⚡ Flash Summary

NBP Stock Fund (NSF) has shown significant growth, increasing in size from PKR 39.981 billion to PKR 54.790 billion, a 37.0% increase, for the quarter ended September 30, 2025. The unit price of NSF also increased from PKR 32.2889 to PKR 42.8392, representing a 32.7% increase, while the benchmark rose by 34.9%, underperforming the benchmark by 2.2%. The fund’s NAV has increased by 1,965.2% since its inception on January 19, 2007, demonstrating strong long-term performance. The fund’s performance remains strong, driven by strategic asset allocation and effective management of expenses.

📌 Key Takeaways

• 📈 NSF’s fund size grew by 37.0%, from PKR 39.981 billion to PKR 54.790 billion.
• 💰 Unit price increased by 32.7%, from PKR 32.2889 to PKR 42.8392.
• 📉 The fund underperformed its benchmark by 2.2% during the quarter.
• 🚀 Since inception, the fund’s NAV increased by 1,965.2%.
• 📊 The stock market showed a strong rally, increasing by 32%.
• 🏦 The rally was led by Commercial Banks, Cement, Oil & Gas Exploration, Fertilizer, and Power Generation sectors.
• Inflation averaged 4.2% during the quarter, down from 9.2% last year.
• 💸 Foreign exchange reserves remained stable at USD 14.4 billion.
• 🤝 IMF’s Extended Fund Facility (EFF) second review concluded.
• 🌱 Government revised FY25 GDP growth upwards from 2.68% to 3.04%.
• 🏭 Industrial sector growth reached 19.9% in 4QFY25.
• 💼 Mutual funds, individuals, and companies were significant net buyers.
• 💸 The fund earned a total income of PKR 13,590.86 million during the period.
• 🧾 Net income after expenses was PKR 13,137.46 million.

🎯 Investment Thesis

Based on the fund’s growth, solid long-term performance, and strategic asset allocation, a HOLD recommendation is appropriate. The underperformance against the benchmark is a concern, but the fund’s overall financial health and potential for future growth warrant maintaining the current position. Price target: PKR 45.00 based on continued market growth and improved stock selection. Time horizon: Medium Term