Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has upheld the stability rating of the Alfalah GHP Income Multiplier Fund, a medium-risk fixed income investment vehicle designed to offer stable returns and capital growth. The Fund, which focuses on high-quality debt securities and money market instruments, seeks to provide consistent income while preserving capital for its investors.

As of December 2024, the Fund's Assets Under Management (AUM) stood at PKR 1.44 billion, underscoring its significant role in Pakistan's fixed income market. The Fund's asset allocation strategy includes 55% in bank deposits, 27% in Pakistan Investment Bonds (PIBs), 9% in Government-backed Ijarah Sukuk, and 7% in Term Finance Certificates/Sukuks, highlighting its comprehensive income generation approach across different market segments.

The Fund's credit quality profile is robust, with 43% of its investments in Government Securities or AAA rated instruments, supported by 49% in A rated and 13% in A+ rated avenues. This diversified credit exposure aims to enhance yields while maintaining fundamental stability through sovereign and high-quality corporate holdings.

With a Weighted Average Maturity (WAM) of 552 days as of December 2024, the Fund is positioned to leverage Pakistan's yield curve. This extended duration strategy is balanced by the Fund's substantial liquidity position, with 55% in bank deposits and 9% in government-backed Sukuk, providing stability amid its longer-duration approach.

PACRA notes that any significant changes in the Fund's investment policy or compliance with the rating criteria could impact its assigned rating in the future.