Financial results of Pakistan International Element Islamic Asset Allocation Fund for period ended March 31, 2016

Karachi, Pakistan International Element Islamic Asset Allocation Fund informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on April 18, 2016.

The agenda of the meeting was discussion of profit and loss account for nine months period ended March 31, 2016 which portrayed a loss of Rs.16, 788.

Further, nil payment of cash dividend, bonus shares and right shares was agreed.

Pakistan International Element Islamic Asset Allocation Fund (PIEIF) is an Islamic open-end asset allocation fund, which seeks to achieve its objective through investing in a portfolio of Shariah compliant investments diversified across the capital markets of Pakistan as well as keeping a limited exposure internationally. The fund is managed through an active management strategy with dynamic allocations towards different asset classes.

The investment process is driven by fundamental research. The domestic portfolio of the fund primarily invests in fundamentally strong Shariah compliant equities, while some portion of the fund is also allocated towards high quality Sukuks and other types of Shariah compliant instruments offering higher comparative returns. For equities investment, fundamental outlook of sectors/companies and DCF (discounted cash flow) valuations are the primary factors in sectors’ allocation and stock selection. Major portion of the fund’s portfolio is high quality liquid stocks. International investments up to 30% of the net assets are made in Shariah compliant mutual funds investing into various world markets. Allocation in various international mutual funds is decided on the basis of economic and capital market outlook for major world economies and track record of the fund managers.

The symbol “OEFPIEIF” is being used by the stock exchange for Pakistan International Element Islamic Asset Allocation Fund.