Pakistan’s mutual fund sector posted a historic milestone in January 2026, with equity assets under management (AUMs) reaching an all-time high, supported by strong investor inflows and favorable market conditions.
Industry figures shared by Arif Habib Limited show that total mutual fund AUMs rose to Rs. 4.317 trillion during the month. Equity-focused AUMs expanded by 11 percent on a month-on-month basis to a record Rs. 748 billion, making up 17 percent of overall industry assets. Meanwhile, debt AUMs slipped slightly by 1 percent month-on-month to Rs. 3.569 trillion.
Within the conventional equity category, National Investment Trust Limited retained its position as the largest fund manager, overseeing equity assets worth Rs. 99 billion, or 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 managing Rs. 42 billion (6 percent).
In the Islamic (Shariah-compliant) equity space, Al Meezan Investment Management Limited led the market with equity AUMs of Rs. 113 billion, accounting for 15 percent of total equity assets. Other notable players included Pak-Qatar Asset Management Company Limited with Rs. 46 billion (6 percent), NBP Fund Management Limited with Rs. 24 billion (3 percent), and Lucky Investments Limited with Rs. 21 billion (3 percent).
By the end of January 2026, the top 30 equity holdings of mutual funds represented 60.7 percent of total equity AUMs, translating into a combined value of Rs. 454 billion, indicating a high concentration in leading stocks.
Pakistan State Oil ranked as the most heavily held stock among mutual funds, with collective ownership amounting to 42.8 percent of its free float. Other companies with substantial mutual fund stakes 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.
Measured by the number of funds invested, Pakistan Petroleum Limited led the ranking, featuring in 87 mutual funds. It was followed by Oil and Gas Development Company with holdings across 85 funds, Fauji Fertilizer Company with 82 funds, Lucky Cement with 78 funds, and Meezan Bank Limited with exposure across 67 funds.
Overall, the figures underscore rising investor interest in equity mutual funds and a growing tilt toward large, liquid blue-chip stocks within the industry.
