PACRA Maintains Stability Rating of NBP Government Securities Savings Fund

NBP Government Securities Savings Fund ('NGSSF' or the 'Fund') is a moderate profile fund. The investment objective of the Fund is to provide competitive return from portfolio of low credit risk by investing primarily in Government Securities. The assigned rating reflects the Fund's moderate credit and interest rate risk profile emanating from its investment strategy. In terms of asset allocation as of end-December 2024, the Fund had allocated ~71.4% to T-Bills, ~14.7% to PIBs, ~11.9% to Cash, with the remainder in other instruments. Regarding credit quality exposure, ~86.2% was invested in Government Securities/AAA-rated avenues, ~11.8% in AA-, and the balance in other rated avenues. The Fund's duration stood at 204 days with a Weighted Average Maturity (WAM) of 266 days at end-December 2024. The top ten investor concentration of ~45.31% exposes the Fund to moderate 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 575bln as of December 2024, the Company manages a diversified portfolio of twenty-six open-end mutual funds, four voluntary pension schemes, and one exchange-traded fund (ETF).