Press Release

Date: 13-Feb-23

PACRA Assigns Star Ranking To Golden Arrow Stock Fund
1-Year

Rating Details Rating Type Star Ranking
Fund Category Equity Fund (Closed-end)
Total Fund In Category 28
Performance Period 1-Year
Dissemination Date Current (13-Feb-23) Previous (10-Aug-22)
Ranking 4-Star 3-Star

Rating Rationale

During CY22 the KSE-100 index (the benchmark) declined by 9.4% due to political turbulence, heightened economic risks arising from devastating floods, elevated inflation, slowing economic growth, PKR devaluation, and declining foreign exchange reserves. PACRA-ranked funds comprise five funds among the universe of twenty-eight funds. While the category average showed a negative return of -16.5%, the top-performing fund in the category showed a return of -5.44%. Golden Arrow Stock Fund (the "Fund") ranked 4-Star. Total return of Golden Arrow Stock Fund in 1-year is ~12.9%. In the end Dec'22, the Fund generated income by investing ~3.4% in Debt & Money Market Securities and to generate capital appreciation invested ~95.8% in Equity & Equity related securities. Sector wise Fund invest ~18.0% in power generation & distribution, ~15.6% in technology & communication, ~14.4% in Textile Spinning, ~11.3% in investment banks/investment companies, ~6.8% in refinery and remaining ~33.9% in others.


Regulatory Disclosures Analyst Applicable Criteria Related Research
Muhammad Azmat Shaheen
azmat.shaheen@pacra.com
+92-42-35869504
www.pacra.com

Assessment Framework | Performance Ranking | Jun-22

Sector Study | Mutual Funds | Performance | Feb-22

Disclaimer This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA. The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.
Press Release

Date: 13-Feb-23

PACRA Assigns Star Ranking To Golden Arrow Stock Fund
3-Year

Rating Details Rating Type Star Ranking
Fund Category Equity Fund (Closed-end)
Total Fund In Category 28
Performance Period 3-Year
Dissemination Date Current (13-Feb-23) Previous (10-Aug-22)
Ranking 5-Star 5-Star

Rating Rationale

During the 3-year the KSE-100 index (the benchmark) declined by 0.77% due to heightened economic risks arising from Coronavirus pandemic, strict lockdowns, elevated inflation, slowing economic growth, PKR devaluation, political turbulence and declining foreign exchange reserves. PACRA-ranked funds comprise five funds among the universe of twenty-eight funds. While the category average showed a negative return of -0.74%, the top-performing fund in 3-year of the category showed a return of 53.9%. Golden Arrow Stock Fund (the "Fund") ranked 5-Star. Total return of Golden Arrow Stock Fund in 3-year is ~53.9%. In the end Dec'22, the Fund generated income by investing ~3.4% in Debt & Money Market Securities and to generate capital appreciation invested ~95.8% in Equity & Equity related securities. Sector wise Fund invest ~18.0% in power generation & distribution, ~15.6% in technology & communication, ~14.4% in Textile Spinning, ~11.3% in investment banks/investment companies, ~6.8% in refinery and remaining ~33.9% in others.


Regulatory Disclosures Analyst Applicable Criteria Related Research
Muhammad Azmat Shaheen
azmat.shaheen@pacra.com
+92-42-35869504
www.pacra.com

Assessment Framework | Performance Ranking | Jun-22

Sector Study | Mutual Funds | Performance | Feb-22

Disclaimer This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA. The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.
Press Release

Date: 13-Feb-23

PACRA Assigns Star Ranking To Golden Arrow Stock Fund
5-Year

Rating Details Rating Type Star Ranking
Fund Category Equity Fund (Closed-end)
Total Fund In Category 28
Performance Period 5-Year
Dissemination Date Current (13-Feb-23) Previous (10-Aug-22)
Ranking 5-Star 5-Star

Rating Rationale

During the 5-year the KSE-100 index (the benchmark) declined by 0.13% due to drastic economic downfall after CY18, heightened economic risks arising from Coronavirus pandemic, strict lockdowns, elevated inflation, slowing economic growth, PKR devaluation, political turbulence and declining foreign exchange reserves. PACRA-ranked funds comprise five funds among the universe of twenty-two funds. While the category average showed a negative return of -9.95%, the top-performing fund in 5-year of the category showed a return of 32.1%. Golden Arrow Stock Fund (the "Fund") ranked 5-Star. Total return of Golden Arrow Stock Fund in 5-year is ~32.1%. In the end Dec'22, the Fund generated income by investing ~3.4% in Debt & Money Market Securities and to generate capital appreciation invested ~95.8% in Equity & Equity related securities. Sector wise Fund invest ~18.0% in power generation & distribution, ~15.6% in technology & communication, ~14.4% in Textile Spinning, ~11.3% in investment banks/investment companies, ~6.8% in refinery and remaining ~33.9% in others.


Regulatory Disclosures Analyst Applicable Criteria Related Research
Muhammad Azmat Shaheen
azmat.shaheen@pacra.com
+92-42-35869504
www.pacra.com

Assessment Framework | Performance Ranking | Jun-22

Sector Study | Mutual Funds | Performance | Feb-22

Disclaimer This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA. The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.