Karachi: The Board of Directors of NBP Fund Management Limited has released the unaudited condensed interim financial statements for the NBP Money Market Liquid Fund (NMMLF) for the quarter ending September 30, 2026. This period was marked by rising yields on government securities, driven by ongoing inflationary pressures and heightened external uncertainty.

The State Bank of Pakistan conducted six T-Bill auctions from July through September, with yields on tenors from one to 12 months ranging from 11.25% to 12.35%. Notably, the cut-off yields for the six-month and 12-month T-Bills increased to 12.45% and 12.49% respectively by the end of the quarter. Shariah-compliant government securities, actively issued through the Pakistan Stock Exchange, also saw rising yields, with short-term Sukuk yields moving from approximately 11.30%-11.84% in July to 11.68%-12.49% in the last auction of September.

The NMMLF, a money market scheme, primarily invests in government securities, short-term debt securities, bank deposits, and money market instruments. The fund focuses on securities with a maximum maturity of six months and maintains a weighted average time to maturity of no more than 90 days. Rated AA(f) by PACRA, the fund is noted for its strong capacity to maintain relative stability in returns and low exposure to risks.

According to information available from the Pakistan Stock Exchange (PSX), the size of the NMMLF stood at Rs. 14,641 million since inception. The unit price increased from Rs. 10.0000 on July 2, 2026, to Rs. 10.2804 by September 30, 2026, reflecting an annualized return of 11.37%, which surpasses the benchmark return of 11.28%. This performance metric is net of management fees and other expenses.

During the quarter, the fund earned a total income of Rs. 142.56 million. After accounting for expenses amounting to Rs. 4.66 million, the net income was recorded at Rs. 137.90 million. As of September 30, 2026, the asset allocation of NMMLF included 0.8% in T-Bills rated AAA and 99.2% in cash equivalents and other net assets rated AA+.