PACRA Maintains Stability Rating of Atlas Liquid Fund

Atlas Liquid Fund (“ALF” or “the Fund”), a low-risk profile fund, underpinned by its conservative investment strategy focusing on liquidity, capital preservation, and stability of returns. As of June 2025, the Fund’s assets under management (AUM) stood at PKR 13,853 million. The Fund’s asset mix was dominated by Government of Pakistan Treasury Bills (91%), followed by cash holdings (8%), with the remaining portion deployed across other avenues. The allocation demonstrates a highly liquid and low-risk positioning, in line with the Fund’s investment mandate. The credit quality profile remained very strong, with 100% exposure in Government securities/AAA-rated avenues, signifying the Fund’s focus on maintaining superior credit quality and minimal default risk. At end-June 2025, the Weighted Average Maturity (WAM) stood at 52 days, indicating a short-term maturity profile and limited exposure to market and credit risk. The low level of WAM highlights the Fund’s allocation in short-term instruments, effectively containing duration and reinvestment risks while preserving liquidity. The unit holding structure of the Fund reflected concentration, with the top 10 investors collectively accounting for ~94% of total holdings at period-end. Although this concentration exposes the Fund to potential redemption pressure, the substantial holding in highly liquid government securities adequately mitigates associated liquidity risks.
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 136.3bln at end of Jun'25.