Press Release

VIS Reaffirms Fund Stability Rating of HBL Money Market Fund

Karachi, December 29, 2022: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Money Market Fund (HMMF) at ‘AA+ (f)’ (Double A plus (f)). The medium to long-term rating of ‘AA+ (f)’ denotes high degree of stability on NAV. Risk is modest but may vary slightly from time to time because of changing economic conditions. Previous rating action was announced on January 03, 2022.

HMMF is an open-ended fund which offers high liquidity through investment in low risk securities of shorter duration and maturity. As at Jun’22, the fund registered a sizeable growth with Assets under Manageemnt (AUMs) growing to Rs. 15.6b as of Jun’22 (Jun’21: Rs. 12.8b). As per the Investment Policy Statement (IPS), WAM of the fund is capped at 90 days wherein exposures are limited to a minimum of ‘AA’ and above rated investment avenues.

During the period under review, asset allocation and credit quality of the fund remained in line with limits stipulated in investment policy guidelines for the assigned rating. On monthly average basis, the fund maintained 57% of its investments in ‘AAA’ rated issue/issuer, mainly comprising T-bills. Based on annualized return as of Jun’22, the fund performance lagged peer average. Investors’ concentration is considered adequate.

For further information on this rating announcement, please contact Mr. Arsal Ayub, CFA (Ext: 215) or the undersigned (Ext: 207) at 35311861-70 or email at info@vis.com.pk




Sara Ahmed
Director

Applicable rating criteria: Fund Stability Ratings (December 2020)
https://docs.vis.com.pk/docs/FundstabilityRating.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 2022 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .