MUTUAL FUNDS' RATINGS
OPEN-ENDED MUTUAL FUNDS'
FUND STABILITY RATINGS & NORMAL RATINGS
As of June 30, 2008
INCOME/ MONEY MARKET/ DEBT FUNDS
Type of
Rating.
FS
MFR
MFR
FS
MFR
MFR
N.A
MFR
FS
FS
N.A
N.A
N.A
N.A
Rating
Agency
JCR-VIS
N.A
PACRA
JCR-VIS
PACRA
PACRA
N.A
PACRA
JCR-VIS
JCR-VIS
N.A
N.A
N.A
N.A
2007
2006
2005
2004
4
5
6
7
8
9
10
11
12
13
Fund
Inception
Mar-2007
Jun-2007
Feb-2006
Feb-2006
Mar-2006
Mar-2004
Aug-2007
Apr-2003
Oct-2005
May-2007
Jun-2007
Mar-2007
Apr-2007
Jan-2008
2008
AKD Income Fund
Alfalah GHP Income Multiplier
AMZ Plus Income Fund
AMZ Plus Income Fund
Askari Income Fund
Atlas Income Fund
BMA Chundrigar Road Saving Fund
Dawood Money Market. Fund
Faysal Income & Growth Fund
Faysal Savings Growth Fund
First Habib Income Fund
HBL Income Fund
IGI Income Fund
JS Aggressive Income Fund
5-Star
5-Star
4-Star
5-Star
A+(f)
A(f)
-
A-(f)
5-Star
5-Star
-
A(f)
4-Star
5-Star
A+(f)
-
-
-
14
JS Income Fund (Formerly UTP Income Fund)
Aug-2002
MFR
PACRA
5-Star
5-Star
5-Star
-
-
during a given financial year. It is important to note that a fund’s
15
KASB Liquid Fund
May-2006
MFR
PACRA
5-Star
-
-
-
-
particular star rating is with reference to its category and consequently,
16
MCB Dynamic Cash Fund
Mar-2007
N.A
N.A
-
-
-
-
-
ratings are comparable only in the same category
17
18
19
20
21
22
23
24
25
MetroBank - Pakistan Sovereign Fund
NAFA Cash Fund
NAFA Income Fund
NAMCO Income Fund
Pakistan Income Fund
Pakistan Cash Management Fund
POBOP Advantage Plus Fund
Reliance Income Fund
United Growth & Income Fund
Mar-2003
Apr-2006
Mar-2008
Jul-2008
Mar-2002
May-2008
Oct-2007
Oct-2006
Mar-2006
MFR
FS
N.A
N.A
MFR
N.A
FS
N.A
FS
PACRA
JCR-VIS
N.A
N.A
PACRA
N.A
JCR-VIS
N.A
JCR-VIS
4-Star
5-Star
A(f)
4-Star
A(f)
4-Star
A(f)
A(f)
A(f)
4-Star
-
-
A+(f)
26
United Money Market. Fund
Aug-2002
MFR
PACRA
4-Star
4-Star
FS
JCR-VIS
A+(f)
A+(f)
-
A+(f)
Fund
Inception
Mar-2006
Jul-2006
Nov-2004
Sep-2003
Aug-2007
Jul-2008
Mar-2007
Mar-2007
Jan-2007
Nov-1962
Mar-2002
Aug-2006
Type of
Rating.
N.A
MFR
MFR
MFR
N.A
N.A
N.A
N.A
N.A
MFR
MFR
N.A
Rating
Agency
N.A
PACRA
PACRA
PACRA
N.A
N.A
N.A
N.A
N.A
PACRA
PACRA
N.A
2008
2007
2006
2005
2004
3-Star
4-Star
5-Star
3-Star
-
5-Star
4-Star
5-Star
-
4-Star
3-Star
4-Star
5-Star
-
AA(f)
AA(f)
-
AA(f)
AA(f)
-
Fund
Inception
Oct-2005
Sep-2007
Apr-2004
Dec-2007
Type of
Rating.
MFR
N.A
N.A
N.A
Rating
Agency
PACRA
N.A
N.A
N.A
2008
2007
2006
2005
2004
5-Star
-
5-Star
-
-
-
-
Income/ Money Market/ Debt Funds
1
2
3
RATING DEFINITIONS
PACRA (New)
Mutual Fund Rating (Star Rating) (New)
«««««
Superior
««««
Good
«««
Average
««
Weak
«
Poor
PACRA assigns two types of star ratings: 'normal ratings' based on the
trailing 12-months period and 'long-term rating' based on the trailing
36-month period. The star rating is strictly a quantitative measure and
funds are rated within their respective categories. The rating exercise
measures performance of funds in a risk and return combination and
then funds are ranked accordingly on the basis of their performance
The Star rating was introduced for mutual funds in August, 2005.
Subsequent to which all funds beginning year 2006 were rated on the
Star methodology, which is the standard used by international rating
companies. Prior to the new system, PACRA used the rankings
described below:
Mutual Fund Rating (Old)
AAA(f)
A mutual fund showing a consistently
outstanding performance with very strong
capacity to respond to future
opportunities or stress situations.
AA(f)
A mutual fund consistently
outperforming its peers with strong
capacity to respond to future
opportunities or stress situations.
A mutual fund with stable performance
generally in line with its peers with
adequate capacity to respond to future
opportunities or stress situations.
A mutual fund with performance
comparable to peers but showing a
relatively higher volatility and lower
capacity to respond to future
opportunities or stress situations.
A mutual fund with a below average
performance and limited capacity to
respond to future opportunities or stress
situations.
EQUITY FUNDS
Equity Funds
27
28
29
30
31
32
33
34
35
36
37
38
AKD Opportunity Fund
AMZ Plus Stock Fund
Atlas Stock Market Fund
Crosby Dragon Fund
HBL Stock Fund
IGI Stock Fund
KASB Stock Fund
MCB Dynamic Stock Fund
NAFA Stock Fund
National Investment Trust
Pakistan Stock Market Fund
United Stock Advantage Fund
Withdrawn
A(f)
BBB(f)
BB(f)
BALANCED/ ASSET ALLOCATION FUNDS
Asset Allocation Funds
39
40
41
42
Alfalah GHP Value Fund
Askari Asset Allocation Fund
Faysal Balanced Growth Fund
HBL Multi Asset Fund
A plus (+) or minus (-) may be appended to a rating to
denote relative status within major rating categories.
43
JS Aggressive Asset Allocation Fund (Formerly
UTP Aggressive Asset Allocation Fund)
Jun-2005
MFR
PACRA
4-Star
5-Star
-
-
-
44
45
46
47
48
KASB Balanced Fund
MCB Dynamic Allocation Fund
NAFA Multi Asset Fund
Pakistan Cap Market Fund
Unit Trust of Pakistan
Dec-2007
Mar-2008
Jan-2007
Jan-2004
Oct-1997
N.A
N.A
N.A
N.A
N.A
N.A
N.A
N.A
PACRA
PACRA
5-Star
5-Star
3-Star
5-Star
5-Star
5-Star
AA(f)
AA(f)
Fund
Inception
Jun-2008
Jan-2007
Oct-2007
Oct-2007
Fund
Inception
Jan-2007
Aug-2003
May-2006
Dec-2002
Fund
Inception
Sep-2007
Jul-2007
Oct-2007
Dec-2006
Fund
Inception
Jun-2008
Type of
Rating.
N.A
FS
N.A
N.A
Type of
Rating.
N.A
MFR
MFR
MFR
Type of
Rating.
N.A
N.A
N.A
N.A
Type of
Rating.
N.A
Rating
Agency
N.A
JCR-VIS
N.A
N.A
Rating
Agency
N.A
PACRA
PACRA
PACRA
Rating
Agency
N.A
N.A
N.A
N.A
Rating
Agency
N.A
2008
2007
2006
2005
2004
A(f)
-
-
-
-
-
2008
2007
2006
2005
2004
5-Star
4-Star
4-Star
5-Star
5-Star
5-Star
3-Star
-
-
2008
2007
2006
2005
2004
-
-
-
-
-
2008
2007
2006
2005
2004
-
-
-
-
-
Fund
Inception
Date
Oct-2005
Type of
Rating.
Rating
Agency
2008
2007
2006
2005
2004
MFR
PACRA
4-Star
-
-
-
-
Fund
Inception
Jul-2008
Type of
Rating.
Rating
Agency
2008
2007
2006
2005
2004
Feb-2007
N.A
N.A
-
-
-
-
-
Jun-2007
N.A
N.A
-
-
-
-
-
Sep-2007
Apr-2008
Fund
Inception
N.A
N.A
N.A
N.A
Rating
Agency
-
-
-
-
-
2008
2007
2006
2005
2004
5-Star
-
-
-
-
JCR-VIS
ISLAMIC FUNDS
Islamic Income Funds
49
50
51
52
KASB Islamic Income Fund
Meezan Islamic Income Fund
NAFA Islamic Income Fund
United Islamic Income Fund
53
54
55
56
Atlas Islamic Fund
Meezan Islamic Fund
Pakistan International Islamic Fund-A
UTP - Islamic Fund
57
58
59
60
Alfalah GHP Islamic Fund
Dawood Islamic Fund
NAFA Islamic Multi Asset Fund
United Composite Islamic Fund
61
Meezan Capital Protected Fund
Islamic Equity Funds
Islamic Asset Allocation Funds
Islamic Capital Protected Funds
62
JS Fund of Funds (Formally UTP - Fund of Funds)
63
64
65
Alfalah GHP Principal Protected Fund
JS Capital Protected Fund (Formerly UTP-Capital
Protected Fund)
JS Capital Protected Fund II (Formerly UTPCapital Protected Fund II)
66
67
JS Capital Protected Fund III
JS Capital Protected Fund IV
68
69
AKD Index Tracker
UTP - A 30+ Fund
Index Tracker Funds
Moderate degree of stability in
returns. Risk factors may vary with
possible changes in the economy.
Adequate degree of stability in
returns. Risk factors are considered
variable if changes occur in the
economy.
Low degree of stability in returns. Risk
BB+(f)
BB(f)
factors are sensitive to changes in the
BB-(f)
economy.
Very low degree of stability in
B(f)
returns. Risk factors are capable of
fluctuating widely if changes occur
in the economy.
JCR-VIS assigns three types of ratings to the mutual fund
industry. (1) Fund Performance Rankings, (2) Fund
While fund stability ratings are assigned only to income &
bond funds, performance rankings may be assigned to any
fund type. A significant weight of performance rankings is
Oct-2005
May-2006
taken into the management quality ratings. Where stability
ratings are assigned, the management quality ratings are
built in.
SPECIALTY FUNDS
Capital Protected Funds
A+(f)
A(f)
A-(f)
BBB+(f)
BBB(f)
BBB-(f)
Stability Ratings and (3) Management Quality Ratings.
FUND OF FUNDS
Fund of Funds
Fund Stability Ratings
Highest degree of stability in returns.
AAA(f)
Risk is negligible with very low
sensitivity to changing economic
conditions.
High degree of stability in returns.
AA+(f)
Risk is modest but may vary slightly
AA(f)
from time to time because of changing
AA-(f)
economics conditions.
Type of
Rating.
N.A
MFR
N.A
PACRA
The Fund Stability Rating measures the sensitivity of a
fund’s Net Asset Value (NAV) and total return to changing
market conditions with an emphasis on downside risk.
Ratings maybe assigned a (+/-) to indicate the relative
degree of strength in each category.
Page 1 of 2
MUTUAL FUNDS' RATINGS
CLOSED-END MUTUAL FUNDS'
FUND STABILITY RATINGS & NORMAL RATINGS
As of June 30, 2008
Income/ Money Market/ Debt Funds
1
Pak Oman Advantage Fund
Equity Funds
2
3
4
5
6
7
8
9
10
11
12
Golden Arrow Selected Stocks Fund
Pakistan Premier Fund
Asian Stocks Fund
First Dawood Mutual Fund
First Capital Mutual Fund
UTP- Large Cap Fund
JS Growth Fund (formally UTP Growth Fund)
PICIC Growth Fund
PICIC Investment Fund
PICIC Energy Fund
Safeway Mutual Fund
Asset Allocation Funds
13
14
15
16
Pakistan Strategic Allocation Fund
JS Value Fund (formally BSJS Balance Fund)
NAMCO Balanced Fund
WE Balanced Fund
Islamic Funds
17
18
Meezan Balanced Fund
Al Meezan Mutual Fund
Capital Protected Funds
19
20
21
Pakistan Capital Protected Fund - 1
BMA Principal Guaranteed Fund - I
UBL Capital Protected Fund - 1
Fund of Funds
22
Atlas Fund of Funds
Fund
Inception
May-2007
Fund
Inception
May-1983
Jan-2003
Jul-1995
Mar-2005
May-1995
Apr-2004
Apr-2006
Jul-2004
Jun-2004
Jan-2006
Jul-1995
Fund
Inception
Date
Sep-2004
Jan-1996
May-2006
Nov-2006
Fund
Inception
Dec-2004
Jan-1996
Fund
Inception
Date
Jul-2007
Dec-2006
Jul-2008
Fund
Inception
Date
Dec-2004
Type of
Rating.
FS
Type of
Rating.
N.A
MFR
N.A
MFR
MFR
MFR
MFR
N.A
N.A
N.A
N.A
Type of
Rating.
Rating
Agency
JCR-VIS
Rating
Agency
N.A
PACRA
N.A
PACRA
PACRA
PACRA
PACRA
N.A
N.A
N.A
N.A
Rating
Agency
2008
2007
2006
2005
2004
AA-(f)
AA-(f)
-
-
-
2008
2007
2006
2005
2004
4-Star
4-Star
4-Star
4-Star
3-Star
-
4-Star
4-Star
5-Star
4-Star
-
5-Star
-
AA(f)
-
AA(f)
-
2008
2007
2006
2005
2004
MFR
MFR
N.A
N.A
Type of
Rating.
PACRA
PACRA
N.A
N.A
Rating
4-Star
5-Star
-
4-Star
5-Star
-
5-Star
4-Star
-
AA(f)
-
AA(f)
-
2008
2007
2006
2005
2004
MFR
MFR
PACRA
PACRA
Rating
Agency
5-Star
4-Star
5-Star
4-Star
5-Star
5-Star
-
-
2008
2007
2006
2005
2004
N.A
N.A
N.A
Rating
Agency
-
-
-
-
-
2008
2007
2006
2005
2004
PACRA
5-Star
5-Star
4-Star
-
-
Type of
Rating.
N.A
N.A
N.A
Type of
Rating.
MFR
Fund Performance Ranking
MFR 5-Star
Very good performance.
MFR 4-Star
Good performance.
MFR 3-Star
Average performance.
Below average performance.
MFR 2-Star
Weak performance.
MFR 1-Star
Fund Performance Rankings are based on a pure
quantitative model, comparing historical risk-adjusted
returns of funds investing in largely the same asset class. A
basic score is arrived at by comparing the risk adjusted
return of individual funds relative to the best in the peer
group. JCR-VIS has two performance rankings Long Term
which is for 2 years and Short Term which is for 1 year.
MFR: Mutual Fund Ranking or Performance. This could
be long-term or short-term.
FS: Fund Stability Ratings.
Funds not yet rated: Funds which started operations
in the last quarter of 2006 or later did not have full-year
results for the rating agencies to base their evaluations.
Therefore, it is expected that post-June 2008, majority of
these funds will have obtained their ratings.
Important Note: As per the NBFC NE Regulations, 2007
2007 Clause 46 (i) of Part IV, an NBFC licensed to operate
as an asset management company shall be obliged
to obtain a rating of the open-ended or closed-end scheme,
once the scheme becomes eligible for rating as per the
rating criteria of the rating agency, and such rating shall be
updated atleast once every financial year and also published
closed-end scheme.
Page 2 of 2