IDLC ASSET MANAGEMENT LIMITED

ASSET MANAGER’S REPORT

March 31, 2019

DATE OF PUBLICATION: April 30, 2019

Mutual Funds are subject to market risks. Investors are highly encouraged to know all the risks associated with investment
from the prospectus of respective mutual funds.

To know more and invest, please visit aml.idlc.com or call 16409.

Head office: Symphony (4th Floor),
Plot # SE (F): 9, Road # 142, Gulshan Avenue,
Bir Uttam Mir Shawkat Sarak, Dhaka 1212, Bangladesh

1
 INDEX

Particulars Page No.

Guide to the Factsheet 03
Asset Manager’s Remarks 04

IDLC Balanced Fund Factsheet 05

IDLC Growth Fund Factsheet 06

Disclaimer 07

2
 GUIDE TO THE FACTSHEET
1
This section describes the objective of the particular fund.

2 The date on which the fund was formed. 1 11 16

2
3 The date on which the fund was open for the investors
after IPO. 3

4 The name of the asset managers and their tenure of 4 12

experience. Asset managers are employees of Asset

Management Company (AMC) who manage the mutual
funds.
5 13
5 AUM or Asset under management refers to the market
value of all the investments of a mutual fund as on the 6
specific date mentioned.

7
6 NAV is defined as the market value of all assets in the fund 14
less liabilities. This section states the quarter end NAV of the
Fund. 8

7 This is the minimum amount/number of units an investor 9

(individual/institution) has to subscribe.

8 Turnover ratio is calculated as Total Turnover divided by

15

10
Average Fund Size. The higher the ratio, the quicker the
Asset Manager reshuffles the portfolio and incurs
transaction fees.
Expense ratio is calculated as Total Expenses incurred
divided by Average Fund Size. The expenses include
management fee, trustee fee, custodian fee, auditor fee,
transaction fee and other operational fees. The higher the
12 Risk Scale shows the level of risk an investor has to assume
ratio, the higher the extent of expenses incurred by the
when investing in the fund. Details of risk profile can be
fund.
found in the respective fund’s prospectus.

13 Asset allocation shows what portion of the total AUM is

9 Latest NAV is the last published NAV before the publication
invested in each asset class.
of the fact sheet.
Investors’ buy price is the price at which investors can
14
purchase one unit of the fund. This section shows the top ten holdings of the fund in terms
Investors’ sell price is the price at which investors can sell of percentage of total AUM.
one unit of the fund.
IDLC Asset Management Limited does not charge entry/ 15
Graphical presentation of value of investment of a
exit load. Investors can buy and sell units at NAV.
hypothetical amount of BDT 100,000 in respective IDLC
mutual funds and value of similar investment in DSEX over
time from the respective inception dates of the mutual
10 This states the maximum number of days that investors funds
need to wait to get their money after sale of units.

11 Fund style matrix shows the position of the fund in terms of 16 This section shows the sector-wise asset allocation of the
investment style (Value, Balanced and Growth) and total AUM of the Fund.
market cap (Small, Mid and Large) of invested securities.

3
 ASSET MANAGER’S REMARKS
Get the updates on the investments and the performance of your Fund right from
your Asset Manager.

Over the last 9 months period from July 2018 to March Return of IDLC Balanced Fund for the period of
2019, IDLC Balanced Fund posted a return of 5.3%, while a
1st July, 2018 - 31st March, 2019
Hypothetical Balanced Portfolio~ would have generated
2.6%. During the same period, DSEX yielded a return of
1.6% and investors earned a weighted average interest IDLC
rate of 4.0% through Bank Deposits. In the meantime, our Balanced 5.3%
newly launched IDLC Growth fund yielded 7.5% return Fund**

since its inception in May, 2018, while the benchmark Hy pothetical

DSEX declined by 3.6% over the same period. Balanced 2.6%
Portfolio~
After the general election in the last December, market
enjoyed a short rebound. However, the post election Avg. deposit
euphoria was short lived as interest rate began to rise rate for the 4.0%
gradually. During the last quarter, we have reduced our quarter^

equity exposure. Accordingly, we maintained 39.28% and

39.26% exposure in income generating assets in Balanced DSEX 1.6%
fund and Growth fund, respectively. Meanwhile, our
exposure in growth assets remained at 38.95% and 38.79%
for Balanced fund and Growth fund, respectively. ^The latest Average deposit rate is taken from Bangladesh Bank website and
is adjusted for the quarter
~Hypothetical Balanced portfolio shows the return that could have been
Our highest exposure rests with Fuel & Power which is generated if a fixed allocation of 60% equity and 40% debt securities would
have been maintained during the quarter.
16.61% and 16.96% for IDLC Balanced Fund and IDLC **The actual return of IDLC Balanced Fund during the quarters with active
fund management.
Growth Fund respectively.

Pharmaceuticals became our second largest exposure, Return of IDLC Growth Fund for the period of
consisting roughly 9.0-10.0% in both of our funds. We 8th May 2018 - 31st March 2019
expect that as a defensive sector pharmaceuticals will
remain insulated in a market downturn.

Meanwhile, we have increased our exposure in Short Term

Deposit (STD) and FDR from 22.59% to 37.97% in IDLC
Balanced Fund and from 25.16% to 37.00% in IDLC Growth
Fund.

We are largely optimistic on the long term market outlook.

We believe that the current political stability would be
paramount for continuing economic growth of the
country. Capital market will follow suit this economic
growth over time.

*DSEX return is calculated from 8th May, 2018 to be more comparable with
return of IDLC Growth Fund.

4
 IDLC BALANCED FUND FACTSHEET
Investment Objective Fund Style Sector Allocation

To generate capital appreciation along Growth

with current income

Investment Style
Fund Inception Date Balanced

February 05, 2017 Value

Fund Debut Date

Small Mid Large

July 23, 2017 Market Cap

Risk Scale
Asset Managers
Shaikh Malik Al-Razi
Capital market experience over 7 years

Md Arman Chy Nayan Low Moderately Moderate Moderately High

Capital market experience over 6 years Low High

Asset Allocation
Asset Under Management (AUM)
Type % of Total
BDT 798.6 mn @ Market (Mar 31, 2019) Growth 38.95%
Income Generating 39.28%
STD 18.24%
NAV (Per Unit) at Quarter End Other Assets 3.25%
IPO 0.28%
BDT 10.75 (At Market Value) as on Mar 31, Total 100.00%
2019
Top Ten Holdings*
Minimum Application Requirement
DSE Code Industry % of total
SIP: BDT 3,000 (Individuals) SQURPHARMA Pharmaceuticals & Chemicals 9.49%
BDT 10,000 (Institutions) UPGDCL Fuel & Power 9.48%
GP Telecommunication 9.35%
Non SIP: 500 units (Individuals)
SUMITPOWER Fuel & Power 7.13%
5,000 units (Institutions)
PRIMEBANK Bank 6.12%
SINGERBD Engineering 5.03%
Annualized Ratios IFADAUTOS Engineering 3.89%
ATCSLGF Mutual Funds 3.08%
IPDC NBFI 2.56%
Turnover Ratio: 5.1x
Expense Ratio : 3.2% DHAKABANK Bank 2.17%
Total 58.30%
*Detailed Portfolio is available in the Portfolio Statement.
Latest NAV and Price (Per unit)
Investment Performance^ of IDLC Balanced Fund (IBF) vs DSEX
NAV @ Market : BDT 10.16
Investors’ Buy Price : BDT 10.16
Investors’ Sell Price : BDT 10.16 110,256

(Applicable till April 30, 2019) 100,000

94,975

Redemption Proceeds
Feb-18

Feb-19
Nov-17
Nov-17

Jun-18

Nov-18
Jun-18
Sep-17
Sep-17

Sep-18
Apr-18
Oct-17

Oct-18
Oct-18
May-18
Jan-18
Jan-18

Jan-19
Aug-17

Mar-18
Mar-18

Aug-18
Aug-18

Mar-19
Mar-19
Jul-17

Jul-18

Dec-18
Dec-18
Dec-17

IBF DSEX
Within 3 working days after transfer of units

^Value of BDT 100,000 invested in IBF vs value of similar investment in DSEX over time , both made on July 22, 2017, the
point of inception of IBF.

5
 IDLC GROWTH FUND FACTSHEET
Investment Objective Fund Style Sector Allocation

To generate long-term capital apprecia-

Growth

Investment Style
tion from a portfolio of predominantly eq-
uity & equity related instruments.
Balanced
Fund Inception Date

September 11, 2017 Value

Fund Debut Date Small Mid Large

Market Cap
May 08, 2018
Risk Scale
Asset Managers

Shaikh Malik Al-Razi

Capital market experience over 7 years

Md Arman Chy Nayan

Capital market experience over 6 years Low Moderately Moderate Moderately High
Low High

Asset Under Management (AUM) Asset Allocation

BDT 307.9 mn @ Market (Mar 31, 2019) Type % of Total

Growth 38.79%
NAV (Per Unit) at Quarter End Income Generating 39.26%
STD 17.37%
BDT 10.75 (At Market Value) as on Other Assets 3.85%
Mar 31, 2019 IPO 0.72%
Total 100.00%
Minimum Application Units

Top Ten Holdings*

SIP: BDT 3,000 (Individuals)
BDT 10,000 (Institutions) DSE Code Industry % of total
Non SIP: 500 units (Individuals) UPGDCL Fuel & Power 9.49%
5,000 units (Institutions) SQURPHARMA Pharmaceuticals & Chemicals 9.48%
GP Telecommunication 9.41%
Annualized Ratios SUMITPOWER Fuel & Power 7.47%
PRIMEBANK Bank 6.31%
SINGERBD Engineering 4.92%
Turnover Ratio: 5.3x IFADAUTOS Engineering 3.75%
Expense Ratio : 4.0% ATCSLGF Mutual Funds 2.77%
DHAKABANK Bank 2.25%
IPDC NBFI 2.07%
Latest NAV and Price (Per unit) Total 57.91%
*Detailed Portfolio is available in the Portfolio Statement.

NAV @ Market : BDT 10.15 Investment Performance^ of IDLC Growth Fund (IBF) vs DSEX
Investors’ Buy Price : BDT 10.15
Investors’ Sell Price : BDT 10.15
(Applicable till April 30, 2019)
107,500
100,000
Redemption Proceeds
96,446
Feb-19

Feb-19
Nov-18

Nov-18
Jun-18

Jun-18

Sep-18

Sep-18

Oct-18
Oct-18
May-18

May-18

Jan-19

Jan-19
Aug-18

Aug-18

Mar-19

Mar-19
Jul-18

Jul-18

Jul-18

Dec-18

Dec-18

Dec-18

Within 3 working days after transfer of units

IGF DSEX

^Value of BDT 100,000 invested in IGF vs value of similar investment in DSEX over time , both made on May 06, 2018, the
point of inception of IGF.

6
 DISCLAIMER

Investors should know that the return from mutual funds is not guaranteed. Past performance of
the Sponsor and their affiliates / AMC does not guarantee future performance of the funds. Name
of the funds does not in any manner indicate either the quality of the funds or their future
prospects and returns.
Mutual Funds are subject to market risks. Investors are highly encouraged to know all the risks
associated with investment from the prospectus of respective mutual funds.
To know more and invest, please visit aml.idlc.com or call 16409.