Askari Income Fund
Invest with AIM
A Wholly Owned Subsidary of
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Askari Investment
Management Limited
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contents
Funds Information
01
Directors Report
03
Fund Managers
Report 08
Trustee Report to the Unit Holders 13
Income Statement 19
Statement of Compliance with the Code of
Statement Of Comprehensive Income 20
Corporate Governance 14
Review Report to the Unit Holders on The
Statement of …show more content…
This will likely improve Pakistans visibility on the international financial markets, thus leading to increased foreign flows. The real expected GDP growth rate for the next fiscal year is 4.5% .The sectoral growth rates are expected to be 3.8% for agriculture,
4.9% for industry and 4.7% for services sectors. The fiscal deficit is estimated to be 4.0% of GDP but the achievement of the fiscal deficit target could be difficult because of the ambitious revenue target and uncertainty over the external financial inflows arising from sources such as Coalition Support Fund and Kerry-Lugar Act and due to the possible impacts of recent floods in the Country. Further, with the
Capital Gains Tax (CGT) implemented, the market may continue to be dull for the next couple of months.
Performance of the Fund
Returns of AIF for the year ended 30 June 2010 were negative 7.09% with the fund size at Rs 1.3 billion as compared to Rs 3.1 billion last year. The adverse performance and loss to the Fund is mainly attributable to the provisions for diminution in value of debt securities and other assets including TFCs, Sukuks, Term Finance Agreements, Leased Asset and Properties (acquired against settlement of investments) due to their non performing status and/or the valuation impacts. Further during the year, the Fund suffered additional losses due to sale of certain TFCs at lower than carrying value in order to meet redemption requests of the Unit Holders of the Fund. The