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Lahore, August 18, 2023 (PPI-OT): Askari High Yield Scheme Fund (or the “Fund”) is a moderate risk profile Fund. The objective of the Fund is to provide investors an opportunity to make competitive returns from fixed income securities while targeting a portfolio duration of six months. The assigned rating reflects the Funds’ moderate credit risk profile emanating from the Fund’s investment policy to invest in avenues with sound liquidity.
The AUMs of the Fund stood at PKR 2,874mln at the end Jun’23 (Dec’22: PKR 466mln). The Fund had allocated 87.8% in cash in banks majority in single bank rated A+, 5.9% in TFCs rated A+ and above, 0.4% in Corporate Sukuks rated AA+. Whereas 2.82% in GoP Ijarah Sukuks at the end Jun’23. The duration of the Fund stood at 37 days at end Jun’23, limiting interest rate risk whereas the WAM of the Fund stood at 120 days at the end Jun’23, exposing moderate credit risk. However, the credit risk is manageable due to investment in Govt Securities. The unit holding pattern of the Fund is highly concentrated where top 10 investors represent 95.4%. However, 65.2% is of single party, keeping redemption pressure at high level.
Going forward, the Fund compliance with the assigned rating criteria would remain imperative. Any material changes in the fund’s asset allocation strategy, affecting its credit quality and/or exposure to interest rate risk, would affect the rating.
For more information, contact:
Analyst,
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com
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