NBP Islamic Sarmaya Izafa Fund

During the month under review, unit price (NAV) of NBP Islamic Sarmaya Izafa Fund (NISIF) decreased by 5.2%, whereas the Benchmark decreased by 4.7%, thus an underperformance of 0.5%. Since inception your Fund has posted 15.3% p.a return, versus 12.8% p.a by the Benchmark. Thus, to-date the outperformance of your Fund stands at 2.5% p.a. This outperformance is net of management fee and all other expenses. NISIF started off the month with an allocation of around 83% in equities which was increased to around 85% towards the end of the month.