Mutual fund equity AUMs slide 9% in Feb 2026

March 18, 2026 (MLN): The Pakistani mutual fund industry saw a notable shift in asset allocation this February, as total equity Assets Under Management (AUMs) fell by 9% month-on-month, settled at Rs678 billion.

While the broader industry AUMs experienced a slight overall decline to Rs4,309bn, there was a distinct rotation toward safer assets; debt-based AUMs increased by 2% during the same period to reach Rs3,632bn.

By the end of February, equities accounted for 16% of the total industry portfolio, down from the previous month.

The data, compiled by Arif Habib Limited (AHL), highlights that Al Meezan Investment Management remains the dominant player in the Shariah-compliant space with Rs103bn in equity AUMs, representing a 32% market share of all Islamic equity holdings.

On the conventional side, National Investment Trust Limited (NIT) led the sector with Rs91bn, accounting for 13% of total equity AUMs.

Despite the monthly dip in total value, professional fund managers maintained high conviction in blue-chip stocks, with the top 30 holdings representing over 63% of the industry's total equity exposure.

Pakistan State Oil (PSO) emerged as the leading stock among the top 30 holdings in terms of ownership concentration, with mutual funds collectively holding 42.7% of its free float.

Other stocks with significant mutual fund ownership include OGDC (25.8%), PPL (24.0%), KOHC (21.5%), and KTML (21.0%).

However, in terms of the number of funds holding a specific stock, OGDC topped the list with 89 funds, followed by LUCK with 85 funds and FFC with 82 funds.

Top 10 Mutual Fund Equity Holdings (Feb '26)

The following table details the largest stock positions held by mutual funds based on total market value:

Source: AHL Research, MUFAP, PSX

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