Askari Sovereign Cash Fund's rating maintained at 'AA+'

The Pakistan Credit Rating Agency (Pacra) has maintained the stability rating at 'AA+(f) (Double A plus - Fund Rating) of Askari Sovereign Cash Fund (ASCF), an open-end money market fund. The fund's rating denotes a very strong capacity to manage relative stability in returns and very low exposure to risks.
The rating reflects the fund's mandate to generate consistent returns with minimal risks, and to provide a highly liquid avenue to its unit holders by investing primarily in short-term government securities. The fund's very low risk emanates from its investment policy of maintaining minimum exposure of 70 percent in securities (primarily T-Bills) issued by government or government owned, managed and controlled entities. Currently the fund is 96 percent in T-Bills with maximum weighted average time to maturity of the scheme will be 90 days.-PR