Karachi: The NBP Mahana Amdani Fund (NMAF), managed by NBP Fund Management Limited, has reported a 21% increase in its fund size for the quarter ending September 30, 2026. This growth reflects an expansion from Rs. 24,260 million to Rs. 29,389 million, according to the quarterly report released on November 3, 2026.
During the first quarter of fiscal year 2027, government securities yields experienced an upward trend, driven by ongoing inflationary pressures and rising external uncertainties. The State Bank of Pakistan (SBP) conducted six Treasury Bill auctions from July to September 2026. Cut-off yields across tenures ranging from one to twelve months varied between 11.25% and 12.35%, with the six-month and twelve-month cut-offs reaching 12.45% and 12.49%, respectively, by the end of the quarter.
Shariah-compliant government securities also saw active issuance through the Pakistan Stock Exchange (PSX), with short-term Sukuk yields increasing from approximately 11.30%-11.84% in July to around 11.68%-12.49% by the final auction in September. According to information available from the Pakistan Stock Exchange (PSX), these movements align with broader market trends observed during the quarter.
The NMAF, rated 'AA- (f)' by PACRA, indicating a very strong capacity to maintain relative stability in returns and low exposure to risks, reported a unit price increase from Rs. 10.3356 on June 30, 2026, to Rs. 10.6249 on September 30, 2026. This reflects a return of 11.10% per annum, slightly trailing the benchmark return of 11.16% per annum.
For the period, the fund's total income amounted to Rs. 848.38 million. After accounting for total expenses of Rs. 75.97 million, net income stood at Rs. 772.41 million. The fund's asset allocation as of September 30, 2026, was predominantly in cash equivalents and other net assets, representing 74.79% of the portfolio. Other allocations included MTS at 5.48%, LOP at 4.76%, TDR at 9.53%, and T-Bills (AAA) at 5.44%.
The NMAF continues to operate with a weighted average maturity that does not exceed one year, as per internal guidelines, which also permit financing only in fundamentally strong companies within the MTS asset class. The fund provides financing at pre-determined rates of return, with no direct exposure to the stock market.