PACRA Maintains Stability Rating of Alfalah GHP Cash Fund

Alfalah GHP Cash Fund (“AGCF” or “the Fund”) is a low-risk Fund operating under the money market scheme category. The Fund aims to provide investors with a regular stream of income at a competitive rate of return while preserving capital, to the extent possible, through investments in low-risk and highly liquid assets, primarily comprising money market securities and placements. As of Jun'26, the Fund's AUM stood at approximately PKR 12,557mln, compared with approximately PKR 16,925mln as of Dec'25, reflecting significant net outflows during the period. The Fund's asset allocation remained primarily concentrated in cash placements, representing approximately 83.8% of the portfolio, followed by Term Deposit Receipts (TDRs) at 13.1% and Sukuks at 1.6%, with the remaining exposure allocated across other instruments. From a credit quality perspective, approximately 83.70% of the portfolio was invested in Government Securities/AAA rated avenues, followed by 13.10% in AA+/A1+ rated instruments and 1.60% in AA/A1 rated avenues, with the remaining exposure allocated to other instruments. The Fund's credit quality is supported by its significant exposure to sovereign and highly rated counterparties. At end-Dec'25, the Fund's WAM and duration stood at 03 days, reflecting its short-tenor investment strategy and limited sensitivity to credit and interest rate movements. The top-ten unit holding concentration of the Fund stood at 36.1%, indicating a moderate level of redemption concentration. However, potential redemption pressure remains manageable due to the Fund's sizeable allocation to cash placements. In terms of performance, the Fund reported a 12-month trailing return of 12.29% as of Jun'26, outperforming both its benchmark return of 11.64% and the peer average return of 11.07%. This reflects the Fund's ability to generate returns above its benchmark and peer group while maintaining its low-risk investment profile and focus on liquidity.
Going forward, any material changes in the investment policy and/or compliance with the rating criteria for the assigned rating would have an impact on the ratings.

About the Entity
Alfalah Asset Management Limited (Formerly: Alfalah GHP Investment Management Limited) was incorporated on October 18, 2004 as an unlisted public limited company and is licensed by the Securities and Exchange Commission of Pakistan to manage open-ended mutual funds and offer investment advisory services. The Company was established as joint venture Non-Banking Finance Company by Bank Alfalah Limited and GHP Arbitrium. The Company provides a wide range of mutual funds and pension funds both in conventional and Shariah compliant category. The Company also provides investment advisory services to HNW individuals and corporate clients. The Company’s board of directors comprises eight members including the Chairman (Mr. Atif Aslam Bajwa) and the Chief Executive Officer (Mr. Khaldoon Bin Latif). The board is dominated by representatives of MAB Investments and Bank Alfalah Limited. The board has two independent and five non-executive directors. The board members possess strong profile and skills suited to the financial services industry. Assets under management of the Company stood at PKR 356bln at end Jun'26.