Press Release

JCR-VIS Reaffirms Fund Stability Rating of AKD Aggressive Income Fund at BBB(f)

Karachi, June 19, 2013: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of AKD Aggressive Income Fund (AKD-AIF) at ‘BBB (f)’ (Triple B (f)).

As an aggressive income fund, AKD-AIF can invest in a broad spectrum of assets, with varying credit risk profiles while also assuming sizeable interest rate risk. As per the operational investment policy, the fund may assume exposure in TFCs/Sukuk to the extent of 50% of net assets. Actual exposure in TFCs has been maintained on the lower side. Maximum exposure limit in Margin Trading System is 60% of net assets and exposure is within the policy limit at current levels.

Non-earning assets represented more than 5% of net assets at end April 2013; a similar amount was invested in currently earning though high risk assets based on their past repayment history. There has been no relative deterioration in this respect since last review. Given the quality of assets, the fund’s returns may experience some volatility, going forward. Level of concentration in unit holding of the fund is high. In view of this, and the profile of the fund’s assets, the fund is exposed to liquidity risk to some extent.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 35311861-70 (10 lines) or fax to 35311872-3.



Faheem Ahmad
President & CEO

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 2013 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .