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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-PR