PACRA Upgrades Stability Rating of AWT Islamic Income Fund
|Rating Type||Stability Rating|
The rating reflects the fund's average credit risk profile emanating from its asset allocation, of which is ~78% is in Cash placements. Almost all of these cash placements were in Banks rated 'A+'. The placements in long-term Bank Deposits and Musharaka certificates continued over the past months. The unit holding pattern of the fund is concentrated with the top 10 investors representing ~81% of portfolio.
Going forward, the fund intends to maintain it's exposure with Banks rated 'A+' and above. Material changes in the fund's asset allocation strategy, which could negatively impact the fund's credit quality and exposure to interest rate risk, remain critical for the rating.
AWT Investments Limited is a public unlisted company, incorporated in 2011. It is a Non-Banking Finance Company, licensed by the Securities and Exchange Commission of Pakistan to manage open and closed-end funds and Investment Advisory Services. The Company is a wholly owned subsidiary of Army Welfare Trust.
The Board of Directors of the Company comprises five members, including the CEO Mr. Salman Haider. He possesses over two decades of local and international experience in Investment management industry including almost 10 years on Wall Street in New York, USA. The Company is currently managing five open-end schemes with assets under management of ~PKR 2.7bln at end Dec’19.