PACRA Maintains Stability Rating of Alfalah GHP Income Multiplier Fund

Alfalah GHP Income Multiplier Fund (“AGIMF” or “the Fund”) is a medium risk profile Fund operating in the aggressive income category. The objective of the Fund is to generate stable and consistent returns while seeking capital growth through a diversified portfolio of high-quality debt securities, liquid money market instruments, and placements. As of Dec'25, the Fund’s AUM stood at ~PKR 3,289mln, up from ~PKR 1,259mln at the time of Jun'25, reflecting substantial growth in fund size during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, the Fund maintained ~46.30% in bank deposits, followed by ~26.00% in MTS, ~14.00% in TFCs, ~13.30% in Commercial Papers/Sukuk, and ~7.70% in PIBs, with the remaining portion allocated to other instruments. The allocation reflects a diversified strategy balancing liquidity with exposure to corporate and sovereign fixed-income instruments to enhance returns. From a credit quality perspective, ~52.20% of the portfolio was invested in AA/A1 rated avenues, ~14.50% in Government Securities/AAA rated avenues, and ~2.70% in A rated instrument, with the remaining portion allocated to other categories, indicating moderate credit risk exposure with a meaningful allocation to mid-tier rated instruments. At end-Dec'25, the Fund’s WAM stood at 77 days, reflecting a short-tenor investment strategy and low sensitivity to interest rate movements. In terms of performance, the Fund reported a 12-month trailing return of 18.00% as of Dec'25, which remained significantly above the benchmark return of 11.58%, indicating strong outperformance relative to its benchmark.
Going forward, any material changes in the investment policy and/or compliance with the rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
Alfalah Asset Management Limited (Formerly: Alfalah GHP Investment Management Limited) was incorporated on October 18, 2004 as an unlisted public limited company and is licensed by the Securities and Exchange Commission of Pakistan to manage open-ended mutual funds and offer investment advisory services. The Company was established as joint venture Non-Banking Finance Company by Bank Alfalah Limited and GHP Arbitrium. The Company provides a wide range of mutual funds and pension funds both in conventional and Shariah compliant category. The Company also provides investment advisory services to HNW individuals and corporate clients. The Company’s board of directors comprises eight members including the Chairman (Mr. Atif Aslam Bajwa) and the Chief Executive Officer (Mr. Khaldoon Bin Latif). The board is dominated by representatives of MAB Investments and Bank Alfalah Limited. The board has two independent and five non-executive directors. The board members possess strong profile and skills suited to the financial services industry. Assets under management of the Company stood at ~PKR 351bln at end Dec'25.