Elixir Securities Limited – Ad Oculos

Karachi, June 13, 2018 (PPI-OT): Open End Mutual Funds

Assets under Management (AUMs) for the Open End Mutual Fund Industry decreased 0.4%MoM to PKR596bn in May-18; AUMs for Money Market Funds grew 10%MoM to PKR140bn which was negated by decline in Equity Funds.

Liquidity Position for Equity Funds (Conventional and Shariah Compliant) increased to PKR18.1bn (8% of AUMs) as at May-18, compared to PKR17.8bn as at Apr-18.

During May-18, Mutual Funds sold shares worth USD21mn, with the selling concentrated in Cements and E and P sectors.

Looking at the stock wise exposure, Conventional Equity Funds were most concentrated in Bank Alfalah (BAFL), Mari Petroleum (MARI) and Oil and Gas Development Co (OGDC). Active bets significantly increased in BAFL, where 16 (out of 23) funds now hold the stock amongst their Top 10 (compared to 12 funds as at May-18).

Within Shariah Compliant Equity Funds, OGDC, PPL and ENGRO continued to be the most common bets, in line with last month.

KSE100/KSE30 indices came down by 5.8%/6.1% during May-18 while simple average return for Conventional Equity Funds stood at -4.6%.

Similarly, Shariah Compliant Equity Funds returned an average of -4.5%, compared to a decline of 5.3% posted by KMI30 during May-18.

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