The Pakistan Credit Rating Agency Limited
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Wajeeha Asghar

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PACRA Maintains Stability Rating of Lakson Money Market Fund

Rating Type Stability Rating
(08-Sep-23 )
(09-Mar-23 )
Action Maintain Maintain
Long Term AA+(f) AA+(f)
Short Term - -
Outlook Stable Stable
Rating Watch - -

Lakson Money Market Fund (or the “Fund”) is low risk profile fund. The objective of the Fund is to provide stable and competitive returns in line with the money markets, exhibiting low volatility consistent with capital preservation by constructing a liquid portfolio of low risk short term investments. The assigned rating reflects the Fund's low credit risk profile emanating from Fund's Investment policy to invest in avenues with sound liquidity. The AUMs of the Fund stood at PKR 22,967mln at the end Jun’23 (Dec’22: PKR 20,487mln). The Fund had allocated ~80.3% in T-Bills, about~8.6% in placement with NBFIs rated AA+. However a small portion of around ~1.5% cash in bank rated AA+, while ~7.8% in PIBs and ~1.4% in corporate sukuks rated AA at the end Jun’23. The duration and the WAM of the Fund stood at 25 days, limiting the exposure to interest rate and credit risk. The unit holding pattern of the fund stood at ~53.4% representing top 10 investors concentration.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on the rating.

About the Entity
Lakson Investments Limited, the investment management company of the Lakson Group, was incorporated on January 02, 2009, as an unlisted public company. It is licensed to undertake Asset Management, Investment Advisory and Private Fund Management services. Lakson Investments is the only AMC, which offers exposure to international markets through Lakson Asset Allocation Developed Markets Fund. The Company is also managing a private equity and venture capital fund along with mutual funds and SMA products. Mr. Babar Ali Lakhani, CEO of the company, over 23 years of investment and portfolio management experience in domestic and international equity and fixed income markets. The company’s control vests in a four-member board. The Chairman of the Lakson Group, Mr. Iqbal Ali Lakhani, is the chairman of Lakson Investment’s board. The asset under management of the company stood at ~125bln in the end Jun'23

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