AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi:
The Meezan GORP Pension Fund (MGOFRPP), which primarily invests in Shariah-compliant stocks and debt instruments, has reported a significant increase in assets for the period ending December 14, 2023. According to information available from the Pakistan Stock Exchange (PSX), the fund, managed by professional investment managers, focuses on providing employees with a secure pension scheme through a defined contribution plan tailored to achieve preferable returns per their risk allocation preferences.
The fund’s net asset value saw an increase from 10.00 units per share on June 30, 2024, to 11.19565 units as of December 14, 2023. This represents a change of 1.19565 units, marking a net return of 21.95% over the period. The money market sub-fund within the portfolio also echoed this performance, earning a robust 21.95% return, mainly attributed to a profitable stance in both earnings from Islamic banks and Sukuk certificates.
During this period, the fund garnered a profit of Rs. 82 million, with total assets increasing to Rs. 110 million from Rs. 100 million as of June 30, 2024. The increase was primarily due to earning Rs. 2.4 million on profit on saving accounts at Islamic banks and Rs. 0.56 million on Sukuk certificates. Additionally, unrealized gain and realized gain in the sub-fund were Rs. 0.13 million and Rs. 0.38 million, respectively, after accounting for incurred expenses totaling Rs. 0.4 million.
The asset allocation within the fund is distinctly geared towards high-return potential areas, with 38% invested in corporate Sukuk and 35% in Ijarah Sukuk, complemented by a strategic placement in cash and other receivables making up the remainder of the portfolio.
Investor interest in the fund remains concentrated within a specific demographic, with the majority of the fund’s investors holding units ranging from 100,000 to 499,999, showcasing a focused but diverse investor base committed to Shariah-compliant pension saving solutions.