PACRA Maintains the Stability Rating of ABL Cash Fund

ABL Cash Fund (“ABL CF” or the “Fund”) is a low-risk investment vehicle, with the objective to provide investors consistent returns with a high level of liquidity, through a blend of money market placements and sovereign debt instruments. As of Dec’25, the Fund’s Assets Under Management (AUM) stood at PKR 66,498mln, reflecting a notable increase from PKR 41,055mln as of Jun’25 (the last review), indicating improved investor confidence and a strengthened position within the money market fund category. In terms of asset allocation, approximately ~97% of the portfolio was invested in cash placements, with ~1% in Treasury Bills, ~1% in Pakistan Investment Bonds (PIBs), and the remaining deployed in other avenues. The allocation highlights the Fund’s strong inclination towards short-term, highly liquid instruments, in line with its stated objective. From a credit quality perspective, the Fund maintained a strong profile, with approximately ~99% of assets invested in Government securities and AAA-rated instruments, reflecting very low credit risk and alignment with its low-risk mandate. As of Dec’25, the Fund’s Weighted Average Maturity (WAM) stood at 7 days, indicating minimal exposure to interest rate movements and supporting the Fund’s strong liquidity position. The unit holding pattern reflects moderate concentration, with the top 10 investors accounting for ~38% of total units. However, the associated redemption risk remains manageable, supported by the Fund’s highly liquid asset base and short maturity profile, enabling the Fund to meet redemption requirements in a timely manner. In terms of performance, the Fund delivered a one-year annualized return of 10.75% as of Dec’25, compared to the benchmark return of 11.01%. While slightly below the benchmark, the Fund’s performance remains broadly aligned with market dynamics, supported by its conservative allocation and high credit quality.
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 rating.

About the Entity
Incorporated in 2007, ABL AMC is a wholly owned subsidiary of Allied Bank Limited (ABL). ABL operates with 1,400 plus branches including 117 Islamic banking branches, 8 Digital/ Self Service branches & 2 overseas branches. ABL AMC possesses licenses for asset management, pension management and investment advisory services. As the leading private sector asset management and investment advisory Company in Pakistan, offerings include a comprehensive range of both Conventional and Shariah Compliant investment solutions across all major asset classes. Assets under management of the Company stood at ~PKR 287bln at the end of Dec'25.