PACRA Maintains Stability Rating of Pakistan Cash Management Fund

Pakistan Cash Management Fund ("PCF" or "the Fund") is classified under a moderate risk profile. The objective of PCF is to provide Unit Holders competitive returns from a low-risk portfolio of short duration assets while maintaining high liquidity. As of June 2025, the Fund reported Assets Under Management (AUM) of PKR 6,299 million. In terms of asset class, ~50.7% was allocated in Cash Placements, ~47.8% in T-Bills, with the remaining ~1.5% in others including receivables. From a credit quality perspective, the Fund’s exposure was primarily to high-grade instruments, with about ~66.8% of assets invested in Govt./AAA rated placements, whereas remaining ~31.6% in AA and 0.1% in AA+ rated avenues. This allocation underscores the Fund's commitment to minimizing credit risk while ensuring stable returns for investors. The Fund’s risk parameters demonstrate a disciplined approach, with a Weighted Average Maturity (WAM) of 63 days, indicating limited sensitivity to interest rate movements. This short duration remains consistent with the Fund’s liquidity-driven investment mandate, providing sufficient flexibility to respond to evolving market conditions while maintaining overall portfolio stability.
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.