PACRA Downgrades Stability Rating of Atlas Sovereign Fund
|Rating Type||Stability Rating|
The rating reflects the fund's strong credit profile emanating from its investment objective to invest in Government Securities and debt instruments. At end-Jun'19, fund’s exposure in banks were 75% and 22% in T-Bills. The fund has a duration of 194 days at end-Jun'19. The unit holding pattern of the fund represents redemption risk as the top 10 investors' concentration was 97%.
Going forward, the fund intends to increase exposure in PIBs and remaining assets will be invested as cash in banks with high credit ratings.
Atlas Asset Management Limited, incorporated in August 2002 and a part of Atlas Group (AG), is a wholly owned (100%) subsidiary of Shirazi Investments (Pvt.) Limited - the holding company of the Group. Atlas Group, established in 1962, is one of the well-known business groups of the country with a presence in manufacturing, financial, and trading sectors. With an AUM base of ~PKR 26 bln at Jun-19, AAML is currently managing four conventional and four shariah compliant funds along with 2 voluntary pension funds.
AAML's seven-member board of directors comprises four representatives of Atlas Group, two independent directors and the CEO. The CEO of the company, Mr. Muhammad Abdul Samad, has completed the Advanced Management Programme from INSEAD and holds postgraduate qualifications from the University of Karachi and the Southeastern University and holds certification from IFMP. He has been associated with the company for over twelve years and held C-Suite positions for over a decade. He has vast experience of the mutual fund industry and was non- executive director on the board of nineteen listed companies. AAML’s existing team is well qualified with related experience and has demonstrated stability during the year.