Press Release
Date: 14-Feb-24 PACRA Assigns Star Ranking to Pak Qatar Islamic Stock Fund
1-Year |
Rating Details | Rating Type | Star Ranking | |
Fund Category | Islamic Equity Fund | ||
Total Fund In Category | 21 | ||
Performance Period | 1-Year | ||
Dissemination Date | Current (14-Feb-24) | Previous (02-Nov-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 three funds among the universe of twenty-one funds. On the back of outperformance of energy sector funds the overall category average showed a positive return of ~51.08%. While the top-performing fund in the category showed a return of ~60.81%. Pak Qatar Islamic Stock Fund ranked 3 Star. The total return of the Pak Qatar Islamic Stock Fund in 1-year is ~48.71% which is in line with the stock market return of 53.39%. At the end of Dec'23, the Fund generates income by investing ~90.7% in Equities, and ~7.2% in cash. The Fund always managed to handle the redemption pressure by retaining enough liquidity in the form of cash. Sector-wise Fund invested ~25.7% in Oil & Gas Exploration Companies, ~11% in Cement, ~7.8% in Commercial Banks, ~7.2% in Power Generation & Distribution. Whereas ~6.8% in Fertilizer, and ~21.3% 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. |