Press Release
VIS Reaffirms Fund Stability Rating of Al Ameen Islamic Sovereign Fund
Karachi, December 29, 2023: VIS Credit Ratings Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) at ‘AA(f)’ (Double A (f)). The medium to long-term rating of ‘AA’ denotes high degree of stability in Net Asset Value. Risk is modest but may vary slightly from time to time because of changing economic conditions. The previous rating action was announced on December 29, 2022.
Launched in November 2010, Al Ameen Islamic Sovereign Fund (AISF) is an open-end income fund, managed by UBL Fund Managers Limited. The objective of the scheme is to generate a competitive returns with minimum risk, by investing primarily in Shariah Compliant Government Securities.
The Fund’s size has shrunk to Rs. 2.1b as of June’23 (June’22: Rs. 2.9b). The fund’s asset allocation and credit risk criteria fall within the parameters outlined in the Offering Document (OD). Since the majority of the investments are placed in government securities, the credit quality of the fund remains strong. In accordance with the OD, the Fund’s Weighted Average Maturity (WAM) remained within the specified limit.
Retail segment unit holding has increased to 84% as of June’23 (June’22: 66%), while the top 10 unit holder concentration has also improved to 25% (June’22: 39%). Relative to peers, the fund is placed in the last quartile as its return lags behind its benchmark as well as the peers average return.
For further information on this ratings announcement, please contact Mr. Muhammad Amin Hamdani (Ext: 217) or the undersigned (Ext: 208) on 021-35311861-64 or email at info@vis.com.pk.
Syed Asif Ali
Executive Director
Applicable Rating Criteria: Fund Stability
https://docs.vis.com.pk/docs/FundstabilityRating.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf