KARACHI, Aug 1: The Board of Directors of Arif Habib Investment Management Limited — fund managers of Pakistan Capital Market Fund (PCMF) and Pakistan Strategic Allocation Fund (PSAF), both closed-end funds — declared dividends for the financial year 2004-05. The announcement was made in a board meeting held here on July 30. The board approved a final cash dividend for PCMF of Rs1.75 per certificate. PCMF had already announced an interim cash dividend of Rs1.25 in February 2005.
The announcement takes total distribution per certificate for the financial year 2004-05 to Rs3 per certificate. The board also approved a cash dividend at Rs1.5 per certificate for Pakistan Strategic Allocation Fund (launched on July 21, 2004, but started investing activity in August 2004). The fund had already distributed an interim cash dividend of Re1 per certificate.
The announcement takes total distribution per certificate for the period from July 21, 2004 to June 30, 2005 to Rs2.50 per certificate.
PCMF delivered a cash-flow basis adjusted internal rate of return of 57 per cent for FY 2004-05. The market rose 41 per cent during the last fiscal year. The fund has earned a total income of Rs598.90 million (including unrealized appreciation in fair value of investments classified as “held for trading”) during the year. Realized capital gains were Rs473.25 million; dividend income was Rs84.81 million; income from carryover transactions (COT) Rs25.65 million; and income from investment in government securities was Rs3.94 million.
In order to provide investors benefit of being able to exit anytime at the full value of the fund, the board has decided to convert the fund to an open-ended fund. PSAF has earned a total income of Rs1,046.40 million (including unrealized appreciation in value of investments classified as “held for trading”) during the period under review. Realized capital gains were Rs827.68 million; dividend income was Rs102.67 million; and income from COT was Rs94.60 million. The market rose 41 per cent during fiscal year.
PSAF delivered a cash-flow basis adjusted internal rate of return of 37 per cent for FY 2004-05.—PPI