Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has reaffirmed the asset manager rating of National Investment Trust Limited (NITL), Pakistan's oldest asset management company. The rating reflects NITL's strategic advantage stemming from its sovereign ownership, strong market position, and extensive operating history.

According to PACRA, the rating is supported by NITL's robust governance framework, structured control environment, and oversight by an experienced board. The asset management company maintains disciplined compliance and integrated risk management, reinforced by information security protocols and operational continuity measures. Despite moderate industry growth in assets under management (AUM), NITL experienced a decline in total AUMs by 4.5% to approximately PKR 188.7 billion, resulting in a slight market share reduction to 4.2%.

NITL's investor concentration increased, with institutional investors making up 71% of total AUMs, indicating a reliance on large institutional mandates. The company's portfolio remains significantly concentrated, with the flagship National Investment Unit Trust constituting a substantial portion of total AUMs and equity assets. The fund's performance aligned with benchmarks, although the NIT Government Bond Fund saw a significant AUM decline due to shifts in investor preferences.

Financially, NITL reported a 71.5% increase in management fee income for the first half of FY26, bolstering profitability by 26.8%. The company's equity base also strengthened, supporting its operational leverage capacity. The rating is contingent on NITL's ability to maintain its market position through disciplined investment strategies and consistent risk-adjusted returns, while managing concentration risks and market volatility.