PACRA Maintains the Rating of Faysal Income and Growth Fund

The assigned rating reflects Faysal Income and Growth Fund's ('FIGF" or the "Fund") moderate risk profile. The investment objective of the Fund is to provide its investors with optimal yields through a diversified portfolio consisting of both long-term fixed instruments as well as short–term money market securities. The Fund has allocated ~86.04% of Funds in Banks, ~10.17% in TFC/Sukuk, ~0.6% in Commercial Papers while remaining was invested in Others. The WAM of the Fund was 69 days at the end Dec’22, exposing the Fund to low level of credit risk. The duration of the Fund was 15 days at the end Dec’22, limiting the exposure to interest rate risk. The Fund’s top 10 investor concentration stood at ~97.69% of net assets at end-Dec’22. High investor concentration may expose the Fund to high redemption pressure.
Going forward, Material changes in the funds asset allocation strategy, impacting its credit quality and/or exposure to interest rate risk, would affect the rating.

About the Entity
Faysal Funds (Faysal Asset Management Limited) is a subsidiary of Faysal Bank Limited (FBL). FBL is holding 99.99% shares of Faysal Funds. Faysal Funds was incorporated in Pakistan under the Companies Ordinance, 1984 on August 6, 2003 as an unlisted public limited company and is licensed by the Securities and Exchange Commission of Pakistan to carry out asset management and investment advisory services.
The Board of Directors of the Company comprises six members, including the Chairman Mr. Salman Ahmed Usmani. He has a rich experience over three decades in the local as well as the multinational banking sector. Mr. Khuldoon bin latif has recently resigned from Faysal Asset Management Limited and in his replacement, Mr. Ayub Khuhro is now working as acting CEO of the AMC. The Company is managing a diversified portfolio of funds, with AUMs of ~PKR 104bln at the end of Dec'22.