December 2019

DECEMBER, 2019

ECONOMIC REVIEW INFLATION & SBP POLICY RATE TREND

Policy steps taken over the last two years continue to lead to improvement in the
macros as the economy is showing signs of recovery in the shape of decline in
CPI SBP Policy Rate
Current Account deficit, better FX reserves position and stable exchange rate.
These stability measures have led to slowdown in GDP growth and higher inflation
in the near term.

CPI for Dec-19 clocked in at 12.63% YoY under new base (down by 34bps MoM)
compared to 12.42% under the old methodology. Decrease in CPI was due to
normalization of food prices as perishable food declined by 9.4% MoM. Core CPI
indicators remained in check with CPI (Urban) clocking in at 7.5% YoY while core
CPI (Rural) went up by 8.1% YoY. The Current Account deficit for the month of
Nov-19 clocked at USD319mn, taking 5MFY20 cumulative deficit to USD1.8bn
(1.6% of GDP) depicting a steep decline (72.9%) compared to USD6.7bn (5.3% of
GDP) during same period last year. The steep decline in CAD is primarily driven
by significant import compression (down 21% YoY in 5MFY20 as per SBP).
Oct-19 LSM data which showed decline of 8.0% YoY. Major sectors that reported
decline include Automobiles (-42%), Electronics (-39%) and Coke & Petroleum
Products (-12%).

May-19

Nov-19
Mar-19

Aug-19

Dec-19
Oct-19
Moving ahead, we believe the tough economic environment is likely to continue

Sep-19
Apr-19
Feb-19

Jun-19
Jan-19

Jul-19
with sluggish business activities and inflationary pressures. The focus would
remain on meeting FATF requirements, fiscal management and government
compliance with the IMF quarterly targets.

MONEY MARKET REVIEW YIELD CURVE

During the month of Dec-19, SBP conducted three T-bill auctions with a target of
PKR 1,000bn against the maturity of PKR 546bn. The total accepted amount was Dec-19 Nov-19 Dec-18
PKR 1,194bn out of which PKR 733bn was for 3M tenor (excluding
non-competitive bids). The cut-off yields in the last T-Bill Auction were 13.4851%,
13.2899% and 13.1340% for the 3M, 6M and 12M tenor respectively. SBP
conducted Fixed PIB auction on December 11, 2019 with a target of PKR100bn
against the maturity of PKR 255bn. Cumulative participation of PKR 323.6bn was
received in 3Y, 5Y, 10Y & 20Y tenors. The government accepted PKR 52.7bn,
PKR 45.9bn and PKR 33.8bn in the 3Y, 5Y and 10Y tenors, respectively while
rejecting the bids in 20Y tenor. The cut off yields were 11.7500%, 11.1939% and
10.9968% in the same order leading to an inverted yield curve.

Towards the end of the month there was a net injection of PKR 975bn at 13.31%
through Open Market Operations (OMO). During the month, secondary market
yields across the shorter tenor instruments declined by an average of 7bps while
the longer tenor yields decreased by an average of 35bps. We expect that interest
rates have peaked out and lower inflation towards the end of 2HFY20 can lead
4M
6M
9M
3M
2M

4Y

8Y
6Y

9Y
3Y
2Y

2Y

5Y
1M

7Y

10Y
1Y

monetary easing. However, volatile oil prices in the aftermath of tension in Middle
East pose upside risk to inflation in the near term.

EQUITY MARKET REVIEW POINTS CONTRIBUTION TO KSE-100 INDEX

The market continued its rally as it increased by 1,447 points (3.7%) during the
month. Market participants' trading activity also jumped as average daily value
E&P 562
increased by 12% MoM to USD75mn. The stellar performance of the index can
be attributed to 1) improving economic fundamentals 2) foreign flows in T-Bills,
and 3) Expectation of Energy Sukuk in the near term.
Banks 329

The rally in Dec-19 came on the back of index heavy weights whereby E&P sector
outshined the others and contributed 563pts to the total index performance. The
Others 207
aforementioned performance is due to expectation of hydrocarbon discovery in
Margand field in Balochistan, cheap valuations and expectation of Energy Sukuk.
Banking sector also followed suite and contributed 329 points on the back of
Fertilizer 144
improved profitability primarily stemming from expanding NIMs. Fertilizer sector
gained 143 points in the month.

OMCs 86
Moving ahead, Pakistan equities are expected to gain further traction due to
cheaper valuation and expected cut in policy rate. Moreover, market participants
would closely watch out for inflation numbers and foreign flows. We will maintain
Food 68
our strategic focus towards "bottom-up" approach and align exposure towards
stocks with strong earnings potential.

Insurance 52

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of the Fund is to seek high liquidity and comparative return for investors by investing in low risk securities of shorter duration and maturity.

FUND MANAGER'S COMMENTS

The fund earned an annualized return of 12.93% against the benchmark return of 12.75%. During the month, fund size slightly decreased to PKR 9,156 million
compared to PKR 9,335 million in November 2019. At the end of the month, fund increased its exposure in cash at bank to 86.7% of total assets compared to 43.2%
held during last month. On the other hand, exposure in T-Bills was reduced to 0.26% of total assets compared to 35.89% in November 2019 to benefit from higher
deposit rates offered by banks due to year end deposit requirements.

Weighted average time to maturity of the fund stood at 7 days compared to 29 days in November 2019.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 9,156 Dec-19 Nov-19
Net Assets excluding Fund of Funds (PKR in mln) 9,113 Cash 86.65% 43.20%
NAV 108.6643 T-Bills 0.26% 35.89%
Launch Date 14-Jul-2010 Commercial Paper 4.71% 4.56%
Management Fee 0.9368% Placement with Banks & DFI 7.27% 15.07%
Expense Ratio with Levies 0.72% Others Including Receivables 1.11% 1.28%
Expense Ratio without Levies 0.54% Total Including Fund of Funds 100.00% 100.00%
Selling & Marketing expense 0.05% Total Excluding Fund of Funds 99.53% 99.55%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor Deloitte Yousuf Adil Pakistan
Benchmark 70% three (3) months PKRV rates + 30%
three (3) months average deposit rate of
three (3) AA rated scheduled Bank as FUND RETURNS* HBL MMF BENCHMARK
selected by MUFAP.
Type Open End Annualized Return Since Inception 12.36% 7.93%
Category Money Market Scheme Year to Date Annualized Return 12.50% 12.68%
Front end Load Upto 1.00% Calendar Year to Date Annualized Return 11.31% 11.41%
Back end Load NIL 1 Month Annualized Return 12.93% 12.75%
AMC Rating AM2+ (JCR VIS) 31-Dec-19 3 Month Annualized Return 12.44% 12.74%
Dealing Days As per SBP/PSX 6 Month Annualized Return 12.50% 12.68%
Cut-off time 9:00 AM-4:00 PM [Same day redemption 09:30AM] 1 Year Annualized Return 11.31% 11.41%
Price Mechanism Backward Pricing 3 Years Annualized Return 8.74% 7.75%
Fund Stability Rating AA(f) (JCR VIS) 30-Dec-19 5 Years Annualized Return 8.36% 7.16%
Leverage NIL
Risk Low
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
Weighted Average Maturity (Days) 7

INVESTMENT COMMITTEE ASSET QUALITY (% Total Assets)

Mir Adil Rashid Chief Executive Officer Gov. Sec.: 0.26%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] AAA: 79.41%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] AA+: 19.14%
AA: 0.06%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019]
AA-: 0.01%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] N.R./Others: 1.12%

HBL MMF vs BENCHMARK (MoM Returns) WEIGHTED AVERAGE MATURITY

14.0% HBL MMF BENCHMARK
T-Bills 128

12.0%

Commercial Paper 75
10.0%

Placement with Banks & DFI 24

8.0%

6.0% Cash 1
May-19

Nov-19
Mar-19

Aug-19

Dec-19
Oct-19
Sep-19
Feb-19

Apr-19

Jun-19
Jan-19

Jul-19

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The investment objective of the Fund is to provide competitive returns to its investors through active investments in low risk portfolio of short duration, while
maintaining high liquidity. The Fund will aim to maximize returns through efficient utilization of investment and liquidity management tools.

FUND MANAGER'S COMMENTS

HBL Cash Fund earned an annualized return of 12.94% while posting an improvement of 119 bps when compared to last month. Fund size of HBL CF decreased by
6.1% to close at PKR 10,663 million compared to PKR 11,357 million in November 2019.

During the month, the duration of the fund decreased to 6 days from 22 days in November 2019 due to deployment of funds in Bank Deposits for augmenting
returns. Exposure in Bank deposits were recorded at 87.11% compared to 50.09% held during last month. Other asset allocation comprised of investment in
Placements with Banks and DFIs at 7.31% and Commercial Paper at 4.33% of total assets.

Going forward, we expect the fund to generate market competitive returns.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 10,663 Dec-19 Nov-19
Net Assets excluding Fund of Funds (PKR in mln) 10,638 Cash 87.11% 50.09%
NAV 101.8912 T-Bills 0.00% 31.15%
Launch Date 13-Dec-2010 Commercial Paper 4.33% 3.75%
Management Fee 0.6810% Placement with Banks & DFI 7.31% 14.23%
Expense Ratio with Levies 0.63% Others Including Receivables 1.25% 0.78%
Expense Ratio without Levies 0.45% Total Including Fund of Funds 100.00% 100.00%
Selling & Marketing expense 0.06% Total Excluding Fund of Funds 99.76% 99.78%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor BDO Ebrahim & Co. Chartered Accountants
Benchmark 70% three (3) months PKRV rates + 30%
three (3) months average deposit rate of
three (3) AA rated scheduled Bank as FUND RETURNS* HBL CF BENCHMARK
selected by MUFAP.
Type Open End Annualized Return Since Inception 12.73% 7.36%
Category Money Market Scheme Year to Date Annualized Return 12.82% 12.68%
Front end Load Upto 1.00% Calendar Year to Date Annualized Return 11.77% 11.41%
Back end Load NIL 1 Month Annualized Return 12.94% 12.75%
AMC Rating AM2+ (JCR VIS) 31-Dec-19 3 Month Annualized Return 12.67% 12.74%
Dealing Days As per SBP/PSX 6 Month Annualized Return 12.82% 12.68%
Cut-off time 9:00 AM-4:00 PM [Same day redemption 10:00AM] 1 Year Annualized Return 11.77% 11.41%
Price Mechanism Backward Pricing 3 Years Annualized Return 9.21% 7.70%
Fund Stability Rating AA(f) (JCR VIS) 30-Dec-19 5 Years Annualized Return 9.36% 6.62%
Leverage NIL
Risk Low
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
Weighted Average Maturity (Days) 6

INVESTMENT COMMITTEE ASSET QUALITY (% Total Assets)

Mir Adil Rashid Chief Executive Officer AAA: 78.88%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] AA+: 19.86%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] N.R./Others: 1.26%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019]
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019]

HBL CF vs BENCHMARK (MoM Returns) WEIGHTED AVERAGE MATURITY

14.0% HBL CF BENCHMARK

Commercial Paper 78
12.0%

10.0%
Placement with Banks & DFI 24

8.0%

Cash 1
6.0%
May-19

Nov-19
Mar-19

Aug-19

Dec-19
Oct-19
Sep-19
Feb-19

Apr-19

Jun-19
Jan-19

Jul-19

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of the Fund is to provide a stable stream of income with moderate level of risk by investing in fixed income securities.

FUND MANAGER'S COMMENTS

The fund posted an annualized return of 14.61% against the benchmark return of 13.51% an out-performance of 110 bps. Fund size decreased PKR 1,319 million from
PKR 1,404 million in November 2019. On MoM basis, Exposure in bank deposits increased to 50.1% compared to 28.6% in November 2019. During the month
exposure in PIBs was decreased to 6.8% compared to 12.6% held during last month. The weighted average time to maturity of the fund decreased to 882 days against
965 days in November 2019.

Going ahead, we anticipate returns will remain competitive due to our active trading strategies, higher accrual income from Bank deposits and TFCs exposure.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 1,319 Dec-19 Nov-19
Net Assets excluding Fund of Funds (PKR in mln) 1,310 Cash 50.05% 28.58%
NAV 111.9968 TFCs / Sukuks 34.32% 33.43%
Launch Date 17-Mar-2007 T-Bills 0.00% 17.16%
Management Fee 1.3080% Commercial Paper 5.19% 3.48%
Expense Ratio with Levies 1.25% PIBs 6.82% 12.63%
Expense Ratio without Levies 1.05% Others Including Receivables 3.62% 4.72%
Selling & Marketing expense 0.29% Total Including Fund of Funds 100.00% 100.00%
Listing Pakistan Stock Exchange Total Excluding Fund of Funds 99.34% 99.39%
Trustee Central Depository Co. of Pakistan
Auditor Deloitte Yousuf Adil Pakistan
Benchmark Six (6) months KIBOR average
Type Open End
Category Income Scheme
FUND RETURNS* HBL IF BENCHMARK
Front end Load Upto 1.50%
Back end Load NIL Annualized Return Since Inception 15.78% 10.22%
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Year to Date Annualized Return 11.00% 13.69%
Dealing Days As per SBP/PSX Calendar Year to Date Annualized Return 10.79% 12.62%
Cut-off time 9:00 AM-4:00 PM 1 Month Annualized Return 14.61% 13.51%
Price Mechanism Forward Pricing 3 Month Annualized Return 8.14% 13.53%
Fund Stability Rating A(f) (JCR VIS) 30-Dec-19 6 Month Annualized Return 11.00% 13.69%
Leverage NIL 1 Year Annualized Return 10.79% 12.62%
Risk Moderate 3 Years Annualized Return 7.91% 8.83%
Weighted Average Maturity (Days) 882 5 Years Annualized Return 8.27% 8.02%

*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)

INVESTMENT COMMITTEE ASSET QUALITY (% Total Assets)

Mir Adil Rashid Chief Executive Officer Gov. Sec.: 6.82%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] AAA: 4.01%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] AA+: 7.69%
AA: 4.10%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019]
AA-: 62.10%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] A+: 10.88%
A: 0.07%
A-: 0.71%
N.R./Others: 3.62%

HBL IF vs BENCHMARK (MoM Returns) TOP TEN HOLDINGS TFCs/SUKUKs (% of Total Assets)
16.0% HBL IF BENCHMARK
The Bank of Punjab Ltd. 11.04%

14.0% JS Bank Ltd. TFC II 8.23%

Dawood Hercules Corp. Ltd. Sukuk I 4.10%

12.0%
Jahangir Siddiqui & Co. Ltd. TFC X 4.09%

10.0% Jahangir Siddiqui & Co. Ltd. TFC XI 3.59%

JS Bank Ltd. TFC I 2.56%

8.0%
May-19

Nov-19
Mar-19

Aug-19

Dec-19
Oct-19
Sep-19
Feb-19

Apr-19

Jun-19

Ghani Gases Ltd. Sukuk 0.71%

Jan-19

Jul-19

The scheme holds certain non-compliant investments. Before making any investment decision, investors should review non-compliant disclosure sheet and latest financial statements.
Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The investment objective of the Fund is to provide consistent returns to its investors through active investments in a blend of short, medium and long term securities
issued and / or guaranteed by Government of Pakistan. The Fund will aim to provide superior risk adjusted returns through active duration and liquidity management
tools.
FUND MANAGER'S COMMENTS
During the month of December, HBL Government Securities Fund (HGSF) earned an exceptional return of 14.77% (annualized) compared to the benchmark return of
13.35%. On MoM basis, performance of HBL GSF was improved by 832 bps due to trading gains in long tenor government securities. The Fund size at the end of the
month stood at PKR 3,389 million compared to PKR 3,265 million in November 2019.

During the month, yield in medium to long term bonds (2 to 10 years) declined owing to market expectation of lower inflation outlook going forward. HGSF
maintained exposure of 70% in government securities (on monthly average) as per the regulatory requirement which enhances the asset quality and liquidity profile
of the fund. During the month, the main focus was on taking long term positions in fixed rated bonds to augment returns.

Exposure in T-bills was shifted to Floating rate PIBs and Bank deposits which stood at 58.47% & 36.48% of total assets respectively. WAM of the fund increased to
1,113 days compared to 616 days in November 2019.

Going forward, we will adjust the duration of the fund based on interest rate outlook and changes in macroeconomic factors. For short term, we will look for trading
opportunities to optimize the returns.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 3,389 Dec-19 Nov-19
Net Assets excluding Fund of Funds (PKR in mln) 3,389 Cash 36.48% 27.57%
NAV 112.7639 TFCs / Sukuks 2.42% 2.76%
Launch Date 23-Jul-2010 T-Bills 0.00% 23.80%
Management Fee 1.25%p.a PIBs 58.47% 44.73%
Expense Ratio with Levies 1.27% Others Including Receivables 2.63% 1.14%
Expense Ratio without Levies 1.05% Total Including Fund of Funds 100.00% 100.00%
Selling & Marketing expense 0.28% Total Excluding Fund of Funds 100.00% 95.84%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor BDO Ebrahim & Co. Chartered Accountants
Benchmark Six (6) months PKRV rates
Type Open End
Category Sovereign Income Scheme
FUND RETURNS* HBL GSF BENCHMARK
Front end Load Upto 2.00%
Back end Load NIL Annualized Return Since Inception 13.71% 9.29%
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Year to Date Annualized Return 12.97% 13.54%
Dealing Days As per SBP/PSX Calendar Year to Date Annualized Return 12.07% 12.42%
Cut-off time 9:00 AM-4:00 PM 1 Month Annualized Return 14.77% 13.35%
Price Mechanism Forward Pricing 3 Month Annualized Return 11.20% 13.37%
Fund Stability Rating A+(f)(JCR VIS) 30-Dec-19 6 Month Annualized Return 12.97% 13.54%
Leverage NIL 1 Year Annualized Return 12.07% 12.42%
Risk Moderate 3 Years Annualized Return 8.60% 8.63%
Weighted Average Maturity (Days) 1,113 5 Years Annualized Return 9.08% 7.79%

*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)

INVESTMENT COMMITTEE ASSET QUALITY (% Total Assets)

Mir Adil Rashid Chief Executive Officer Gov. Sec.: 58.47%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] AAA: 29.60%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] AA+: 0.99%
AA-: 8.30%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019]
N.R./Others: 2.64%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019]

HBL GSF vs BENCHMARK (MoM Returns) WEIGHTED AVERAGE MATURITY

17.0% HBL GSF BENCHMARK

TFCs / Sukuks 2216

15.0%

13.0%
PIBs 1787

11.0%

Cash 1
9.0%
May-19

Nov-19
Mar-19

Aug-19

Dec-19
Oct-19
Sep-19
Feb-19

Apr-19

Jun-19
Jan-19

Jul-19

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of the Fund is to provide long-term capital growth and income by investing in multiple asset classes such as equity, equity-related instruments,
fixed-income securities, continuous funding system, derivatives, money market instruments, etc.

FUND MANAGER'S COMMENTS

The fund posted a return of 2.98% during Dec-19 against the benchmark return of 2.56%. The benchmark KSE-100 continued its positive momentum for the fourth
consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after making a high of 41,769 points during the month. Average
daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving economic fundamentals, 2) continued foreign inflows in local
debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index heavy weights whereby E&P sector contributed 563 points,
Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 58.87%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 204 Dec-19 Nov-19
NAV 110.7617 Cash 31.73% 30.05%
Launch Date 17-Dec-2007 Stock / Equities 58.87% 55.19%
Management Fee 2.00% p.a. TFCs / Sukuks 7.49% 12.14%
Expense Ratio with Levies 2.04% Others Including Receivables 1.91% 2.62%
Expense Ratio without Levies 1.59%
Selling & Marketing expense 0.17%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor KPMG Taseer Hadi & Co., Chartered Accountants
Benchmark Weighted average daily return of KSE-100 and 6M average PKRV
rates based on the actual proportion of investment in Equity and ASSET QUALITY (% Total Assets)
Fixed Income/Money Market component AAA: 2.94%
Type Open End AA: 1.89%
AA-: 34.37%
Category Balanced Scheme
N.R./Others: 60.80%
Front end Load Upto 2.00%
Back end Load NIL
AMC Rating AM2+ (JCR VIS) 31-Dec-19
Dealing Days As per SBP/PSX
Cut-off time 9:00 AM-4:00 PM
Price Mechanism Forward Pricing
Leverage NIL FUND RETURNS* HBL MAF BENCHMARK
Risk Moderate to High Cumulative Return Since Inception 210.77% 164.13%
Year to Date Return (Cumulative) 15.80% 14.30%
Calendar Year to Date Return (Cumulative) 12.70% 10.35%
INVESTMENT COMMITTEE 1 Month Cumulative Return 2.98% 2.56%
Mir Adil Rashid Chief Executive Officer 3 Month Cumulative Return 16.67% 16.27%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] 6 Month Cumulative Return 15.80% 14.30%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] 1 Year Cumulative Return 12.70% 10.35%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 3 Year Cumulative Return 1.24% -0.06%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] 5 Year Cumulative Return 28.81% 31.90%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] Standard Deviation** 16.21% 14.55%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] **Calculated on 12Month trailing data.

TOP TEN TFCs/SUKUKs HOLDINGS (% of Total Assets) SECTOR ALLOCATION (% of Total Assets)
Dec-19 Nov-19
Commercial Banks 17.16% 17.15%
The Bank of Punjab Ltd. 5.60%
Oil & Gas Exploration Companies 16.04% 14.28%
Fertilizer 6.46% 6.61%
Power Generation & Distribution 4.14% 3.97%
Dawood Hercules Corp. Ltd. Sukuk II 1.89% Cement 3.00% 2.35%
Others 12.07% 10.83%

HBL MAF vs. BENCHMARK (12M Rolling Returns) TOP TEN HOLDINGS (% of Total Assets)
HBL MAF BENCHMARK Pakistan Petroleum Ltd 5.28%
Oil & Gas Development Co Ltd 5.18%
Hub Power Company Ltd 3.43%
Mari Petroleum Company Ltd 3.30%
United Bank Limited 3.21%
Engro Corporation Ltd 3.21%
Habib Bank Ltd 3.12%
Bank Al-Falah Ltd 3.12%
Lucky Cement Ltd 2.69%
Bank Al-Habib Limited 2.55%
The scheme holds certain non-compliant investments. Before making any investment decision, investors should review non-compliant disclosure sheet and latest financial statements.
Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of the Fund is to provide long-term capital growth by investing primarily in a diversified pool of equities and equity-related instruments.

FUND MANAGER'S COMMENTS

The fund posted a return of 3.63% during Dec-19 against the benchmark return of 4.08%. The benchmark KSE-100 continued its positive momentum for the fourth
consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after making a high of 41,769 points during the month. Average
daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving economic fundamentals, 2) continued foreign inflows in local
debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index heavy weights whereby E&P sector contributed 563 points,
Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 88.35%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 2,484 Dec-19 Nov-19
Net Assets excluding Fund of Funds (PKR in mln) 2,429 Cash 10.54% 12.36%
NAV 106.5659 Stock / Equities 88.35% 85.69%
Launch Date 31-Aug-2007 T-Bills 0.38% 0.40%
Management Fee 2.00% p.a. Others Including Receivables 0.73% 1.55%
Expense Ratio with Levies 2.33% Total Including Fund of Funds 100.00% 100.00%
Expense Ratio without Levies 1.82% Total Excluding Fund of Funds 97.77% 97.61%
Selling & Marketing expense 0.37%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor Deloitte Yousuf Adil Pakistan
Benchmark KSE-30 (Total Return Index)
Type Open End
Category Equity Scheme
Front end Load Upto 2.50% SECTOR ALLOCATION (% of Total Assets)
Back end Load NIL Dec-19 Nov-19
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Commercial Banks 25.52% 27.44%
Dealing Days As per SBP/PSX Oil & Gas Exploration Companies 21.58% 21.18%
Cut-off time 9:00 AM-4:00 PM Fertilizer 9.12% 9.46%
Price Mechanism Forward Pricing Power Generation & Distribution 6.37% 6.16%
Leverage NIL Oil & Gas Marketing Companies 4.71% 4.16%
Risk High Others 21.05% 17.29%

INVESTMENT COMMITTEE FUND RETURNS* HBL SF BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception 206.29% 242.50%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 18.77% 21.90%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 12.51% 15.96%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 3.63% 4.08%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 3 Month Cumulative Return 25.63% 26.60%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 6 Month Cumulative Return 18.77% 21.90%
1 Year Cumulative Return 12.51% 15.96%
3 Year Cumulative Return -11.67% -13.84%
5 Year Cumulative Return 16.48% 27.47%
Standard Deviation** 26.55% 27.41%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
**Calculated on 12Month trailing data.

HBL SF vs. BENCHMARK (12M Rolling Returns) TOP TEN HOLDINGS (% of Total Assets)
HBL SF BENCHMARK
Oil & Gas Development Co Ltd 6.83%
Pakistan Petroleum Ltd 6.14%
Bank Al-Falah Ltd 5.57%
Hub Power Company Ltd 5.33%
Mari Petroleum Company Ltd 5.22%
United Bank Limited 5.13%
Engro Corporation Ltd 4.93%
Lucky Cement Ltd 3.87%
Bank Al-Habib Limited 3.75%
Pakistan Oilfields Ltd 3.39%

The scheme holds certain non-compliant investments. Before making any investment decision, investors should review non-compliant disclosure sheet and latest financial statements.
Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective is to invest in securities defined in the energy sector to provide investors access to high quality blue chip stocks in the Energy sector.

FUND MANAGER'S COMMENTS

The fund posted a return of 6.18% during Dec-19 against the benchmark return of 4.08%. The benchmark KSE-100 continued its positive momentum for the fourth
consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after making a high of 41,769 points during the month. Average
daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving economic fundamentals, 2) continued foreign inflows in local
debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index heavy weights whereby E&P sector contributed 563 points,
Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 89.98%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 866 Dec-19 Nov-19
NAV 13.0799 Cash 9.64% 8.75%
Launch Date*** 25-Jun-2013 Stock / Equities 89.98% 90.80%
Management Fee 2.00% p.a. Others Including Receivables 0.38% 0.45%
Expense Ratio with Levies 2.29%
Expense Ratio without Levies 1.77%
Selling & Marketing expense 0.37%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor BDO Ebrahim & Co. Chartered Accountants
Benchmark KSE-30 (Total Return)
Type Open End
Category Equity Scheme
Front end Load Upto 2.00%
Back end Load NIL SECTOR ALLOCATION (% of Total Assets)
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Dec-19 Nov-19
Dealing Days As per SBP/PSX Oil & Gas Exploration Companies 54.37% 56.98%
Cut-off time 9:00 AM-4:00 PM Oil & Gas Marketing Companies 21.23% 16.74%
Price Mechanism Forward Pricing Power Generation & Distribution 14.38% 17.08%
Leverage NIL
Risk High
***Conversion from Closed-End to Open-End Fund

INVESTMENT COMMITTEE FUND RETURNS* HBL EF BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception 48.22% 94.01%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 17.62% 21.90%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 5.33% 15.96%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 6.18% 4.08%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 3 Month Cumulative Return 27.46% 26.60%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 6 Month Cumulative Return 17.62% 21.90%
1 Year Cumulative Return 5.33% 15.96%
3 Year Cumulative Return -13.21% -13.84%
5 Year Cumulative Return 20.58% 27.47%
Standard Deviation** 32.20% 27.41%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
**Calculated on 12Month trailing data.

HBL EF vs. BENCHMARK (12M Rolling Returns) TOP TEN HOLDINGS (% of Total Assets)
HBL EF BENCHMARK
Pakistan Petroleum Ltd 14.92%
Oil & Gas Development Co Ltd 14.67%
Mari Petroleum Company Ltd 13.75%
Pakistan Oilfields Ltd 11.03%
Hub Power Company Ltd 10.48%
Pakistan State Oil Company Ltd 9.57%
Sui Northern Gas Pipeline Ltd 7.49%
K-Electric Limited 3.90%
Attock Petroleum Ltd 2.79%
Sui Southern Gas Co Ltd 1.38%

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The fund objective is to provide its investors maximum risk adjusted returns over longer investment horizon by investing in a diversified equity portfolio that offers
both capital gains and dividend income.

FUND MANAGER'S COMMENTS

The fund posted a return of 3.90% during Dec-19 against the benchmark return of 3.68%. The benchmark KSE-100 continued its positive momentum for the fourth
consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after making a high of 41,769 points during the month. Average
daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving economic fundamentals, 2) continued foreign inflows in local
debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index heavy weights whereby E&P sector contributed 563 points,
Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 91.75%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 327 Dec-19 Nov-19
Net Assets excluding Fund of Funds (PKR in mln) 327 Cash 6.85% 10.44%
NAV 112.4512 Stock / Equities 91.75% 85.44%
Launch Date 26-Sep-2011 Others Including Receivables 1.40% 4.12%
Management Fee 2.00% p.a.
Expense Ratio with Levies 2.74%
Expense Ratio without Levies 2.14%
Selling & Marketing expense 0.37%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor BDO Ebrahim & Co. Chartered Accountants
Benchmark KSE 100 Index
Type Open End
Category Equity Scheme
Front end Load Upto 2.00% SECTOR ALLOCATION (% of Total Assets)
Back end Load NIL Dec-19 Nov-19
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Commercial Banks 26.27% 27.10%
Dealing Days As per SBP/PSX Oil & Gas Exploration Companies 22.07% 21.01%
Cut-off time 9:00 AM-4:00 PM Fertilizer 9.32% 9.32%
Price Mechanism Forward Pricing Power Generation & Distribution 6.59% 5.82%
Leverage NIL Oil & Gas Marketing Companies 4.83% 4.14%
Risk High Others 22.67% 18.05%

INVESTMENT COMMITTEE FUND RETURNS* HBL EQF BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception 224.74% 253.26%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 20.41% 20.16%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 13.88% 9.90%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 3.90% 3.68%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 3 Month Cumulative Return 26.66% 26.98%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 6 Month Cumulative Return 20.41% 20.16%
1 Year Cumulative Return 13.88% 9.90%
3 Year Cumulative Return -7.35% -14.79%
5 Year Cumulative Return 22.68% 26.78%
Standard Deviation** 26.56% 25.53%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
**Calculated on 12Month trailing data.

HBL EQF vs. BENCHMARK (12M Rolling Returns) TOP TEN HOLDINGS (% of Total Assets)
HBL EQF BENCHMARK
Oil & Gas Development Co Ltd 7.08%
Pakistan Petroleum Ltd 6.36%
Bank Al-Falah Ltd 5.90%
Hub Power Company Ltd 5.59%
United Bank Limited 5.36%
Mari Petroleum Company Ltd 5.19%
Engro Corporation Ltd 5.05%
Lucky Cement Ltd 4.01%
Bank Al-Habib Limited 3.80%
Pakistan Oilfields Ltd 3.44%

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of HBL Growth Fund is to maximize the wealth of the unit holders by investing primarily in listed equities in the best available opportunities, while
considering acceptable risk parameters and applicable rules and regulations.

FUND MANAGER'S COMMENTS

The fund posted a return of 3.69% during Dec-19 as PSO and SNGP increased by 4.6% and 1.3% respectively. The benchmark KSE-100 continued its positive
momentum for the fourth consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after making a high of 41,769 points
during the month. Average daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving economic fundamentals, 2)
continued foreign inflows in local debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index heavy weights whereby E&P
sector contributed 563 points, Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 94.22%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 6,339 Dec-19 Nov-19
NAV 22.3615 Cash 2.18% 2.43%
Launch Date*** 02-Jul-2018 Stock / Equities 94.22% 93.86%
Management Fee 2.00% p.a. T-Bills 3.50% 3.56%
Expense Ratio with Levies 1.70% Others Including Receivables 0.10% 0.15%
Expense Ratio without Levies 1.54%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor Deloitte Yousuf Adil Pakistan
Benchmark KSE 100 Index
Type Open End (Frozen)
Category Equity Scheme
AMC Rating AM2+ (JCR VIS) 31-Dec-19
Dealing Days As per SBP/PSX
Price Mechanism Forward Pricing SECTOR ALLOCATION (% of Total Assets)
Leverage NIL Dec-19 Nov-19
Risk High Oil & Gas Marketing Companies 94.22% 93.86%

***Conversion from Closed-End to Open-End Fund

INVESTMENT COMMITTEE FUND RETURNS* HBL GF(A) BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception -12.34% -2.81%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 30.76% 20.16%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 4.09% 9.90%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 3.69% 3.68%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 3 Month Cumulative Return 41.93% 26.98%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 6 Month Cumulative Return 30.76% 20.16%
1 Year Cumulative Return 4.09% 9.90%
3 Year Cumulative Return N/A N/A
5 Year Cumulative Return N/A N/A
Standard Deviation** 45.78% 25.53%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
**Calculated on 12Month trailing data.

HBL GF(A) vs. BENCHMARK TOP TEN HOLDINGS (% of Total Assets)

HBL GF(A) BENCHMARK

Pakistan State Oil Company Ltd 82.36%

Sui Northern Gas Pipeline Ltd 11.86%

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of HBL Growth Fund is to maximize the wealth of the unit holders by investing primarily in listed equities in the best available opportunities, while
considering acceptable risk parameters and applicable rules and regulations.

FUND MANAGER'S COMMENTS

The fund posted a return of 3.65% during Dec-19 against the benchmark return of 3.68%. The benchmark KSE-100 continued its positive momentum for the fourth
consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after making a high of 41,769 points during the month. Average
daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving economic fundamentals, 2) continued foreign inflows in local
debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index heavy weights whereby E&P sector contributed 563 points,
Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 64.60%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 2,129 Dec-19 Nov-19
NAV 19.0781 Cash 25.61% 10.62%
Launch Date*** 02-Jul-2018 Stock / Equities 64.60% 82.93%
Management Fee 2.00% p.a. T-Bills 0.00% 4.36%
Expense Ratio with Levies 2.25% Others Including Receivables 9.79% 2.09%
Expense Ratio without Levies 1.82%
Selling & Marketing expense 0.37%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor Deloitte Yousuf Adil Pakistan
Benchmark KSE 100 Index
Type Open End
Category Equity Scheme
Front end Load Up to 2.00% [Class C]; Nil [Class B]
Back end Load NIL SECTOR ALLOCATION (% of Total Assets)
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Dec-19 Nov-19
Dealing Days As per SBP/PSX Commercial Banks 18.39% 25.98%
Cut-off time 9:00 AM-4:00 PM Oil & Gas Exploration Companies 14.56% 19.90%
Price Mechanism Forward Pricing Fertilizer 6.33% 8.82%
Leverage NIL Power Generation & Distribution 4.29% 5.82%
Risk High Textile Composite 3.32% 3.57%
Others 17.71% 18.84%
***Conversion from Closed-End to Open-End Fund

INVESTMENT COMMITTEE FUND RETURNS* HBL GF(B) BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception -0.63% -2.81%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 18.58% 20.16%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 12.18% 9.90%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 3.65% 3.68%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 3 Month Cumulative Return 25.75% 26.98%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 6 Month Cumulative Return 18.58% 20.16%
1 Year Cumulative Return 12.18% 9.90%
3 Year Cumulative Return N/A N/A
5 Year Cumulative Return N/A N/A
Standard Deviation** 26.53% 25.53%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
**Calculated on 12Month trailing data.

HBL GF(B) vs. BENCHMARK TOP TEN HOLDINGS (% of Total Assets)

HBL GF(B) BENCHMARK
Oil & Gas Development Co Ltd 4.57%
Bank Al-Falah Ltd 4.45%
Pakistan Petroleum Ltd 4.20%
Hub Power Company Ltd 3.60%
Mari Petroleum Company Ltd 3.53%
United Bank Limited 3.51%
Engro Corporation Ltd 3.42%
Lucky Cement Ltd 2.59%
Bank Al-Habib Limited 2.57%
Pakistan Oilfields Ltd 2.26%

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of HBL Investment Fund is to maximize the wealth of the unit holders by investing primarily in listed equities in the best available opportunities, while
considering acceptable risk parameters and applicable rules and regulations.

FUND MANAGER'S COMMENTS

The fund posted a return of 3.81% during Dec-19 outperforming the benchmark by 13bps as PSO and SNGP increased by 4.6% and 1.3% respectively. The benchmark
KSE-100 continued its positive momentum for the fourth consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after
making a high of 41,769 points during the month. Average daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving
economic fundamentals, 2) continued foreign inflows in local debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index
heavy weights whereby E&P sector contributed 563 points, Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 94.24%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 2,272 Dec-19 Nov-19
NAV 7.9955 Cash 2.58% 2.85%
Launch Date*** 02-Jul-2018 Stock / Equities 94.24% 93.88%
Management Fee 2.00% p.a. T-Bills 3.04% 3.12%
Expense Ratio with Levies 1.74% Others Including Receivables 0.14% 0.15%
Expense Ratio without Levies 1.58%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor Deloitte Yousuf Adil Pakistan
Benchmark KSE 100 Index
Type Open End (Frozen)
Category Equity Scheme
AMC Rating AM2+ (JCR VIS) 31-Dec-19
Dealing Days As per SBP/PSX
Price Mechanism Forward Pricing SECTOR ALLOCATION (% of Total Assets)
Leverage NIL Dec-19 Nov-19
Risk High Oil & Gas Marketing Companies 94.24% 93.88%

***Conversion from Closed-End to Open-End Fund

INVESTMENT COMMITTEE FUND RETURNS* HBL IF(A) BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception -12.04% -2.81%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 31.95% 20.16%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 4.01% 9.90%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 3.81% 3.68%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 3 Month Cumulative Return 42.99% 26.98%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 6 Month Cumulative Return 31.95% 20.16%
1 Year Cumulative Return 4.01% 9.90%
3 Year Cumulative Return N/A N/A
5 Year Cumulative Return N/A N/A
Standard Deviation** 46.34% 25.53%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
**Calculated on 12Month trailing data.

HBL IF(A) vs. BENCHMARK TOP TEN HOLDINGS (% of Total Assets)

HBL IF(A) BENCHMARK

Pakistan State Oil Company Ltd 85.94%

Sui Northern Gas Pipeline Ltd 8.30%

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of HBL Investment Fund is to maximize the wealth of the unit holders by investing primarily in listed equities in the best available opportunities, while
considering acceptable risk parameters and applicable rules and regulations.

FUND MANAGER'S COMMENTS

The fund posted a return of 3.56% during Dec-19 against the benchmark return of 3.68%. The benchmark KSE-100 continued its positive momentum for the fourth
consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after making a high of 41,769 points during the month. Average
daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving economic fundamentals, 2) continued foreign inflows in local
debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index heavy weights whereby E&P sector contributed 563 points,
Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 63.67%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 1,490 Dec-19 Nov-19
NAV 9.9577 Cash 24.20% 12.03%
Launch Date*** 02-Jul-2018 Stock / Equities 63.67% 84.19%
Management Fee 2.00% p.a. T-Bills 0.00% 2.12%
Expense Ratio with Levies 2.31% Others Including Receivables 12.13% 1.66%
Expense Ratio without Levies 1.81%
Selling & Marketing expense 0.37%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor Deloitte Yousuf Adil Pakistan
Benchmark KSE 100 Index
Type Open End
Category Equity Scheme
Front end Load Up to 2.00% [Class C]; Nil [Class B]
Back end Load NIL SECTOR ALLOCATION (% of Total Assets)
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Dec-19 Nov-19
Dealing Days As per SBP/PSX Commercial Banks 18.21% 26.32%
Cut-off time 9:00 AM-4:00 PM Oil & Gas Exploration Companies 14.36% 20.32%
Price Mechanism Forward Pricing Fertilizer 6.28% 8.97%
Leverage NIL Power Generation & Distribution 4.23% 5.96%
Risk High Textile Composite 3.28% 3.63%
Others 17.31% 18.99%
***Conversion from Closed-End to Open-End Fund

INVESTMENT COMMITTEE FUND RETURNS* HBL IF(B) BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception -0.82% -2.81%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 18.44% 20.16%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 12.00% 9.90%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 3.56% 3.68%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 3 Month Cumulative Return 25.44% 26.98%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 6 Month Cumulative Return 18.44% 20.16%
1 Year Cumulative Return 12.00% 9.90%
3 Year Cumulative Return N/A N/A
5 Year Cumulative Return N/A N/A
Standard Deviation** 26.38% 25.53%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
**Calculated on 12Month trailing data.

HBL IF(B) vs. BENCHMARK TOP TEN HOLDINGS (% of Total Assets)

HBL IF(B) BENCHMARK
Bank Al-Falah Ltd 4.53%
Oil & Gas Development Co Ltd 4.48%
Pakistan Petroleum Ltd 4.16%
Hub Power Company Ltd 3.55%
Mari Petroleum Company Ltd 3.50%
United Bank Limited 3.46%
Engro Corporation Ltd 3.41%
Lucky Cement Ltd 2.55%
Bank Al-Habib Limited 2.53%
Pakistan Oilfields Ltd 2.22%

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
To provide a secure source of savings and regular income after retirement to the Participants
FUND MANAGER'S COMMENTS
MONEY MARKET SUB FUND: The fund posted a return of 15.34% in the month of December, 2019. During the month, fund increased exposure in Cash and decreased
exposure in T-Bills, weighted average maturity of the fund stood at 5 days.

DEBT SUB FUND: The fund posted a return of 17.53% in the month of December, 2019. During the month, fund increased exposure in cash and decreased exposure in
PIBs. Weighted average maturity of the fund stood at 763 days.

EQUITY SUB FUND: The fund posted a return of 3.73% in the month of December, 2019. During the month, the fund size increased to PKR 238mn compared to PKR
226mn in November, 2019.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Launch Date 16-Dec-2011 Money Market Sub-Fund Dec-19 Nov-19
Management Fee 1.50% p.a. Cash 76.64% 40.47%
Trustee Central Depository Co. of Pakistan T-Bills 22.53% 58.54%
Auditor KPMG Taseer Hadi & Co. Others Including Receivables 0.83% 0.99%
Category Pensions Scheme
Front end Load Upto 3.00%
Back end Load NIL
AMC Rating AM2+ (JCR VIS) 31-Dec-19
Dealing Days As per SBP/PSX Debt Sub Fund
Cut-off time 9:00 AM-4:00 PM Cash 35.72% 17.88%
Price Mechanism Forward Pricing TFCs / Sukuks 18.95% 18.71%
Leverage NIL T-Bills 26.72% 32.59%
Risk Investor Dependent PIBs 16.80% 29.04%
Others Including Receivables 1.81% 1.78%
RELATED INFORMATION MMSF DSF ESF
Net Assets (PKR in mln) 117 173 238
NAV 168.6025 188.8275 384.7822
WAM (Days) 5 763 N/A Equity Sub Fund
Cash 6.50% 5.36%
Stock / Equities 93.38% 94.29%
Others Including Receivables 0.12% 0.35%

INVESTMENT COMMITTEE SECTOR ALLOCATION (% of Total Assets)

Mir Adil Rashid Chief Executive Officer Dec-19 Nov-19
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Commercial Banks 24.83% 27.57%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Oil & Gas Exploration Companies 23.24% 21.73%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| Fertilizer 9.52% 10.31%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] Power Generation & Distribution 6.07% 6.28%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] Oil & Gas Marketing Companies 5.04% 4.66%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] Others 24.68% 23.74%

FUND RETURNS* MMSF DSF ESF TOP TEN HOLDINGS (% of Total Assets)
Cumulative Return Since Inception 8.52% 11.04% 284.78% Pakistan Petroleum Ltd 7.46%
Year to Date Return (Cumulative) 12.34% 19.44% 22.05%
Oil & Gas Development Co Ltd 7.43%
Calendar Year to Date Return (Cumulative) 11.01% 15.32% 16.43%
1 Month Cumulative Return 15.34% 17.53% 3.73% Bank Al-Falah Ltd 5.62%
3 Month Cumulative Return 12.80% 14.64% 28.24% United Bank Limited 5.37%
6 Month Cumulative Return 12.34% 19.44% 22.05% Engro Corporation Ltd 5.21%
1 Year Cumulative Return 11.01% 15.32% 16.43%
Mari Petroleum Company Ltd 5.06%
3 Year Cumulative Return 7.39% 8.73% -4.72%
5 Year Cumulative Return 6.81% 8.84% 47.47% Hub Power Company Ltd 4.61%
Standard Deviation** 2.07% 8.48% 26.69% Lucky Cement Ltd 3.96%
*Funds returns computed on NAV to NAV (excluding sales load if any)
**Calculated on 12Month trailing data.
Bank Al-Habib Limited 3.78%
MCB Bank Ltd 3.40%

MONEY MARKET SUB-FUND ASSET QUALITY (% Total Assets) DEBT SUB-FUND ASSET QUALITY (% Total Assets)
Gov. Sec.: 22.53% Gov. Sec.: 43.52%
AAA: 37.86% AAA: 35.72%
AA+: 0.01% AA+: 8.52%
AA: 0.65% AA: 9.76%
N.R./Others: 2.48%
AA-: 38.12%
N.R./Others: 0.83%

HBL PENSION FUND (MoM Returns)

39.0% MMSF DSF ESF
37.0%
35.0%
-5.0%
-7.0%
-9.0%
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
To generate returns on Investment as per the respective Allocation Plan by investing in Mutual Funds in line with the risk tolerance of the Investor.

FUND MANAGER'S COMMENTS

CONSERVATIVE ALLOCATION PLAN:
The plan posted a return of 1.52% during the month of December, 2019 against the benchmark return of 1.65%.

ACTIVE ALLOCATION PLAN:

The plan posted a return of 2.42% during the month of December, 2019 against the benchmark return of 2.64%.

SPECIAL INCOME PLAN:

The plan posted a return of 1.22% during the month of December, 2019 against the benchmark return of 1.16%.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Launch Date 10-Oct-2017 CAP Dec-19 Nov-19
Management Fee NIL (1.0% p.a. Management Fee will be Cash 0.30% 0.33%
charged if investment is made in funds Fixed Income Funds 78.72% 77.09%
other than HBL Asset Management) Equity Funds 19.69% 21.24%
Listing Pakistan Stock Exchange Others Including Receivables 1.29% 1.34%
Trustee MCB Financial Services Limited (MCB FSL) AAP
Auditor BDO Ebrahim & Co. Chartered Accountants Cash 0.18% 0.16%
Benchmark Weighted Avg. Daily Return of KSE-100 Index, 6M KIBOR and Fixed Income Funds 42.41% 42.99%
3M PKRV (70%) & 3M deposit [Link] of three AA rated Equity Funds 56.35% 55.75%
banks (30%) Others Including Receivables 1.06% 1.10%
Type Open End
Category Fund of Funds Scheme SIP
Front end Load Upto 2.00% Cash 7.90% 9.08%
Back end Load SAP:(1% for 1 Year and 0.5% thereon) Fixed Income Funds 92.05% 90.86%
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Others Including Receivables 0.05% 0.06%
Dealing Days As per SBP/PSX
Cut-off time 9:00 AM-4:00 PM
Price Mechanism Forward Pricing
Leverage NIL
Risk Investor Dependent (Medium to High)

RELATED INFORMATION CAP AAP SIP FUND RETURNS* CAP BENCHMARK

Net Assets (PKR in mln) 55 79 154 Cumulative Return Since Inception 15.63% 17.14%
NAV 112.6474 109.8632 103.3029 Year to Date Return (Cumulative) 8.50% 9.35%
Expense Ratio with Levies 0.50% 0.64% 0.22% Calendar Year to Date Return (Cumulative) 11.01% 11.93%
Expense Ratio without Levies 0.34% 0.41% 0.14% 1 Month Cumulative Return 1.52% 1.65%
3 Month Cumulative Return 7.12% 7.70%
6 Month Cumulative Return 8.50% 9.35%
1 Year Cumulative Return 11.01% 11.93%

INVESTMENT COMMITTEE FUND RETURNS* AAP BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception 9.86% 11.53%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 13.28% 15.90%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 14.59% 15.69%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 2.42% 2.64%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] 3 Month Cumulative Return 13.42% 15.26%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 6 Month Cumulative Return 13.28% 15.90%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 1 Year Cumulative Return 14.59% 15.69%

FUND RETURNS* SIP BENCHMARK

Cumulative Return Since Inception 3.30% 3.93%
Year to Date Return (Cumulative) N/A N/A
Calendar Year to Date Return (Cumulative) N/A N/A
1 Month Cumulative Return 1.22% 1.16%
3 Month Cumulative Return 2.67% 3.39%
6 Month Cumulative Return N/A N/A
1 Year Cumulative Return N/A N/A
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load)

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of HBL Islamic Money Market Fund is to seek high liquidity, competitive return and maximum possible preservation of capital for investors by
investment in low risk Shariah Compliant securities.

FUND MANAGER'S COMMENTS

The fund earned an annualized return of 12.84% during the month of December 2019 when compared benchmark return of 5.19%, an out-performance of 765 bps.
Fund size at the end of the month stood at PKR 1,732 million as compared to PKR 1,257 million in November 2019.

HBL Islamic Money Market Fund aims to deliver market competitive returns to investors keeping in mind short term liquidity requirements. At the end of the month,
weighted average time to maturity of the fund stood at 6 days as the exposure in Commercial Papers diluted on account of fresh inflows on account of investments.

Islamic Money Market Fund is alternative to cash in bank deposits because, in general, return of money market fund is higher than deposit rates offered by the Islamic
banks on savings accounts and the same day redemption feature makes the fund more comparable with the bank deposits.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 1,732 Dec-19 Nov-19
Net Assets excluding Fund of Funds (PKR in mln) 1,732 Cash 92.10% 89.19%
NAV 101.9989 Commercial Paper 6.96% 9.36%
Launch Date 10-May-2011 Others Including Receivables 0.94% 1.45%
Management Fee 1.00%p.a Total Including Fund of Funds 100.00% 100.00%
Expense Ratio with Levies 0.85% Total Excluding Fund of Funds 100.00% 100.00%
Expense Ratio without Levies 0.66%
Selling & Marketing expense 0.07%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor KPMG Taseer Hadi & Co., Chartered Accountants
Benchmark Three months average deposit rates of three
(3) AA rated Islamic Banks or Islamic
windows of Conventional Banks as selected FUND RETURNS* HBL IMMF BENCHMARK
by MUFAP
Type Open End Annualized Return Since Inception 9.25% 5.35%
Category Shariah Compliant Money Market Scheme Year to Date Annualized Return 12.13% 5.49%
Front end Load Upto 1.00% Calendar Year to Date Annualized Return 11.03% 4.69%
Back end Load NIL 1 Month Annualized Return 12.84% 5.19%
AMC Rating AM2+ (JCR VIS) 31-Dec-19 3 Month Annualized Return 12.26% 5.57%
Dealing Days As per SBP/PSX 6 Month Annualized Return 12.13% 5.49%
Cut-off time 9:00 AM-4:00 PM [Same day redemption 09:30AM] 1 Year Annualized Return 11.03% 4.69%
Price Mechanism Backward Pricing 3 Years Annualized Return 7.37% 3.32%
Fund Stability Rating AA(f) (JCR VIS) 30-Dec-19 5 Years Annualized Return 6.74% 4.10%
Leverage NIL
Risk Low
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
Weighted Average Maturity (Days) 6

INVESTMENT COMMITTEE ASSET QUALITY (% Total Assets)

Mir Adil Rashid Chief Executive Officer AAA: 70.46%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] AA+: 7.18%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] AA: 21.42%
N.R./Others: 0.94%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019]
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019]

HBL IMMF vs BENCHMARK (MoM Returns) WEIGHTED AVERAGE MATURITY

14.0% HBL IMMF BENCHMARK

12.0% Commercial Paper 71

10.0%

8.0%
Cash 1

6.0%
May-19

Nov-19
Mar-19

Aug-19

Dec-19
Oct-19
Sep-19
Feb-19

Apr-19

Jun-19
Jan-19

Jul-19

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The Investment Objective of the Fund is to provide competitive risk adjusted returns to its investors by investing in a diversified portfolio of long, medium and short
term Shariah compliant debt instruments while taking in to account liquidity considerations.

FUND MANAGER'S COMMENTS

The fund earned an annualized return of 11.95% for the month of December compared to the benchmark performance of 6.70%, showing an out-performance of 525
bps. Fund size decreased by 6.3% to PKR 1,405 million compared to PKR 1,499 million in November 2019.

At the end of the month, asset allocation of the fund comprised of 54.7% investment in bank deposits and 35.1% exposure in Corporate Sukuk. The weighted average
time to maturity (WAM) of the portfolio increased to 631 days compared to 609 days which is attributable to the decline in fund size.

Going forward, return is expected to remain competitive due to Sukuk re-pricing of majority Sukuk holding by the Fund. Furthermore, accruals will remain on the
higher side due to healthy exposure in floating rate KIBOR linked Sukuk.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 1,405 Dec-19 Nov-19
Net Assets excluding Fund of Funds (PKR in mln) 1,321 Cash 54.67% 54.03%
NAV 107.2031 TFCs / Sukuks 35.07% 35.36%
Launch Date 28-May-2014 Commercial Paper 7.94% 7.81%
Management Fee 1.3850% Others Including Receivables 2.32% 2.80%
Expense Ratio with Levies 1.14% Total Including Fund of Funds 100.00% 100.00%
Expense Ratio without Levies 0.94% Total Excluding Fund of Funds 94.00% 94.21%
Selling & Marketing expense 0.20%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor BDO Ebrahim & Co. Chartered Accountants
Benchmark Six (6) months average deposit rates of
three (3) A rated scheduled Islamic Banks or
Islamic widows of conventional banks FUND RETURNS* HBL IIF BENCHMARK
selected by MUFAP.
Type Open End Annualized Return Since Inception 8.00% 4.48%
Category Shariah Compliant Income Scheme Year to Date Annualized Return 11.17% 6.12%
Front end Load Upto 2.00% Calendar Year to Date Annualized Return 10.24% 5.29%
Back end Load NIL 1 Month Annualized Return 11.95% 6.70%
AMC Rating AM2+ (JCR VIS) 31-Dec-19 3 Month Annualized Return 9.87% 6.51%
Dealing Days As per SBP/PSX 6 Month Annualized Return 11.17% 6.12%
Cut-off time 9:00 AM-4:00 PM 1 Year Annualized Return 10.24% 5.29%
Price Mechanism Forward Pricing 3 Years Annualized Return 7.88% 3.50%
Fund Stability Rating A+(f) (JCR VIS) 30-Dec-19 5 Years Annualized Return 7.59% 4.20%
Leverage NIL
Risk Moderate
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
Weighted Average Maturity (Days) 631

INVESTMENT COMMITTEE ASSET QUALITY (% Total Assets)

Mir Adil Rashid Chief Executive Officer AAA: 19.83%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] AA+: 7.99%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] AA: 27.96%
AA-: 0.01%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019]
A+: 36.96%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] A: 0.01%
A-: 4.89%
N.R./Others: 2.35%

HBL IIF vs BENCHMARK (MoM Returns) TOP TEN HOLDINGS TFCs/SUKUKs (% of Total Assets)
13.0% HBL IIF BENCHMARK
Dubai Islamic Bank Ltd. Sukuk I 10.83%

11.0% Agha Steel Industries Limited 6.23%

International Brands Ltd. 6.09%

9.0%
Ghani Gases Ltd. Sukuk 4.89%

7.0% AGP Ltd. Sukuk 3.28%

Dawood Hercules Corp. Ltd. Sukuk II 2.65%

5.0%
May-19

Nov-19
Mar-19

Aug-19

Dec-19
Oct-19
Sep-19
Feb-19

Apr-19

Jun-19

Dawood Hercules Corp. Ltd. Sukuk I 1.08%

Jan-19

Jul-19

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of the Fund is to provide superior returns through investments in Shariah Complaint equity securities and Shariah Compliant income /money market
instruments.

FUND MANAGER'S COMMENTS

The fund posted a return of 1.92% during Dec-19 against the benchmark return of 1.72%. The benchmark KSE-100 continued its positive momentum for the fourth
consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after making a high of 41,769 points during the month. Average
daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving economic fundamentals, 2) continued foreign inflows in local
debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index heavy weights whereby E&P sector contributed 563 points,
Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 24.73%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 459 Dec-19 Nov-19
NAV 113.3854 Cash 18.98% 33.95%
Launch Date 08-Jan-2016 Stock / Equities 24.73% 27.73%
Management Fee 1.50% p.a. TFCs / Sukuks 26.27% 28.08%
Expense Ratio with Levies 1.79% Commercial Paper 7.82% 8.42%
Expense Ratio without Levies 1.48% Others Including Receivables 4.53% 1.82%
Selling & Marketing expense 0.23%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor KPMG Taseer Hadi & Co., Chartered Accountants
Benchmark Weighted average daily return of KMI-30 and 6M deposit rate of 3
A rated (and above) Islamic Banks as per MUFAP, based on the ASSET QUALITY (% Total Assets)
actual proportion held by the Scheme AAA: 0.49%
Type Open End AA: 33.36%
AA-: 7.82%
Category Shariah Compliant Asset Allocation Scheme
A+: 29.04%
Front end Load Upto 2.00% A: 0.01%
Back end Load NIL N.R./Others: 29.28%
AMC Rating AM2+ (JCR VIS) 31-Dec-19
Dealing Days As per SBP/PSX
Cut-off time 9:00 AM-4:00 PM
Price Mechanism Forward Pricing
Leverage NIL FUND RETURNS* HBL IAAF BENCHMARK
Risk Moderate to High Cumulative Return Since Inception 22.23% 18.50%
Year to Date Return (Cumulative) 9.80% 8.13%
Calendar Year to Date Return (Cumulative) 9.38% 6.38%
INVESTMENT COMMITTEE 1 Month Cumulative Return 1.92% 1.72%
Mir Adil Rashid Chief Executive Officer 3 Month Cumulative Return 9.71% 8.56%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] 6 Month Cumulative Return 9.80% 8.13%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] 1 Year Cumulative Return 9.38% 6.38%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 3 Year Cumulative Return 9.18% 3.15%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] 5 Year Cumulative Return N/A N/A
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] Standard Deviation** 8.26% 7.78%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] **Calculated on 12Month trailing data.

TOP TEN TFCs/SUKUKs HOLDINGS (% of Total Assets) SECTOR ALLOCATION (% of Total Assets)
Dubai Islamic Bank Ltd. Sukuk I 22.66%
Dec-19 Nov-19
Oil & Gas Exploration Companies 8.10% 9.93%
Dawood Hercules Corp. Ltd. Sukuk II 10.65% Fertilizer 4.10% 5.16%
Agha Steel Industries Limited 6.03% Power Generation & Distribution 2.61% 2.88%
Cement 1.50% 1.54%
Dawood Hercules Corp. Ltd. Sukuk I 3.06% Oil & Gas Marketing Companies 1.49% 1.58%
International Brands Ltd. 1.54% Others 6.93% 6.64%

HBL IAAF vs. BENCHMARK (12M Rolling Returns) TOP TEN HOLDINGS (% of Total Assets)
HBL IAAF BENCHMARK Pakistan Petroleum Ltd 2.74%
Oil & Gas Development Co Ltd 2.70%
Engro Corporation Ltd 2.47%
Hub Power Company Ltd 2.09%
Mari Petroleum Company Ltd 1.67%
Lucky Cement Ltd 1.27%
Meezan Bank Ltd 1.16%
Thal Limited 1.02%
Pakistan State Oil Company Ltd 1.01%
Pakistan Oilfields Ltd 0.99%
The scheme holds certain non-compliant investments. Before making any investment decision, investors should review non-compliant disclosure sheet and latest financial statements.
Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of the Fund is to achieve long-term capital growth by investing mainly in Shariah Compliant equity securities.

FUND MANAGER'S COMMENTS

The fund posted a return of 5.24% during Dec-19 against the benchmark return of 5.29%. The benchmark KSE-100 continued its positive momentum for the fourth
consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after making a high of 41,769 points during the month. Average
daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving economic fundamentals, 2) continued foreign inflows in local
debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index heavy weights whereby E&P sector contributed 563 points,
Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 92.25%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 705 Dec-19 Nov-19
Net Assets excluding Fund of Funds (PKR in mln) 684 Cash 7.23% 5.67%
NAV 110.6179 Stock / Equities 92.25% 92.70%
Launch Date 10-May-2011 Others Including Receivables 0.52% 1.63%
Management Fee 2.00% p.a. Total Including Fund of Funds 100.00% 100.00%
Expense Ratio with Levies 2.41% Total Excluding Fund of Funds 97.05% 96.69%
Expense Ratio without Levies 1.88%
Selling & Marketing expense 0.37%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor Deloitte Yousuf Adil Pakistan
Benchmark KMI-30 Index
Type Open End
Category Shariah Compliant Equity Scheme
Front end Load Upto 2.00% SECTOR ALLOCATION (% of Total Assets)
Back end Load NIL Dec-19 Nov-19
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Oil & Gas Exploration Companies 32.41% 33.72%
Dealing Days As per SBP/PSX Fertilizer 15.24% 15.60%
Cut-off time 9:00 AM-4:00 PM Power Generation & Distribution 10.08% 10.03%
Price Mechanism Forward Pricing Oil & Gas Marketing Companies 6.19% 5.74%
Leverage NIL Cement 5.95% 5.01%
Risk High Others 22.38% 22.60%

INVESTMENT COMMITTEE FUND RETURNS* HBL ISF BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception 170.44% 225.83%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 21.17% 22.01%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 8.45% 7.94%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 5.24% 5.29%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 3 Month Cumulative Return 28.88% 29.09%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 6 Month Cumulative Return 21.17% 22.01%
1 Year Cumulative Return 8.45% 7.94%
3 Year Cumulative Return -15.44% -19.27%
5 Year Cumulative Return 13.58% 30.15%
Standard Deviation** 27.10% 28.41%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
**Calculated on 12Month trailing data.

HBL ISF vs. BENCHMARK (12M Rolling Returns) TOP TEN HOLDINGS (% of Total Assets)
HBL ISF BENCHMARK
Oil & Gas Development Co Ltd 11.00%
Pakistan Petroleum Ltd 10.15%
Engro Corporation Ltd 8.96%
Hub Power Company Ltd 8.08%
Mari Petroleum Company Ltd 6.99%
Lucky Cement Ltd 5.00%
Pakistan Oilfields Ltd 4.27%
Pakistan State Oil Company Ltd 3.95%
Meezan Bank Ltd 3.92%
Engro Polymer & Chemicals Ltd 3.74%

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of the Fund is to provide the maximum total return to the unit holders from investment in shariah compliant equity investments for the given level of
risk.

FUND MANAGER'S COMMENTS

The fund posted a return of 4.99% during Dec-19 against the benchmark return of 5.29%. The benchmark KSE-100 continued its positive momentum for the fourth
consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after making a high of 41,769 points during the month. Average
daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving economic fundamentals, 2) continued foreign inflows in local
debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index heavy weights whereby E&P sector contributed 563 points,
Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 91.61%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 525 Dec-19 Nov-19
Net Assets excluding Fund of Funds (PKR in mln) 475 Cash 7.31% 12.01%
NAV 92.4580 Stock / Equities 91.61% 87.11%
Launch Date 28-May-2014 Others Including Receivables 1.08% 0.88%
Management Fee 2.00% p.a. Total Including Fund of Funds 100.00% 100.00%
Expense Ratio with Levies 3.12% Total Excluding Fund of Funds 90.37% 89.80%
Expense Ratio without Levies 2.36%
Selling & Marketing expense 0.37%
Listing Pakistan Stock Exchange
Trustee Central Depository Co. of Pakistan
Auditor BDO Ebrahim & Co. Chartered Accountants
Benchmark KMI-30 Index
Type Open End
Category Shariah Compliant Equity Scheme
Front end Load Upto 2.00% SECTOR ALLOCATION (% of Total Assets)
Back end Load NIL Dec-19 Nov-19
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Oil & Gas Exploration Companies 31.30% 31.93%
Dealing Days As per SBP/PSX Fertilizer 14.86% 14.62%
Cut-off time 9:00 AM-4:00 PM Power Generation & Distribution 9.76% 9.60%
Price Mechanism Forward Pricing Oil & Gas Marketing Companies 6.04% 5.71%
Leverage NIL Cement 5.74% 4.66%
Risk High Others 23.91% 20.59%

INVESTMENT COMMITTEE FUND RETURNS* HBL IEF BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception 52.00% 41.32%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 20.41% 22.01%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 9.62% 7.94%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 4.99% 5.29%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 3 Month Cumulative Return 27.41% 29.09%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 6 Month Cumulative Return 20.41% 22.01%
1 Year Cumulative Return 9.62% 7.94%
3 Year Cumulative Return -12.67% -19.27%
5 Year Cumulative Return 28.09% 30.15%
Standard Deviation** 26.56% 28.41%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
**Calculated on 12Month trailing data.

HBL IEF vs. BENCHMARK (12M Rolling Returns) TOP TEN HOLDINGS (% of Total Assets)
HBL IEF BENCHMARK
Oil & Gas Development Co Ltd 10.50%
Pakistan Petroleum Ltd 9.97%
Engro Corporation Ltd 8.93%
Hub Power Company Ltd 7.78%
Mari Petroleum Company Ltd 6.75%
Lucky Cement Ltd 4.81%
Pakistan Oilfields Ltd 4.08%
Pakistan State Oil Company Ltd 3.90%
Meezan Bank Ltd 3.75%
Engro Polymer & Chemicals Ltd 3.75%

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
The objective of the Fund is to provide capital appreciation to investors of 'Fund of Funds' schemes by investing in Shariah compliant equity securities.

FUND MANAGER'S COMMENTS

The fund posted a return of 5.28% during Dec-19 against the benchmark return of 5.29%. The benchmark KSE-100 continued its positive momentum for the fourth
consecutive month gaining 3.70% in the month of Dec-19, closing at 40,735pts (up 1,447pts MoM) after making a high of 41,769 points during the month. Average
daily value was up by 12%MoM. The robust performance of the index can be attributed to 1) improving economic fundamentals, 2) continued foreign inflows in local
debt securities and 3) Expectation of Energy Sukuk. The market performance came on the back of index heavy weights whereby E&P sector contributed 563 points,
Commercial Banks contributed 329 points and Fertilizer contributed 143 points during the month.

Moving ahead, Pakistan equities are expected to gain further traction due to cheaper valuation and expected cut in policy rate. We will maintain our strategic focus
towards "bottom-up" approach and continue to align exposure towards stocks with strong earnings potential. At the end of the month, your fund was 93.78%
invested in equities.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Net Assets (PKR in mln) 224 Dec-19 Nov-19
Net Assets excluding Fund of Funds (PKR in mln) NIL Cash 0.61% 7.42%
NAV 101.1208 Stock / Equities 93.78% 88.24%
Launch Date 01-Oct-2018 Others Including Receivables 5.61% 4.34%
Management Fee 2.00% p.a. Total Including Fund of Funds 100.00% 100.00%
Expense Ratio with Levies 3.32% Total Excluding Fund of Funds N/A N/A
Expense Ratio without Levies 2.59%
Selling & Marketing expense 0.37%
Trustee MCB Financial Services Limited (MCB FSL)
Auditor Deloitte Yousuf Adil Pakistan
Benchmark KMI-30 Index
Type Open End
Category Shariah Compliant Dedicated Equity Scheme
Front end Load NIL
Back end Load NIL SECTOR ALLOCATION (% of Total Assets)
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Dec-19 Nov-19
Dealing Days As per SBP/PSX Oil & Gas Exploration Companies 33.54% 32.27%
Cut-off time 9:00 AM-4:00 PM Fertilizer 15.91% 16.67%
Price Mechanism Forward Pricing Power Generation & Distribution 10.96% 9.01%
Leverage NIL Oil & Gas Marketing Companies 7.04% 5.90%
Risk High Cement 6.54% 5.08%
Others 19.79% 19.31%

INVESTMENT COMMITTEE FUND RETURNS* HBL IDEF BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception 1.12% 3.13%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 20.62% 22.01%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 7.73% 7.94%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 5.28% 5.29%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 3 Month Cumulative Return 27.17% 29.09%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 6 Month Cumulative Return 20.62% 22.01%
1 Year Cumulative Return 7.73% 7.94%
3 Year Cumulative Return N/A N/A
5 Year Cumulative Return N/A N/A
Standard Deviation** 26.26% 28.41%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load if any)
**Calculated on 12Month trailing data.

HBL IDEF vs. BENCHMARK TOP TEN HOLDINGS (% of Total Assets)

HBL IDEF BENCHMARK
Pakistan Petroleum Ltd 11.28%
Oil & Gas Development Co Ltd 11.26%
Hub Power Company Ltd 9.95%
Engro Corporation Ltd 9.05%
Mari Petroleum Company Ltd 6.87%
Lucky Cement Ltd 5.54%
Meezan Bank Ltd 5.14%
Pakistan Oilfields Ltd 4.13%
Pakistan State Oil Company Ltd 4.09%
Engro Polymer & Chemicals Ltd 3.85%

The scheme holds certain non-compliant investments. Before making any investment decision, investors should review non-compliant disclosure sheet and latest financial statements.
Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
To provide a secure and Shariah compliant source of savings and regular income after retirement to the Participants
FUND MANAGER'S COMMENTS
MONEY MARKET SUB FUND: The fund posted a return of 8.91% in the month of December, 2019. During the month, the fund size decreased to PKR 49mn compared
to PKR 50mn in November, 2019. Weighted average maturity (WAM) of the fund stood at 4 days.

DEBT SUB FUND: The fund posted a return of 9.07% in the month of December, 2019. During the month, the fund size decreased to PKR 64mn compared to PKR
68mn in November, 2019. Weighted average maturity (WAM) of the fund stood at 171 days.

EQUITY SUB FUND: The fund posted a return of 5.02% in the month of December, 2019. During the month, the fund size decreased to PKR 155mn compared to PKR
156mn in November, 2019.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Launch Date 16-Dec-2011 Money Market Sub-Fund Dec-19 Nov-19
Management Fee 1.50% p.a. Cash 94.06% 72.93%
Trustee Central Depository Co. of Pakistan Commercial Paper 4.88% 4.72%
Auditor KPMG Taseer Hadi & Co. Placement with Banks & DFI 0.00% 20.57%
Category Shariah Compliant Pension Scheme Others Including Receivables 1.06% 1.78%
Front end Load Upto 3.00%
Back end Load NIL
AMC Rating AM2+ (JCR VIS) 31-Dec-19
Dealing Days As per SBP/PSX Debt Sub Fund
Cut-off time 9:00 AM-4:00 PM Cash 80.99% 79.50%
Price Mechanism Forward Pricing TFCs / Sukuks 17.75% 17.65%
Leverage NIL Others Including Receivables 1.26% 2.85%
Risk Investor Dependent

RELATED INFORMATION MMSF DSF ESF

Net Assets (PKR in mln) 49 64 155
NAV 155.3844 159.6536 399.7499
WAM (Days) 4 171 N/A Equity Sub Fund
Cash 6.78% 6.49%
Stock / Equities 84.05% 92.97%
Others Including Receivables 9.17% 0.54%

INVESTMENT COMMITTEE SECTOR ALLOCATION (% of Total Assets)

Mir Adil Rashid Chief Executive Officer Dec-19 Nov-19
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Oil & Gas Exploration Companies 27.18% 29.69%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Fertilizer 14.23% 15.54%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| Power Generation & Distribution 8.17% 9.65%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] Oil & Gas Marketing Companies 5.99% 6.54%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] Chemical 5.53% 6.01%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] Others 22.95% 25.54%

FUND RETURNS* MMSF DSF ESF TOP TEN HOLDINGS (% of Total Assets)
Cumulative Return Since Inception 6.88% 7.41% 299.75% Engro Corporation Ltd 8.60%
Year to Date Return (Cumulative) 8.86% 9.64% 23.45%
Oil & Gas Development Co Ltd 8.50%
Calendar Year to Date Return (Cumulative) 8.44% 9.82% 11.91%
1 Month Cumulative Return 8.91% 9.07% 5.02% Pakistan Petroleum Ltd 8.44%
3 Month Cumulative Return 8.69% 9.14% 30.21% Mari Petroleum Company Ltd 6.37%
6 Month Cumulative Return 8.86% 9.64% 23.45% Hub Power Company Ltd 6.09%
1 Year Cumulative Return 8.44% 9.82% 11.91%
Lucky Cement Ltd 4.33%
3 Year Cumulative Return 5.73% 5.95% -10.15%
5 Year Cumulative Return 5.62% 5.97% 33.49% Meezan Bank Ltd 4.03%
Standard Deviation** 1.11% 2.60% 27.42% Pakistan Oilfields Ltd 3.87%
*Funds returns computed on NAV to NAV (excluding sales load if any)
**Calculated on 12Month trailing data.
Pakistan State Oil Company Ltd 3.47%
Engro Polymer & Chemicals Ltd 3.40%

MONEY MARKET SUB-FUND ASSET QUALITY (% Total Assets) DEBT SUB-FUND ASSET QUALITY (% Total Assets)
AAA: 19.50% AAA: 21.82%
AA+: 20.48% AA+: 19.80%
AA: 19.89% AA: 31.92%
AA-: 19.29% AA-: 1.10%
A+: 23.01%
A+: 19.76%
N.R./Others: 2.35%
N.R./Others: 1.08%

HBL ISLAMIC PENSION FUND (MoM Returns)

18.0% MMSF DSF ESF
16.0%
14.0%
-6.0%
-8.0%
-10.0%
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
The scheme holds certain non-compliant investments. Before making any investment decision, investors should review non-compliant disclosure sheet and latest financial statements.
Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

INVESTMENT OBJECTIVE
To generate returns on Investment as per the respective Allocation Plan by investing in Shariah Compliant Mutual Funds in line with the risk tolerance of the Investor.

FUND MANAGER'S COMMENTS

CONSERVATIVE ALLOCATION PLAN:
The plan posted a return of 1.78% during the month of December, 2019 against the benchmark return of 1.54%.

ACTIVE ALLOCATION PLAN:

The plan posted a return of 3.06% during the month of December, 2019 against the benchmark return of 3.13%.

STRATEGIC ALLOCATION PLAN:

The plan posted a return of 3.41% during the month of December, 2019 against the benchmark return of 3.17%.

ISLAMIC CAPITAL PRESERVATION PLAN:

The plan posted a return of 3.07% during the month of December, 2019 against the benchmark return of 2.95%.

FUND INFORMATION ASSET ALLOCATION (% of Total Assets)

Launch Date 16-Jun-2017 CAP Dec-19 Nov-19
Management Fee NIL (1.0% p.a. Management Fee will be Cash 2.22% 2.39%
charged if investment is made in funds Fixed Income Funds 77.45% 75.54%
other than HBL Asset Management) Equity Funds 20.03% 21.74%
Listing Pakistan Stock Exchange Others Including Receivables 0.30% 0.33%
Trustee MCB Financial Services Limited (MCB FSL) AAP
Auditor KPMG Taseer Hadi & Co. Chartered Accountants Cash 1.05% 1.28%
Benchmark Weighted Avg Return of KMI-30 Index, 6M(AA-) and 3M(AA) Fixed Income Funds 45.01% 45.92%
Avg. Deposit Rate of three Islamic Banks Equity Funds 53.80% 52.72%
Type Open End Others Including Receivables 0.14% 0.08%
Category Shariah Compliant Fund of Funds Scheme
Front end Load Upto 2.00% SAP
Back end Load SAP & ICPP (1% for 1 Year and 0.5% thereon) Cash 6.04% 1.00%
AMC Rating AM2+ (JCR VIS) 31-Dec-19 Fixed Income Funds 45.24% 48.63%
Dealing Days As per SBP/PSX Equity Funds 48.72% 50.35%
Cut-off time 9:00 AM-4:00 PM Others Including Receivables 0.00% 0.02%
Price Mechanism Forward Pricing
Leverage NIL ICPP
Cash 55.92% 46.86%
Risk Investor Dependent (Medium to High)
Equity Funds 43.41% 52.47%
Others Including Receivables 0.67% 0.67%

Minimum 4.98 and Maximum 5.87 multiplier used.

RELATED INFORMATION CAP AAP SAP ICPP FUND RETURNS* CAP BENCHMARK
Net Assets (PKR in mln) 10 107 57 473 Cumulative Return Since Inception 12.76% 4.68%
NAV 110.1755 106.1426 119.4124 113.9467 Year to Date Return (Cumulative) 8.59% 6.89%
Expense Ratio with Levies 0.45% 0.48% 0.40% 0.97% Calendar Year to Date Return (Cumulative) 10.03% 6.42%
Expense Ratio without Levies 0.27% 0.21% 0.18% 0.63% 1 Month Cumulative Return 1.78% 1.54%
3 Month Cumulative Return 7.11% 6.74%
6 Month Cumulative Return 8.59% 6.89%
1 Year Cumulative Return 10.03% 6.42%

INVESTMENT COMMITTEE FUND RETURNS* AAP BENCHMARK

Mir Adil Rashid Chief Executive Officer Cumulative Return Since Inception 6.31% 1.76%
Muhammad Imran Chief Investment Officer [Till: 20-Dec-2019] Year to Date Return (Cumulative) 13.73% 13.95%
Jawad Naeem Head of Equities [Till: 20-Dec-2019] Calendar Year to Date Return (Cumulative) 11.48% 10.67%
Adeel Abdul Wahab Head of Equities [From: 20-Dec-2019]| 1 Month Cumulative Return 3.06% 3.13%
Wamiq Sakrani Acting Head of Fixed Income [From 20-Dec-2019] 3 Month Cumulative Return 13.86% 13.74%
Sateesh Balani, CFA Head of Research [Till: 24-Dec-2019] 6 Month Cumulative Return 13.73% 13.95%
Raza Inam, CFA Acting Head of Research [From 24-Dec-2019] 1 Year Cumulative Return 11.48% 10.67%

FUND RETURNS* ICPP BENCHMARK FUND RETURNS* SAP BENCHMARK

Cumulative Return Since Inception 13.95% 12.57% Cumulative Return Since Inception 19.86% 16.04%
Year to Date Return (Cumulative) 14.54% 14.56% Year to Date Return (Cumulative) 18.50% 19.20%
Calendar Year to Date Return (Cumulative) 14.79% 13.08% Calendar Year to Date Return (Cumulative) 21.43% 21.14%
1 Month Cumulative Return 3.07% 2.95% 1 Month Cumulative Return 3.41% 3.17%
3 Month Cumulative Return 12.64% 13.36% 3 Month Cumulative Return 13.33% 14.60%
6 Month Cumulative Return 14.54% 14.56% 6 Month Cumulative Return 18.50% 19.20%
1 Year Cumulative Return 14.79% 13.08% 1 Year Cumulative Return 21.43% 21.14%
*Funds returns computed on NAV to NAV with the dividend reinvestment (excluding sales load)

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

Value before Provision Value of Investment

Instrument Type of Provision Held after Provision Limit % of Net % of Total
Investment (PKR mln) (PKR mln) (PKR mln) Assets Assets

HBL Income Fund

New Allied Electronics TFC 19.02 19.02 - - - -
New Allied Electronics Sukuk 44.15 44.15 - - - -
Agri Tech Limited TFC 9.99 9.99 - - - -
Saudi Pak Leasing Co. Ltd TFC 5.55 5.55 - - - -
World Telecom Limited TFC 40.19 40.19 - - - -
JS Bank Ltd TFC 1,2 149.00 - 149.00 10.00% 11.30% 10.79%
The Bank of Punjab TFC 152.32 - 152.32 10.00% 11.55% 11.03%
HBL Islamic Asset Allocation Fund
Dawood Hercules Limited Sukuk I & II 75.07 - 75.07 15.00% 16.34% 13.71%
Dubai Islamic Bank Limited Sukuk 124.12 - 124.12 15.00% 27.03% 22.66%
HBL Islamic Dedicated Equity Fund
Average Eligible Equities Cir 13 of 2017 - - - 10.00% 10.99% -
HBL Islamic Pension Fund - Debt
International Brands Limited Sukuk 1.69 - 1.69 2.50% 2.62% 2.58%
Habib Bank Limited Single Bank 13.12 - 13.12 20.00% 20.35% 20.07%
HBL Islamic Pension Fund - Money Market
Bank Islami Pakistan Limited Single Bank 9.88 - 9.88 20.00% 20.03% 19.76%
HBL Multi Asset Fund
Dewan Cement Limited TFC 25.00 25.00 - - - -
Saudi Pak Leasing Company Limited TFC 15.20 15.20 - - - -
Commercial Bank TFC/Equities 58.40 58.40 - 25.00% 26.42% 22.76%
HBL Stock Fund
Dewan Cement Limited TFC 25.00 25.00 - - - -

Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.
 DECEMBER, 2019

LAST FIVE YEAR PERFORMANCE SINCE INCEPTION PERFORMANCE

Fund Name FY-19 FY-18 FY-17 FY-16 FY-15 FY-19 FY-18 FY-17 FY-16 FY-15 FY-14
HBL Money Market Fund 8.47% 5.32% 6.45% 5.09% 8.80% 11.62% 11.08% 11.30% 11.38% 12.03% 11.81%
Benchmark 8.70% 5.35% 5.26% 5.58% 7.87% 7.58% 7.40% 7.79% 8.22% 8.70% 8.89%
HBL Cash Fund 8.89% 5.49% 7.18% 6.07% 10.51% 11.95% 11.35% 11.61% 11.58% 12.06% 11.31%
Benchmark 8.70% 5.35% 5.00% 4.71% 6.83% 7.05% 6.83% 7.05% 7.42% 8.01% 8.36%
HBL Income Fund 8.82% 4.98% 4.64% 6.12% 12.45% 15.14% 14.43% 14.63% 15.01% 15.15% 13.80%
Benchmark 10.21% 6.35% 6.10% 6.52% 9.01% 10.07% 10.05% 10.40% 10.88% 11.40% 11.73%
HBL Government Securities Fund 9.35% 4.74% 5.54% 7.85% 11.75% 12.91% 12.21% 12.69% 13.16% 13.20% 12.14%
Benchmark 10.01% 6.20% 5.88% 6.27% 8.76% 9.05% 8.93% 9.32% 9.90% 10.63% 11.11%
HBL Multi Asset Fund -8.95% -6.28% 18.40% 5.90% 4.90% 168.37% 194.75% 214.50% 165.63% 150.82% 139.09%
Benchmark -8.23% -4.08% 16.21% 7.41% 11.21% 131.08% 151.80% 162.52% 125.90% 110.32% 89.11%
HBL Stock Fund -16.20% -11.85% 23.89% 2.59% 8.13% 157.88% 207.72% 249.08% 181.76% 174.63% 153.98%
Benchmark -18.18% -10.03% 20.79% 9.84% 16.01% 180.97% 243.38% 281.65% 215.97% 187.66% 147.97%
HBL Energy Fund -24.28% -2.33% 30.12% -2.86% 8.18% 26.02% 66.42% 70.39% 30.95% 34.80% 24.60%
Benchmark -18.18% -10.03% 20.79% 9.84% 16.01% 59.16% 94.51% 116.19% 78.98% 62.95% 40.46%
HBL Equity Fund -15.46% -11.38% 27.67% 6.71% 11.15% 169.69% 219.00% 259.95% 181.94% 164.22% 137.71%
Benchmark -19.11% -10.00% 23.24% 9.84% 16.01% 194.00% 263.46% 303.82% 227.66% 198.31% 157.15%
HBL Growth Fund - Class A **-32.96% -32.96%
Benchmark -19.11% -19.11%
HBL Growth Fund - Class B **-16.21% -16.21%
Benchmark -19.11% -19.11%
HBL Investment Fund - Class A **-33.34% -33.34%
Benchmark -19.11% -19.11%
HBL Investment Fund - Class B **-16.26% -16.26%
Benchmark -19.11% -19.11%
HBL Pension Fund - Money Market 7.78% 4.38% 4.50% 4.16% 6.88% 7.78% 7.22% 7.41% 7.71% 8.37% 8.38%
HBL Pension Fund - Debt 7.79% 3.99% 4.37% 8.06% 11.01% 9.54% 9.10% 9.64% 10.35% 10.18% 8.87%
HBL Pension Fund - Equity -13.94% -10.24% 27.33% 8.96% 31.58% 215.26% 266.32% 308.12% 220.52% 194.17% 123.57%
HBL Financial Planning Fund (CAP) 0.06% *3.76% 3.83% 3.76%
Benchmark 3.05% 3.96% 7.13% 3.96%
HBL Financial Planning Fund (AAP) -5.52% *2.65% -3.01% 2.65%
Benchmark -6.08% 2.46% -3.76% 2.46%
HBL Financial Planning Fund (SAP) -3.40% *2.52% -0.97% 2.52%
Benchmark -2.42% 3.05% 0.56% 3.05%
HBL Islamic Money Market Fund 8.11% 4.32% 4.19% 4.29% 6.73% 8.55% 7.97% 8.21% 8.62% 9.28% 9.46%
Benchmark 3.35% 2.58% 3.22% 5.40% 6.75% 5.34% 5.62% 6.12% 6.68% 6.98% 7.06%
HBL Islamic Income Fund 7.85% 5.18% 5.52% 4.82% 8.37% 7.28% 6.62% 6.74% 6.95% 8.48% 8.95%
Benchmark 3.65% 2.44% 3.37% 5.20% 6.57% 4.32% 4.48% 5.12% 5.93% 6.56% 6.49%
HBL Islamic Asset Allocation Fund -1.15% -0.78% 9.83% *3.34% 11.33% 12.63% 13.50% 3.34%
Benchmark -4.31% -0.28% 7.63% 6.71% 9.58% 14.53% 14.84% 6.71%
HBL Islamic Stock Fund -18.36% -13.99% 24.51% 1.00% 11.82% 123.19% 173.40% 217.88% 155.32% 152.79% 126.08%
Benchmark -23.84% -9.59% 18.80% 15.53% 20.10% 167.05% 250.64% 287.84% 226.48% 182.60% 135.31%
HBL Islamic Equity Fund -16.97% -12.32% 24.42% 10.96% 24.49% 26.23% 52.04% 73.40% 39.36% 25.59% 0.88%
Benchmark -23.84% -9.59% 18.80% 15.53% 20.10% 15.82% 52.08% 68.22% 41.60% 22.57% 2.06%
HBL Islamic Dedicated Equity Fund *-16.17% -16.17%
Benchmark -15.47% -15.47%
HBL Islamic Pension Fund - Money Market 6.73% 3.41% 4.15% 2.83% 5.28% 6.46% 6.01% 6.27% 6.47% 7.30% 7.69%
HBL Islamic Pension Fund - Debt 7.36% 2.89% 5.06% 3.23% 4.97% 6.93% 6.39% 6.83% 6.87% 7.65% 8.29%
HBL Islamic Pension Fund - Equity -16.60% -12.02% 27.56% 5.56% 25.92% 223.82% 288.27% 341.33% 245.96% 227.76% 160.29%
HBL Islamic Financial Planning Fund (CAP) 0.05% 1.40% *0.34% 1.79% 1.74% 0.34%
Benchmark -2.06% 0.18% -0.19% -2.07% -0.01% -0.19%
HBL Islamic Financial Planning Fund (AAP) -7.06% 0.40% *0.17% -6.52% 0.58% 0.17%
Benchmark -10.66% -0.10% 0.01% -10.70% 0.40% 0.01%
HBL Islamic Financial Planning Fund (SAP) -0.71% 1.36% *0.51% 1.14% 1.87% 0.51%
Benchmark -3.81% 1.01% 0.20% -2.65% 1.21% 0.20%
HBL Islamic Financial Planning Fund (ICPP) *-0.52% -0.52%
Benchmark -1.74% -1.74%

* Since Inception
** Since conversion from Closed-End to Open-End
Risk Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment
policies and risks involved including risk disclosure for special feature.