Press Release

VIS Reaffirms Fund Stability Rating for ABL Government Securities Fund

Karachi, December 30, 2022: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of

ABL Government Securities Fund (ABL GSF) at ‘AA-(f)’ (Double A Minus (f)’. The medium to long-term rating of ‘AA-(f)’ denotes moderate degree of stability in NAV. Risk factors may vary with possible changes in the economy. Previous rating action was announced on January 18, 2021.

ABL GSF is designed to deliver risk adjusted returns by investing primarily in a diversified pool of debt instruments comprising of short- and long-term government securities. As per the Investment Policy Statement (IPS) and offering document, the fund must deploy at least 70% of its assets in government securities based on monthly average investments to be calculated on a daily basis. Other asset allocation avenues include Cash, TDRs and Corporate TFCs within stipulated limits.

During FY22, the fund’s major asset allocation plan primarily remained concentrated in cash holdings and T-bills. Barring minor deviations, the fund’s asset allocation plan majorly complied with the requirements of the Offering Document. Credit quality requisites also remained compliant, no breaches were witnessed during FY22. WAM and duration of the fund were also observed to be within the stipulated limits during the year, however, fund performance witnessed deterioration. On annual basis, for FY22, the fund was ranked 28 out 31 among peers.

For further information on this rating announcement, please contact Ms. Syeda Batool Zehra Zaidi (Ext: 210) or the undersigned (207) at 021-35311861-70 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 .