HBL-Islamic Money Market Fund posts growth in Sep
By Riffat Mughal KARACHI: Islamic Money Market Funds and Islamic Cash Funds showed slack performance during the month of September, 2011 as the net assets of the category decreased by 9.83 percent Month-on-Month (MoM) to Rs 6,892.176 million as at September 30, 2011. Despite the sluggish performance of the money market funds in general, HBL Islamic Money Market Fund (HBL-IMMF) net assets grew by 1.35 percent. HBL-IMMF net assets reached Rs 410.617 million during the month of September, 2011 as compared to Rs 405.161 million in the previous month. During the month, the fund has registered annualized return of 10.42 percent against the benchmark of 7.05 percent. Net Asset Value (NAV) as of September 30, 2011 was recorded at Rs 102.5724 as compared to Rs 101.7017 as of August 31, 2011. Since it is an income fund which regularly pays dividends, the stability and low movement in NAV is logical. Due to limited investment alternatives in Islamic money market fund, the...