FUND MANAGER S REPORT - JS · PDF fileJS Growth Fund (JS GF) ... is meant to provide the growth in capital while dividends on the equity ... Difference 0.51 6.04 0.08 -8.67 n/a EFU

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FUND MANAGER’S REPORT SDSAD

NOVEMBER 2011

Market Review

Unit Trust of Pakistan (UTP)

JS Large Cap. Fund (JS LCF)

JS Islamic Fund (JS ISF)

JS Aggressive Asset Allocation Fund (JS AAA)

JS Fund of Funds (JS FoF)

JS KSE-30 Index Fund (JS KSE30 Index)

JS Income Fund (JS IF)

JS Aggressive Income Fund (JS AIF)

JS Cash Fund (JS CF)

JS Principal Secure Fund I (JS PSF - I)

JS Growth Fund (JS GF)

JS Value Fund Ltd. (JS VFL)

JS Pension Saving Fund (JS PSF)

JS Islamic Pension Saving Fund (JS IPSF)

Nov‐11

Daily volume vs. KSE‐30 movement

Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutualfunds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down basedon market conditions. Past performance is not necessarily indicative of future results.

Equity market review

Money market review Interbank ratesKIBOR (Average) Nov‐2011 vs. Oct‐2011

Market activity

The 3M, 6M and 9M KIBOR declined by 38bps, 35bps and 34bps respectively MoM on anaverage basis respectively, depicting increased liquidity in the interbank market duringNov ’11. The SBPs stance to maintain status quo and keep policy rate unchanged at 12%was aimed at controlling inflation while supporting private investment despiteconstraining domestic and global economic environment. The widening current accountdeficit and declining financial inflows during the current fiscal year have led to asignificant decline in the NFA’s of the central bank. Thus the SBP had been injectingsubstantial liquidity in the financial system throughout the current fiscal year tocompensate for the declining NFA.

Meanwhile, PKR remained under pressure due to broadening trade and current accountdeficit and hence falling foreign exchange reserves during 4MFY11 coupled with growingpolitical uncertainty. Going forward, PKR is expected to remain under pressure due toweakness in the balance of payments along with the year end debt payments.Consequently, managing market liquidity and preserving foreign exchange reserveswould be a huge challenge for the central bank in the coming times.

The activity at the local bourse remained dull during the month with subdued averagevolumes of 22mn depicting a 60% MoM decline leading to a 4% and 3% decline in KSE30 & 100 indices respectively. Rising political uncertainty, worsening Pak US relations,concerns regarding the fertilizer gas supply issues and lack of any major triggers keptthe investors sidelined during the month. Foreign investor activity also remained mutedas evident by an FIPI outflow of USD 4.2mn.

However, current account for the month of Oct ’11, depicted a decline of 79% MoMfrom USD 1.0bn in Sept ‘11 to USD 220mn in Oct ’11 mainly on account of increase inremittances (USD 890mn during Sept ‘11 to USD 1.0bn in Oct ’11) and narrowed tradedeficit (which declined from USD 1.6bn in Sept ‘11 to USD 1.1bn in Oct ‘11). In lieu ofheightened macro economic risks building up, SBP decided to maintain the discountrate at 12%. Fiscal weakness and persistent inflation (which increased from 10.5% inSept ‘11 to 11.0% in Oct ‘11) coupled with greater than projected current accountdeficit, were major reasons behind the decision.

Going forward developments in the Pak US relations, foreign flows and politicalsituation of the country would be key in determining the future direction of the market.Further, positive results with healthy payouts may act as triggers in uplifting investorconfidence and stimulating greater activity in the market.

-

20

40

60

01-Nov-11 14-Nov-11 22-Nov-11 30-Nov-11

Shares in Millions

10,000

10,600

11,200

11,800

Volume (L.H.S) KSE-30 (R.H.S)

12.03

11.86

11.91

12.20

12.24

12.30

12.37

12.41

12.23

12.26

12.54

12.57

12.65

12.70

11.00

12.00

13.00

14.00

1M 3M 6M 9M 1Y 2Y 3Y

Nov Oct

Market Review

Performance data and analytics Investment philosophy Asset allocation (%)

Nov-11 Oct-11Cash 4.22 3.69 Equity 61.12 62.52 TFCs / Sukkuks 1.78 1.69 PIBs 1.55 1.52 T Bills 30.54 28.28

Key information Other including receivables 0.79 2.30 Fund type Open end Total 100.00 100.00 Category Balanced SchemeFund launch date 27 October, 1997 Equity sector breakdown (%)Net Assets (PKR mn) 1,564.00 Nov-11 Oct-11NAV (PKR) 99.25 Oil & Gas 21.77 21.62 Benchmark1 50% 6M KIBOR & 50% KSE 30 Index Chemicals 10.85 12.69 Management fee 2.00% Electricity 8.91 8.96 Front-end Load 3.00% Personal Goods 7.04 7.36 Back-end Load NIL Industrial Transportation 4.95 4.66 Pricing mechanism Forward Others 7.60 7.23 Trustee Central Depository Company of Pakistan Ltd. Total 61.12 62.52 Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Ernst & Young Ford Rhodes Sidat Hyder Top holding (%age of total assets)Risk profile Medium Pakistan Oilfields Ltd. 9.89 Listing LSE Pakistan Petroleum Ltd. 9.06 Leverage NIL Fauji Fertilizer Co. Ltd. 7.31 AMC Rating AM2- (By JCR-VIS) Nishat Mills Ltd. 5.34

Pakistan International Container Terminal Ltd. 4.95 Performance (%) Cumulative return2 The Hub Power Co. Ltd. 4.67

1M 1Y 3Y 7Y Launch MCB Bank Ltd. 3.18 Fund -2.44 4.17 16.66 74.03 585.23 ICI Pakistan Ltd. 2.41 Benchmark -1.49 7.14 25.42 91.13 440.20 Nishat Chunian Power Ltd. 2.36 Difference -0.95 -2.97 -8.76 -17.10 145.03 D. G. Khan Cement Co. Ltd. 2.35

Monthly performance (%) Asset quality (%age of total assets)FY12 FY11 FY10 FY09 FY08

Jul -0.15 4.22 5.69 -13.87 -1.87Aug -1.21 -3.10 9.51 -10.12 -7.59Sep 4.13 0.40 8.26 0.19 5.21Oct 0.39 3.57 -1.36 n/a* 2.43Nov -2.44 4.13 0.95 n/a* -0.41Dec 4.58 1.23 n/a* 0.75Jan 2.08 0.52 -1.84 2.36Feb -4.30 -1.39 3.95 5.36Mar 7.85 0.20 13.98 3.66 Statistical analysisApr -0.45 0.25 -0.66 2.73 Fund BenchmarkMay -3.29 -7.73 3.79 -11.06 Beta 0.5 1.0Jun -2.40 -1.72 -1.49 2.73 Standard Deviation 15.4% 24.1%YTD 0.61 13.23 14.05 -31.95 2.89 Largest Month Gain 14.0% 19.3%Benchmark -0.58 18.08 25.07 -32.19 -7.69 Largest Month Loss -24.0% -33.8%Difference 1.19 -4.85 -11.02 0.24 10.58 % Positive Months 72.9% 62.9%* No dealing in units during this period

Investment Committee MembersNon Compliant Investments under Circular 07/2009

Agritech Ltd. Sukuk 117,617,549 (117,617,549) - 0.00 0.00

Azgard Nine Ltd* PPTFC 75,000,000 (75,000,000) - 0.00 0.00

Fund manager's review Contact usJS Investments LimitedToll Free: 0800 - 00887E-mail: [email protected]: www.jsil.com

Nov-11

Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject tomarket risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance isnot necessarily indicative of future results.

Name of Investment

% of Net

Assets

% of GrossAssets

TypeValue before

provision

Provision held

(if any)

Value after

provision

*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.

UTP is a balanced fund that aims to preserve and grow investor’s capital in the long termwhile providing a regular stream of current income on an annual basis. The fund operatesa diverse portfolio of equity and fixed income investments whereby the equity componentis meant to provide the growth in capital while dividends on the equity component alongwith the fixed income investments help generate the current income.

Unit Trust of Pakistan (UTP)

1 From July 2006, benchmark's equity portion switched from KSE-100 to KSE-30 index. 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.

A, 1.77%

A+, 0.02%

AAA, 32.09%

Mr. Rashid Mansur - Chief Executive OfficerMr. Suleman Lalani - Executive Director & CFODr. Ali Akhtar Ali - Chief Investment OfficerMr. Zahid Ullah Khan - Fund Manager Mr. Assad Hameed Khan, Head of BPD Mr. Muhammad Salman Siddiqui, Head of Research & RM

UTP returned -2.44 percent during November 2011 and underperformed its benchmarkby 0.95 percent. On YTD basis, the fund returned 0.61 percent, and out-performed itsbenchmark by 1.19 percent. During the month, the fund nominally reduced its exposurein equities and enhanced its exposure in treasury bills. The fund is maintaining anoverall strategy of holding significant exposure in high dividend yielding value stocks.

Performance data and analytics Nov-11Investment philosophy Asset allocation (%)

Nov-11 Oct-11Cash 3.39 3.63 Equity 95.88 93.29 Other including receivables 0.73 3.08

Total 100.00 100.00

Key informationFund type Open endCategory Equity Scheme Equity sector breakdown (%)Fund launch date 14 May, 2004 Nov-11 Oct-11Net Assets (PKR mn) 1,246.34 Oil & Gas 29.74 30.69 NAV (PKR) of Unit "A" 48.92 Chemicals 17.54 14.65 Benchmark KSE30 Index Banks 12.91 12.05 Management fee 2.00% Electricity 10.12 10.26 Front-end Load 3% of NAV (Applicable to Class "A") Personal Goods 10.17 10.62 Back-end Load 18% of NAV (Applicable to Class "B") Others 15.40 15.03 Pricing mechanism Forward Total 95.88 93.29 Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor M. Yousuf Adil Saleem & Co.Risk profile High Top holding (%age of total assets)Listing LSE Pakistan Oilfields Ltd. 8.77 Leverage NIL Pakistan Petroleum Ltd. 8.66 AMC Rating AM2- (By JCR-VIS) Engro Corporation Ltd. 6.91

Pakistan State Oil Co. Ltd. 6.79 Nishat Chunian Power Ltd. 5.93

Performance (%) Cumulative return1 National Bank of Pakistan 5.67 1M 1Y 2Y 3Y Launch Fauji Fertilizer Co. Ltd. 5.53

Fund -3.43 5.69 11.35 -0.48 59.13 Nishat Mills Ltd. 5.49 Benchmark -3.94 -0.35 11.27 8.19 n/a National Refinery Ltd. 5.22 Difference 0.51 6.04 0.08 -8.67 n/a EFU Life Assurance Ltd. 4.82

Monthly performance (%)FY12 FY11 FY10 FY09 FY08 Statistical analysis

Jul -1.09 5.36 8.33 -18.57 -1.20 Fund BenchmarkAug -6.17 -4.36 6.80 -12.18 -9.86 Beta 0.7 1.0Sep 6.94 0.48 7.34 -0.47 8.20 Standard Deviation 23.6% 32.0%Oct -2.67 11.10 -1.81 -0.12 6.27 Largest Month Gain 14.7% 25.2%Nov -3.43 8.58 -0.53 0.12 -0.41 Largest Month Loss -30.8% -45.1%Dec 5.52 0.66 -30.81 2.88 % Positive Months 56.0% 58.2%Jan 2.06 -0.26 -9.73 -0.24Feb -6.34 -1.97 3.02 10.51Mar 12.22 -1.34 14.68 5.22Apr -0.39 -0.14 -0.48 2.89 Investment Committee MembersMay 0.62 -9.13 4.50 -15.91 Mr. Rashid Mansur - Chief Executive OfficerJun -0.14 -2.10 -4.00 1.88 Mr. Suleman Lalani - Executive Director & CFO YTD -6.71 38.38 4.65 -47.56 8.28 Dr. Ali Akhtar Ali - Chief Investment OfficerBenchmark -6.79 21.24 26.22 -47.15 -15.70 Mr. Arslan Asif Soomro - Fund Manager Difference 0.08 17.14 -21.58 -0.41 23.98 Mr. Assad Hameed Khan, Head of BPD

Mr. Muhammad Salman Siddiqui, Head of Research & RMNon Compliant Investments under Circular 07/2009

Agritech Ltd. Sukuk 4,992,117 (4,992,117) - 0.00 0.00


Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject tomarket risks. The NAV based prices of units and any dividends/returns thereon are dependent on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performanceis not necessarily indicative of future results.

Value after

% of Net Assets

% of Gross

Name of Investment

TypeValue before

Provision held

JS LCF is an open-end Equity Scheme that aims to benefit from an attractive CapitalMarket in an economy with growth potential, to maximize the total investment returnconsisting of a combination of capital appreciation income. Consistent with itsInvestment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remainingFunds shall be invested in Authorized Investments including cash and/or near cashinstruments which include cash in bank accounts, and Government securities notexceeding ninety (90) days maturity.

In the month of November 2011, JS Large Cap Fund delivered returns of -3.43% ascompared to the benchmark's return of -3.94%, thereby outperforming by 0.51%. TheYTD return of JS Large Cap Fund stands at -6.71%, as compared to the benchmark'sreturn of -6.79%, thereby out-performing by 0.08%.

JS Large Cap. Fund (JS-LCF)

1 Cumulative return is based as per MUFAP stated methodology.

Performance data and analytics Nov-11

Investment philosophy Asset allocation (%)Nov-11 Oct-11

Cash 2.52 3.52 Equity 95.88 94.04 Other including receivables 1.60 2.44

Total 100.00 100.00

Key informationFund type Open endCategory Shariah Compliant Islamic - Equity Scheme Equity sector breakdown (%)Fund launch date 27 December, 2002 Nov-11 Oct-11Net Assets (PKR mn) 224.88 Oil & Gas 37.45 38.31 NAV (PKR) 39.65 Chemicals 31.72 34.75 Benchmark1 KMI-30 Index Banks 12.89 10.73 Management fee 2.00% Construction & Materials 5.03 4.79 Front-end Load 3.00% Fixed Line Telecommunication 5.57 5.46 Back-end Load NIL Others 3.23 - Pricing mechanism Forward Total 95.88 94.04 Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile High Top holding (%age of total assets)Listing LSE Fauji Fertilizer Bin Qasim Ltd. 11.93 Leverage NIL Fauji Fertilizer Co. Ltd. 12.29 AMC Rating AM2- (By JCR-VIS) Pakistan Petroleum Ltd. 11.79

Pakistan Oilfields Ltd. 11.78 Performance (%) Cumulative return2 Pakistan State Oil Co. Ltd. 8.08

1M 1Y 2Y 3Y Launch BankIslami Pakistan Ltd. 7.86 Fund -6.35 19.90 27.71 33.29 112.79 ICI Pakistan Ltd. 7.50 Benchmark -4.51 17.60 57.45 82.74 n/a National Refinery Ltd. 5.80 Difference -1.84 2.30 -29.74 -49.45 n/a Pakistan Telecommunication Co. Ltd. 5.57

D. G. Khan Cement Co. Ltd. 5.03 Monthly performance (%)

FY12 FY11 FY10 FY09 FY08 Statistical analysisJul 2.57 7.66 7.45 -15.51 1.45 Fund BenchmarkAug -4.25 -4.86 10.19 -15.58 -12.99 Beta 0.8 1.0Sep 7.38 2.14 6.86 0.04 6.39 Standard Deviation 22.4% 27.1%Oct 1.10 3.67 -0.94 n/a* 5.57 Largest Month Gain 11.9% 20.2%Nov -6.35 7.66 1.75 n/a* 0.57 Largest Month Loss -28.7% -37.1%Dec 6.59 0.71 n/a* -2.99 % Positive Months 66.7% 62.2%Jan 6.00 0.37 -0.43 2.13Feb -6.44 -0.33 -0.62 3.53Mar 10.77 4.13 9.95 4.46Apr 2.67 0.06 1.50 -1.15May 0.31 -12.64 4.33 -15.41Jun -0.43 -0.55 -0.32 1.07 Investment Committee MembersYTD -0.15 40.23 16.31 -43.05 -9.70 Mr. Rashid Mansur - Chief Executive OfficerBenchmark 1.10 43.66 41.98 -36.54 0.92 Mr. Suleman Lalani - Executive Director & CFO Difference -1.25 -3.43 -25.67 -6.51 -10.62 Dr. Ali Akhtar Ali - Chief Investment Officer* No dealing in units during this period Mr. Arslan Asif Soomro - Fund Manager

Mr. Assad Hameed Khan, Head of BPDFund manager's review Mr. Muhammad Salman Siddiqui, Head of Research & RM

Contact usJS Investments LimitedToll Free: 0800 - 00887E-mail: [email protected]: www.jsil.com


JS Islamic Fund [JS ISF] aims to grow investor’s capital in the long term in adherencewith 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 theShariah Advisory Council (SAC) and all companies under investment consideration aresemiannually screened for Shariah compliance.

In the month of November 2011, the JS Islamic Fund returned -6.35% as comparedto the benchmark’s return of -4.51%, under-performing the benchmark by 1.84%.The cumulative Fiscal Year 2012's YTD return stands at -0.15%, as compared to thebenchmark returns of 1.10%, implying an underperformance of 1.25% .

JS Islamic Fund (JS-ISF)

1 From January 2010, benchmark'switched from DJIMPK to KMI-30 index.2 Cumulative return is based as per MUFAP stated methodology.



Cash 0.78 1.86 Equity 95.66 90.35 Government Securities 3.56 7.79

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Open end Nov-11 Oct-11Category Asset Allocation Scheme Oil & Gas 31.03 30.93 Fund launch date 28 June, 2005 Banks 24.46 21.83 Net Assets (PKR mn) 111.30 Electricity 15.88 15.70 NAV (PKR) 21.52 Chemicals 12.51 9.49 Benchmark KSE30 Index Personal Goods 6.37 6.49 Management fee 2.00% Others 5.42 5.90 Front-end Load 3.00% Total 95.66 90.35 Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co. Top holding (%age of total assets)Risk profile High United Bank Ltd. 9.30 Listing LSE National Bank of Pakistan 8.25 Leverage NIL Fauji Fertilizer Co. Ltd. 7.71 AMC Rating AM2- (By JCR-VIS) National Refinery Ltd. 7.35

MCB Bank Ltd. 6.91 Performance (%) Cumulative return1 Nishat Chunian Power Ltd. 6.57

1M 1Y 2Y 3Y Launch Nishat Mills Ltd. 6.37 Fund -4.44 -0.69 2.09 -25.88 -4.32 Pakistan Oilfields Ltd. 6.32 Benchmark -3.94 -0.35 11.27 8.19 8.00 Pakistan Petroleum Ltd. 5.55 Difference -0.50 -0.34 -9.18 -34.07 -12.32 The Hub Power Co. Ltd. 4.87

Monthly performance (%)FY12 FY11 FY10 FY09 FY08 Statistical analysis

Jul -0.27 7.66 6.89 -21.51 -3.46 Fund BenchmarkAug -3.56 -5.10 9.38 -17.66 -11.86 Beta 0.8 1.0Sep 4.89 1.01 8.26 -0.18 2.88 Standard Deviation 28.1% 32.2%Oct -0.88 4.42 -3.41 n/a* 0.63 Largest Month Gain 21.0% 25.2%Nov -4.44 4.13 0.19 n/a* -2.13 Largest Month Loss -36.8% -45.1%Dec 4.38 2.92 n/a* 0.88 % Positive Months 62.8% 57.7%Jan 2.12 0.04 -13.66 2.21Feb -7.32 -1.92 1.82 7.42Mar 8.59 3.74 4.68 5.37 Investment Committee MembersApr 0.34 -1.25 -3.60 3.43 Mr. Rashid Mansur - Chief Executive OfficerMay 0.09 -11.60 5.62 -12.79 Mr. Suleman Lalani - Executive Director & CFO Jun -3.55 0.16 0.06 2.63 Dr. Ali Akhtar Ali - CIO/Fund ManagerYTD -4.44 16.62 12.20 -62.65 -6.86 Mr. Assad Hameed Khan, Head of BPDBenchmark -6.79 21.24 26.22 -47.16 -15.70 Mr. Muhammad Salman Siddiqui, Head of Research & RMDifference 2.35 -4.62 -14.02 -15.49 8.84* No dealing in units during this period

Fund manager's review



JS AAA Fund is a dynamic asset allocation fund that aims to achieve superior riskadjusted growth in investor’s capital over the long term. The fund operates a diverseportfolio of equity, fixed income and money market investments and it may constantlyadjust the asset mix as equity markets rise or fall and the economy strengthens orweakens. The fund is allowed to invest up to 100% of net assets in any one type ofasset class.

JS AAA depicted a monthly performance of -4.44 percent in November 2011 ascompared to the benchmark return of -3.94 percent, thereby underperformed thebenchmark by 0.50 percent. On YTD basis the fund outperforming its benchmark by2.35 percent.

JS Aggressive Asset Allocation Fund (JS AAA)




Open-end 41.24 41.96 Close-end 25.13 24.56 T Bills 24.66 24.43 Cash 8.86 5.93 Other including receivables 0.11 3.12 Total 100.00 100.00

Key information Statistical analysisFund type Open end Fund BenchmarkCategory Fund of Fund Scheme Beta 0.8 1.0Fund launch date 31 October, 2005 Standard Deviation 16.3% 18.3%Net Assets (PKR mn) 780.08 Largest Month Gain 12.8% 11.0%NAV (PKR) 89.54 Largest Month Loss -13.7% -25.1%Benchmark BM FoF1 % Positive Months 67.6% 67.6%Management fee 1.00%Front-end Load 3.00% Investment Committee MembersBack-end Load NIL Mr. Rashid Mansur - Chief Executive OfficerPricing mechanism Forward Mr. Suleman Lalani - Executive Director & CFO Trustee Central Depository Company of Pakistan Ltd. Dr. Ali Akhtar Ali - Chief Investment OfficerDealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Mr. Zahid Ullah Khan - Fund Manager Auditor M. Yousuf Adil Saleem & Co. Mr. Assad Hameed Khan, Head of BPDRisk profile Medium Mr. Muhammad Salman Siddiqui, Head of Research & RMListing LSELeverage NILAMC Rating AM2- (By JCR-VIS)

Performance (%) Cumulative return2

1M 1Y 2Y 3Y LaunchFund 0.10 16.85 19.69 38.96 58.66Benchmark -1.92 6.10 15.55 23.18 23.08Difference 2.02 10.75 4.14 15.78 35.58

Monthly performance (%)FY12 FY11 FY10 FY09 FY08

Jul 0.03 3.52 5.74 -11.31 0.71Aug -3.49 -1.08 8.60 -8.22 -4.07Sep 6.18 1.41 12.84 1.24 4.27Oct 0.88 1.88 -0.36 n/a* 2.58Nov 0.10 10.27 0.57 n/a* 1.37Dec 6.45 -0.83 n/a* 0.34Jan 2.53 0.45 1.04 2.31Feb -4.80 -2.38 -2.88 4.14Mar 6.70 0.34 4.21 0.93Apr 3.55 -1.96 -1.64 1.84May 0.01 -10.60 3.67 -6.93Jun -1.68 2.65 -0.69 3.16YTD 3.51 31.70 13.99 -25.79 10.52Benchmark -0.93 18.27 21.18 -32.64 -8.60Difference 4.44 13.43 -7.19 6.85 19.12* No dealing in units during this period




JS FoF is a fund of funds that aims to grow investor’s capital in the long term whilediversifying the asset manager risk bundled together with the benefits of an assetallocation fund. The fund operates a diverse portfolio of equity, balanced, fixedincome and money market funds (both open and closed ended) with the option toadjust the asset mix as equity markets rise or fall and the economy strengthens orweakens.

During the month the fund returned 0.10 percent and outperformed its benchmark by2.02 percent. Similarly, on YTD basis the fund returned 3.51 percent andoutperformed its benchmark by 4.44 percent. There were no major changes in thefund's portfolio during this month.

JS Fund of Funds (JS FoF)

1 Average of asset allocation funds returns.2 Cumulative return is based as per MUFAP stated methodology.



Cash 5.99 5.05 Equity 93.33 93.47 Other including receivables 0.68 1.48

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Open end Nov-11 Oct-11Category Index Tracker Scheme Oil & Gas 36.14 34.60 Fund launch date 29 May, 2006 Banks 18.61 18.48 Net Assets (PKR mn) 57.31 Chemicals 21.66 23.38 NAV (PKR) 28.9 Electricity 6.17 6.05 Benchmark KSE30 Index Construction & Materials 2.45 2.40 Management fee 1.50% Others 8.30 8.57 Front-end Load 2.00% Total 93.33 93.47 Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Top holding (%age of total assets)Auditor KPMG Taseer Hadi & Co. Oil & Gas Development Co. Ltd. 16.09 Risk profile High Fauji Fertilizer Co. Ltd. 12.75 Listing LSE MCB Bank Ltd. 8.44 Leverage NIL Pakistan Petroleum Ltd. 7.83 AMC Rating AM2- (By JCR-VIS) Pakistan Oilfields Ltd. 6.41

The Hub Power Co. Ltd. 4.95 Performance (%) Cumulative return1 Engro Corporation Ltd. 3.80

1M 1Y 2Y 3Y Launch Pakistan State Oil Co. Ltd. 3.16 Fund -3.51 4.33 20.63 23.76 4.09 Fauji Fertilizer Bin Qasim Ltd. 2.95 Benchmark -3.94 -0.35 11.27 8.19 -10.03 United Bank Ltd. 2.93 Difference 0.43 4.68 9.36 15.57 14.12

Monthly performance (%) Statistical analysisFY12 FY11 FY10 FY09 FY08 Fund Benchmark

Jul -0.53 9.14 7.88 -15.53 -4.16 Beta 1.0 1.0Aug -8.19 -5.76 13.68 -15.17 -11.36 Standard Deviation 32.5% 32.3%Sep 6.71 0.77 8.23 -0.56 10.13 Largest Month Gain 25.5% 25.2%Oct 1.32 5.22 -3.26 n/a* 6.32 Largest Month Loss -43.9% -45.1%Nov -3.51 6.46 0.50 n/a* -3.12 % Positive Months 61.2% 56.7%Dec 7.04 1.75 n/a* 0.02Jan 3.24 1.78 -5.21 -0.44Feb -8.72 0.20 13.64 9.91 Investment Committee MembersMar 7.52 5.69 25.48 0.89 Mr. Rashid Mansur - Chief Executive OfficerApr 1.13 0.68 4.91 -1.07 Mr. Suleman Lalani - Executive Director & CFO May 0.46 -12.86 2.47 -22.51 Dr. Ali Akhtar Ali - Chief Investment OfficerJun -0.62 3.50 -2.47 2.28 Mr. Arslan Asif Soomro - Fund Manager YTD -4.71 27.12 28.52 -43.64 -16.56 Mr. Assad Hameed Khan, Head of BPDBenchmark -6.79 21.24 26.22 -47.16 -15.70 Mr. Muhammad Salman Siddiqui, Head of Research & RMDifference 2.08 5.88 2.29 3.52 -0.86* No dealing in units during this period

JS KSE-30 Index Fund vs. KSE 30



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 theirweighting. The fund targets sophisticated investors who can time their entry and exitfrom the fund in accordance with the expected performance of the equity market orfor investors who seek long term exposure to the equity market.

JS KSE-30 Index Fund (JS KSE-30)

1 Cumulative return is based as per MUFAP stated methodology.-60%

-40%

-20%

0%

20%

40%

Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11

JS KSE-30 Index Fund KSE-30 Index


Nov-11 Oct-11Cash 23.77 30.17T Bills 44.62 41.42PIBs 6.29 0.00TFCs / Sukkuks 23.87 27.05Other including receivables 1.45 1.36

Key information Total 100.00 100.00Fund type Open endCategory Income Fund Scheme TFCs/Sukuks allocation - Top Ten HoldingFund launch date 26 August, 2002Net Assets (PKR mn) 771.29NAV (PKR) 88.58Benchmark BM IF1

Management fee 1.50%Front-end Load 1.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Ernst & Young Ford Rhodes Sidat HyderRisk profile Low To MediumListing LSEFund stability rating A+(F) PACRA RatingLeverage NILAMC Rating AM2- (By JCR-VIS) Asset quality (%age of total assets)

Performance (%) Annualised performance 2

1M 6M 1Y 3Y LaunchFund 10.81 13.25 4.51 3.84 10.63Benchmark 11.94 13.27 12.88 12.56 11.95Difference -1.13 -0.02 -8.37 -8.72 -1.32

Monthly performance (%) Annualised performance 2

FY12 FY11 FY10 FY09 FY08Jul 11.58 9.22 9.32 13.22 9.96Aug 22.81 18.44 10.48 11.26 9.58Sep 12.05 12.32 13.41 13.88 8.94Oct 21.02 14.29 37.73 14.68 10.09Nov 10.81 23.38 -0.12 -27.24 8.86 Statistical analysisDec 15.66 0.57 14.41 8.56 Fund BenchmarkJan 1.70 4.78 12.43 10.09 Standard Deviation 5.3% 1.2%Feb 15.43 11.66 15.08 8.43 Largest Month Gain 3.7% 1.2%Mar 17.44 -23.36 38.90 9.32 Largest Month Loss -10.3% 0.0%Apr 11.52 17.69 9.58 9.84 % Positive Months 91.1% 100.0%May -79.51 -72.06 15.35 9.58 Duration (Yr) 0.77Jun -1.28 -36.52 15.62 10.48 Weighted Avg. Maturity (Yr) 1.41YTD 16.11 3.95 -8.47 11.58 9.64Benchmark 12.98 10.02 9.94 14.23 10.61 Investment Committee MembersDifference 3.14 -6.07 -18.41 -2.65 -0.97 Mr. Rashid Mansur - Chief Executive Officer

Mr. Suleman Lalani - Executive Director & CFO Non Compliant Investments under Circular 07/2009 Dr. Ali Akhtar Ali - Chief Investment Officer

Ms. Nazia Enam Siddiqui- Fund ManagerMr. Assad Hameed Khan, Head of BPDMr. Muhammad Salman Siddiqui, Head of Research & RM

Azgard Nine Ltd. TFC 16,255,565 (16,255,565) - - - Azgard Nine Ltd.* PPTFCs 75,000,000 (75,000,000) - - - Agritech Limited Sukuk 59,580,585 (59,580,585) - - - Contact usDewan Cement Ltd TFC 50,000,000 (49,990,000) 10,000 - - JS Investments LimitedMaple leaf Cement Sukuk 7,419,344 7,419,311 0.96 0.95 Toll Free: 0800 - 00887

E-mail: [email protected]: www.jsil.com


*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.


Value after

provision

% of Net Assets

% of GrossAssets

Name of Investment

TypeValue before

provision

Provision held

(if any)

JS IF is an income fund that aims to preserve investor’s capital while providing a regularstream of current income on an annual basis which is higher than that offered bycommercial banks on deposits of a similar liquidity profile as this fund. The fund operates adiverse portfolio of investment-grade debt securities, government securities and moneymarket instruments. The fund may maintains liquidity in the form of spread transactions andbank deposits.

JS Income Fund reported an annualized return of 10.81% for the month of November2011 as compared to the annualized benchmark return of 11.94%, The Fund’s YTDannualized return was 16.11% as compared to the bench mark of 12.98% i.e 3.14%higher.

JS Income Fund (JS IF)

4.45%

3.61%

3.28%

2.61%

1.16%

0.95%

0.00%

7.81%

0% 2% 4% 6% 8% 10% 12% 14%

United Bank Ltd

NIB Bank Ltd

Optimus Ltd

Orix Leasing Pakistan

Jahangir Siddiqui Co Ltd TFC-IV

Jahangir Siddiqui Co Ltd - V

Maple Cement Ltd - Sukuks

Dewan Cement

AAA, 44.62%

A, 2.61%

"<BBB", 0.95%

A+, 4.45%

AA, 7.81%AA+, 8.05%

1 From Feb'11, the benchmark was changed from Average of most recent published 3-month deposit rates of top 3 scheduled Commercial Bank by deposit size to 60% 1Year PKRV Rate , 40% 6-M KIBOR Rate2 Annualized performance return is based as per MUFAP stated methodology.



Cash 14.19 7.94TFCs / Sukkuks 44.20 41.73T Bills 0.00 10.77PIBs 38.71 37.72Other including receivables 2.90 1.84

Key informationFund type Open endCategory Aggressive Fixed Income Scheme Total 100.00 100.00Fund launch date 22 January, 2008Net Assets (PKR mn) 61.04NAV (PKR) 92.85 TFCs/Sukuks allocationBenchmark BM AIF1

Management fee 1.50%Front-end Load 1.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor M. Yousuf Adil Saleem & Co.Risk profile Medium Listing LSEFund stability rating BBB-(f)Leverage NILAMC Rating AM2- (By JCR-VIS)

Performance (%) Annualised performance2 Asset quality (%age of total assets)1M 6M 1Y 3Y Launch

Fund 18.90 -5.84 5.22 4.60 5.02Benchmark 11.94 13.27 12.88 12.56 13.90Difference 6.95 -19.11 -7.66 -7.96 -8.87

Monthly performance (%) Annualised performance2

FY12 FY11 FY10 FY09Jul 28.90 11.26 26.11 11.91Aug 13.55 10.63 -2.25 9.07Sep 12.71 33.28 6.67 13.75Oct 59.53 -9.29 -31.52 14.41Nov 18.90 8.74 -5.54 -31.48Dec 51.31 -6.30 17.38 Statistical analysisJan -60.02 0.00 13.61 Fund BenchmarkFeb 29.14 10.37 15.08 Standard Deviation 9.2% 1.0%Mar 26.56 -31.12 14.81 Largest Month Gain 5.1% 1.2%Apr 33.08 12.73 12.43 Largest Month Loss -13.1% 0.0%May 31.61 -4.91 35.60 % Positive Months 77.1% 100.0%Jun -159.51 13.20 -18.87 Duration (Yr) 1.82YTD 27.96 -1.99 -2.72 7.72 Weighted Avg. Maturity (Yr) 2.16Benchmark 12.98 10.02 9.94 14.23Difference 14.98 -12.01 -12.67 -6.51 Investment Committee Members

Mr. Rashid Mansur - Chief Executive OfficerDetail of Non Compliant Investment Mr. Suleman Lalani - Executive Director & CFO

Dr. Ali Akhtar Ali - Chief Investment OfficerMs. Nazia Enam Siddiqui- Fund ManagerMr. Assad Hameed Khan, Head of BPDMr. Muhammad Salman Siddiqui, Head of Research & RM

Contact usJS Investments LimitedToll Free: 0800 - 00887

Fund manager's review E-mail: [email protected]: www.jsil.com


JS AIF aims at generating current income on investments while maintaining theprospects of capital appreciation by investing in a diversified portfolio of money marketand fixed income instruments. The fund may aggressively adjust asset weightings totake advantage of directional macro and micro economic trends and may hold some oreven all of its assets in cash to either provide liquidity or for defensive purposes.

JS Aggressive Income Fund reported an annualized return of 18.90% for the Month ofNovember 2011 as compared to the annualized benchmark return of 11.94%,outperforming the benchmark by 6.95%.The YTD annualized return of JSAIF outperformed the bench mark by 14.98% by giving a return of 27.96.

JS Aggressive Income Fund (JS AIF)

44.18%

0.02%0%

20%

40%

60%

80%

Optimus Ltd Dewan Cement

AAA, 38.71%

"<BBB", 0.02%

A, 44.18%

1 From Feb'11, the benchmark was changed from Average of most recent published 3-month deposit rates of top 3 scheduled Commercial Bank by deposit size to 60% 1Year PKRV Rate , 40% 6-M KIBOR Rate2 Annualized performance return is based as per MUFAP stated methodology.

*Investmnent in optimus Ltd. Is more than ten percent of funds' net assets, as required nder Regulation 55(5)

Optimus Ltd* PPTFC 27,731,949 - 27,731,949 45.43 44.18

Dewan Cement Ltd TFC 50,000,000 49,990,000 10,000 0.02 0.02

Value after

provision

% of Net

Assets

% of GrossAssets

Name of Investment

TypeValue before

provision

Provision held

(if any)



Cash 49.15 6.94 Placement with Banks and DFIs - 12.51 T Bills 47.86 80.18 Other including receivables 2.99 0.37 Total 100.00 100.00

Key informationFund type Open endCategory Money Market Scheme Asset quality (%age of total assets)Fund launch date 29 March, 2010Net Assets (PKR mn) 1,616.21NAV (PKR) 103.54Benchmark BM CF1

Management fee 1.00%Front-end Load 1.00%Back-end Load NILPricing mechanism BackwardTrustee MCB Financial Services Ltd Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Ernst & Young Ford Rhodes Sidat HyderRisk profile Extremely LowListing LSEFund stability rating AA+(f) - (By JCR-VIS)Leverage NILAMC Rating AM2- (By JCR-VIS)

Performance (%) Annualised performance2 Statistical analysis1M 6M 1Y Launch Fund Benchmark

Fund 10.43 12.42 12.71 12.40 Standard Deviation 0.8% 0.6%Benchmark 9.88 10.35 10.73 10.87 Largest Month Gain 1.2% 0.9%Difference 0.55 2.07 1.98 1.53 Largest Month Loss 0.0% 0.0%

% Positive Months 100.0% 100.0%Monthly performance (%) Annualised performance2 Duration (Days) 71

FY12 FY11 FY10 Weighted Avg. Maturity (Days) 71Jul 11.66 11.00 n/aAug 13.06 10.88 n/aSep 11.85 10.89 n/aOct 13.81 12.32 n/aNov 10.43 11.43 n/aDec 13.16 n/aJan 10.76 n/aFeb 12.31 n/aMar 12.32 n/a Investment Committee MembersApr 12.61 10.74 Mr. Rashid Mansur - Chief Executive OfficerMay 11.28 8.99 Mr. Suleman Lalani - Executive Director & CFO Jun 11.80 10.40 Dr. Ali Akhtar Ali - Chief Investment OfficerYTD 12.43 12.01 9.90 Ms. Nazia Enam Siddiqui- Fund ManagerBenchmark 10.20 10.65 9.85 Mr. Assad Hameed Khan, Head of BPDDifference 2.22 1.36 0.05 Mr. Muhammad Salman Siddiqui, Head of Research & RM

Fund manager's reviewContact usJS Investments LimitedToll Free: 0800 - 00887E-mail: [email protected]: www.jsil.com


JS Cash Fund (JS CF) is an open-end 'Money Market Scheme' that mainly invests in lowrisk short-term fixed income instruments including money market instruments toprovide a regular and reasonable return to investors while ensuring high liquidity. TheFund shall invest primarily in short duration instruments and may even hold some or allof its assets in cash for the purpose maintaining liquidity.

JS Cash Fund reported an annualized return of 10.43% for the Month of November2011 as compared to the annualized benchmark return of 9.88%, outperforming thebenchmark by 0.55%.The YTD annualized return of JSCF out performed the benchmark by 2.22% by giving a return of 12.43.

JS Cash Fund (JS CF)

1 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.2 Annualised return is based as per MUFAP stated methodology.3 NR= Non Rated.

AA, 49.15

AAA, 47.86



Cash 0.40 0.60 Equity - - Placement with Banks and DFI 72.92 73.50 Other including receivables 26.68 25.90

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Open end Nov-11 Oct-11Category Capital protected scheme NIL - - Fund launch date 24 April, 2009Net Assets (PKR mn) 1,035.57NAV (PKR) 122.11Benchmark 69% TDR Rate & 31% KSE-30 IndexManagement fee 1.75%Front-end Load 3.50% Total - - Back-end Load 5.00%Pricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd. Statistical analysisDealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Fund BenchmarkAuditor M. Yousuf Adil Saleem & Co. Beta 0.5 1.0Risk profile Low Standard Deviation 5.6% 6.1%Listing LSE Largest Month Gain 7.5% 5.0%Fund stability rating AA (CP) PACRA Rating Largest Month Loss -2.6% -2.9%Leverage NIL % Positive Months 93.8% 78.1%AMC Rating AM2- (By JCR-VIS)

Performance (%) Cumulative return1 Investment Committee Members1M 1Y 2Y 3Y Launch Mr. Rashid Mansur - Chief Executive Officer

Fund 0.81 11.76 26.03 n/a 39.89 Mr. Suleman Lalani - Executive Director & CFO Benchmark -0.47 9.61 24.53 n/a 41.43 Dr. Ali Akhtar Ali - CIO/Fund ManagerDifference 1.28 2.15 1.50 n/a -1.54 Mr. Assad Hameed Khan, Head of BPD

Mr. Muhammad Salman Siddiqui, Head of Research & RMMonthly performance (%)

FY12 FY11 FY10Jul 0.83 7.52 1.19Aug 0.82 1.60 4.21Sep 0.88 1.52 1.54Oct 0.85 0.84 0.94Nov 0.81 0.91 0.99Dec 1.73 1.39Jan 0.91 0.90Feb 0.82 0.60Mar 0.90 1.30Apr 1.08 0.82May 0.65 -2.60Jun 0.90 -2.40YTD 4.26 20.98 9.06Benchmark 1.73 16.50 18.07Difference 2.53 4.48 -9.01



The Fund aims at protecting investor capital through the investment structure byplacing a significant percentage of the Fund as term deposit(s) with ScheduledCommercial Bank(s) having a minimum long term rating of “AA” or in other returnbased fixed income instruments issued by the Government of Pakistan. The remainingfunds are used to gain exposure into equity markets or any other SECP permissibleinvestment instruments that the Management Company feels would be appropriate tomaximize return through an aggressive asset allocation strategy.

The JS Principal Secure Fund -I delivered a return of 0.81% in the month of November2011 as compared to the benchmark return of -0.47%, depicting an outperformance of1.28%. On YTD basis the fund provided an absolute return of 4.26% and overperforming the benchmark by 2.53.

JS Principal Secure Fund I (JS PSF - I)



Nov-11 Oct-11Cash 5.28 7.40 Equity 93.01 89.46 Other including receivables 1.71 3.14

Key information Total 100.00 100.00 Fund type Closed end Category Equity Fund Equity sector breakdown (%)Fund launch date 06 June, 2006 Nov-11 Oct-11Net Assets (PKR mn) 2,530.52 Chemicals 11.56 9.55 NAV (PKR) 8.86 Oil & Gas 27.38 26.29 Benchmark KSE30 Index Banks 13.52 12.66 Management fee 2.00% Industrial Transportation 7.60 7.15 Trustee MCB Financial Services Ltd Electricity 9.46 9.62 Auditor M. Yousuf Adil Saleem & Co. Others 23.49 24.20 Risk profile High Total 93.01 89.46 Listing KSE, LSE & ISELeverage NILAMC Rating AM2- (By JCR-VIS)

Top holding (%age of total assets)Pakistan Oilfields Ltd. 9.14

Performance (%) Cumulative return1 Pakistan Petroleum Ltd. 8.85 1M 1Y 2Y 3Y Launch Pakistan International Container Terminal Ltd. 7.60

Fund -3.28 2.70 -3.06 -5.49 -20.85 Pakistan Telecommunication Co. Ltd. 6.25 Benchmark -3.94 -0.35 11.27 8.19 -11.33 Nishat Chunian Power Ltd. 6.16 Difference 0.66 3.05 -14.33 -13.68 -9.52 United Bank Ltd. 5.46

National Bank of Pakistan 4.75 Fauji Fertilizer Co. Ltd. 4.04

Monthly performance (%) Engro Corporation Ltd. 3.94 FY12 FY11 FY10 FY09 FY08 Rafhan Maize Products Ltd. 3.92

Jul -1.13 6.80 7.80 -15.66 -1.08Aug -5.05 -7.98 9.99 -16.20 -11.36Sep 5.12 2.96 7.41 0.00 8.83 Statistical analysisOct -3.31 2.45 -0.95 -0.60 5.30 Fund BenchmarkNov -3.28 6.24 -1.48 -0.17 0.32 Beta 0.8 1.0Dec 9.50 0.44 -35.17 -2.03 Standard Deviation 26.9% 32.6%Jan 1.43 -0.62 -7.05 0.98 Largest Month Gain 18.9% 25.2%Feb -6.08 -2.13 5.44 8.95 Largest Month Loss -35.2% -45.1%Mar 8.54 1.15 18.86 4.85 % Positive Months 53.0% 56.1%Apr -0.09 -0.19 0.68 -1.89May 1.98 -12.65 4.65 -15.26Jun -3.54 -0.54 -1.41 -0.42 Investment Committee MembersYTD -7.71 22.56 6.51 -45.02 -5.60 Mr. Rashid Mansur - Chief Executive OfficerBenchmark -6.79 21.24 26.22 -47.15 -15.70 Mr. Suleman Lalani - Executive Director & CFO Difference -0.92 1.32 -19.71 2.14 10.10 Dr. Ali Akhtar Ali - CIO/Fund Manager

Mr. Assad Hameed Khan, Head of BPDMr. Muhammad Salman Siddiqui, Head of Research & RM




The main objective of JSGF is to enable the Certificate Holders to participate in adiversified portfolio of high quality equity securities listed on the stock exchanges andto maximize the investment return, by prudent investment management.

During the month of November 2011, the JS Growth Fund delivered a return of -3.28% as compared to the benchmark return of -3.94%, thereby outperforming by0.66%. On YTD basis, the fund underperforms the benchmark by 0.92%

JS Growth Fund (JSGF)



Nov-11 Oct-1112.29 8.75 86.78 87.73 0.93 3.52

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Closed end Nov-11 Oct-11Category Equity Fund Oil & Gas 24.61 24.14 Fund launch date 14 January, 1996 Chemicals 12.18 13.66 Net Assets (PKR mn) 1,118.84 Food Producers 12.90 12.24 NAV (PKR) 9.44 Non Life Insurance 6.79 8.27 Benchmark1 KSE30 Index Electricity 8.84 8.67 Management fee 2.00% Others 21.46 20.74 Custodian MCB Financial Services Ltd Total 86.78 87.73 Auditor M. Yousuf Adil Saleem & Co.Risk profile HighListing KSELeverage NILAMC Rating AM2- (By JCR-VIS) Top holding (%age of total assets)

Rafhan Maize Products Ltd. 10.52 Pakistan Oilfields Ltd. 9.66 Pakistan Petroleum Ltd. 9.12

Performance (%) Cumulative return2 Fauji Fertilizer Co. Ltd. 7.89 1M 1Y 2Y 3Y 5Y IGI Insurance Ltd. 6.79

Fund -5.32 1.58 -6.07 -30.80 -3.24 The Hub Power Co. Ltd. 4.33 Benchmark -3.94 -0.35 11.27 8.19 -19.18 ICI Pakistan Ltd. 3.73 Difference -1.38 1.93 -17.34 -38.99 15.94 EFU Life Assurance Ltd. 3.73

Pakistan State Oil Co. Ltd. 3.52 BankIslami Pakistan Ltd. 3.27

Monthly performance (%) Statistical analysisFY12 FY11 FY10 FY09 FY08 Fund Benchmark

Jul -0.10 7.08 7.85 -14.29 1.03 Beta 0.6 1.0Aug -3.25 -6.28 0.80 -11.57 -4.91 Standard Deviation 22.9% 31.4%Sep 4.09 0.47 6.61 0.06 5.85 Largest Month Gain 21.4% 25.2%Oct -0.60 8.20 -0.33 -0.06 6.28 Largest Month Loss -24.4% -45.1%Nov -5.32 7.58 -2.57 -0.12 3.21 % Positive Months 60.8% 59.8%Dec 6.14 -0.19 -23.64 12.69Jan 1.14 -1.21 -24.38 4.16 Investment Committee MembersFeb -4.31 -2.45 -0.22 5.89 Mr. Rashid Mansur - Chief Executive OfficerMar 6.27 -2.22 11.32 12.36 Mr. Suleman Lalani - Executive Director & CFO Apr 1.66 0.99 2.74 0.71 Dr. Ali Akhtar Ali - Chief Investment OfficerMay -0.57 -14.59 4.19 -15.51 Mr. Zahid Ullah Khan - Fund Manager Jun -2.77 -2.87 -4.66 4.09 Mr. Assad Hameed Khan, Head of BPDYTD -5.31 25.89 -11.32 -48.91 39.87 Mr. Muhammad Salman Siddiqui, Head of Research & RMBenchmark -6.79 21.24 26.22 -47.15 -15.70Difference 1.48 4.65 -37.55 -1.75 55.56




CashEquityOther including receivables

The fund maintains a mix of equities and debt instruments. Earnings comprise ofcapital appreciation, dividend income, and interest income. The portfolio seeks capitalgrowth through investments in marketable securities with better-than-averageappreciation potential and liberal dividend policies. To benefit from rising interestrates, high levels of bank deposits are maintained.

During the month the fund returned -5.32 percent and underperformed its benchmarkby 1.38 percent. However, on YTD basis the fund returned -5.31 percent andoutperformed its benchmark by 1.48 percent. During the period, there were no majorchanges in the fund's equity exposure. The fund maintains a long term exposure inhigh dividend yielding value stocks.

JS Value Fund Ltd. (JSVFL)

1 From July 2006, benchmark's equity portion switched from KSE-100 to KSE-30 index.2 Cumulative return is based as per MUFAP stated methodology.


Equity Nov-11 Oct-11Cash 7.65 6.10 Equity 91.69 91.36 Other including receivables 0.66 2.54

Total 100.00 100.00 Key informationFund type Open end Debt Nov-11 Oct-11Category Pension Savings Fund Cash 3.12 0.16 Fund launch date 26 June, 2007 TFCs / Sukkuks 1.86 1.89 Benchmark n/a T Bills 94.81 97.76 Management fee 1.50% Other including receivables 0.21 0.19 Front-end Load 3.00% Total 100.00 100.00 Back-end Load NILPricing mechanism Forward Money Market Nov-11 Oct-11Trustee Central Depository Company of Pakistan Ltd. Cash 2.51 0.46 Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. T Bills 97.34 99.39 Auditor KPMG Taseer Hadi and Company Other including receivables 0.15 0.15 Risk profile Investor dependent Leverage NIL Total 100.00 100.00 AMC Rating AM2- (By JCR-VIS)

Net Assets (PKR mn)JS - PSF-Equity Sub Fund 28.72 Equity sector breakdown (%)JS - PSF-Debt Sub Fund 80.44 Nov-11 Oct-11JS - PSF-Money Market Sub Fund 72.80 Chemicals 13.93 14.94

Banks 18.63 18.71 NAV (PKR) Oil & Gas 9.80 9.34 JS - PSF-Equity Sub Fund 88.45 Automobile & Parts 9.01 9.97 JS - PSF-Debt Sub Fund 152.62 Construction & Materials 7.41 7.13 JS - PSF-Money Market Sub Fund 126.46 Others 32.92 31.26

Total 91.69 91.36

Performance (%)1M 1Y 2Y 3Y Launch

JS - PSF-Equity Sub Fund -3.23 4.67 15.68 23.26 -11.54JS - PSF-Debt Sub Fund 9.48 12.20 18.86 39.18 52.63 Top holding (%age of total assets)JS - PSF-Money Market Fund 9.50 11.70 3.20 15.71 26.47 Rafhan Maize Products Ltd. 5.09

Pakistan Oilfields Ltd. 5.01 Monthly performance (%) Annualised performance 2 Attock Cement Pakistan Ltd. 4.95

Equity Debt Money market Jubilee Life Insurance Co. Ltd. (Formerly New Ju 4.91

FY12 FY11 FY12 FY11 FY12 FY11 Meezan Bank Ltd. 4.82

Jul -1.73 6.88 9.66 9.32 10.23 9.77 Bank Al - Habib Ltd. 4.79 Aug -4.66 -4.38 14.50 13.55 11.69 11.41 Pakistan Petroleum Ltd. 4.79 Sep 5.83 0.52 12.00 8.80 11.07 9.25 Murree Brewery Co. Ltd. 4.73 Oct -2.76 4.37 15.60 9.95 11.94 9.31 Ghani Glass Ltd. 4.70 Nov -3.23 6.96 9.48 11.01 9.50 11.06 Engro Corporation Ltd. 4.70 Dec 6.58 10.82 10.92Jan 2.01 10.12 11.03Feb -3.73 12.15 11.64 Investment Committee MembersMar 5.44 11.96 11.64 Mr. Rashid Mansur - Chief Executive OfficerApr 1.95 11.38 11.29 Mr. Suleman Lalani - Executive Director & CFO May 0.13 10.25 11.12 Dr. Ali Akhtar Ali - CIO/Fund ManagerJun -0.42 10.84 11.38 Mr. Assad Hameed Khan, Head of BPDYTD -6.69 28.65 12.52 11.39 11.09 11.36 Mr. Muhammad Salman Siddiqui, Head of Research & RM

Non Compliant Investments under Circular 07/2009

Contact usAzgard Nine Ltd* PPTFC 12,750,000 12,750,000 - 0.00 0.00 JS Investments Limited

Toll Free: 0800 - 00887Fund manager's review E-mail: [email protected]

Website: www.jsil.com

% of Net Assets

% of Gross

Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns 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.

Name of Investment

TypeValue before

Provision held

Value after

JS Pension Savings Fund (JS PSF) is designed to provide a secure source of savings andretirement income to individuals. JS PSF is a portable pension scheme allowing individuals theflexibility of contributions and portfolio customization through allocation of such contributionsamong equity and fixed income investment avenues suited to their specific needs and riskprofile.

In the month of November 2011, JS Pension Savings Equity Sub Fund, Debt Sub Fund andMoney Market Sub Fund delivered returns of -3.23%, 9.48% p.a and 9.50% p.a. On YTDbasis, the aforementioned funds delivered -6.69%, 12.52% p.a and 11.09% p.a.

JS Pension Saving Fund (JS PSF)

*The commercial paper amounting to Rs. 12.75 mn of Azgard Nine Ltd has been settled through Issuance of 3,000 PPTFC's of an equivalent amount in the name of the fund.


Equity Nov-11 Oct-11Cash 3.71 8.47 Equity 95.27 88.97 Other including receivables 1.02 2.56

Total 100.00 100.00

Key information Debt Nov-11 Oct-11Fund type Open end Cash 13.41 8.14 Category Shariah Compliant Voluntary Pension Scheme IJARA Sukuk Bond 85.71 86.28 Fund launch date 16 June, 2008 Other including receivables 0.88 5.58 Benchmark n/aManagement fee 1.50% Total 100.00 100.00 Front-end Load 3.00%Back-end Load NIL Money Market Nov-11 Oct-11Pricing mechanism Forward Cash 48.41 48.42 Trustee Central Depository Company of Pakistan Ltd. IJARA Sukuk Bond 49.27 49.60 Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Other including receivables 2.32 1.98 Auditor KPMG Taseer Hadi and CompanyRisk profile Investor dependent Total 100.00 100.00 Leverage NILAMC Rating AM2- (By JCR-VIS)

Net Assets (PKR mn) Equity sector breakdown (%)JS - IPSF-Equity Sub Fund 38.85 Nov-11 Oct-11JS - IPSF-Debt Sub Fund 44.32 Chemicals 33.53 29.45 JS - IPSF-Money Market Sub Fund 38.96 Banks 24.01 25.85

Oil & Gas 8.53 8.36 NAV (PKR) Automobile & Parts 8.35 7.99 JS - IPSF-Equity Sub Fund 153.95 Construction & Materials 7.52 7.30 JS - IPSF-Debt Sub Fund 147.50 Others 13.31 10.02 JS - IPSF-Money Market Sub Fund 127.61 Total 95.27 88.97

Performance (%)1M 1Y 2Y 3Y Launch

JS - IPSF-Equity Sub Fund -5.06 17.88 36.87 63.46 53.31 Top holding (%age of total assets)JS - IPSF-Debt Sub Fund 8.05 15.24 26.47 42.72 46.88 Pakistan Oilfields Ltd. 9.14 JS - IPSF-Money Market Sub F 8.64 9.66 16.76 23.86 27.08 Meezan Bank Ltd. 8.53

Fauji Fertilizer Co. Ltd. 8.41 Monthly performance (%) Annualised performance 2 Rafhan Maize Products Ltd. 8.35

Fauji Fertilizer Bin Qasim Ltd. 8.33

FY12 FY11 FY12 FY11 FY12 FY11 Pakistan Petroleum Ltd. 8.27 Jul 2.54 7.88 8.44 9.88 9.02 7.00 The Hub Power Co. Ltd. 7.52 Aug -2.04 -3.05 27.20 15.65 13.76 9.03 ICI Pakistan Ltd. 7.27 Sep 5.82 0.23 14.95 11.26 11.99 6.92 Nishat Mills Ltd. 5.37 Oct 0.15 5.93 32.96 12.39 16.01 7.28 Ghani Glass Ltd. 5.23 Nov -5.06 8.64 8.05 12.29 8.64 8.00Dec 3.20 10.21 7.49Jan 5.38 21.61 7.84 Investment Committee MembersFeb -3.50 2.97 7.63 Mr. Rashid Mansur - Chief Executive OfficerMar 7.09 23.59 0.10 Mr. Suleman Lalani - Executive Director & CFO Apr 4.48 15.39 10.36 Dr. Ali Akhtar Ali - Chief Investment OfficerMay 0.29 -6.40 10.53 Mr. Arslan Asif Soomro - Fund Manager Jun -0.97 11.50 7.66 Mr. Assad Hameed Khan, Head of BPDYTD 1.08 40.70 18.94 12.39 12.14 7.74 Mr. Muhammad Salman Siddiqui, Head of Research & RM


Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns 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.

Equity Debt Money market

JS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and securesource of savings and retirement income to individuals according to the principles ofIslamic Shariah. JS IPSF is a portable pension scheme allowing individuals theflexibility of contributions and portfolio customization through allocation of suchcontributions among equity, fixed income and other Halal investment avenues suitedto their specific needs and risk profile.

In the month of November 2011, JS Islamic Pension Savings Equity Sub Fund, DebtSub Fund and Money Market Sub Fund delivered returns of -5.06%, 8.05% p.a and8.64% p.a. On YTD basis, the aforementioned funds delivered 1.08%, 18.94% p.aand 12.14% p.a. The Fund's composition is tilted towards investments avenues thatoffer higher risk-adjusted returns to the valuable pension clients.

JS Islamic Pension Saving Fund (JS IPSF)

JS INVESTMENTS LIMITED Karachi 7th Floor, The Forum , Block 9, Clifton, Karachi, Pakistan UAN: 021 111 222 626 Lahore 1st Floor Plot # 4 Block R, MM Alam Road, Lahore, Pakistan UAN: 042 111 222 626 Islamabad Office # 413, 4th Floor, ISE Building, Jinnah Avenue Islamabad.

Tel: 051-2894423-6

CHANNEL PARTNERS Investments can also be made through branches of our following Channel Partners Standard Chartered Bank Toll free: 0800 66666 or UAN: 111 002 002 JS Bank UAN: 111 572 265 Barclays Bank PLC, Pakistan UAN: 111-225-587 MCB Bank Limited UAN: 111-000-622

For Further Information contact us

Toll Free: 0800 00887 E-mail: [email protected] Website: www.jsil.com

BRANCH DIRECTORY

Disclaimer : This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant 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.

Documents

FUND MANAGER S REPORT - JS · PDF fileJS Growth Fund (JS GF) ... is meant to provide the growth in capital while dividends on the equity ... Difference 0.51 6.04 0.08 -8.67 n/a EFU