Lahore, April 18, 2019 (PPI-OT): The primary objective is to provide investor(s) with competitive current income and long term capital growth primarily by investing in a diversified portfolio of shariah compliant securities available for investment outside Pakistan subject to applicable laws.
The rating incorporates the fund’s moderate risk asset allocation by investing ~46% of fund’s assets as cash balances having minimum credit rating of ‘A’ at end Dec-18. ~10% investments are in ‘AAA’ rated and ~28% investments in ‘AA’ rated investment avenues at end Dec-18. Fund’s exposure in Sukuks was 52% having minimum credit rating of ‘A’. The weighted average maturity of the fund was 577 days and the duration was of 58 days at end Dec-18.
Going forward, the management of the fund intends maintain its exposure in debt instruments which may impact the duration. Meanwhile, the fund plans to remain invested in sound credit quality banks. 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