Lahore, June 27, 2019 (PPI-OT): The rating reflects the fund’s strong credit quality and sound liquidity profile emanating from sizable investments as daily cash balances. The portfolio of the fund at end Dec-18 primarily comprised cash balances (51%) with banks while 37% exposure was with TFCs. The remaining assets of the fund of ~1% were invested in T-Bills and ~11% were others including receivables. The unit holding pattern of the fund remains well diversified with top ten investors representing 34% of the fund’s assets at end Dec-18.
Going forward, the fund intends to maintain its exposure towards bank placements with rest of the fund’s assets invested in TFCs, T-Bills and other debt instruments. 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