PACRA Maintains Stability Rating of AKD Cash Fund

AKD Cash Fund ('AKD CF' or 'the Fund') reflects the Fund’s low risk profile. The objective of AKD Cash Fund (AKDCF) is to provide optimum returns consistent with minimal risk from a portfolio constituted of high-quality short-term securities/instruments, which will provide liquidity. The Fund will exclusively invest in highly secure ('AA' and above) short-term debt instruments such that the weighted average maturity of its net assets will stay below 90 days. As of Dec’25, the Fund’s AUM stood at ~PKR 2,157mln. In terms of asset allocation, the Fund maintained a significant exposure of ~82.76% in T-Bills, followed by ~16.16% in Commercial Papers/Short-Term Sukuk, while ~0.17% was held in Cash and the remaining ~0.91% was allocated to other instruments including receivables. The allocation reflects a predominantly sovereign exposure strategy, supporting capital preservation and liquidity while maintaining modest yield enhancement through short-term corporate instruments. From a credit quality perspective, ~83% of the portfolio was invested in Government Securities, ~16% in A1 rated avenues, and the remaining ~1% in unrated instruments, indicating a strong credit quality profile with limited exposure to credit risk. As of end-Dec’25, the Fund’s Weighted Average Maturity (WAM) stood at 85 days, reflecting low sensitivity to interest rate movements and a focus on short-duration investments. In terms of performance, the Fund reported an annualized return of 11.53% as of Dec’25, which remained above the benchmark return of 10.48% and the peer average return of 10.22%, indicating outperformance relative to comparable funds.
Going forward, any material changes in the investment policy and compliance with the rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
AKD Investment Management Limited commenced its operations in September 2004. The Company is registered as an Asset Management Company under the Non-Banking Finance Companies Rules, 2003. The Company is sponsored by AKD Group Holdings (Private) Limited [Formerly: Aqeel Karim Dhedhi Securities(Private) Limited] (99.97% ownership). The Board of Directors of the Company comprises seven members, including the CEO Mr. Imran Motiwala, who has been serving as the Chief Executive Officer of AKD Investment Management Limited since 2009. The Company is currently managing eight open-end funds with assets under management of ~PKR 13,010mln at the end of Dec '25.