PACRA Maintains Stability Rating of Pakistan Cash Management Fund

Pakistan Cash Management Fund ( or the "Fund") is a low-risk profile Fund. The objective of PCF is to provide Unit Holders competitive returns from a low risk portfolio of short duration assets while maintaining high liquidity. The credit quality of the Fund was ~97.3% in Govt Sec./AAA, 2.4% in AA+ rated category and ~0.3% in others. The AUMs of the Fund stood at PKR 26,970mln at the end of Jun'24. The Fund had allocated ~58.8% in Banks, ~37.5% in T-Bills, ~3.4% in Gop Ijara Sukuk and ~0.3% in others. The WAM of the Fund stood at 47 days, limiting the credit risk of the Fund. The Duration of the Fund was 48 days at the end Jun'24, limiting the Fund to low interest rate risk. The top 10 investor concentration stood at 75% at end of Jun'24, exposing the Fund to moderate redemption pressure.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
MCB Investment Management Limited (MCBIM or the "Company") is a Public Listed Company, regulated by the SECP. MCBIM holds licenses for Asset Management, Investment Advisory, and Pension Fund Management. MCBIM caters to both conventional and Shariah-compliant clientele and is currently managing a diverse product slate of twenty two open-end funds and four voluntary pension schemes. MCBIM is also managing one of the largest AUMS under the SMA segment and holds a significant position in the investment advisory domain.
The major shareholders of MCBIM are MCB Bank Limited ~81.42%, and Adamjee Insurance Company Limited ~7.59%. The general public holds the remaining ~11% of the shares. Mr. Khawaja Khalil Shah is the CEO of the company. There are four non-executive directors, three directors are independent and one executive director (CEO). The AUMS of MCBIM stood at PKR 225bln at end-Jun'24.