The Pakistan Credit Rating Agency Limited
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Afnan Iqbal

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PACRA Upgrades Stability Rating of Atlas Money Market Fund

Rating Type Stability Rating
(17-Oct-19 )
(17-Apr-19 )
Action Upgrade Maintain
Long Term AA+(f) AA(f)
Short Term - -
Outlook Stable Stable
Rating Watch - -

The rating reflects the fund's low risk profile emanating from the fund's investment objective to invest in avenues rated 'AA' and above. At end Jun 19, asset allocation of the fund consisted of Bank Deposits 99% (64% AAA rated). The portfolio duration of the fund represents very low exposure towards interest rate volatility. The fund's unit holding pattern remains highly concentrated with the top 10 investors comprising 85% of the fund's net assets.
Going forward, the fund intends to increase its exposure in T-Bills whilst the remaining assets will be invested as cash with banks.

About the Entity
Atlas Asset Management Limited, incorporated in August 2002 and a part of Atlas Group (AG), is a wholly owned (100%) subsidiary of Shirazi Investments (Pvt.) Limited - the holding company of the Group. Atlas Group, established in 1962, is one of the well-known business groups of the country with a presence in manufacturing, financial, and trading sectors. With an AUM base of ~PKR 26 bln at Jun-19, AAML is currently managing four conventional and four shariah compliant funds along with 2 voluntary pension funds.

AAML's seven-member board of directors comprises four representatives of Atlas Group, two independent directors and the CEO. The CEO of the company, Mr. Muhammad Abdul Samad, has completed the Advanced Management Programme from INSEAD and holds postgraduate qualifications from the University of Karachi and the Southeastern University and holds certification from IFMP. He has been associated with the company for over twelve years and held C-Suite positions for over a decade. He has vast experience of the mutual fund industry and was non- executive director on the board of nineteen listed companies. AAML’s existing team is well qualified with related experience and has demonstrated stability during the year.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.