Press Release

VIS Reaffirms Fund Stability Rating of UBL Income Opportunity Fund

Karachi, December 29, 2023: VIS Credit Ratings Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) at ‘AA-(f)’ (Double A Minus (f)). The medium to long-term rating of ‘AA-’ denotes high degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions. The previous rating action was announced on December 29, 2022.

Launched in March 2013, UBL Income Opportunity Fund (UIOF) is an open-end income fund managed by UBL Fund Managers Limited. The investment objective of the fund is to provide a competitive rate of return to its investors by investing in quality TFCs / Sukuks, Government Securities, Bank Deposits, and short and long-term debt instruments.

The fund’s size has decreased to Rs. 668m as of June’23 (June’22: Rs. 2.1b). The fund also adhered to the minimum credit rating and Weighted Average Maturity of 4 years as outlined in the Investment Policy Statement. The Duration has also adhered to the prescribed threshold, not exceeding 180 days.
The retail segment accounts for a significant 79.9% of the fund's overall client base, while the concentration of the top 10 unit holders accounts for 35.6%. During FY23, the fund’s return failed to surpass its benchmark and peer average while placed in the third quartile relative to peers. Going forward, the fund’s AUMs, credit quality, and liquidity position will remain important for rating.

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 Director


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 .