PACRA Withdraws Stability Rating of NBP Government Securities Plan-I

NBP Government Securities Plan 1 was a Fund managed by NBP Limited. The Fund was launched on 18th March 2019. The maturity period extended beyond 2 years. The Fund’s NAV at the mentioned date was 10.0659. The Fund’s objective was to provide attractive returns with capital preservation at the maturity of the plan and it invested in Government Securities which did not exceed the maturity of the Fund. At maturity date, the AUMs were Pkr 192.328 Mln. At maturity, The Fund's asset allocation was in line with its Investment Policy and Investment Objective, whereby the Fund invested 75.5% of its Asset's in 'AAA' rated instruments, which did not exceed the maturity of the Fund itself.
As of July 12th 2021, NBP Government Securities Plan 1 has matured. Therefore, the rating is being withdrawn.

About the Entity
NBP Fund Management Limited (or the "Company"), established in 2005, is licensed by Securities and Exchange Commission (SECP) to carry out asset management and investment advisory business. National Bank of Pakistan is the largest shareholder of the company with a stake of ~54%. In 2019, Baltoro Growth Fund has acquired the entire 36% stake of Alexandra Fund Management Private Limited in the Company. Baltoro Capital is a Pakistan focused private equity firm. Baltoro Capital has made investments in the pharmaceutical, renewable energy and financial services sectors in Pakistan. It is actively deploying its funds in businesses positioned to achieve extraordinary growth. The CEO of NBP Fund Management Limited, Dr. Amjad Waheed, CFA and family also holds a 10% stake in the company.
The Company’s nine-member Board of Directors includes three independent directors and the CEO. With overall assets under management of PKR 168,016mln at end-Jun'21, the Company is currently managing a diversified fund slate of twenty eight open-end mutual funds, two voluntary pension schemes and an Exchange Traded Fund.