KARACHI – Al Meezan, the largest asset management company in the private sector in Pakistan, announced the second interim dividends for its three fixed income funds. According to a statement of Al Meezan Investment Management Limited, the second interim dividends for its three fixed income funds, including Meezan Sovereign Fund (MSF) Meezan Cash Fund (MCF) and Meezan Islamic Income Fund (MIIF) stood respectively at Rs 0.65, Rs 1.25 and Rs 1.0 per unit.
The payouts are in the form of bonus units to the growth unit holders and through cash dividend to the income unit holders. For example, a growth unit investor holding 100 units of MSF at December 30, 2010 will gain 1.2813 additional units at the ex-div Net Asset Value (NAV) of Rs 50.73 while an income unit holder will receive cash dividend of Rs 0.65 per unit. A growth unit holder having 100 units of MCF as of December 30, 2010 will get 2.498 additional units at the ex-div NAV of Rs 50.04 while an income unit holder will receive cash dividend of Rs 1.25 per unit.
A growth unit holder having 100 units of MIIF on December 30, 2010 will gain 1.9861 additional units at the ex-div NAV of Rs 50.35 while an income unit holder will get cash dividend of Rs 1.0 per unit. Meezan Sovereign Fund (MSF) is the first Shariah compliant open end government securities fund in Pakistan. The annualised return for the half year ended December 31, 2010 was 10.76 percent. At the close of half year, the net assets of MSF were Rs 8.39 billion.
Meezan Cash Fund (MCF) is the first Shariah compliant open end money market fund in Pakistan. The annualized return for half year ended December 31, 2010 was 10.61 percent. At the close of half year, the net assets of MCF were Rs. 6,305 million. The Meezan Islamic Income Fund is the first and the largest Shariah compliant open end income fund in Pakistan.
The annualized return for half year ended December 31, 2010 was 8.73 percent. At the close of half year, the net assets of MIIF were Rs 3.029 billion. Al Meezan Investments is the largest private sector asset management company in Pakistan, with AM2 management quality rating. It holds over Rs 25 billion assets under management.
Due to its prudent fund management, Al Meezan Investments has not only been able to retain its existing investors but also managed to increase its investor base. This success is reflective of the confidence and trust of both individual and institutional investors.
