PACRA maintains the Asset Manager Rating of Atlas Asset Management Limited

The rating reflects Atlas Asset Management Limited’s (“AAML” or “the AMC”) strong business profile, supported by a consistent fund performance track record, sustained growth and a maintained market position. The rating also draws comfort from the AMC’s sound governance framework, research-driven investment process, improving financial soundness, retention of key management personnel, supporting operational continuity and strategic execution. As a non-bank-backed AMC, AAML continues to compete effectively with larger, bank-sponsored peers. Most of its rated funds carry PACRA stability ratings in the AA category or above. During 9MCY26, industry AUMs grew by ~12.4% to PKR 4,721bln (CY25: PKR 4,199bln), with Shariah-compliant funds recording stronger growth of ~19.2% compared to ~6.3% in conventional funds. In line with the industry trend, AAML’s AUMs increased by 3.6% to PKR 170.5bln as of Sep’26 (Sep’25: PKR 164.6bln), while recording stronger growth of 19.0% during FY26, reaching PKR 169.0bln as of Jun’26 compared to PKR 142.0bln as of Jun’25. This translates into a market share of around 4%, broadly unchanged from the prior year, and supports the AMC's positioning among peers. During 9MCY26, the industry AUM mix comprises 13.4% equity funds, 45.7% money market funds, and 40.9% income funds. In comparison, AAML’s AUM mix remains relatively diversified, with equity funds accounting for approximately 33%, money market and income funds collectively contributing around 59%, and voluntary pension schemes representing about 6%. Shariah-compliant funds account for approximately 26% of AAML’s total AUMs, reflecting its presence across both conventional and Islamic investment segments. During FY26, AAML expanded its product portfolio through the launch of six new schemes, including equity, Islamic, and pension funds. Fund performance remained mixed over the trailing twelve months to Sep’26. Money market and Islamic income funds generally outperformed their respective benchmarks while conventional income funds slightly underperformed. Equity funds lagged their benchmarks amid weak market performance, highlighting the importance of sustaining competitive returns. The AMC’s investor base comprises approximately 75% institutional and 25% retail investors, while related party holdings stand at 49%. The top 10 investors concentration stands at 50%. The AMC continues to expand its retail investor base through digital onboarding, its branch network, and the availability of systematic investment, payout, and withdrawal plans, supporting broader investor outreach and diversification. Financial performance remained sound. Revenue grew 20.7% to PKR 2,019mln in FY26 (FY25: PKR 1,673mln), driven by higher management fee income and advisory fees. Administrative and selling expenses rose 55.6% to PKR 1,074mln, reflecting investment in distribution, technology and new fund launches, and operating profit eased to PKR 946mln (FY25: PKR 983mln). Profit after tax was broadly flat at PKR 753mln (FY25: PKR 750mln), supported by capital gains, dividend income and a lower effective tax charge. Total comprehensive income stood at PKR 1,043mln. Equity strengthened 25.2% to PKR 3,172mln as of Jun'26 (Jun'25: PKR 2,535mln), well above the regulatory minimum, and the AMC carries no borrowings.
The rating depends on the AMC's ability to strengthen its market position regarding AUMs, sustain superior fund performance, uphold good governance, and organizational structure, while Improvement in investor granularity would remain imperative. Retail penetration through digital channels would bode well.

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 AMC’s seven-member Board of Directors comprises five representatives of the Atlas Group, including the CEO. Mr. Iftikhar H. Shirazi serves as the Chairman of the Board of Directors of AAML, along with several other companies of the Group.