Lakson Equity Fund
The investment objective of the Lakson Equity Fund is to provide long-term capital appreciation by investing mainly in equity and related listed securities. Investments will be made in companies of substance, financial strength and demonstrably superior management skills with some exposure given to smaller capitalized value stocks.
Investment & Suitability
The fund is best suited for investors seeking capital appreciation with a long term investment horizon.
Returns as of November 30, 2017
| wdt_ID | 6 Months | CY22 - YTD | FY22 - YTD | |
|---|---|---|---|---|
| 1 | LEF | -9.56% | -10.97% | 1.02% |
| 2 | KSE-30** | -8.46% | -7.78% | -0.99% |
For Past 3 Months returns *** as of November 30, 2017
| Sr. | Sep-22 | Juy-22 | Jun-22 | |
|---|---|---|---|---|
| 1 | LEF | -2.72% | -2.64% | -3.27% |
| 2 | Benchmark | -2.89% | -3.35% | -3.57% |
Investment Committee
- Babar LakhaniChief Executive OfficerBabar LakhaniChief Executive OfficerBabar Lakhani has over 20 years of investment and portfolio management experience in public and private markets. Babar Lakhani most recently served as the CIO of Century Insurance, a Public Limited company listed on the Pakistan Stock Exchange of Pakistan. Prior to joining Lakson Group his positions were as an Investment Associate at High Street Advisors and an Research Associate at Credit Suisse First Boston.Babar serves on the board of many of the investee companies of Lakson’s PE and VC funds. In addition to this, he sits on the board of several Lakson Group companies.He received his BA in Finance from Bentley College, and his MBA from Brandeis University. Babar Lakhani is a member of the Global Association of Risk Professionals (GARP), the Society of Financial Service Professionals, and the Young Presidents’ Organization (YPO Pakistan and YPO Emirates). He is also a member of the Alumni Trustee Committee of Brandeis University, the school’s representative in Pakistan, a Board Member of Developments in Literacy (DIL.org), and a founder of the Special Olympics Marathon (Pakistan).Mr. Lakhani’s passions include spending time with his family, philanthropy, ultra-distance running, technology, reading, and film.ExperienceLakson Investments LimitedFounder and CEOJanuary 2009 - Present (15 years)Lakson GroupCo-OwnerDecember 2004 - Present (19 years 1 month)Century Paper & Board Mills LtdBoard MemberSeptember 2021 - Present (2 years 4 months)OMI HospitalBoard | InvestorOctober 2018 - Present (5 years 3 months)RoomyBoard | InvestorApril 2021 - Present (2 years 9 months)Islamabad | Batakundi, Naran | Minapin, Nagar | Gulmit, HunzaKnowledge PlatformBoard | InvestorApril 2021 - Present (2 years 9 months) Islāmābād, PakistanA leading ed-tech company, providing holistic learning solutions in the form of strategy, content, technology & support.BagalleryBoard | InvestorOctober 2020 - Present (3 years 3 months) Karāchi, Sindh, PakistanBookme.pkBoard | InvestorApril 2019 - Present (4 years 9 months) Lahore, Punjab, PakistanPakistan's leading online ticketing platform.MEDZnMORECo-FounderFebruary 2020 - May 2023 (3 years 4 months)Century Insurance Company LimitedChief Investment OfficerDecember 2004 - January 2007 (2 years 2 months)High StreetInvestment AssociateFebruary 2000 - June 2002 (2 years 5 months)Credit Suisse First BostonResearch AnalystMay 1999 - January 2000 (9 months)EducationBrandeis UniversityMBABentley CollegeBA, FinanceMillfield SchoolRugby SchoolKGS
- Kashif MustafaManaging PartnerKashif MustafaManaging Partner
Kashif Mustafa is a financial professional with over 21 years of remarkable experience in various key roles within leading financial and healthcare institutions. He has been a driving force at Lakson Investments since joining in 2011. He currently serves as the Executive Director and is an integral part of the core team.
Professional Accomplishments:
Throughout his career, Kashif Mustafa has exhibited expertise in Investment & Financial Advisory, Private Equity, Operations and Business Management, Turnaround Management, Family Governance Structuring, Economic Research, and Lead Negotiation/Business Development. His lead role has played a pivotal role in shaping Lakson Investments into a preferred choice for Ultra High Net Worth Individuals (UHNIs) and family offices, particularly in the realm of discretionary investment advisory management. He is the member of the Investment Committees of Public Equities, Private Equity and Venture CapitalHe is widely recognized for his instrumental role in establishing Pakistan's first-ever Private Funds' Regulations in collaboration with regulators. He also led the successful launch of the inaugural Lakson Private Equity Fund and Lakson Venture Capital Fund. He sits on the board of Bookme, Bagallery and OMI Hospital.
Educational Background:
Mr. Mustafa's academic achievements are equally impressive. He holds a Master's degree in Wealth Management from Singapore Management University, earned through a prestigious partnership program with Yale School of Management, USA, and St. Gallen University, Switzerland. His academic pursuits also encompass a second Master's degree in Economics and an undergraduate degree in Mathematics. He is a certified professional from the Institute of Banking & Finance (Advanced), Singapore, and boasts certifications in Alternative Investments from Yale SOM and Preserving Wealth for Generations from St. Gallen, SL. Kashif Mustafa is an alumnus of Wealth Management Institute, Singapore.Media Presence:
Kashif Mustafa's insights and expertise are frequently sought after by the media. He has become a respected voice in discussions covering financial, economic, regulatory, and political issues. - Mustafa O. Pasha, CFAChief Investment OfficerMustafa O. Pasha, CFAChief Investment Officer
Mr. Pasha has over thirteen (13) years of experience in the asset management and investment advisory industry. He completed his undergraduate degree from McGill University (Montreal, Canada) in 2006 with a focus on Economics, History and Political Science and was awarded his CFA charter in 2012.
As Chief Investment Officer at Lakson Investments, he leads the investments process by formulating strategy and asset allocation in collaboration with a team of fund managers and analysts. He is responsible for driving the performance of all assets under management across public markets including mutual funds and managed accounts. As a member of senior management he is actively involved with all facets of the company's business strategy and in developing its long term vision.
Mr. Pasha was previously associated with BMA where he initially served as a fixed income analyst and later became the in-house economist for the entire BMA group. Between 2009 and 2012, he managed fixed income/money market investments across all mutual funds and institutional/HNW accounts advised by BMA. - Hassan Bin NasirHead of Fixed IncomeHassan Bin NasirHead of Fixed Income
Mr. Nasir has over twelve years of experience and currently holds the position of Vice President - Fixed Income at Lakson Investments Limited. He completed his MBA with a concentration in Finance from Bahria University, Pakistan.
At Lakson Investments, he is responsible for managing the fixed income portfolios of mutual funds and separately managed accounts. As a senior member of the team he is actively involved with both the front and back office to drive the company's strategy and vision forward.
He has extensive experience in fixed income investment strategy and trading conventional and Shariah compliant government securities, corporate debt and banking products.
Mr. Nasir has previously been associated with MCB - Arif Habib, Faysal Funds, BMA Funds and GlaxoSmithKline Pakistan Limited in various capacities of portfolio management.
Rating by PACRA
3 Star
PACRA has assigned 3 Star ranking to Lakson Equity Fund being managed by Lakson Investment Limited based on performance for the year ended June 30, 2017 (trailing 12 months for normal star rankings). And 3 Star ranking for the period ended June 30, 2017 (trailing 36 months for long term star rankings).
| wdt_ID | Key Fund Details | |
|---|---|---|
| 1 | Fund Type | Open-End |
| 2 | Category | Equity Fund |
| 3 | Net Assets | 3,160 |
| 5 | NAV (09/19/2017)* | 119.431 |
| 6 | Pricing Mechanism | Forward Day |
| 7 | Dist. Frequency | Annually |
| 8 | Trustee | CDC Pakistan Limited |
| 9 | Auditor | BDO Ebrahim & CO |
| 10 | Management Fee | 2.00% |
| 11 | Front End Load | 3.00% |
* Updated Daily ** Updated Weekly *** Updated Monthly
Performance Analysis: Monthly Returns***
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LEF vs. Benchmark***
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["LEF: {y}","KSE-100: {y}","KSE-30: {y}"]
As on November 30, 2017
| wdt_ID | MM/YY | MoM Return | Net Assets (PKRm) |
|---|---|---|---|
| 1 | Jun-22 | -3.27% | 2343 |
| 2 | May-22 | -6.47% | 2432 |
| 3 | Mar-22 | 0.36% | 2874 |
| 4 | Feb-22 | -3.34% | 2792 |
| 5 | Jan-22 | 1.47% | 3078 |
| 6 | Dec-21 | -2.15% | 3224 |
| 7 | Nov-21 | -3.91% | 3294 |
| 8 | Oct-21 | 2.29% | 3196 |
| 9 | Sep-21 | -6.99% | 3204 |
| 10 | Aug-21 | 3.00% | 3273 |
As on November 30, 2017
| wdt_ID | Fund Performance | LEF | KSE-30** |
|---|---|---|---|
| 1 | FY22-YTD | 1.02% | -0.99% |
| 2 | September-22 | -2.72% | -2.89% |
| 3 | 2 Months | 3.76% | 2.44% |
| 4 | 3 Months | 1.02% | -0.99% |
| 5 | 6 Months | -9.56% | -8.46% |
| 6 | 12 Months | -14.38% | -8.40% |
| 7 | CY22-YTD | -10.97% | -7.78% |
| 8 | 3 YEAR | 9.91% | 24.31% |
| 9 | 5 YEAR | -18.17% | -2.24% |
| 10 | SINCE INCEPTION | 200.70% | 283.34% |
Performance Comparison
| wdt_ID | Fund Name | Rating | Validity Date | NAV | YTD | MTD | 1 Day | 15 Days | 30 Days | 90 Days | 180 Days | 270 Days | 365 Days |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | HBL Energy Fund (Formerly: PICIC Energy Fund) | Sep 19, 2017 | 15.1304 | 0.63 | 3.84 | 0.99 | 2.02 | 0.02 | 1.99 | -2.27 | 2.29 | 18.33 | |
| 2 | AKD Opportunity Fund | Sep 19, 2017 | 92.3573 | -3.59 | 4.36 | 1.33 | 2.69 | -1.41 | -4.08 | -11.61 | -5.51 | 4.67 | |
| 3 | Atlas Stock Market Fund | Sep 19, 2017 | 613.9152 | -5.81 | 2.84 | 0.95 | 1.5 | -0.74 | -4 | -7.65 | -4.12 | 15.15 | |
| 4 | MCB Pakistan Stock Market Fund | Sep 19, 2017 | 94.8921 | -7.42 | 2.5 | 0.87 | 1.04 | -0.73 | -4.55 | -10.88 | -4.41 | 10.4 | |
| 5 | National Investment Unit Trust | Sep 19, 2017 | 77.24 | -7.76 | 2.55 | 1.32 | 0.72 | -2.87 | -6.41 | -9.43 | -5.04 | 12.39 | |
| 6 | UBL Stock Advantage Fund | Sep 19, 2017 | 70.26 | -7.83 | 2.81 | 0.83 | 1.56 | -1.35 | -6.25 | -9.84 | -1.75 | 11.17 | |
| 7 | NAFA Stock Fund | Sep 19, 2017 | 14.8454 | -8.37 | 2.74 | 1 | 1.48 | -0.93 | -6.72 | -10.96 | -5.24 | 11.19 | |
| 8 | Lakson Equity Fund | Sep 19, 2017 | 119.431 | -8.77 | 3 | 0.6 | 1.29 | -1.14 | -6.88 | -11.29 | -5.99 | 8.4 | |
| 9 | JS Large Cap Fund | Sep 19, 2017 | 142.97 | -8.97 | 0.47 | 0.8 | -1.03 | -3.98 | -7.94 | -7.92 | 1.37 | 16.61 | |
| 10 | JS Growth Fund | Sep 19, 2017 | 201.04 | -9.07 | 1.72 | 0.87 | 0.54 | -3.69 | -7.81 | -12.91 | -5.17 | 14.61 |
Asset Allocation (%)
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Sector wise Exposure (%)
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Asset Allocation
| Sr. | Instruments | Sep-22 | July-22 | Jun-22 |
|---|---|---|---|---|
| 1 | Equities | 90% | 89.25% | 88.06% |
| 2 | Government Securities (T-Bills) | 0% | 0.00% | 0.00% |
| 3 | Cash & Equivalents | 12% | 10.33% | 11.60% |
| 4 | Others | -2% | 0.42% | 0.34% |
| 6 |
Top Holdings (% of Net Assets)
| wdt_ID | Top Holdings (In Alphabetical Order) | |
|---|---|---|
| 1 | United Bank Limited | 6.2% |
| 2 | Systems Limited | 6.1% |
| 3 | Fauji Fertilizer Company Ltd | 5.2% |
| 4 | Pak Oilfields Limited | 5.2% |
| 5 | Engro Fertilizer Limited | 5.1% |
| 6 | Mari Petroleum Limited | 5.0% |
| 7 | MCB Bank Limited | 4.6% |
| 8 | Oil & Gas Dev Co | 4.3% |
| 9 | Meezan Bank Limited | 4.1% |
| 10 | TRG Pakistan Limited | 4.1% |
As on November 30, 2017
Sector Wise Exposure
| Sr. | Sectorwise Exposure | Sep-22 | Aug-22 |
|---|---|---|---|
| 4 | Const. & Mat. | 11.8% | 10.9% |
| 6 | Others | 14.6% | 18.6% |
| 3 | Oil & Gas Exp | 15.1% | 15.0% |
| 1 | Commercial Banks | 20.7% | 19.5% |
| 2 | Tech | 21.7% | 19.8% |
| 5 | Textile Composite | 6.2% | 5.4% |
As on November 30, 2017
| wdt_ID | Fees & Expenses | ||
|---|---|---|---|
| 1 | Management Fee | 2% of Gross Earnings subject to a minimum of 0.50% and a maximum of 1.00% of the average annual net assets | |
| 2 | Regulator’s Fee | 0.26% | |
| 3 | Trustee Fee | * Find the table below for Trustee Fee | |
| 4 | Front End Load | 3.00% | |
| 5 | Back End Load | None | |
| 6 | Other Expenses | Not Available | |
| 7 | Total Expense Ratio May 2022 | Annualized: 2.46 | FYTD: 1.45 |
| 8 | Govt. Levy | Annualized: 0.33 | FYTD: 0.20 |
| wdt_ID | Minimum Investment & Holding Period | |
|---|---|---|
| 1 | Minimum Holding Period | None |
| 2 | Minimum Initial Investment | PKR 5,000 |
| 3 | Minimum Subsequent Investment | PKR 1,000 |
| wdt_ID | Net Assets (Rupees) | Tariff |
|---|---|---|
| 1 | 1-1 billion | 0.2% p.a. of net assets subject to a minimum of PKR 0.7 million p.a. |
| 2 | Over 1 billion | PKR 2.0 million plus 0.10% p.a. of net assets exceeding PKR 1 billion |
Disclaimer
All investments in Mutual Funds are subject to market risks. The NAV of units may go up or down based on the market conditions. Past performance is not necessarily indicative of future results. The investors are advised in their own interest to carefully read the Offering Document in particular the investment policies in Clause 2.2 and risk disclosures and warning statements in contained in Clause 2.11 and part 11 in the respective Offering Documents.
