Karachi: The Board of Directors of NBP Fund Management Limited has released the unaudited financial statements for the NBP Mustahkam Fund, detailing the fund's performance for the quarter ending September 30, 2026. This report, dated November 3, 2026, highlights the fund's activities in a period marked by upward trends in government securities yields due to inflationary pressures and external uncertainties.

Throughout the first quarter of fiscal year 2027, the State Bank of Pakistan conducted six T-Bill auctions, with yields across 1-month to 12-month tenors rising to between 11.25% and 12.35%. As the quarter progressed, yields for 6-month and 12-month T-Bills reached 12.45% and 12.49%, respectively, by the end of September. Fixed-rate Pakistan Investment Bonds (PIBs) saw similar increases, ending the quarter with yields of 12.40% for 2-year, and 12.50% for 10-year tenors.

The NBP Mustahkam Fund's Fixed Term Munafa Plan-VB (NFTMP-VB) experienced a marginal increase in size from Rs. 3,888 million to Rs. 3,895 million as of July 7, 2026. The unit price rose from Rs. 9.9754 on June 30, 2026, to Rs. 10.0032 on July 9, 2026, reflecting an annualized return of 11.29%, below the benchmark return of 12.03% per annum. The plan, which matured on July 9, 2026, earned a total income of Rs. 9.85 million, with net income standing at Rs. 9.58 million after expenses of Rs. 0.27 million.

In contrast, the NBP Fixed Term Munafa Plan-VIB (NFTMP-VIB) demonstrated a very large growth, increasing by 3% from Rs. 2,216 million to Rs. 2,281 million during the quarter. The unit price climbed from Rs. 10.0030 on June 30, 2026, to Rs. 10.2931 on September 30, 2026, delivering an annualized return of 11.51% against a benchmark of 11.75%. The plan yielded a total income of Rs. 65.89 million, with net income reaching Rs. 64.28 million after expenses of Rs. 1.61 million. According to information available from the Pakistan Stock Exchange (PSX), the asset allocation included 45.4% in Cash Equivalents & Other Net Assets (AA+) and 53.6% in T-Bills (AAA).

Similarly, the Fixed Term Munafa Plan-VIIB (NFTMP-VIIB) reported an increase from Rs. 2,359 million to Rs. 2,426 million between July 8, 2026, and September 29, 2026. The unit price rose from Rs. 10.0000 to Rs. 10.2540 over the same period, showing an annualized return of 11.17%, slightly below its benchmark of 11.50%. The plan earned Rs. 61.89 million with net income of Rs. 60.86 million after Rs. 1.03 million in expenses. The allocations comprised 100% in Cash Equivalents & Other Net Assets (AA+) and PIBs (AAA).

For the quarter ended September 30, 2026, the management approved an interim cash dividend of 0.905% of the opening ex-NAV. The designated market category for the NBP Mustahkam Fund is the open-end fixed rate/return plan, focusing on delivering fixed returns through government securities and fixed-income instruments.