Press Release
Date: 14-Feb-24 PACRA ASSIGNS STAR RANKINGS TO First Capital Mutual Fund
1-Year |
Rating Details | Rating Type | Star Ranking | |
Fund Category | Equity Fund (Open-end) | ||
Total Fund In Category | 24 | ||
Performance Period | 1-Year | ||
Dissemination Date | Current (14-Feb-24) | Previous (15-Aug-23) | |
Ranking | 3-Star | 3-Star |
Rating Rationale |
During CY23 the KSE-100, KSE-30 index and KMI-30 improved by ~54.50%, ~40.04% and ~53.39%. This notable upswing was propelled by changing macroeconomic drivers, initiated by the approval of the IMF program by mid of the year followed by the revival of foreign investment, stability in PKR: USD parity, stability in the policy rate, improvement in foreign exchange reserves and a decline in inflation trajectory. PACRA ranked five funds among the universe of twenty-four funds. The category average showed a positive return of ~40.62%. While top-performing fund in the category showed a return of ~84.17%. First Capital Mutual Fund 3 Star. The total return of the First Capital Mutual Fund in 1-year is ~43.91% which performed well from the line from the stock market return of 40.04%. At the end of Dec'23, the Fund generates income by investing ~81.89% in Equities, and ~14.07% in cash. The Fund always managed to handle the redemption pressure by retaining enough liquidity in the form of cash. Sector-wise Fund invested ~8.62% in Oil & Gas Marketing Com, ~13.31% in Oil & Gas Exploration Com, ~12.62% in Commercial Banks, ~6.47% in INV. Banks / INV. COS. / Securities COS, ~8.58% in Fertilizer Sector, and ~32.39% in others at the end of Dec'23. |
Regulatory Disclosures | Analyst | Applicable Criteria | Related Research |
Madiha Sohail madiha.sohail@pacra.com +92-42-35869504 www.pacra.com |
Assessment Framework | Performance Ranking | Jul-23 |
Sector Study | Mutual Funds | Feb-23 |
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: 14-Feb-24 PACRA ASSIGNS STAR RANKINGS TO First Capital Mutual Fund
3-Year |
Rating Details | Rating Type | Star Ranking | |
Fund Category | Equity Fund (Open-end) | ||
Total Fund In Category | 24 | ||
Performance Period | 3-Year | ||
Dissemination Date | Current (14-Feb-24) | Previous (15-Aug-23) | |
Ranking | 3-Star | 3-Star |
Rating Rationale |
During 3-year, the overall market faced numerous economic challenges; delays in the resumption of the IMF program, a growing fiscal deficit, and fluctuation in the policy rate and inflation. PACRA ranked five funds among the universe of twenty-four funds. The category average showed a return of ~17.21%. While top-performing fund in 3-Year of the category showed a return of ~75.31%. First Capital Mutual Fund ranked 3 Star. The total return First Capital Mutual Fund in 3-year is ~37.81% which performed well in the line from stock market return of 14.28%. At the end of Dec'23, the Fund generates income by investing ~81.89% in Equities, and ~14.07% in cash. The Fund always managed to handle the redemption pressure by retaining enough liquidity in the form of cash. Sector-wise Fund invested ~8.62% in Oil & Gas Marketing Com, ~13.31% in Oil & Gas Exploration Com, ~12.62% in Commercial Banks, ~6.47% in INV. Banks / INV. COS. / Securities COS, ~8.58% in Fertilizer Sector, and ~32.39% in others at the end of Dec'23. |
Regulatory Disclosures | Analyst | Applicable Criteria | Related Research |
Madiha Sohail madiha.sohail@pacra.com +92-42-35869504 www.pacra.com |
Assessment Framework | Performance Ranking | Jul-23 |
Sector Study | Mutual Funds | Feb-23 |
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: 14-Feb-24 PACRA ASSIGNS STAR RANKINGS TO First Capital Mutual Fund
5-Year |
Rating Details | Rating Type | Star Ranking | |
Fund Category | Equity Fund (Open-end) | ||
Total Fund In Category | 24 | ||
Performance Period | 5-Year | ||
Dissemination Date | Current (14-Feb-24) | Previous (15-Aug-23) | |
Ranking | 3-Star | 1-Star |
Rating Rationale |
During 5-year, the overall market faced numerous economic challenges; delays in the resumption of the IMF program, a growing fiscal deficit, and fluctuation in the policy rate and inflation. The year 2020 was a year of severe distress due to Covid which impacted the stock market significantly. PACRA ranked five funds among the universe of twenty-four funds. The category average showed a return of ~37.68%. While top-performing fund in 5-Year of the category showed a return of ~78.73%. First Capital Mutual Fund ranked 3 Star. The total return of First Capital Mutual Fund in 5-year is ~(32.74%) which performed significantly below from stock market return of 20.98%. The year 2020 was a year of severe distress due to Covid which impacted the stock market significantly. At the end of Dec'23, the Fund generates income by investing ~81.89% in Equities, and ~14.07% in cash. The Fund always managed to handle the redemption pressure by retaining enough liquidity in the form of cash. Sector-wise Fund invested ~8.62% in Oil & Gas Marketing Com, ~13.31% in Oil & Gas Exploration Com, ~12.62% in Commercial Banks, ~6.47% in INV. Banks / INV. COS. / Securities COS, ~8.58% in Fertilizer Sector, and ~32.39% in others at the end of Dec'23. |
Regulatory Disclosures | Analyst | Applicable Criteria | Related Research |
Madiha Sohail madiha.sohail@pacra.com +92-42-35869504 www.pacra.com |
Assessment Framework | Performance Ranking | Jul-23 |
Sector Study | Mutual Funds | Feb-23 |
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. |