PACRA has assigned ranking to the following fund of First Capital Investments Limited based on performance review for the period ended December 07,2019 (trailing 12 months for normal star ranking).

	Fund	Category	Star Ranking Short Term
1	First Capital Mutual Fund	Equity (Open End)	3

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 downside 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 assurance as to future returns of the fund. The rating scale values range from 5-Star to 1-Star ranking Superior to Weak performers in the descending order.

The Pakistan Credit Rating Agency (PACRA) has assigned an asset manager rating of AM4++ to First Capital Investments Limited. The rating denotes an adequate organization that meets investment management industry standards and benchmarks.