The Board of Directors of ABAMCO Limited the Asset Management Company (AMC) of ABAMCO Composite Fund (ABCF) has announced yet another interim cash dividend. The board approved a cash dividend of 17.5% for ABAMCO Composite Fund. The announcement takes the total distribution per certificate at 35% for the nine months ending March 31, 2006 where it has already paid 17.5% in Dec, 2005. The board of BSJS Balanced Fund has also declared a cash dividend at Rs 1.25 per certificate which is in addition to the 17.5% dividend announced previously along with its half yearly results. Earnings for the nine month ending March 31, 2006 of ABCF and BSBF have registered a growth of 246.12% and 225.31% respectively, compared with the same period last year. The total distribution of these dividends constitutes an amount of Rs 724.93 mn.
The AMC has received the No Objection for the Scheme of Arrangement for Amalgamation of ABAMCO Capital Fund, ABAMCO Stock Market Fund and ABAMCO Growth Fund into UTPGrowth Fund. The registration of Trust Deed and other regulatory formalities are being completed. The board reiterates its commitment to announce dividend immediately upon completion of the required regulatory process.
Likewise, the open end funds under management of ABAMCO Limited have also registered an excellent performance during this period. UTP- Aggressive Asset Allocation Fund (UTP_AAA), launched in June 2005 has reported Net Asset Value (NAV) per unit appreciation of 106.79% out performing KSE-100 by 52.62%. The exceptionally higher return offered to its unit holders has also led to a steep rise in size of UTP-AAA increasing by 4202% from Rs 130.57 mn to close at Rs 5,617.14 mn.
Returns of other open end funds under its management UTP, UTP Islamic Fund and UTP Income Fund are also leading in their respective categories. The corresponding NAV per unit appreciation of UTP and UTP-ISF for the nine months period stands at 46.77% and 57.41%. As for UTP-IF, the NAV per unit increase for the period is 8.47% (annualized return of 11.30%) which is the highest amongst income and money market funds of the industry.
The net profitability of UTP has been at Rs 1,172.49 million translating into income per unit of Rs 3180. Similarly, the net earnings of the other two funds viz. UTP-IF and UTP-ISF show a healthy growth of 242.41% and 156.9% respectively and were recorded at Rs 217.51 mn (Earnings per unit of Rs 43.8) and Rs 302.78 mn (Earnings per unit of Rs 329.74 ) correspondingly.
ABAMCO Limited has also added an open end fund of fund (UTP-Fund of Fund) in October 2005 to cater the demand of its medium risk investors. The net earnings of the funds is recorded at Rs 33.52 mn (Earnings per unit of Rs 10.29) and the rise in NAV per unit was 20.92% for the six months period
Continuing with its objective to provide diversity of risk and return profile for its investors, the AMC is planning to introduce UTP-A30+ Fund shortly. The fund shall be a valuable addition to its product mix that stands at Rs 27.203 bn as of March 31, 2006 (total size of net assets under management of ABAMCO Limited) having increased by 67% since June 30, 2005.
