PACRA Maintains Stability Rating of Alhamra Cash Management Optimizer

Alhamra Cash Management Optimizer ("ALHCMOP" or the "Fund") is a low-risk profile fund. The Objective of the Fund is to provide a competitive rate of return by investing primarily in liquid Shariah Compliant money market securities. As of June 2025, the Fund reported Assets Under Management (AUM) of ~PKR 42.43 billion. In terms of asset class, the Fund maintained a liquidity-centric allocation, investing ~40.9% as Cash Placements, ~35.2% in Placements with Banks and DFIs, ~17.8% in GoP Ijarah Sukuk, and ~4.7% in Short Term Sukuk, with the balance held in other assets and receivables. The composition reflects a conservative deployment strategy consistent with the Fund’s short-tenor mandate. From a credit quality perspective, the Fund exhibited a high-quality profile, allocating ~45.6% to AA rated exposures, ~34% to Government Securities/AAA-rated instruments, and ~19% to AA+ rated avenues, with the remainder in unrated categories. This mix underscores a disciplined focus on maintaining credit quality within assigned rating parameters. As of June 2025, the Fund’s Weighted Average Maturity (WAM) stood at 59 days, indicating low credit and interest rate sensitivity. This short-duration stance reinforces the Fund’s emphasis on preserving liquidity while allowing timely reinvestment in response to evolving market yields.
Going forward, any material changes in the investment policy or the devised 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 regulated by the Securities and Exchange Commission of Pakistan (SECP). It holds licenses for asset management, investment advisory, and pension fund management, catering to both Conventional and Shariah investment solutions. As of December 2024, 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 robust governance, objective decision-making, and alignment with regulatory best practices. The Company’s assets under management (AUM) have grown significantly, reaching approximately PKR 393 Billion as of June 2025, reflecting its strong market presence and consistent growth in Pakistan’s asset management industry.