PACRA Maintains the Stability Rating of Alhamra Cash Management Optimizer

Alhamra Cash Management Optimizer ("ALHCMO" or "the Fund") is categorized under a low-risk Islamic Money Market Scheme, with the objective of providing a competitive rate of return through investments primarily in liquid Shariah-compliant money market securities. The Fund is designed to cater to investors seeking capital preservation, liquidity, and stable income generation while maintaining strict adherence to Islamic investment principles. As of Mar'26, the Fund's Assets Under Management (AUM) stood at PKR 58,594mln, compared to PKR 34,044mln as of Sep'25 (the last review), reflecting a substantial increase of approximately 72% during the review period. The significant growth in assets underscores strong investor confidence in the Fund's investment strategy, liquidity profile, and ability to provide competitive risk-adjusted returns within the Islamic money market space. In terms of asset allocation, approximately 58% of the portfolio was maintained in cash and cash equivalents, ~37% in placements with Banks/DFIs, and ~2% in Sukuks as of end-Mar'26. From a credit quality perspective, approximately 58% of the Fund's assets were invested in AA-rated instruments, ~24.6% in AAA-rated avenues, and ~12% in AA+ rated exposures. The overall credit profile remains strong and well within the parameters of the assigned rating, supported by the Fund's concentration in high-quality counterparties and investment-grade instruments. The credit risk associated with the portfolio is considered adequately managed, reflecting prudent investment selection and effective risk management practices. The Fund's Weighted Average Maturity (WAM) stood at 31 days as of Mar'26, reflecting low sensitivity to profit rate movements and credit risk. The short-duration profile enhances portfolio resilience, facilitates rapid repricing in changing market conditions, and supports the Fund's objective of maintaining high liquidity and capital stability. In terms of performance, the Fund generated an annualized one-year return of 10.31% as of Mar'26, outperforming its benchmark return of 9.36% by approximately 95 basis points. The outperformance reflects effective portfolio management, disciplined allocation across Shariah-compliant money market avenues, and the Fund's ability to optimize returns while preserving its conservative risk profile.
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
MCB Investment Management Limited (MCBIM) is a public listed company. It holds licenses for asset management, investment advisory, and pension fund management, catering to both Conventional and Shariah investment solutions. MCBIM manages a diversified portfolio, including 26 Open-End Mutual Funds and 4 Voluntary Pension Schemes, while also maintaining a leading position in Separately Managed Accounts (SMA) and investment advisory services. MCBIM’s major shareholders include MCB Bank Limited (~81.42%), Adamjee Insurance Company Limited (~7.59%), and the general public (~9.28%). Mr. Khawaja Khalil Shah serves as the Chief Executive Officer of the company. The Board comprises a balanced composition of 4 Non-Executive Directors and 3 Independent Directors, ensuring strong governance, objective decision-making, and alignment with regulatory best practices. The Company’s assets under management (AUM) have grown significantly, reaching approximately PKR 535 Billion as of Apr'26, reflecting its strong market presence and consistent growth in Pakistan’s asset management industry.