FROM THE CIOs DESK:

Market on the verge of gaining momentum Amid Foreign Sell off!

Melting Oil: Pakistans Economy Among the biggest Beneficiaries!
Dear Investor,
CY16 commenced with another round of volatility taking its toll on the regional as
well as international markets mainly due to concerns regarding slowdown in the
growth of Chinese economy clouding the global economic landscape. This coupled
with declining commodities has made the international investors jittery in turn
triggering a sell-off across almost all the markets around the globe, the effect of
which is evident in the table below. The same has affected the local stock market
whereby the KMI-30 and the KSE-100 closed 3.18% and 4.62% down respectively.
It is pertinent to note however that Pakistans stock market has once again
remained among the lowest affected markets which also reflects on the
continuously improving macro-economic fundamentals of the economy which are
basically forming the supporting base amid such a volatile economic scenario
around the world.
It is also pertinent to note here that another factor pressuring the stock market is
the continuous foreign selling from the international investors; January 2016 saw
a net sell of around USD 49 million taking the FYTD foreign net sell figure to USD
290.5 million despite which the stock market has sustained above the
psychological barrier of 31,000pts. This shows the strength still inherent in this
market in the absence of which such a considerable net sell could not have been
absorbed with the stock market maintaining such a reasonable level.
Declining commodities, especially oil had been a major reason for some major
declines in the stock market last year; this was mainly due to the high weightage
of oil & gas exploration sector in the index but it is interesting to note that this
weightage now stands significantly reduced to 9.4% as of Jan16 in comparison to 15.6% in Dec14, in turn making the
market less prone to negative effects of oil price movement going forward.
Interest rate Unchanged
Amid mixed market expectations, the SBP kept the key rate unchanged at 6.50% and the policy rate at 6% in the bimonthly
MPS announced during January 2016. In-turn, the secondary market yields and interest rates are expected to adjust
upwards since the same had been dragged down by expectations of a rate cut before the MPS.
The Islamic end of the money market is also facing a much better liquidity scenario since the SBP has announced two
ijarah auctions, one to be held in February while the next will be carried out in April 2016. These auctions are expected to
slightly improve the profit rates in the Shariah compliant fixed income market.
Outlook
After more than five years of subdued investment activity on industrial side, the cycle seems to be picking up with the
initiation of large scale energy and infrastructure projects. With FDI up 2.2% YoY, going forward, Pakistans macro-
economic fundamentals are expected to continue improving on the back of development under the China Pakistan
Economic Corridor (CPEC), better law and order situation, improved governance mainly due to the reforms implemented
under the IMF program and oil price decline impacting the countrys current account positively. The forex reserves are also
stable while inflation is expected to stay low thereby allowing the SBP to maintain low interest rates in order to further
stimulate the economic activity.
With a strong corporate result season anticipated ahead, the market is expected to gain momentum once again post the
regulatory concerns between the SECP and the brokers are sorted out and foreign selling withers out. Therefore, in the
current low interest rate environment, equities still appear to be a good alternative for higher returns.
Overall, our stance remains positive on Pakistans stock market; some volatility may persist in the near term but equities
are expected to outperform other investment avenues over medium to long term. Investors with relevant risk profiles and
investment horizons are advised to go through our Fund Manager Report hereunder for a detailed performance review of
our mutual funds.

Ground Floor Block B, Finance and Trade Center, Shahrah-e-Faisal Karachi.

UAN: 111-633-926 (111-Meezan) Call Center: 0800-42525, Web Site: www.almeezangroup.com
 January, 2016

Fund Managers
AL Meezan Investment Management Report
Limited
0

\
Al Meezan Investments, the company in operation since 1995, has one of the longest track record of managing mutual funds in the private sector
in Pakistan. Al Meezan Investments manages twelve mutual funds; namely Al Meezan Mutual Fund, Meezan Balanced Fund, Meezan Islamic
Fund, Meezan Islamic Income Fund, Meezan Tahaffuz Pension Fund, Meezan Cash Fund, Meezan Sovereign Fund, Meezan Capital Preservation
Fund II, Meezan Capital Preservation Fund III, Meezan Financial Planning Fund of Funds, KSE Meezan Index Fund and Meezan Gold Fund.
The total funds under management of Al Meezan, the only full-fledged Shariah compliant asset management company in Pakistan, have reached
Rs. 70.61 billion as on January 31, 2016. With an AM2+ credit rating denoting high management quality, the company clearly stays well ahead of
all its competitors in the Islamic asset management market in Pakistan.

Stock Market Review Money Market Review

During the month of January 2016, the KSE-100 index declined by The State Bank of Pakistan (SBP) in its recent Monetary Policy
4.62% to close at 31,298 points. Cement sector remained a positive Statement (MPS) on January 30, 2015 has maintained the status quo
contributor to the Index whereas Oil and Banks were negative while keeping the Discount Rate (DR) unchanged at 6.5% in light of
contributors. The average daily volume of the market was 128.56 improvements in macroeconomic indicators.
mn shares, down by 8.3% on a MoM basis. On the liquidity front, the money market faced relatively tight
Foreigners continued to sell during the month of January and liquidity scenario evidenced by Rs. 4.4 trillion worth of OMO
reported a net sell of USD 50 mn which kept downward pressure on injections carried out by the SBP coupled with Rs. 94.5 billion worth
the market. Major foreign selling was witnessed in Oil, Fertilizer and of discounting availed by various counters during this month. The
Banking sectors. Earnings announcements from Cement companies 3MK closed 15bps down at 6.37% and 6MK closed 16bps down at
bore favorably with investors due to impressive growth, which lent 6.37%. The T-bill and PIB yields also took downward adjustments in
support to the market. Oil prices, having hit a decade low of below the range of 20-21bps and 21-52bps respectively.
USD 28/bbl rebounded towards the end of the month, bringing On the forex front, the rupee lost its value; in interbank market
about interest in Oil stocks. closed Rs. 0.17 weaker at Rs. 104.92/$ while in the open market, it
Slowdown in the global economy has brought about monetary closed Rs. 0.55 weaker at Rs. 106.65/$ during the month.
stimulus from major world economies including Europe and Japan. Moreover, two T-bill auctions were conducted during this period
Due to accommodative policies in these economies, further whereby in total Rs. 548 billion was accepted against a participation
monetary tightening by the US has decreased in likelihood. This can of Rs. 1,142 billion with major participation and acceptance in 12
alleviate investor fears in the coming months and can slow down months category. A PIB auction was also conducted whereby Rs. 121
the pace of outflows from emerging markets. We believe that local billion was accepted against a participation of Rs. 335 billion with
interest and tapering off of foreign selling will help the equity major participation and acceptance in 3 years category.
market perform in the near term.

KSE-100 Index Performance 6 Month KIBOR

Vol (mn) (LHS) Index (RHS)

300 33,600 7.20

32,800
7.00

6.80
200 32,000
6.60
31,200 6.40

100 30,400
6.20

6.00
29,600
5.80
1-Jan

3-Jan

5-Jan

7-Jan

9-Jan

15-Jan

17-Jan

19-Jan

21-Jan

23-Jan

25-Jan

27-Jan
11-Jan

13-Jan

29-Jan

0 28,800
19-Jan

25-Jan
13-Jan

29-Jan
1-Jan

7-Jan

Disclaimer
This publication is for informational purpose 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 risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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.
(This report has been prepared in line with MUFAPs recommended Format)
 MEEZAN ISLAMIC FUND (MIF) January, 2016

EQUITY
AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review:
Net assets of Meezan Islamic Fund stood at Rs. 26.02 billion as on January 29, 2016. The funds NAV decreased by 2.4% during the month of
January as compared to 3.18% decrease in benchmark index (KMI-30) while KSE-100 Index during the same period decreased by 4.62%. As on
January 29, the fund was 98% invested in equities.

Investment Objective: Performance - Cumulative Returns:

To maximize total investor returns by investing in
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR*
Shariah Compliant equities focusing on both capital
gains and dividend income. MIF -2% -3% -5% -1% 1% 92% 194% 944% 21%
Funds
Fund Details
Details: Benchmark# -3% -6% -8% -6% -0.1% 81% 169% 621% 17%
Fund Type: Open End * Performance start date of August 08, 2003, CAGR since inception
Risk Level High # KMI-30 replaced DJIIMPK as the Funds benchmark from July 01, 2009, while KSE-100 index
remained as the benchmark till June 30, 2006
Launch Date 8th Aug 2003
Trustee CDC
Auditors
KPMG Taseer Hadi Annual Returns:
& Co.
Registrar Meezan Bank Ltd.
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Unit Types A, B and C
Management Fee 2% MIF 22% 29% 51% 19% 39% 31% -30% 0%
Front End Load 2%
Fund Category Equity Benchmark 20% 30% 54% 14% 44% 37% -35% 1%
Back End Load Nil
Benchmark KMI-30 Funds Performance:
Leverage Nil
Listing KSE 1,200
AMC Rating AM2+
MIF Benchmark
Rating Agency JCRVIS 1,000
Pricing Mechanism Forward
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 4pm 800
Fund Manager Muhammad Asad
600
Members of M. Shoaib, CFA
Investment Committee Muhammad Asad
400
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA 200
Zain Malik
Asmar Hamoodi -
Fahad Sultan, ACA
May-06

Jan-16
Oct-07
Dec-04

Apr-13
Jul-10

Aug-14
Aug-03

Nov-11
Feb-09

Fund Net Assets:

Dec '15 Jan '16 MoM %
Net Assets (Rs mn) 27,610 26,020 -5.8% Top Ten Equity Holdings:(% of Total Assets):
NAV Per Unit (Rs) 59.95 58.49 -2.4%
Packages Ltd. 10% Fauji Cement Co. Ltd. 5%
Asset Allocation: The Hub Power Co. Ltd. 10% Mari Petroleum Ltd. 4%
Lucky Cement Ltd. 8% Indus Motors Co. Ltd. 4%
Dec '15 Jan '16 Engro Corporation 7% Kohat Cement Ltd. 3%
Equity (%) 94.89 98.17 Pakistan State Oil Co. Ltd. 6% Engro Foods Ltd. 3%
Cash (%) 4.45 1.13
Other receivables (%) 0.66 0.70 Sector Allocation:
Expense Ratio 1.57% 2.50% Cement
25%
13%
P/E 8.6 8.3 Power Generation & Distribution

Risk Measures Jan 16: 8% Automobile Assembler

Fertilizer
KSE-100 KMI-30
MIF Index Index Paper & Board
9%
Standard Deviation (%) 0.87 0.87 1.07 35%
Sharpe Ratio -3.27 -5.79 -3.34 10% Others

WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund
from the date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund).
adf
Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 184.61 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have
been higher by Rs. 0.41/0.71%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 AL MEEZAN MUTUAL FUND (AMMF) January, 2016

EQUITY
AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review:
The net assets of Al Meezan Mutual Fund (AMMF) as at January 29, 2015 stood at Rs. 4.33 billion. The funds NAV decreased by 2.5% during the
month of January as compared to 3.2% increase in benchmark index (KMI-30) while KSE-100 Index during the same period decreased by 4.6%.
As on January 29, the fund was 97% invested in equities.

Investment Objective: Performance - Cumulative Returns:

The objective of Al Meezan Mutual Fund is to optimize
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR*
the total investment returns, both capital gains and
dividend income, through prudent investment AMMF -2% -4% -6% -2% -0.4% 91% 189% 2,278% 17%
management. Benchmark# -3% -6% -8% -6% -0.1% 81% 169% 1,774% 15%

Fund Details: * Performance start date of July 13, 1995, CAGR since inception
Funds Details # KMI-30 replaced DJIIMPK as the Funds benchmark from July 01, 2009, while KSE-100 index
remained as the benchmark till June 30, 2006.
Fund Type: Open End
Risk Level High
Launch Date 13th Jul 1995 Annual Returns:
Trustee CDC
KPMG Taseer Hadi
Auditors FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
& Co.
Registrar Meezan Bank Ltd. AMMF 22% 30% 51% 19% 38% 31% -32% 0%
Unit Types A, B,C and D
Management Fee 2% Benchmark 20% 30% 54% 14% 44% 37% -35% 1%
Front End Load 2%
Fund Category Equity
Back End Load Contingent Load Investment Growth from FY 1996 - to Date
Benchmark KMI-30
Leverage Nil 3,000,000
Listing ISE
AMC Rating AM2+ 2,377,912
2,500,000
Rating Agency JCRVIS
Pricing Mechanism Forward
Valuation Days Mon-Fri 2,000,000
Subscription/ Redemption Days Mon-Fri 9am 4pm
Fund Manager Ahmed Hassan, CFA 1,500,000
1,172,192
968,549
Members of M. Shoaib, CFA
1,000,000
Investment Committee Muhammad Asad Conversion from
Sanam Zaib, CFA close end fund to
500,000 open end fund
Ahmed Hassan, CFA 100,000
Asif Imtiaz, CFA 487,122
122,800
Zain Malik -

May 14

Mar 15

Jan 16
Dec 13

Oct 14
Sep 12
Apr 12
June 01

June 06

Jul 13
June 11

Aug 15
Nov 11
July 95

Feb 13

Asmar Hamoodi
Fahad Sultan, ACA

Fund Net Assets:

Top Ten Equity Holdings:(% of Total Assets):
Dec '15 Jan '16 MoM %
Net Assets (Rs mn) 4,260 4,326 1.5% The Hub Power Co. Ltd. 10% Pakistan State Oil Co. Ltd. 5%
NAV Per Unit (Rs) 16.33 15.92 -2.5% Packages Ltd. 9% Engro Foods Ltd. 3%
Engro Corporation 8% Cherat Cement Co. Ltd. 3%
Asset Allocation: Lucky Cement Ltd. 8% Kohat Cement Ltd. 3%
Dec '15 Jan '16 Fauji Cement Co. Ltd. 6% Maple leaf Cement Co. Ltd. 3%
Equity (%) 95.85 97.10
Cash (%) 3.67 1.85
Sector Allocation:
Other receivables (%) 0.48 1.05 26% Cement
13%
Expense Ratio 1.59% 1.85%
Power Generation & Distribution
P/E 8.6 8.3 8% Oil & Gas Marketing Companies
*Management fee is included in the expense ratio
Risk Measures Jan 16: Fertilizer

KSE-100 KMI-30 10% Paper & Board

AMMF Index Index 34%
9% Others
Standard Deviation (%) 0.89 0.87 1.07
Sharpe Ratio -3.22 -5.79 -3.34

WWF Disclosure The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund
from the date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus,
the Fund is no longer liable to pay any expense under WWF until December 31, 2012.

The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 34.83 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have
been higher by Rs. 0.13/0.81%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 MEEZAN ISLAMIC INCOME FUND (MIIF) January, 2016

INCOME
AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 11.6 billion as on January 29, 2016. MIIF has provided an annualized return of
4.22% for the month of january as compared to its benchmark which has provided an annualized return of 3.34% during the same period.

Investment Objective: Performance - Annualized Returns:

To provide investors with a high and stable rate of
current income consistent with long term preservation 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
of capital in a Shar iah compliant way. A secondary MIIF 4.22% 6.24% 5.47% 6.62% 6.82% 10.67% 12.96% 14.79%
objective is to take advantage of opportunities to
Benchmark 3.34% 3.40% 3.65% 3.71% 4.21% 4.89% 5.34% 5.56%
realize capital appreciation.
* Performance start date of Jan 15, 2007
Fund Details:
FundFunds
Type: Details Open End
Annual Returns:
Risk Level Minimal
Launch Date 15-Jan-07 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Trustee CDC
MIIF 8.15% 11.90% 14.45% 7.79% 11.77% 7.31% 10.14% 9.28%
KPMG Taseer Hadi
Auditors
& Co. Benchmark 5.04% 5.38% 5.54% 6.02% 5.88% 5.80% 6.12% 5.75%
Registrar Meezan Bank Ltd.
Unit Types A, B and C
Management Fee 1.5% Monthly Performance:
Front End Load 0.5%
Fund Category Income
Leverage Nil 25%
Listing KSE
AMC Rating AM2+ 20%
MIIF Benchmark
Rating Agency JCRVIS
15%
Fund Stability Rating A- (f)
Pricing Mechanism Forward
10%
Weighted average time to
1.58 Years
maturity
5%
Back End Load Contingent load for
Type C investors
0%
Benchmark Average bank deposit

Dec-15

Jan-16
Sep-15

Oct-15
Aug-15

Nov-15
Jul-15

rate of three Islamic

banks
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 4pm
Fund Manager Zain Malik Top Portfolio Holdings:(% of Total Assets):
Members of M. Shoaib, CFA GoP Ijarah Sukuks XVI 17% K-Electric Limited-II 2%
Investment Committee Muhammad Asad K-Electric Limited-III 10% Maple Leaf Sukuk - I 1%
Sanam Zaib, CFA Engro Fertilizer Limited - I 3%
Ahmed Hassan, CFA Hascol Sukuk 3%
Asif Imtiaz, CFA
Lalpir (Commercial Paper) 2%
Zain Malik
Asmar Hamoodi
Fahad Sultan, ACA
Asset Allocation:
Dec 15 Jan 16
Fund Net Assets: Sukuks 18% 19%
Government backed / Guaranteed Securities 20% 17%
Dec '15 Jan '16 MoM %
Placements with Banks and DFIs 18% 16%
Net Assets (Rs mn) 9,936 11,619 10.94%
Commercial Paper 2% 2%
NAV Per Unit (Rs) 52.64 52.82 0.34%
Cash 41% 45%
Credit Quality of Portfolio: Others Including receivables 1% 1%
AAA 19.7%
AA+ 0.1%
Details of Non Performing Investments:
AA 13.7%
A+ 56.2%
A 1.0%
A- 2.6%
AA- 6.0%

60% 56%
Credit Quality
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have
resolved that unrecorded accumulated WWF provision in the fund from the date of its application till December 31, 2012, in
30% 20% case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the
14% fund). Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
6%
0.1% 1% 3%
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 45.46 million till June 30, 2015, if the same
0% was not made the NAV per unit/return of the fund would have been higher by Rs. 0.21/0.39%. Effective from July 1, 2015 no
AA-
AAA

A
A+

A-
AA
AA+

provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 MONEY MARKET
MEEZAN CASH FUND (MCF) January, 2016

AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Cash Fund (MCF) stood at Rs. 3.6 billion as on January 29, 2016. MCF has provided an annualized return of 4.40% for the
month of January as compared to its benchmark which has provided an annualized return of 4.35% during the same period.

Investment Objective: Performance Annualized Returns:

To seek maximum possible preservation of capital and
a reasonable rate of return via investing primarily in 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
liquid Shariah compliant money market and debt MCF 4.40% 4.31% 4.47% 4.59% 5.61% 7.29% 9.79% 11.24%
securities.
Benchmark 4.35% 4.38% 4.59% 4.64% 5.22% 6.10% 6.84% 7.04%
Fund Details: * Performance start date of June 15, 2009
FundFunds
Type: Details Open End
Risk Level Minimal Annual Returns:
Launch Date 15-Jun-09
Trustee CDC
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
KPMG Taseer Hadi
Auditors MCF 7.46% 7.08% 8.78% 10.71% 11.02% 10.09% 8.03% -
& Co.
Registrar Meezan Bank Ltd. Benchmark 6.24% 6.55% 6.91% 8.13% 8.24% 7.50% 7.60% -
Unit Types A, B and C 15 days of operations
Management Fee 1%
Front End Load Nil Monthly Performance:
Back End Load* 0.1% if redemption
within 3 days 6% MCF Benchmark
Fund Category Money Market
Leverage Nil
Listing ISE
AMC Rating AM2+ 4%
Rating Agency JCRVIS
Fund Stability Rating AA (f)
Pricing Mechanism Forward
2%
Weighted average time to
8.78 Days
maturity
Benchmark Average return on
6-month Islamic 0%
bank deposits

Nov-15
Jul-15

Dec-15

Jan-16
Oct-15
Sep-15
Aug-15

Valuation Days Mon-Fri

Subscription/ Redemption Days Mon-Fri 9am 4pm
Fund Manager Zain Malik
Portfolio: Salient Features
Members of M. Shoaib, CFA
Investment Committee Muhammad Asad Maximum Preservation of Principal Investment
Sanam Zaib, CFA High Liquidity (Redemption within two working days)
Ahmed Hassan, CFA Key Benefits
*No Sales Load (No Entry or Exit charges)
Asif Imtiaz, CFA
Zain Malik Tax Credit as per tax laws
Asmar Hamoodi Investments in High Grade & Liquid avenues:
Fahad Sultan, ACA
Instrument/Issuer Rating : Minimum AA
Investment Policy and
Fund Net Assets: Strategy Maximum Maturity of Instruments : Six Months
Dec '15 Jan'16 MoM % Average Time to Maturity of Portfolio : Three
Net Assets (Rs mn) 3,292 3,574 8.57% Months
NAV Per Unit (Rs) 51.26 51.44 0.35% Benchmark Average return on 6-month Islamic bank deposits

Asset Allocation:
Rating Exposure:
AAA 57% 79% Placements with Banks and DFIs

AA+ 23% Cash

AA 15% Commercial Paper
A+ 2.7%
Other Including receivables

Portfolio Composition: 12%

2% 7%
Dec 15 Jan 16
Placements with Banks and DFIs 13% 12% WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have
resolved that unrecorded accumulated WWF provision in the fund from the date of its application till December 31, 2012, in
Cash 76% 79% case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund).
Commercial Paper 7% 7% Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.

Government Guaranteed 0.1% 0% The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 58.58 million till June 30, 2015, if the same
was not made the NAV per unit/return of the fund would have been higher by Rs. 0.84/1.64%. Effective from July 1, 2015 no
Other Including receivables 3% 2% provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 MEEZAN SOVEREIGN FUND (MSF) January, 2016

INCOME
AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 9.34 billion as on January 29, 2016. For the month of January, the fund has provided
an annualized return of 1.97% as compared to its benchmark which has provided an annualized return of 4.35% during the same period.

Investment Objective: Performance - Annualized Returns:

To seek maximum possible preservation of capital and
a reasonable rate of return 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
Fund Details: MSF 1.97% 6.72% 5.20% 5.41% 6.24% 7.80% 10.41% 11.31%
Benchmark 4.35% 4.38% 4.59% 4.64% 5.22% 6.10% 6.84% 6.99%
Fund Type: Open End
Risk Level Minimal * Performance start date of Feb 10, 2010,
Funds
Launch Date
Details 10-Feb-10
Trustee CDC Annual Returns:
KPMG Taseer Hadi
Auditors FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
& Co.
Registrar Meezan Bank Ltd. MSF 6.81% 8.50% 9.11% 11.19% 11.45% 9.76%* - -
Unit Types A, B, C and D Benchmark 6.24% 6.55% 6.91% 8.13% 8.24% 7.50%
Management Fee 1% - -
Front End Load 0.5% * 140 days of operations
Back End Load Nil
Fund Category Income Monthly Performance:
Leverage Nil
Listing ISE 16%
AMC Rating AM2+
14%
Rating Agency JCRVIS MSF Benchmark
Fund Stability Rating AA (f) 12%
Pricing Mechanism Forward 10%
Weighted average time to 8%
2.34 years
maturity
Benchmark Average return on 6%
6-month Islamic 4%
bank deposits 2%
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 4pm 0%

Nov-15
Jul-15

Dec-15

Jan-16
Oct-15
Sep-15
Aug-15

Fund Manager Zain Malik

Members of M. Shoaib, CFA

Investment Committee Muhammad Asad
Sanam Zaib, CFA Portfolio: Salient Features
Ahmed Hassan, CFA
Asif Imtiaz, CFA Maximum Preservation of Principal Investment
Zain Malik Primary Investments in securities issued by
Asmar Hamoodi Government of Pakistan
Fahad Sultan, ACA Key Benefits Very Low Risk
Fund Net Assets: Liquidity (Redemption on average in 2-3 working
days)
Dec '15 Jan '16 MoM %
Tax Credit as per tax laws
Net Assets (Rs mn) 10,517 9,339 -11.20%
NAV Per Unit (Rs) 51.98 52.06 0.16% Investments in High Grade & Liquid avenues:
Minimum 70% Investment in Government backed /
Asset Rating: Investment Policy and issued securities (rated AAA)
Strategy Placements in top rated banks and financial
AAA 88.3% institutions
AA+ 0.3%
Weighted Average Time to Maturity of Portfolio : Not
AA 2.8%
more than 4 years
A+ 7.5%
Benchmark Average return on 6-month Islamic bank deposits
Asset Allocation:
Dec 15 Jan 16 Asset Allocation:
Government Guaranteed 83% 88%
Cash 16% 11%
Other Including receivables 1% 1% Government Guaranteed
WWF Disclosure: The Board of Directors of the management company in
its meeting held on October 25, 2013 have resolved that unrecorded accumulated
WWF provision in the fund from the date of its application till December 31, 2012, Cash
in case is required to be paid, shall be borne by Al Meezan Investment Management
Limited (Management Company of the fund). Thus, the Fund is no longer liable to
pay any expense under WWF until December 31, 2012. Other Including receivables
88%
1% 11%
The Fund has maintained provisions against Workers Welfare Fund liability of Rs.
133.89 million till June 30, 2015, if the same was not made the NAV per unit/return
of the fund would have been higher by Rs. 0.75/1.43%. Effective from July 1, 2015
no provision is being made as mutual funds have been excluded from levy of WWF
vide Finance Act 2015.

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 MEEZAN TAHAFFUZ PENSION FUND (MTPF) January, 2016

PENSION
AMC RATING AM2+ (STABLE OUTLOOK)
Fund Review:
As at January 29, 2016, total size of net assets of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 5,093 million. For the month of January,
the NAV of equity sub fund decreased by 2.83% while the NAV of debt and money Market sub funds provided an annualized return of 1.61% and
1.58% respectively.

Investment Objective: MTPF - Allocation Schemes

To provide participants a regular Halal income stream
after retirement/disability when they can no longer
1M 3M 6M YTD 1Yr 3Yr 5Yr PSD* CAGR*
earn regular income to support their living so that they
High Volatility -2% -2% -1% 2% 4% 95% 186% 281% 17%
are not dependent on other members of the society.
Med. Volatility -1% -1% 0.1% 2% 4% 67% 134% 213% 14%
Fund Details: Low Volatility -1% 0.1% 1% 2% 5% 44% 90% 157% 12%

Fund Type: Open End Lower Volatility 0.1% 1% 2% 2% 5% 20% 46% 100% 8%

RiskFunds
Level Details Minimal * Performance start date of June 28, 2007. CAGR since inception
Launch Date 28-Jun-07
Trustee CDC Allocation Scheme Equity Debt Money Market
Auditors KPMG Taseer Hadi High Volatility 80% 20% 0%
& Co.
Registrar Meezan Bank Ltd. Medium Volatility 50% 40% 10%
Fund Category Pension Low Volatility 25% 60% 15%
Management Fee 1.5% Lower Volatility 0% 50% 50%
Front End Load 3%
Leverage Nil Annual Returns:
AMC Rating AM2+
Rating Agency JCRVIS FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Pricing Mechanism Forward MTPF- Equity 26.6% 32.4% 54.9% 16.8% 36.0% 31.5% -25.8% 3.1%
Valuation Days Mon-Fri
MTPF- Debt 6.4% 7.7% 8.3% 9.5% 10.9% 8.5% 10.2% 8.3%
Subscription/ Redemption Days Mon-Fri 9am 4pm
Fund Manager Asmar Hamoodi MTPF- MMkt 6.9% 6.9% 7.8% 10.9% 10.7% 8.5% 11.1% 7.7%

Members of M. Shoaib, CFA

Investment Committee
(MTPF Equity): Sector Allocation & Top Holdings (Jan16)
Muhammad Asad
Sanam Zaib, CFA Cement 24% Packages Ltd. 7.74%
Ahmed Hassan, CFA Fauji Cement Co. Ltd. 6.72%
Asif Imtiaz, CFA Pharmaceutical 10%
Engro Corporation 6.43%
Zain Malik Power Generation & Distribution 10%
Asmar Hamoodi The Hub Power Co. Ltd. 6.03%
Fahad Sultan, ACA Paper & Board 9% Lucky Cement Ltd. 5.40%
Pakistan State Oil Co. Ltd. 5.08%
Fertilizer 8%
Cherat Cement Co. Ltd 3.91%
Fund Net Assets: Other Sectors 36% Ferozesons Labs 3.88%
Cash & Others including receivable 3% Al-Shaheer Corp 3.45%
Rs (Mn) Dec'15 Jan '16 MoM %
Mari Petroleum Ltd. 3.10%
MTPF- Equity 3,179 3,144 -1.1%
MTPF- Debt 1,549 1,579 2.0%
MTPF- MMkt 363 370 2.0% MTPF Debt Sub Fund:
Total Fund 5,091 5,093 0.04% 16.9%
36.0%
NAV per unit: GoP Guaranteed Securities
3.3%
Rs Dec '15 Jan '16 MoM % Sukuk
MTPF- Equity 438.7 426.3 -2.83% Placement
MTPF- Debt 200.2 200.4 0.13%
Cash & Other Including receivables
MTPF- MMkt 199.8 200.0 0.13%
43.8%
Sukuk Holdings MTPF (MMKT Fund)
MTPF Money Market Sub Fund:
GoP Ijarah Sukuks XVI 28.01%
GoP Ijarah Sukuks XIV 2.14% 69.9%

GoP Guaranteed Securities

Cash & Other Including receivables

30.1%

WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the
date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus, the Fund is no
longer liable to pay any expense under WWF until December 31, 2012.

Effective from January 1, 2013, the Fund has maintained provisions against Workers Welfare Fund liability to the tune of Rs. 25.05mn (Equity), Rs. 4.63mn (Debt) and Rs. 1.24mn (MMKT), if the
same were not made the NAV per unit/return of the fund would be higher by Rs. 3.40/0.80% (Eq.), Rs. 0.59/0.29% (Dt.) and Rs. 0.67/0.33 (MM.). For further details, investors are advised to read
financial statements of the fund.

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 KSE-MEEZAN INDEX FUND (KMIF)

INDEX TRACKER
January, 2016

AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review:

As at January 29, 2016, the net assets of KSE-Meezan Index Fund (KMIF) stood at Rs. 750 million. For the month of January, KMIF provided a
return of -3.22%.

Investment Objective: Performance - Cumulative Returns:

KSE Meezan Index Fund (KMIF) is a Shariah Compliant
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR
Index Fund that aims to provide investors an
KMIF -3.2% -6.7% -9.1% -7.1% -2.2% 67.1% - 101.0% 20.8%
opportunity to track closely the performance of the
Benchmark -3.2% -6.1% -8.1% -6.0% -0.1% 81.3% - 122.2% 24.2%
KSE-Meezan Index 30 (KMI 30) by investing in
* Performance start date of May 23, 2012.
companies of the Index in proportion to their
Annual Returns:
weightages.

Fund Details: FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Fund Type: Open End KMIF 17.1% 26.5% 49.6% -2.4%* - - - -
Risk Level High
Launch Date 23-May-12 Benchmark 20.1% 29.9% 54.4% -1.9% - - - -
Trustee CDC
KPMG Taseer Hadi
* 38 days of operations.
Auditors
& Co.
Registrar Meezan Bank Ltd.
Unit Types A and B
Funds Performance:
Management Fee 1% 270
Front End Load 2%
250 KMIF Benchmark
Fund Category Index Tracker Scheme
Back End Load Nil 230
Leverage Nil 210
Listing ISE
AMC Rating AM2+ 190
Rating Agency JCRVIS 170
Pricing Mechanism Forward
150
Benchmark KMI-30 Index
Valuation Days Mon-Fri 130
Subscription/ Redemption Days Mon-Fri 9am 1pm
110
Fund Manager Asmar Hamoodi
90
Members of M. Shoaib, CFA
Jan-13

Jan-14

Jan-15

Jan-16
Sep-12
Jun-12

Jun-13

Jun-14

Jun-15
Apr-13

Aug-13

Apr-14

Aug-14

Aug-15
Nov-12

Nov-13

Nov-14

Nov-15
Mar-15
Investment Committee Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA Top Ten Equity Holdings:(% of Total Assets):
Zain Malik
Asmar Hamoodi The Hub Power Co. Ltd. 12% DG Khan Cement Co. Ltd. 5%
Fahad Sultan, ACA Fauji Fertilizer Co. Ltd. 10% Dawood Hercules 5%
Engro Corporation 9% Fauji Cement Co.Ltd. 4%
Fund Net Assets: Lucky Cement Ltd. 8% Engro Fertilizer 3%
Pakistan Petroleum Ltd. 7% Pakistan Oilfields Ltd. 3%
Dec '15 Jan '16 MoM %
Net Assets (Rs mn) 880 750 -14.83% Sector Allocation:
NAV Per Unit (Rs) 68.81 66.60 -3.22%
22% Cement
14%
Power Generation & Distribution
Assets Allocation: 12%
Oil & Gas Exploration Companies
Dec '15 Jan '16 Fertilizer
92.8 97.2 16%
Equity (%)
Cash (%) 6.7 2.4 Pharmaceuticals
Other Including receivables (%) 0.5 0.4 4%
32% Others

WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the
date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus, the Fund is no longer
liable to pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 12.90 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have been higher by
Rs.1.15/1.72%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 FUND OF FUNDS
MEEZAN FINANCIAL PLANNING FUND OF FUNDS (MFPFOF) January, 2016

AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review:
As at January 29, 2016, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 7,493 million. For the month of
January, the NAV of Aggressive plan decreased by 1.7% while the NAV of moderate, Conservative plan, Preservation plan I, Preservation plan II,
MAAP-I, MAAP-II and MAP-III provided a return of -1.2%, -0.5%, -1.1%, -0.5%, -2.0%, -0.8% and 0.01% respectively.

Investment Objective:
To generate returns on Investment as per respective
MFPFOF - Allocation Plan:
allocation plans by investing in Shariah Compliant 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
Fixed Income and Equity Mutual Funds in line with the Aggressive -1.7% -1.6% -2.6% 0.1% 2.6% - - 55.2%
risk tolerance of the Investor. Benchmark -1.9% -3.6% -4.4% -3.0% 1.7% - - 47.0%
Fund Details: Moderate -1.2% -1.0% -1.2% 1.6% 4.4% - - 44.3%
Benchmark -1.4% -2.5% -2.9% -1.6% 2.5% - - 40.1%
Fund Type: Open End
Risk Level Details Plan specific Conservative -0.5% 0.3% 0.7% 2.9% 5.8% - - 32.3%
Funds -0.3% -0.4% 0.2% 1.0% 4.2% - - 26.2%
Launch Date 11-April-13 Benchmark
Trustee CDC MCPP I** -1.1% -0.8% -2.2% 1.1% -1.7% - - 9.0%
KPMG Taseer Hadi Benchmark -1.3% -2.5% -4.0% -2.2% -1.4% - - 6.1%
Auditors
& Co. MCPP II*** -0.5% 0.2% -1.2% 1.0% -0.03% - - 1.4%
Registrar Meezan Bank Ltd. Benchmark -0.6% -0.7% -1.8% -0.4% 1.1% - - 1.6%
Unit Types A and B MAAP I**** -2.0% -2.3% -3.0% -2.9% - - - -2.9%
Management Fee Same as underlying -2.6% -3.4% -4.2% -3.8% - - - -3.8%
Benchmark
Funds and 1% on Cash
MAAP II***** -0.8% - - -0.1% - - - -0.1%
Front End Load Aggressive Plan 2.0% -0.9% - - -0.8% - - - -0.8%
Benchmark
Moderate Plan 1.5% MAAP III# 0.01% - - 0.01% - - - 0.01%
Conservative Plan 1.0% Benchmark 0.1% - - 0.1% - - - 0.1%
Other Plans 0% to 3% * Performance start date of April 12, 2013. ** Performance start date of September 01, 2014. *** Performance start date of
Fund Category Fund of Funds December 16, 2014. **** Performance start date of July 10, 2015, ***** Performance start date of November 24, 2015.
Back End Load Nil # Performance start date of January 26, 2016.
Leverage Nil
AMC Rating AM2+ Annual Returns:
Rating Agency JCRVIS
Pricing Mechanism Forward FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Fund Manager Ahmed Hassan, CFA Aggressive 16.5% 22.1% 9.0%* - - - - -
Benchmark Benchmark 15.1% 21.7% 7.9% - - - - -

65% KMI-30 & 35% 6M Moderate 13.6% 17.3% 6.5%* - - - - -

Aggressive Allocation Plan Benchmark 12.9% 18.2% 6.2% - - - - -
dep. rate*
50% KMI-30 & 50% 6M Conservative 10.1% 12.6% 3.8%* - - - - -
Moderate Allocation Plan 8.6% 11.2% 3.6% - - - - -
dep. rate* Benchmark
20% KMI-30 & 80% 6M MCPP - I 7.8%** - - - - - - -
Conservative Allocation Plan 8.5% - - - - - - -
dep. rate* Benchmark
MCPP Plan I Combination of KMI-30 MCPP II 0.4%*** - - - - - - -
Index and Average return Benchmark 2.0% - - - - - - -
MCPP Plan II on 6-month Islamic bank
MAAP - I - - - - - - - -
MAAP deposits
Valuation Days Mon-Fri Benchmark - - - - - - - -
Subscription/ Redemption MAAP - II - - - - - - - -
Mon-Fri 9am 4pm - - - - - - - -
Days Benchmark
MAAP III - - - - - - - -
Members of Investment M. Shoaib, CFA Benchmark - - - - - - - -
Committee Muhammad Asad * 80 days of operations, **303 days of operations, 196 days of operations, 55 days of operation s
Sanam Zaib, CFA
Ahmed Hassan, CFA NAV per unit:
Asif Imtiaz, CFA
Zain Malik Rs Dec '15 Jan '16 MoM%
Asmar Hamoodi Aggressive 71.34 70.14 -1.68%
Fahad Sultan, ACA Moderate 66.13 65.35 -1.19%
* Average return on 6-month Islamic bank deposits Conservative 63.35 63.03 -0.51%
Fund Net Assets: MCPP - I 55.06 54.47 -1.07%
MCPP - II 50.94 50.67 -0.54%
Rs (Mn) Dec '15 Jan '16 MoM %
MAAP - I 49.53 48.54 -1.99%
Aggressive 392 386 -1.6% 50.34 49.93 -0.82%
MAAP - II
Moderate 310 296 -4.4% 50.00
MAAP - III
Conservative 237 235 -1.1%
MCPP - I 1,549 1,521 -1.8% Funds Multiplier:
MCPP - II 3,087 3,058 -0.9%
MAAP - I 1,201 1,171 -2.5%
MCPP-I MCPP-II
MAAP - II 686 819 19.4%
High Multiplier 4.00 3.99
MAAP - III 7
Low Multiplier 3.80 3.81

(to be contd..)

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 FUND OF FUNDS
MEEZAN FINANCIAL PLANNING FUND OF FUNDS (MFPFOF) January, 2016

AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review:
As at January 29, 2016, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 7,493 million. For the month of
January, the NAV of Aggressive plan decreased by 1.7% while the NAV of moderate, Conservative plan, Preservation plan I, Preservation plan II,
MAAP-I, MAAP-II and MAP-III provided a return of -1.2%, -0.5%, -1.1%, -0.5%, -2.0%, -0.8% and 0.01% respectively.

Investment Objective:
To generate returns on Investment as per respective
Asset Allocation:
allocation plans by investing in Shariah Compliant
Equity/ Index Income/Money Cash Other Including
Fixed Income and Equity Mutual Funds in line with the
Funds (%) market Funds (%) (%) receivables (%)
risk tolerance of the Investor.
Aggressive 69.1% 30.4% 0.5% 0.0%
Fund Details: Moderate 48.9% 50.2% 0.9% 0.0%
Fund Type: Open End Conservative 24.3% 74.8% 0.7% 0.2%
Risk Level Details
Funds Plan specific MCPP-I 39.6% 59.8% 0.6% 0.0%
Launch Date 11-April-13 MCPP-II 22.8% 77.0% 0.2% 0.0%
Trustee CDC MAAP-I 89.5% 10.2% 0.3% 0.0%
KPMG Taseer Hadi MAAP-II 96.0% 0.0% 4.0% 0.0%
Auditors
& Co. MAAP-III 0.0% 0.0% 100.0% 0.0%
Registrar Meezan Bank Ltd.
Unit Types A and B
Management Fee Same as underlying
Funds and 1% on Cash
Portfolio: Salient Features (MAAP-III)
Front End Load Aggressive Plan 2.0%
Strategy reflective of investors risk appetite as market
Moderate Plan 1.5% conditions change
Conservative Plan 1.0% Up to 100% equity Participation possible, based on fund
Other Plans 0% to 3% managers outlook on the market
Benefits
Fund Category Fund of Funds
Actively managed by experienced Fund Managers
Back End Load Nil
Leverage Nil Tax Rebate as per Section 62 of ITO
AMC Rating AM2+
Rating Agency JCRVIS Based on the Fund Managers outlook on asset classes, the
Pricing Mechanism Forward allocation plan will actively allocate its portfolio between the
Equity asset Schemes and Fixed Income/Money Market Schemes
Fund Manager Ahmed Hassan, CFA based on the macroeconomic view and outlook of such asset
Benchmark classes.
65% KMI-30 & 35% 6M For exposure to equities, this Plan shall primarily be invested in
Aggressive Allocation Plan Investment Islamic Equity and Islamic Index Funds managed by Al Meezan
dep. rate*
Policy and also other Asset Management Companies. Whereas for
50% KMI-30 & 50% 6M
Moderate Allocation Plan taking exposure to Fixed Income/Money Market, the Plan shall
dep. rate* invest in Islamic Money Market and Islamic Fixed Income
20% KMI-30 & 80% 6M Scheme(s) managed by Al Meezan or any other Asset
Conservative Allocation Plan Management Company as well as in Cash at Bank Accounts of
dep. rate*
Combination of KMI-30 Islamic Banks and licensed Islamic Banking windows of
MCPP Plan I conventional Banks.
Index and Average return
MCPP Plan II on 6-month Islamic bank The allocation plan will actively allocate its portfolio between the
MAAP deposits Trading Equity Schemes and Fixed Income/Money Market Schemes
Valuation Days Mon-Fri Strategy based on the Fund Managers view on macroeconomic outlook of
Subscription/ Redemption such asset classes.
Mon-Fri 9am 4pm
Days

Members of Investment M. Shoaib, CFA

Committee Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
Fahad Sultan, ACA
* Average return on 6-month Islamic bank deposits

WWF Disclosure: The Board of Directors of the management company in its meeting held on October
25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the date of its
application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment
Management Limited (Management Company of the fund). Thus, the Fund is no longer liable to pay any
expense under WWF until December 31, 2012.
The Scheme has maintained provisions against Workers Welfare Funds liability to the tune of Rs.2.69mn
(Aggressive), Rs.1.74mn (moderate), Rs.1.45mn (Conservative), Rs.2.35mn (Preservation Plan I), 0.28mn
(Preservation Plan II). If the same were not made the NAV per unit/return of the Scheme would be higher by
Rs. 0.49/0.70% (Aggressive), Rs. 0.36/0.59% (Moderate), Rs. 0.39/0.62% (Conservative), Rs. 0.08/0.15%
(Preservation Plan I) and Rs. 005/0.01% (Preservation Plan II). For details, investors are advised to read
Financial Statements of the Scheme. Effective from July 1, 2015 no provision is being made as mutual funds
have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 MEEZAN GOLD FUND (MGF) January, 2016

GOLD FUND
AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review:

Net assets of Meezan Gold asdf

Fund (MGF) as at January 29, 2016 stood at Rs. 123 million. The funds NAV increased by 2.14% during the month.

Investment Objective: Performance - Cumulative Returns (net of expenses):

Meezan Gold Fund (MGF) aims to provide maximum
exposure to prices of Gold in a Shariah Compliant 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
(Islamic) manner, by investing a significant portion of
MGF 2.1% -3.3% - -3.2% - - - -3.2%
the Funds net assets in deliverable gold based
Funds
contracts Details
available on Pakistan Mercantile Exchange Benchmark 3.8% -0.7% - 3.4% - - - 3.4%
(PMEX). * Performance start date of Aug 13, 2015,
Fund Details:
Annual Returns:
Fund Type: Open End
Risk Level High
Launch Date 13-Aug-15 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Trustee CDC
KPMG Taseer Hadi MGF - - - - - - - -
Auditors
& Co.
Registrar Meezan Bank Ltd. Benchmark - - - - - - - -
Unit Types C
Management Fee 1.5%
Front End Load 2%
Fund Category Commodity Fund Portfolio: Salient Features
Back End Load Nil
Benchmark Combination of 70% Fully Shariah Compliant means of investing in gold
PKR base closing price Efficient Store of value, thereby providing investors
of physical gold the opportunity to invest in a high priced (valuable)
and 30% Average commodity through unit certificates (mutual funds)
return on 6-month Key Advantages
Islamic bank deposits Tracks price performance of gold
Leverage Nil Maximum exposure to gold prices
Listing ISE
Good hedge against Inflation
AMC Rating AM2+
Rating Agency JCRVIS MGF, in line with its Investment Objectives, will
Pricing Mechanism Forward invest in Authorized Investments as approved by the
Valuation Days Mon-Fri Shariah Advisor
Subscription/ Redemption Days Mon-Fri 9am 4pm To meet Funds investment objective, at least
Fund Manager Ali Khan, CFA seventy percent (70%) of Funds net assets, will
remain invested in deliverable gold based contracts
Members of M. Shoaib, CFA available at a Commodity Exchange, during the year
Investment Committee Muhammad Asad based on quarterly average investment calculated on
Sanam Zaib, CFA daily basis.
Investment Strategy
Ahmed Hassan, CFA Remaining net assets of the Fund shall be invested in
Asif Imtiaz, CFA cash and near cash instruments which include cash in
Zain Malik bank accounts of Islamic banks and licensed Islamic
Asmar Hamoodi banking windows of conventional banks (excluding
Fahad Sultan, ACA TDR). However, at least 10% of the net assets of the
Fund shall remain invested in cash and near cash
instruments at all times.
Fund Net Assets: Weighted Average Time to Maturity of Portfolio : Not
more than 4 years
Dec 15 Jan'16 MoM % Long term
Net Assets (Rs mn) 119 123 3.68% Investment Horizon (Investors are advised to take a long term view of a
NAV Per Unit (Rs) 47.38 48.40 2.14% minimum of 3 to 5 years)

Assets Allocation:
Dec '15 Jan '16
Gold (%) 54.3 79.2
Cash (%) 45.7 20.7
Other Including receivables (%) 0.0 0.1

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 FUND OF FUNDS
MEEZAN CAPITAL PRESERVATION FUND-II January, 2016

AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review:

For the month of January 2016, KSE-Meezan Index (KMI-30) decreased by 3.18% with which the fund also decreased its exposure to equities.
The NAV as a result decreased from Rs. 56.08 to Rs. 55.54 translating into a loss of 0.96% for the month.

Investment Objective: Performance - Cumulative Returns (net of expenses):

Objective of this fund is to earn a potentially high
return through dynamic asset allocation between 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*

Shariah Compliant Equities and Shariah Compliant MCPRF-II -1.0% -0.9% -2.0% 0.7% -1.1% - - 11.1%
Funds Details
Income/Money Market based Collective Investment Benchmark -1.2% -2.1% -3.4% -1.7% -1.9% - - 6.6%
Schemes. * Performance start date of Jun 28, 2014,
Fund Details:
Annual Returns:
Fund Type: Open End
Risk Level Low to Moderate
Launch Date 28-Jun-14 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Trustee CDC
KPMG Taseer Hadi MCPRF-II 10.3% - - - - - - -
Auditors
& Co.
Registrar Meezan Bank Ltd. Benchmark 8.5% - - - - - - -
Unit Types A and B
Management Fee 1%
Front End Load 3% Funds Performance:
Fund Category Fund of Funds
Back End Load Contingent Load 59.00
Benchmark Combination of
MCPRF-II Benchmark
KMI-30 Index and
Average return 57.00
on 6-month Islamic
bank deposits
Leverage Nil 55.00
Listing ISE
AMC Rating AM2+
Rating Agency JCRVIS
53.00
Pricing Mechanism Forward
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 4pm
51.00
Fund Manager Asif Imtiaz, CFA

Members of M. Shoaib, CFA

Investment Committee Muhammad Asad 49.00
Sanam Zaib, CFA
Ahmed Hassan, CFA
47.00
Asif Imtiaz, CFA
May-15
Mar-15

Jan-16
Dec-14

Dec-15
Oct-14

Oct-15
Sep-14

Sep-15
Jun-15
Jul-14

Apr-15

Jul-15
Aug-14

Nov-15
Nov-14

Feb-15

Zain Malik
Asmar Hamoodi
Fahad Sultan, ACA

Fund Net Assets: Asset Allocation:

Dec 15 Jan '16 MoM % Nov 15 Dec 15 Jan 16

Net Assets (Rs mn) 2,229 2,207 -1.00% 39.7 44.7 38.0
Equity/ Index Funds (%)
NAV Per Unit (Rs) 56.08 55.54 -0.96%
Income/Money market Funds (%) 60.2 55.2 61.8

Cash (%) 0.0 0.0 0.2

Funds Multiplier: 0.1 0.1 0.0
Other Including receivables (%)
MCPRF-II WWF Disclosure: The Board of Directors of the management company in its meeting held on October
25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the date of its
High Multiplier 4.00
application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment
Low Multiplier 3.81 Management Limited (Management Company of the fund). Thus, the Fund is no longer liable to pay any
expense under WWF until December 31, 2012.

The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 4.28 million till June 30,
2015, if the same was not made the NAV per unit/return of the fund would have been higher by Rs.
0.11/0.19%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from
levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 FUND OF FUNDS
MEEZAN CAPITAL PRESERVATION FUND (MCPF-III) January, 2016

AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review:

For the month of January 28, 2016, KSE-Meezan Index (KMI-30) decreased by 3.18% with which the fund also decreased its exposure to
equities. The NAV as a result decreased from Rs. 59.31 to Rs. 58.34 translating into a loss of 1.64% for the month.

Investment Objective: Performance - Cumulative Returns (net of expenses):

Objective of this fund is to earn a potentially high
return through dynamic asset allocation between 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*

Shariah Compliant Equities and Shariah Compliant MCPF-III -1.6% -2.0% -3.7% -0.4% -1.7% - - 17.9%
Funds Details
Income/Money Market based Collective Investment Benchmark -1.4% -3.0% -4.7% -2.8% -0.9% - - 14.2%
Schemes. * Performance start date of Jan 31, 2014,
Fund Details:
Annual Returns:
Fund Type: Open End
Risk Level Low to Moderate
Launch Date 31-Jan-14 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Trustee CDC
KPMG Taseer Hadi MCPF-III 12.09% 5.6% - - - - - -
Auditors
& Co.
Registrar Meezan Bank Ltd. Benchmark 11.96% 5.0% - - - - - -
Unit Types A, B and C
Management Fee 1%
Front End Load 3% Funds Performance:
Fund Category Fund of Funds
Back End Load Contingent Load
Benchmark Combination of 63.30
KMI-30 Index and MCPF-III Benchmark
Average return
on 6-month Islamic 61.30
bank deposits
Leverage Nil 59.30
Listing ISE
AMC Rating AM2+
57.30
Rating Agency JCRVIS
Pricing Mechanism Forward
Valuation Days Mon-Fri 55.30
Subscription/ Redemption Days Mon-Fri 9am 4pm
Fund Manager Ahmed Hassan, CFA
53.30
Members of M. Shoaib, CFA
Investment Committee Muhammad Asad 51.30
Sanam Zaib, CFA
Ahmed Hassan, CFA 49.30
Asif Imtiaz, CFA
Dec-14

Dec-15
Sep-14

Sep-15
Apr-14

Apr-15
Aug-14

Aug-15
Nov-14

Nov-15
Feb-14

Feb-15
May-14

May-15
Mar-14

Mar-15
Jan-15

Jan-16
Oct-14

Oct-15
Jun-14

Jun-15
Jul-14

Jul-15

Zain Malik
Asmar Hamoodi
Fahad Sultan, ACA

Fund Net Assets: Asset Allocation:

Nov15 Dec15 Jan16
Dec15 Jan '16 MoM %
Net Assets (Rs mn) 3,380 3,318 -1.84% Equity/ Index Funds (%) 56.4 49.8 0.0
NAV Per Unit (Rs) 59.31 58.34 -1.64% 43.5 50.1 99.9
Income/Money market Funds (%)
Cash (%) 0.0 0.1 0.1

Other Including receivables (%) 0.1 0.0 0.0

Funds Multiplier:
WWF Disclosure: The Board of Directors of the management company in its meeting held on
MCPF-III October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the date of
High Multiplier 3.54 its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan
Investment Management Limited (Management Company of the fund). Thus, the Fund is no longer liable to
Low Multiplier 0.00
pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers Welfare Fund liability of Rs. 10.83 million till June 30,
2015, if the same was not made the NAV per unit/return of the fund would have been higher by Rs.
0.19/0.33%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded
from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
 BALANCED
MEEZAN BALANCED FUND January, 2016

(MBF) AMC RATING AM2+ (STABLE OUTLOOK)

Fund Review:

Net assets of Meezan Balanced Fund (MBF) as at January 29, 2016 stood at Rs. 4.49 billion. The funds NAV decreased by 1.36% during the
month.

Investment Objective:
Funds Details Performance - Cumulative Returns:
The objective of Meezan Balanced Fund is to generate
long term capital appreciation as well as current 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR*
income by creating a balanced portfolio that is invested
MBF -1% -2% -2% 0.2% 3% 58% 124% 414% 16%
both in high quality equity securities and Islamic
Income Instruments such as TFCs, COIs, Certificates of Benchmark -1% -3% -3% -2% 2% 43% 87% 239% 12%
Musharika, Islamic Sukuk, Ready-future hedges, and * Performance start date of Dec 20, 2004, CAGR since inception
other Shariah compliant instruments.
Annual Returns:
Fund Details:
Fund Type: Open End FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Risk Level Minimal
MBF 16% 20% 32% 17% 25% 23% -11% 1%
Launch Date 20-Dec-2004
Trustee CDC Benchmark 13% 18% 30% 10% 25% 21% -14% 3%
KPMG Taseer Hadi
Auditors *
& Co.
Registrar Meezan Bank Ltd.
Top Ten Portfolio Holdings:(% of Total Assets):
Management Fee 2%
Equity Sukuk
Fund Category Balanced
Front End Load 2% Packages Ltd. 6% K-Electric Sukuk 3 10%
Back End Load Contingent Load Engro Corporation 6% GoP Ijarah Sukuk XVI 8%
Leverage Nil Hub Power Co. Ltd. 6% Hascol Sukuk 6%
Listing ISE Lucky Cement Co. Ltd. 4% Engro Fertilizer Limited II 1%
AMC Rating AM2+ Pakistan State Oil Ltd. 3% Lalpir (Commercial Paper) 1%
Rating Agency JCRVIS
Pricing Mechanism Forward
Valuation Days Mon-Fri Asset Allocation:
Subscription/ Redemption Days Mon-Fri 9am 4pm
Benchmark 50% KMI-30 Index Dec 15 Jan 16
50% Average bank Equity 58% 57%
Deposit rate of three
GoP Guaranteed Securities 8% 8%
Islamic banks
Sukuk 12% 18%
Fund Manager Asmar Hamoodi
Placement with Banks 4% 4%
Members of M. Shoaib, CFA Cash Others including receivable 18% 13%
Investment Committee Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA Sector Allocation:
Asif Imtiaz, CFA Sukuk
Zain Malik
Asmar Hamoodi 12% 6%
8% Cement
Fahad Sultan, ACA
8%
Paper & Board
Fund Net Asset:
Power Generation & Distribution
Dec '15 Jan '16 MoM %
Net Assets (Rs mn) 4,523 4,486 -0.82% 26%
Fertilizer
NAV Per Unit (Rs) 14.90 14.70 -1.36%
40% Cash & others
WWF Disclosure: The Board of Directors of the management company
in its meeting held on October 25, 2013 have resolved that unrecorded accumulated
WWF provision in the fund from the date of its application till December 31, 2012, in Details of Non Performing Investments:
case is required to be paid, shall be borne by Al Meezan Investment Management
Limited (Management Company of the fund). Thus, the Fund is no longer liable to
pay any expense under WWF until December 31, 2012.

The Fund has maintained provisions against Workers Welfare Fund liability of Rs.
37.91 million till June 30, 2015, if the same was not made the NAV per unit/return of
the fund would have been higher by Rs. 0.12/0.85%. Effective from July 1, 2015 no
provision is being made as mutual funds have been excluded from levy of WWF vide
Finance Act 2015.

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)
Performance Fiscal Year Returns:

FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07

MIF 22% 29% 51% 19% 39% 31% -30% 0% 29%
Benchmark 20% 30% 54% 14% 44% 37% -35% 1% 17%
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
AMMF 22% 30% 51% 19% 38% 31% -32% 0% 27%
Benchmark 20% 30% 54% 14% 44% 37% -35% 1% 17%
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MIIF 8.15% 11.90% 14.45% 7.79% 11.77% 7.31% 10.14% 9.28% 10.07%
Benchmark 5.04% 5.38% 5.54% 6.02% 5.88% 5.80% 6.12% 5.75% 5.00%
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MCF 7.46% 7.08% 8.78% 10.71% 11.02% 10.09% 8.03% - -
Benchmark 6.24% 6.55% 6.91% 8.13% 8.24% 7.50% 7.60% - -
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MSF 6.81% 8.50% 9.11% 11.19% 11.45% 9.76% - - -
Benchmark 6.24% 6.55% 6.91% 8.13% 8.24% 7.50% - - -
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MTPF- Equity 26.6% 32.40% 54.90% 16.8% 36.00% 31.50% -25.80% 3.10% -
MTPF- Debt 6.4% 7.70% 8.30% 9.5% 10.90% 8.50% 10.20% 8.30% -
MTPF- MMkt 6.9% 6.90% 7.80% 10.9% 10.70% 8.50% 11.10% 7.70% -
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
KMIF 17.1% 26.50% 49.60% -2.4% - - - - -
Benchmark 20.1% 29.90% 54.40% -1.90% - - - - -
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MCPRF-II 10.3% - - - - - - - -
Benchmark 8.5% - - - - - - - -
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MCPF-III 12.1% 5.60% - - - - - - -
Benchmark 12.0% 5.00% - - - - - - -
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MBF 16% 20% 32% 17% 25% 23% -11% 1% 26%
Benchmark 13% 18% 30% 10% 25% 21% -14% 3% 11%
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
Aggressive 16.5% 22.10% 9.0% - - - - - -
Benchmark 15.1% 21.70% 7.90% - - - - - -
Moderate 13.6% 17.30% 6.5% - - - - - -
Benchmark 12.9% 18.20% 6.20% - - - - - -
Conservative 10.1% 12.60% 3.8% - - - - - -
Benchmark 8.6% 11.20% 3.60% - - - - - -
MCPP - I 7.8% - - - - - - - -
Benchmark 8.5% - - - - - - - -
MCPP II 0.4% - - - - - - - -
Benchmark 2.0% - - - - - - - -
MAAP I - - - - - - - - -
Benchmark - - - - - - - - -
MAAP II - - - - - - - - -
Benchmark - - - - - - - - -
MAAP III - - - - - - - - -
Benchmark - - - - - - - - -
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MGF - - - - - - - - -
Benchmark - - - - - - - - -

Disclaimer This publication is for informational purpose 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
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force 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. (This report has been prepared in line with MUFAPs recommended Format)