Meezan Family of Funds announces Dividend of Rs. 6,115 million - Al Meezan Investment Management Limited
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Meezan Family of Funds announces Dividend of Rs. 6,115 million

July 9, 2013

The Board of Directors of Al Meezan Investment Management Ltd. (Al Meezan) in their meeting held on July 8, 2013 declared final dividend for its eight open end funds for the period ending June 30, 2013 i.e., Meezan Islamic Fund (MIF), Al Meezan Mutual Fund (AMMF), KSE Meezan Index Fund (KMIF), Meezan Islamic Income Fund (MIIF), Meezan Balanced Fund (MBF), Meezan Capital Protected Fund-II (MCPF-II), Meezan Sovereign Fund (MSF) and Meezan Financial Planning Fund (MFPF). For fiscal year 2013, the total amount of final dividends declared worth over Rs. 4,152 million. Interim payouts that were made during the year for open- end funds amounted to Rs. 1,963 million thus taking the total dividend distribution for all funds to over Rs. 6,115 million for the fiscal year 2013.

Mr. Mohammad Shoaib, CFA, CEO of Al Meezan  Investments thanked the investors in reposing their trust and confidence in the fund management capabilities of Al Meezan team,  making it the  leading asset management company in the private sector with assets under management of over Rs. 45.38 billion as on June 30, 2013.  During the fiscal year total assets under management grew from Rs. 38.49 billion to Rs 45.38 billion depicting a remarkable growth of 18% over the period.

Performance Summary

Funds Total dividend for FY 2013 (Rs. per unit/certificate) Total Dividend as a % of opening NAV as at beginning of year/period Total return % for FY 2013
Meezan Islamic Fund 17.50 42.26 50.73
Al Meezan Mutual Fund 3.50 32.74 50.56
KSE Meezan Index Fund 15.50 31.74 49.64
Meezan Islamic Income Fund 6.75 13.52 14.45
Meezan Balanced Fund 1.50 15.00 31.84
Meezan Capital Protected Fund – II 5.90 11.68 15.21
Meezan Sovereign Fund 4.40 8.79 9.11
Meezan Cash Fund 4.24 8.47 8.78
Meezan Financial Planning Fund*
Aggressive 1.70 N/A 8.99
Moderate 1.65 N/A 6.52
Conservative 0.6 N/A 3.76

*The fund was launched on April 12, 2013 and has been operation for 79 days

Meezan Islamic Fund (MIF)

Meezan Islamic Fund (MIF) is Pakistan’s largest open-end equity fund in the private sector, with current assets under management of Rs. 10,045 million. The fund will be completing its 10 years of operation in August 2013.

MIF has provided a remarkable return of 50.75% for the fiscal year 2013. An investor who invested Rs. 100,000 three years ago, his investment value has appreciated to Rs. 249,801 in three years providing a cumulative return of 149.8%. Similarly, an investor who invested Rs.100,000 ten years ago, his investment value has appreciated to Rs. 669,073 providing a cumulative return of 569%. For FY 2013, the Board of Al Meezan has approved a stock dividend of Rs.17.50 per unit (i.e., 42.26% on the opening NAV of Rs. 41.41). The Net Asset Value (NAV) of units of MIF increased from Rs. 41.41 as on June 30, 2012 to Rs.  62.42 as on June 30, 2013, thus providing a total return of 50.73% to its unit holders.

Al Meezan Mutual Fund (AMMF)

Al Meezan Mutual Fund (AMMF), is a Sharia’h compliant open-end equity fund in the private sector in Pakistan with the longest track record and was converted from closed end to open category on August 05, 2011. The fund has declared a stock dividend of Rs.3.50 per unit for FY 2013 (i.e., 32.74% on the opening NAV of Rs. 10.69). The Net Asset Value (NAV) of units of AMMF increased from Rs. 10.69 as on June 30, 2012 to Rs. 16.09 as on June 30, 2013, thus providing a full year return of 50.56% to its unit holders. At the close of FY13, the net assets of AMMF were Rs. 2,190 million.

KSE Meezan Index Fund (KMIF)

KSE Meezan Index Fund (KMIF) is Pakistan’s first Sharia’h compliant open-end index tracker fund. The fund has declared a stock dividend of Rs.15.50 per unit for FY 2013 (i.e., 31.74% on the opening NAV of Rs. 48.83). The Net Asset Value (NAV) of units of KMIF increased from Rs. 48.83 as on June 30, 2012 to Rs. 73.06 as on June 30, 2013, thus providing a full year return of 49.64% to its unit holders. At the close of FY13, the net assets of KMIF were Rs. 901 million.

Meezan Islamic Income Fund (MIIF)

Meezan Islamic Income Fund (MIIF) is Pakistan’s first Sharia’h compliant open-end income fund. The fund has declared a final stock dividend of Rs. 3.75 per unit. In addition to an interim dividend of Rs. 3.00 per unit taking the total payout to Rs. 6.75 per unit for FY 2013. This translates into a total payout of 13.52% on the opening ex-div NAV of Rs. 49.93 for the year ended June 30, 2013. The total return for the year earned by the investors was 14.45% for the year. The net assets of MIIF as on June 30, 2013 were Rs. 2,645 million.

Meezan Balanced Fund (MBF)

Meezan Balanced Fund (MBF) is Pakistan’s first Sharia’h compliant closed-end balanced scheme which has now successfully been converted to an open end fund with effect from July 01, 2013. For FY 2013, the fund has declared a final cash dividend of Rs.1.50 per certificate (i.e., 15% of the par value). The total return for the year earned by the investors was 31.84% for the year.  The net assets of MBF as on June 30, 2013 were Rs. 1,747 million.

Meezan Capital Protected Fund-II (MCPF-II)

Meezan Capital Protected Fund-II (MCPF-II), Pakistan’s second in series of Sharia’h compliant Capital Protected Funds declared a final stock dividend of Rs. 5.90 per unit for FY 2013. This translates into a payout of 11.68% on the opening ex-div NAV of Rs.50.51. The total return for FY 13 earned by the investors was15.21% for the year. At the close of the FY2013, the net assets of MCPF-II were Rs. 506 million.

Meezan Sovereign Fund (MSF)

Meezan Sovereign Fund (MSF) Pakistan’s first and the largest Sharia’h compliant open-end Government securities fund declared a final stock dividend of Rs. 1.03 per unit. This is in addition to interim dividends of Rs. 3.37 per unit, taking the total payout to Rs. 4.40 per unit for FY 2013. This translates into a total payout of 8.79% on the opening ex-div NAV of Rs. 50.03 for the year ended June 30, 2013. The total return earned by the investors over the year was 9.11% for the year. At the close of the FY13, the net assets of MSF were Rs. 19,654 million.

Meezan Cash Fund (MCF)

Meezan Cash Fund (MCF), Pakistan’s first and the largest Sharia’h compliant open-end money market fund declared a final stock dividend of Rs. 0.33 per unit on June 24, 2013. This is in addition to interim dividends of Rs. 3.87 per unit, taking the total payout to Rs. 4.24 per unit for FY 2013 which translates into a payout of 8.47% on the opening ex-div NAV of Rs.50.08. The total return earned by the investors was 8.78% for the year. At the close of FY13, the net assets of MCF were Rs. 6,511 million.

Meezan Financial Planning Fund (MFPF)

Meezan Financial Planning Fund (MFPF), Pakistan’s first Sharia’h compliant open-end fund of funds declared the following final stock dividend for its three allocation schemes. The fund was launched on April 10, 2013 and has been in operation for 79 days.

MFPF* Total dividend for FY 2013 (Rs. per unit) Total Dividend as a % of par value Total return % for FY 2013
MFPF – Aggressive Allocation Plan 1.70 3.40 8.99
MFPF – Moderate Allocation Plan 1.65 3.30 6.52
MFPF – Conservative Allocation Plan 0.6 1.20 3.76

*79 working days

Al Meezan has been awarded ‘Best Islamic Asset Management House in Pakistan’ (Islamic Finance Awards) for 2013 by Asset Triple-A Awards, Hong Kong for excellence in the industry. Al Meezan has also been rated AM2 by JCR-VIS denoting High Quality Management. The company boasts of one of the largest investor base among asset management companies in Pakistan with over 23,000 clients reflecting the trust and confidence of both institutional and individual investors.