NIT Jan'20

FUND MANAGER REPORT - January 2021
Performance %
Performance Period FY20 FY19 FY18 FY17 FY16
NI(U)T 6.38% -23.94% -11.81% 35.44% 9.59%
KSE 100 1.53% -19.11% -10.00% 23.24% 9.84%
DPU (Rs.) 1.29 1.55 2.33 4.50 4.50
SINDH-WWF Disclosure- The Scheme has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 491 million, if the same were not made the NAV per unit/ year to date return of the Scheme would be higher by Rs. 0.56/ 1.02%. For details investors are advised to read the latest Financial
Statement of the Scheme.
NI(U)T VS KSE-100
55,000
45,000
35,000
25,000
15,000
11-Aug-20
28-Aug-20
14-Sep-20
1-Oct-20
25-Jul-20
18-Oct-20
4-Nov-20
8-Dec-20
8-Jul-20
21-Nov-20
25-Dec-20
11-Jan-21
28-Jan-21
KSE-100 NAV OF NI(U)T
Fund's Basic Information Objective of the fund

Fund Type Open-End The core objective of the Fund is to maximize return for Unit holders, provide a regular stream of current income through dividends, while
Launch Date
th
12 November 1962 long term growth is achieved by the management of diversified portfolio and investments into growth and high yielding equity securities.
Management Fee 1.20%
Front End Load* 3.00% Fund Performance Review
Back End Load 0.00%
Benchmark KSE-100
The KSE-100 index posted a return of 6.01% during the month of January, 2021. Optimism regarding the availability of COVID-19
Par Value PKR 10.00 vaccine triggered bullish sentiment among market participants. SBP kept policy rate unchanged during the MPS announced during
Minimum Investment PKR 5,000 the month. Furthermore, SBP indicated stable movement in policy rates which further bolstered market sentiment. Average volumes
Trustee Central Depository Company showed substantial improvement during the month as they grew by 26% to reach 623 million shares during the month. Foreign
Auditors A. F. Furguson & Company investors sold positions worth USD 1.8 million during the month of January, 2021
Pricing Mechanism Forward Pricing During the month of January 2021, the benchmark KSE-100 index increased by 6.01% whereas your Fund’s NAV appreciated by
Dealing Days Daily (Monday to Friday) 5.44% thus giving an underperformance of 0.57%. On a YTD basis (July 20 to January 21), the benchmark has surged by 34.75%
Valuation Days Daily (Monday to Friday) whereas the NAV of your Fund has gone up by 33.28% thus, showing an underperformance of 1.48%.
AMC Rating AM1 (VIS)
Fund Manager Raza Abbas Jaffery Sector Allocation (As % of Total Assets) Fund's Asset Allocation
Jan 21 Equities
Cutt-off timing Monday to Friday till 3:30 p.m.
OIL & GAS MARKETING 98.53%
14.23% COMPANIES
Category of CIS Risk Profile Risk of Principal Erosion
12.24% COMMERCIAL BANKS
Equity Fund High Principal at high risk
* Varies as per policy.
9.62% PHARMACEUTICALS
Others Cash
Top Ten Holdings (As % of Total Assets) 0.20% 1.27%
6.59% LEATHER & TANNERIES
Equities
(As % of Total Assets) Dec 20
OIL & GAS EXPLORATION 98.34%
6.57% COMPANIES Others
PAKISTAN STATE OIL COMPANY LIMITED 12.61% 0.18%
BANK ALHABIB LIMITED 6.47% 49.28% OTHERS
Cash
MARI PETROLEUM COMPANY LIMITED 5.61% 1.47%
PAKISTAN TOBACCO COMPANY LIMITED 4.37% Fund's Return v/s Benchmark
SERVICE INDUSTRIES LIMITED 4.05% NI(U)T Fund KSE-100
FAUJI FERTILIZER COMPANY LIMITED 3.21% Trailing 12- months 15.76% 11.42%
PACKAGES LIMITED 2.89% 3yrs 2.38% 5.30%
ABBOT LABOATORIES (PAKISTAN) LIMITED 2.78% 5yrs 43.80% 48.20%
BATA PAKISTAN LIMITED 2.54% 10 yrs 355.37% 275.30%
HABIB METROPOLITAN BANK LIMITED 2.17% Leverage 1.94% of Net Assets
Future Outlook Selling & Marketing Expenses 0.19% per annum
Market outlook seems positive with financial conditions across the country *Total Expense Ratio 1.81%
appears satisfactory according to the SBP monetary policy, and forward
guidance of stable interest rates in the near term, However, FATF review which *This includes 0.25% representing Govt. Levy, Sindh Workers Welfare Fund & SECP Fee.
is due in February, 2021, will have an impact of the future direction of the
market **Returns calculated are inclusive of dividends
Technical Information 31-01-2021 Disclosure Regarding Tax on Bonus Shares – NI(U)T

Net Assets NI(U)T (Rs. In billion) 64.131 Finance Act 2014 has introduced tax on bonus shares issued by companies. Most Equity Funds including NI(U)T Fund have challenged this on various legal grounds
and have sought relief from the Court. The Court, in its order dated November 25, 2014, has granted interim relief by passing the restraining order whereby the
Nav per Unit NI(U)T 73.21 Defendants, (issuers of the Bonus shares) are being refrained from deducting or transferring 5% withholding tax on Bonus shares issued by them to the CDC
DISPUTE RESOLUTION/ COMPLAINTS HANDLING: Account of the Income Tax department.
Investors may lodge their complaints by using the link https://nit.com.pk/Investor- As an abundant caution, the NI(U)T Fund has made payment of Rs. 49.39 million as of January 31, 2020 which is equivalent to 5% value of the bonus shares,
Complaint-Centre. In case your complaint has not been properly redressed by us, you determined on the basis of day-end price on the first day of book closure. The market value of 5% bonus shares as on January 31, 2020 is Rs. 164.753 million.
may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/.
Members of the Investment Committee

Adnan Afridi, Managing Director Manzoor Ahmed, Chief Operating Officer Aamir Amin, Head of Finance
Raza Abbas Jaffery - Head of Equities & Trading Ali Kamal - Head of Research Attique ur Rehman Sheikh / Manager Risk Mngmnt
Faisal Aslam -Head of Compliance
MUFAP's Recommended Format.
Compliance with Circular # 16 of 2010 / Non-compliant Investments
NI(U)T, our flagship fund, was launched in 1962 with an intention to provide investment opportunities to masses. Since its inception NI(U)T has a policy of making investments while remaining compliant with the
requirements of its constitutive documents and all other relevant rules and regulations. However, with the promulgation of NBFC Regulations 2008 small portion (around 5% of net assets) does not meet the
requirements of current regulations.
NI(U)T holds certain non-compliant investments. Before making any investment decesion, investor should review this document and latest Financial statements.
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 National Investment Trust Ltd,
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 National Bank Building, (6th Floor), I.I. Chundrigar Road,
investment policies and risks involved. P.O Box # 5671. Karachi - 74000, Pakistan
Note: Performance data does not include the cost incurred directly by an investor in the form of sales load etc. Tel: 111-648-648
NIT-IEF Objective Fund's Information
The objective of the Fund is to provide investors with long Fund Type Open-End
term capital growth from an actively managed portfolio of Trustee Central Depository Company
Shariah Compliant listed equities. Launch Date 18th May 2015
Auditors A.F. Ferguson & Co. Chartered Accountants
Fund Commentary & Performance Review Front End Load 0%-3%
The KMI-30 index posted a return of 4.29% during the month Back End Load 0.00% Pricing Mechanism Forward Pricing
of January, 2021. Optimism regarding the availablity of
COVID-19 vaccine triggered bullish sentiment among market Benchmark KMI-30
participants. SBP kept policy rate unchanged during the MPS Dealing Days* Daily (Monday to Friday)
Par Value PKR 10.00
announced during the month. Furthermore, SBP indicated
stable movement in policy rates which further bolstered
market sentiment. Average volumes showed substantial Minimum Investment PKR 5,000 Valuation Days* Daily (Monday to Friday)
improvement during the month as they grew by 26% to reach
623 million shares during the month. Foreign investors sold Selling and Marketing
positions worth USD 1.8 million during the month of January, 0.19% per annum AMC Rating AM1 (VIS) (31-12-20)
Expenses
2021.
NIT IEF posted a return of 4.31% during the month of Category Islamic Equity Fund Manager Wasim Akram
January, 2021 as against a benchmark return of 4.29%
showing an outperformance of 0.02%. Risk Profile High
Risk of Principal Cut-off timing Monday to Friday 3:30 PM

Principal at High Risk
Erosion
*except public holiday
Fund Returns*
NIT-IEF KMI-30
Jan-21 4.31% 4.29%
Since Inception 6.84% 37.15%
YTD 30.03% 34.96%
Leverage Nil
* The returns are calculated inclusive of dividend.
Future Outlook Fund's Asset Allocation

FATF review,which is due in February, 2021, will be a key JANUARY 2021 DECEMBER 2020
determinant of the future direction of the market coupled
Equity Investments
with re-entry into the IMF program. Equity Investments 97.60%
97.33%
Technical Information 31-01-2021 Sector Allocation (As % of Total Assets)
Net Assets NIT-IEF (PKR Million) 3,494
Nav per Unit NIT-IEF (PKR) 9.44

Bank Balances
2.15%
Total Expense Ratio (Incl. Govt Levy)^ Other Assets
2.81% Bank Balances 0.25%
2.12% Other Assets
0.56%
^This includes 0.34% representing Govt. levy, Sind Worker's Welfare Fund and SECP Fee
Top Ten Holdings Sector Allocation (As % of Total Assets)

(As % of Total Assets)
Lucky Cement Limited. 10.49% Oil & Gas Exploration Companies 23.49%
Oil & Gas Development Company Ltd. 7.72%

Cement 15.77%
Hub Power Company Limited. 7.18%
Engro Corporation Limited. 5.96% Fertilizer
Historical Fund Perdformance
8.91%
Mari Petroleum Company Ltd. 5.66%

Pharmaceuticals 8.49%
Pakistan Petroleum Limited. 5.52%
Meezan Bank Limited. 4.65%
Power Generation & Distribution 7.21%
Pakistan Oilfields Limited. 4.59%
The Searle Company Ltd. 4.09% Others 33.46%
Service Industries. 3.98%

WWF Disclosure: The Scheme has maintained provisions against Sind Workers’ Welfare Fund’s liability to the tune of Rs. 12.39 million, if the same were not made the NAV per unit/ year to date return of the Scheme would be higher by Rs. 0.03/ 0.35%. For details investors are advised to read the
latest Financial Statement of the Scheme.
Compliance with Circular # 16 of 2010 / Performance

FY20 FY19 FY18 FY17 FY16
Non-compliant Investments Period
N/A NIT-IEF 2.78% -25.43% -16.37% 18.38% 5.78%
Benchmark 1.62% -23.84% -9.59% 18.80% 15.53%

Adnan Afridi - Managing Director Manzoor Ahmed - Chief Operating Officer Amir Amin - Head of Finance
Wasim Akram -Fund Manager Faisal Aslam - Head of Compliance Raza Abbas Jaffery - Head of Equities and Trading
Attique-ur-Rehman Shaikh - Manager Risk Ali Kamal - Head of Research
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.
Note: Performance data does not include the cost incurred directly by an investor in the form of sales load.
DISPUTE RESOLUTION/ COMPLAINTS HANDLING

Investors may lodge their complaints by using the link https://nit.com.pk/Investor-Complaint-Centre. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/.
FUND MANAGER REPORT - JANUARY 2021
FUND MANAGER REPORT - SEPTEMBER 2020
Performance %
NIT-GBF 16.04% 8.01% 5.06% 5.28% 5.78%
Benchmark 12.07% 10.00% 6.20% 5.80% 5.78%
SINDH-WWF Disclosure- The Scheme has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 32.80m, If the same were not made the NAV per unit/ current year to date return of the Scheme would be higher by Rs. 0.0958/1.66% . For details investors are advised to read the latest financial
statement of the scheme.
NIT GBF Year to Date Return v/s Benchmark

NIT GBF Return Benchmark Return
15.00%
10.00%
5.00%
0.00%
-5.00%

Fund Type Open-End The objective of NIT Government Bond Fund is to generate best possible return with minimum risk, for its Unit Holders, by
Launch Date 18th November 2009 investing primarily in the Government Securities.
Listing PSX
Stability Rating AA (f) (PACRA) 16-Oct-20 Fund Performance Review
The Fund posted an annualized return of 2.40% p.a for the month of January against its benchmark return of 7.25% p.a.
10% of Gross Earnings, subject to
The YTD return for 7MFY21 stood at 3.81% p.a. against the benchmark return of 7.10% p.a.
Management Fee minimum 0.50% p.a. and maximum 1%
p.a of Average Annual Net Assets
Consumer Price Index (CPI) for the month of January reduced to 5.65% versus 7.97% over the previous month. The
Front End Load* 1.00% 7MFY21 average CPI inflation stood at 8.19% compared to 11.60% during the corresponding period last year.
Back End Load Nil
As at January 31 2021, the Fund had an exposure of about 24% of total assets in T-bills, about 53% in PIBs and the
Cutt-off timing Monday-Friday (3:30 p.m) remaining was in the form of cash at bank and other assets. The weighted average time to maturity of the portfolio stood at
398 days.
Par Value PKR 10.00
Growth Unit PKR 5,000
Min Subscription
Income Unit PKR 100,000
Trustee Central Depositary Co. (CDC) Asset Quality as of 31 January 2021 (% of TA) Asset Allocation (% of TA)
Auditors A.F. Ferguson & Co. Others, AA-,
2.16% 20.38%
AA+, Dec-20 Jan-21
Registrar National Investment Trust Ltd. 0.33%
Pricing Mechanism Forward Day Pricing
Daily (Monday to Friday) except public T-Bills 0.00% 23.95%
Valuation Days
holiday
Daily (Monday to Friday) except public
Redemption Days PIBs 57.03% 53.19%
holiday
Subscription Days Each valuation day Cash 41.00% 20.70%
Govt. Sec,
AMC Rating AM1 (VIS Rating) 31-Dec-20 77.14%
Others 1.97% 2.16%
Fund Manager Khurram Aftab
1.23% (This includes 0.20%

Fund's Return v/s Benchmark
Total Expense Ratio
representing Govt. Levy, Sindh Workers NIT-GBF Benchmark
(Annualized)
Welfare Fund & SECP Fee.) January-21 2.40% 7.25%
Year to Date 3.81% 7.10%
Total Expense Ratio
representing Govt. Levy, Sindh Workers 12 M Trailing 10.16% 8.31%
(Absolute)
Welfare Fund & SECP Fee.) 3 Years ** 10.27% 9.64%
Category of CIS/Plans Risk Profile Risk of Principal Erosion 5 Years ** 8.99% 8.11%
Income Medium Principal at Medium Risk Since Inception 14.51% 8.76%

* Varies as per policy. ** Simple annualized return. (Returns are calculated inclusive of dividends)
Benchmark Technical Information

Average of 6M PKRV Net Assets PKR 3.43 Bln
NAV per Unit (January 31, 2021) 10.0282
Weighted Avg. Maturity (Days) 398
Leveraging Nil
Standard Deviation of Return 0.159
Shoaib. A. Khan, Head of Fixed Income Ali Kamal, Head of Research Khurram Aftab,Fund Manager
Faisal Aslam, Head of Compliance Attique-ur-Rehman Shaikh,Manager Risk Mgt.
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 National Investment Trust Ltd,
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.
National Bank Building, (6th Floor), I.I. Chundrigar Road,
Note: Performance data does not include the cost incurred directly by an investor in the form of sales load etc.
Dispute resolution/ complaints handling: Investors may lodge their complaints by using the link https://nit.com.pk/Investor-Complaint-Centre. In case your complaint has not been properly P.O Box # 5671. Karachi - 74000, Pakistan
redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. Tel: 111-648-648
Performance %
NIT-IF 12.58% 7.25% 5.22% 5.37% 5.87%
Benchmark 12.22% 10.21% 6.35% 6.10% 6.53%
SINDH-WWF Disclosure- The Scheme has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 31.52m, If the same were not made the NAV per unit/ current year to date return of the Scheme would be higher by Rs. 0.0872/1.46% . For details investors are advised to read the latest financial
statement of the scheme.
NIT IF Year to Date Return v/s Benchmark

NIT IF Return Benchmark
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
-2.00%

Fund Type Open End The objective of NIT Income Fund is to generate competitive stream of return with moderate level of risk for its unit holders,
Launch Date 19th February 2010 by investing primarily in fixed income securities/instruments
Listing PSX
Stability Rating AA- (f) (PACRA) 16-Oct-20 Fund Performance Review
10% of Gross Earnings, subject to

The Fund posted an annualized return of 7.61% p.a for the month of December against its benchmark return of 7.38% p.a.
0.50% p.a. minimum and 1.25% p.a
The YTD return for 7MFY21 stood at 5.59% p.a. against the benchmark return of 7.24% p.a.
Management Fee
maximum of Average Annual Net Assets
Consumer Price Index (CPI) for the month of January reduced to 5.65% versus 7.97% over the previous month. The 7MFY21
Front End Load* 1.00% average CPI inflation stood at 8.19% compared to 11.60% during the corresponding period last year.
Back End Load Nil Asset allocation of NIT IF by the end of month reveals that NIT IF had exposure of about 4% in Treasury Bills, around 23% in
PIBs, around 24% of its total assets in TFCs, about 3% in Commercial Paper, about 19% was invested in MTS and the
Cutt-off timing Monday-Friday (3:30 p.m)
remaining was in the form of cash and other assets. At the end of the month, weighted average time to maturity of the
Par Value PKR 10.00 portfolio stood at 600 days.
Min Subscription
Trustee Central Depositary Co. (CDC) Top Ten TFC / Sukuk Holdings (% of TA) Asset Quality of the Portfolio (% of TA)
Auditors A.F. Ferguson & Co. HABIB BANK LTD. - TFC 3.94%
Registrar National Investment Trust Ltd. HUBCO SUKUK 3.23% Govt Sec.,
Pricing Mechanism Forward Day Pricing DAWOOD HERC - SUKUK II 3.14% 35.52% AAA,
4.04%
Daily (Monday to Friday) except public
Valuation Days BANK AL-HABIB LTD. VII 3.11%
holiday
Other Assets,
Daily (Monday to Friday) except public HUBCO SUKUK II 2.61% 13.92% AA+,
Redemption Days
holiday BANK AL-HABIB LTD. V 2.43% 13.85%
KEL SUKUK- 5 1.76% A-,
Subscription Days Each valuation day AA,
JS BANK LTD. 1.51% 0.76%
11.63%
AMC Rating AM1 (VIS Rating) 31-Dec-20 KAPCO STS 0.89% A,
MASOOD TEXTILE MILL - SUKUK 0.88% 1.38% AA-,
Benchmark Average 6-month KIBOR 17.34%
A+,
Fund Manager Shoaib Ahmad Khan 23.51% 1.55%

Total Expense Ratio NIT-IF Benchmark
representing Govt. Levy, Sindh Workers
(Annualized)
Welfare Fund & SECP Fee.) January-21 7.61% 7.38%
Total Expense Ratio
representing Govt. Levy, Sindh Workers 12 M Trailing 9.94% 8.44%
(Absolute)
Welfare Fund & SECP Fee.) 3 Years ** 9.13% 9.81%
Category of CIS/Plans Risk Profile Risk of Principal Erosion 5 Years ** 8.29% 8.35%
Income Medium Principal at Medium Risk Since Inception 14.18% 9.56%

* Varies as per policy. ** Simple annualized return. (Returns are calculated inclusive of dividends)
Asset Allocation (% of Total Assets) Technical Information

Dec-20 Jan-21 Net Assets Rs. 3.76 Bln
T-Bills 3.83% 3.75% NAV per Unit (January 31, 2021) 10.4142
PIBs 31.70% 23.07% Weighted Avg. Maturity (Days) 600
TFCs 24.71% 24.38% Leveraging Nil
TDRs 0.00% 0.00% Standard Deviation of Return 0.197
COI/LOP 0.00% 0.00% Disclosure of Non Compliant Investment as on January 31, 2021
MTS 9.97% 19.10% Name of
Type of
non-compliant Value before Provision Provision Held Value after Provision % of Net Assets % of Gross Assets
CP 3.42% 2.92% Investment
investment
Cash 22.42% 25.57% Summit Bank
TFC 99,701,000 99,701,000 - 0.00% 0.00%
Ltd.
Others 3.95% 1.20%
The NIT-IF scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest
Financial Statements.

Ali Kamal, Head of Research Shoaib. A. Khan, Head of Fixed Income/ Fund Manager Faisal Aslam, Head of Compliance
Attique-ur-Rehman Shaikh,Manager Risk Mgt.
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. National Bank Building, (6th Floor), I.I. Chundrigar Road,
P.O Box # 5671. Karachi - 74000, Pakistan
Dispute resolution/ complaints handling: Investors may lodge their complaints by using the link https://nit.com.pk/Investor-Complaint-Centre. In case your complaint has not been properly redressed
by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. Tel: 111-648-648
Performance %
NIT-IIF 10.44% 8.17% 4.41% 4.61% Launched on 4th
Benchmark 6.33% 3.69% 2.44% 3.11% July, 2016
SINDH-WWF Disclosure- The Scheme has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 4.24m, If the same were not made the NAV per unit/ current year to date return of the Scheme would be higher by Rs. 0.0550/0.98%. For details investors are advised to read the
latest financial statement of the scheme.
NIT IIF Year to Date Return v/s Benchmark

NIT IIF Return Benchmark Return
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%

Fund Type Open-End The objective of the NIT Islamic Income Fund is to generate a stable Shariah compliant income stream, while seeking
Launch Date 4th July 2016 maximum possible preservation of capital, over the medium to long-term period, by investing in a diversified portfolio of
Listing PSX Shariah Compliant fixed income and money market instruments.
Stability Rating AA- (f) (PACRA) 16-Oct-20 Fund Performance Review
7.5% of Gross Earnings, subject to a The Fund posted an annualized return of 6.64% p.a for the month of January against its benchmark return of 3.37% p.a. The
minimum fee of 0.25% p.a. and maximum YTD return for 7MFY21 stood at 5.73% p.a. against the benchmark return of 3.85% p.a.
Management Fee* fee of 1% p.a. of Average Annual Net
Assets
Front End Load Nil Consumer Price Index (CPI) for the month of January reduced to 5.65% versus 7.97% over the previous month. The
Back End Load Nil 7MFY21 average CPI inflation stood at 8.19% compared to 11.60% during the corresponding period last year.
Cutt-off timing Monday-Friday (3:30 p.m) As at January 31, 2021, the Fund had an exposure of about 23% of total assets in GOP Ijarah Sukuk, around 45% in
Corporate sukuk, 6% in Commercial Paper, about 25% in cash at bank while the remaining was in the form of other assets.
Par Value PKR 10.00 The weighted average time to maturity of the portfolio stood at 1,131 days.
Min Subscription Income Unit PKR 100,000
Trustee Central Depositary Co. (CDC) Top Ten Sukuk Holdings (% of TA) Asset Quality of the Portfolio (% of TA)
Auditors EY Ford Rhodes Pakistan Energy Sukuk II 7.90%
KEL SUKUK- 5 7.98% AA,
Registrar National Investment Trust Ltd. KAPCO STS 7.66% 35.79%
HUB Power Holding Ltd. 5.48%

Pricing Mechanism Forward Day Pricing DAWOOD HERC - SUKUK II 3.66%
Daily (Monday to Friday) except public AA-,
Valuation Days DUBAI ISLAMIC BANK 3.34%
holiday AA+, 3.56%
Redemption Days Daily (Monday to Friday) except public HUBCO SUKUK 1 3.32% 24.89%
A,
holiday DAWOOD HERC - SUKUK I 1.96% 1.92%
MASOOD TEXTILE MILL - SUKUK 1.92%

A-,
Subscription Days Each valuation day GHANI CHEMICAL IND. LTD. - SUKUK 1.56% 1.56%
AMC Rating AM1 (VIS Rating) 31-Dec-20 42.44%
6-Mth avg. deposit rates of three A rated AAA, GOP Ijarah Others Assets,
7.90% Sukuk, 1.32%
Islamic Bank or Islamic windows of
Benchmark 23.06%
Conventional Banks as selected by
MUFAP.
Fund Manager Salman Jawaid Fund's Return v/s Benchmark
NIT-IIF Benchmark
Total Expense Ratio
representing Govt. Levy, Sindh Workers January-21 6.64% 3.37%
(Annualized)
Welfare Fund & SECP Fee.) 5.73% 3.85%
Year to Date
12 M Trailing 6.97% 4.94%
Total Expense Ratio
representing Govt. Levy, Sindh Workers 3 Years 8.61% 4.42%
(Absolute)
Welfare Fund & SECP Fee.) 8.16% 3.89%
Since Inception
Category of CIS/Plans Risk Profile Risk of Principal Erosion (Returns are calculated inclusive of dividends)
Income Medium Principal at Medium risk

* Actual Management Fees charged for the month is 0.56% (annualized) based on average net
assets.
Asset Allocation (% of Total Assets) Technical Information

Dec-20 Jan-21 Net Assets PKR 762 mln
Cash 29.36% 24.60% NAV per Unit (January 31, 2021) 9.8817
Sukuk 42.65% 45.00%
Weighted Avg. Maturity (Days) 1,131
GOP Ijarah Sukuk 21.54% 23.06%
TDRs 0.00% 0.00% Leveraging Nil
CP 5.61% 6.02% Standard Deviation of Return 0.043
Others 0.84% 1.32%
Shoaib. A. Khan, Head of Fixed Income Ali Kamal, Head of Research Salman Jawaid, Fund Manager
Faisal Aslam, Head of Compliance Attique-ur-Rehman Shaikh,Manager Risk Mgt.
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 National Investment Trust Ltd,
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.
Dispute resolution/ complaints handling: Investors may lodge their complaints by using the link https://nit.com.pk/Investor-Complaint-Centre. In case your complaint has not been properly redressed by P.O Box # 5671. Karachi - 74000, Pakistan
us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/.
Tel: 111-648-648
Performance %
Performance Period FY20 FY19 FY18 FY17 FY16* since 22Jan2016
NIT-MMF 12.51% 8.87% 5.18% 4.95% 5.03%
Benchmark 11.64% 8.73% 5.36% 4.27% 5.56%
SINDH-WWF Disclosure- The Scheme has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 21.71m, If the same were not made the NAV per unit/ current year to date return of the Scheme would be higher by Rs. 0.0267/0.48%. For details investors are advised to read the latest financial statement
of the scheme.
NIT MMF Year to Date Return v/s Benchmark

NIT MMF Return Benchmark Return
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%

Fund Type Open-End NIT Money Market Fund would focus to generate competitive returns with minimum risk for its unitholders by investing in low
Launch Date 22nd January 2016 risk, liquid, short tenor fixed income securities/money market instruments.
Listing PSX Fund Performance Review
Stability Rating AAA (f) (PACRA) 16-Oct-20 The Fund posted an annualized return of 6.68% p.a for the month of January against its benchmark return of 6.65% p.a. The
YTD return for 7MFY21 stood at 6.48% p.a. against the benchmark return of 6.67% p.a.
Upto 5.0% of Gross Earnings, subject
Management Fee* to a floor of 0.25% and cap of 0.75% Consumer Price Index (CPI) for the month of January reduced to 5.65% versus 7.97% over the previous month. The 7MFY21
p.a. of Average Annual Net Assets. average CPI inflation stood at 8.19% compared to 11.60% during the corresponding period last year.
Front End Load Nil As at January 31, 2021, the Fund had exposure of about 3% in Commercial Paper, 84% in Treasury Bills, 10% in COI, 2.41%
Back End Load Nil in cash at bank and the remaining 0.51% was in the form of other assets. The weighted average time to maturity of the
portfolio stood at 60 days.
Cutt-off timing Monday-Friday (3:30 p.m)
Par Value PKR 10.00

Min Subscription Asset Quality as of 31 January 2021 (% of TA) Asset Allocation (% of TA)
Central Depositary Co. (CDC) AA+,

Trustee
12.46% Others, Dec-20 Jan-21
0.51%
Auditors EY Ford Rhodes AA,
T-Bills 0.00% 84.41%
National Investment Trust Ltd. 2.63%
Registrar
Pricing Mechanism Backward Day Pricing
Daily (Monday to Friday) except public CP 1.94% 2.63%
Valuation Days holiday
Daily (Monday to Friday) except
Redemption Days COI/LOP 0.00% 10.05%
public holiday
Subscription Days Each valuation day Govt. Sec, Cash 97.63% 2.41%
84.41%
AMC Rating AM1 (VIS Rating) 31-Dec-20
Others 0.44% 0.51%
Fund Manager Shoaib Ahmad Khan
Total Expense Ratio
representing Govt. Levy, Sindh NIT-MMF Benchmark
(Annualized)
Workers Welfare Fund & SECP Fee.)
January-21 6.68% 6.65%
Total Expense Ratio
representing Govt. Levy, Sindh 12 M Trailing 8.63% 8.14%
(Absolute)
Workers Welfare Fund & SECP Fee.)
3 Years 9.95% 8.86%
Category of CIS/Plans Risk Profile Risk of Principal Erosion 5 Years 8.65% 7.44%
Money Market Low Principal at very low risk Since Inception 8.98% 7.43%
(Returns are calculated inclusive of dividends)
Benchmark Technical Information

Weighted Average of 3M PKRV 70% Net Assets PKR 7.92 Bln
NAV per Unit (February 01, 2021) 9.7603
3-Mth Avg. Deposit rate of three AA
rated schedule Banks as selected by 30% Weighted Avg. Maturity (Days) 60
MUFAP Nil
Leveraging
* Actual Management Fees charged for the month is 0.28% (annualized) based on
average net assets. Standard Deviation of Return 0.004
*Details Of Non-Compliant Investment With The Investment Criteria Of Assigned Category
Type of Excess Exposure (% Excess Exposure (%
Non-Compliant Exposure Limit % of Net Assets % of Total Assets
Investment of Net Asset) of Total Asset)
Pak Oman
Investment COI 10% 10.09% 10.05% 0.09% 0.05%
Company Ltd.
*The scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.

Ali Kamal, Head of Research Shoaib. A. Khan, Head of Fixed Income/ Fund Manager Faisal Aslam, Head of Compliance
Attique-ur-Rehman Shaikh,Manager Risk Mgt.
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.
Dispute resolution/ complaints handling: Investors may lodge their complaints by using the link https://nit.com.pk/Investor-Complaint-Centre. In case your complaint has not been properly redressed P.O Box # 5671. Karachi - 74000, Pakistan
by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. Tel: 111-648-648
Performance %
Performance Period (Launch Date: 09-April 2020) FY19-20 Since Inception
NIT-AAF 2.12% 22.34%
BenchMark 3.09% 26.14%
DPU (Rs.) 0.2005
SINDH-WWF Disclosure- The Scheme has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 2.109 million, if the same were not made the NAV per unit/ year to date return of the Scheme would be higher by Rs. 0.0376/ 0.38%. For details
investors are advised to read the latest Financial Statement of the Scheme.
NIT-AAF VS BENCHMARK
Fund Type Open-End The objective of NITAAF is to provide risk adjusted competitive returns to its investors by investing in multiple assets classes
Launch Date 9-Apr-20 based on market outlook.
Front End Load* 0% to 2.50% Fund Performance Review
Back End Load 0.00%
Weighted average daily return of KSE 100 The KSE-100 index posted a return of 6.01% during the month of January, 2021. Optimism regarding the availability of COVID-19
index and six (6) month KIBOR and 70% three vaccine triggered bullish sentiment among market participants. SBP kept policy rate unchanged during the MPS announced during
(3) months PKRV rates + 30% three (3) the month. Furthermore, SBP indicated stable movement in policy rates which further bolstered market sentiment. Average volumes
Benchmark months average deposit rate of three (3) AA showed substantial improvement during the month as they grew by 26% to reach 623 million shares during the month. Foreign
rated scheduled banks as selected by MUFAP, investors sold positions worth USD 1.8 million during the month of January, 2021
based on the fund’s actual allocation in equity,
income and money market categories. During the month of January 2021, the benchmark of the Fund has increased by 4.21% whereas your Fund’s NAV appreciated by
Par Value PKR 10.00 3.59% thus giving an underperformance of 0.62%. On a YTD basis (July 20 to Jan 21), the benchmark has surged by 22.36%
PKR 5,000
whereas the NAV of your Fund has gone up by 19.80% thus, showing an underperformance of 2.56%.
Minimum Investment
Trustee Central Depository Company On the money market front, market yields in both short term and long term instruments remained largely stable.
KPMG, Taseer Hadi & Co.
Auditors
Chartered Accountants
Pricing Mechanism Forward Pricing
Dealing Days* Daily (Monday to Friday)
Sector Allocation (As % of Total Assets) Fund's Asset Allocation
Valuation Days* Daily (Monday to Friday)
AMC Rating AM1 (VIS) JAN 21
Equities
Fund Manager Farrukh Yaseen 12.90% COMMERCIAL BANKS
66.97%
Cutt-off timing Monday to Friday till 3:30 p.m.

OIL & GAS EXPLORATION
12.22%
Category of CIS Risk Profile Risk of Principal Erosion COMPANIES
Cash
Asset Allocation High Principal at high risk Others 31.51%
10.14% CEMENT
* Varies as per policy.
1.52%
POWER GENERATION &

7.00%
DISTRIBUTION Equities DEC 20
65.41%
Top Ten Equity Holdings (As % of Total Assets)
6.06% FERTILIZER
HUB POWER COMPANY LIMITED 6.54% 18.65%OTHERS
Cash
LUCKY CEMENT LIMITED 5.33% 33.51%
Others
OIL AND GAS DEVELOPMENT COMPANY 3.88% 1.08%
HABIB BANK LIMITED 3.84% Fund's Return v/s Benchmark
ENGRO CORPORATION LIMITED 3.82% NIT-AAF Benchmark
PAKISTAN PETROLEUM LIMITED 3.74% Trailing 12- months _ _
PAK ELEKTRON LIMITED 3.05% 3yrs _ _
UNITED BANK LIMITED 2.90% 5yrs _ _
MARI PETROLEUM COMPANY LIMITED 2.81% 10 yrs _ _
BANK ALHABIB LIMITED 2.49% Leverage Nil
Future Outlook Selling & Marketing Expenses 0.00%
Market outlook seems positive with financial conditions across the country appears
*Total Expense Ratio 3.01%
satisfactory according to the SBP monetary policy, and forward guidance of stable *This includes 0.75% representing Govt. Levy, Sindh Workers Welfare Fund & SECP Fee.
interest rates in the near term, However, FATF review which is due in February,
2021, will have an impact of the future direction of the market **Returns calculated are inclusive of dividends
Technical Information 31-01-2021 Details of non-compliant investment with the investment criteria of assigned category
Net Assets NIT-AAF (Rs. In million) 671.920
Nav per Unit NIT-AAF 11.9938 Not Applicable
DISPUTE RESOLUTION/ COMPLAINTS HANDLING:
Investors may lodge their complaints by using the link https://nit.com.pk/Investor-

Complaint-Centre. In case your complaint has not been properly redressed by us, you
may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/.

Raza Abbas Jaffery - Head of Equities & Trading Shoaib Ahmed Khan, Head of Fixed Income Farrukh Yaseen, Fund Manager NIT-AAF
Ali Kamal - Head of Research Faisal Aslam -Head of Compliance Attique ur Rehman Sheikh / Manager Risk Mngmnt

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 National Investment Trust Ltd,
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 National Bank Building, (6th Floor), I.I. Chundrigar Road,
investment policies and risks involved. P.O Box # 5671. Karachi - 74000, Pakistan
Note: Performance data does not include the cost incurred directly by an investor in the form of sales load etc. Tel: 111-648-648
Fund Returns*
NIT PGETF NIT PGI
Jan-21 4.67% 5.02%
YTD 21.12% 24.65%
CYTD 4.67% 5.02%
Since Inception 29.86% 35.57%
* The returns are calculated inclusive of dividend.
Leverage Nil
NIT - Pakistan Gateway Exchange Traded Fund Fund's Information
NIT Pakistan Gateway Exchange Traded Fund (NIT PG ETF) is an open-ended scheme Open-End Exchange Traded
that is traded on Pakistan Stock Exchange and aims to track the authorized index Fund Type
Fund Trustee Central Depository Company
constituted by the Management Company - the NIT Pakistan Gateway index which
comprises of the basket of equity securities, in order to provide long-term capital Launch Date March 24, 2020
appreciation and dividends yield to the investors. Management Fee 0.40% EY Ford Rhodes Chartered
Auditors Accountants
Fund Commentary & Performance Review Front End Load 0.00%
The NITPGI posted a return of 5.02% during the month of January, 2021. The KSE- Back End Load 0.00%
100 index posted a return of 6.01% during the month of January, 2021. Optimism Pricing Mechanism Historical Pricing
Benchmark NIT Pakistan Gateway Index
regarding the availablity of COVID-19 vaccine triggered bullish sentiment among
market participants. SBP kept policy rate unchanged during the MPS announced Par Value PKR 10.00 Dealing Days* Daily (Monday to Friday)
during the month. Furthermore, SBP indicated stable movement in policy rates
Minimum Investment N/A Valuation Days* Daily (Monday to Friday)
which further bolstered market sentiment. Average volumes showed substantial
improvement during the month as they grew by 26% to reach 623 million shares
Category of Fund Exchange Traded Equity AMC Rating AM1 JCR (31-12-20)
during the month.
Risk Profile High Fund Manager Wasim Akram
During the month of January, 2021, the benchmark NITPG index increased by
5.02% whereas your Fund’s NAV increased by 4.67% during the same period thus Risk of Principal Erosion Principal at High Risk
Cut-off timing** Monday to Friday 3:30 PM
showing an underperformance of 0.35%.
*Except public holiday
Future Outlook
FATF review,which is due in February, 2021, will be a key determinant of the future direction of the market coupled with re-entry into the IMF program.
Fund's Asset Allocation (As % of Total Assets) Sector Allocation (As % of Total Assets)
COMMERCIAL BANKS 29.63%

January 2021
FERTILIZER 20.68%
Equity Investments OIL & GAS EXPLORATION COMPANIES 17.74%

94.60%
CEMENT 9.10%
POWER GENERATION & DISTRIBUTION 8.29%
OIL & GAS MARKETING COMPANIES 4.94%

Bank Balances
5.25% INV. BANKS / INV. COS. / SECURITIES COS 4.22%
Other Assets
0.15%
Fund Performance Versus NITPGI (YTD)
25.00% 24.65%
December 2020 24.00%
23.00%
Equity Investments 22.00%

94.40%
21.12%
21.00%
Bank Balances
5.26% 20.00%
Other Assets
0.34% 19.00%
NIT PGETF NIT PGI
YTD 21.12% 24.65%
Fund Holdings (As % of Total Assets) Technical Information 31-01-2021

HABIB BANK LIMITED 10.12% Net Assets NIT PGETF (PKR Million) 53.57
ENGRO CORPORATION LIMITED 9.38% Nav per Unit NIT PGETF 12.5169
LUCKY CEMENT LIMITED 9.10% Total Expense Ratio (Incl. Govt Levy)** 2.41%
HUB POWER COMPANY LIMITED 8.29% Tracking Error (Absolute) 0.31%
MCB BANK LIMITED 7.68% **This includes 0.67% representing Govt. Levy, Sindh Workers Welfare Fund & SECP Fee.
FAUJI FERTILIZER COMPANY LIMITED 7.49%
OIL AND GAS DEVELOPMENT COMPANY 6.69% SWWF Disclosure:
UNITED BANK LIMITED 6.53% The Scheme has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 0.224 million, if the
PAKISTAN PETROLEUM LIMITED 5.95% same were not made the NAV per unit/ year to date return of the Scheme would be higher by Rs. 0.0523/ 0.42%. For details
investors are advised to read the latest Financial Statement of the Scheme.
BANK ALHABIB LIMITED 5.30%
PAKISTAN OILFIELDS LIMITED 5.09%
PAKISTAN STATE OIL COMPANY LIMITED 4.94%
DAWOOD HERCULES CORPORATION LIMITED 4.22%
ENGRO FERTILIZER LIMITED 3.81%
Nil
Wasim Akram - Fund Manager Faisal Aslam - Head of Compliance Raza Abbas Jaffery - Head of Equities & Trading
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.
NIT - Pension Fund Fund's Information
NIT Pension Fund aims to provide participants with a savings vehicle Fund Type Open-End Trustee Central Depository Company
geared for retirement planning and providing decent returns through
investments in its various sub-funds. Category Pension Scheme Auditors EY Ford Rhodes
Launch Date 19-Jun-15 Pricing
Forward Pricing
Fund Commentary Equities Sub Fund: Mechanism
The KSE-100 index posted a return of 6.01% during the month of 0.75% Dealing
January, 2021. Optimism regarding the availablity of COVID-19 Daily (Monday to Friday)
Days*
vaccine triggered bullish sentiment among market participants. SBP Management Fee Debt, MM and
kept policy rate unchanged during the MPS announced during the Commodities Sub
Valuation
month. Furthermore, SBP indicated stable movement in policy rates Funds: 0.50% Daily (Monday to Friday)
which further bolstered market sentiment. Average volumes showed Days*
substantial improvement during the month as they grew by 26% to Front End Load 0% - 3% AMC Rating AM1 JCR (31-12-20)
reach 623 million shares during the month. Foreign investors sold
positions worth USD 1.8 million during the month of January, 2021. Back End Load 0.00% Risk Profile Moderate / High
Benchmark N/A Fund Manager Wasim Akram
On the money market front, following announcement of MPS, yields in
both short term and long term instruments remained largely stable as Par Value PKR 10.00
the general consensus ammong market participants was an Cut-off timing Monday to Friday 3:30 PM
unchanged policy rate. Minimum Investment PKR 1000
Fund Returns
Debt Sub MM Sub Commodities
Equities Sub Fund
Fund Fund Sub Fund
Jan-21 5.40% 10.33% 6.05% -1.72%
YTD 26.78% 3.01% 6.04% 3.04%
CYTD 5.40% 10.33% 6.05% -1.72%
Since Inception 3.61% 9.89% 7.78% 66.40%
NAV (31-01-21) 10.3609 15.5606 14.3744 16.6398
Net Assets (PKR Mln) 93.32 125.43 129.35 124.81
Asset Allocation 31-01-2021
Equities Sub Fund Debt Sub Fund MM Sub Fund Commodities Sub Fund
Equity PIBs T-Bills
Investments 75.92% 75.73% Commodity Securities
90.27% 79.94%
TFCs Commercial
Bank 10.37% Paper
Balances 3.07%
6.81% Other Other
Assets Assets Others Bank Balances T-Bills and Cash
12.76% Other Assets
2.92% 1.65% Bank Balances 0.28% 20.92% 7.30%
12.06%
Performance Review Sector Allocation (Equities Sub fund)

NIT-PF Equity Sub Fund posted return of 5.40%
NIT-PF Debt Sub Fund posted return of 10.33%.
NIT-PF Money Market Sub Fund posted return of 6.05%.
Technical 18.69% Commercial Banks
NIT-PF Commodities Sub FundInformation 31-07-2015
posted return of -1.72%.
Net Assets (PKR Million) 304.01
Top Ten Holdings (Equities Sub fund) 16.18% O&G Exploration

Lucky Cement Limited. 9.68% 15.93% Cements
Hub Power Company Limited. 8.08%

Pakistan Petroleum Limited. 7.27% 9.15% Fertilizer
Pakistan State Oil Co Ltd. 6.74%
Engro Corporation Limited. 6.41% 8.66% Power Generation & Distribution
United Bank Ltd. 5.97%
21.66% Others
MCB Bank Limited. 5.33%
Habib Bank Limited. 5.07%
D. G. Khan Cement Co. Ltd. 4.04%
WWF Disclosure: The Scheme has maintained provisions against Sind Workers’ Welfare Fund’s liability (Rs. 0.21 million ESF, Rs. 0.80 million DSF, Rs. 0.77 million MMSF and Rs. 1.11 million CSF). If the same were not made the NAV per
unit/ year to date return of the Scheme would be higher by (Rs. 0.02/0.22% for ESF, Rs. 0.10/0.64% for DSF, Rs. 0.09/0.60% for MMSF and Rs. 0.15/0.90% for CSF). For details investors are advised to read the latest Financial Statement of
the Scheme.
Nil
Wasim Akram -Fund Manager Faisal Aslam - Head of Compliance Raza Abbas Jaffery - Head of Equities & Trading
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.
NIT - Islamic Pension Fund Fund's Information
NIT Islamic Pension Fund aims to provide participants with a savings Central Depository
Fund Type Open-End Trustee
vehicle geared for retirement planning and providing decent returns Company
through investments in its various sub-funds. Category Pension Scheme Auditors EY Ford Rhodes
Launch Date 19-Jun-15 Pricing Mechanism Forward Pricing
Fund Commentary Equities Sub Fund: Daily (Monday to
Dealing Days*
The KMI-30 index posted a return of 4.29% during the month of January, 2021. 0.75% Friday)
Optimism regarding the availablity of COVID-19 vaccine triggered bullish sentiment Management Fee
among market participants. SBP kept policy rate unchanged during the MPS Debt and MM Sub Daily (Monday to
Valuation Days*
announced during the month. Furthermore, SBP indicated stable movement in Funds: 0.50% Friday)
policy rates which further bolstered market sentiment. Average volumes showed
substantial improvement during the month as they grew by 26% to reach 623 Front End Load 0% - 3% AMC Rating AM2++ (PACRA)
million shares during the month. Foreign investors sold positions worth USD 1.8 Back End Load 0.00% Risk Profile Moderate / High
million during the month of January, 2021.
Benchmark N/A Fund Manager Wasim Akram
On the money market front, following announcement of MPS, yields in both short
term and long term instruments remained largely stable as the general consensus Par Value PKR 10.00 Monday to Friday 3:30
ammong market participants was an unchanged policy rate. Cut-off timing** PM
Minimum Investment PKR 1000
** Ramzan Timing 10.00 AM to 2.00 PM (Mon to Thur), 10.00 AM to 12.30 PM (Fri)
Fund Returns
Equities Sub Fund Debt Sub Fund MM Sub Fund
Jan-21 5.31% 7.18% 5.32%
YTD 29.20% 5.14% 4.70%
CYTD 5.31% 7.18% 5.32%
Since Inception 11.66% 5.76% 5.85%
NAV (31-01-21) 11.1655 13.2426 13.2884
NA (PKR Mln) 156.32 114.23 124.62
Asset Allocation 31-01-2021
Equities Sub Fund Equity Debt Sub Fund Govt. Ijara MM Sub Fund
Investments Sukuk Bank Balances
88.89% 45.84% 80.75% Govt. Ijara
Bank Sukuk
Bank Balances Balances 15.16%
5.86% 24.49%
Others Islamic
Other Assets Others Corporate Ijarah Sukuk 0.94% Commercial
5.25% 1.37% 28.30% Paper
3.16%
Performance Review Sector Allocation (Equities Sub fund)

NIT-IPF Equity Sub-Fund posted return of 5.31%.
NIT-IPF Debt Sub Fund posted return of 7.18%.
Oil and Gas Exploration 19.58%
NIT-IPF Money Market Sub Fund posted return of 5.32%.
Fertilizers 14.01%
Top Ten Holdings (Equities Sub Fund)
Lucky Cement Limited. Cements 13.52%
8.43%
Engro Corporation Limited. 7.71%
Hub Power Company Limited. 7.54% Power Generation and 8.07%
Distribution
Pakistan Petroleum Limited. 5.71%
Pharmaceutical 7.55%
Meezan Bank Limited. 5.32%
Mari Petroleum Company Ltd. 4.48%
The Searle Company Ltd. 4.45% Others 26.16%
Pakistan State Oil Co Ltd. 4.39%
D. G. Khan Cement Co. Ltd. 3.55%
WWF Disclosure: The Scheme has maintained provisions against Sind Workers’ Welfare Fund’s liability (Rs. 0.37 million ESF, Rs. 0.61 million DSF and Rs. 0.62 million MMSF). If the same were not made the NAV per unit/ year to date return of
the Scheme would be higher by Rs. 0.03/0.24% for ESF, Rs. 0.07/0.53% for DSF and Rs. 0.07/0.50% for MMSF. For details investors are advised to read the latest Financial Statement of the Scheme.

Nil
Wasim Akram -Fund Manager Faisal Aslam - Head of Compliance Raza Abbas Jaffery - Head of Equities & Trading
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.

NIT Jan'20

Uploaded by

Copyright:

Available Formats

NIT Jan'20

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

NIT Jan'20

Uploaded by

Copyright:

Available Formats

FUND MANAGER REPORT - January 2021

Fund's Basic Information Objective of the fund

Technical Information 31-01-2021 Disclosure Regarding Tax on Bonus Shares – NI(U)T

Members of the Investment Committee

Risk of Principal Cut-off timing Monday to Friday 3:30 PM

*except public holiday

Future Outlook Fund's Asset Allocation

Technical Information 31-01-2021 Sector Allocation (As % of Total Assets)

Net Assets NIT-IEF (PKR Million) 3,494

Nav per Unit NIT-IEF (PKR) 9.44

Top Ten Holdings Sector Allocation (As % of Total Assets)

Oil & Gas Development Company Ltd. 7.72%

Mari Petroleum Company Ltd. 5.66%

Service Industries. 3.98%

Compliance with Circular # 16 of 2010 / Performance

Members of the Investment Committee

Attique-ur-Rehman Shaikh - Manager Risk Ali Kamal - Head of Research

MUFAP's Recommended Format.

DISPUTE RESOLUTION/ COMPLAINTS HANDLING

NIT GBF Year to Date Return v/s Benchmark

Fund's Basic Information Objective of the fund

1.23% (This includes 0.20%

Income Medium Principal at Medium Risk Since Inception 14.51% 8.76%

Benchmark Technical Information

NIT IF Year to Date Return v/s Benchmark

Fund's Basic Information Objective of the fund

10% of Gross Earnings, subject to

Fund's Return v/s Benchmark

Income Medium Principal at Medium Risk Since Inception 14.18% 9.56%

Asset Allocation (% of Total Assets) Technical Information

Members of the Investment Committee

NIT IIF Year to Date Return v/s Benchmark

Fund's Basic Information Objective of the fund

HUB Power Holding Ltd. 5.48%

MASOOD TEXTILE MILL - SUKUK 1.92%

Income Medium Principal at Medium risk

Asset Allocation (% of Total Assets) Technical Information

NIT MMF Year to Date Return v/s Benchmark

Fund's Basic Information Objective of the fund

Par Value PKR 10.00

Central Depositary Co. (CDC) AA+,

(Returns are calculated inclusive of dividends)

Benchmark Technical Information

Members of the Investment Committee

NIT-AAF 2.12% 22.34%

BenchMark 3.09% 26.14%

DPU (Rs.) 0.2005

Cutt-off timing Monday to Friday till 3:30 p.m.

POWER GENERATION &

Investors may lodge their complaints by using the link https://nit.com.pk/Investor-

Members of the Investment Committee

MUFAP's Recommended Format.

COMMERCIAL BANKS 29.63%

Equity Investments OIL & GAS EXPLORATION COMPANIES 17.74%

POWER GENERATION & DISTRIBUTION 8.29%

OIL & GAS MARKETING COMPANIES 4.94%

December 2020 24.00%

Equity Investments 22.00%

Fund Holdings (As % of Total Assets) Technical Information 31-01-2021