Pakistan’s mutual fund industry recorded its highest-ever equity assets under management (AUMs) in January 2026, reflecting strong inflows and market performance during the month.
According to industry data, total mutual fund AUMs increased to Rs. 4.317 trillion in January 2026, Arif Habib Limited (AHL) said in a report.
Equity AUMs surged by 11 percent month-on-month to a record Rs. 748 billion, representing 17 percent of total industry assets. In contrast, debt AUMs declined marginally by 1 percent month-on-month to Rs. 3.569 trillion.
Among conventional equity funds, National Investment Trust Limited remained the largest player, managing equity assets worth Rs. 99 billion, accounting for 13 percent of total equity AUMs. It was followed by NBP Fund Management Limited with Rs. 68 billion (9 percent), UBL Fund Managers Limited with Rs. 49 billion (7 percent), MCB Investment Management Limited with Rs. 44 billion (6 percent), and Atlas Asset Management Limited with Rs. 42 billion (6 percent).
In the Islamic (Shariah-compliant) segment, Al Meezan Investment Management Limited led the market with equity AUMs of Rs. 113 billion, representing 15 percent of total equity assets. Other major players included Pak-Qatar Asset Management Company Limited with Rs. 46 billion (6 percent), UBL Fund Managers Limited with Rs. 44 billion (6 percent), NBP Fund Management Limited with Rs. 24 billion (3 percent), and Lucky Investments Limited with Rs. 21 billion (3 percent).
As of January 2026, the top 30 equity holdings of mutual funds accounted for 60.7 percent of total equity AUMs, with a combined value of Rs. 454 billion.
Pakistan State Oil emerged as the most prominent stock among the top 30 mutual fund holdings during the month, with mutual funds collectively owning 42.8 percent of its free float.
Other major stocks with significant mutual fund ownership 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 the number of funds holding individual stocks, Pakistan Petroleum Limited topped the list, featuring in 87 funds and representing 22.2 percent of its free float. It was followed by Oil and Gas Development Company with 85 funds (24.8 percent), Fauji Fertilizer Company with 82 funds (9.5 percent), Lucky Cement with 78 funds (16.4 percent), and Meezan Bank Limited with 67 funds (14.2 percent).
The data highlights growing investor participation in equity funds and rising concentration in leading blue-chip stocks across the mutual fund industry.
