June 2017

October 2019

Fund Performance Report

TPL LIFE

July 2015

2 of 7

October 2019

FUND MANAGER REPORT

Yield Curve

Macro Review and Outlook:

The KSE-100 index continued its upward momentum in October 2019 closing at 34,204 index

level (+6.60% MoM). The positive performance may be attributed to consistent decline in the

fixed income yields indicating rate cut going forward, improving macroeconomic

fundamentals as current account deficit for 1QFY20 fell by 64% compared to the same period

last year and FATF decision to keep Pakistan in Grey List till Feb 2020.

Sectors that outperformed the benchmark during the period were Engineering,

Pharmaceuticals, Cement and Oil and Gas Marketing Companies. However, Automobile

Assembler, Power Generation & Distribution and Chemicals underperformed the benchmark

on the back of weak demand and high bank financing rates.

It is believed that expectations of rate cut will lead Pakistan equities to gain further traction.

Currently, the market is trading at a P.E multiple of 6.5x and has a dividend yield of 8.0%.

During the month of October 2019, SBP conducted two T-bill auctions with a cumulative

target of PKR 1,600 billion against the maturity of PKR 2,887 billion. The total accepted

amount was PKR 1,238 billion out of which PKR 466 billion was for 3M tenor (excluding non-

competitive bids). The cut-off yields were 13.2981%, 13.2999% and 12.7900% for the 3M, 6M

and 12M tenor respectively.

SBP conducted Fixed PIB auction with a target of PKR 100 billion against the maturity of PKR

20 billion. Cumulative participation of PKR 367 billion was received in 3Y, 5Y, 10Y & 20Y

tenors. The government accepted PKR 40 billion, PKR 30 billion and PKR 31 billion in the 3Y, 5Y

and 10Y tenors respectively while rejected all the bids in 20Y tenor. The cut off yields were

11.80%, 11.60% and 11.35% leading to an inverted yield curve. In the floating PIB auction the

government accepted PKR 54 billion and set spread at a cut-off of 31bps over the benchmark.

Going forward, we believe that the next few months are quite crucial for Pakistan’s economy

as the government is considering several options to manage its fiscal account. However, the

upcoming inflation numbers and monetary policy decision in November will act as a catalyst

in setting out the direction of the market.

Equity Market Review and Outlook:

CPI for October 2019 clocked in at 11.04% YoY under new base compared to 11.08% under the

old methodology. The increase was mainly due to increase in food and petrol prices and rise

in utility tariffs. On the other hand, The Current Account Deficit (CAD) for the month of

September 2019 narrowed further taking 1QFY20 cumulative deficit to USD 1.50 billion

compared to USD 4.30 billion during the same period last year. The steep decline in CAD was

primarily driven by significant import compression due to slowdown in the economy.

Moreover, FATF on October 18th, 2019 announced to keep Pakistan in the grey list till

February 2020. However, large scale manufacturing remained subdued in 2MFY20 taking

relevant index down by 6.04% YoY. The shrinkage in demand was witnessed across most

sectors with automobiles, pharmaceuticals and food, beverages and tobacco leading the

decline.

Going forward, results of ongoing IMF review of 1QFY20, upcoming monetary policy,

measures to meet FATF requirements and fiscal management will remain in focus.

CPI Inflation

Source: PBS

KSE 100 Performance

Source: PSX

Money Market Review and Outlook:

-

2.00

4.00

6.00

8.00

10.00

12.00

14.00

CPI Inflation

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Oct-19 Sep-19 MoM %

NAV per Unit (PKR) 73.42 69.58 5.52%

Net Assets Value (PKR '000) 8,973 8,410 6.69%

30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception

TPL Progressive Fund - TPF 7.02% 15.67% 7.85% -3.37% -17.04% -4.31% -25.08%

* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.

June 2017

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TPL Progressive Fund - TPF

INVESTMENT OBJECTIVE:This is an investment fund designed on an aggressive investment strategy to provide higher returns in long term by investing primarily in equities along with

debt / money market instruments.

FUND INFORMATION: RETURNS:

October 2019

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Absolute Return

TPL Progressive Fund - TPF BID PRICE:

During the month the fund showed an absolute

return of 5.52% against its last month return of

8.20% in line with equity market performance.

Value of 100 Rupees invested since inception

Aggressive

High

Daily Forward Pricing

Monday to Friday

1.5%

30-Oct-16

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Oct-19 Sep-19

FUND PERFORMANCE:

62.00

65.00

68.00

71.00

74.00

77.00

80.00

May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19

Unit Price 75.95 72.06 69.03 64.30 69.58 73.42

Deposits6%

TDR4%

PIB's22%

Stock66%

DFI & Others

2%

Deposits5%

TDR4%

PIB's21%Stock

67%

DFI & Others

3%

73.42

-

20.00

40.00

60.00

80.00

100.00

120.00

Since Inception Oct-19

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Oct-19 Sep-19 MoM %

NAV per Unit (PKR) 103.49 100.02 3.47%

Net Assets Value (PKR '000) 8,577 8,469 1.28%

30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception

TPL Steady Fund - TSF 4.97% 9.04% 8.75% 7.01% 5.38% 8.85% 4.99%

* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.

June 2017

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Balanced

Moderate

Daily Forward Pricing

Monday to Friday

1.5%

TPL Steady Fund - TSF

INVESTMENT OBJECTIVE:

The primary investment objective of this fund is to provide stable returns by balancing the investment in equities and debt / money market instruments.

FUND INFORMATION: RETURNS:

October 2019

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Absolute Return

TPL Steady Fund - TSF BID PRICE:

During the month the fund showed an absolute

return of 3.47% against its last month return of

3.94% in line with equity market performance.

Value of 100 Rupees invested since inception30-Oct-16

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Oct-19 Sep-19

FUND PERFORMANCE:

93.00

95.00

97.00

99.00

101.00

103.00

105.00

May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19

Unit Price 98.34 96.70 96.50 96.23 100.02 103.49

Deposits1%

TDR5%

PIB's74%

Stock19%

DFI & Others

1%

103.49

90.00

92.00

94.00

96.00

98.00

100.00

102.00

104.00

Since Inception Oct-19

Deposits1%

TDR5%

PIB's73%

Stock20%

DFI & Others

1%

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Oct-19 Sep-19 MoM %

NAV per Unit (PKR) 123.68 120.61 2.55%

Net Assets Value (PKR '000) 5,506 7,027 -21.65%

30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception

TPL Reliance Fund - TRF 4.05% 6.55% 8.50% 11.07% 14.79% 13.55% 25.18%

* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.

June 2017

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30-Oct-16

During the month the fund generated an

annualized return of 30.97% against its last month

annualized return of 29.71%.

Value of 100 Rupees invested since inception

INVESTMENT OBJECTIVE:The primary investment objective of this fund is to generate income by investing in a range of debt instruments of various maturities with a view to maximize

the optimal balance between yield, safety and liquidity.

FUND INFORMATION: RETURNS:

Conservative

Absolute Return

TPL Reliance Fund - TRF BID PRICE:

TPL Reliance Fund - TRF

IGI Conservative Fund - ICF BID PRICE:

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Oct-19 Sep-19

FUND PERFORMANCE:

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Low

Daily Forward Pricing

Monday to Friday

1.5%

October 2019

112.00

114.00

116.00

118.00

120.00

122.00

124.00

126.00

May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19

Unit Price 114.13 114.01 115.59 117.74 120.61 123.68

TDR19%

PIB's81%

TDR18%

PIB's82%

123.68

90.00

95.00

100.00

105.00

110.00

115.00

120.00

125.00

130.00

Since Inception Oct-19

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 0%

Oct-19 Sep-19 MoM %

NAV per Unit (PKR) 102.36 98.28 4.16%

Net Assets Value (PKR '000) 993 956 3.85%

30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception

TPL Booster Fund - TBF 5.66% 10.58% 9.98% 7.61% 6.30% 10.28% 3.86%

* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.

June 2017

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Balanced (without Bid-offer spread)

Moderate

Daily Forward Pricing

Monday to Friday

1.5%

TPL Booster Fund - TBF

INVESTMENT OBJECTIVE:The primary investment objective of the fund is to provide stable returns by balancing the investment in equities and debt / money market instruments.

Returns in this fund are maximized through low expense charge allocations.

FUND INFORMATION: RETURNS:

October 2019

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Absolute Return

TPL Booster Fund - TBF BID PRICE:

During the month the fund showed an absolute

return of 4.16% against its last month return of

4.72% in line with equity market performance.

Value of 100 Rupees invested since inception30-Oct-16

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Oct-19 Sep-19

FUND PERFORMANCE:

93.00

95.00

97.00

99.00

101.00

103.00

May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19

Unit Price 96.79 94.79 94.36 93.84 98.28 102.36

Deposits5%

PIB's70%

Stock24%

DFI & Others

1%

Deposits3%

PIB's69%

Stock27%

DFI & Others

1%

102.36

95.00

96.00

97.00

98.00

99.00

100.00

101.00

102.00

103.00

Since Inception Oct-19

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Oct-19 Sep-19 MoM %

NAV per Unit (PKR) 92.95 91.58 1.50%

Net Assets Value (PKR '000) 1,031 906 13.81%

30 Days 60 Days 90 Days 180 Days 365 Days YTD Since Inception

TPL Interest Free Fund - TIFF 3.00% 4.59% 3.49% 0.83% -1.84% 1.15% -5.55%

* Asset Allocation has been developed by looking through the underlying assets of mutual fund investments.

June 2017

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Islamic Balanced

Moderate

Daily Forward Pricing

Monday to Friday

1.5%

TPL Interest Free Fund - TIFF

INVESTMENT OBJECTIVE:The primary investment objective of this fund is to generate interest-free income by investing in a range of Islamic investment and shariah-compliant

instruments.

FUND INFORMATION: RETURNS:

October 2019

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Absolute Return

TPL Interest Free Fund - TIFF BID PRICE:

During the month the fund showed an absolute

return of 1.50% against its last month return of

1.57% in line with equity market performance.

Value of 100 Rupees invested since inception30-Oct-16

Disclaimer: Past performance is not indicative of future performance. Market volatility can significantly affect short-term performance. The value of

investment can fall as well as rise.

ASSET ALLOCATION *:

Oct-19 Sep-19

FUND PERFORMANCE:

89.00

90.00

91.00

92.00

93.00

94.00

May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19

Unit Price 93.23 92.03 91.14 90.16 91.58 92.95

Deposits68%

Sukuk10%

Stock16%

DFI & Others

6%

92.95

80.00

85.00

90.00

95.00

100.00

105.00

Since Inception Oct-19

Deposits70%

Sukuk8%

Stock17%

DFI & Others

5%