PACRA Maintains Stability Rating of Alfalah GHP Money Market Fund

Alfalah GHP Money Market Fund (“AGMMF” or “the Fund”) is a low risk profile money market Fund. The objective of the Fund is to generate competitive returns consistent with low risk from a portfolio constituted of short-term instruments, including cash deposits, money market placements, and Government Securities. As of Dec'25, the Fund’s AUM stood at ~PKR 78,452mln, up from ~PKR 66,361mln at the time of Jun'25, reflecting healthy growth in Fund size during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, the Fund maintained ~36.40% in placements with DFIs, followed by ~31.80% in bank deposits, ~24.00% in T-Bills, ~5.10% in PIBs, and ~1.89% in Commercial Papers/Sukuk, with the remaining portion allocated to other instruments. The allocation reflects a highly liquid portfolio with significant exposure to sovereign and high-quality placement avenues. From a credit quality perspective, ~84.40% of the portfolio was invested in Government Securities/AAA rated avenues, while ~14.80% was allocated to AA+/A1+ rated instruments, with the remaining portion invested in other categories, indicating a sound credit quality profile with minimal credit risk exposure. At end-Dec'25, the Fund’s WAM stood at 19 days, reflecting a short-tenor investment strategy and low sensitivity to interest rate movements. In terms of performance, the Fund reported a 12-month trailing return of 10.69% as of Dec'25, which remained below the benchmark return of 11.07%, indicating underperformance 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.