PACRA Maintains Rating of Faysal Halal Amdani Fund
|Rating Type||Stability Rating|
Faysal Halal Amdani Fund ("FHAF" or the "Fund") reflects the Fund's low-risk profile. The investment objective of the Fund is to provide competitive rate of return with maximum possible preservation of capital by investing in liquid and low risk Shariah Compliant bank deposits, money market & debt securities. At the end Dec'22, the Fund has allocated ~60.3% in Banks, ~20% in TFC/Sukuk, ~17.4% in Banks and DFIs Placements while remaining was invested in Others. The WAM of the Fund stood at 28 days at Dec'22; limiting the exposure to credit risk. The duration of the Fund was 22 days at the end Dec’22, exposing the Fund to low interest rate risk. The unit holding pattern of the Fund was ~37.39% representing top ten investor concentration with limited exposure to redemption pressure.
Going forward, material changes in the Fund's asset allocation strategy, impacting its credit quality and/or exposure to interest rate risk, would affect the rating.
Faysal Funds (Faysal Asset Management Limited) is a subsidiary of Faysal Bank Limited (FBL). FBL is holding 99.99% shares of Faysal Funds. Faysal Funds was incorporated in Pakistan under the Companies Ordinance, 1984 on August 6, 2003 as an unlisted public limited company and is licensed by the Securities and Exchange Commission of Pakistan to carry out asset management and investment advisory services.
The Board of Directors of the Company comprises six members, including the Chairman Mr. Salman Ahmed Usmani. He has a rich experience over three decades in the local as well as the multinational banking sector. Mr. Khuldoon bin latif has recently resigned from Faysal Asset Management Limited and in his replacement, Mr. Ayub Khuhro is now working as acting CEO of the AMC. The Company is managing a diversified portfolio of funds, with AUMs of ~PKR 104bln at the end of Dec'22.