NIT


Introduction

Pakistan’s First Social Impact Fund
NIT Social Impact Fund (NIT - SIF) is an open-end Micro Finance Sector Income Fund Scheme that shall channelize funds of impact investors to leverage on the strengths of rated asset pool of Micro-Finance Sector, for maximization of financial returns and catalyze financially sustainable social impact.

Objective

The Micro-Finance Sector specific fund will be dedicated to finance strategic and financially sustainable social initiatives such as women empowerment, agriculture value chains, MSME development, Low cost renewable energy etc through microfinance banks/institutions/providers

Features of NIT-SIF

  • Microfinance perceived as a risky sector despite having lower PAR/NPLs as compared to banks.
  • Credit enhancement structures in addition to charge on receivables ,hinders true operational potential and make it economically inefficient.
  • MF players rely more on bilateral arrangements with Banks (more convenient) than exploring Capital Market platform.

Risk Meter

Fund Facts

Management Company

National Investment Trust Limited

Fund Type

Listed Unit Scheme, Perpetual, Open End Income Fund

Fund Category

Sector Specific Income Fund

Risk Profile

Medium (As per SECP Risk Profiling)

Fund Stability Rating

A+ (f) (VIS) as of 30th December 2022

Unit Classes

Class “A” Units:
Front End Load: NIL
Back End Load: 1st Year – 3%,
2nd Year – 1.5%,
After 2 years - NIL
Initial Investments: Rs. 500,000 /-
Subsequent Investments: Rs. 2,500 /-

Class “B” Units:
Front End Load: 2%*
Back End Load: NIL
Initial Investments: Rs.500 /-
Subsequent Investments: Rs. 250 / -

Fund Allocation

Cash and Cash equivalents: Min: 25%, Max: 100%
Govt Securities (PIBs/Tbills etc): Min: NA, Max: 30%
Rated TFCs/CPs/others of MFIs/MFBs: Upto 70%
Green Bonds/Social Impact Bonds of other Financial
Institutions Upto 30% Min. Investment Grade - BBB

Applicable Regulatory Framework

Rules governing asset management in accordance
with Part VIII-A of the Companies Ordinance, 1984
and the NBFC & NE Regulations, 2008

Trustee (CDC)

Central Depository Company of Pakistan

Management Fee

10% of gross earnings, subject to maximum of
1.25% p.a and minimum of 0.5% p.a of Average
Annual Net Assets

5 Years Performance Period



Performance period NIT-SIF(%) Benchmark(%)
FY22 *Launched on 16th May, 2022
FY22 14.93% 15.22%
FY23 18.60% 18.33%
2024 23.07% 21.88%

Offering Documents

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Fund FMR

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Consolidated FMR

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Trust Deed

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