PACRA Maintains Stability Rating of NBP Islamic Government Securities Plan - III

NBP Islamic Government Securities Plan III ('NIGSP-III' or 'the Plan') is under NBP Islamic Government Securities Fund. Plan's objective is to provide investors with attractive returns by investing primarily in Shariah Compliant Government Securities. In term of asset class, the Plan had invested ~64.2% in GoP Ijarah Sukuk, ~34.2% in Cash,and the remaining ~1.6% as others, at the end June 25. In perspective of credit quality, the Plan had allocated ~64.2% in Government Securities, ~32.2% in AA- rated avenues, ~2% in AA, ~0.1% in AAA rated avenues, and the remaining ~1.6% in Other rated avenues. At the end June 2025, the WAM (Weighted Average Maturity) of the Plan stood at 392 days, and the duration of the Plan stood at 113 days. The unit holding pattern of the top 10 investor concentration of the Plan at the end- Jun'25 was ~42.92%, exposing the Plan to high redemption pressure.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have an 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 483bln as of June 2025, the Company manages a diversified portfolio of twenty-six open-end mutual funds, four voluntary pension schemes, and one exchange-traded fund (ETF).