Press Release

VIS Reaffirms Fund Stability Rating of Askari Sovereign Yield Enhancer

Karachi, January 02, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed Fund Stability Ratings (FSR) of Askari Sovereign Yield Enhancer (ASYE) at ‘AA-(f)’ (Double A Minus (f)). Medium to long-term fund rating of ‘AA-’ reflects high degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions. Previous rating action was announced on Karachi, January 02, 2025.

Launched in December 2011, Askari Sovereign Yield Enhancer (ASYE) is an open-end income fund, managed by Askari Investment Management Limited. The objective of the Fund is to generate relatively higher yield than the conventional bank deposits, from a portfolio constituted of highly rated sovereign instruments and banking sector fixed income instruments and deposits.

The assigned rating reflects the Fund’s asset allocation strategy, which largely remained aligned with the parameters outlined in the offering documents, with investments primarily placed in T-Bills and the remaining exposures held in cash balances. The rating also takes into account the Fund’s credit quality. Although credit exposures were not fully consistent with the VIS methodology during the review period, the rating is supported by management’s declared commitment to adhere with the operational strategy going forward.

The weighted average time to maturity (WAM) of the Fund remained comfortably within the prescribed limit defined in the offering documents. Although retail investors accounted for majority of the Fund’s portfolio, however, the Fund’s client concentration risk remained high with 98% of the portfolio held by the top 10 investors. In terms of the performance, the Fund is placed in the fourth quartile.

For further information on this rating announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.



Applicable Rating Criteria: Fund Stability Ratings
https://docs.vis.com.pk/Methodologies-2025/FSR-Methodology-Jan-2025.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

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 January 02, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.