Alhamra Islamic Income Fund

January 31, 2025 NAV - PKR 114.8763

General Information Investment Objective

Fund Type An Open End Scheme
Category Shariah Compliant (Islamic) Income Scheme
Asset Manager Rating AM1 (AM One) by PACRA (04-Oct-24)
To generate risk adjusted returns by investing in short, medium and long-term Shariah
Stability Rating AA(f) by PACRA (28-Aug-24) Compliant Fixed Income instruments.
Risk Profile Medium (Principal at medium risk)
Launch Date 20-June-2011
Fund Manager Syed Mohammad Usama Iqbal
Trustee Central Depository Company of Pakistan Limited Manager’s Comment
Auditor M/s. A.F Ferguson & Co. Chartered Accountants
Management Fee Upto 2.0% per annum of average daily Net Assets [Actual rate of Management Fee : 1.31%].
During the month, the fund generated an annualized return of 10.66% against its old benchmark return
Front end load* Class "A" Units:
Individual ------------- 1.5%
of 9.44% and new benchmark return of 12.01%. WAM of the fund was 1.7 years at month end.
Corporate ------------- Nil
Class "B" Units ------- 0.75% In order to maintain a strong credit profile, the fund has been prudent in its risk policies and has avoided
Bachat Units ---------- Nil taking exposure in a number of weak credit corporate debt instruments offering a higher yield including
Back end Load* Class "A" Units ----------- 0% some from power, banking, microfinance and miscellaneous sectors .
Class "B" Units:
0.75% on redemption in the first (1st) year from the date of investment
0.5% on redemption in the second (2nd) year from the date of investment
0.0% on redemption after completion of two (2) years from the date of investment
Bachat Units:
3% if redeemed before completion of two years from the date of initial investment.
0% if redemption after completion of two years from the date of initial investment
Min. Subscription Growth & Bachat Units ----- PKR 500
Income Units ------------------ PKR 100,000
Listing Pakistan Stock Exchange
Previous Benchmark Six (6) months average deposits rates of three (3) A rated Scheduled Islamic Banks or Islamic windows of Asset Allocation (%age of Total Assets) Jan-25 Dec-24
Conventional Banks as selected by MUFAP
New Benchmark 75% Six (6) months PKISRV rates + 25% Six (6) months average of the highest rates on savings account of three Cash 24.8% 26.0%
(3) AA rated scheduled Islamic banks or Islamic windows of conventional banks as selected by MUFAP. Sukuks 4.0% 3.7%
(Effective from 22-Jan-2025)
Pricing Mechanism Forward Government Backed / Guaranteed Securities 0.7% 0.6%
Dealing Days Monday - Friday GoP Ijara Sukuk 50.4% 44.7%
Cut off Timing Mon-Thu (3:00 PM) Fri (4:00 PM)
Shariah Compliant Placement with Banks and DFIs 0.0% 0.0%
Leverage Nil Certificate of Musharakah 0.0% 0.0%
*Subject to government levies
Others including Receivables 2.3% 2.5%
Placement with Banks and DFIs 17.8% 22.5%

Note: Amount invested by Fund of funds is PKR 182 million (0.3% of Total Assets) as of January 31, 2025.

Fund Facts / Technical Information ALHIIF Performance Information (%) ALHIIF Benchmark Old Benchmark
NAV per Unit (PKR) 114.8763 Year to Date Return (Annualized) 17.64% 10.89% 10.52%
Net Assets (PKR M) 63,887 Month to Date Return (Annualized)* 10.66% 12.01% 9.44%
Net Assets excluding Fund of Funds(PKR M) 63,704 180 Days Return (Annualized) 16.70% 10.86% 10.42%
Weighted average time to maturity (Years) 1.7 365 Days Return (Annualized) 18.84% 10.98% 10.76%
Sharpe Ratio -0.04 Since inception (CAGR) 9.70% 5.97% 5.95%
Correlation*** 22.83% Average Annual Return (Geometric Mean) 9.30%
Standard Deviation 0.04 *Avg. Peer Group Return for Jan 2025 was 10.17%
MTD Total expense ratio with government levy (Annualized) 1.72% Returns are computed on the basis of NAV to NAV with dividends reinvested
MTD Total expense ratio without government levy (Annualized) 1.43%
YTD Total expense ratio with government levy*** (Annualized) 1.68%
YTD Total expense ratio without government levy (Annualized) 1.40%
***This includes 0.28% representing government levy, Sindh workers' welfare fund and SECP Fee.

*** as against benchmark Annualized 2020 2021 2022 2023 2024

Selling and Marketing Expenses Charged to the MTD YTD Benchmark (%) 6.35 3.54 3.34 6.05 10.10
Fund (PKR) - - ALHIIF(%) 11.63 6.51 8.93 15.56 20.79

Top Sukuk Holding (% of Total Assets) Asset Quality (%age of Total Assets)
Pakistan Mobile Communication Limited - Short Term Sukuk (21-Oct-24) 3.3%
Meezan Bank Limited (09-Jan-20) 0.4% Not Rated
Meezan Bank Limited (16-Dec-21) 0.3% 2.3% Government
Dubai Islamic Bank Pakistan Limited (02- Dec-22) 0.0% Securities
51.1%
AA
18.4%

Members of the Investment Committee

Khawaja Khalil Shah Chief Executive Officer
Chief Investment A+
Mohammad Asim, CFA
Officer 6.3%
Saad Ahmed Head of Fixed Income
Syed Mohammad Usama Iqbal Fund Manager - Fixed Income Funds
Awais Abdul Sattar, CFA Portfolio Manager - Equities
A-1
Raza Inam, CFA Head of Research AAA
3.3%
9.0%
AA+
MCBIM Shariah Supervisory Board 9.6%
Justice (Rtd.) Muhammad Taqi Usmani Chairman
Dr. Muhammad Zubair Usmani Member
Dr. Ejaz Ahmed Samdani Member

DISPUTE RESOLUTION/ COMPLAINTS HANDLING: MUFAP’s Recommended Format.

Investors may lodge their complaints to our Investor Services Department through any of the following options where our dedicated staff is available 24/7 to provide assistance: Call at (+92-21) 11 11 ISAVE (47283), Email at [email protected], Whatsapp us at +923004362224, Chat with us through our website www.mcbfunds.com or Submit through our

Website https://www.mcbfunds.com/helpdesk/. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. However, please note that SECP will entertain only those complaints which were at first directly requested to be redressed by the Company and the Company has failed

to redress the same. Further, the complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by the SECP.

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 financial markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.