| Atlas Money Market Fund |
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| Fund Description |
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Atlas Money Market Fund (AMF) was established by a Trust Deed dated December 4, 2009, between Atlas Asset Management Limited, as Management Company and Central Depository Company of Pakistan Limited (CDC), as Trustee.
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| Investment Objective and Strategy |
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The investment objective of Atlas Money Market Fund is to provide its unit-holders competitive returns from a portfolio of low risk, short duration assets while maintaining high Liquidity.
The Fund invests the entire assets in Investments i.e., Authorized short term money market instruments with a maximum time to maturity of six months. This is intended to reduce risk while maintaining liquidity. Liquidity is also managed by opportunistically investing in the call money market when call money yields are attractive relative to other money market yields.
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| Fund Facts |
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| Fund Inception Date |
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January 20, 2010 |
| Type |
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Open-ended - Money Market |
| Sales Load |
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0.00% |
| Management Fee |
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1.0% of Annual Net Assets |
| Rating |
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AA+ (f) PACRA (FY 2009-10) |
| Listing |
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Lahore Stock Exchange |
| Trustee |
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Central Depository Co. |
| Auditors |
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Ernst & Young Ford Rhodes SHC |
| Minimum Investment |
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Rs. 5,000/- |
| Benchmark |
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Based on a 50/50 composition of the following:
50% that would be an average of 3-month deposit rates of three scheduled banks (AA and above rated) for the period of return; and
50% that would be an average of 3 months PKRV rate for the period of return as available through Reuters and Financial markets Association of Pakistan (FMA).
The performance of the Scheme will be compared to its benchmark after deducting all the expenses which are charged to the Scheme as per the Regulations.
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| Benefits at a Glance |
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AMF provides investors with
- Liquidity-next day encashment*
- Diversification
- Competitive returns
- Professional expertise
- Tax credit upto Rs. 100,000/- for salaried individuals.**
- No minimum holding period
- Required minimum investment as low as Rs. 5,000/-
- Exemption from Zakat (on submission of Affidavit)
* However, Constitutive Documents allow up to 06 working days.
** Under Section 62 of the income tax ordinance 2001, (whose provisions are reproduced below), Rs. 100,000/- is maximum tax credit application on an annual taxable income of Rs 4.55 million, subject to investment being held for at least 3 years.
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| Tax Credit on Investment |
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Unit Holders of Atlas Money Market Fund, other than a company, shall be entitled to a tax credit under Section 62 of the Income Tax Ordinance 2001 on purchase of new Units. The amount on which tax credit will be allowed shall be lower of:
(a) amount invested in purchase of new Units; or
(b) fifteen percent of the taxable income of the Unit Holder; or
(c) Rupees Five Hundred Thousand (Rs 500,000);
and will be calculated by applying the average rate of tax of the Unit Holder for the tax year. If the Units so acquired are disposed within thirty six months, the amount of tax payable for the tax year in which the Units are disposed shall be increased by the amount of credit allowed.
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For payout history and monthly, yearly & Trailing performances please see relevant page in our latest Fund Manager Report.
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| Investment Risks and Tax Implication |
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All investments in mutual funds, pensions funds and securities are subject to market risks. The value of such investments may depreciate as well as appreciate, subject to market fluctuations and risks inherent in all such investments. Investors should read the Offering Document carefully to understand the investment policies, risks and tax implication and should consult their legal, financial or tax adviser before making any investment decisions. Withdrawals from the pension Fund before the retirement age are subject to tax under the provisions of the Income Tax Ordinance, 2001.
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