PACRA Maintains Stability Rating of NIT Income Fund

The NIT Income Fund ("NIT IF" or the "Fund") is an income Fund with a medium risk profile. The Fund aims to generate a competitive stream of returns for its unit holders while maintaining a moderate level of risk through investments primarily in fixed income securities and instruments. As of Dec'25, the Fund's Assets Under Management (AUM) stood at approximately PKR 2.59 billion, reflecting a marginal increase from approximately PKR 2.56 billion as of Jun'25. In terms of asset class, 39.2% was placed as bank deposits, 37.2% in TFCs, 10.7% in PIBs, 9.1% in T Bills and the remaining in others. From a credit quality perspective, 41.8% was held in Government Securities/AAA rated avenues, 27.8% was held in A+ rated avenues, 7.4% in AA and A1 rated avenues, and the remaining in others. The Fund's Weighted Average Maturity (WAM) stood at 391 days, indicating moderate exposure to interest rate and credit risk. Nevertheless, the overall credit risk remains manageable, supported by the Fund's significant allocation to Government Securities/AAA rated avenues. The top 10 unit holders collectively accounted for 73.0% of the Fund's total units, indicating a very high level of redemption concentration. However, the associated liquidity risk is considered manageable to some extent, given the Fund's sizeable placement in bank deposits, which provides a readily available source of liquidity to meet potential redemption requirements. In terms of performance, the Fund generated an annualized return of 11.00% as of Dec'25. The return remained marginally below the benchmark return of 11.07% and also trailed the peer average return of 12.96%.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on the rating.

About the Entity
Established in 1962, National Investment Trust Limited (NITL) stands as a pioneering institution in Pakistan’s mutual fund industry. Governed by a Board of Directors comprising fifteen distinguished members, the company exemplifies leadership, stability, and strategic governance. On February 14, 2025, Mr. Manzoor Ahmed assumed the role of Acting Managing Director of NITL. With an illustrious career spanning over 33 years in the mutual fund sector, Mr. Ahmed brings unparalleled expertise in investment management, capital market operations, product development, research, and regulatory affairs. In his capacity as Chief Operating Officer (COO), he has demonstrated exceptional leadership in overseeing the company’s operations and investment portfolio, which exceeds PKR 213 billion in value. As one of Pakistan’s foremost asset management companies, NITL boasts a diversified portfolio comprising sixteen open-end funds, including two non-public funds (NIT-SEF and NIT-EMOF), two voluntary pension schemes, two employer pension schemes, and an exchange-traded fund (ETF). As of December 2025, the company’s assets under management (AUM) stood at an impressive PKR 216 billion, reinforcing its position as a market leader in wealth and fund management. NITL remains committed to delivering superior returns, maintaining strong governance frameworks, and fostering innovation in Pakistan’s financial sector, ensuring sustained value for its stakeholders.