JCR-VIS Credit Rating Company Ltd (JCR-VIS) has assigned a preliminary fund stability rating of A+(f) (Single A plus (f)) to IGI Income Fund (IGIIF). This credit rating is indicative of stable returns with a sound credit risk profile. IGIIF was introduced by IGI Funds Limited in April 2007 and has since demonstrated consistent growth and a stable performance. It strives to maintain a liquid portfolio that offers competitive returns while minimising risk.
The credit report issued by JCR VIS highlights the conservative investment style of IGI Funds Limited. The Fund only invests in variable rate TFCs in order to minimise interest rate risk. As per the investment policy a minimum credit rating criterion of 'AA-' (Double A Minus) is applicable for all counterparties. Furthermore, eligible collateral for reverse repo transactions is restricted to government securities and highly rated sub-debt instruments issued by commercial banks.
This credit rating is an affirmation of the confidence that investors have placed in IGI Income Fund and IGI Funds Limited. Since November 2008, IGI Funds has more than doubled total AUM and currently manages over PKR 5.0 billion making it one of the top ten AMCs in Pakistan based on assets under management. It was also amongst the fastest growing AMCs in FY10.-PR