Press Release

JCR-VIS Reaffirms Fund Stability Rating of AKD Cash Fund

Karachi, December 31, 2015: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of AKD Cash Fund (AKD-CF) at ‘AA+(f)’ (Double A Plus(f)). The previous rating action was announced on September 26, 2014.

In line with its categorization, the fund’s exposure to credit and market risk has been maintained at low end of the risk spectrum. The policy mandates minimum allocation of 50% to AAA rated securities / instruments while duration is capped at 60 days. As per month end data made available, the fund has remained compliant with these stipulations. In FY15, AKD-CF has remained primarily invested in T-bills with average asset allocation to the same representing 97.6% of assets, while maximum duration of the fund was reported at 56.85 days at end-November’2014. Duration was reported at 17 days at end-September’2015.

Fund size has witnessed a declining trend since last review. Recently, additional investment by corporates has resulted in increase in fund size to Rs. 325m at December 30, 2015. While investor concentration levels in the fund are on the higher side, ability to meet redemptions is supported by the liquidity profile of assets.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Mr. Javed Callea (Ext: 501) at 35311861-70 (10 lines) or fax to 35311872-3.



Jamal Abbas Zaidi
Advisor







Applicable Rating Criteria: Fund Stability Ratings (February 2012)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright December 31, 2015 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.