Income Funds managed by UBL Fund managers have recorded strong performance over the last quarter ending September 2008. Managers of UBL are currently managing assets of Rs 27.9 billion. The United Growth and Income Fund (UGIF) yielded 11.59 per cent p.a. during the quarter ending 30 September 08.
The fund's return improved throughout the period, with monthly yield during September standing at 13.06 per cent p.a. The united Money Market Fund (UMF) gave a return of 11.55 per cent p.a. during the 1QFY 09, whereas the monthly return during September '08 improved to 12.91 per cent p.a.
Similarly, the yield for United Islamic Income Fund (UIIF) also improved through out the period with 11.04 per cent p.a. monthly yield during September '08. UIIF yield for the 1QFY'09 was 11.02 per cent p.a.
Unlike bank deposits, the return earned from investment in these funds is tax free under existing tax laws, investors also have the flexibility to withdraw their investment at their convenience without any minimum holding period requirement or penalty. With returns of income funds expected to rise further in the near future, they seem to be an ideal investment avenue for individual investors who want to cope with inflation and maximise the return of their savings. -PR