PACRA Maintains Stability Rating of NBP Savings Fund

NBP Savings Fund ('NSF' or the 'Fund') is a moderate risk profile Fund. The investment objective of the Fund is to earn a competitive rate of return while preserving capital to the extent possible by investing in liquid assets. The Fund will comprise of investments of various investment horizons, with a significant amount invested in short term investments for the purpose of maintaining liquidity. As of Jun’26, the Fund’s Assets Under Management (AUM) stood at ~PKR 5.56bln, down from PKR 11.85bln as of Dec’25, reflecting a significant contraction in fund size during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, approximately 75.2% of the portfolio was invested in Cash, ~12.2% in placements with Banks, ~8.7% in T-Bills, ~2.3% in MTS, with the remaining portion allocated to other instruments including receivables. The allocation reflects a highly liquid investment strategy with predominant exposure to cash and short-term instruments. From a credit quality perspective, ~62.6% of the assets were invested in AA- rated avenues, ~12.8% in A+ rated instruments, ~11% in AAA rated avenues, ~8.7% in Government Securities, with the balance allocated to other categories. The Fund’s short-tenor and liquid portfolio helps mitigate the credit risk arising from its exposure to mid-tier rated instruments. At end-Jun’26, the Fund’s WAM stood at 9 days, while duration stood at 9 days, effectively limiting both interest rate and credit risk and supporting the Fund’s liquidity position. The unit holding pattern remained relatively concentrated, with the top 10 investors accounting for ~68.3% of total holdings, indicating higher potential redemption pressure; however, the Fund’s substantial cash allocation and short WAM provide adequate liquidity to meet potential redemption requirements. In terms of performance, the Fund delivered a return of 10.3% as of Jun’26, compared to the benchmark return of 11.4% and peer average return of 13.0%, indicating underperformance relative to both its benchmark and comparable funds.
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 552.3bln as of Jun '26, the Company manages a diversified portfolio of twenty-six open-end mutual funds, four voluntary pension schemes, and one exchange-traded fund (ETF).