KARACHI: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned preliminary fund stability rating of AA+(f) to IGI Money Market Fund (IGI MMF), managed by IGI Funds Limited.The IGI MMF was launched in May 2010 and was charging a management fee of 0.80 percent on annual net assets, said a statement on Tuesday.
IGI MMF seeks to generate competitive returns with low risk portfolio. It invests in treasury bills, cash deposits, money market placements and government securities. All exposures in the fund are subject to minimum rating of AA.
The assigned rating takes into account the investment policy and reflects the actual asset allocation of the fund. The rating reflects the high degree of stability in Net Asset Value of IGI MMF.
The fund has witnessed strong growth with total net assets crossing Rs1.7 billion. Investments were largely deployed in liquid avenues, which offer investors high degree of liquidity, the statement said.
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