FUND MANAGER S REPORT - jsil.com · EFU Life Assurance Ltd. 5.67 Performance (%) Cumulative return1 Fauji Fertilizer Co. Ltd. 5.40 1M 1Y 2Y 3Y Launch Nishat (Chunian) Ltd. 5.39 Fund

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FUND MANAGER’S REPORT SDSAD

DECEMBER 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)

Dec‐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 mutual funds aresubject 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 marketconditions. Past performance is not necessarily indicative of future results.

Equity market review

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

Market activity

KIBOR of different tenors showed upward movement post SBP’s decision ofkeeping discount rate unchanged at 12% resulting in a 7.3bps, 8.4bps and7.0bps increase in 1M, 3M and 6M KIBOR MoM respectively on an averagebasis. Rising Current Account deficit coupled with substantial governmentborrowing to meet the financing needs raised the demand for money.Consequently, SBP had to inject funds worth PKR 175bn into the bankingsystem through Open Market Operations.

Mounting demand for imports coupled with negative sentiments regarding thecountry’s macros resulted in rapid depreciation of the local currency, whichdeclined by 3% MoM against the USD during December. Going forward,declining foreign exchange reserves (USD 16.8bn in Dec ’11 from USD 18.3bn inJul ’11) along with IMF principal repayments due in February ’12 wouldcontinue to place additional pressure on the PKR. Further, consistently risinggovernment borrowing, fragile Current Account, and fear of increasing inflationwould make the upcoming monetary policy stance a challenge for the CentralBank.

The local bourse showed lackluster activity during the month with KSE 30 &100 indices plunging by 5.8% and 1.6% respectively. Investors remaineddubious over the strained Pak‐US ties post NATO attack, political uncertainty,energy shortfall, severe gas shortage and shaky macro economic indicatorsresulting in subdued average volumes of 20mn. The quantum of foreignoutflows increased substantially as investors offloaded shares worth USD24mn during the month as against USD 4mn during the previous month.

On the macro economic front, Current Account deficit surged to USD 2.1bnduring 5MFY12 from USD 589mn last year depicting a 257% YoY increase. Thiswas mainly due to higher import payments resulting in a 38% YoY growth intrade deficit which swelled to USD 9.1bn during 5MFY12 from USD 6.6bnduring the corresponding period last year. Meanwhile headline inflationdeclined to 9.7% in December ‘11 from 10.2% during the previous month thuscreating room for further monetary easing.

New Year has taken a murky start with weak investor sentiments post massivegas levy, huge foreign outflows and discouraging news from the political andfinancial fronts thus keeping compelling valuations and strong fundamentalssidelined. Going forward, any improvements in the political and law and ordersituation, healthy corporate results, and upcoming monetary policy due by theend of month, may act as triggers and help revive investor confidence in themarket.

-

20

40

60

01-Dec-11 13-Dec-11 21-Dec-11 29-Dec-11

Shares in Millions

10,000

10,400

10,800

11,200

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

12.10

11.94

11.98

12.25

12.30

12.36

12.43

12.03

11.86

11.91

12.20

12.24

12.30

12.37

11.00

12.00

13.00

14.00

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

Dec Nov

Market Review

Performance data and analytics Investment philosophy Asset allocation (%)

Dec-11 Nov-11Cash 3.46 4.22 Equity 60.92 61.12 TFCs / Sukkuks 1.88 1.78 PIBs 1.57 1.55 T Bills 31.88 30.54

Key information Other including receivables 0.29 0.79 Fund type Open end Total 100.00 100.00 Category Balanced SchemeFund launch date 27 October, 1997 Equity sector breakdown (%)Net Assets (PKR mn) 1,515.28 Dec-11 Nov-11NAV (PKR) 96.82 Oil & Gas 21.84 21.77 Benchmark1 50% 6M KIBOR & 50% KSE 30 Index Chemicals 10.47 10.85 Management fee 2.00% Electricity 8.83 8.91 Front-end Load 3.00% Personal Goods 7.34 7.04 Back-end Load NIL Industrial Transportation 5.19 4.95 Pricing mechanism Forward Others 7.25 7.59 Trustee Central Depository Company of Pakistan Ltd. Total 60.92 61.12 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. 9.97 Listing LSE Pakistan Petroleum Ltd. 9.16 Leverage NIL Fauji Fertilizer Co. Ltd. 6.91 AMC Rating AM2- (By JCR-VIS) Nishat Mills Ltd. 5.34

Pakistan International Container Terminal Ltd. 4.82 Performance (%) Cumulative return2 The Hub Power Co. Ltd. 4.51

1M 1Y 3Y 7Y Launch MCB Bank Ltd. 2.93 Fund -2.45 -2.83 49.72 59.78 568.45 Nishat Chunian Power Ltd. 2.39 Benchmark -2.39 0.55 84.81 72.25 427.29 ICI Pakistan Ltd. 2.38 Difference -0.06 -3.38 -35.09 -12.47 141.16 D. G. Khan Cement Co. Ltd. 2.23

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 -2.45 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% 24.0%YTD -1.86 13.23 14.05 -31.95 2.89 Largest Month Gain 14.0% 19.3%Benchmark -2.96 18.08 25.07 -32.19 -7.69 Largest Month Loss -24.0% -33.8%Difference 1.10 -4.85 -11.02 0.24 10.58 % Positive Months 72.5% 62.6%* 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

Contact usFund manager's review JS Investments Limited

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

Dec-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, 1.83%

A+, 0.02%

AAA, 33.45%

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

UTP returned -2.45 percent during December 2011 and underperformed its benchmarkby 0.06 percent. On YTD basis, the fund returned -1.86 percent, and out-performed itsbenchmark by 1.10 percent.

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

Dec-11 Nov-11Cash 1.29 3.39 Equity 97.93 95.88 Other including receivables 0.78 0.73

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Open end Dec-11 Nov-11Category Equity Scheme Oil & Gas 29.64 29.74 Fund launch date 14 May, 2004 Chemicals 16.70 17.54 Net Assets (PKR mn) 1,165.36 Banks 13.55 12.91 NAV (PKR) of Unit "A" 46.86 Electricity 10.63 10.12 Benchmark KSE30 Index Personal Goods 10.55 10.17 Management fee 2.00% Others 16.87 15.40 Front-end Load 3% of NAV (Applicable to Class "A") Total 97.93 95.88 Back-end Load 18% of NAV (Applicable to Class "B")Pricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Top holding (%age of total assets)Auditor KPMG Taseer Hadi & Co Engro Corporation Ltd. 5.32 Risk profile High Pakistan Petroleum Ltd. 9.05 Listing LSE Pakistan Oilfields Ltd. 8.83 Leverage NIL Pakistan State Oil Co. Ltd. 6.28 AMC Rating AM2- (By JCR-VIS) Nishat Chunian Power Ltd. 6.23

National Bank of Pakistan 5.95 EFU Life Assurance Ltd. 5.67

Performance (%) Cumulative return1 Fauji Fertilizer Co. Ltd. 5.40 1M 1Y 2Y 3Y Launch Nishat (Chunian) Ltd. 5.39

Fund -4.21 -4.06 5.96 37.78 52.43 Nishat Mills Ltd. 5.16 Benchmark -5.75 -12.16 3.34 85.57 n/aDifference 1.54 8.10 2.62 -47.79 n/a

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

Jul -1.09 5.36 8.33 -18.57 -1.20 Beta 0.7 1.0Aug -6.17 -4.36 6.80 -12.18 -9.86 Standard Deviation 23.5% 31.9%Sep 6.94 0.48 7.34 -0.47 8.20 Largest Month Gain 14.7% 25.2%Oct -2.67 11.10 -1.81 -0.12 6.27 Largest Month Loss -30.8% -45.1%Nov -3.43 8.58 -0.53 0.12 -0.41 % Positive Months 55.4% 57.5%Dec -4.21 5.52 0.66 -30.81 2.88Jan 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 2.89May 0.62 -9.13 4.50 -15.91Jun -0.14 -2.10 -4.00 1.88YTD -10.64 38.38 4.65 -47.56 8.28 Investment Committee MembersBenchmark -12.15 21.24 26.22 -47.15 -15.70 Mr. Rashid Mansur - Chief Executive OfficerDifference 1.51 17.14 -21.58 -0.41 23.98 Mr. Suleman Lalani - Executive Director & CFO

Dr. Ali Akhtar Ali - Chief Investment OfficerNon Compliant Investments under Circular 07/2009 Mr. Arslan Asif Soomro - Fund Manager

Mr. Assad H. Khan, Head of Strategy & Bus. DevelopmentMr. Muhammad Salman Siddiqui, Head of Research & RM

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

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

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 December 2011, JS Large Cap Fund delivered returns of -4.21% ascompared to the benchmark's return of -5.75%, thereby outperforming by 1.54%. TheYTD return of JS Large Cap Fund stands at -10.64%, as compared to the benchmark'sreturn of -12.15%, thereby out-performing by 1.51%.

JS Large Cap. Fund (JS-LCF)

1 Cumulative return is based as per MUFAP stated methodology.

Performance data and analytics Dec-11

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

Cash 2.56 2.52 Equity 96.19 95.88 Other including receivables 1.25 1.60

Total 100.00 100.00

Key informationFund type Open endCategory Shariah Compliant Islamic - Equity Scheme Equity sector breakdown (%)Fund launch date 27 December, 2002 Dec-11 Nov-11Net Assets (PKR mn) 214.21 Oil & Gas 38.71 37.45 NAV (PKR) 36.82 Chemicals 28.94 31.72 Benchmark1 KMI-30 Index Banks 12.36 12.89 Management fee 2.00% Construction & Materials 4.85 5.03 Front-end Load 3.00% Fixed Line Telecommunication 5.78 5.57 Back-end Load NIL Others 5.55 3.23 Pricing mechanism Forward Total 96.19 95.88 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 Pakistan Petroleum Ltd. 12.09 Leverage NIL Pakistan Oilfields Ltd. 12.04 AMC Rating AM2- (By JCR-VIS) Fauji Fertilizer Co. Ltd. 11.78

Fauji Fertilizer Bin Qasim Ltd. 9.64 Performance (%) Cumulative return2 Pakistan State Oil Co. Ltd. 7.90

1M 1Y 2Y 3Y Launch BankIslami Pakistan Ltd. 7.53 Fund -7.14 4.46 17.75 73.68 97.60 ICI Pakistan Ltd. 7.52 Benchmark -4.86 5.59 46.41 176.48 n/a Pakistan Telecommunication Co. Ltd. 5.78 Difference -2.28 -1.13 -28.66 -102.80 n/a National Refinery Ltd. 5.62

The Hub Power Co. Ltd. 5.55


Jul 2.57 7.66 7.45 -15.51 1.45 Beta 0.8 1.0Aug -4.25 -4.86 10.19 -15.58 -12.99 Standard Deviation 22.4% 27.0%Sep 7.38 2.14 6.86 0.04 6.39 Largest Month Gain 11.9% 20.2%Oct 1.10 3.67 -0.94 n/a* 5.57 Largest Month Loss -28.7% -37.1%Nov -6.35 7.66 1.75 n/a* 0.57 % Positive Months 66.1% 61.5%Dec -7.14 6.59 0.71 n/a* -2.99Jan 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 -15.41 Investment Committee MembersJun -0.43 -0.55 -0.32 1.07 Mr. Rashid Mansur - Chief Executive OfficerYTD -7.28 40.23 16.31 -43.05 -9.70 Mr. Suleman Lalani - Executive Director & CFO Benchmark -3.81 43.66 41.98 -36.54 0.92 Dr. Ali Akhtar Ali - Chief Investment OfficerDifference -3.47 -3.43 -25.67 -6.51 -10.62 Mr. Arslan Asif Soomro - Fund Manager * No dealing in units during this period Mr. Assad H. Khan, Head of Strategy & Bus. Development

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 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 December 2011, the JS Islamic Fund returned -7.14% as comparedto the benchmark’s return of -4.86%, under-performing the benchmark by 2.28%.The cumulative Fiscal Year 2012's YTD return stands at --7.28%, as compared to thebenchmark returns of -3.81%, implying an underperformance of 3.47% .

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 0.21 0.78 Equity 92.21 95.66 Government Securities 7.58 3.56

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Open end Dec-11 Nov-11Category Asset Allocation Scheme Oil & Gas 31.83 31.03 Fund launch date 28 June, 2005 Banks 24.75 24.46 Net Assets (PKR mn) 102.74 Electricity 16.74 15.88 NAV (PKR) 20.32 Chemicals 7.66 12.51 Benchmark KSE30 Index Personal Goods 6.70 6.37 Management fee 2.00% Others 4.52 5.41 Front-end Load 3.00% Total 92.21 95.66 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. 9.24 Listing LSE National Bank of Pakistan 8.81 Leverage NIL Fauji Fertilizer Co. Ltd. 7.66 AMC Rating AM2- (By JCR-VIS) Nishat Chunian Power Ltd. 7.03

National Refinery Ltd. 6.92 Performance (%) Cumulative return1 Nishat Mills Ltd. 6.70

1M 1Y 2Y 3Y Launch MCB Bank Ltd. 6.70 Fund -5.58 -10.17 -6.34 10.70 -9.66 Pakistan Oilfields Ltd. 6.70 Benchmark -5.75 -12.16 3.34 85.57 1.79 Pakistan Petroleum Ltd. 5.91 Difference 0.17 1.99 -9.68 -74.87 -11.45 The Hub Power Co. Ltd. 4.96


Jul -0.27 7.66 6.89 -21.51 -3.46 Beta 0.8 1.0Aug -3.56 -5.10 9.38 -17.66 -11.86 Standard Deviation 28.0% 32.1%Sep 4.89 1.01 8.26 -0.18 2.88 Largest Month Gain 21.0% 25.2%Oct -0.88 4.42 -3.41 n/a* 0.63 Largest Month Loss -36.8% -45.1%Nov -4.44 4.13 0.19 n/a* -2.13 % Positive Months 62.0% 57.0%Dec -5.58 4.38 2.92 n/a* 0.88Jan 2.12 0.04 -13.66 2.21Feb -7.32 -1.92 1.82 7.42Mar 8.59 3.74 4.68 5.37Apr 0.34 -1.25 -3.60 3.43 Investment Committee MembersMay 0.09 -11.60 5.62 -12.79 Mr. Rashid Mansur - Chief Executive OfficerJun -3.55 0.16 0.06 2.63 Mr. Suleman Lalani - Executive Director & CFO YTD -9.77 16.62 12.20 -62.65 -6.86 Dr. Ali Akhtar Ali - CIO/Fund ManagerBenchmark -12.15 21.24 26.22 -47.16 -15.70 Mr. Assad H. Khan, Head of Strategy & Bus. DevelopmentDifference 2.38 -4.62 -14.02 -15.49 8.84 Mr. Muhammad Salman Siddiqui, Head of Research & RM* No dealing in units during this period

Fund manager's review

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


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 -5.58 percent in December 2011 ascompared to the benchmark return of -5.75 percent, thereby outperformed thebenchmark by 0.17 percent. On YTD basis the fund outperforming its benchmark by2.38 percent.

JS Aggressive Asset Allocation Fund (JS AAA)




Open-end 41.00 41.24 Close-end 23.67 25.13 T Bills 22.05 24.66 Cash 13.25 8.86 Other including receivables 0.03 0.11 Total 100.00 100.00

Key informationFund type Open endCategory Fund of Fund SchemeFund launch date 31 October, 2005Net Assets (PKR mn) 790.06NAV (PKR) 87.86 Statistical analysisBenchmark BM FoF1 Fund BenchmarkManagement fee 1.00% Beta 0.8 1.0Front-end Load 3.00% Standard Deviation 16.2% 18.2%Back-end Load NIL Largest Month Gain 12.8% 11.0%Pricing mechanism Forward Largest Month Loss -13.7% -25.1%Trustee Central Depository Company of Pakistan Ltd. % Positive Months 66.7% 66.7%Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor M. Yousuf Adil Saleem & Co.Risk profile MediumListing LSELeverage NILAMC Rating AM2- (By JCR-VIS)

Performance (%) Cumulative return2

1M 1Y 2Y 3Y LaunchFund -1.88 7.71 18.42 57.91 55.69Benchmark -3.11 -0.61 11.37 59.34 19.25Difference 1.23 8.32 7.05 -1.43 36.44

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 -1.88 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 -6.93 Investment Committee MembersJun -1.68 2.65 -0.69 3.16 Mr. Rashid Mansur - Chief Executive OfficerYTD 1.57 31.70 13.99 -25.79 10.52 Mr. Suleman Lalani - Executive Director & CFO Benchmark -4.01 18.27 21.18 -32.64 -8.60 Dr. Ali Akhtar Ali - Chief Investment OfficerDifference 5.58 13.43 -7.19 6.85 19.12 Mr. Zahid Ullah Khan - Fund Manager * No dealing in units during this period Mr. Assad H. Khan, Head of Strategy & Bus. Development

Mr. Muhammad Salman Siddiqui, Head of Research & RMFund manager's review



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.

JS FoF depicted a monthly performance of -1.88 percent in December 2011 ascompared to the benchmark return of -3.11 percent, thereby outperformed thebenchmark by 1.23 percent. On YTD basis the fund outperforming its benchmark by5.58 percent.

JS Fund of Funds (JS FoF)

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



Cash 4.24 5.99 Equity 95.33 93.33 Other including receivables 0.43 0.68

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Open end Dec-11 Nov-11Category Index Tracker Scheme Oil & Gas 38.19 36.14 Fund launch date 29 May, 2006 Banks 18.57 18.61 Net Assets (PKR mn) 53.54 Chemicals 20.51 21.66 NAV (PKR) 27.39 Electricity 6.32 6.17 Benchmark KSE30 Index Construction & Materials 2.44 2.45 Management fee 1.50% Others 9.30 8.31 Front-end Load 2.00% Total 95.33 93.33 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. 17.26 Risk profile High Fauji Fertilizer Co. Ltd. 12.59 Listing LSE Pakistan Petroleum Ltd. 8.28 Leverage NIL MCB Bank Ltd. 8.13 AMC Rating AM2- (By JCR-VIS) Pakistan Oilfields Ltd. 6.75

The Hub Power Co. Ltd. 5.00 Performance (%) Cumulative return1 Pakistan State Oil Co. Ltd. 3.18

1M 1Y 2Y 3Y Launch Engro Corporation Ltd. 2.96 Fund -5.22 -7.62 12.36 109.07 -1.35 National Bank of Pakistan 2.95 Benchmark -5.75 -12.16 3.34 85.57 -15.21 United Bank Ltd. 2.89 Difference 0.53 4.54 9.02 23.50 13.86


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 32.3% 32.2%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 60.3% 55.9%Dec -5.22 7.04 1.75 n/a* 0.02Jan 3.24 1.78 -5.21 -0.44Feb -8.72 0.20 13.64 9.91Mar 7.52 5.69 25.48 0.89Apr 1.13 0.68 4.91 -1.07May 0.46 -12.86 2.47 -22.51 Investment Committee MembersJun -0.62 3.50 -2.47 2.28 Mr. Rashid Mansur - Chief Executive OfficerYTD -9.69 27.12 28.52 -43.64 -16.56 Mr. Suleman Lalani - Executive Director & CFO Benchmark -12.15 21.24 26.22 -47.16 -15.70 Dr. Ali Akhtar Ali - Chief Investment OfficerDifference 2.46 5.88 2.29 3.52 -0.86 Mr. Arslan Asif Soomro - Fund Manager * No dealing in units during this period Mr. Assad H. Khan, Head of Strategy & Bus. Development

Mr. Muhammad Salman Siddiqui, Head of Research & RMJS 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%

Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11

JS KSE-30 Index Fund KSE-30 Index


Dec-11 Nov-11Cash 12.99 23.77Placement with Banks and DFIs 17.71 0.00T Bills 32.77 44.62PIBs 7.01 6.29TFCs / Sukkuks 27.53 23.87

Other including receivables 1.99 1.45Key information Total 100.00 100.00Fund type Open endCategory Income Fund SchemeFund launch date 26 August, 2002 TFCs/Sukuks allocation - Top Ten HoldingNet Assets (PKR mn) 673.86NAV (PKR) 86.06Benchmark 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 6.45 14.56 3.79 3.62 10.65Benchmark 11.82 12.89 13.39 12.48 12.07Difference -5.37 1.67 -9.60 -8.86 -1.42

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 6.45 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 91.2% 100.0%May -79.51 -72.06 15.35 9.58 Duration (Yr) 0.82Jun -1.28 -36.52 15.62 10.48 Weighted Avg. Maturity (Yr) 1.58YTD 14.56 3.95 -8.47 11.58 9.64Benchmark 12.89 10.02 9.94 14.23 10.61 Investment Committee MembersDifference 1.67 -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 H. Khan, Head of Strategy & Bus. DevelopmentMr. 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.

For the month of December 2011, JSIF yielded an annualized return of 6.45% ascompared to the benchmark of 11.82% which underperforming the benchmark by5.37%.The YTD annualized return of JSIF out performed the bench mark by 1.67% bygiving a return of 14.56.

JS Income Fund (JS IF)

5.12%

4.17%

3.77%

3.06%

1.34%

1.09%

0.00%

8.98%

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

A+, 5.12%

A, 3.06%

"<BBB", 1.10%AAA, 17.71%

AA+, 9.28%

AA, 8.98%

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 13.74 14.19TFCs / Sukkuks 44.60 44.20T Bills 0.00 0.00PIBs 37.66 38.71Other including receivables 4.00 2.90

Key informationFund type Open endCategory Aggressive Fixed Income Scheme Total 100.00 100.00Fund launch date 22 January, 2008Net Assets (PKR mn) 61.68NAV (PKR) 93.81 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 12.17 25.54 2.63 4.48 5.23Benchmark 11.82 12.89 13.39 12.48 13.99Difference 0.35 12.65 -10.75 -8.00 -8.76

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 12.17 51.31 -6.30 17.38 Statistical analysisJan -60.02 0.00 13.61 Fund BenchmarkFeb 29.14 10.37 15.08 Standard Deviation 9.1% 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 77.6% 100.0%Jun -159.51 13.20 -18.87 Duration (Yr) 1.71YTD 25.54 -1.99 -2.72 7.72 Weighted Avg. Maturity (Yr) 2.06Benchmark 12.89 10.02 9.94 14.23Difference 12.65 -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 H. Khan, Head of Strategy & Bus. DevelopmentMr. 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 12.17% for the Month ofDecember 2011 as compared to the annualized benchmark return of 11.82%,outperforming the benchmark by 0.35%.The YTD annualized return of JSAIF outperformed the bench mark by 12.65% by giving a return of 25.54.

JS Aggressive Income Fund (JS AIF)

43.76%

0.02%0%

20%

40%

60%

80%

Optimus Ltd Dewan Cement

AAA, 37.66%

"<BBB", 0.02%

A, 43.76%

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)

Optimus Ltd* PPTFC 28,255,915 - 28,255,915 45.81 44.59

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 29.51 49.15 Placement with Banks and DFIs 15.24 - T Bills 55.18 47.86 Other including receivables 0.07 2.99 Total 100.00 100.00

Key informationFund type Open endCategory Money Market SchemeFund launch date 29 March, 2010 Asset quality (%age of total assets)Net Assets (PKR mn) 1,632.12NAV (PKR) 101.38Benchmark 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 9.64 12.04 12.45 12.37 Standard Deviation 0.8% 0.6%Benchmark 9.56 10.16 10.68 10.89 Largest Month Gain 1.2% 0.9%Difference 0.08 1.88 1.76 1.47 Largest Month Loss 0.0% 0.0%

% Positive Months 100.0% 100.0%Duration (Days) 71

Monthly performance (%) Annualised performance2 Weighted Avg. Maturity (Days) 71FY12 FY11 FY10

Jul 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 9.64 13.16 n/aJan 10.76 n/aFeb 12.31 n/a Investment Committee MembersMar 12.32 n/a Mr. Rashid Mansur - Chief Executive OfficerApr 12.61 10.74 Mr. Suleman Lalani - Executive Director & CFO May 11.28 8.99 Dr. Ali Akhtar Ali - Chief Investment OfficerJun 11.80 10.40 Ms. Nazia Enam Siddiqui- Fund ManagerYTD 12.04 12.01 9.90 Mr. Assad H. Khan, Head of Strategy & Bus. DevelopmentBenchmark 10.16 10.65 9.85 Mr. Muhammad Salman Siddiqui, Head of Research & RMDifference 1.88 1.36 0.05



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 9.64% for the Month of December 2011as compared to the annualized benchmark return of 9.56%, outperforming thebenchmark by 0.08%.The YTD annualized return of JSCF out performed the benchmark by 1.88% by giving a return of 12.04.

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.

AAA, 55.18

AA, 44.75



Cash 0.07 0.40 Equity - - Placement with Banks and DFI 72.37 72.92 Other including receivables 27.56 26.68

Total 100.00 100.00

Key informationFund type Open end Equity sector breakdown (%)Category Capital protected scheme Dec-11 Nov-11Fund launch date 24 April, 2009 NIL - - Net Assets (PKR mn) 1,044.90NAV (PKR) 117.45 Total - - Benchmark 69% TDR Rate & 31% KSE-30 IndexManagement fee 1.75%Front-end Load 3.50%Back-end Load 5.00% Statistical analysisPricing mechanism Forward Fund BenchmarkTrustee Central Depository Company of Pakistan Ltd. Beta 0.5 1.0Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Standard Deviation 5.5% 6.2%Auditor M. Yousuf Adil Saleem & Co. Largest Month Gain 7.5% 5.0%Risk profile Low Largest Month Loss -2.6% -2.9%Listing LSE % Positive Months 93.9% 75.8%Fund stability rating AA (CP) PACRA RatingLeverage NILAMC Rating AM2- (By JCR-VIS)

Performance (%) Cumulative return1

1M 1Y 2Y 3Y LaunchFund 0.90 10.86 25.43 n/a 41.16Benchmark -1.03 5.44 21.78 n/a 39.98Difference 1.93 5.42 3.65 n/a 1.18

Monthly performance (%)FY12 FY11 FY10

Jul 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 0.90 1.73 1.39Jan 0.91 0.90Feb 0.82 0.60Mar 0.90 1.30Apr 1.08 0.82 Investment Committee MembersMay 0.65 -2.60 Mr. Rashid Mansur - Chief Executive OfficerJun 0.90 -2.40 Mr. Suleman Lalani - Executive Director & CFO YTD 5.20 20.98 9.06 Dr. Ali Akhtar Ali - CIO/Fund ManagerBenchmark 0.69 16.50 18.07 Mr. Assad H. Khan, Head of Strategy & Bus. DevelopmentDifference 4.51 4.48 -9.01 Mr. Muhammad Salman Siddiqui, Head of Research & RM

Contact usFund manager's review JS Investments Limited

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


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 0.90% in the month of December2011 as compared to the benchmark return of -1.03%, depicting an outperformance of1.93%. On YTD basis the fund provided an absolute return of 5.20% and overperforming the benchmark by 4.51.

JS Principal Secure Fund I (JS PSF - I)



Dec-11 Nov-11Cash 3.46 5.28 Equity 95.58 93.01 Other including receivables 0.96 1.71

Key information Total 100.00 100.00 Fund type Closed end Category Equity Fund Equity sector breakdown (%)Fund launch date 06 June, 2006 Dec-11 Nov-11Net Assets (PKR mn) 2,431.10 Chemicals 9.85 11.56 NAV (PKR) 8.51 Oil & Gas 28.94 27.38 Benchmark KSE30 Index Banks 13.55 13.52 Management fee 2.00% Industrial Transportation 8.26 7.60 Trustee MCB Financial Services Ltd Electricity 10.02 9.46 Auditor M. Yousuf Adil Saleem & Co. Others 24.96 23.49 Risk profile High Total 95.58 93.01 Listing KSE, LSE & ISELeverage NILAMC Rating AM2- (By JCR-VIS)

Top holding (%age of total assets)Pakistan Petroleum Ltd. 9.28

Performance (%) Cumulative return1 Pakistan Oilfields Ltd. 9.13 1M 1Y 2Y 3Y Launch Pakistan International Container Terminal Ltd. 7.68

Fund -3.95 -9.92 -7.30 40.03 -23.98 Pakistan Telecommunication Co. Ltd. 6.63 Benchmark -5.75 -12.16 3.34 85.57 -16.43 Nishat Chunian Power Ltd. 6.49 Difference 1.80 2.24 -10.64 -45.54 -7.55 Fauji Fertilizer Co. Ltd. 6.39

United Bank Ltd. 5.35 Pakistan State Oil Co. Ltd. 5.32

Monthly performance (%) National Bank of Pakistan 5.00 FY12 FY11 FY10 FY09 FY08 Rafhan Maize Products Ltd. 3.95

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 -3.95 9.50 0.44 -35.17 -2.03 Standard Deviation 26.8% 32.4%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 52.2% 55.2%Apr -0.09 -0.19 0.68 -1.89May 1.98 -12.65 4.65 -15.26Jun -3.54 -0.54 -1.41 -0.42YTD -11.35 22.56 6.51 -45.02 -5.60Benchmark -12.15 21.24 26.22 -47.15 -15.70Difference 0.80 1.32 -19.71 2.14 10.10


Investment Committee MembersMr. Rashid Mansur - Chief Executive OfficerMr. Suleman Lalani - Executive Director & CFO Dr. Ali Akhtar Ali - CIO/Fund ManagerMr. Assad H. Khan, Head of Strategy & Bus. DevelopmentMr. 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 December 2011, the JS Growth Fund delivered a return of -3.95% as compared to the benchmark return of -5.75%, thereby outperforming by1.80%. On YTD basis, the fund outperforms the benchmark by 0.80%

JS Growth Fund (JSGF)



Dec-11 Nov-1112.03 12.29 86.99 86.78 0.98 0.93

Total 100.00 100.00

Key information Equity sector breakdown (%)Fund type Closed end Dec-11 Nov-11Category Equity Fund Oil & Gas 24.54 24.61 Fund launch date 14 January, 1996 Chemicals 11.59 12.18 Net Assets (PKR mn) 1,086.65 Food Producers 12.52 12.90 NAV (PKR) 9.16 Non Life Insurance 7.40 6.79 Benchmark1 KSE30 Index Electricity 8.77 8.84 Management fee 2.00% Others 22.18 21.46 Custodian MCB Financial Services Ltd Total 86.99 86.78 Auditor M. Yousuf Adil Saleem & Co.Risk profile HighListing KSE Top holding (%age of total assets)Leverage NIL Rafhan Maize Products Ltd. 10.20 AMC Rating AM2- (By JCR-VIS) Pakistan Oilfields Ltd. 9.72

Pakistan Petroleum Ltd. 9.22 Fauji Fertilizer Co. Ltd. 7.45 IGI Insurance Ltd. 7.40

Performance (%) Cumulative return2 EFU Life Assurance Ltd. 4.24 1M 1Y 2Y 3Y 5Y The Hub Power Co. Ltd. 4.18

Fund -2.97 -7.13 -8.69 -12.07 -4.46 ICI Pakistan Ltd. 3.68 Benchmark -5.75 -12.16 3.34 85.57 -18.71 Pakistan State Oil Co. Ltd. 3.39 Difference 2.78 5.03 -12.03 -97.64 14.25 Nishat (Chunian) Ltd. 3.19


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 22.8% 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 60.2% 59.2%Dec -2.97 6.14 -0.19 -23.64 12.69Jan 1.14 -1.21 -24.38 4.16Feb -4.31 -2.45 -0.22 5.89Mar 6.27 -2.22 11.32 12.36Apr 1.66 0.99 2.74 0.71May -0.57 -14.59 4.19 -15.51Jun -2.77 -2.87 -4.66 4.09YTD -8.12 25.89 -11.32 -48.91 39.87Benchmark -12.15 21.24 26.22 -47.15 -15.70Difference 4.03 4.65 -37.55 -1.75 55.56

Investment Committee MembersMr. Rashid Mansur - Chief Executive OfficerMr. Suleman Lalani - Executive Director & CFO

Fund manager's review Dr. Ali Akhtar Ali - Chief Investment OfficerMr. Zahid Ullah Khan - Fund Manager Mr. Assad H. Khan, Head of Strategy & Bus. DevelopmentMr. Muhammad Salman Siddiqui, Head of Research & RM



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 of December 2011, the JS Value Fund delivered a return of -2.97%as compared to the benchmark return of -5.75%, thereby outperforming by 2.78%.On YTD basis, the fund outperforms the benchmark by 4.03%

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 Dec-11 Nov-11Cash 4.81 7.65 Equity 94.57 91.69 Other including receivables 0.62 0.66

Total 100.00 100.00 Key informationFund type Open end Debt Dec-11 Nov-11Category Pension Savings Fund Cash 1.14 3.12 Fund launch date 26 June, 2007 TFCs / Sukkuks 1.83 1.86 Benchmark n/a T Bills 96.80 94.81 Management fee 1.50% Other including receivables 0.23 0.21 Front-end Load 3.00% Total 100.00 100.00 Back-end Load NILPricing mechanism Forward Money Market Dec-11 Nov-11Trustee Central Depository Company of Pakistan Ltd. Cash 3.12 2.51 Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. T Bills 96.75 97.34 Auditor KPMG Taseer Hadi and Company Other including receivables 0.13 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 27.84 Equity sector breakdown (%)JS - PSF-Debt Sub Fund 81.54 Dec-11 Nov-11JS - PSF-Money Market Sub Fund 74.06 Chemicals 13.93 14.94

Banks 18.63 18.71 NAV (PKR) Oil & Gas 9.80 9.34 JS - PSF-Equity Sub Fund 85.71 Automobile & Parts 9.01 9.97 JS - PSF-Debt Sub Fund 153.59 Construction & Materials 7.41 7.13 JS - PSF-Money Market Sub Fund 127.47 Others 32.92 31.59

Total 91.69 91.69

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

JS - PSF-Equity Sub Fund -3.10 -4.83 10.95 66.14 -14.28JS - PSF-Debt Sub Fund 7.48 11.88 19.35 37.53 53.60 Top holding (%age of total assets)JS - PSF-Money Market Fund 9.40 11.56 2.88 15.02 27.48 Jubilee Life Insurance Co. Ltd. (Formerly New Ju 5.14

Baluchistan Wheels Ltd. 5.00 Monthly performance (%) Annualised performance 2 Al-Ghazi Tractors Ltd. 4.98

Equity Debt Money market Pakistan Petroleum Ltd. 4.83

FY12 FY11 FY12 FY11 FY12 FY11 Bank Al - Habib Ltd. 4.76

Jul -1.73 6.88 9.66 9.32 10.23 9.77 Rafhan Maize Products Ltd. 4.76 Aug -4.66 -4.38 14.50 13.55 11.69 11.41 Ghani Glass Ltd. 4.73 Sep 5.83 0.52 12.00 8.80 11.07 9.25 Pakistan Oilfields Ltd. 4.72 Oct -2.76 4.37 15.60 9.95 11.94 9.31 Attock Cement Pakistan Ltd. 4.70 Nov -3.23 6.96 9.48 11.01 9.50 11.06 Murree Brewery Co. Ltd. 4.67 Dec -3.10 6.58 7.48 10.82 9.40 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 H. Khan, Head of Strategy & Bus. DevelopmentYTD -9.58 28.65 11.74 11.39 10.88 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 December 2011, JS Pension Savings Equity Sub Fund, Debt Sub Fund andMoney Market Sub Fund delivered returns of -3.10%, 7.48% p.a and 9.40% p.a. On YTDbasis, the aforementioned funds delivered -9.58%, 11.74% p.a and 10.88% 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 Dec-11 Nov-11Cash 4.99 3.71 Equity 94.61 95.27 Other including receivables 0.40 1.02

Total 100.00 100.00

Key information Debt Dec-11 Nov-11Fund type Open end Cash 4.54 13.41 Category Shariah Compliant Voluntary Pension Scheme IJARA Sukuk Bond 93.64 85.71 Fund launch date 16 June, 2008 Other including receivables 1.82 0.88 Benchmark n/aManagement fee 1.50% Total 100.00 100.00 Front-end Load 3.00%Back-end Load NIL Money Market Dec-11 Nov-11Pricing mechanism Forward Cash 28.16 48.41 Trustee Central Depository Company of Pakistan Ltd. IJARA Sukuk Bond 67.51 49.27 Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Other including receivables 2.32 2.32 Auditor KPMG Taseer Hadi and CompanyRisk profile Investor dependent Total 97.99 100.00 Leverage NILAMC Rating AM2- (By JCR-VIS)

Net Assets (PKR mn) Equity sector breakdown (%)JS - IPSF-Equity Sub Fund 36.57 Dec-11 Nov-11JS - IPSF-Debt Sub Fund 44.36 Chemicals 33.53 29.45 JS - IPSF-Money Market Sub Fund 39.36 Banks 24.01 25.85

Oil & Gas 8.53 8.36 NAV (PKR) Automobile & Parts 8.35 7.99 JS - IPSF-Equity Sub Fund 144.81 Construction & Materials 7.52 7.30 JS - IPSF-Debt Sub Fund 147.01 Others 13.31 16.32 JS - IPSF-Money Market Sub Fund 128.39 Total 95.27 95.27

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

JS - IPSF-Equity Sub Fund -5.94 7.44 27.70 105.35 44.20 Top holding (%age of total assets)JS - IPSF-Debt Sub Fund -3.91 13.87 24.42 38.54 46.40 Pakistan Oilfields Ltd. 9.45 JS - IPSF-Money Market Sub F 7.20 9.63 16.78 23.76 27.85 Pakistan Petroleum Ltd. 8.59

Rafhan Maize Products Ltd. 8.32 Monthly performance (%) Annualised performance 2 Meezan Bank Ltd. 8.30

Fauji Fertilizer Co. Ltd. 8.16

FY12 FY11 FY12 FY11 FY12 FY11 The Hub Power Co. Ltd. 7.46 Jul 2.54 7.88 8.44 9.88 9.02 7.00 ICI Pakistan Ltd. 7.38 Aug -2.04 -3.05 27.20 15.65 13.76 9.03 Fauji Fertilizer Bin Qasim Ltd. 6.94 Sep 5.82 0.23 14.95 11.26 11.99 6.92 Ghani Glass Ltd. 5.60 Oct 0.15 5.93 32.96 12.39 16.01 7.28 Nishat Mills Ltd. 5.52 Nov -5.06 8.64 8.05 12.29 8.64 8.00Dec -5.94 3.20 -3.91 10.21 7.20 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 H. Khan, Head of Strategy & Bus. DevelopmentYTD -4.92 40.70 15.04 12.39 11.37 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 December 2011, JS Islamic Pension Savings Equity Sub Fund, DebtSub Fund and Money Market Sub Fund delivered returns of -5.94%, -3.91% p.aand 7.20% p.a. On YTD basis, the aforementioned funds delivered -4.92%, 15.04%p.a and 11.37% p.a. The Fund's composition is tilted towards investments avenuesthat offer 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 307, Ground Floor, Upper Mall, 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 Citibank N.A UAN: 111 222 222 JS Bank UAN: 111 572 265 Barclays Bank PLC, Pakistan UAN: 111-225-587

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 - jsil.com · EFU Life Assurance Ltd. 5.67 Performance (%) Cumulative return1 Fauji Fertilizer Co. Ltd. 5.40 1M 1Y 2Y 3Y Launch Nishat (Chunian) Ltd. 5.39 Fund