PACRA Maintains Stability Rating of NBP Government Securities Liquid Fund

NBP Government Securities Liquid Fund ("NGSLF" or "the Fund") is a very low risk profile Fund. The Fund's objective is to generate optimal return with minimum risk, to provide easy liquidity and reasonable income to its unit holders by investing primarily in short-term Govt. Securities. As of Jun’26, the Fund’s Assets Under Management (AUM) stood at ~PKR 5.39bln, down from PKR 6.08bln as of Dec’25, reflecting a marginal contraction in fund size during the period while maintaining the Fund’s investment strategy. In terms of asset allocation, approximately 80.0% of the portfolio was invested in Cash, ~19.5% in T-Bills, with the remaining portion allocated to other assets including receivables. The allocation reflects a highly liquid portfolio with predominant exposure to cash and short-term sovereign instruments. From a credit quality perspective, ~79.8% of the assets were invested in AAA-rated avenues, ~19.5% in Government Securities, and ~0.2% in AA- rated avenues, with the remaining portion in other categories including receivables, indicating a strong overall credit quality profile. At end-Jun’26, the Fund’s WAM stood at 37 days, while duration stood at 37 days, reflecting limited exposure to maturity and interest rate risk. The significant allocation to AAA-rated avenues and Government Securities further limits the overall credit risk of the portfolio. The unit holding pattern remained relatively concentrated, with the top 10 investors accounting for ~58.1% of total holdings, indicating moderate potential redemption pressure. In terms of performance, the Fund delivered a return of 10.9% as of Jun’26, compared to the benchmark return of 11.6% and peer average return of 11.1%, 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).