 44.00 13.37 17.75 7.14 8.76 12.50 -5.05 11.29 5.51
13.85
Annualised performance Money market 1 FY12 FY13 FY12 9.66 9.77 10.23 14.50 11.35 11.69 12.00 8.13 11.07 15.60 8.33 11.94 9.48 7.14 9.50 7.48 26.53 9.40 11.35 30.01 10.44 8.68 8.32 9.20 9.35 5.46 9.54 9.20 8.26 9.97 10.10 9.66 9.51 9.62 11.12 12.98 10.69


During the month of April 2013, JS Pension Savings Equity Sub Fund, Debt Sub Fund and Money Market Sub Fund delivered returns of 8.88%, 5.51% p.a and 8.26% p.a respectively. On YTD basis, the aforementioned sub funds delivered 53.49%, 13.85% p.a and 12.98% p.a respectively.
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The Fund/Scheme has not made provisions amounting to Rs. 2,209,836 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 2.17 (ESF), Rs. 1.54 (DSF), Re. 0.92 (MMF) / 1.3% (ESF), 0.9% (DSF), 0.6% (MMF). For details investors are advised to read the Note 7 of the latest Financial Statements of the Scheme.

Apr-13
Apr-13 2.94 96.66 0.40 100.00 Apr-13 2.61 93.61 3.78 100.00 Apr-13 36.26 61.05 2.70 100.00 Mar-13 1.88 96.73 1.39 100.00 Mar-13 4.77 92.29 2.94 100.00 Mar-13 35.42 62.30 2.28 100.00

Equity Cash Equity Other including receivables Total Debt Cash IJARA Sukuk Bond Other including receivables Total Money Market Cash IJARA Sukuk Bond TDR Other including receivables Total
JS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and secure source of savings and retirement income to individuals according to the principles of Islamic Shariah. JS IPSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity, fixed income and other Halal investment avenues suited to their specific needs and risk profile.
Key information
Fund type Category Fund launch date Benchmark Management fee Front-end Load Back-end Load Pricing mechanism Trustee Dealing Days & Cut-off time Auditor Risk profile Leverage AMC Rating Open end Shariah Compliant Voluntary Pension Scheme 16 June, 2008 n/a 1.50% (Exclusive of Sindh Sales Tax) 3.00% NIL Forward Central Depository Company of Pakistan Ltd. (Monday to Friday) 3:00 p.m. Ernst & Young Ford Rhodes Sidat Hyder & Co. Investor dependent NIL AM2- (By JCR-VIS)
Net Assets (PKR mn)

JS - IPSF-Equity Sub Fund JS - IPSF-Debt Sub Fund JS - IPSF-MM Sub Fund 62.33 45.64 42.34

Oil & Gas Construction & Materials Food Producers Personal Goods Electricity Others Total Apr-13 33.07 20.43 14.09 9.47 7.77 11.83 96.66 Mar-13 30.64 29.80 12.19 10.34 7.60 6.16 96.73
NAV (PKR)
JS - IPSF-Equity Sub Fund JS - IPSF-Debt Sub Fund JS - IPSF-MM Sub Fund 247.68 160.67 140.81
Performance (%)
JS - IPSF-Equity Sub Fund JS - IPSF-Debt Sub Fund 1 JS - IPSF-MM Sub Fund 1 1M 5.34 10.54 8.44 1Y 38.62 8.91 7.33 2Y 61.52 18.04 17.73 3Y 103.85 32.96 25.79 Launch 146.66 60.00 40.22

Nishat Mills Ltd. D. G. Khan Cement Co. Ltd. Pakistan Oilfields Ltd. Kohat Cement Ltd. Rafhan Maize Products Ltd. Pakistan State Oil Co. Ltd. The Hub Power Co. Ltd. Packages Ltd. Attock Petroleum Ltd. National Foods Ltd. 9.47 9.19 8.88 8.66 8.64 7.83 7.77 7.14 6.49 5.45

Equity Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD FY13 4.86 7.29 -0.90 0.88 1.95 3.00 1.63 6.37 2.22 5.34 FY12 2.54 -2.04 5.82 0.15 -5.06 -5.94 9.23 5.08 5.78 1.63 -0.55 1.40 18.29 Debt 1 FY13 10.34 34.70 14.10 17.59 -31.11 3.84 11.64 -0.16 7.66 10.54
Annualised performance1 Money market 1

FY12 8.44 27.20 14.95 32.96 8.05 -3.91 23.47 -0.76 -28.05 10.40 12.61 10.20 10.01 FY13 9.37 18.15 11.33 14.21 -10.48 -1.54 8.37 2.44 6.18 8.44 FY12 9.02 13.76 11.99 16.01 8.64 7.20 10.73 3.69 2.63 8.97 8.89 9.30 9.66

37.48
8.23
6.87
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The Fund/Scheme has not made provisions amounting to Rs. 1,391,369 against Workers Welfare Fund (WWF) liability, if the same were made the NAV per unit/return of the Scheme would be lower by Rs. 3.17 (ESF), Rs. 1.23 (DSF), Re. 0.82 (MMF) / 1.3% (ESF), 0.8% (DSF), 0.6% (MMF). For details investors are advised to read the Note 7 of the latest Financial Statements of the Scheme.

In the month of April 2013, JS Islamic Pension Savings Equity Sub Fund, Debt Sub Fund and Money Market Sub Fund delivered returns of 5.34%, 10.54% p.a and 8.44% p.a. On YTD basis, the aforementioned funds delivered 37.48%, 8.23% p.a and 6.87%. The Fund's composition is tilted towards investments avenues that offer higher risk-adjusted returns to the valuable pension clients.

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JS Returns

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Apr-13

Monthly YoY Inflation

Source: Pakistan Bureau of Statistics

MONEY MARKET REVIEW

EQUITY MARKET REVIEW

Volume(L.H.S) Shrsinmn 100 75 50 25 1Apr 9Apr 17Apr

10.4 10.5 14,550 14,400 14,250 25Apr

Performance data and analytics

MUFAP Recommended Format

Asset allocation (%)

Asset quality (%age of total assets)

Monthly performance (%)

Investment Committee Members

9.21 9.05 0.16

Fund manager's review

Disclosure for WWF Liability under Circular 17 of 2012

Performance data and analytics

MUFAP Recommended Format

Asset allocation (%)

TFCs/Sukuks allocation - Top Ten Holding

Asset quality (%age of total assets)

AA 19.98% "<BBB" 0.001%

Monthly performance (%)

Investment Committee Members

11.18 10.39 0.79

Fund manager's review

Non Compliant Investments under Circular 07/2009

Disclosure for WWF Liability under Circular 17 of 2012

Performance data and analytics

MUFAP Recommended Format

Asset allocation (%)

Asset quality (%age of total assets)

Monthly performance (%)

9.97 10.33 -0.36

Investment Committee Members

Detail of Non Compliant Investment

Fund manager's review

Disclosure for WWF Liability under Circular 17 of 2012

Performance data and analytics

MUFAP Recommended Format

Asset allocation (%)

Equity sector breakdown (%)

Apr-13 22.40 13.66 7.81 7.71 6.99 5.24 63.81

Mar-13 21.76 11.95 9.09 7.54 5.95 3.63 59.92

Top holding (%age of total assets)

* Average Annualized Return since inception as per Morning Star formula

Monthly performance (%)

Asset quality (%age of total assets)

29.85 15.66 14.19

* No dealing in units during this period

Investment Committee Members

Non Compliant Investments under Circular 07/2009

Value after provision -

% of Net Assets 0.00 0.00 0.00 0.00

% of Gross Assets 0.00 0.00 0.00 0.00

Fund manager's review

Disclosure for WWF Liability under Circular 17 of 2012

Annualized performance return is based as per MUFAP stated methodology.

Performance data and analytics

MUFAP Recommended Format

Asset allocation (%)

* Average Annualized Return since inception as per Morning Star formula

Monthly performance (%)

21.01 18.12 2.89