PACRA Maintains Stability Rating of AKD Cash Fund

AKD Cash Fund (‘AKDCF’ or 'the Fund’) reflects the Fund’s low risk profile. The objective of AKD Cash Fund (AKDCF) is to provide optimum returns consistent with minimal risk from a portfolio constituted of high-quality short-term securities/instruments, which will provide liquidity. The Fund will exclusively invest in highly secure ('AA' and above) short-term debt instruments such that the weighted average maturity of its net assets will stay below 90 days. As of Jun’26, the Fund’s Assets Under Management (AUM) stood at ~PKR 2.85bln, up from PKR 2.16bln as of Dec’25, reflecting healthy growth in fund size during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, approximately 79.98% of the portfolio was invested in T-Bills, ~9.89% in Cash, ~6.95% in Commercial Papers/Short Term Sukuk, and the remaining ~3.17% in other instruments including receivables. The allocation reflects a highly liquid strategy with predominant exposure to short-term sovereign securities, complemented by cash and other money market instruments. From a credit quality perspective, ~80% of the assets were invested in Government Securities, ~10% in AAA rated avenues, ~5% in A1+ rated instruments, ~2% in A1 rated avenues, and the remaining ~3% in unrated instruments, indicating a strong overall credit quality profile with significant exposure to sovereign and high-grade instruments. As of Jun’26, the Fund’s WAM stood at 36 days, while duration stood at 35 days, effectively limiting exposure to interest rate and credit risk and supporting the Fund’s strong liquidity position. The unit holding pattern remained highly concentrated, with the top 10 investors accounting for ~76.5% of total holdings, indicating higher redemption pressure; however, the Fund’s short WAM and highly liquid portfolio provide some mitigation against potential redemption requirements. In terms of performance, the Fund delivered an annualized return of 11.86% as of Jun’26, compared to the benchmark return of 11.64% and peer average return of 11.07%, reflecting outperformance of approximately 22bps against the benchmark and 79bps against the peer average.
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.