June 2017

December 2019

Fund Performance Report

TPL LIFE

July 2015

2 of 7

December 2019

FUND MANAGER REPORT

Yield Curve

Macro Review and Outlook:

KSE-100 index increased by 3.68% to close at 40,735 points in December 2019. The

improvement in equities can mainly be attributed to stable PKR/USD, decline in current

account deficit, successful completion of IMF 1st review and expectations of monetary easing

coupled with declining bond yields and NSS rates.

Sectors that outperformed the benchmark index during the period include Oil & Gas

Exploration Companies, Chemical and Oil & Gas Marketing Companies. However, sectors that

underperformed benchmark index during the period include Engineering and Automobile

Assembler.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper

valuation, macroeconomic improvement and expected cut in policy rate. Currently, the

market is trading at a P.E multiple of 7.60x and has a dividend yield of 6.80%.

During the month of December 2019, SBP conducted three T-bill auctions with a target of PKR

1,000 billion against the maturity of PKR 546 billion. The total accepted amount was PKR 1,194

billion out of which PKR 733 billion was for 3M tenor (excluding non-competitive bids). The cut-

off yields were 13.49%, 13.29% and 13.13% for 3M, 6M and 12M tenor respectively.

SBP conducted Fixed PIB auction on December 11, 2019 with a target of PKR100 billion

against the maturity of PKR 255 billion. Cumulative participation of PKR 323.60 billion was

received in 3Y, 5Y, 10Y & 20Y tenors. The government accepted PKR 52.70 billion,

PKR 45.90 billion and PKR 33.80 billion in the 3Y, 5Y and 10Y tenors respectively, while

rejecting the bids in 20Y tenor. The cut off yields were 11.75%, 11.19% and 11.00% in the same

order leading to an inverted yield curve.

The money market during the year remained volatile as the State Bank of Pakistan raised the

policy rate by 350 basis points to bring inflation in check. We foresee the inflationary pressure

subside and CPI to fall to single digits during 1H CY 20 and subsequently monetary easing to

begin in 2H CY 20. However, any updward movement in oil prices as an aftermath of tension in

Middle East pose upside risk to inflation in the near term.

Equity Market Review and Outlook:

CPI for December 2019 clocked in at 12.63% YoY under new base compared to 12.42% under

the old methodology, as compared to 12.67% and 12.28% respectively in November 2019.

Decrease in CPI was due to decrease in prices of perishable food items such as chicken,

onions, tomatoes and fresh vegetables.

The Current Account deficit for the month of November 2019 clocked at USD 319 million,

taking 5MFY20 cumulative deficit to USD 1.80 billion (depicting s steep decline of 73%). The

government is exerting a tight control over preventable imports by enforcing higher regulatory

duties. The imports have dropped by 18% YoY while marginal growth of 4% YoY in exports has

been witnessed.

On the other hand, large scale manufacturing continued to plunge, taking the relevant index

down by 6.48% YoY for 4MFY20. The biggest decline has been witnessed in automobiles, steel

products and appliances.

Going forward, we expect the focus to remain on meeting FATF requirements, fiscal

management and government compliance with the IMF quarterly targets.

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%

Dec-19 Nov-19 MoM %

NAV per Unit (PKR) 82.50 80.12 2.98%

Net Assets Value (PKR '000) 10,811 10,041 7.67%

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

TPL Progressive Fund - TPF 4.48% 13.88% 20.08% 15.99% 7.34% 7.34% -16.00%

* 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:

December 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 2.98% against its last month return of

9.12% 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 *:

Dec-19 Nov-19

FUND PERFORMANCE:

63.00

66.00

69.00

72.00

75.00

78.00

81.00

84.00

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Unit Price 69.03 64.30 69.58 73.42 80.12 82.50

Deposits5%

T-Bills1%

TDR4%

PIB's20%Stock

68%

DFI & Others

2%

Deposits4%

TDR6%

PIB's20%Stock

69%

DFI & Others

1%

82.50

-

20.00

40.00

60.00

80.00

100.00

120.00

Since Inception Dec-19

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Dec-19 Nov-19 MoM %

NAV per Unit (PKR) 108.25 106.38 1.76%

Net Assets Value (PKR '000) 10,483 10,042 4.39%

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

TPL Steady Fund - TSF 3.26% 6.10% 9.72% 13.45% 13.78% 13.78% 9.75%

* 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:

December 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 1.76% against its last month return of

2.79% 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 *:

Dec-19 Nov-19

FUND PERFORMANCE:

93.00

96.00

99.00

102.00

105.00

108.00

111.00

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Unit Price 96.50 96.23 100.02 103.49 106.38 108.25

Deposits2%

TDR3%

PIB's75%

Stock19%

DFI & Others

1%

108.25

96.00

98.00

100.00

102.00

104.00

106.00

108.00

110.00

Since Inception Dec-19

Deposits1%

TDR2%

PIB's76%

Stock20%

DFI & Others

1%

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Dec-19 Nov-19 MoM %

NAV per Unit (PKR) 125.92 124.48 1.16%

Net Assets Value (PKR '000) 6,948 6,538 6.27%

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

TPL Reliance Fund - TRF 2.66% 3.31% 5.90% 11.94% 15.58% 15.58% 27.42%

* 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 14.13% against its last month

annualized return of 7.80%.

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 *:

Dec-19 Nov-19

FUND PERFORMANCE:

Note: Fund returns are gross of management fee.

ASSETS UNDER MANAGEMENT:

Low

Daily Forward Pricing

Monday to Friday

1.5%

December 2019

112.00

114.00

116.00

118.00

120.00

122.00

124.00

126.00

128.00

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Unit Price 115.59 117.74 120.61 123.68 124.48 125.92

TDR23%

PIB's77%

Deposits1% TDR

34%

PIB's65%

125.92

90.00

95.00

100.00

105.00

110.00

115.00

120.00

125.00

130.00

Since Inception Dec-19

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 0%

Dec-19 Nov-19 MoM %

NAV per Unit (PKR) 108.41 106.25 2.03%

Net Assets Value (PKR '000) 1,047 1,028 1.78%

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

TPL Booster Fund - TBF 3.53% 7.41% 11.81% 15.87% 16.71% 16.71% 9.91%

* 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:

December 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 2.03% against its last month return of

3.80% 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 *:

Dec-19 Nov-19

FUND PERFORMANCE:

91.00

94.00

97.00

100.00

103.00

106.00

109.00

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Unit Price 94.36 93.84 98.28 102.36 106.25 108.41

Deposits3%

T-Bills1%

PIB's67%

Stock28%

DFI & Others

1%

Deposits3%

T-Bills1%

PIB's66%

Stock30%

108.41

96.00

98.00

100.00

102.00

104.00

106.00

108.00

110.00

Since Inception Dec-19

Strategy

Risk Profile

Pricing Mechanism

Pricing Days

Management Fee

Launch Date

Bid Offer Spread 5%

Dec-19 Nov-19 MoM %

NAV per Unit (PKR) 96.15 95.29 0.91%

Net Assets Value (PKR '000) 1,052 1,013 3.84%

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

TPL Interest Free Fund - TIFF 2.41% 4.94% 6.49% 5.97% 4.58% 4.58% -2.35%

* 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:

December 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 0.91% against its last month return of

2.51% 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 *:

Dec-19 Nov-19

FUND PERFORMANCE:

89.00

90.00

91.00

92.00

93.00

94.00

95.00

96.00

97.00

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Unit Price 91.14 90.16 91.58 92.95 95.29 96.15

Deposits71%

Sukuk7%

Stock18%

DFI & Others

4%

96.15

80.00

85.00

90.00

95.00

100.00

105.00

Since Inception Dec-19

Deposits70%

Sukuk7%

Stock19%

DFI & Others

4%