PACRA Maintains Stability Rating of Atlas Sovereign Fund

Lahore, April 17, 2019 (PPI-OT): The objective of the fund is to provide unit-holders competitive return with low risk and high liquidity by investing primarily in short-term government securities.

The rating reflects the fund’s strong credit profile emanating from its investment objective to invest in short-term Government Securities transactions based on monthly average investment. At end-Dec18, fund’s exposure in banks was ~66% rated ‘AA+’ and ~34% in T-Bills. The fund has a duration of 6 days at the end of Dec-18. The unit holding pattern of the fund is concentrated with top 10 investors representing almost all of the portfolio. Meanwhile, the group’s own investment represents ~71% in total portfolio.

Going forward, the company has changed its category from Money Market Scheme to Income Scheme w.e.f. January 02, 2019 and intends to increase its exposure to T-bills and PIBs whilst reducing from banks. The rating remains dependent on maintaining at least 50% allocation towards government securities on a monthly average basis with portfolio duration not exceeding 60 days.

For more information, contact:
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com