The Pakistan Credit Rating Agency (PACRA) has assigned a fund rating of “A+(f)” (A plus) to Pakistan Income Fund (PIF). The rating is based on consistent growth and improving performance of the Fund. It also takes into account the financial strength of the management company and high quality of management coupled with independent research and effective asset allocation and risk management policies.

PIF relies heavily on COTs and consequently has a low proportion of its investments in government securities and TFCs. Going forward, whether the futures market, the alternative avenue to COT, will be able to pick up the COT volume is uncertain. However, considering that the Fund portfolio does not contain any locked-in assets in long-term fixed income securities and the proven ability of the management to capitalize on emerging opportunities in the market, PIF depicts adequate capacity to respond to future opportunities or stress situations. In PACRA's view, PIF is expected to maintain its performance relative to its peers.

About the management company: AHIML, incorporated in August'00, is one of the largest asset management companies in Pakistan with over PKR 10.5bln of assets under management. AHIML is an associated undertaking of Arif Habib Securities Limited (AHSL), a leading securities brokerage firm also offering research and corporate finance services. AHSL has one of the largest brokerage operations on the Karachi Stock Exchange. AHSL owns 40% of shares in AHIML. Of the individual shareholders, Mr. M. Arif Habib is the largest shareholder at 40%. AHIML manages three open-end funds and acts as the investment advisor to three closed-end funds. The current Chief Executive of AHIML, Mr. Nasim Beg, is a C.A. with over 30 years of experience in the financial sector as well as in the domestic and international mutual fund industry.