JCR-VIS Credit Rating Company Ltd (JCR-VIS) has assessed fund performance ranking of 'Golden Arrow Selected Stocks Fund Limited' (GASFL) for the period ended December 31, 2005, at 'MFR 5-Star', which denotes 'very good performance' vis-à-vis other closed-end mutual funds.
The maximum Time Weighted Return (TWR) within the peer group was attained by GASFL at about 49 percent, while the minimum TWR was negative 0.4 percent.
GASFL is being managed by AKD Investment Management Limited (AKDIML). With the acquisition of management rights of GASFL during FY05, AKDIML commenced its investment advisory services. The Fund has reported improved results subsequent to take-over by AKDIML.
JCR-VIS has assigned Management Quality rating of 'AM3' to AKDIML, which denotes 'good management quality'. The management quality rating takes into consideration the quality of personnel that have been inducted in key managerial positions. Capacity building has been an on-going process to manage a growing portfolio of funds. The two funds presently under management are structured as closed-end schemes while an open-end fund has recently been offered for public subscription.