Arif Habib Investments: Mutual Funds

METROBANK–PAKISTAN SOVEREIGN FUND (MSF)

Investment Objective

The objective of the fund is to deliver income primarily from investment in government securities.

Fund Profile

Metro-Bank Pakistan Sovereign Fund—Perpetual (MSF) is an open end fund, which invests in bonds and debt securities issued by the Government of Pakistan as well as Reverse Repurchase transactions (Reverse-REPOs) against government securities. MSF is a long only fund. Under the NBFC Rules, it is only allowed to borrow up to 15% of net assets for up to 90 days to meet redemption needs.

Benchmark

6 month T–Bill rate

Performance (Since Inception)

MSFP (%)	-7.90	0.54	7.40	9.06	5.89	13.94	10.13
	2004	2005	2006	2007	2008	2009	2010

MSFP - Overall Asset Allocation

Overall Asset Allocation

Fee Schedule

Management Fee is lower of the following:

a) 10% of Fund’s Operating Revenue

b) 1.5% of Average Daily Net Assets

Subject to a minimum fee of 0.5% of Average Daily Net Assets

Front-end load 0.1% of the NAV

Overall annual expense ratio for the composite is as follows:

Financial Year	Expense Ratio

2009-10	1.15%
2008-09	1.55%
2007-08	1.09%
2006-07	0.69%
2005-06	0.66%
2004-05	0.51%
2003-04	1.8%
2003	1.7%	^
^ annualized

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

Quick Stats


Date of Inception		1^st March 2003
Fund Type		Income Scheme
Minimum investment		100 units
Fund Manager		Kashif Rafi
Initial Public Offer		PKR 50.00
Rating by PACRA:		AA (f)
Currency		PKR
Registrar		Arif Habib Investments Limited.
Trustee		Central Depositary Company Limited (CDC).
Auditors		KPMG Taseer Hadi & Co Chartered Accountants

Portfolio Characteristics

Portfolio Characteristics

Fund Returns

Fund Returns

Dividend History

Financial Year	% of Face Value	Payout /unit (Rs.)	Form	Bonus reinvested
2011-12*	3.06	1.53	Bonus
2010-11	5.54	2.77	Bonus
2009-10	2.98	1.49	Bonus	10.2
2008-09	0.14	0.07	Bonus	0.14
2007-08	13.70	6.85	Bonus	15.89

2006-07	3.58	1.79	Bonus	3.79
2005-06	6.22	3.11	Bonus	6.92
2003-04	0.29	0.14	Bonus	0.31
2003-04	3.19	1.59	Bonus	3.5

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.