Karachi: The Board of Directors of NBP Fund Management Limited has released its unaudited Condensed Interim financial statements for the NBP Government Securities Plan-IV (NGSP-IV) for the quarter ending September 30, 2026. This quarter has seen a significant reduction in the size of the fund, with a 55% decrease from Rs. 4,352 million to Rs. 1,966 million.

The unit price of the NBP Government Securities Plan-IV has shown a moderate move with an increase from Rs. 10.1319 on June 30, 2026, to Rs. 10.2888 on September 30, 2026. This represents an annualized return of 6.14%, falling short of its benchmark return of 11.39%. The performance reported is net of management fees and other expenses.

NGSP-IV is categorized within the Open-End Income Scheme market category. It holds a stability rating of 'AA (1)' awarded by PACRA, indicating a very strong capacity to maintain relative stability in returns with very low exposure to risks. The fund primarily invests in Government Securities to offer attractive returns to its investors.

According to information available from the Pakistan Stock Exchange (PSX), the yields on government securities trended upward during the first quarter of the fiscal year 2027. This trend was particularly pronounced toward the end of the quarter due to ongoing inflationary pressures and heightened external uncertainty. The State Bank of Pakistan conducted six Treasury Bill auctions from July to September 2026, with cut-off yields for tenors ranging from 11.25% to 12.35%. Yields remained relatively stable in July but increased through August and September. By the end of the quarter, cut-off yields for 6-month and 12-month tenors reached 12.45% and 12.49%, respectively.

Fixed-rate Pakistan Investment Bonds (PIBs) also saw upward adjustments in cut-off yields across the curve, with the 2-year tenor reaching 12.40%, and both the 3-year and 5-year tenors at 12.49%. The 10-year tenor hit a cut-off yield of 12.50% in September, although bids for selected maturities were rejected during the quarter.

Throughout the quarter, the NBP Government Securities Plan-IV earned a total income of Rs. 61.24 million. After accounting for total expenses amounting to Rs. 10.25 million, the net income stood at Rs. 50.99 million.