Press Release

VIS Reaffirms Fund Stability Rating of HBL Money Market Fund
 

Karachi, January 03, 2022: 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 further information on this rating announcement, please contact Mr. Muhammad Tabish (Ext: 204) or Ms. Faryal Ahmad Faheem (Ext: 306) at 35311861-66 or email at info@vis.com.pk




Saeed Khan
Executive Director

Applicable rating criteria: Fund Stability Ratings (December 2020)
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/FundstabilityRating.pdf

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Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS , the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2022 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited