Pacra assigns star rankings to funds of AHIL

Pakistan Credit Rating Agency Limited (Pacra) has assigned ranking to the following funds of Arif Habib Investments Limited (AFHIL) based on performance review for the period ended June 30, 2011 (trailing 12 months for normal star rankings and trailing 36 months for long-term star rankings).
The Mutual Fund Performance Ranking (Star Ranking) aims to distinguish funds based on their relative actual performance within a category of similar funds. In measuring performance, Pacra considers absolute monthly return and its variance measured through standard deviation.
The ranking is a pure quantitative measure based on historical returns of a fund relative to other funds, and does not take into account other factors including fund management capability of the asset manager and the quality of risk management systems, controls and processes. Hence, the rankings do not provide any assurances to future returns of the fund.

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                         ****   Good

RANKING               ***    Average

SCAKE           **     Below Average

                         *      Weak

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The primary function of Pacra is to evaluate the capacity and willingness of an entity to honour its obligations. Our ratings reflect on independent professional and impartial assessment of the risks associated with a particular instrument or on entity.
Pacra comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate grading. Pacra opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security market price or suitability for a particular investor.

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   Fund                                 Category                 Star Ranking

                                                                 Short   Long

                                                                  Term   Term

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1. Pakistan Capital Market Fund         Balanced (Open End)          2      3

2. Pakistan Int'l Element Islamic Fund  Islamic Asset Allocation     3      2

3. Pakistan Stock Market Fund           Equity (Open End)            2      4

4. Pakistan Premier Fund                Equity (Open End)            3      4

5. Pakistan Strategic Allocation Fund   Equity (Open End)            3      4

6. MCB Dynamic Stock Fund               Equity (Open End)            4      5

7. MCB Dynamic Allocation Fund          Asset Allocation             4      4

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