NBP Islamic Stock Fund

During the month under review, NBP Islamic Stock Fund's (NISF) unit price (NAV) decreased by 5.7%, whereas the Benchmark decreased by 5.5%, thus an underperformance of 0.2% was recorded. Since inception on January 9, 2015 your Fund NAV has increased by 15.2% p.a return, versus 14.8% p.a by the Benchmark. Thus, to date the outperformance of your Fund stands at 0.4% p.a. This outperformance is net of management fee and all other expenses. NISF started off the month with an allocation of around 93% in equities which was increased to around 95% towards the end of the month.