Press Release

VIS Reaffirms Fund Stability Rating of Askari Cash Fund

Karachi, December 26, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed Fund Stability Ratings (FSR) of Askari Cash Fund (ACF) at ‘AA+(f)’ (Double A Plus (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 January 02, 2025.

Launched in June 2009, ACF is an open-end, money market fund, managed by Pak Oman Asset Management Company Limited. The objective of the Fund is to provide the investors with a high level of liquidity along with extremely low credit and price volatility. The Fund shall provide the facility to invest in an underlying portfolio primarily comprising of government securities (Treasury Bills) and other Authorized Investments which shall enable the investor to manage their liquidity efficiently. The Fund’s size has contracted to PKR 315m as of Aug’25.

Assigned rating takes into account the Fund’s asset allocation strategy, which has largely remained in line with the mandate outlined in the offering document, with investments predominantly in T-Bills. However, instances of non-compliance were observed in certain months with respect to the minimum prescribed allocation to cash. Assigned rating also reflects the Fund’s credit quality, with exposures primarily concentrated in Government Securities and AAA-rated avenues, with minimal investments placed in AA+ and AA rated assets. Going forward, maintenance of credit quality will remain important for the rating.

The weighted average time to maturity (WAM) of the Fund remained within the threshold defined in the offering document. The Fund’s liquidity profile is assessed as sound. The AUM mix of the Fund is dominated by corporate investors and associates. Additionally, client concentration risk remains elevated. In terms of performance, the Fund is positioned 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 December 26, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.