PACRA Maintains Stability Rating of Alfalah GHP Income Multiplier Fund

Alfalah GHP Income Multiplier Fund (“AGIMF” or “the Fund”) is a medium-risk profile Fund operating under the aggressive income category. The Fund aims to generate stable and consistent returns while seeking capital growth through a diversified portfolio comprising high-quality debt securities, liquid money market instruments and placements. As of Jun'26, the Fund's AUM stood at approximately PKR 3,663mln, compared with approximately PKR 3,289mln as of Dec'25, reflecting growth in Fund size during the period. In terms of asset allocation, the Fund maintained approximately 55.5% in CPs/Sukuks, followed by 29.6% in cash and 7.8% in PIBs, with the remaining exposure allocated to other instruments. From a credit quality perspective, approximately 48.9% of the portfolio was invested in AA/A1 rated avenues, followed by 19.0% in A+ rated instruments, 15.8% in A rated instruments and 11.30% in Government Securities/AAA rated avenues, with the remaining exposure allocated to other categories. The Fund maintains exposure across various credit quality bands, with a significant concentration in AA/A1 rated avenues. At end-Jun'26, the Fund's WAM stood at 88 days, reflecting a short-tenor investment strategy and limited exposure to credit risk. The duration of the Fund stood at 77 days, indicating low sensitivity to interest rate movements. The top-ten investor concentration stood at 56.67%, indicating relatively high redemption concentration and potential exposure to redemption pressure. However, the Fund's adequate placements with banks provide liquidity support to manage potential redemption requirements. In terms of performance, the Fund reported a 12-month trailing return of 12.23% as of Jun'26, which remained slightly below the benchmark return of 12.26% and the peer average return of 12.63%. The Fund's performance remained broadly in line with its benchmark, while trailing the peer average during the period.
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 356bln at end Jun'26.