Lahore, May 29, 2018 (PPI-OT): The fund objective is to earn a competitive return while preserving capital in good quality corporate debt instruments, bank deposits and government securities. The rating reflects the fund’s medium exposure to interest rate volatility, strong credit profile, and diversification across assets. At end Dec’17, fund’s exposure in cash was 78%, 20% in TFCs, while ~3% in commercial papers, T-bills and MTS. The unit holding pattern of the fund shows redemption pressure over the fund as top10 investors represents 90% of fund assets.
Going forward, the fund intends to keep its exposure levels as per above criteria. Material changes in the fund’s asset allocation strategy, which could negatively impact the fund’s credit quality and exposure to interest rate risk, remain critical for the rating.
For more information, contact:
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425