PACRA Maintains Stability Rating of NBP Islamic Mahana Amdani Fund

NBP Islamic Mahana Amdani Fund ('NIMAF' or the 'Fund') is a medium risk-profile fund. The investment objective of the Fund is to provide monthly income to investors by investing in Shariah Compliant money market and debt avenues. The assigned rating reflects the Fund's credit and interest rate risk profile emanating from its investment strategy. As of Jun’26, the Fund’s Assets Under Management (AUM) stood at ~PKR 16.18bln, up from PKR 11.74bln as of Dec’25, reflecting healthy growth in fund size during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, approximately 57.9% of the portfolio was invested in Cash, ~13.2% in Sukuk, ~12.5% in GoP Ijarah Sukuk, ~6.5% in placements through Bai-Muajjal, ~6% in Certificates of Islamic Investment (COII), and the remaining ~3.9% in other instruments including receivables. The allocation reflects a diversified Shariah-compliant portfolio with a strong focus on liquidity, complemented by sovereign and corporate Islamic fixed-income instruments. From a credit quality perspective, ~64.3% of the assets were invested in AAA rated avenues, ~12.5% in Government Securities, ~8.1% in A1 rated instruments, ~5.8% in A- rated avenues, with the remaining portion allocated to other rated categories and receivables. The Fund’s credit quality remained in line with the applicable rating criteria, with a significant concentration in high-quality rated avenues and Government Securities. At end-Jun’26, the Fund’s WAM stood at 113 days, indicating credit risk at the lower end of the spectrum, while duration stood at 35 days, reflecting limited sensitivity to interest rate movements. The unit holding pattern remained well diversified, with the top 10 investors accounting for ~18.6% of total holdings, indicating low potential redemption pressure and supporting the Fund’s liquidity profile. In terms of performance, the Fund delivered a return of 10.8% as of Jun’26, compared to the benchmark return of 9.6% and peer average return of 11.4%, indicating outperformance relative to its benchmark, though remaining below the peer average.
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).