PSO tops mutual funds’ equity bets

December 16, 2025 (MLN): Mutual funds doubled down on select large-cap names in November 2025, with Pakistan State Oil (PSO) emerging as the most heavily owned stock among the top 30 mutual fund holdings.

According to the data compiled by Arif Habib Limited, mutual funds collectively held 47.2% of PSO’s free float in Nov’25, cementing its position as the leading favourite.

Other stocks with sizeable mutual fund ownership included KOHC (27.7%), OGDC (22.8%), PPL (20.4%), KTML (19.4%), LUCK (16.8%), PAKT (16.4%), and MARI (15.2%), highlighting continued preference for energy, cement, and select industrial names.

On a month-on-month basis, portfolio adjustments were pronounced. The largest increase in mutual fund holdings was recorded in MLCF, which saw a sharp 266.2% MoM jump, followed by FCCL (+41.8%) and PPL (+31.5%).

In contrast, the steepest sell-offs were observed in FABL (-41.2%), AGP (-27.4%), PAKT (-21.7%), and MCB (-21.6%), indicating selective profit-taking and rebalancing.

In terms of breadth of ownership, OGDC topped the list, being held by 85 mutual funds, representing 22.8% of its free float.

It was followed by LUCK (84 funds), PPL (79 funds), FFC (78 funds), and PSO (68 funds), underlining OGDC’s broad-based appeal across fund categories.

Beyond traditional heavyweights, mutual funds also showed growing interest in mid-tier names, reflecting diversification trends.

Notable gainers in fund participation included CHCC (15 funds), FATIMA (14 funds), BAFL (13 funds), DGKC and FCCL (11 funds each), AKBL (10 funds), and SNGP and KOHC (9 funds each).

Despite stock-specific accumulation, overall equity exposure moderated. Equity mutual fund AUMs accounted for 14.82% of the total mutual fund industry on November 25, down from 15.3% in October.