National Investment Trust (NITL)

The National Investment (Unit) Trust is Pakistan’s largest and oldest Mutual Fund. As on June 30, 2009, NIUT had funds under management of around Rs. 28 billion invested in over 430 listed companies and had approximately 56,000 unit holders. NITL's distribution network comprises of 19 NIT branches, various Authorized bank branches all over Pakistan and Arab Emirates Investment Bank (AEIB) in Dubai (UAE). The Trust constituted under the Trust Deed dated 12th November 1962, executed between National Investment Trust Ltd (NITL) as Management Company and National Bank of Pakistan as Trustee.

The GOP presently owns 8.33% of NITL's shares directly and 33.3% shares indirectly through government controlled entities. 8.33% shares is owned by each UBL, HBL, PICIC and MCB while 25% of NITL shares are held by three industrialists in equal proportions.

1-NI(U)T-LOC

The Trust constituted under the Trust Deed dated 12th November 1962, executed between National Investment Trust Ltd (NITL) as Management Company and National Banks of Pakistan as Trustee. NI(U)T-LOC emerged as a result of split of National Investment Unit Trust. It represents unit holders who have been given Letter of Comfort by Government of Pakistan. Its’ unit holders are National Bank of Pakistan, Bank of Punjab, Faysal Bank Ltd and Bank of Khyber.


2- NIT-SEF

National Investment Trust Limited has launched NIT – State Enterprise Fund on Jan 13, 2009. NIT – SEF was constituted under the trust deed executed between National Investment Trust Limited as Management Company and Central Depository Company (CDC) of Pakistan as Trustee.
The total size of the Fund would be Rs. 20 billion which will be financed by financial institutions backed by government guarantee.

The Fund would invest in the following eight eligible stocks at appropriate time to capture the good opportunity.

    1. Oil & Gas Development Company Limited.
    2. Pakistan Petroleum Products.
    3. Kot Addu Power Company Limited.
    4. Pakistan Telecommunication Company Limited.
    5. National Bank of Pakistan.
    6. Pakistan State Oil Company Limited.
    7. Sui Northern Gas Pipeline Limited.


3-NIT-EMOF

NIT started making investments from this Fund on 25th July 2008. NIT – EMOF was constituted under the Trust Deed executed between National Investment Trust Limited (NITL) being the management company and Central Depository Company (CDC) of Pakistan being Trustee.


4-NIT-GB

NITL, in its efforts to provide a wide range of services to cater the needs of different classes of investors, has launched NIT Government Bond Fund. It is an open end Income Fund investing primarily in the short term as well as long term Government Securities with maximum weighted average time to maturity not exceeding 7.5 years.

NIT GBF is a low risk income fund with major investment (70% or above) in Government Securities while remaining (30% or below) in schedule banks having investment grade.


5-NIT-IF

NITL, in its efforts to provide a wide range of services to cater to the needs of different classes of investors, has launched a new fund in the Fixed Income Category by the name of “NIT Income Fund”. It is also an open end Income Fund.

The Government of Pakistan in the near future intends to privatize the above funds (except NI(U)T-LOC Fund) through transfer of management rights.