Pakistan’s mutual fund industry reached a record high in equity assets under management in January 2026, reflecting strong market performance and significant inflows. Total mutual fund assets under management increased to Rs. 4.317 trillion, according to a report by Arif Habib Limited. Equity AUMs surged 11 percent month-on-month to Rs. 748 billion, representing 17 percent of total industry assets, while debt AUMs declined slightly by 1 percent to Rs. 3.569 trillion.
Among conventional equity funds, National Investment Trust Limited remained the largest player, managing Rs. 99 billion in equity assets, followed by NBP Fund Management Limited with Rs. 68 billion, UBL Fund Managers Limited with Rs. 49 billion, MCB Investment Management Limited with Rs. 44 billion, and Atlas Asset Management Limited with Rs. 42 billion. In the Islamic or Shariah-compliant segment, Al Meezan Investment Management Limited led the market with Rs. 113 billion in equity AUMs, followed by Pak-Qatar Asset Management Company Limited with Rs. 46 billion, UBL Fund Managers Limited with Rs. 44 billion, NBP Fund Management Limited with Rs. 24 billion, and Lucky Investments Limited with Rs. 21 billion.
The top 30 equity holdings of mutual funds accounted for 60.7 percent of total equity AUMs, valued at Rs. 454 billion. Pakistan State Oil emerged as the most prominent stock, with mutual funds collectively holding 42.8 percent of its free float. Other leading stocks included Oil and Gas Development Company at 24.8 percent, Pakistan Petroleum Limited at 22.2 percent, Kohat Cement Company at 21.5 percent, and Pakistan Tobacco Company at 21.1 percent.
In terms of fund participation, Pakistan Petroleum Limited was held by 87 mutual funds, Oil and Gas Development Company by 85 funds, Fauji Fertilizer Company by 82 funds, Lucky Cement by 78 funds, and Meezan Bank Limited by 67 funds. The data underscores rising investor participation in equity funds and the growing concentration of investments in leading blue-chip stocks across Pakistan’s mutual fund industry, highlighting continued confidence in equity markets.
