PACRA Maintains Stability Rating of NBP Mahana Amdani Fund

NBP Mahana Amdani Fund ('NMAF' or the 'Fund') is a moderate-risk profile Fund. The investment objective of the Fund, an open-end income scheme, is seeking 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 Jun’26, the Fund’s Assets Under Management (AUM) stood at ~PKR 24.26bln, down from PKR 38.25bln as of Dec’25, reflecting a contraction in fund size during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, approximately 87.4% of the portfolio was invested in Cash, ~5.7% in Money Market Placements (LOP), ~3.3% in placements with Banks, ~2% in T-Bills, ~0.4% in MTS, with the remaining portion allocated to other instruments including receivables. The allocation reflects a highly liquid investment strategy, with a predominant exposure to cash and short-term money market instruments. From a credit quality perspective, ~64.7% of the assets were invested in AA- rated avenues, ~13.8% in AAA rated avenues, ~12.2% in A+ rated instruments, ~5.7% in AA rated avenues, and ~2% in Government Securities, with the remaining portion allocated to other categories and receivables. The Fund’s asset quality remained good and in line with the applicable rating criteria, although the portfolio carries meaningful exposure to mid-tier rated instruments. At end-Jun’26, both the Fund’s WAM and duration stood at 3 days, effectively limiting exposure to interest rate and credit risk and supporting the Fund’s strong liquidity position. The unit holding pattern reflected moderate concentration, with the top 10 investors accounting for ~50.4% of total holdings, indicating a moderate level of potential redemption pressure. In terms of performance, the Fund delivered a return of 11.0% as of Jun’26, compared to the benchmark return of 11.4% and peer average return of 13.0%, indicating marginal underperformance relative to its benchmark and the broader peer group.
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).