KARACHI - National Investment Trust on Monday announced financial results for funds under its management after its Board of Directors approved the accounts of both NI(U)T and NI(U)T-LOC Fund for the half year ended on 31.12.2009. While revealing growth and remarkable performance in almost all the funds, Nit has declared a 8.24pc bonus in Nit State Enterprise Fund while a net profit of Rs 1,135m & Rs 1,187m in respect of NI(U)T and NI(U)T-LOC Holders Fund respectively was also recorded. NI(U)T & NI(U)T LOC Holders Fund : During the half year ended on 31st December 2009, Nit has earned a net income (including unrealized figures) of Rs. 1,698m & 1,542m for NI(U)T and NI(U)T-LOC Holders Fund respectively against the loss of Rs. 14,845m & 10,766m earned by the Fund in the corresponding period of last year. These figures of net income translates into a per unit earning of Rs. 1.63 and Rs 1.61 in respect of NI(U)T and NI(U)T-LOC Holders Fund against the per unit loss of Rs. 15.61 and Rs. 11.43 earned by NI(U)T and NI(U)T-LOC Holders Fund in the corresponding half year of FY09. However, excluding unrealized figures, Nit has earned a net profit of Rs. 1,135m & Rs. 1,187m in respect of NI(U)T and NI(U)T-LOC Holders Fund respectively. During the half year of FY10, the Net Asset Value of units of NI(U)T increased by 28pc from Rs 23.89 as on June 30, 2009 (Ex-Dividend) to Rs. 30.58 as on 31.12.09 against an increase of 31.0pc in benchmark of KSE-100 Index. Likewise, the Net Asset Value of units of NI(U)T - LOC Fund also increased by a substantial 28.25pc from Rs. 21.77 as on June 30, 2009 (Ex-Dividend) to Rs. 27.92 as on 31.12.09. Thus both NI(U)T and NI(U)T- LOC Fund under performed their benchmark of KSE-100 Index by 3.0pc and 2.8pc respectively. This underperformance is attributable to few stocks held in the portfolios of the Funds not performing in line with the market. However, since these stocks are fundamentally strong, we expect them to outperform the market in the period ahead. It may be noted that during HY10, the NI(U)T realized capital gains of Rs 407m against capital gains of Rs 28m realized by the Fund in the corresponding period of last year, thus depicting an extraordinary growth of 1,347pc. Likewise, the capital gains realized by NI(U)T-LOC Holders Fund in HY10 stood at Rs. 188m against capital gains of Rs. 29m realized by the Fund in the corresponding period of last year, showing a substantial increase of 549pc in capital gains on a YOY basis. Referring to the half yearly results ended on 31st Dec 2009, the Chairman stated that NI(U)T Fund has registered a dividend income of Rs. 702m, whereas, dividend income earned by the NI(U)T-LOC Holders Fund stood at Rs. 584m. During the half year ended on 31st December 2009, the gross sale of units of NI(U)T (including CIPs) was recorded at Rs. 2,178m whereas the sale of Nit units (excluding CIPs) stood at Rs. 1,245m. Nit - Equity Market Opportunity Fund (NIT-EMOF): While presenting the financials of Nit - Equity market Opportunity Fund the chairman said that Nit - EMOF was made operative as a separate entity on September 14, 2009 after transfer of its assets and liabilities parked with NITL, to the Fund . Since Sept 14, 2009 till 31st Dec 2009, the Fund has earned a net profit of Rs. 164m. This net income of Rs. 164m translates into per unit earning of Rs. 2.95. During the period the Fund earned a dividend income of Rs. 108m. The unrealized capital gains of the Fund stood at Rs. 566m at the time of transfer of assets and liabilities from NITL to the Fund . However, since the portfolio of NIT-EMOF was marked to market at the time of transfer of assets as on 14th September 2009, therefore, capital gains realized by the Fund effective 14th Sept 2009 till 31st Dec 2009 stood at Rs. 48m. Nit - State Enterprise Fund : Referring to the result of Nit - State Enterprise Fund the chairman said that during the half year ended on 31st Dec 2009, the Fund has earned a net profit of Rs. 1,081m. This net income of Rs. 1,081m translates into per unit earning of Rs. 5.12 for the period under review. During this period the dividend income earned by the Fund stood at Rs. 433m. The Chairman said that the Net Asset Value of Nit - State Enterprise Fund has increased by almost 29pc from Rs. 71.50 (Ex dividend) as on June 30, 2009 to Rs. 92.14 as on Dec 31, 2009. Whereas since inception on 13th Jan 2009 till 31st December 209 the Net Asset Value of Nit - State Enterprise Fund has increased by over 87pc against an increase of 55pc in the same period in KSE-100 Index thus outperforming its benchmark of KSE-100 index by over 32pc. It may be relevant to mention here that the Fund paid a dividend @ Rs. 5.90 per unit for the year ended on June 30, 2009. Nit Govt Bond Fund : National Investment trust successfully launched the Nit Govt Bond Fund in Nov 2009. The investors once again showed their trust in the largest and oldest Asset Management Company in Pakistan as the combined Pre-IPO and IPO subscription crossed Rs2.5b.