PACRA Maintains Stability Rating of NBP Government Securities Savings Fund

NBP Government Securities Savings Fund ("NGSSF" or "the Fund") is a medium risk profile fund. Objective of the Fund is to provide competitive return from portfolio of low credit risk by investing primarily in Govt. Securities. As of Jun’26, the Fund’s Assets Under Management (AUM) stood at ~PKR 3.65bln, down from PKR 3.92bln 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 51.8% of the portfolio was invested in PIBs, ~12.8% in T-Bills, and ~1.5% in Cash, with the remaining portion allocated to other assets including receivables. The allocation reflects a sovereign-focused investment strategy, with the portfolio predominantly concentrated in Government Securities. From a credit quality perspective, ~64.5% of the assets were invested in Government Securities, ~1.2% in AAA-rated securities, and ~0.3% in AA- rated avenues, with the remaining portion allocated to other categories including receivables, indicating a strong credit quality profile with significant exposure to sovereign instruments. At end-Jun’26, the Fund’s WAM stood at 328 days, while duration stood at 234 days, reflecting relatively higher exposure to maturity and interest rate risk. However, the significant concentration in Government Securities mitigates the overall credit risk of the portfolio. The unit holding pattern remained relatively concentrated, with the top 10 investors accounting for ~64.1% of total holdings, indicating elevated potential redemption pressure. In terms of performance, the Fund delivered a return of 15.7% as of Jun’26, compared to the benchmark return of 11.8% and peer average return of 15.5%, indicating outperformance 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).