Karachi, December 11, 2025 – Pakistan’s mutual fund industry has shattered another milestone, crossing the PKR 4.3 trillion mark for the first time in history.
According to data released by Optimus Capital Management, total Assets Under Management (AUM) jumped 2.2% month-on-month to a record PKR 4,306 billion as of November 30, 2025, adding a massive PKR 90 billion in fresh inflows in just 30 days.
The surge was powered by aggressive risk-taking by investors: equity funds grew 3.5% MoM and their share in total industry AUM climbed to an all-time high of 14.4% (up 20 basis points). Shariah-compliant income and equity funds remained the biggest beneficiaries, attracting the lion’s share of new money.
Al Meezan Investments retained its dominant position with PKR 667 billion (+4.1% MoM), while NBP Funds (PKR 509 bn) and HBL Asset Management (PKR 360 bn) held second and third spots respectively. Notably, HBL Asset Management overtook MCB Funds for the first time.
Smaller players stole the show on growth: Lucky Cement-backed Lucky Investment Ltd surged 8.0% MoM, JS Investments rose 4.8%, and Lakson Investments gained 4.5%. Meanwhile, money market funds witnessed marginal outflows for the second consecutive month as investors rotated toward higher-yielding equity and income categories amid expectations of further policy rate cuts.
Industry officials described the PKR 4.3 trillion milestone as a “turning point” for capital market depth in Pakistan. “Retail participation has never been this strong. The jump in equity allocation to 14.4% reflects growing confidence in the stock market rally and falling fixed-income yields,” said a senior fund manager.
With the KSE-100 up over 80% year-to-date, analysts expect the industry to comfortably breach PKR 4.5 trillion before March 2026.