Analyst
Usama Ali
usama.ali@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Maintains Stability Rating of AKD Aggressive Income Fund
| Rating Type | Stability Rating | |
|
Current (02-Nov-26 ) |
Previous (12-Jun-26 ) |
|
| Action | Maintain | Maintain |
| Long Term | A+(f) | A+(f) |
| Short Term | - | - |
| Outlook | Stable | Stable |
| Rating Watch | - | - |
AKD Aggressive Income Fund ('AKDAIF' or 'the Fund') reflects the medium risk profile. The objective of AKDAIF is to offer investors a convenient vehicle to invest in a diversified portfolio of fixed income securities/ instruments that provide consistent returns with concern for preservation of capital over the longer term. As of Jun’26, the Fund’s Assets Under Management (AUM) stood at ~PKR 1.27bln, up from PKR 1.17bln as of Dec’25, reflecting modest growth in fund size during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, approximately 36.11% of the portfolio was invested in Cash, ~18.21% in T-Bills, ~14.43% in PIBs, ~12.52% in Commercial Paper/Short-term Sukuk, ~8.51% in TFCs/Sukuk, ~2.30% in Spread Transactions, ~1.98% in Equities, and the remaining ~5.94% in other instruments including receivables. The allocation reflects a diversified portfolio spanning liquidity, sovereign and corporate fixed-income instruments, with a limited exposure to equities. From a credit quality perspective, ~33% of the assets were invested in Government Securities, ~36% in A- rated avenues, ~8% in AA- rated instruments, ~6% in A1+ rated avenues, ~6% in A1 rated avenues, ~1% in A+ rated instruments, and the remaining ~10% in unrated avenues, indicating moderate credit risk exposure with a meaningful allocation to mid-tier rated instruments. As of Jun’26, the Fund’s WAM stood at 229 days, while duration stood at 172 days, reflecting moderate exposure to longer-tenor instruments and associated interest rate movements. The unit holding pattern remained highly concentrated, with the top 10 investors accounting for ~98.97% of total holdings, indicating higher redemption pressure. In terms of performance, the Fund delivered an annualized return of 39.70% as of Jun’26, compared to the benchmark return of 12.26% and peer average return of 12.63%, indicating significant outperformance relative to both its benchmark and comparable funds.
Going forward, any material changes in the investment policy and compliance with the rating criteria for the assigned rating would have an impact on the ratings.
About
the Entity
AKD Investment Management Limited commenced its operations in September 2004. The Company is registered as an Asset Management Company under the Non-Banking Finance Companies Rules, 2003. The Company is sponsored by AKD Group Holdings (Private) Limited [Formerly: Aqeel Karim Dhedhi Securities(Private) Limited] (99.97% ownership). The Board of Directors of the Company comprises seven members, including the CEO Mr. Imran Motiwala, who has been serving as the Chief Executive Officer of AKD Investment Management Limited since 2009. The Company is currently managing eight open-end funds with assets under management of ~PKR 14,202mln at the end of Jun'26.