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JCR-VIS Reaffirms Fund Stability Rating of UBL Growth and Income Fund

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by December 29, 2017 General

Karachi, December 29, 2017 (PPI-OT):JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of UBL Growth and Income Fund (UGIF) at ‘A (f)’ (Single A (f)). The previous rating action was announced on March 10, 2017.

UGIF was launched in March 2006, as a fixed income fund with an aggressive asset allocation mandate. The rating of UGIF takes into account existence of floor of 75% in relation to exposure in ‘A’ or higher rated investment avenues, as per the fund’s operational investment policy. Rating also factors in the fund’s policy to restrict weighted average duration under 1 year, indicating manageable exposure to market risk.

Actual asset allocation of the fund has primarily been maintained in ‘A’ or higher rated securities. Exposure is MTS and spread transactions peaked in May’2017 and have been reduced subsequently in a timely manner. Moreover, duration remained within the defined policy parameters during the year. Unit holder concentration remains on the higher side, with top 10 clients accounting for three fourth of net assets. Liquidity profile is supported by sizeable holding of cash and bank balances.

For more information, contact:
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

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