Karachi: The Board of Directors of NBP Fund Management Limited has released the unaudited Condensed Interim financial statements for the NBP Government Securities Liquid Fund (NGSLF) for the quarter ending September 30, 2026. The report, dated November 3, 2026, outlines significant financial metrics and trends that shaped the fund's performance during the first quarter of the fiscal year 2027.

Throughout the quarter, government securities yields experienced an upward trajectory, particularly accentuated towards the quarter's conclusion due to ongoing inflationary pressures and heightened external uncertainties. The State Bank of Pakistan conducted six T-Bill auctions from July to September 2026, observing cut-off yields across 1-month to 12-month tenors ranging between 11.25% and 12.35%. By the end of the quarter, the 6-month and 12-month cut-offs had increased to 12.45% and 12.49%, respectively.

The NGSLF, rated 'AAA (f)' by PACRA, is characterized by a strong credit and liquidity profile. T-Bills remain the dominant asset class within the fund, ensuring low exposure to credit, liquidity, and interest rate risks due to a minimum 70% investment in government securities. The fund also maintains investments in AA and above-rated Banks/DFIs, with a maximum maturity of six months.

According to information available from the Pakistan Stock Exchange (PSX), the NGSLF experienced a significant move in its size, decreasing by 30% from Rs. 5,394 million to Rs. 3,800 million during the quarter. Despite this reduction in size, the fund's unit price increased from Rs. 10.3388 on June 30, 2026, to Rs. 10.6039 on September 30, 2026, reflecting an annualized return of 10.17%, compared to the benchmark return of 11.28%.

The NGSLF reported a total income of Rs. 143.13 million for the quarter. After accounting for total expenses of Rs. 17.84 million, the net income amounted to Rs. 125.29 million.