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INTRODUCTIONJahangir Siddiqui & Co. Limited (―JS & Co‖) is the holding company. It is rated AA+ long-term and A1+ short-term by The Pakistan Credit Rating Agency (Pvt.) Limited which are the highest ratings awarded to any non-government owned corporation in Pakistan. It is the oldest and one of the largest private sector Asset ManagementCompanies in Pakistan, with over PKR 11.71 billion (as at September 30, 2011) in assets under management, spreadacross various mutual funds, pension funds and separately managed accounts. It is also the only non-bank primary dealer for Government securities in Pakistan and is one of the largestbond trading firms in Pakistan. JS & Co is listed on the Karachi Stock Exchange. In May 2004, a subsidiary of JS &Co, Jahangir Siddiqui Capital Markets Ltd. and has a market capitalization of over PKR 368 million (as atSeptember 30, 2011).BOARD OF DIRECTORS Air Cdre Munawar Alam Siddiqui, SI (M), TI (M) (Retd.) - ChairmanProfile:Mr. Siddiqui holds an M. Sc. in Defence and Strategic Studies from Quaid-e-Azam University, an M. Sc. inStrategic Studies from Karachi University, a B. Sc. (Honours) in War Studies from Karachi University and B. Sc.Avionics from Peshawar University. He is also an alumna of the National Defence College.Mr. Rashid Mansur - Chief Executive Officer Mr. Suleman Lalani - Director Finance & OperationsProfile:Mr. Lalani joined JSIL as CFO and Company Secretary in January 2005. He is a fellow member of the Institute ofChartered Accountants of Pakistan and has 18 years of experience in the financial services sector. Mr. Mazharul Haq Siddiqui - DirectorProfile:Mr. Siddiqui is one of Pakistan’s senior most civil servants and an eminent educationist. He has served the FederalGovernment as Secretary Establishment, Economic Affairs, Education, Management Services, Economic AffairsStatistics and Youth Affairs Divisions. Mr. Sadeq Sayeed - DirectorProfile:Mr. Sayeed holds S.M. with majors in Finance from MIT, Sloan School of Management and S.B also from MITwith majors in Economics and Electrical Engineering Mr. Nazar Mohammad Sheikh - DirectorProfile:He served the Provincial Governments at various levels and also served as the Secretary of Finance Department,Secretary of Education Department, Secretary of Housing & Town Planning Department and Secretary ofCommunication & Works Department. He has also held the position of Additional Secretary of the Social SectorWing, Prime Minister’s Secretariat. Page 1
Lt. General (Retd) Masood Parwaiz - DirectorProfile:Mr. Masood Parwaiz holds an M.Sc degree in Strategic Studies from the Quaid-e-Azam University, Islamabad and aB.Sc (Hons) degree in War Studies from the University of Balochistan, Quetta.SENIOR MANAGEMENTMr. Rashid Mansur - Chief Executive OfficerMr. Suleman Lalani - Director Finance & OperationsMr. Assad Hameed Khan - Head of Strategy and Business DevelopmentDr. Ali Akhtar Ali- Chief Investment OfficerMr. Muhammad Salman Siddiqui - Head of Research and Risk ManagementMs. Mariam Siraj - Head of Human Resources and AdministrationSyed Zeeshan Ali - Head of Information TechnologyMr. Saood Hasan - Head of Internal Audit and ComplianceMr. Malik Zafar Javaid - Head of OperationsSCOPE OF SERVICESJSIL possesses a diverse set of licenses catering to investment requirements at both the individual and institutionallevel.Asset Management Services:SECP has granted renewed license No. NBFC-II/26/JSIL/AMS/14/2010, dated May 17, 2010 to JS InvestmentsLimited under Rule 5(2) of the Non-Banking Finance Companies (Establishment and Regulation) Rules 2003 asamended through S.R.O.1131 (1) 2007 and S.R.O.271(I)/2010 (the "Rules"), to undertake asset managementservices.Investment Advisory:SECP has granted renewed license No. NBFC-II/25/JSIL/IAS/11/2010, dated May 17, 2010 to JS InvestmentsLimited under Rule 5(2) of the Non-Banking Finance Companies (Establishment and Regulation) Rules 2003 asamended through S.R.O.1131 (1) 2007 and S.R.O.271(I)/2010 (the "Rules"), to undertake investment advisory. Page 2
Funds Name Unit Trust of Pakistan UTP is a balanced fund that aims to preserve and grow investor’s capital in the long term while providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and fixed income investments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income investments help generate the current income. JS Income Fund JS - Income Fund (JS - IF) is the second open-end mutual fund launched by JS Investments Limited. JS-IF is a diversified investment program in fixed income securities through a single investment. The fund aims at achieving a high rate of current income consistent with reasonable concern for safety of capital and provides the investors with the convenience to join or leave the fund at their discretion. JS Aggressive Income Fund JS AIF aims at generating current income on investments while maintaining the prospects of capital appreciation by investing in a diversified portfolio of money market and fixed income instruments. The fund may aggressively adjust asset weightings to take advantage of directional macro and micro economic trends and may hold some or even all of its assets in cash to either provide liquidity or for defensive purposes. JS Cash Fund JS CF is an open-end Money Market Scheme that mainly invests in low risk short-term fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The fund shall invest primarily in short duration instruments within Pakistan and may even hold some or all of its assets in cash for the purpose of maintaining liquidity. JS Islamic Fund JS ISF aims to grow investor’s capital in the long term in adherence with principles of Shariah compliance as advised by the Shariah Advisory Board (SAB) of this fund while ensuring liquidity. The fund investments are limited to asset classes approved by the Shariah Advisory Board and all companies under investment consideration are regularly screened for Shariah compliance. JS Aggressive Asset Allocation Fund JS AAAF is a dynamic asset allocation fund that aims to achieve superior risk adjusted growth in investors’ capital over the long term. The fund operates a diverse portfolio of equity and fixed income investments and it may constantly adjust the mix as equity markets rise or fall and the economy strengthens or weakens. JS Fund of Funds JS FoF is a fund of funds that aims to grow investor’s capital in the long term while diversifying the asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens. Page 3
JS KSE 30 Index Fund The main focus of the JS KSE 30 Fund is to approximate the performance of KSE-30 Index, as adjusted for transaction and other costs, by investing in most or all of the common stocks that comprise the KSE-30 Index in proportions in which they are represented in the Index. JS Value Fund Limited The fund maintains a mix of equities and debt instruments. Earnings comprise of capital appreciation, dividend income, and interest income. The portfolio seeks capital growth through investments in marketable securities with better-than-average appreciation potential and liberal dividend policies. To benefit from rising interest rates, high levels of bank deposits and CFS funding are maintained. JS Large Cap. Fund JS LCF, after conversion into an Open-end Scheme that aims to benefit from an attractive Capital Market in an economy with growth potential, to maximize the total investment return consisting of a combination of capital appreciation income. Consistent with its Investment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash and/or near cash instruments which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity JS Growth Fund The main objective of JS GF is to enable the Certificate Holders to participate in a diversified portfolio of high quality equity securities listed on the stock exchanges and to maximize the investment return, by prudent investment management. UTP-GF seeks to achieve long term growth in the value of the investment that is aimed to out perform the underlying inflation rate in Pakistan as well as most of the other types of investments available. JS Principal Secure Fund - I JS PSF-I aims to combine a strategy of providing 100% security of initial investment and the potential to beat term deposit returns through exposure asset allocation strategy. Term sheetFund name Fund Type Fund Benchmark Par Management Trustee/Custodian NAV as Rating* Value Fee of 25 Nov,2011Unit Trust of Open End - 5 Star 50% 6M Rs 100 2% of Average Central Depository 99.87Pakistan Balanced (Normal KIBOR & Annual Net Company of Pakistan & Long 50% KSE 30 Assets Ltd. (CDC) Term) IndexJS Income Fund Open End - A+(f) 60% one year Rs 100 1.50% of MCB Financial 88.39 Fixed PKRV and Average Services Limited Income 40% six Annual Net (Formerly Muslim month Assets Commercial KIBOR Financial Services Limited)JS Aggressive Open End - in 60% one year Rs 100 1.50% of Central Depository 92.08Income Fund Aggressive process PKRV and Average Company of Pakistan Income 40% six Annual Net Ltd. (CDC) Page 4
month Assets KIBORJS Cash Fund Open End - AA+ 50/50 - Avg. Rs 100 1.00% of MCB Financial 103.45 Money 3 month Average Services Limited Market deposit rates Annual Net (Formerly Muslim Scheme of AA & Assets Commercial above rated Financial Services banks and Limited) Avg. 3 month T-Bill rateJS Islamic Fund Open End – 4 Star KMI - 30 Rs 100 2.0% of Central Depository 40.6 Islamic (Normal) Index Average Company of Pakistan Annual Net Ltd. (CDC) AssetsJS Aggressive Open End - 4 Star KSE - 30 Rs 100 2% of Average Central Depository 21.88Asset Asset (Normal) Index Annual Net Company of PakistanAllocation Fund Allocation Assets Ltd. (CDC)JS Fund of Open End - 4 Star Average rate Rs 100 1.0% of Central Depository 89.55Funds Fund Of (Normal) of return of Average Company of Pakistan Funds asset Annual Net Ltd. (CDC) allocation Assets funds for the periodJS KSE 30 Open End - 4 Star KSE - 30 Rs 100 1.50% of MCB Financial 29.23Index Fund Index (Normal) Index Average Services Limited Tracker Annual Net (Formerly Muslim Assets Commercial Financial Services Limited)JS Value Fund Close End - 5 Star KSE - 30 Rs 10 2.00% of MCB Financial 9.52Limited Equity (Normal) Index Average Services Limited Annual Net (Formerly Muslim Assets Commercial Financial Services Limited)JS Large Cap. Open End - N/A KSE - 30 Rs 100* 2.00% of Central Depository 49.55Fund Equity Index Average Company of Pakistan Scheme Annual Net Ltd. (CDC) (Converted Assets from a Closed-end Scheme)JS Growth Fund Close End - 3 Star KSE - 30 Rs 10 2.00% of MCB Financial 8.97 Equity (Normal) Index Average Services Limited Annual Net (Formerly Muslim Assets Commercial Financial Services Limited)JS Principal Open End - AA(CP) 69% TDR Rs 100 1.75% of Central Depository 115.86Secure Fund - I Capital Rate & 31% Average Company of Pakistan Protected KSE - 30 Annual Net Ltd. (CDC) Index Assets Page 5
OFFERING DOCUMENT JS CAPITAL PROTECTED FUND III Management Company JS INVESTMENTS LIMITED (Formerly JS ABAMCO Limited) Trustee CENTRAL DEPOSITORY COMPANY OF PAKISTAN LIMITED (CDC)PART 1 -APPROVAL AND CONSENTPART 2 - CONSTITUTION OF THE SCHEMEPART 3 - INVESTMENT OBJECTIVES AND RESTRICTIONSPART 4 - ORGANIZATION AND MANAGEMENTPART 5 - FUNDS UNDER MANAGEMENTPART 6 -PRINCIPAL FEATURES OF THE FUNDPART 7 -PROCEDURE FOR PURCHASE OF UNITSPART 8 - PROCEDURE FOR REDEMPTION OF UNITSPART 9 - TRANSFER OF UNITSPART 10 - FEES AND CHARGESPART 11 –TAXATIONPART 12 -SERVICE TO UNIT HOLDERSPART 13 -INCOME DISTRIBUTIONPART 14 -FINANCIAL INFORMATIONPART 15 –WARNINGPART 16 -GENERAL INFORMATIONPART 17 -TERMINATION OF THE FUND Page 6
Classes of fund investmentFixed Income InvestmentsBonds and fixed income instruments are subject to interest rate risk, where rising interest rates maycause an overall decline in prices. The Fund will aim to minimize interest rate risk by varying theamount of investment in bonds and fixed income instruments in relation with expected interest rateshifts. The Management Company will evaluate investments in bonds and fixed income instrumentsbased on fundamental and quantitative analysis.Money Market InvestmentsThe Fund may invest in money market instruments when the relative return is higher than other assetclasses. In deteriorating economics conditions, the Fund will not be restricted to holding a minimuminvestment in equities and/or fixed income instruments and can reduce risk significantly by allocatinginvestments to money markets.Equity InvestmentsThe Fund may invest a portion of its portfolio into equity despite the higher risk than other assetclasses to maximize returns. The Management Company will endeavor to lower volatility risks byidentifying and investing lower beta and long term steady growth stocks.Mutual Fund InvestmentsThe Fund may invest in other mutual funds if the Management Company deems it necessary. TheManagement Company will endeavor to invest with superior fund/ schemes in a way that will lowervolatility of the overall product but strive for good risk adjusted returns, on a best effort basis.Key Indicators FY 11 FY 10Performance:Market capitalization (Rs. in Million) 510 746Management fee (Rs. in Million) 245 361No. of funds under management** 15 16Market value per share - year end 5.10 7.46Rs.Investment Objective and Strategy (passive)The fund will invest in the KSE 30 Index ("Index") stocks in proportion to their weighting in the Index. The strategyis to buy and hold securities, trading only when changes in the index composition occur or when cash flow activitiesoccur or are expected to occur due to purchase and redemption requests.The strategy of investing in the same stocks as the Index using a passive approach in managing the Fund’s holdingsminimizes the need for trading and therefore results in lower transaction expenses.UTP A30+ shall primarily track the Index, however, it may also as allowed by SECP, invest in CFS during theinterim period i.e. initial six months, but the investments in CFS shall not, at any time, exceed 25% of its total netassets and investment in one scrip shall be not more than 20% of the 25% of the aforesaid CFS limit.The fund will maintain minimal liquidity to meet estimated future redemptions. The fund will achieve this objectiveby investing in various liquid instruments available within the indigenous market as per the limits prescribed by theCommission. For liquidity purposes the Fund may also invest not more than fifteen per cent of its portfolio in fixedincome instruments. This will serve a dual purpose of earning better interest. Page 7
JS FINANCIALJS Financial is the oldest business of the JS Group and remains at its core. It operates through a number of market-leading companies:1. Jahangir Siddiqui & Co. Ltd. (JS&Co)JS&Co is one of the largest investment firms in Pakistan and heads a diversified financial services group. JS&Cohas a tradition of leadership and excellence. It was Pakistan’s first securities firm with a Wall Street pedigreethrough its joint venture with Bear Stearns & Co.JS&Co is rated AA+ (long term) and A1+ (short term) by the Pakistan Credit Rating Agency and issued Pakistan’slongest-dated (10-year) corporate bond.2. JS Global Capital Limited (JSGCL)JS Global Capital Limited (formerly, Jahangir Siddiqui Capital Markets Ltd.) is one of the leading investmentbanking and securities firms in Pakistan. Global Investment house KSCC, the leading investment bank in the MiddleEast is a 43% shareholder of the company.The principal activities of JSGCL are: Equity, Fixed Income and Foreign Exchange Brokerage Fixed Income and Money Market Sales Equity Sales and Investment Advisory Corporate Finance Advisory ResearchJSGCL is rated AA (long term) and A1+ (short term) by the Pakistan Credit Rating Agency.3. JS Bank Limited (JSBL)JS Bank Limited has been formed subsequent to the merger and amalgamation of Jahangir Siddiqui InvestmentBank Limited and American Express Bank Limited’s Pakistan branches. JSBL’s focus is to provide a quality andinnovative range of banking services and products. The Bank’s key activities can be categorized into three BusinessUnits: Retail and Consumer Banking Treasury, Fixed Income and Debt Syndications Corporate and Commercial BankingJS Bank Limited also has a Primary Dealer license for government securities from the State Bank of Pakistan.In addition to these three financial services companies, JS Group has significant investments in other market-leadingfinancial services companies.4. JS Investment Limited JS Group controls JS Investments one of the largest asset management companies in Pakistan. JS Investmentsmanages over USD 400 million in assets through twelve open-end funds, two pension funds and two closed-endfunds. Page 8
5. EFU Insurance GroupJS Group is the second-largest shareholder in EFU which comprises: EFU General: Pakistan’s second-largest general insurance company EFU Life Assurance: Pakistan’s largest private sector life assurance company Allianz-EFU Health: Pakistan’s only specialized health insurer6. Bank IslamiJS Group launched Bank Islami in 2006 to address the growing demand for Shariah compliant banking services inPakistan. Bank Islami was launched in partnership with Dubai Bank and the Randeree family, principals of theDCD Group.FAQ’s for JS Mutual Funds:1) Why should I invest with JS investments? A JS investment has Rs. 43 billion of assets under management, it is the oldest and the largest private-sector asset management company in Pakistan.2) Why should I go through JS Bank for investing in mutual funds? JS Bank Limited is a subsidiary of the Jahangir Siddiqui & Company Limited, and JS Investments is also a group concern. We focus on serving our customers efficiently, and with highest priority regardless of the size of your investment. Furthermore, we can truly act as a one-stop shop by offering you professional investment advisory at the same time as offering high quality banking solutions. We encourage our investors to come and experience our hassle free service with a complete peace of mind knowing that your investments are with the experts. We are also coming up with an array of complementary wealth management products.3) What guarantee do I have regarding the reliability of JS Bank Limited? We have been present in the Pakistani financial landscape for the last forty years. Our track record has been exceptional and our forte has always been in the investment advisory arena. We are a strong group that has significant investments in major business areas. i.e. banking, textile, brokerage, asset management, transportation, and real estate.4) How is the investor’s money safe with JSIL? According to the current laws and regulations, an Asset Management Company is not allowed to hold any property of the mutual fund directly. All the property of the fund is held in the name of the Trustee who is independent of the Management Company — their relationship is governed by a Trust Deed. Every transaction has to be authorized by the Trustee in accordance with the Trust Deed and Offering Document of the respective fund. An annual audit and half yearly reviews of mutual funds are required to be carried out by external auditors in order to ensure compliance to laws and regulations. The strong backing of JSIL also ensures that funds are managed in the most professional manner for the benefit of valued clients like you. Page 9