PACRA Maintains Capital Preservation Rating of ABL Special Savings Fund

ABL Special Savings Fund (“ABL SSF” or “the Fund”) is categorized as an open-end Capital Protected Fund, established with the objective of providing investors capital preservation alongside competitive regular returns through a diversified portfolio of fixed-income investments aligned with varying risk appetites and investment horizons. The Fund currently comprises six perpetual plans, namely: ABL Special Saving Plan-I (ABL-SSP-I), ABL Special Saving Plan-II (ABL-SSP-II), ABL Special Saving Plan-III (ABL-SSP-III), ABL Special Saving Plan-IV (ABL-SSP-IV), ABL Special Saving Plan-V (ABL-SSP-V), and ABL Special Saving Plan-VI (ABL-SSP-VI). Collectively, these plans provide structured savings solutions catering to different tenor and liquidity preferences while maintaining the Fund’s overarching capital protection mandate. As of Mar’26, the Fund’s Assets Under Management (AUM) stood at PKR 49,939mln compared to PKR 73,469mln as of Mar’25, reflecting a contraction in fund size amid broader category-level outflows and evolving investor allocation trends within the fixed-income segment. Despite the decline, the Fund continues to maintain a notable market presence within the capital protected category, supported by its conservative investment philosophy, disciplined portfolio management framework, and established investor base. The Fund’s performance profile remained broadly aligned with prevailing market conditions, while select plans continued to demonstrate positive alpha generation over benchmark returns across longer investment horizons, reflecting effective duration and liquidity management within a declining interest rate environment. In terms of asset allocation, approximately 51% of the portfolio was maintained in cash placements, 27% in Pakistan Investment Bonds (PIBs), 19% in Treasury Bills (T-Bills), and a nominal allocation of ~0.27% in TFCs/Sukuks as of Mar’26. The portfolio composition reflects a highly liquid and conservatively positioned investment strategy, with predominant exposure concentrated in cash and sovereign-backed instruments. This allocation remains consistent with the Fund’s principal preservation objective while providing operational flexibility to capitalize on re-pricing opportunities in the prevailing monetary cycle. The limited exposure toward corporate debt instruments also constrains incremental credit risk and supports overall portfolio defensiveness. From a credit quality perspective, around 72% of the Fund’s assets were invested in Government Securities and AAA rated instruments, while ~26% comprised AA- rated exposures and the remaining ~2% represented other categories. The Fund’s overall credit profile remains sound, underpinned by disciplined credit selection and sustained preference for high-quality exposures. The sizeable allocation toward sovereign and top-tier rated instruments enhances portfolio resilience and limits susceptibility to adverse credit migration risk. Meanwhile, the Fund’s Weighted Average Maturity (WAM) stood at 44 days as of Mar’26, reflecting very low sensitivity to interest rate volatility and limited mark-to-market risk exposure. The short-duration profile supports efficient portfolio rebalancing, strong liquidity management, and effective handling of reinvestment and redemption risks. The unit holding pattern reflects moderate investor concentration, with the top 10 investors accounting for approximately 35% of the Fund’s total holdings, providing relative stability against concentrated 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 rating.

About the Entity
Established in 2007, ABL Asset Management Company Limited is a wholly owned subsidiary of Allied Bank Limited. The Company is licensed for asset management, pension management, and investment advisory services, offering conventional and Shariah-compliant investment solutions across major asset classes. As of Mar’26, assets under management stood at approximately PKR 310bln.