Press Release

VIS Reaffirms Fund Stability Rating of NIT Social Impact Fund

Karachi, 13 January, 2026: VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of A+(f) (Single A Plus (f)) to NIT Social Impact Fund (NIT-SIF). Medium to long term fund rating of ‘A+’ signifies moderate degree of stability in NAV. Risk factors may vary with possible changes in the economy. The previous rating action was announced on January 03, 2025.

NIT Social Impact Fund is an open-end microfinance sector income fund with objective to generate returns through investment in strategic and financially sustainable social initiatives such as women empowerment, agriculture value chains, micro small medium enterprises development, and low-cost renewable energy etc. via microfinance banks/institutions/providers.

The assigned rating takes into account the Fund's asset allocation, with investments made in accordance with the guidelines outlined in the offering document. The Fund's portfolio was dominated by cash investments, with exposures to government securities and TFCs/Sukuks coming in second. The assigned rating also reflects the Fund's credit quality, which has improved as a result of greater allocation to AAA-rated issues and issuers. Nonetheless, exposure to A+/A-rated issues/issuers dominates the Fund's portfolio. The Fund's credit exposures remained within the investment criteria, allowing for investments in assets rated BBB or higher.

The weighted average time to maturity (WAM) stayed significantly below the limit specified in the offering instrument. The Fund's liquidity profile is backed by a higher proportion of liquid assets. Retail investors account for the majority of the Fund's AUM, followed by corporate investors. Furthermore, client concentration risk is deemed high. In terms of performance, the Fund's annualized return surpassed the benchmark but lagged behind the peer average. On a monthly basis, the Fund exceeded its benchmark in two months.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.




Applicable Rating Criteria: Fund Stability Ratings
https://docs.vis.com.pk/Methodologies-2025/FSR-Methodology-Jan-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright January 13, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.