PACRA maintains the Stability Rating of Pakistan Income Fund

Pakistan Income Fund ("PIF" or "the Fund") is classified under a medium risk profile. The objective of PIF is to deliver returns primarily from debt and fixed income investments without taking excessive risk. As of June 2025, the Fund reported Assets Under Management (AUM) of PKR 1.363 billion, reflecting its focused presence in Pakistan's debt market. In terms of asset class, 31.5% of assets were allocated as Cash Placements, 28.8% to Term Finance Certificates/Sukuks, 19.4% to T-Bills, 17.6% to Pakistan Investment Bonds (PIBs), with residual 2.7% in others including receivables. The Fund maintains satisfactory credit quality metrics, with approximately 52.9% of assets invested in Government Securities and AAA rated instruments, complemented by 30% in AA+ rated avenues, 14.4% in AA, and remaining 2.7% in others. With a weighted average maturity (WAM) of 803 days (approximately 2.2 years) as of June 2025, the Fund demonstrates moderate exposure to interest rate risk.
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 rating.

About the Entity
MCB Investment Management Limited (MCBIM) is a public listed company regulated by the Securities and Exchange Commission of Pakistan (SECP). It holds licenses for asset management, investment advisory, and pension fund management, catering to both Conventional and Shariah investment solutions. As of December 2024, MCBIM manages a diversified portfolio, including 26 Open-End Mutual Funds and 4 Voluntary Pension Schemes, while also maintaining a leading position in Separately Managed Accounts (SMA) and investment advisory services. MCBIM’s major shareholders include MCB Bank Limited (~81.42%), Adamjee Insurance Company Limited (~7.59%), and the general public (~9.28%). Mr. Khawaja Khalil Shah serves as the Chief Executive Officer of the company. The Board comprises a balanced composition of 4 Non-Executive Directors and 3 Independent Directors, ensuring robust governance, objective decision-making, and alignment with regulatory best practices. The Company’s assets under management (AUM) have grown significantly, reaching approximately PKR 393 Billion as of June 2025, reflecting its strong market presence and consistent growth in Pakistan’s asset management industry.