Karachi, February 19, 2026 — The mutual fund sector in Pakistan posted its highest assets under management ever last month. Figures show the industry closed January with Rs. 4.317 trillion in total AUM, driven mainly by a sharp rise in equity investments.
Equity-focused assets jumped 11% from December to Rs. 748 billion. This segment now makes up 17% of the overall industry. Debt assets saw a small drop of 1% to Rs. 3.569 trillion.
The growth points to more people putting money into stocks through mutual funds, helped by solid market gains and shifts away from lower-yielding fixed-income options.
Leading Players in Equity Funds
In conventional equity funds, National Investment Trust Limited held the top spot with Rs. 99 billion under management, or 13% of equity AUM. Close behind came:
- NBP Fund Management Limited — Rs. 68 billion (9%)
- UBL Fund Managers Limited — Rs. 49 billion (7%)
- MCB Investment Management Limited — Rs. 44 billion (6%)
- Atlas Asset Management Limited — Rs. 42 billion (6%)
For Shariah-compliant equity funds, Al Meezan Investment Management Limited led with Rs. 113 billion, equal to 15% of total equity assets. Other key names included:
- Pak-Qatar Asset Management Company Limited — Rs. 46 billion (6%)
- UBL Fund Managers Limited — Rs. 44 billion (6%)
- NBP Fund Management Limited — Rs. 24 billion (3%)
- Lucky Investments Limited — Rs. 21 billion (3%)
Top Stock Holdings and Ownership
The top 30 equity holdings across mutual funds stood at Rs. 454 billion, covering 60.7% of equity AUM.
Pakistan State Oil saw the heaviest mutual fund ownership, with funds holding 42.8% of its free float. Other stocks with strong presence included:
- Oil and Gas Development Company — 24.8%
- Pakistan Petroleum Limited — 22.2%
- Kohat Cement Company — 21.5%
- Pakistan Tobacco Company — 21.1%
When looking at the number of funds invested in each stock, Pakistan Petroleum Limited appeared in 87 funds. Oil and Gas Development Company followed in 85 funds, with Fauji Fertilizer Company in 82.
This pattern shows mutual funds focusing on large, stable companies in sectors like oil and gas, cement, and fertilizers.
The latest numbers reflect steady investor interest in equities amid a positive stock market environment in early 2026. Industry watchers expect this trend to continue as more people seek better returns through professional fund management.
