PACRA Maintains Stability Rating of Alfalah GHP Income Fund

Alfalah GHP Income Fund ("AGIF" or "the Fund") is classified under a medium risk profile. The objective of AGIF is to minimize risk, construct a liquid portfolio of fixed income instruments and provide competitive returns to the Unit Holders. The management team shall ensure the active implementation of prudent investment practices, the highest professional standards and compliance with applicable laws. As of June 2025, the Fund reported Assets Under Management (AUM) of PKR 12.362 billion, reflecting its focused presence in Pakistan's fixed income market. In terms of asset class, 85.3% of the net assets were allocated as Cash Placements, 4.1% in Pakistan Investment Bonds (PIBs), and 4.3% in Treasury Bills, 2.7% in MTS. From a credit quality metric, 64.29% was held in Government Securities/AAA rated instruments, complemented by 29.5% in A and 1.7% in AA+/A1+ rated avenues while remaining 3.1% in others. While the portfolio remains anchored in high-grade exposures, the elevated share in lower-rated instruments exceeds the required threshold for the Fund’s current rating level, warranting closer monitoring. With a Weighted Average Maturity (WAM) of 47.5 days as of June 2025, the Fund exhibits a highly liquid and conservative stance, driven by its substantial allocation to Cash Placements (85.3%). This short maturity positioning enhances stability and reinvestment agility, allowing the Fund to swiftly adjust to changing market conditions.
Going forward, any material changes in the investment policy and/or compliance with the rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
Alfalah Asset Management Limited (Formerly: Alfalah GHP Investment Management Limited) was incorporated on October 18, 2004 as an unlisted public limited company and is licensed by the Securities and Exchange Commission of Pakistan to manage open-ended mutual funds and offer investment advisory services. The Company was established as joint venture Non-Banking Finance Company by Bank Alfalah Limited and GHP Arbitrium. The Company provides a wide range of mutual funds and pension funds both in conventional and Shariah compliant category. The Company also provides investment advisory services to HNW individuals and corporate clients. The Company’s board of directors comprises eight members including the Chairman (Mr. Atif Aslam Bajwa) and the Chief Executive Officer (Mr. Khaldoon Bin Latif). The board is dominated by representatives of MAB Investments and Bank Alfalah Limited. The board has two independent and five non-executive directors. The board members possess strong profile and skills suited to the financial services industry. Assets under management of the Company stood at ~PKR 291bln at end Jun'25.