PACRA Maintains Stability Rating of Alfalah GHP Income Fund

Alfalah GHP Income Fund (“AGIF” or “the Fund”) is a medium risk profile Fund under Income category. The investment objective of the Fund is to minimize risk, construct a liquid portfolio of fixed income instruments and provide competitive returns to the Unit holders. As of Dec'25, the Fund’s AUM stood at ~PKR 6,661mln, down from ~PKR 12,362mln at the time of Jun'25, reflecting significant net outflows during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, the Fund maintained ~53.00% in bank placements, followed by ~17.60% in MTS and spread transactions, ~13.70% in Pakistan Investment Bonds (PIBs), and ~7.40% in Treasury Bills (T-Bills), with the remaining ~8.30% allocated to other instruments. The allocation reflects a diversified strategy balancing liquidity with sovereign and money market exposures to enhance returns. From a credit quality perspective, ~36.50% of the portfolio was invested in Government Securities/AAA rated avenues, ~27.50% in AA- rated instruments, and ~9.40% in A rated avenue, with the remaining ~26.60% allocated to other categories, indicating moderate credit risk exposure with a diversified credit profile. At end-Dec'25, the Fund’s WAM stood at 146 days, reflecting a balanced maturity profile and moderate sensitivity to interest rate movements. In terms of performance, the Fund reported a 12-month trailing return of 11.54% as of Dec'25, which remained above the benchmark return of 10.98%, indicating outperformance relative to its benchmark.
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 351bln at end Dec'25.