Analaysis Of Islamic Fund Final Feb'08

Islamic Fund & KSE Return Analaysis For February'2008 2.40% 2.20% 2.00% 1.80% 1.60% 1.40% Fund Return

1.20% 1.00% Column T

0.80%

Column D Column D

0.60% 0.40% 0.20% 0.00% -0.20% -0.40% -0.60% -0.80% Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 KSE Return

Column T

Column D Column D

Pakistan International Islamic Element Fund & KSE Return Analaysis 2.00% 1.80%

Pakistan International Islamic Element Fund Return

1.60% 1.40% 1.20% 1.00% 0.80% 0.60%

Column T

0.40% 0.20% 0.00% -0.20% -0.40% -0.60% -0.80% Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 KSE Return

Column T

Meezan Islamic Fund & KSE Return Analaysis 2.40% 2.20% 2.00% 1.80%

Meezan Islamic Fund Return

1.60% 1.40% 1.20% 1.00% Column T

0.80% 0.60% 0.40% 0.20% 0.00% -0.20% -0.40% -0.60% Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 KSE Return

Column T

(1) (2) Date MIF 31-Jan-08 63.22 1-Feb-08 62.93 4-Feb-08 62.91 6-Feb-08 62.77 7-Feb-08 62.80 8-Feb-08 62.67 11-Feb-08 62.71 12-Feb-08 63.41 13-Feb-08 63.50 14-Feb-08 63.93 15-Feb-08 64.24 19-Feb-08 65.73 20-Feb-08 65.56 21-Feb-08 65.97 22-Feb-08 65.82 25-Feb-08 65.71 26-Feb-08 66.37 27-Feb-08 66.38 28-Feb-08 66.95 29-Feb-08 66.80 Monthly Return Correlation Varriance Std. Dev. Average Beta (Coveriance/MIF Return Varriance) Treynor Measure (Portfolio Return – Risk Free Rate) / Beta ( 5.66% -2% / 1.43)

(3) Return (%)

(4) Return - Average

-0.46% -0.03% -0.22% 0.05% -0.21% 0.06% 1.12% 0.14% 0.68% 0.48% 2.32% -0.26% 0.63% -0.23% -0.17% 1.00% 0.02% 0.86% -0.22% 5.66% 91% 0.004399% 0.6814% 0.2925% 0.69 0.0033

-0.75% -0.32% -0.52% -0.24% -0.50% -0.23% 0.82% -0.15% 0.38% 0.19% 2.03% -0.55% 0.33% -0.52% -0.46% 0.71% -0.28% 0.57% -0.52%

(5) KSE 100 Index 14,017.01 13,974.41 13,991.88 14,018.18 13,992.75 13,938.33 13,884.96 14,096.91 14,115.89 14,283.06 14,353.84 14,797.18 14,829.58 14,971.97 14,980.66 14,947.54 15,056.12 15,019.69 15,078.19 14,934.30

(6) Return -0.30% 0.13% 0.19% -0.18% -0.39% -0.38% 1.53% 0.13% 1.18% 0.50% 3.09% 0.22% 0.96% 0.06% -0.22% 0.73% -0.24% 0.39% -0.95% 6.54%

(7) Return - Average -0.64% -0.21% -0.15% -0.52% -0.73% -0.72% 1.19% -0.20% 0.85% 0.16% 2.75% -0.12% 0.62% -0.28% -0.56% 0.39% -0.58% 0.05% -1.29%

0.007637% 0.8979% 0.3380%

(4) * (7) = (8) Product 0.0048% 0.0007% 0.0008% 0.0013% 0.0036% 0.0016% 0.0098% 0.0003% 0.0033% 0.0003% 0.0558% 0.0007% 0.0021% 0.0015% 0.0026% 0.0028% 0.0016% 0.0003% 0.0067% 0.0053%

(3) - (RF Rate)

-0.4677% -0.0407% -0.2315% 0.0388% -0.2160% 0.0549% 1.1073% 0.1330% 0.6682% 0.4760% 2.3105% -0.2676% 0.6164% -0.2363% -0.1761% 0.9955% 0.0061% 0.8497% -0.2330% 5.3876%

0.01 0.2836%

This is the covariance of MIF returns with the KSE100 Index returns.

Sharp Ratio 0.0028 (Portfolio Return/Days – Risk-Free Rate/Days) / St.Dev. Jensen's Alpha = Portfolio Return – Benchmark Portfolio Return 1) Benchmark Return (CAPM) = Risk Free Rate of Return + Beta (Return of Market – Risk-Free Rate of Return) Benchmark Return 4.58% 2) Jensen's Alpha = Portflio Return - Benchmark Portfolio Return Jensen's Alpha 1.09% Market Reward to Varibility (Arm - Arf) / Stdm (Arp - Arf) / Stdp Risk Free Rate per month Impact of Systematic Risk (Beta * (Arm-Arf) Net Superior Return due to Selectivity (Arp-Arf)-(Stdp/Stpm)(Arm-Arf)

Ri Rf

(0.0066) (0.0102) 0

0.000089

0.12%

0.1229%

Fund Return Risk Free Rate

This worksheet presents an example of calculating beta (this is not the way you'd do it in a spreadsheet, this is the set of calculations that you'd use to calculate beta by hand). For the example, I've used the NAV for month of February'2008 of PIEF. Columns 2 and 5 are the values of PIEF NAV and an KSE100 Index, respectively. Columns 3 and 6 are the percentage returns. Cells D28 and G28 are the average returns for the month of Feb'2008. Columns 4 and 7 are simply the actual return in each day minus the average return. Column 8 merely takes the product of columns 4 and 7 and then sums the result to obtain the covariance of PIEF and the KSE100 Index. This value is divided by the variance of the KSE100 Index returns to obtain PIEF's beta (cell D29).

Date

Re Purchase Price Sales Price 1/4/2007 59.71 1/5/2007 59.37 1/8/2007 59.68 1/9/2007 60.19 1/10/2007 60.36 1/11/2007 60.3 1/12/2007 60.54 1/15/2007 60.96 1/16/2007 61.12 1/17/2007 61.21 1/18/2007 61.33 1/19/2007 61.24 1/22/2007 61.36 1/23/2007 61.36 1/24/2007 62.04 1/25/2007 62.92 1/26/2007 62.85 1/31/2007 63.42 2/1/2007 63.73 2/2/2007 64.69 2/6/2007 65.02 2/7/2007 65.45 2/8/2007 66.17 2/9/2007 66.14 2/12/2007 65.23 2/13/2007 65.03 2/14/2007 64.09 2/15/2007 64.05 2/16/2007 63.74 2/19/2007 64.7 2/20/2007 64.34 2/21/2007 64.35 2/22/2007 64.58 2/23/2007 65.06 2/26/2007 64.15 2/27/2007 64.21 2/28/2007 62.96 3/1/2007 62.89 3/2/2007 62.64 3/5/2007 61.92 3/6/2007 61.76 3/7/2007 62.83 3/8/2007 64 3/9/2007 64.37 3/12/2007 64.24 3/13/2007 63.85 3/14/2007 63.13 3/15/2007 63.53 3/16/2007 63.77 3/19/2007 62.71 3/20/2007 63.11 3/21/2007 62.75 3/22/2007 62.57 3/26/2007 62.85 3/27/2007 63.14 3/28/2007 62.77 3/29/2007 62.7 3/30/2007 63.2 4/2/2007 62.88 4/3/2007 63.7 4/4/2007 63.57 4/5/2007 64.36 4/6/2007 65.05 4/9/2007 65.05 4/10/2007 65.62 4/11/2007 66.42 4/12/2007 66.48 4/13/2007 66.68 4/16/2007 67.09 4/17/2007 66.81 4/18/2007 67.63 4/19/2007 67.2 4/20/2007 67.29 4/23/2007 67.01 4/24/2007 67.42 4/25/2007 67.03 4/26/2007 67.12 4/27/2007 67.75 4/30/2007 68.41 5/2/2007 68.8 5/3/2007 69.18 5/4/2007 69.76 5/7/2007 67.25 5/8/2007 68.53 5/9/2007 69.26 5/10/2007 69.29 5/11/2007 69.71 5/14/2007 70.31 5/15/2007 70.18 5/16/2007 69.66 5/17/2007 69.75 5/18/2007 70.13 5/21/2007 69.83 5/22/2007 70.32 5/23/2007 70.67 5/24/2007 71.03 5/25/2007 71.27 5/28/2007 71.42 5/29/2007 71.07 5/30/2007 70.97 5/31/2007 71.74 6/1/2007 71.67 6/4/2007 72.04 6/5/2007 73.24 6/6/2007 73.58 6/7/2007 73.64 6/8/2007 73.95 6/11/2007 74.72 6/12/2007 74.88 6/13/2007 74.75 6/14/2007 75.07 6/15/2007 75.31 6/18/2007 75.88 6/19/2007 75.56 6/20/2007 75.33 6/21/2007 75.27 6/22/2007 74.77 6/25/2007 75.21 6/26/2007 75.28 6/27/2007 75.72 6/28/2007 75.58 6/29/2007 75.49 7/11/2007 60.49 7/12/2007 61.26 7/13/2007 62.28 7/16/2007 62.07 7/17/2007 62.3 7/18/2007 60.97 7/19/2007 59.35 7/20/2007 60.07 7/23/2007 60.83 7/24/2007 60.22 7/25/2007 60.33 7/26/2007 60.62 7/27/2007 60.18 7/30/2007 60.5 7/31/2007 60.81 8/1/2007 60.68 8/2/2007 61.28 8/3/2007 61.44 8/6/2007 60.54 8/7/2007 60.2 8/8/2007 60.46 8/9/2007 58.87 8/10/2007 58.75 8/13/2007 57.76 8/15/2007 58.14 8/16/2007 57.96 8/17/2007 57.82 8/20/2007 57.84 8/21/2007 55.92 8/22/2007 56.49 8/23/2007 55.16 8/24/2007 55.26 8/27/2007 54.77 8/28/2007 55.19 8/29/2007 56.06 8/30/2007 56.43 8/31/2007 55.55 9/3/2007 55.09 9/4/2007 55.73 9/5/2007 57.02 9/6/2007 56.83 9/7/2007 56.33 9/10/2007 56.92 9/11/2007 57.05 9/12/2007 58 9/13/2007 58.57 9/17/2007 58.29 9/18/2007 58.93 9/19/2007 60.02 9/20/2007 59.57 9/21/2007 59.84 9/24/2007 60.82 9/25/2007 60.81 9/26/2007 61.1 9/27/2007 61.34 9/28/2007 61.48 10/1/2007 63.06 10/2/2007 63.49 10/3/2007 64.38 10/4/2007 64.9 10/5/2007 64.57 10/8/2007 64.94 10/9/2007 65.46 10/11/2007 65.85 10/17/2007 66.92 10/18/2007 67.77 10/19/2007 68.05 10/22/2007 67.74 10/23/2007 67.11 10/24/2007 65.8 10/25/2007 66.19 10/26/2007 66.88 10/29/2007 66.77 10/30/2007 65.52 10/31/2007 66.63 11/1/2007 64.95 11/2/2007 64.72 11/5/2007 62.36 11/6/2007 63.33 11/7/2007 63.68 11/8/2007 63.63 11/12/2007 64.51 11/13/2007 64.08 11/14/2007 62.76 11/15/2007 61.87 11/16/2007 61.74 11/19/2007 62.7 11/20/2007 62.9 11/21/2007 63.6 11/22/2007 63.91 11/23/2007 64.91 11/26/2007 64.66 11/27/2007 64.49 11/28/2007 65.25 11/29/2007 65.35 11/30/2007 65.41 12/3/2007 64.89 12/4/2007 65.24 12/5/2007 65.42 12/6/2007 65.68 12/7/2007 66.29 12/10/2007 66.33 12/11/2007 66.31 12/12/2007 65.86 12/13/2007 65.85 12/15/2007 65.95 12/17/2007 65.79 12/18/2007 65.49 12/19/2007 65.85 12/24/2007 66.06 12/26/2007 66.04 12/27/2007 65.89 12/31/2007 63.04

61.08 60.74 61.05 61.58 61.75 61.69 61.93 62.36 62.53 62.62 62.74 62.65 62.77 62.77 63.47 64.37 64.3 64.88 65.2 66.18 66.52 66.96 67.69 67.66 66.73 66.53 65.57 65.52 65.21 66.19 65.82 65.83 66.07 66.56 65.63 65.69 64.41 64.34 64.08 63.35 63.18 64.28 65.47 65.85 65.72 65.32 64.58 64.99 65.24 64.15 64.56 64.19 64.01 64.3 64.59 64.21 64.14 64.65 64.33 65.17 65.03 65.84 66.55 66.55 67.13 67.95 68.01 68.21 68.63 68.35 69.19 68.75 68.84 68.55 68.97 68.57 68.66 69.31 69.98 70.38 70.77 71.37 68.8 70.11 70.85 70.88 71.31 71.93 71.8 71.26 71.36 71.74 71.44 71.94 72.3 72.66 72.91 73.06 72.71 72.6 73.39 73.32 73.7 74.93 75.27 75.34 75.65 76.44 76.6 76.47 76.8 77.04 77.63 77.3 77.06 77 76.49 76.94 77.01 77.46 77.32 77.23 61.88 62.67 63.71 63.5 63.73 62.37 60.72 61.45 62.23 61.61 61.72 62.02 61.57 61.89 62.21 62.08 62.69 62.85 61.93 61.59 61.85 60.23 60.1 59.09 59.48 59.29 59.15 59.17 57.21 57.79 56.43 56.53 56.03 56.46 57.35 57.73 56.83 56.36 57.01 58.33 58.14 57.63 58.23 58.36 59.34 59.92 59.63 60.29 61.4 60.94 61.22 62.22 62.21 62.51 62.75 62.9 64.51 64.95 65.86 66.39 66.06 66.43 66.97 67.37 68.46 69.33 69.62 69.3 68.65 67.31 67.71 68.42 68.31 67.03 68.16 66.45 66.21 63.8 64.79 65.15 65.09 65.99 65.55 64.2 63.29 63.16 64.14 64.35 65.06 65.38 66.4 66.15 65.97 66.75 66.85 66.92 66.38 66.74 66.93 67.19 67.82 67.86 67.84 67.38 67.37 67.47 67.3 67 67.37 67.58 67.56 67.41 64.49

1-Feb-08 4-Feb-08 6-Feb-08 7-Feb-08 8-Feb-08 11-Feb-08 12-Feb-08 13-Feb-08 14-Feb-08 15-Feb-08 19-Feb-08 20-Feb-08 21-Feb-08 22-Feb-08 25-Feb-08 26-Feb-08 27-Feb-08 28-Feb-08 29-Feb-08

b=

-0.46% -0.03% -0.22% 0.05% -0.21% 0.06% 1.12% 0.14% 0.68% 0.48% 2.32% -0.26% 0.63% -0.23% -0.17% 1.00% 0.02% 0.86% -0.22% 5.56%

0.69

-0.30% 0.13% 0.19% -0.18% -0.39% -0.38% 1.53% 0.13% 1.18% 0.50% 3.09% 0.22% 0.96% 0.06% -0.22% 0.73% -0.24% 0.39% -0.95% 6.42%

ATLAS Islamic Fund & KSE Return Analaysis 2.20% 2.00% 1.80%

ATLAS Islamic Fund Return

1.60% 1.40% 1.20% 1.00% 0.80%

Column T

0.60% 0.40% 0.20% 0.00% -0.20% -0.40% -0.60% Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row Row 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 KSE Return

Column T

(1) (2) Date Atlas IF 31-Jan-08 531.65 1-Feb-08 529.25 4-Feb-08 528.69 6-Feb-08 526.37 7-Feb-08 526.38 8-Feb-08 525.97 11-Feb-08 525.76 12-Feb-08 531.90 13-Feb-08 532.28 14-Feb-08 535.86 15-Feb-08 537.33 19-Feb-08 548.90 20-Feb-08 547.74 21-Feb-08 551.18 22-Feb-08 550.35 25-Feb-08 548.82 26-Feb-08 555.43 27-Feb-08 556.87 28-Feb-08 561.10 29-Feb-08 559.45 Monthly Return Correlation Varriance Std. Dev. Average Beta (Coveriance/AIF Return Varriance) Treynor Measure (A Islamic F) (Portfolio Return – Risk Free Rate) / Beta ( 5.66% -2% / 1.43)

(3) Return (%)

(4) Return - Average

-0.45% -0.11% -0.44% 0.00% -0.08% -0.04% 1.17% 0.07% 0.67% 0.27% 2.15% -0.21% 0.63% -0.15% -0.28% 1.20% 0.26% 0.76% -0.29% 5.23% 89% 0.004355% 0.6780% 0.2708% 0.67 0.0032

-0.45% -0.11% -0.44% 0.00% -0.08% -0.04% 1.17% 0.07% 0.67% 0.27% 2.15% -0.21% 0.63% -0.15% -0.28% 1.20% 0.26% 0.76% -0.29%

(5) KSE 100 Index 14,017.01 13,974.41 13,991.88 14,018.18 13,992.75 13,938.33 13,884.96 14,096.91 14,115.89 14,283.06 14,353.84 14,797.18 14,829.58 14,971.97 14,980.66 14,947.54 15,056.12 15,019.69 15,078.19 14,934.30

(6) Return -0.30% 0.13% 0.19% -0.18% -0.39% -0.38% 1.53% 0.13% 1.18% 0.50% 3.09% 0.22% 0.96% 0.06% -0.22% 0.73% -0.24% 0.39% -0.95% 6.54%

(7) Return - Average -0.64% -0.21% -0.15% -0.52% -0.73% -0.72% 1.19% -0.20% 0.85% 0.16% 2.75% -0.12% 0.62% -0.28% -0.56% 0.39% -0.58% 0.05% -1.29%

(4) * (7) = (8) Product 0.0029% 0.0002% 0.0007% 0.0000% 0.0006% 0.0003% 0.0139% -0.0001% 0.0057% 0.0004% 0.0592% 0.0003% 0.0039% 0.0004% 0.0016% 0.0047% -0.0015% 0.0004% 0.0038% 0.0051%

0.007637% 0.8979% 0.3380%

This is the covariance of MIF returns with the KSE100 Index returns.

Sharp Ratio 0.0026 (Portfolio Return/Days – Risk-Free Rate/Days) / St.Dev. ( 5.66% -2% / 1.43)

1) Benchmark Return (CAPM) = Risk Free Rate of Return + Beta (Return of Market – Risk-Free Rate of Return) Benchmark Return 4.44% 2) Jensen's Alpha = Portflio Return - Benchmark Portfolio Return Jensen's Alpha 0.79% Market Reward to Varibility (Arm - Arf) / Stdm (Arp - Arf) / Stdp

(0.0066) (0.0105)

0.000089

0 Impact of Systematic Risk (Beta * (Arm-Arf) Net Superior Return due to Selectivity (Arp-Arf)-(Stdp/Stpm)(Arm-Arf)

0.11%

0.1011%

Holding Sectorwise Fertilizer 28.48 OEC 26.61 Refinery 5.6 OMCs 4.24 This worksheet presents an example of calculating beta (this is not the way you'd do it in a spreadsheet, this is the set of calculations that you'd use to calculate beta by hand). For the Paper & Board 3.96 example, I've used the NAV for month of February'2008 of ATLAS Islamic Funds. Columns 2 and 5 are the values of Atlas Islamic Fund NAV and an KSE100 Index, respectively. Autos 3 and 6 are the percentage returns. 2.86 Cells D28 and G28 are the average returns for the month of Feb'2008. Columns 4 and 7 are simply the actual return in each day minus the Columns Power return. Column 8 merely takes 1.92 average the product of columns 4 and 7 and then sums the result to obtain the covariance of ATLAS Islamic Fund and the KSE100 Index. This value is Cementby the variance of the KSE1001.42 divided Index returns to obtain ATLAS Islamic Fund's beta (cell D29). Textile 0.93 Telecom 0.92 Cash 16 Other Assets 7.06 100

22-Jan-07 Monday 23-Jan-07 Tuesday 24-Jan-07 Wednesday 25-Jan-07 Thursday 26-Jan-07 Friday 31-Jan-07 Wednesday 1-Feb-07 Thursday 2-Feb-07 Friday 6-Feb-07 Tuesday 7-Feb-07 Wednesday 8-Feb-07 Thursday 9-Feb-07 Friday 12-Feb-07 Monday 13-Feb-07 Tuesday 14-Feb-07 Wednesday 15-Feb-07 Thursday 16-Feb-07 Friday 19-Feb-07 Monday 20-Feb-07 Tuesday 21-Feb-07 Wednesday 22-Feb-07 Thursday 23-Feb-07 Friday 26-Feb-07 Monday 27-Feb-07 Tuesday 28-Feb-07 Wednesday 1-Mar-07 Thursday 2-Mar-07 Friday 5-Mar-07 Monday 6-Mar-07 Tuesday 7-Mar-07 Wednesday 8-Mar-07 Thursday 9-Mar-07 Friday 12-Mar-07 Monday 13-Mar-07 Tuesday 14-Mar-07 Wednesday 15-Mar-07 Thursday 16-Mar-07 Friday 19-Mar-07 Monday 20-Mar-07 Tuesday 21-Mar-07 Wednesday 22-Mar-07 Thursday 26-Mar-07 Monday 27-Mar-07 Tuesday 28-Mar-07 Wednesday 29-Mar-07 Thursday 30-Mar-07 Friday 2-Apr-07 Monday 3-Apr-07 Tuesday 4-Apr-07 Wednesday 5-Apr-07 Thursday 6-Apr-07 Friday 9-Apr-07 Monday 10-Apr-07 Tuesday 11-Apr-07 Wednesday 12-Apr-07 Thursday 13-Apr-07 Friday 16-Apr-07 Monday 17-Apr-07 Tuesday 18-Apr-07 Wednesday 19-Apr-07 Thursday 20-Apr-07 Friday 23-Apr-07 Monday 24-Apr-07 Tuesday 25-Apr-07 Wednesday 26-Apr-07 Thursday 27-Apr-07 Friday 30-Apr-07 Monday 2-May-07 Wednesday 3-May-07 Thursday 4-May-07 Friday 7-May-07 Monday 8-May-07 Tuesday 9-May-07 Wednesday 10-May-07 Thursday 11-May-07 Friday 14-May-07 Monday 15-May-07 Tuesday 16-May-07 Wednesday 17-May-07 Thursday 18-May-07 Friday 21-May-07 Monday 22-May-07 Tuesday 23-May-07 Wednesday 24-May-07 Thursday 25-May-07 Friday 28-May-07 Monday 29-May-07 Tuesday 30-May-07 Wednesday 31-May-07 Thursday 1-Jun-07 Friday 4-Jun-07 Monday 5-Jun-07 Tuesday 6-Jun-07 Wednesday 7-Jun-07 Thursday 8-Jun-07 Friday 11-Jun-07 Monday 12-Jun-07 Tuesday 13-Jun-07 Wednesday 14-Jun-07 Thursday 15-Jun-07 Friday 18-Jun-07 Monday 19-Jun-07 Tuesday 20-Jun-07 Wednesday 21-Jun-07 Thursday 22-Jun-07 Friday 25-Jun-07 Monday 26-Jun-07 Tuesday 27-Jun-07 Wednesday 28-Jun-07 Thursday 29-Jun-07 Friday 23-Jul-07 Monday 24-Jul-07 Tuesday 25-Jul-07 Wednesday 26-Jul-07 Thursday 27-Jul-07 Friday 30-Jul-07 Monday 31-Jul-07 Tuesday 1-Aug-07 Wednesday 2-Aug-07 Thursday 3-Aug-07 Friday 6-Aug-07 Monday 7-Aug-07 Tuesday 8-Aug-07 Wednesday 9-Aug-07 Thursday 10-Aug-07 Friday 13-Aug-07 Monday 15-Aug-07 Wednesday 16-Aug-07 Thursday 17-Aug-07 Friday 20-Aug-07 Monday 21-Aug-07 Tuesday 22-Aug-07 Wednesday 23-Aug-07 Thursday 24-Aug-07 Friday 27-Aug-07 Monday 28-Aug-07 Tuesday 29-Aug-07 Wednesday 30-Aug-07 Thursday 31-Aug-07 Friday 3-Sep-07 Monday 4-Sep-07 Tuesday 5-Sep-07 Wednesday 6-Sep-07 Thursday 7-Sep-07 Friday 10-Sep-07 Monday 11-Sep-07 Tuesday 12-Sep-07 Wednesday 13-Sep-07 Thursday 17-Sep-07 Monday 18-Sep-07 Tuesday 19-Sep-07 Wednesday 20-Sep-07 Thursday 21-Sep-07 Friday 24-Sep-07 Monday 25-Sep-07 Tuesday 26-Sep-07 Wednesday 27-Sep-07 Thursday 28-Sep-07 Friday 1-Oct-07 Monday 2-Oct-07 Tuesday 3-Oct-07 Wednesday 4-Oct-07 Thursday 5-Oct-07 Friday 8-Oct-07 Monday 9-Oct-07 Tuesday 11-Oct-07 Thursday 12-Oct-07 Friday 17-Oct-07 Wednesday 18-Oct-07 Thursday 19-Oct-07 Friday 22-Oct-07 Monday 23-Oct-07 Tuesday 24-Oct-07 Wednesday 25-Oct-07 Thursday 26-Oct-07 Friday 29-Oct-07 Monday 30-Oct-07 Tuesday 31-Oct-07 Wednesday 1-Nov-07 Thursday 2-Nov-07 Friday 5-Nov-07 Monday 6-Nov-07 Tuesday 7-Nov-07 Wednesday 8-Nov-07 Thursday 12-Nov-07 Monday 13-Nov-07 Tuesday 14-Nov-07 Wednesday 15-Nov-07 Thursday 16-Nov-07 Friday 19-Nov-07 Monday 20-Nov-07 Tuesday 21-Nov-07 Wednesday 22-Nov-07 Thursday 23-Nov-07 Friday 26-Nov-07 Monday 27-Nov-07 Tuesday 28-Nov-07 Wednesday 29-Nov-07 Thursday 30-Nov-07 Friday 3-Dec-07 Monday 4-Dec-07 Tuesday 5-Dec-07 Wednesday 6-Dec-07 Thursday 7-Dec-07 Friday 10-Dec-07 Monday 11-Dec-07 Tuesday 12-Dec-07 Wednesday 13-Dec-07 Thursday 14-Dec-07 Friday 17-Dec-07 Monday 18-Dec-07 Tuesday 19-Dec-07 Wednesday 24-Dec-07 Monday 26-Dec-07 Wednesday 27-Dec-07 Thursday 31-Dec-07 Monday 1-Jan-08 Tuesday 2-Jan-08 Wednesday 3-Jan-08 Thursday 4-Jan-08 Friday 7-Jan-08 Monday 8-Jan-08 Tuesday 9-Jan-08 Wednesday 10-Jan-08 Thursday 11-Jan-08 Friday 14-Jan-08 Monday 15-Jan-08 Tuesday 16-Jan-08 Wednesday 17-Jan-08 Thursday 18-Jan-08 Friday 21-Jan-08 Monday 22-Jan-08 Tuesday 23-Jan-08 Wednesday 24-Jan-08 Thursday 25-Jan-08 Friday 28-Jan-08 Monday 29-Jan-08 Tuesday 30-Jan-08 Wednesday 31-Jan-08 Thursday 1-Feb-08 Friday 4-Feb-08 Monday 6-Feb-08 Wednesday 7-Feb-08 Thursday 8-Feb-08 Friday 11-Feb-08 Monday 12-Feb-08 Tuesday 13-Feb-08 Wednesday 14-Feb-08 Thursday 15-Feb-08 Friday 19-Feb-08 Tuesday 20-Feb-08 Wednesday 21-Feb-08 Thursday 22-Feb-08 Friday 25-Feb-08 Monday 26-Feb-08 Tuesday 27-Feb-08 Wednesday 28-Feb-08 Thursday 29-Feb-08 Friday 3-Mar-08 Monday 4-Mar-08 Tuesday 5-Mar-08 Wednesday 6-Mar-08 Thursday 7-Mar-08 Friday 10-Mar-08 Monday 11-Mar-08 Tuesday 12-Mar-08 Wednesday 13-Mar-08 Thursday 14-Mar-08 Friday 17-Mar-08 Monday 18-Mar-08 Tuesday 19-Mar-08 Wednesday 20-Mar-08 Thursday 24-Mar-08 Monday 25-Mar-08 Tuesday 26-Mar-08 Wednesday 27-Mar-08 Thursday 28-Mar-08 Friday 31-Mar-08 Monday 1-Apr-08 Tuesday 2-Apr-08 Wednesday 3-Apr-08 Thursday 4-Apr-08 Friday

510.21 510.21 510.22 510.22 510.23 510.26 510.26 510.26 510.28 510.29 510.91 510.67 510.37 510.25 509.87 509.87 509.7 510.32 510.01 509.89 509.78 509.96 509.76 509.86 509.35 509.31 509.09 508.59 508.46 509.6 510.39 510.69 510.19 509.93 509.3 509.69 509.53 508.55 509.02 508.95 508.72 509.25 509.59 509.36 509.25 509.68 509.57 509.89 509.59 510.23 511.08 511.09 511.55 512.49 512.56 512.92 513.05 513.03 514.3 513.72 513.57 513.21 513.76 513.36 513.69 514.37 514.91 515.87 515.73 516.68 513.62 515.09 515.45 514.65 515.1 515.29 515.47 515 514.93 515.58 515.26 515.88 516.69 517.12 517.93 519.19 519.07 518.42 519.98 519.38 520.28 521.85 522.36 523.43 523.72 525.19 525.33 524.95 524.62 523.14 524.73 523.6 523.34 523.32 521.53 523.14 523.23 525.08 523.97 522.79 512.76 507.6 508.3 511.06 509.06 511.33 513.39 513.76 515.2 515.16 508.25 505.77 507.88 497.72 494.88 487.76 490.65 489.62 488.04 487.82 475.41 478.16 467.08 468.27 464.43 468.37 474.24 477.17 472.19 469.36 473.77 483.64 482.22 478.4 483.55 483.09 490.4 494.2 490.65 495.62 502.12 498.41 500.57 507.1 506.61 508.34 509.5 510.34 522.55 527.79 533.99 538.2 535.14 540.69 542.71 546.03 546.03 553.7 559.17 560.24 557.3 552.19 540.98 544.58 545.46 545.79 535.47 542.84 530.29 530.12 510.14 517.75 523.34 522.35 528.77 524.82 513.91 506.63 506.47 514.77 516.19 522.44 524.57 533.55 532.41 531.61 538.23 540.46 540.87 535.36 538.96 540.43 542.23 547.47 549.37 550.84 546.65 546.66 546.87 545.79 542.99 545.99 547.86 548.01 546.61 528.37 517.47 508.01 524.48 534.26 531.96 539.01 537.09 532.96 528.97 531.61 531.41 524.7 521.83 527.61 528.55 523.09 523.48 520.12 527.08 529.79 536.13 534.13 536.97 534.54 533.98 531.63 531.64 531.23 531.02 537.22 537.6 541.22 542.7 554.39 553.22 556.69 555.85 554.31 560.98 562.44 566.71 565.04 561.71 559.33 566.73 577.53 578.17 573.45 575.1 580.23 577.49 579.73 578.44 567.67 577.09 577.71 583.11 579.74 581.72 581.67 580.87 579.59 581.38 585.23 588.64 590.73

497.58 497.58 497.59 497.59 497.6 497.63 497.63 497.63 497.65 497.66 498.26 498.03 497.74 497.62 497.25 497.25 497.08 497.69 497.39 497.27 497.16 497.34 497.14 497.24 496.75 496.71 496.49 496 495.88 496.98 497.76 498.05 497.56 497.31 496.7 497.07 496.92 495.96 496.42 496.35 496.12 496.65 496.97 496.76 496.65 497.06 496.95 497.27 496.97 497.6 498.43 498.44 498.89 499.81 499.88 500.22 500.35 500.33 501.57 501 500.86 500.51 501.04 500.66 500.97 501.64 502.16 503.1 502.96 503.89 500.9 502.34 502.69 501.91 502.35 502.54 502.71 502.25 502.18 502.82 502.51 503.11 503.9 504.32 505.11 506.34 506.22 505.59 507.11 506.53 507.4 508.93 509.43 510.48 510.75 512.19 512.33 511.95 511.64 510.19 511.74 510.64 510.39 510.37 508.62 510.19 510.28 512.08 511 509.85 500.06 495.03 495.72 498.41 496.46 498.68 500.69 501.04 502.45 502.41 495.67 493.25 495.31 485.4 482.63 475.69 478.5 477.5 475.96 475.75 463.64 466.33 455.52 456.68 452.93 456.77 462.5 465.36 460.5 457.74 462.04 471.67 470.29 466.56 471.58 471.14 478.26 481.97 478.5 483.35 489.69 486.08 488.18 494.55 494.07 495.76 496.89 497.71 509.62 514.72 520.77 524.88 521.89 527.31 529.28 532.51 532.51 540 545.33 546.37 543.5 538.52 527.59 531.1 531.96 532.28 522.22 529.41 517.16 517 497.51 504.93 510.39 509.42 515.68 511.83 501.19 494.09 493.94 502.02 503.41 509.51 511.59 520.35 519.23 518.45 524.91 527.08 527.48 522.11 525.62 527.05 528.81 533.92 535.77 537.21 533.12 533.13 533.34 532.28 529.55 532.47 534.3 534.44 533.08 515.29 504.66 495.44 511.5 521.04 518.79 525.66 523.79 519.76 515.87 518.45 518.26 511.71 508.91 514.55 515.47 510.14 510.53 507.25 514.03 516.67 522.86 520.91 523.68 521.31 520.76 518.47 518.48 518.08 517.87 523.92 524.3 527.82 529.27 540.67 539.52 542.91 542.09 540.59 547.1 548.52 552.68 551.06 547.81 545.48 552.7 563.23 563.86 559.25 560.87 565.87 563.19 565.38 564.12 553.62 562.81 563.41 568.68 565.39 567.32 567.27 566.49 565.24 566.99 570.75 574.07 576.11

505.16 505.16 505.17 505.17 505.18 505.21 505.21 505.21 505.23 505.24 505.85 505.61 505.32 505.2 504.82 504.82 504.65 505.27 504.96 504.84 504.73 504.91 504.71 504.81 504.31 504.27 504.05 503.55 503.43 504.55 505.34 505.63 505.14 504.88 504.26 504.64 504.49 503.51 503.98 503.91 503.68 504.21 504.54 504.32 504.21 504.63 504.52 504.84 504.54 505.18 506.02 506.03 506.49 507.42 507.49 507.84 507.97 507.95 509.21 508.63 508.49 508.13 508.67 508.28 508.6 509.28 509.81 510.76 510.62 511.56 508.53 509.99 510.35 509.55 510 510.19 510.37 509.9 509.83 510.48 510.16 510.77 511.57 512 512.8 514.05 513.93 513.29 514.83 514.24 515.13 516.68 517.19 518.25 518.53 519.99 520.13 519.75 519.43 517.96 519.53 518.42 518.16 518.14 516.37 517.96 518.05 519.88 518.78 517.61 507.68 502.57 503.27 506 504.02 506.27 508.31 508.67 510.1 510.06 503.22 500.76 502.85 492.79 489.98 482.93 485.79 484.77 483.21 482.99 470.7 473.43 462.46 463.63 459.83 463.73 469.54 472.45 467.51 464.71 469.08 478.85 477.45 473.66 478.76 478.31 485.54 489.31 485.79 490.71 497.15 493.48 495.61 502.08 501.59 503.31 504.46 505.29 517.38 522.56 528.7 532.87 529.84 535.34 537.34 540.62 540.62 548.22 553.63 554.69 551.78 546.72 535.62 539.19 540.06 540.39 530.17 537.47 525.04 524.87 505.09 512.62 518.16 517.18 523.53 519.62 508.82 501.61 501.46 509.67 511.08 517.27 519.38 528.27 527.14 526.35 532.9 535.11 535.51 530.06 533.62 535.08 536.86 542.05 543.93 545.39 541.24 541.25 541.46 540.39 537.61 540.58 542.44 542.58 541.2 523.14 512.35 502.98 519.29 528.97 526.69 533.67 531.77 527.68 523.73 526.35 526.15 519.5 516.66 522.39 523.32 517.91 518.3 514.97 521.86 524.54 530.82 528.84 531.65 529.25 528.69 526.37 526.38 525.97 525.76 531.9 532.28 535.86 537.33 548.9 547.74 551.18 550.35 548.82 555.43 556.87 561.1 559.45 556.15 553.79 561.12 571.81 572.45 567.77 569.41 574.49 571.77 573.99 572.71 562.05 571.38 571.99 577.34 574 575.96 575.91 575.12 573.85 575.62 579.44 582.81 584.88

1-Feb-08 4-Feb-08 6-Feb-08 7-Feb-08 8-Feb-08 11-Feb-08 12-Feb-08 13-Feb-08 14-Feb-08 15-Feb-08 19-Feb-08 20-Feb-08 21-Feb-08 22-Feb-08 25-Feb-08 26-Feb-08 27-Feb-08 28-Feb-08 29-Feb-08

-0.45% -0.11% -0.44% 0.00% -0.08% -0.04% 1.17% 0.07% 0.67% 0.27% 2.15% -0.21% 0.63% -0.15% -0.28% 1.20% 0.26% 0.76% -0.29%

0.67

-0.30% 0.13% 0.19% -0.18% -0.39% -0.38% 1.53% 0.13% 1.18% 0.50% 3.09% 0.22% 0.96% 0.06% -0.22% 0.73% -0.24% 0.39% -0.95%

(1) (2) (3) (4) Date PIEF Return (%) Return - Average 31-Jan-08 54.40 1-Feb-08 54.21 -0.35% -0.58% 4-Feb-08 54.24 0.06% -0.17% 6-Feb-08 54.65 0.76% 0.53% 7-Feb-08 54.58 -0.13% -0.36% 8-Feb-08 54.39 -0.35% -0.58% 11-Feb-08 54.46 0.13% -0.10% 12-Feb-08 54.44 -0.04% -0.27% 13-Feb-08 54.48 0.07% -0.16% 14-Feb-08 54.69 0.39% 0.16% 15-Feb-08 55.02 0.60% 0.37% 19-Feb-08 56.10 1.96% 1.73% 20-Feb-08 55.72 -0.68% -0.91% 21-Feb-08 55.84 0.22% -0.01% 22-Feb-08 55.87 0.05% -0.18% 25-Feb-08 55.70 -0.30% -0.53% 26-Feb-08 56.44 1.33% 1.10% 27-Feb-08 56.53 0.16% -0.07% 28-Feb-08 56.87 0.60% 0.37% 29-Feb-08 56.80 -0.12% -0.35% Monthly Return 4.41% Correlation 70% Varriance 0.003680% Std. Dev. 0.6066% Average (Mean Value) 0.2293% Beta (Coveriance/PIEF Return Varriance) 0.49 Treynor Measure (PIEF) 0.0032 (Portfolio Return – Risk Free Rate) / Beta 0.06462% Sharp Ratio 0.0021 (Portfolio Return/Days – Risk-Free Rate/Days) / St.Dev.

(5) KSE 100 Index 14,017.01 13,974.41 13,991.88 14,018.18 13,992.75 13,938.33 13,884.96 14,096.91 14,115.89 14,283.06 14,353.84 14,797.18 14,829.58 14,971.97 14,980.66 14,947.54 15,056.12 15,019.69 15,078.19 14,934.30

(6) Return -0.30% 0.13% 0.19% -0.18% -0.39% -0.38% 1.53% 0.13% 1.18% 0.50% 3.09% 0.22% 0.96% 0.06% -0.22% 0.73% -0.24% 0.39% -0.95% 6.54%

(7) Return - Average -0.64% -0.21% -0.15% -0.52% -0.73% -0.72% 1.19% -0.20% 0.85% 0.16% 2.75% -0.12% 0.62% -0.28% -0.56% 0.39% -0.58% 0.05% -1.29%

(4) * (7) = (8) Product 0.0037% 0.0004% -0.0008% 0.0019% 0.0042% 0.0007% -0.0032% 0.0003% 0.0013% 0.0006% 0.0477% 0.0011% -0.0001% 0.0005% 0.0030% 0.0043% 0.0004% 0.0002% 0.0046% 0.0037%

0.007637% 0.8739% 0.3380%

This is the covariance of PIEF returns with the KSE100 Index returns.

1) Benchmark Return (CAPM) = Risk Free Rate of Return + Beta (Return of Market – Risk-Free Rate of Return) Benchmark Return 3.28% 2) Jensen's Alpha = Portflio Return - Benchmark Portfolio Return Jensen's Alpha 1.14% Market Reward to Varibility (Arm - Arf) / Stdm (Arp - Arf) / Stdp

-0.69% -1.25%

0.00895%

0 Impact of Systematic Risk (Beta * (Arm-Arf)

0.08%

Net Superior Return due to Selectivity (Arp-Arf)-(Stdp/Stpm)(Arm-Arf)

0.0598%

This worksheet presents an example of calculating beta (this is not the way you'd do it in a spreadsheet, this is the set of calculations that you'd use to calculate beta by hand). For the example, I've used the NAV for month of February'2008 of PIEF. Columns 2 and 5 are the values of PIEF NAV and an KSE100 Index, respectively. Columns 3 and 6 are the percentage returns. Cells D28 and G28 are the average returns for the month of Feb'2008. Columns 4 and 7 are simply the actual return in each day minus the average return. Column 8 merely takes the product of columns 4 and 7 and then sums the result to obtain the covariance of PIEF and the KSE100 Index. This value is divided by the variance of the KSE100 Index returns to obtain PIEF's beta (cell D29).

PIIF PIIF PIIF PIIF

3-Jan-07

49.16

47.93

4-Jan-07 5-Jan-07

49.23 49.06

48 47.83

8-Jan-07

49.09

47.86

PIIF PIIF

9-Jan-07 10-Jan-07

49.35 49.44

48.12 48.2

PIIF

11-Jan-07

49.41

48.17

PIIF PIIF

12-Jan-07 15-Jan-07

49.52 49.73

48.28 48.49

PIIF

16-Jan-07

49.74

48.5

PIIF

17-Jan-07

49.84

48.59

PIIF

18-Jan-07

49.89

48.64

PIIF PIIF

19-Jan-07 22-Jan-07

49.93 50.13

48.68 48.88

PIIF

23-Jan-07

50.12

48.87

PIIF PIIF

24-Jan-07 25-Jan-07

50.5 50.97

49.24 49.7

PIIF

26-Jan-07

50.92

49.65

PIIF PIIF

31-Jan-07 1-Feb-07

51.37 51.68

50.09 50.39

PIIF

2-Feb-07

52.37

51.06

PIIF

6-Feb-07

52.72

51.4

PIIF

7-Feb-07

53.1

51.77

PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF PIIF

8-Feb-07 9-Feb-07 12-Feb-07 13-Feb-07 14-Feb-07 15-Feb-07 16-Feb-07 19-Feb-07 20-Feb-07 21-Feb-07 22-Feb-07 23-Feb-07 26-Feb-07 27-Feb-07 28-Feb-07 1-Mar-07 2-Mar-07 5-Mar-07 6-Mar-07 7-Mar-07 8-Mar-07 9-Mar-07 12-Mar-07 13-Mar-07 14-Mar-07 15-Mar-07 16-Mar-07 19-Mar-07 20-Mar-07 21-Mar-07 22-Mar-07 26-Mar-07 27-Mar-07 28-Mar-07 29-Mar-07 30-Mar-07 2-Apr-07 3-Apr-07 4-Apr-07 5-Apr-07 6-Apr-07 9-Apr-07 10-Apr-07 11-Apr-07 12-Apr-07 13-Apr-07 16-Apr-07 17-Apr-07 18-Apr-07 19-Apr-07 20-Apr-07 23-Apr-07 24-Apr-07 25-Apr-07 26-Apr-07 27-Apr-07 30-Apr-07 2-May-07 3-May-07 4-May-07 7-May-07 8-May-07 9-May-07 10-May-07 11-May-07 14-May-07 15-May-07 16-May-07 17-May-07 18-May-07 21-May-07 22-May-07 23-May-07 24-May-07 25-May-07 28-May-07 29-May-07 30-May-07 31-May-07 1-Jun-07 4-Jun-07 5-Jun-07 6-Jun-07 7-Jun-07 8-Jun-07 11-Jun-07 12-Jun-07 13-Jun-07 14-Jun-07 15-Jun-07 18-Jun-07 19-Jun-07 20-Jun-07 21-Jun-07 22-Jun-07 25-Jun-07 26-Jun-07 27-Jun-07 28-Jun-07 29-Jun-07 5-Jul-07 6-Jul-07 9-Jul-07 10-Jul-07 11-Jul-07 12-Jul-07 13-Jul-07 16-Jul-07 17-Jul-07 18-Jul-07 19-Jul-07 20-Jul-07 23-Jul-07 24-Jul-07 25-Jul-07 26-Jul-07 27-Jul-07 30-Jul-07 31-Jul-07 1-Aug-07 2-Aug-07 3-Aug-07 6-Aug-07 7-Aug-07 8-Aug-07 9-Aug-07 10-Aug-07 13-Aug-07 15-Aug-07 16-Aug-07 17-Aug-07 20-Aug-07 21-Aug-07 22-Aug-07 23-Aug-07 24-Aug-07 27-Aug-07 28-Aug-07 29-Aug-07 30-Aug-07 31-Aug-07 3-Sep-07 4-Sep-07 5-Sep-07 6-Sep-07 7-Sep-07 10-Sep-07 11-Sep-07 12-Sep-07 13-Sep-07 14-Sep-07 17-Sep-07 18-Sep-07 19-Sep-07 20-Sep-07 21-Sep-07 24-Sep-07 25-Sep-07 26-Sep-07 27-Sep-07 28-Sep-07 1-Oct-07 2-Oct-07 3-Oct-07 4-Oct-07 5-Oct-07 8-Oct-07 9-Oct-07 11-Oct-07 17-Oct-07 18-Oct-07 19-Oct-07 22-Oct-07 23-Oct-07 24-Oct-07 25-Oct-07 26-Oct-07 29-Oct-07 30-Oct-07 31-Oct-07 1-Nov-07 2-Nov-07 5-Nov-07 6-Nov-07 7-Nov-07 8-Nov-07 12-Nov-07 13-Nov-07 14-Nov-07 15-Nov-07 16-Nov-07 19-Nov-07 20-Nov-07 21-Nov-07 22-Nov-07 23-Nov-07 26-Nov-07 27-Nov-07 28-Nov-07 29-Nov-07 30-Nov-07 3-Dec-07 4-Dec-07 5-Dec-07 6-Dec-07 7-Dec-07 10-Dec-07 11-Dec-07 12-Dec-07 13-Dec-07 14-Dec-07 17-Dec-07 18-Dec-07 19-Dec-07 24-Dec-07 26-Dec-07 27-Dec-07 31-Dec-07 1-Jan-08

53.53 53.59 53.03 52.81 52.28 52.25 51.95 52.62 52.55 52.44 52.67 53.02 52.53 52.52 51.7 51.68 51.61 51.35 50.76 51.26 51.7 52.12 52.04 52.08 51.72 51.99 51.96 51.69 51.76 51.53 51.28 51.55 51.91 51.72 51.72 51.86 51.84 51.96 52.05 52.4 52.62 52.8 53.45 54.03 54.1 54.06 54.14 54.23 54.45 54.1 54.06 53.89 54.05 53.72 53.76 54.28 54.91 55.06 55.39 55.73 54.18 55.21 55.77 56.12 56.68 57.25 56.88 56.19 56.33 56.43 56.24 56.67 56.99 57.33 57.43 57.48 57.05 57.02 57.21 57.31 57.59 58.32 58.64 58.52 58.96 59.59 59.47 59.3 59.7 59.88 60.22 60.28 60.06 60.06 59.69 60.14 60.03 60.52 60.41 60.29 52.34 52.32 52.57 52.39 52.52 53.16 54.18 54.05 54.45 53.31 51.83 52.08 52.9 52.21 52.38 53.05 52.98 53.1 52.78 52.73 53.23 53.21 52.35 52.05 52.4 51.11 50.86 50.09 50.35 50.29 50.34 50.54 49.34 49.63 48.7 49.48 48.69 49.04 49.41 49.7 49.03 48.83 49.35 50.38 50.26 49.91 50.22 50.25 50.77 51.14 50.84 50.89 51.65 52.39 52.16 52.42 52.82 53.32 53.56 53.68 53.56 54.41 54.86 55.21 55.67 55.52 55.73 56.13 56.33 57.09 57.75 58.26 58.5 57.93 56.94 57.37 58.13 57.77 57.52 58.25 57.43 57.16 55.61 55.25 55.78 55.82 56.46 56.18 55.31 54.84 54.76 54.97 54.77 55.33 55.84 56.53 56.25 56.23 56.63 56.62 56.79 56.42 56.98 56.99 57.08 57.42 57.21 57.2 56.94 56.89 57.07 57.09 56.27 56.64 56.73 57.01 56.89 55.08 54.43

52.19 52.25 51.7 51.49 50.98 50.94 50.65 51.3 51.24 51.13 51.35 51.69 51.22 51.21 50.41 50.39 50 50.07 49.49 49.98 50.41 50.82 50.74 50.78 50.43 50.69 50.66 50.4 50.47 50.24 50 50.26 50.61 50.43 50.43 50.56 50.54 50.66 50.75 51.09 51.3 51.48 52.11 52.68 52.75 52.71 52.79 52.87 53.09 52.75 52.71 52.54 52.7 52.38 52.42 52.93 53.54 53.68 54.01 54.34 52.83 53.83 54.38 54.72 55.26 55.81 55.46 54.79 54.92 55.02 54.83 55.25 55.57 55.9 55.99 56.04 55.62 55.59 55.78 55.88 56.15 56.86 57.17 57.06 57.49 58.1 57.98 57.82 58.21 58.38 58.71 58.77 58.56 58.56 58.2 58.64 58.53 59.01 58.9 58.78 51.03 51.01 51.26 51.08 51.21 51.83 52.83 52.7 53.09 51.98 50.53 50.78 51.58 50.9 51.07 51.72 51.66 51.77 51.46 51.41 51.9 51.88 51.04 50.75 51.09 49.83 49.59 48.84 49.09 49.03 49.08 49.28 48.11 48.39 47.48 48.24 47.47 47.81 48.17 48.46 47.8 47.61 48.12 49.12 49 48.66 48.96 48.99 49.5 49.86 49.57 49.62 50.36 51.08 50.86 51.11 51.5 51.99 52.22 52.34 52.22 53.05 53.49 53.83 54.28 54.13 54.34 54.73 54.92 55.66 56.31 56.8 57.04 56.48 55.52 55.94 56.68 56.33 56.08 56.79 55.99 55.73 54.22 53.87 54.39 54.42 55.05 54.78 53.93 53.47 53.39 53.6 53.4 53.95 54.44 55.12 54.84 54.82 55.21 55.2 55.37 55.01 55.56 55.57 55.65 55.98 55.78 55.77 55.52 55.47 55.64 55.66 54.86 55.22 55.31 55.58 55.47 53.7 53.07

1-Feb-08 4-Feb-08 6-Feb-08 7-Feb-08 8-Feb-08 11-Feb-08 12-Feb-08 13-Feb-08 14-Feb-08 15-Feb-08 19-Feb-08 20-Feb-08 21-Feb-08 22-Feb-08 25-Feb-08 26-Feb-08 27-Feb-08 28-Feb-08 29-Feb-08

-0.35% 0.06% 0.76% -0.13% -0.35% 0.13% -0.04% 0.07% 0.39% 0.60% 1.96% -0.68% 0.22% 0.05% -0.30% 1.33% 0.16% 0.60% -0.12%

0.4873096

-0.30% 0.13% 0.19% -0.18% -0.39% -0.38% 1.53% 0.13% 1.18% 0.50% 3.09% 0.22% 0.96% 0.06% -0.22% 0.73% -0.24% 0.39% -0.95%

S.No.

Table 1 : Return and Risk on Portfolios

"1-1" "1-2" "1-3" "1-4" "1-5" "1-6" "1-7" "1-8" "1-9" "1-10"

Return on Fund Risk Free Rate of Return Market Return Over/(Under) performance of Fund Fund Risk (Fund Return Standard Deviation) Market Risk (Market Return Standard Deviation) Volatility of Portfolio (Beta) Average Daily Return on Fund Average Daily Market Return Correlation (Fund with Market)

S.No.

Table 2 : Risk Adjusted Performance Measure

"2-1" "2-2" "2-3" "2-4" "2-5" "2-6" "2-7"

Equilibrium Monthly Return Monthly Return on Fund Excess of Average Return of Fund ( 2-1) Market Reward to Volatility (Benchmark) Fund Reward to Volatility Market Reward to Variability Fund Reward to Variability

S.No.

Table 3 : Risk and Diversification

"3-1" "3-2" "3-3"

Total Risk (Standard Deviation) Systematic Risk (Beta) Diversification (R2)

S.No.

Table 4 : Breakup of Fund Returns

"4-1" "4-2" "4-3" "4-4" "4-5"

Risk Free Return Impact of Systematic Risk (Beta * Arm - Arf) Impact of Imperfect Diversification Net Superior Returns due to Selectivity Total Fund Return

Risk Free Return PLS CHEQUING ACCOUNT For balances of Rs.20,001/= & above = 1.00% (HBL, UBL, MCB)

The variance measures the fluctuation of the observations around their mean. The larger the value of variance, the

The standard deviation also measures the variability of observations around the mean. It is defined as the square ro the same unit as the observation and is in a way easier to interpret.

FORMULA Rp = NAV31.01.08 - NAV29.02.08 / NAV29.02.08 Rf= (PLS A/c. Annual Rate /12 I.e. 2%/12) Rm= KSE10031.01.08 - KSE10029.02.08 / KSE10029.02.08

= Rm - Rp =STDEVPA(Rp) =STDEVPA(Rm) =SLOPE(Rp,Rm) =AVERAGE(Rp) =AVERAGE(Rm) =CORREL(Rp, Rm)

MIF

ATLAS

5.66% 0.17% 6.54% -0.88% 0.68% 0.90% 0.69 0.29% 0.34% 91%

MIF Benchmark Return (CAPM) = Rf + Beta (Rm – Rf) Rm= KSE10031.01.08 - KSE10029.02.08 / KSE10029.02.08

=(2-1) - (2-2) Or Treynor Measure = (Rm – Rf) / Beta Or Treynor Measure = (Rp – Rf) / Beta Or Sharp Ratio = (Arm - Arf) / Stdm Or Sharp Ratio = (Arp - Arf) / Stdp

5.23% 0.17% 6.54% -1.32% 0.68% 0.90% 0.67 0.27% 0.34% 89%

ATLAS

4.58% 5.66% 1.09% 0.33% 0.28% -0.66% -1.02%

MIF

4.44% 5.23% 0.79% 0.32% 0.26% -0.66% -1.05%

ATLAS 0.68% 0.69 0.82

MIF

4.41% 0.17% 6.54% -2.13% 0.61% 0.87% 0.49 0.23% 0.34% 70%

PIEF 3.28% 4.41% 1.14% 0.32% 0.21% -0.66% -1.02%

PIEF

0.68% 0.67 0.78

ATLAS 0.17% 0.12% 5.25% 0.12% 5.66%

PIEF

0.17% 0.11% 4.85% 0.10% 5.23%

0.61% 0.49 0.48

PIEF 0.17% 0.08% 4.10% 0.06% 4.41%

observations around their mean. The larger the value of variance, the greater the fluctuation.

ability of observations around the mean. It is defined as the square root of the variance. The standard deviation will as a consequence have y easier to interpret.