Press Release
VIS Assigns Initial Fund Stability Rating to Alfalah Stable Return Fund Plan-XXI
Karachi, December 31, 2025: VIS Credit Rating Company Limited (VIS) has assigned the initial Fund Stability Rating (FSR) of ‘AA (f)’ (Double A (f)) to Alfalah Stable Return Fund Plan-XXI (‘ASRFP-XXI’ or ‘the Plan’). The medium to long-term rating of ‘AA (f)’ denotes high degree of stability in Net Assets Value. Risk is modest but may vary slightly from time to time because of changing economic conditions.
ASRFP-XXI was launched on June 25, 2025, with Assets Under Management (AUM) rising to PKR 3,033 million by September 2025. The Fund aims to generate competitive returns in line with its Investment Plan by allocating assets across government securities, bank deposits, money market placements, certificates of deposit, and certificates of musharakah.
The assigned rating reflects the Plan’s prudent asset allocation and strong credit profile, both of which remain consistent with the parameters defined in the offering document. Investments are predominantly deployed in Pakistan Investment Bonds (PIBs) and other government-backed instruments, with exposures maintained above the minimum AA rating threshold. Liquidity is assessed as sound, supported by the Fund’s sizeable allocation to government and government-backed securities. The investor base consists of a single unrelated corporate entity, which elevates concentration risk; however, this is partly mitigated by the high liquidity of the underlying assets, limiting redemption-related vulnerabilities. Performance-wise, the Plan is currently positioned in the fourth quartile relative to peer funds.
For further information on this ratings 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