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Karachi: The Meezan Strategic Allocation Fund (MSAF), a Shariah Compliant fund of funds scheme, reported mixed financial results for its five investment plans as of June 30, 2024. The fund, aiming to generate returns through diversified allocation in equity mutual funds and fixed income, witnessed fluctuations in performance metrics across its different strategic allocation plans.
According to information available from the Pakistan Stock Exchange (PSX), the Meezan Strategic Allocation Plan I posted a total income of Rs. 31 million in FY24, down from Rs. 46 million last year, with a resulting net income of Rs. 15 million. Plan II saw a total income of Rs. 25 million, a slight increase over the previous year’s Rs. 13 million, culminating in a net income of Rs. 10 million. The performance marked a varied trend across the plans, reflecting differing risk tolerance levels among investors.
Plan III reported a total income of Rs. 23 million for the year, with the net income standing at Rs. 9 million. In contrast, Plan IV and Plan V experienced more modest performances with net incomes of Rs. 6 million and Rs. 5 million, respectively, despite relatively stable total incomes. The fund attributes the performance variations to strategic shifts in investment allocations tailored to the risk preferences of its investors.
The fund, managed by Meezan Bank, aligns its investment strategies with a weighted average combination of the KSE Meezan Index 30 and fixed income/money market schemes performance. Despite the broad market challenges, the fund seeks to offer adaptable investment strategies, allowing investors to shift exposure based on market conditions without a set minimum or maximum investment limits.
Additionally, the distribution of investors across different plans as of June 30, 2024, indicates a diverse range of participation. Plan I maintained the highest investor count with 80 participants, whereas Plan V had 25. This variability in investor counts further illustrates the differing investment approaches and risk assessments among the fund’s clientele.