Karachi, April 28, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of Faysal Islamic Savings Growth Fund (FISGF) at ‘A(f)’ (Single A (f)). The previous rating action was announced on June 29, 2015.
FISGF’s asset allocation has been altered to reduce the emphasis on cash and invest in avenues like Banks and well rated Corporate Sukuks. Furthermore, maintenance of cash reserves over the minimum required 25% positively contributes to fund’s liquidity profile.
During the period under review, fund had parked over 50% of its resources in securities rated ‘A-’.As per the management, funds have been shifted from ‘A-’ to ‘A+’ rated instruments, limiting the exposure in ‘A-’ to a maximum of 15%.
As per the policy, duration of the fund is capped at 180 days. For FY15, fund’s duration of 12 days indicates minimal exposure to interest rate risk. Though investor base increased, unit holding remained concentrated.
For further information on this rating announcement, please contact the undersigned (Ext: 508) or Mr. Javed Callea (Ext: 501) at 021-35311861 - 70 or fax to 021-35311873.
Mohammed Khalid Ali
Applicable Rating Criteria: Fund Stability Ratings (February 2012)
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