The Board declared interim cash dividend @ 10 percent (Rs 1 per certificate) for Picic Investment Fund (PIF) that resulted in total cash pay out of Rs 284 million. For Picic Growth Fund (PGF) the Board declared interim cash dividend @ 15 percent (Rs 1.5 per certificate) and interim bonus @ 20 percent (20 certificates for every 100 certificates held) that resulted in a total pay out of Rs 551 million.
The Picic Asset Management Company Limited, the investment adviser of PIF and PGF again appeared well above the expectations of the certificate holders by making interim pay-out of Rs 835 million for the certificate-holders in Picic series of its closed end mutual funds. It is expected that this would be the highest in the closed-end mutual fund sector.
The total portfolio turnover of PIF and PGF amounted to Rs 18 billion recorded for the corresponding period last year. Realised capital gains plus dividend income for PIF and PGF amounted to Rs 410 million and Rs 1,157 million respectively.
With an authorised capital of Rs 5 billion and paid-up capital of Rs 3 billion, Picic Asset Management Company Limited (Picic AMC) is one of the largest asset management companies of Pakistan that is wholly owned subsidiary of Pakistan Industrial Credit and Investment Corporation Limited (Picic).
The Net Asset Value (NAV) of PIF (Formerly ICP Mutual Funds Lot 'B') when acquired by Picic on July 24, 2002 was Rs 1.55 billion and has increased by 291 percent to Rs 6.05 billion as on September, 2005. This is within a short span of three years and three months depicting a growth of 89 percent.
The Net Asset Value (NAV) of PGF (Formerly ICP State Enterprises Mutual Fund -SEMF) when acquired by Picic on March, 23 2005 was Rs 3.72 billion and has increased by 167 percent to Rs 9.93 billion as on September, 2005, within a span of two years and six months depicting an annualised growth of 67 percent.
The Cumulative NAV of PIF and PGF was Rs 5.27 billion and has increased by 203 percent to Rs 15.99 billion as on September 30, 2005. PGF has been declared the best performing closed-end mutual fund in the category of large funds and has received the "Performance Excellence Award 2004".