PACRA Maintains the Rating of Faysal Financial Sector Opportunity Fund
|Rating Type||Stability Rating|
Faysal Financial Sector Opportunity Fund (or the "Fund") reflects the Fund's moderate risk profile. At the end of Jun'22, the Fund had allocated ~99% as cash placements in banks having rating AA- and higher avenues and remaining invested in TFC/Sukuks. The overall, credit quality of the Fund remained strong during FY22 and remained compliant with assigned rating criteria. At the end of Jun'22. The WAM and duration of the Fund are at 07 and 02 days respectively, limiting the exposure to interest rate risk and credit risk. The unit holding pattern of the Fund was highly concentrated where ~67% were represented by the top 10 investors.
Going forward, material changes in the Fund's asset allocation strategy, impacting its credit quality and/or exposure to interest rate risk, would affect the rating.
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. Khaldoon bin Latif (CEO) has been associated with the capital markets for over fifteen years. Mr. Latif is a LUMS Alumni and has done a number of capital market courses with the CFA association, Daiwa, J.P. Morgan and Bahrain Institute of Banking and Finance (BIBF). The Company is managing a diversified portfolio of funds, with AUMs of ~PKR 75bln at the end of Jun'22.