Karachi, January 04, 2022 (PPI-OT):VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Money Market Fund (HMMF) at ‘AA+ (f)’ (Double A plus (f)). Previous rating action was announced on December 31, 2020. HMMF is an open-ended fund which offers high liquidity through investments low risk securities of shorter duration and maturity. At end-FY21, the fund registered a sizeable growth with net asset amounting to Rs. 12.8b (FY20: Rs. 9.9b). As per the Investment Policy Statement (IPS), WAM of the fund is capped at 90 days where assets may take exposure in ‘AA’ and above rated investment avenues.

During the period under review, asset allocation and credit quality of the fund remained in line with limits stipulated in investment policy guidelines for the assigned rating. On a monthly average basis, the fund managed to park 96% of its investments in ‘AAA’ rated issue/issuer where the fund’s asset largely comprised of T-bills. The fund underperformed against its benchmark return in several months during FY21. However, relative ranking of the fund depicts significant improvement. Total number of investors has crossed 6K mark in FY21 while portfolio contribution by retail investors continue to witness the growth trend. Top-10 investors’ concentration is considered adequate.

For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/