The Pakistan Credit Rating Agency Limited
18-Jun-25
Analyst
Usama Ali
usama.ali@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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PACRA Maintains Stability Rating of NIT Income Fund
| Rating Type | Stability Rating | |
|
Current (18-Jun-25 ) |
Previous (06-Sep-24 ) |
|
| Action | Maintain | Maintain |
| Long Term | AA-(f) | AA-(f) |
| Short Term | - | - |
| Outlook | Stable | Stable |
| Rating Watch | - | - |
NIT Income Fund (‘NIT-IF’ or the “Fund”) is a medium-risk profile Fund. The objective of the Fund is to generate competitive stream of return with moderate level of risk for its unitholders, by investing primarily in fixed income securities/instruments. The AUMs of the Fund stood at PKR 2.65bln at the end Dec’24 (Jun’24: PKR 2.43bln). In terms of asset class, the Fund had allocated ~67.29% in T-Bills, ~18.92% in TFCs, ~12.95% was invested as banks placements and the remaining was invested in others. From a credit quality metric, the Fund had majorly invested in Govt/AAA rated avenues(~72.07%), ~17.1% in A+, ~5.1% in A rated avenues, while the remaining was invested in others. The WAM of the Fund stood at 443 days at the end of Dec’24, exposing to moderate credit risk, however, the risk is manageable due to investments in Government Securities.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on the rating.
About
the Entity
National Investment Trust Limited was established in 1962 and is a pioneer in the mutual fund industry. The Company’s Board of Directors currently comprises fifteen board members. Mr. Manzoor Ahmed, assumed charge of the post of Managing Director (Acting), National Investment Trust Limited on February 14, 2025. Being, COO, he has been successfully managing the operations and investment portfolio worth over PKR 213 billion. He has experience of over 33 years of the Mutual Fund industry and has been placed at many key positions within NIT that includes capital market operations, investment management, product development, research and liaising with the regulatory authorities. The Company is currently one of the largest asset management companies in Pakistan with a portfolio of sixteen open-end funds which includes two non-public funds namely NIT-SEF and NIT-EMOF, two voluntary pension schemes, two employer pension scheme and an exchange-traded fund. The assets under management of the Company stood at ~PKR 217,860mln at the end of Dec'24.