1
NAFA GIPS COMPLIANT
PRESENTATION 2026 VERSION
Table of Contents
1. Money Market Composite ........................................................................................................................ 3
2. Government Securities Income Composite .............................................................................................. 5
3. High Grade Islamic Income Composite ..................................................................................................... 7
4. High Grade Income Composite ................................................................................................................. 9
5. Islamic Income Composite ...................................................................................................................... 11
6. Income Composite .................................................................................................................................. 13
7. Capital Protected Composite .................................................................................................................. 15
8. Islamic Capital Protected Composite ...................................................................................................... 17
9. Multi Asset Composite............................................................................................................................ 19
10. Islamic Multi Asset Composite ................................................................................................................ 21
11. Equity Composite .................................................................................................................................... 23
12. Islamic Equity Composite ........................................................................................................................ 25
, MONEY MARKET COMPOSITE
1. Money Market Composite
June 01, 2009 to March 31, 2015
(Pakistani Rupees, PKR)
No. of
Composite Benchmark Composites Composite
Financial Composite Benchmark portfolios
36 months 36 months assets % of Firm’s
Year Net Return Return at period
Ann. St Dev Ann. St Dev at period end Assets
end
2015* 6.54% 6.48% 0.34% 0.26% 25,651,983,440 46.12% ≤5
2014 8.16% 8.15% 0.45% 0.32% 21,885,640,292 52.99% ≤5
2013 8.98% 8.63% 0.43% 0.29% 28,079,266,031 60.29% ≤5
2012 10.91% 10.06% 0.22% 0.16% 35,994,682,383 77.85% ≤5
2011 11.46% 10.14% 10,810,433,746 62.67% ≤5
2010 10.53% 9.84% 5,805,378,458 42.81% ≤5
2009** 0.90% 0.89% 1,415,231,910 9.91% ≤5
*From July 01, 2014 to March 31, 2015
**From June 01, 2009 to June 30, 2009
Annualized Return from June 01, 2009 to March 31, 2015
Composite Return (Net): 9.86%
Benchmark Return: 9.30%
Compliance Statement
NBP Fullerton Asset Management Limited (NAFA) claims compliance with the Global Investment Performance
Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. NAFA
has not been independently verified.
Definition of Firm
NAFA is a Non-Banking Finance Company with a license to perform Asset Management Services as per the
NBFC Rules, 2003. NAFA is a subsidiary of National Bank of Pakistan; the other main sponsor is Alexandra
Fund Management Pte. Ltd., (a member of Fullerton Fund Management Group, Singapore, which in-turn is a
wholly owned subsidiary of Temasek Holdings, Singapore). NAFA’s main area of business is Investment
Management; more specifically floating and managing mutual funds and pension funds, providing investment
advisory and discretionary portfolio management services.
Notes
1. This composite was created on October 24, 2012. The inception date of the composite is June 01, 2009.
Presently NAFA Government Securities Liquid Fund, NAFA Money Market Fund and Money Market sub-Fund of
NAFA Pension Fund comprise this composite.
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, MONEY MARKET COMPOSITE
2. Authorized investments of the Money Market Composite include short-term AAA rated Government Securities;
deposits of AA and above rated banks, money market placements and commercial papers with remaining
maturity of less than six months. The weighted average maturity of portfolios in this composite cannot exceed
ninety days. No direct or indirect exposure to equities and corporate bonds is allowed 1. Composite investment
guidelines allow zero to hundred percent between Government Securities and private enterprise placements,
mainly banks. However, in NGSLF a minimum of 70% allocation in short-term T-Bills is maintained. The
minimum size of portfolio for inclusion in the composite is PKR 5 million.
3. The benchmark is 50% 3-Months T-Bills return and 50% three months term deposit rate of AA and above rated
banks. The performance of the benchmark is based on gross returns and therefore not adjusted for any
expenses or fees.
4. Policies regarding portfolio valuation, return calculation and compliant presentations are available upon request.
5. The three-year annualized standard deviation measures the variability of the composite and the benchmark
returns over the preceding 36 months.
6. Complete list of composite descriptions is available upon request.
7. The portfolios in the composite follow International Accounting Standards (IASs), International Financial
Reporting Standards (IFRS), NBFC Rules 2003, NBFC & NE Regulations 2008, Voluntary Pension System
Rules 2005 and directives issued and enforced by SECP from time to time.
8. Composite dispersion is not mentioned as the number of portfolios in the composite is not more than five for a
fully reported period.
9. The earnings of mutual funds and pension sub-fund in the composite are exempt from income taxes as per
applicable tax law covered in Clause 99 and Clause 57-3 (viii), of Part I of the second schedule to the Income
Tax Ordinance 2001, respectively. Similarly mutual funds and pension funds are exempt from with-holding taxes
under the various sections of Income Tax Ordinance 2001.
10. The reported returns of the composite are net of management fee and all other expenses including sales tax &
FED on management fee, and transactions expenses. Other expenses mostly include fees related to Trustee,
SECP, audit, rating and listing, and WWF provisioning. The management fee of the portfolios in the composite is
up to 1.5% p.a. presently with a lower limit of 1% p.a. Cost of front end load if applicable is not included in the
reported performance.
11. All investments in mutual funds and pension funds are subject to market risks. Please read the Offering
Documents to understand the investment policies and risks involved. Past performance is not necessarily
indicative of future results.
1In Money Market Sub-Fund of NAFA Pension Fund, investment in corporate debt securities with remaining maturity of
up to six months is allowed.
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NAFA GIPS COMPLIANT
PRESENTATION 2026 VERSION
Table of Contents
1. Money Market Composite ........................................................................................................................ 3
2. Government Securities Income Composite .............................................................................................. 5
3. High Grade Islamic Income Composite ..................................................................................................... 7
4. High Grade Income Composite ................................................................................................................. 9
5. Islamic Income Composite ...................................................................................................................... 11
6. Income Composite .................................................................................................................................. 13
7. Capital Protected Composite .................................................................................................................. 15
8. Islamic Capital Protected Composite ...................................................................................................... 17
9. Multi Asset Composite............................................................................................................................ 19
10. Islamic Multi Asset Composite ................................................................................................................ 21
11. Equity Composite .................................................................................................................................... 23
12. Islamic Equity Composite ........................................................................................................................ 25
, MONEY MARKET COMPOSITE
1. Money Market Composite
June 01, 2009 to March 31, 2015
(Pakistani Rupees, PKR)
No. of
Composite Benchmark Composites Composite
Financial Composite Benchmark portfolios
36 months 36 months assets % of Firm’s
Year Net Return Return at period
Ann. St Dev Ann. St Dev at period end Assets
end
2015* 6.54% 6.48% 0.34% 0.26% 25,651,983,440 46.12% ≤5
2014 8.16% 8.15% 0.45% 0.32% 21,885,640,292 52.99% ≤5
2013 8.98% 8.63% 0.43% 0.29% 28,079,266,031 60.29% ≤5
2012 10.91% 10.06% 0.22% 0.16% 35,994,682,383 77.85% ≤5
2011 11.46% 10.14% 10,810,433,746 62.67% ≤5
2010 10.53% 9.84% 5,805,378,458 42.81% ≤5
2009** 0.90% 0.89% 1,415,231,910 9.91% ≤5
*From July 01, 2014 to March 31, 2015
**From June 01, 2009 to June 30, 2009
Annualized Return from June 01, 2009 to March 31, 2015
Composite Return (Net): 9.86%
Benchmark Return: 9.30%
Compliance Statement
NBP Fullerton Asset Management Limited (NAFA) claims compliance with the Global Investment Performance
Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. NAFA
has not been independently verified.
Definition of Firm
NAFA is a Non-Banking Finance Company with a license to perform Asset Management Services as per the
NBFC Rules, 2003. NAFA is a subsidiary of National Bank of Pakistan; the other main sponsor is Alexandra
Fund Management Pte. Ltd., (a member of Fullerton Fund Management Group, Singapore, which in-turn is a
wholly owned subsidiary of Temasek Holdings, Singapore). NAFA’s main area of business is Investment
Management; more specifically floating and managing mutual funds and pension funds, providing investment
advisory and discretionary portfolio management services.
Notes
1. This composite was created on October 24, 2012. The inception date of the composite is June 01, 2009.
Presently NAFA Government Securities Liquid Fund, NAFA Money Market Fund and Money Market sub-Fund of
NAFA Pension Fund comprise this composite.
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, MONEY MARKET COMPOSITE
2. Authorized investments of the Money Market Composite include short-term AAA rated Government Securities;
deposits of AA and above rated banks, money market placements and commercial papers with remaining
maturity of less than six months. The weighted average maturity of portfolios in this composite cannot exceed
ninety days. No direct or indirect exposure to equities and corporate bonds is allowed 1. Composite investment
guidelines allow zero to hundred percent between Government Securities and private enterprise placements,
mainly banks. However, in NGSLF a minimum of 70% allocation in short-term T-Bills is maintained. The
minimum size of portfolio for inclusion in the composite is PKR 5 million.
3. The benchmark is 50% 3-Months T-Bills return and 50% three months term deposit rate of AA and above rated
banks. The performance of the benchmark is based on gross returns and therefore not adjusted for any
expenses or fees.
4. Policies regarding portfolio valuation, return calculation and compliant presentations are available upon request.
5. The three-year annualized standard deviation measures the variability of the composite and the benchmark
returns over the preceding 36 months.
6. Complete list of composite descriptions is available upon request.
7. The portfolios in the composite follow International Accounting Standards (IASs), International Financial
Reporting Standards (IFRS), NBFC Rules 2003, NBFC & NE Regulations 2008, Voluntary Pension System
Rules 2005 and directives issued and enforced by SECP from time to time.
8. Composite dispersion is not mentioned as the number of portfolios in the composite is not more than five for a
fully reported period.
9. The earnings of mutual funds and pension sub-fund in the composite are exempt from income taxes as per
applicable tax law covered in Clause 99 and Clause 57-3 (viii), of Part I of the second schedule to the Income
Tax Ordinance 2001, respectively. Similarly mutual funds and pension funds are exempt from with-holding taxes
under the various sections of Income Tax Ordinance 2001.
10. The reported returns of the composite are net of management fee and all other expenses including sales tax &
FED on management fee, and transactions expenses. Other expenses mostly include fees related to Trustee,
SECP, audit, rating and listing, and WWF provisioning. The management fee of the portfolios in the composite is
up to 1.5% p.a. presently with a lower limit of 1% p.a. Cost of front end load if applicable is not included in the
reported performance.
11. All investments in mutual funds and pension funds are subject to market risks. Please read the Offering
Documents to understand the investment policies and risks involved. Past performance is not necessarily
indicative of future results.
1In Money Market Sub-Fund of NAFA Pension Fund, investment in corporate debt securities with remaining maturity of
up to six months is allowed.
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