Lahore, December 31, 2018 (PPI-OT): Alhamra Daily Dividend fund’s investment objective is to meet investors’ short to medium term investment requirements. The scheme seeks to provide investors a daily dividend through investment in Shariah Compliant instruments.
The rating incorporates the fund’s moderate credit quality and liquidity profile emanating from ~100% investments in banks as cash balances. At end Jun-18, ~97% of the fund’s net assets were invested with bank having A- rating. Whilst ~2.9% of the fund’s assets were invested with bank having AA- rating. The weighted average maturity of the fund and the duration is 1 day at end Jun-18 which implies low exposure to interest rate risk. The fund has less diversified unit holding pattern, with top ten investors representing ~63% of the fund size.
Going forward, the fund intends to maintain its exposure towards bank placements having minimum of A- rating. Material changes in the fund’s asset allocation strategy, which could negatively impact the fund’s credit quality and exposure to interest rate risk, remains critical for the rating.
For more information, contact:
Analyst
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
Email: hammad.rashid@pacra.com
Web: www.pacra.com