NIT’s three out of five mutual funds underperform
State-owned company managing assets worth Rs77 billion.
During the quarter, the fund registered a net profit growth of 579% year-on-year to Rs1.247 billion from Rs184 million in the corresponding quarter of last fiscal year. DESIGN: CREATIVE COMMON
KARACHI:
National Investment Trust (NIT) – the first asset management company of Pakistan, formed in 1962 – announced results for the first quarter of fiscal 2014 of all five of the funds managed by the company, where three of the funds underperformed the benchmark Karachi Stock Exchange (KSE) 100-share index, and two outperformed the benchmark.
According to a press statement, NIT’s Managing Director Manzoor Ahmed announced that as of September 30, 2013, the company was managing net assets worth Rs77 billion in five funds.
NIUT Fund
The National Investment Unit Trust (NIUT) mutual fund posted a total rate of return of 4.79% in the quarter, where its net asset value increased from Rs38.66 (ex-dividend) on June 30, 2013, to Rs40.51 on September 30, 2013, against 3.94% increase in the benchmark KSE-100 index.
During the quarter, the fund registered a net profit growth of 579% year-on-year to Rs1.247 billion from Rs184 million in the corresponding quarter of last fiscal year.
State enterprise fund
The NIT-SEF, in the quarter, reported a growth of 5.57% in the net asset value, outperforming the benchmark KSE-100 index by 163 basis points.
NIT managing director Ahmed announced that in the period under review, the fund’s net income grew 151%, clocking in at Rs1.349 billion compared to Rs538 million in the corresponding quarter of last year.
Equity market opportunity fund
NIT-Equity Market Opportunity Fund (NIT-EMOF) earned Rs180.4 million in the quarter, a meagre growth compared to Rs180.3 million in the same period last year.
During the quarter, NIT-EMOF’s net asset value grew 1.9%, underperforming against the benchmark index, which grew by 3.94% during the quarter.
Government bond fund
NIT-Government Bond Fund’s (NIT-GBF) net income clocked in at Rs77.81 million, growing just half a percentage point, compared to Rs77.38 million in the corresponding period of last fiscal year.
In the first quarter of fiscal 2014, the NIT-GBF yielded an annualised return of 5.83% against the benchmark growth rate of 8.18%, hence underperforming the benchmark by 235 basis points.
As of September 30, 2013, the net assets of the fund stood at Rs4.33 billion.
Income fund
NIT-Income Fund (NIT-IF) reported net income of Rs66.92 million in the first quarter of the fiscal year, compared to Rs80.44 million in the corresponding quarter of fiscal 2013.
During the period, the fund yielded an annualised return of 6.25% against the benchmark growth rate of 9.16%, hence underperforming the benchmark index by 291 basis points.
As of September 30, 2013, the net assets of the fund stood at Rs3.38 billion.
Published in The Express Tribune, October 11th, 2013.
National Investment Trust (NIT) – the first asset management company of Pakistan, formed in 1962 – announced results for the first quarter of fiscal 2014 of all five of the funds managed by the company, where three of the funds underperformed the benchmark Karachi Stock Exchange (KSE) 100-share index, and two outperformed the benchmark.
According to a press statement, NIT’s Managing Director Manzoor Ahmed announced that as of September 30, 2013, the company was managing net assets worth Rs77 billion in five funds.
NIUT Fund
The National Investment Unit Trust (NIUT) mutual fund posted a total rate of return of 4.79% in the quarter, where its net asset value increased from Rs38.66 (ex-dividend) on June 30, 2013, to Rs40.51 on September 30, 2013, against 3.94% increase in the benchmark KSE-100 index.
During the quarter, the fund registered a net profit growth of 579% year-on-year to Rs1.247 billion from Rs184 million in the corresponding quarter of last fiscal year.
State enterprise fund
The NIT-SEF, in the quarter, reported a growth of 5.57% in the net asset value, outperforming the benchmark KSE-100 index by 163 basis points.
NIT managing director Ahmed announced that in the period under review, the fund’s net income grew 151%, clocking in at Rs1.349 billion compared to Rs538 million in the corresponding quarter of last year.
Equity market opportunity fund
NIT-Equity Market Opportunity Fund (NIT-EMOF) earned Rs180.4 million in the quarter, a meagre growth compared to Rs180.3 million in the same period last year.
During the quarter, NIT-EMOF’s net asset value grew 1.9%, underperforming against the benchmark index, which grew by 3.94% during the quarter.
Government bond fund
NIT-Government Bond Fund’s (NIT-GBF) net income clocked in at Rs77.81 million, growing just half a percentage point, compared to Rs77.38 million in the corresponding period of last fiscal year.
In the first quarter of fiscal 2014, the NIT-GBF yielded an annualised return of 5.83% against the benchmark growth rate of 8.18%, hence underperforming the benchmark by 235 basis points.
As of September 30, 2013, the net assets of the fund stood at Rs4.33 billion.
Income fund
NIT-Income Fund (NIT-IF) reported net income of Rs66.92 million in the first quarter of the fiscal year, compared to Rs80.44 million in the corresponding quarter of fiscal 2013.
During the period, the fund yielded an annualised return of 6.25% against the benchmark growth rate of 9.16%, hence underperforming the benchmark index by 291 basis points.
As of September 30, 2013, the net assets of the fund stood at Rs3.38 billion.
Published in The Express Tribune, October 11th, 2013.