PACRA Maintains the Stability Rating of Atlas Liquid Fund

Atlas Liquid Fund ("ALF" or "the Fund") is categorized under a low-risk profile, with the objective of providing competitive returns to its investors through a periodic payout by investing in a low-risk, highly liquid, and short-duration portfolio of money market instruments. As of Dec'25, the Fund's Assets Under Management (AUM) stood at PKR 12,760mln, compared to PKR 13,853mln as of Jun'25 (the last review), reflecting a modest contraction in fund size during the review period. In terms of asset allocation, approximately 49% of the portfolio was invested in cash, 47% in Treasury Bills, and ~4% in placements with banks/DFIs, reflecting a near-exclusively sovereign and liquid portfolio positioning consistent with the Fund's low-risk money market mandate. From a credit quality perspective, approximately 100% of the Fund's assets were invested in AAA rated instruments and Government Securities, reflecting a near-pristine credit profile with virtually zero credit risk across the portfolio. This exceptional credit composition is considered a key credit strength of the Fund, providing the highest possible quality anchor to the portfolio and underscoring the Fund's unwavering commitment to its conservative investment approach. The Fund's Weighted Average Maturity (WAM) stood at 28 days as of Dec'25, reflecting very limited sensitivity to interest rate movements and reinforcing the Fund's strong liquidity position. The short WAM profile enables the Fund to reprice its portfolio rapidly in response to changes in the monetary policy environment, thereby protecting unit holders from adverse interest rate movements. Meanwhile, the unit holding pattern reflects a high degree of concentration, with the top 10 investors accounting for ~97% of the Fund's total holdings, of which ~71% comprise associated companies which are typically sticky in nature, providing a highly stable and captive investor base. This significantly mitigates the redemption risk that would otherwise be associated with such a narrow unit holder profile, and the Fund's highly liquid asset allocation and short WAM further reinforce its ability to meet any potential redemption requirements swiftly. In terms of performance, the Fund reported an annualized one-year return of 10.90% as of Dec'25, against a benchmark return of 11.07%, reflecting a marginal underperformance of approximately 17 basis points. This near-benchmark outcome is assessed as broadly consistent with the Fund's conservative, liquidity-first investment approach and short-duration portfolio positioning throughout the review period.
Going forward, the material changes in the Fund's asset allocation strategy, which could impact the Fund's credit quality and exposure to interest rate risk, would remain critical for the rating.

About the Entity
AAML, incorporated in August 2002, is a wholly owned subsidiary of Shirazi Investments (Pvt.) Limited – the holding company of Atlas Group. Atlas Group, founded in 1962 with the establishment of Shirazi Investments, is a diversified group with having presence in manufacturing, power, financial services, and trading. The Company’s seven-member Board of Directors comprises five representatives of Atlas Group including the CEO, the other two are independent directors. Mr. Iftikhar H. Shirazi serves as the Chairman of the Board of Directors of AAML along with several other companies of the Group. The board has three committees to provide oversight on the Company’s affairs: 1) Audit Committee, 2) Human Resource & Remuneration Committee, and 3) Investment Committee. The Company had AUMs of PKR 162bln at end of Dec'25.