JS Growth Fund stands tallest against KSE - 100’s descend, suffers least damage

March 1, 2019 (MLN): The departed month materialized into a 28-day long rough patch for the conventional equity funds, all 27 of which exhibited poor performance by the end of this period when compared to the beginning of it.

Emulating the dismal performance of benchmark KSE – 100 index during February, the Net Asset Value (NAV) of all these funds has fallen by over 3.5% over the month, with JS Growth Fund (JSGF-A) at the top of this pyramid having observed the smallest decline of 3.8%, as its current NAV stands at Rs.168.69, down by Rs.6.6.

According to details available at Mettis Global Private Limited, next in line is ABL Stock Fund (ABLSF) which witnessed 4.3% (-Rs.0.59) drop in NAV. (present NAV: Rs.13.29)  

The smallest absolute change in NAV was witnessed by HBL Investment Fund –Class B (HBLIF-B), that of Rs.0.45. However, this fund is positioned fourth in the list of funds, going from least poor performance to most declines in NAV.

On the flip side, HBL Growth Fund – Class A (HBLGF-A) has led the lot having incurred a depletion of 10.5% in its NAV which currently stands at Rs.21.01.

A parallel look at the performance of KSE - 100 Index during the month clears the scenario for us. Given that the index plummeted head first by 1,744 points, the meager performance of these conventional equity funds was almost natural.

Trading at benchmark index on the first trading day of February had closed at 41,112 points, while yesterday’s closing value was 39,054 points.

The past two weeks were an awfully bad influence on Pakistan’s capital markets due to hostility and uncertainty at the India-Pakistan border, which cost the index a net loss of over 1,400 points.

Prior to these weeks, the markets witnessed dull activity amidst lack of triggers to drive the market into green.  

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