Press Release

VIS Reaffirms Fund Stability Rating of UBL Growth and Income Fund

Karachi, December 29, 2023: VIS Credit Ratings Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) at ‘A+(f)’ (A Plus (f)). The medium to long-term rating of ‘A+’ denotes moderate degree of stability in Net Asset Value; Risk factors may vary with possible changes in the economy. The previous rating action was announced on December 29, 2022.

Launched in March 2006, UBL Growth and Income Fund (UGIF) is an open-end income fund, managed by UBL Fund Managers Limited. The investment objective of the fund is to invest in medium to long-term fixed-income instruments as well as short-tenor money market instruments and seek to generate higher, long-term, risk-adjusted returns while preserving capital over the long term.

The fund’s size has dropped to Rs. 1.2b as of June’23 (June’22: 1.4b). The fund has complied with asset allocation parameters outlined in the Offering Document (OD) while also adhering to the VIS credit risk criteria for the assigned rating. The fund also meets its capped limit of Weighted Average Maturity and Duration during the review period.

As of June’23, the retail portion of unit holders has experienced a decline, decreasing to 58% from 64% in June 2022. Simultaneously, the concentration of the top 10 investors has notably increased to 65% in June’23, compared to 47% in June’22. The fund’s returns have surpassed its benchmark as well as the peer average returns. Consequently, it is positioned as the top-ranking fund within its respective fund category.

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 Directos


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

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 2023 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .