1 Mutual Funds in Pakistan Investors Education Seminar arranged by SECP and ICAP held on 29th January 2015 Presented By First Capital Investments Limited
2 Definition of Mutual Fund A mutual fund is a collective investment scheme, which specializes in investing a pool of money collected from investors in various avenues. The purpose is investing in securities such as stocks, bonds, money market instruments and similar investment products. Mutual funds can be divided in to two classes: Conventional Mutual Funds and Islamic Mutual Funds.
3 Structure of a Mutual Fund Unit holders Holding of units Dividends Asset Management Company Management Fee Management Services Mutual Fund Custodian on behalf of unit holders Trustee fees Trustee Ownership of assets Net Income Investments
4 Establishment Mechanism Mutual Funds are managed by Asset Management Companies (AMCs) which exists in the form of a public limited company registered under the Companies Ordinance, A new fund is established through execution of a Trust Deed, between an AMC and a Trustee, upon an approval from SECP under the Non-Banking Finance Companies (Establishment and Regulation) Rules, The Trustee performs the functions of a custodian for the assets of the Fund. The trustee also ensures that the Fund Manager takes the investment decisions within the defined investment policy of the mutual fund. In Pakistan, banks and central depository companies, approved by SECP, can act as trustee.
5 Establishment Mechanism At present Central Depository Company of Pakistan (CDC) is acting as Trustee for the most of the funds. SECP is the regulator of mutual fund industry and is very vigilant in issuing licenses to the Asset management companies. SECP also carries out continuous monitoring of mutual funds and AMCs through off site and on-site inspections. Mutual Funds are regulated by NBFC & NE Regulations 2008.
6 Objectives of investing through Mutual Funds By investing in mutual funds, investors' worries are taken care by fund managers/asset managers. Mutual funds give small investors access to professionally managed, diversified portfolios of equities, debt instruments i.e. TFCs and Govt. Securities and other securities, which otherwise would be quite difficult to create with a small amount of capital. Fund Managers are backed by a dedicated research team, who are involved in investment decisions based on the performance and prospects available in the market.
7 Benefits of Investing in Mutual Funds Accessibility: Mutual funds units are easy to buy. Liquidity: Unit holders can convert their units into cash on any working day. They will promptly receive the current value of their investments. The fund buys back (redeems) the units. Diversification: By investing the pool of unit holders money across number of securities, a mutual fund diversifies its holdings. A diversified portfolio reduces the investors risk. Professional Management: Asset Management Company evaluates all the opportunities that arises in the market, carefully examines them and then takes decision for investing the mutual fund s money whereas it is not an easy task for an individual and even for corporate entity if investing is not their core business.
8 Importance of Mutual Funds Mutual funds have an important role in the development of the capital markets; Economic parameters, such as savings, capital market development, dispersal of corporate ownership and corporate governance are directly related to the development of mutual funds industry; Mutual funds help in improving Corporate Governance.
9 Types of Fund Open-end Mutual Funds The Unit holders may buy or redeem the Units of the fund on a continuous basis at the prevailing Net Asset Value (NAV). These units are purchased and redeemed through Management Company which announces offer and redemption prices daily (working days). Close-end Mutual Funds These funds have a fixed size divided into shares like a public company and are floated through an IPO. Once issued, shares can be bought and sold at the market rates in secondary market (Stock Exchange).
10 Categories of Funds Equity Scheme An equity scheme or equity fund is a fund that invests in Equities more commonly known as stocks/shares. The objective of an equity fund is long-term growth through capital appreciation, (sources of revenue are dividends and capital gains). Balanced Scheme These funds provide investors with a single mutual fund that invests in both stocks and debt instruments and with this diversification aimed at providing investors a balance of growth through investment in stocks and debt instruments. Asset Allocation Fund These Funds may invest its assets in any type of securities at any time in order to diversify its assets across multiple types of securities & investment styles available in the market.
11 Categories of Funds Fund of Fund Scheme Fund of Funds are those funds, which invest in other mutual funds. These funds operate a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended). Shariah Compliant (Islamic) Scheme Islamic funds are those funds which invest in Shariah Compliant securities i.e. shares, Sukuk, Ijara sukuks etc. as may be approved by the Shariah Advisor of such funds. These funds can be offered under the same categories as those of conventional funds. Index Tracker Scheme Index funds invest in securities to mirror a market index, such as the KSE 100. An index fund buys and sells securities in a manner that mirrors the composition of the selected index. The fund's performance tracks the underlying index's performance.
12 Categories of Funds Capital Protected Scheme In this type of scheme, the payment of original investment is guaranteed with any further capital gain which may accrue at the end of the contractual term of the Fund. Such funds are for a specific period. Money Market Scheme Money Market Funds are among the safest and most stable of all the different types of mutual funds. These funds invest in short term debt instruments such as Treasury bills and bank deposits.
13 Categories of Funds Income Scheme These funds focus on providing investors with a steady stream of fixed income. They invest in short term and long term debt instruments like TFCs, government securities like T-bills/ PIBs, or preference shares. Aggressive Fixed Income Scheme The aim of aggressive income fund is to generate a high return by investing in fixed income securities while taking exposure in medium to lower quality of assets also.
14 Breakup of Open end Mutual Funds Net Assets of Open end Mutual Funds are PKR 387 Billion as at 30 June 2014 Money Market 30.4% Equity 23.0% Income 16.1% Islamic Income 9.5% Islamic Equity 6.0% Islamic Fund of Funds 3.2% Aggressive Income 3.2% Islamic Balanced 1.8% Asset Allocation 1.7% Islamic Money Market 1.3% Balanced 1.0% Islamic Capital Protected 0.8% Fund of Funds 0.6% Islamic Aggressive Income 0.6% Islamic Index Tracker 0.3% Islamic Asset Allocation 0.3% IndexTracker 0.1%
15 Breakup of Closed end Mutual Funds Net Assets of Closed end Mutual Funds are PKR 21 Billion as at 30 June 2014 Equity 94.7% Income 5.3%
16 Real Estate Investment Trusts (REITs)
17 Pension Schemes These types of schemes offered long term saving plans for retirement benefits. Pension Saving Funds are managed by the professional Pension Fund Managers (AMCs and Insurance Companies) who are licensed by SECP. Various types of sub funds are managed by Pension Fund Managers in which investors are invited to invest according to their risk appetite. Income of pension scheme is exempted from income tax under clause 57 (3)(viii) of Part 1 of the 2 nd schedule.
18 Asset Management Companies Mutual funds are managed by Asset Management Companies, who are licensed by SECP, for a consideration of Asset Management Fee. Mutual funds' management company charge the management fee that is capped at 2% (3% for initial five years) by SECP. Normally the Fund Management Companies charge 2% fee for equity funds and upto 1.5% for fixed income and cash funds.
19 Mutual Fund Industry in Pakistan Despite of completion of half century of its existence industry has not been able to achieve the desired level of development; There are only 244,362 mutual fund accounts having assets valuing Rs. 416 billion as on June 30, 2014 in a country with a population of more than 180 million people; The lower growth is largely due to historically low savings rate in Pakistan, which is continuously declining. According to latest figures, the estimated size of mutual fund industry is Rs. 500 billion.
20 Mutual Fund Industry Size as compared with GDP Mutual Fund Industry Size as % of GDP GDP (USD Billion) Mutual Fund Industry Size (USD Billion) % India % Pakistan % Sri Lanka % Bangladesh %
21 Year wise Growth of Asset Management Companies and Funds Number of AMCs Number of Funds
22 Year wise Breakup of Growth of Funds Open-end Funds Closed-end Funds Pension Funds
23 Growth Constraints for Mutual Funds in Pakistan Lack of awareness: Steps are required to promote savings and investments through investors awareness and education. Number of Investors: With awareness, number of investors will be increased. Savings Rate: During FY 2014, the trends in term of investment and private savings to GDP ratio declined from 12.97% to 12.39% and 8.3% to 8.5% respectively which is discouraging. Taxation anomalies: There is need of removing the taxation anomalies and regulatory issues which are hampering the growth of mutual fund industry.
24 Returns of various types of Funds Conventional Open-End Fund Returns Average Equity 18.76% 25.04% 9.12% 56.42% 47.34% 31.34% Index Tracker 29.79% 22.45% 7.33% 44.78% 35.37% 27.94% Balanced 14.25% 16.38% 13.40% 36.65% 23.70% 20.88% Asset Allocation Fund of Funds 17.93% 12.19% 6.76% 23.42% 14.78% 15.02% 13.99% 31.70% 14.69% 35.93% 9.93% 21.25% Income 9.44% 11.02% 11.08% 9.73% 9.32% 10.12% Money Market Aggressive Income Capital Protected 10.63% 11.85% 11.16% 9.05% 8.18% 10.17% 8.40% -2.12% 1.45% 8.14% 5.88% 4.35% 7.22% 9.71% 3.27% 11.38% 0.00% 6.32% Commodity % 0.00% -8.57%
25 Returns of various types of Funds Islamic Open-End Fund Returns Average Islamic Equity 29.25% 37.23% 19.97% 47.94% 28.72% 32.62% Islamic Balanced 16.82% 27.17% 16.24% 25.00% 28.25% 22.70% Islamic Index Tracker Islamic Asset Allocation Islamic Aggressive Income % 49.64% 26.49% 24.60% 10.24% 13.82% 8.31% 30.80% 16.01% 15.84% 1.01% 1.35% 10.19% 7.81% 12.96% 6.66% Islamic Income 8.07% 10.08% 10.98% 9.37% 8.74% 9.45% Islamic Money Market Islamic Fund of Funds Islamic Capital Protected 10.10% 10.98% 10.69% 8.06% 8.70% 9.71% % 6.08% 6.17% 14.07% 14.12% 13.52% 10.45% 3.68% 11.17%
26 Risk factors in Mutual Funds Mutual funds do not provide a guaranteed return, like fixed deposits, bonds and Government securities, Mutual Funds returns are directly related to performance of the underlying investments. Investment in mutual funds are subject to various risks which includes Market Risk, Liquidity Risk, Credit Risk, Interest Rate Risk, Country Risk and Currency Risk.
27 Tax Credits Unit Holders of mutual funds, other than an entity, shall be entitled to a tax credit under Section 62 of the Income Tax Ordinance 2001 on purchase of new Units. The amount on which tax credit will be given shall be lower of: (a) amount invested in purchase of new Units; or (b) Twenty percent of the taxable income of the Unit Holder; or (c) Rupees One Million (Rs 1,000,000); and will be calculated by applying the average rate of tax of the Unit Holder for the tax year. If the Units so acquired are disposed within twenty four months, the amount of tax payable for the tax year in which the Units are disposed shall be increased by the amount of credit allowed.
28 Growth of Equity Market in Pakistan Pakistan Market: Historical Returns for last 11 years Year KSE-100 (Rs.) KSE-100 (US$) MSCI Pakistan (US$) % 34% 9% % 53% 56% % 3% -2% % 38% 33% % -67% -75% % 51% 78% % 26% 19% % -10% -17% % 38% 23% % 38% 27% % 33% 8% Average 26% 22% 14%
29 Taxation Two principles govern the taxation of mutual funds. First, there is tax-neutrality principle that states that for investors, whether they invest directly in securities or through mutual funds it should be tax neutral; Second, there is a pass-through principle that states that mutual funds being pass-through entities are not subject to tax; investors to mutual funds are subject to income tax and capital gains tax.
30 Various Taxation and Regulatory Issues being faced by Mutual Fund Industry Tax issues: Levy of Workers Welfare Fund ( WWF ) to Mutual Funds despite these funds have no employees; Sales Tax on Asset Management Services Provincial Jurisdiction Conflicts; Federal Excise Duty ( FED ) on Asset Management Services, which amounts to double taxation; Regulatory issues: Unnecessary delays in granting various approvals to Asset Management Companies and changes required on various Laws like REIT Regulations.
31 Future Outlook:Equity Market Pakistan Equities look geared for another year of stellar returns with KSE-100 Index target of 40,000 points by December 2015 (an upside of 16.00% from the existing level of 34,500 level), in view of the following factors: A) continued macroeconomic de-risking as economic indicators are improving; B) Declining Oil Prices transport services and commodity prices: C) Reducing Interest Rates benefit to the leveraged companies; D) Growing political maturity foreign investors confidence; E) Authorities refocusing on Economic Reforms power; F) Infrastructure Development; G) Stable domestic currency & Inflationary outlook: H) Cost of capital will incorporate the decline in principle lending rates which will expand the Equity valuations; I) Political stability as all parties front a unified stand in the wake of recent terrorism The market continues to offer a dividend yield of 6%, the highest amongst the regional markets. KSE-100 P/E of 8.9x at CY15 earnings is at around a 40% discount of regional peers. As return drops from debt based instruments, equity market will witness higher flows.
32 Future Outlook:Debt Market With the start of BATS, it is expected that the debt market will grow in Pakistan. However, due to cut on interest rates, the growth of fixed income instruments like PIB s, T-Bills, Bonds, TFC s will be limited. Debt markets have already started responding to falling inflation expectations and improving macroeconomic outlook as yields on long-term bonds (3-10 years) have declined by around 300bps in the last quarter of the CY14. Yield on the debt instruments to remain subdued in CY15 due to soft inflation outlook, further cut in discount rate, restricted budget deficit and higher government borrowing from external sources.
33 Future Outlook:Pakistan s Economy Despite of energy crises, the country s growth trajectory moving towards 6.5% in view of the various factors discussed in Equity and Debt Market outlook. (FY15 and FY16 GDP growth was estimated at 5.1% and 6.0%, respectively) Inflation CPI is expected to remain in the range of 4.5% - 5.5% during FY15 from earlier expected 8.00%. Further monetary easing given lower CPI and widening real interest rate. Disbursement of IMF tranche to unlock further flows from other multilateral agencies. Current Account Deficit to GDP for the period ended Jul-Dec 2015 clocked in at 0.9% as against the projected target of ranging 1-1.2% of GDP. Privatization process to remain on track with focus shifting towards divestment of Governments stake in loss making entities. Government targeted fiscal deficit is 4.5% of GDP in FY 2015 as against 4.7% in FY Political stability as all parties front a unified stand in the wake of recent terrorism.
Understanding Mutual Funds 1) Mutual Fund Definition A mutual fund is a company that pools investors' money and invests on behalf of the investors. You can think of a mutual fund as a company that raises
IIFA Country Report of Mutual Funds Association of Pakistan ECONOMIC AND FINANCIAL BACKGROUND Pakistan s economy has been struggling to regain financial stability as the overall performance of the economy
CA Final Course Paper 2 Strategic Financial Management Chapter 9 CA Biharilal Deora Mutual Fund is a trust that pools together the resources of investors for investments in the capital markets. The fund
The Pinnacle Funds Simplified Prospectus December 11, 2009 Class A and Class F units and Class I units where noted Money Market Fund Pinnacle Short Term Income Fund Bond Funds Pinnacle Income Fund Pinnacle
Wealth for Life Glossary Aggressive growth fund: A mutual fund that aims for the highest capital gains. They often invest in smaller emerging companies that offer maximum growth potential. Adjustable Rate
2-Dec 6-Dec 12-Dec 18-Dec 24-Dec 31-Dec 2-Dec 6-Dec 12-Dec 18-Dec 26-Dec 31-Dec December, 2013 \ 0 s Report AL Meezan Investment Management Limited Al Meezan Investments, the company in operation since
Robert W. Baird & Co. Incorporated Important Information about Closed-End Funds and Unit Investment Trusts Baird has prepared this document to help you understand the characteristics and risks associated
A guide to investing in cash alternatives What you should know before you buy Wells Fargo Advisors wants to help you invest in cash alternative products that are suitable for you based on your investment
Effective July 1, 2015 Canadian Cancer Society Statement of Investment Policies and Procedures Background The Society wishes to invest funds in a prudent manner, with appropriate consideration given to
Institute of Capital Markets ICM Newsletter Message from the Chief Executive Inside this issue: Regulatory Updates 2 Article of the Month 3 Investor Terms of the Month ICM Updates 6 5 The last few years
TMLS SINGAPORE BOND FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) This supplement forms part of the product summary. You should read this together with the relevant Product Summary. Description of the Fund
Lessons in Investing for Income UNDERSTANDING CLOSED-END FUNDS Income is one of investors most common goals but one not easily achieved, especially in today s low-yielding environment. That s why investors
Investing Practice Questions 1) When interest is calculated only on the principal amount of the investment, it is known as: a) straight interest b) simple interest c) compound interest d) calculated interest
KENYA UNIT TRUSTS EQUITY FUND MANAGED FUND SHILLING FUND FIXED INCOME FUND African Alliance is an investment banking group operating in Africa. We provide local and on-the-ground investment banking services
OVERVIEW OF OUR INVESTMENT LINKED FUNDS Understanding unit-linked funds 1 IGI LIFE INSURANCE LIMITED INVESTMENT LINKED FUNDS Here is what you need to know about our investment-linked funds. Target Exposure
Wealth Management Education Series Explore the Field of Mutual Funds Wealth Management Education Series Explore the Field of Mutual Funds Managing your wealth well is like tending a beautiful formal garden
Mutual Funds Mutual Funds Investment companies Financial intermediaries that collect funds form individual investors and invest those funds in a potentially wide rande of securities or other asstes Polling
Statement of Investment Policies and Procedures Adopted by the Investment Committee, February 2008 Approved by Diocesan Council, September 2008 Revised by Diocesan Council, October 2012 Revised by Diocesan
TD Ameritrade Trust Company Collective Investment s for Employee Benefit Plans s Financial Reports May 31, 2015 Contents Independent Auditor s Report 1-2 Financial Statements Statements of Financial Condition
Financial Markets and Institutions Abridged 10 th Edition by Jeff Madura 1 23 Mutual Fund Operations Chapter Objectives provide a background on mutual funds describe the various types of stock and bond
Statement of Investment Policies and Goals University of Ottawa Long Term Portfolio 1. Purpose of the Statement of Investment Policies and Goals The Statement of Investment Policies and Goals (the SIPG
An Overview of the US Closed-End Fund Market By Paul Mazzilli Introduction Closed-end funds (CEFs) are professionally managed investment companies that offer investors various unique benefits. They offer
Wealth Management Education Series How can we help you further? Do you have a question on what you have just read? Would you like to have a further discussion on this subject? Contact your Relationship
Why and How to Invest in Pakistan? Guidelines for Foreign Investors/Non-Residents for Investment in Pakistan s Equity Market 1. Understanding investment into Pakistan Foreign investors who are non-residents
Investment Education Series Types of Investment Funds Introduction Investment fund basically refers to a pool of funds, but our focus in this edition of GTBAM education series is to highlight the features,
NASAA Investment Adviser Competency Exam (Series 65) Exam Specifications and Outline (Effective 1/1/2010) CONTENT AREA # of Items 1. Economic Factors and Business Information 19 (14%) A. Basic economic
What are Shares? Shares, as the name says, are shares in a limited company. Each shareholder is a partial owner of the company in which they have bought shares and investors can buy and sell their shares
A Accrued Interest - Interest that has been earned but not yet credited to a bond or other fixed-income investment, such as a certificate of deposit. Active Management The use of professional investment
NEWSLETTER Understanding asset classes High return Property FIND OUT MORE Equities FIND OUT MORE Bonds FIND OUT MORE Cash FIND OUT MORE Low risk High risk Asset classes are building blocks of any investment.
USA Mutuals Generation Wave Growth Fund Trading Symbol: Investor Class Shares (GWGFX) Summary Prospectus July 29, 2015 Before you invest, you may want to review the USA Mutuals Generation Wave Growth Fund
TD ASSET MANAGEMENT USA FUNDS INC. TDAM Institutional Money Market Fund TDAM Institutional Municipal Money Market Fund (together, the Funds and each, a Fund ) Supplement dated June 24, 2016 to the Summary
A guide to investing in closed-end funds What you should know before you buy Before you make an investment decision, it is important to review your financial situation, investment objectives, risk tolerance,
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are
Summary Prospectus April 27, 2015 JNL Alt 65 Fund (formerly, JNL Institutional Alt 65 Fund) Before you invest, you may want to review the Fund s Prospectus, which contains more information about the Fund
1-Aug 7-Aug 15-Aug 20-Aug 23-Aug 28-Aug 30- Aug 1-Aug 6-Aug 13-Aug 19-Aug 22-Aug 27-Aug 30-Aug August, 2013 \ 0 s Report AL Meezan Investment Management Limited Al Meezan Investments, the company in operation
Wealth Management Education Series Explore the Field of Investment Funds Wealth Management Education Series Explore the Field of Investment Funds Managing your wealth well is like tending a beautiful formal
ab Structured Products Designing a modern portfolio Achieving your personal goals is the driving motivation for how and why you invest. Whether your goal is to grow and preserve wealth, save for your children
Robert W. Baird & Co. Incorporated Important Information about a Fund of Hedge Funds Fund of Hedge Fund Investing at Baird Baird offers eligible clients the opportunity to invest in funds of hedge funds
FINANCIAL INSTITUTIONS AND MARKETS T Chapter Summary Chapter Web he Web Chapter provides an overview of the various financial institutions and markets that serve managers of firms and investors who invest
MUTUAL FUNDS SYSTEMATIC INVESTMENT PLANS By Sharadchandra Shankarrao Patil INTRODUCTION An investor has many options for making his investments. However, all of them do not give optimum returns at little
Mutual Funds and Other Investment Companies Investment Companies Pool funds of individual investors and invest in a wide range of securities or other assets. pooling of assets Provide several functions
DESCRIPTION OF FINANCIAL INSTRUMENTS AND INVESTMENT RISKS A. General The services offered by Prochoice Stockbrokers cover a wide range of Financial Instruments. Every type of financial instrument carries
FAQ Shariah Compliant Unit Trust Funds 1. What are Shariah Compliant Unit Trust Funds? Shariah Compliant Unit Trust Funds (or Shariah Compliant Mutual Funds) are medium to long-term investment products.
a guide to Closed-End Funds A closed-end fund is a type of investment company whose shares are listed on a stock exchange or are traded in the over-the-counter market. Contents What Is a Closed-End Fund?...2
MISSION STATEMENT To rank in the top quartile in performance of NAFA FUNDS relative to the competition, and to consistently offer Superior riskadjusted returns to investors. Page 01 Contents FUND'S INFORMATION
TD Ameritrade Trust Company Collective Investment s for Employee Benefit Plans s Financial Reports May 31, 2015 Contents Independent Auditor s Report 1-2 Financial Statements Statements of Financial Condition
Why Mutual Fund? AMFI IAP (Association of Mutual Funds India Investor Awareness Program) Your Investment Menu Card Instrument Tax Benefit Return Duration EPF 8.50% Long Term PPF 8% Long Term NSC 8% Long
a guide to Unit Investment Trusts A unit investment trust (UIT) is a registered investment company that buys and holds a generally fixed portfolio of stocks, bonds, or other securities. Table of Contents
Chapter 5 Money and the Federal Reserve These slides supplement the textbook, but should not replace reading the textbook 1 What is barter? The practice of trading one good or service for another 2 What
SC Financial Group, LLC. 1417 116th Ave NE Suite 202 Bellevue, WA 98004 425-451-2950 Fax: (425) 451-2888 email@example.com www.scfinancialgroup.com Tax Planning for Specific Types of Investments
online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt
Summary Prospectus April 25, 2016 JNL Institutional Alt 50 Fund Before you invest, you may want to review the Fund s Prospectus, which contains more information about the Fund and its risks. You can find
Request for Proposal (RFP) Investment Advisory Services THE WIKIMEDIA FOUNDATION Wikipedia is the world's largest and most popular encyclopedia. It is online, free to use for any purpose, and free of advertising.
Because money doesn t come with instructions.sm Robert C. Eddy, CFP Margaret F. Eddy, CFP Matthew B. Showley, CFP Basic Investment Terms ANNUITY A financial product sold by financial institutions pay out
ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of additional
Why Mutual Fund? AMFI IAP (Association of Mutual Funds India Investor Awareness Program) 1 Your Investment Menu Card Instrument Tax Benefit Return Duration Employees Provident Fund (EPF) 8.50% Long Term
CHAPTER 2: THE CANADIAN SECURITIES INDUSTRY Topic One: Industry Overview 1. Self-regulatory Organizations (SROs). A. The SROs set rules that govern the operations of investment dealers and market activity.
Master Limited Partnerships: Investing in Energy Infrastructure May 2011 www.clearbridgeadvisors.com Executive Summary The number of Master Limited Partnerships (MLPs) in the energy sector has grown rapidly
2-Sep 6-Sep 12-Sep 18-Sep 24-Sep 30-Sep 2-Sep 6-Sep 12-Sep 18-Sep 24-Sep 30-Sep September, 2013 \ 0 s Report AL Meezan Investment Management Limited Al Meezan Investments, the company in operation since
PRACTICE QUESTIONS MUTUAL FUNDS : A BEGINNERS MODULE Q:1 For anybody to start a mutual fund, relevant experience in financial services is mandatory [ 2 Marks ] Q:2 Mutual Funds in India follow a 3-tier
Endowment Fund INVESTMENT POLICY PURPOSE This document is the official policy governing the investment practices of the Wharton County Junior College Endowment Fund (the WCJCEF or Endowment ). The policies
Chapter 2 Practice Problems MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Assume that you borrow $2000 at 10% annual interest to finance a new
NATIONAL PENSION COMMISSION REGULATION ON INVESTMENT OF PENSION FUND ASSETS National Pension Commission Page 1 of 15 REGULATION ON INVESTMENT OF PENSION FUND ASSETS 1. INSTITUTIONAL FRAMEWORK 2. AUTHORISED
Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,
Prospectus Socially Responsible Funds Calvert Social Investment Fund (CSIF) Balanced Portfolio Equity Portfolio Enhanced Equity Portfolio Bond Portfolio Money Market Portfolio Calvert Social Index Fund
Asset classes explained The ups and downs in financial markets have made many investors uneasy about investing in riskier assets. In such times, it often helps to take a step back and consider each asset
CHAPTER 16 Why Investors Purchase Mutual Funds Investing in Mutual Funds Personal Finance 7e Kapoor Dlabay Hughes Professional management. Who is the fund s manager? Managers can change. Diversification.
WCM Focused International Growth Fund Investor Class: WCMRX Institutional Class: WCMIX Summary Prospectus September 1, 2015 Before you invest, you may want to review the Fund s prospectus, which contains
PROSPECTUS February 28, 2015 Please carefully read the important information it contains before investing. DFA INVESTMENT DIMENSIONS GROUP INC. DFA ONE-YEAR FIXED INCOME PORTFOLIO Ticker: DFIHX DFA TWO-YEAR
EATON VANCE HEXAVEST GLOBAL EQUITY FUND Supplement to Summary Prospectus dated December 1, 2015 1. The following replaces Fees and Expenses of the Fund : Fees and Expenses of the Fund This table describes
Guide to mutual fund investing Many investors turn to mutual funds to meet their long-term financial goals. They offer the benefits of diversification and professional management, and are seen as an easy
Updates to the BP Investment Options Guide Dated June 2015 Edition Issue Date Update #1 April 2016 Update #2 December 2016 Investment Options Guide Update APRIL 2016 n UPDATE #1 This Update revises the
This document is issued by M&G Securities Limited as the alternative investment fund manager (AIFM) of M&G High Income Investment Trust PLC (the "Company") solely in order to make certain information available
Frequently Asked Questions 1. What is tax planning? Tax planning is an essential part of financial planning. Tax planning is use to reduce tax liability by optimally using the provisions of tax exemptions