PACRA Maintains Stability Rating of NBP Savings Fund

NBP Savings Fund (“NBP-SF” or “the Fund”) is a moderate risk profile fund. The objective of the Fund is to earn a competitive rate of return while preserving capital to the extent possible by investing in liquid assets. As of Dec’25, the Fund’s AUM stood at ~PKR 11,850mln, up from PKR 6,065mln at the time of Jun’25, reflecting strong growth in fund size during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, the Fund maintained ~67.20% in Cash holdings, followed by ~18.30% in placements with Banks, ~10.10% in T-Bills, and ~3.00% in MTS, with the remaining portion allocated to other instruments including receivables, reflecting a highly liquid investment strategy. From a credit quality perspective, ~46.50% of the portfolio was invested in AA- rated avenues, ~24.10% in A+ rated instruments, ~14.10% in AAA rated avenues, and ~10.10% in Government Securities, with the remaining portion allocated to other categories, indicating moderate credit risk exposure with diversification across rating tiers. At end-Dec’25, both the Fund’s WAM and duration stood at 18 days, limiting exposure to interest rate and credit risk. The unit holding pattern remained concentrated, with approximately 63.88% of units held by the top 10 investors. In terms of performance, the Fund reported a 12-month trailing return of 13.80% as of Dec’25, which remained above the benchmark return of 11.10%, indicating outperformance relative to 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).