PACRA Maintains Stability Rating of AKD Aggressive Income Fund
|Rating Type||Stability Rating|
The rating reflects the fund's moderate credit quality and liquidity profile. At end‐Jun'19, 37% of fund's assets were invested in T‐Bills, 39% holding was maintained in Sukuk/TFCs, whereas 22% of assets were placed with banks. The unit holding pattern of the fund emanates high liquidity risk as top 10 investors represent 97% of the fund's assets.
Going forward, the fund intends to increase its exposure in government securities and maintain in Sukuk/TFCs. Material changes in the fund's asset allocation
strategy, impacting its credit quality and/or exposure to interest rate risk, would affect its rating.
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 Aqeel Karim Dhedhi Securities (Pvt) Limited (99.97% ownership). Aqeel Karim Dhedhi Securities (Pvt) Limited is majority-owned by Mr. Aqeel Karim Dhedhi, Chairman of the AKD Group, a renowned figure in Pakistan's capital market. 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 six open-end funds and one closed-end fund with assets under management of ~PKR 4.4 bln at end Jun'19.