National Investment Trust Limited ("NITL" or the "AMC”) is an unlisted public limited company.

National Investment Trust Limited is the first Asset Management Company (AMC) of Pakistan. It was established in 1962 and National Investment Unit Trust, Pakistan’s first open-end equity fund was launched in the same year by the AMC.

At end-Dec'25, the AMC's market share edged down to 4.2% (end-Dec'24: 4.5%), with its industry ranking remaining at 10th position.

As of Dec'25, the AMC operates with a diversified product suite of fourteen funds—nine conventional and five Shariah-compliant—spanning equity, income, money market, asset allocation, and pension categories. This includes ten open-end mutual funds, two voluntary pension funds, and two employee pension funds; of these, NIT State Enterprise Fund and NIT Equity Market Opportunity Fund are not offered to public investors. The AMC also holds an investment advisor license under the Non-Banking Finance Companies Rules, 2003, though it does not manage any separately managed accounts (SMAs). As of Dec'25, total AUMs remained skewed toward the equity segment (54%), followed by money market funds (36.7%) and income funds (7.4%). Concentration within the portfolio is notable, with the two largest funds collectively accounting for 82.1% of total AUMs.

As of end-Dec'25, the top ten investor concentration increased to 43.4% (end-Dec'24: 39.7%), reflecting a modest but notable rise in portfolio concentration over the period. Overall, the investor base remained skewed toward institutional investors, who accounted for 71% of the total compared to 29% from the retail segment.

The Government of Pakistan directly and indirectly, through public sector entities, holds ~41% shareholding in the AMC, whereas the private sector institutions and individuals hold the remaining ~59% of shares.

NITL's business acumen is considered strong, supported by a highly experienced management team with decades of expertise in investment management and capital markets, ensuring sound decision-making and effective fund oversight.

The sponsors have the ability and willingness to support the AMC on a continuing basis and in times of crisis.

The AMC's Board of Directors (Board) currently comprises sixteen directors, out of which ten are non-executive directors, five are independent directors, and one is an executive director Mr. Manzoor Ahmed the Acting Managing Director.

Mr. Shoaib Mir - Independent Director was appointed Chairperon of the Board with effect from November 28, 2025. He has extensive experience in senior public sector leadership, having served in various key roles within the Government of Pakistan, including as Chief Secretary of Balochistan and Education Secretary of Pakistan. He has also served as Chairman of the State Life Insurance Corporation of Pakistan and is a member of the Federal Public Service Commission. The Board members, on average, carry a diversified experience of ~35 years in different areas, especially in banking and investment management. The Board members possess strong profiles and skills suited to the financial services industry.

To ensure an effective control environment and compliance with reporting standards, the Bank’s Board is supported by key committees at the board level, including the Audit Committee, Human Resources and Remuneration Committee, Strategy Committee, Risk Management Committee, and Information Technology Committee. Additionally, the Board is advised by an external Shariah Advisor, Mr. Mufti Zeeshan Abdul Aziz, who brings expertise in Shariah compliance for financial institutions.

The AMC has an in-house internal audit department for effective monitoring of control systems. The head of internal audit directly reports to the audit committee. The external auditors of the Company are A. F. Ferguson. They have a satisfactory QCR rating and are classified in the ‘A’ category of the SBP Panel of Auditors. They have provided an unqualified opinion on the financial statements of the AMC for the year ending on June 30, 2025.

The AMC has a well-defined organizational structure and operates through ten departments with clear segregation of responsibilities.

The management team comprises experienced professionals carrying requisite experience and skill sets. Mr. Adnan Afridi stepped down as Managing Director, and Mr. Manzoor Ahmed assumed the role of Managing Director (Acting) at NITL on February 14, 2025. Being, COO, he has been successfully managing the operations and investment portfolio worth over PKR 213bln. He has experience of over 33 years of the Mutual Fund industry and has been placed at many key positions within NIT that includes capital market operations, investment management, product development, research and liaising with the regulatory authorities.

The AMC's technology environment uses a robust IT infrastructure and the Business Application includes multiple modules for the effective execution of core business functions, providing digital online services (Portal and Mobile App) to customers and B2B API-based services with partners.

The Internal Audit function is overseen by the Head of Internal Audit, Mr. Asim Rafiq, who reports administratively to the managing director and functionally to the audit committee of the board of directors. The Internal audit department conducts regular audits and the scope of the internal audit includes identification and assessment of overall risks and evaluation of internal control framework.

The AMC has internal assessment modules in place for monitoring credit risk with a focus on qualitative and quantitative analysis. The AMC conducts incisive credit analysis for counterparties at the time of initiation of the relationship.

The risk management department vigilantly monitors the liquidity profile and presents quarterly reports to the board members. The primary focus is to assess prevailing industry risk dynamics, historical redemption trends, analysis on the liquidity of stocks and comprehensive analysis of interest rates pertaining to fixed income the investment portfolio.

The risk department has developed in-house risk measures to monitor and mitigate market risk. The department uses various techniques to manage the market risk which includes standard deviation, sortino and information ratios, modified duration, and PVBP. Any significant deviations are highlighted to the investment committee for necessary action.

The investment decision-making process is well-structured with the MD providing critical support. The members of the investment committee also include the COO, Head of Finance, Head of Fixed Income, Head of Equities and Trading, Head of Research, Head of Compliance, Risk Manager, and Fund Managers.

The investment committee reviews the investment strategy of each fund under management and its performance regularly to incorporate the impact of various factors on the fund’s performance. The presecnce of an independent research head further enhances the effectiveness.

The research department, which falls under the purview of the COO, is headed by Mr. Ali Kamal. He possesses years of diversified experience in equity research. Currently, his team comprises four qualified research analysts.

The AMC has a dedicated investor services section, which addresses customers’ queries and complaints on a timely basis. Client Reporting System enables investors to retrieve their investment profile through a web page. The AMC is also progressing on digital initiatives to strengthen its market penetration.

The AMC publishes fund manager reports on its website on a monthly basis, which contain information pertaining to fund returns, benchmark comparison, MoM trend in asset allocation, and the breakup of asset quality.

The AMC maintains a network of 28 branches across major cities in Pakistan. Its long operational history, combined with its association with the Government of Pakistan and leading financial institutions, has been instrumental in building a strong footprint among domestic retail and corporate investors. To complement its physical presence, NIT offers an online portal, mobile applications on Android and iOS platforms, and B2B services facilitating account opening, investment, and redemption processing. Client outreach is further supported through active engagement on social media platforms. A dedicated Investor Facilitation Center, operating under the Head of Marketing, Product Development, and Investor Services, provides timely and effective client support.

In CY25, the AMC's total AUMs declined by 4.5% to ~PKR 188.7bln (inclusive of private funds) (CY24: ~PKR 197.8bln). NITL's flagship equity fund, National Investment Unit Trust (NIUT), constituted ~51.5% of the AMC's total AUMs, reinforcing its dominance within the portfolio. Within the broader equity category, NIUT commands a 38.3% market share, positioning it as the largest equity fund in the industry. During CY25, the industry’s AUMs recorded modest growth of around 4%, reaching PKR 4.5trln (CY24: PKR 4.3trln). The money market category held the largest share at 56%, followed by the income category at 24% and the equity category at 20%. Growth in the equity category was primarily driven by stock market gains during CY25, along with a slight increase in fresh inflows. Meanwhile, the money market category posted moderate growth of ~8%, whereas the income category experienced a decline of 23%.

During 6MFY26, the AMC's management fee grew significantly by 71.5% to PKR 1,657mln (6MFY25: PKR 966mln; FY25: PKR 2,174mln), reflecting the expansion in AUMs over the period. Net profit, however, rose at a comparatively moderate pace of 26.8% to PKR 1,819mln (6MFY25: PKR 1,435mln; FY25: PKR 1,759mln), with the growth primarily driven by unrealized gains on re-measurement of investments and share of profit from associates rather than core fee income. On the balance sheet side, total equity strengthened by 20.5% to PKR 22.5bln (FY25: PKR 18.2bln).