NBP Fullerton Asset Management Limited (Nafa), formerly National Fullerton Asset Management Limited, has launched two open-end funds namely Nafa Riba Free Savings Fund (NRFSF) and Nafa Asset Allocation Fund (NAAF). The Initial Public Offer of NRFSF and NAAF began on the 16th of August and will last till the 20th of August 2010.
NRFSF is a Shariah Compliant Income scheme with the objective to provide preservation of capital and earn a reasonable rate of return along with a high degree of liquidity. The Fund invests in Shariah compliant instruments having a minimum credit rating of AA- and place deposits with Islamic Banks/Islamic windows of commercial banks having a minimum credit rating of A. NRFSF will not invest in Sukuks or the Stock market. The Fund carries no entry or exit load.
Nafa Asset Allocation Fund's objective is to generate income by investing in debt and money market securities and to generate capital appreciation by investing in equity and equity related securities. The advantage of this Fund is that it has no limit on the exposure in any asset class (money market, debt and equity). The investment universe for stocks will be limited to highly liquid, blue chip stocks with attractive valuations that form a part of the KSE-100 Index. The Fund will invest only in listed debt securities with a minimum entity or instrument rating of "AA".-PR