The Pakistan Credit Rating Agency (PACRA) has assigned a fund rating of “AA(f)” (double A) to Pakistan Premier Fund Limited (PPF) and to Pakistan Stock Market Fund (PSM). The rating is based on consistent growth and improving performance of the Funds. It reflects good financial standing of the management company/investment advisor, Arif Habib Investment Management Limited (AHIML), and high quality of management coupled with independent research and effective asset allocation and risk management policies. The rating is further augmented by the quality of equity holdings in terms of liquidity and dividend payout enabling management to capitalize on emerging market opportunities.

A high exposure to equities and the threat of increasing interest rates, with the current range-bound trend of the stock market, make future earnings vulnerable to market volatility. However, owing to the asset base and quality of management, the Funds depict strong capacity to respond to future opportunities or stress situations and are expected to maintain their performance relative to peers and the KSE-100 Index.

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.