PACRA Maintains Stability Rating of Alfalah GHP Income Fund

Alfalah GHP Income Fund (“AGIF” or “the Fund”) is a medium-risk profile Fund operating under the income category. The Fund aims to minimize risk, construct a liquid portfolio of fixed income instruments and provide competitive returns to its Unit holders. As of Jun'26, the Fund's AUM stood at approximately PKR 2,154mln, compared with approximately PKR 6,661mln as of Dec'25, reflecting significant net outflows during the period. In terms of asset allocation, the Fund maintained approximately 48.7% in CPs/Sukuks, followed by 18.5% in cash, 16.5% in T-Bills, and 11.8% in Treasury Bills (T-Bills), with the remaining exposure allocated to other instruments. From a credit quality perspective, approximately 43.1% of the portfolio was invested in AA/A1 rated avenues, followed by 31.1% in Government Securities/AAA rated instruments, 18.3% in A+ rated avenues and 3.0% in A rated avenues, with the remaining exposure allocated to other instruments. The Fund maintains a relatively diversified credit profile, with a significant portion invested in Government Securities/AAA rated and AA/A1 rated avenues. At end-Jun'26, the Fund's WAM stood at 164 days, reflecting a relatively balanced maturity profile and low sensitivity to credit risk. The duration stood at 95 days, indicating low sensitivity to interest rate movements. The top-ten unit holding concentration of the Fund stood at 51.60%, indicating a moderate level of redemption concentration. However, potential redemption pressure remains manageable to some extent due to the Fund's investments in cash. In terms of performance, the Fund reported a 12-month trailing return of 11.13% as of Jun'26, which remained below the benchmark return of 11.39% and the peer average return of 13.02%. The underperformance relative to both the benchmark and peer average reflects comparatively weaker return generation during the period.
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.