PACRA Maintains Stability Rating of NBP Mahana Amdani Fund

NBP Mahana Amdani Fund (“NMAF” or “the Fund”) is a moderate risk profile fund. The objective of the Fund is to minimize risk, preserve capital, and generate a reasonable return along with a high degree of liquidity from a portfolio primarily constituted of bank deposits and money market instruments. As of Dec’25, the Fund’s AUM stood at ~PKR 38,250mln, up from PKR 7,306mln at the time of Jun’25, reflecting significant growth in fund size during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, the Fund maintained ~75.00% in Cash holdings, followed by ~17.70% in placements with Banks, ~3.20% in T-Bills, and ~3.00% in MTS, with the remaining portion allocated to other instruments including receivables, reflecting a highly liquid and conservative investment strategy. From a credit quality perspective, ~67.10% of the portfolio was invested in AAA rated avenues, ~23.50% in A+ rated instruments, ~3.20% in Government Securities, ~3.00% in MTS, and ~2.10% in AA- rated avenues, with the remaining ~1.10% allocated to other categories, indicating a strong credit quality profile. At end-Dec’25, both the Fund’s WAM and duration stood at 9 days, limiting exposure to interest rate and credit risk. The unit holding pattern remained concentrated, with approximately 70.99% of units held by the top 10 investors. In terms of performance, the Fund reported a 12-month trailing return of 11.10% as of Dec’25, which was in line with the benchmark return of 11.10%, indicating performance aligned with its benchmark.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have impact on the ratings.

About the Entity
NBP Fund Management Limited (the 'Company'), established in 2005, is licensed by the Securities and Exchange Commission of Pakistan (SECP) to carry out asset management and investment advisory services. The National Bank of Pakistan is the largest shareholder of the company, with a ~54% stake, followed by Baltoro Growth Fund (~36%) and individual investors (~10%). The CEO of NBP Fund Management Limited, Dr. Amjad Waheed, CFA, has over 25 years of experience in mutual funds and portfolio management. The Company’s eight-member Board of Directors includes three independent directors and the CEO. With total assets under management of ~PKR 524.5bln as of December 2025, the Company manages a diversified portfolio of twenty-six open-end mutual funds, four voluntary pension schemes, and one exchange-traded fund (ETF).