Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has maintained the stability rating of the NBP Money Market Fund (NMMF), a very low risk profile fund, despite significant net outflows over the past six months. The Fund aims to offer a stable income stream while preserving capital through investments in AA and above rated banks and money market instruments. As of December 2025, the Fund's assets under management (AUM) were recorded at approximately PKR 88,543 million, a decrease from PKR 120,292 million in June 2025.

According to PACRA, the NBP Money Market Fund demonstrated a highly liquid and conservative investment strategy, allocating about 43.10% of its holdings in cash, 36.60% in T-Bills, 12.90% in placements with banks and development finance institutions, and 6.90% in money market placements, with the remainder in other instruments, including receivables. The credit quality profile showed 40.70% of the portfolio invested in AAA-rated avenues, 36.60% in government securities, 15.20% in AA+ rated instruments, and 6.90% in AA rated avenues.

The Fund's weighted average maturity (WAM) and duration were reported at 43 days by the end of December 2025, which limits exposure to interest rate and credit risk. The unit holding pattern was moderately concentrated, with the top 10 investors holding approximately 35.63% of the units. The Fund reported a 12-month trailing return of 10.60%, slightly underperforming its benchmark return of 11.10%. Future changes in investment policy or rating criteria could affect the Fund's rating.