PACRA Revises Stability Rating of Alhamra Cash Management Optimizer

Alhamra Cash Management Optimizer ('ALHCMOP' or the 'Fund') is a low-risk profile fund. The Objective of the Fund is to provide a competitive rate of return by investing primarily in liquid Shariah Compliant money market securities. The assigned rating reflects the Fund's strong credit and interest rate risk profile emanating from its investment strategy. Regarding asset allocation, the Fund had invested ~47.1% in Placements with Banks and DFIs , ~34.5% in Cash, ~9.3% in GoP Ijarah, ~7.7% in Short Term Sukuk, with the remainder in other assets and receivables, as of end-March'25. In terms of credit quality, the Fund allocated ~37% to AA+ rated avenues, ~19.5% to Government Securities/AAA-rated instruments, ~34.4% to AA, ~7.7% in A1, and the remaining as unrated, at the end-Mar'25. The Fund's Duration and Weighted Average Maturity (WAM) both stood at 49 days, reflecting low credit risk exposure. While the Fund continues to exhibit strong liquidity and maintains a disciplined approach toward Shariah-compliant money market investments, its current portfolio composition diverges from PACRA’s benchmarks for the previous rating tier. Accordingly, the rating has been revised to better reflect the Fund’s prevailing credit quality, while still recognizing its inherent stability and consistent adherence to its objective of delivering competitive returns through liquid, Shariah-compliant instruments.
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 currently manages a diverse product slate of twenty-five open-end funds and four voluntary pension schemes. MCBIM also manages one of the largest AUMs in 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%), with the general public holding the remaining ~11% of the shares. Mr. Khawaja Khalil Shah is the CEO of the company. There are four non executive directors, three independent directors and one executive director (CEO). The AUM size of AMC at the end-March'25 was ~PKR 357bln.