⚡ Flash Summary

OPEN FUND 786 Smart Fund’s quarterly report for the period ended September 30, 2025, indicates a decrease in net assets from PKR 1,513.811 million to PKR 1,409.085 million. However, the Net Asset Value (NAV) per unit increased from PKR 84.06 to PKR 86.02 during the quarter. The fund’s total income decreased from PKR 69.798 million to PKR 42.141 million, while net income also declined from PKR 62.714 million to PKR 34.061 million. This performance reflects broader economic stabilization efforts in Pakistan amid ongoing inflationary pressures.

📌 Key Takeaways

• 📉 Net assets decreased from PKR 1,513.811 million to PKR 1,409.085 million.
• ⬆️ NAV per unit increased from PKR 84.06 to PKR 86.02.
• 📉 Total income decreased from PKR 69.798 million to PKR 42.141 million.
• 📉 Net income decreased from PKR 62.714 million to PKR 34.061 million.
• 🏦 Balances with banks decreased from PKR 949.917 million to PKR 714.882 million.
• ⬆️ Investments increased from PKR 558.697 million to PKR 690.756 million.
• ⬆️ Accrued income/profit decreased slightly from PKR 18.962 million to PKR 17.591 million.
• 📊 Total assets decreased from PKR 1,527.728 million to PKR 1,423.380 million.
• 💸 Total liabilities increased slightly from PKR 13.917 million to PKR 14.295 million.
• 📜 Number of units in issue decreased from 18,007,686 to 16,380,813.
• 📉 Income from investments and balances with banks decreased from PKR 64.342 million to PKR 40.466 million.
• ⬆️ Expenses increased from PKR 7.083 million to PKR 8.079 million.
• 🌐 Pakistan’s liquid foreign exchange reserves stood at USD 19.79 billion.
• ✅ Registration of the Trust Deed of the fund was made under the Sindh Trust Act, 2020.

🎯 Investment Thesis

Given the decrease in total income and net income, a HOLD recommendation is appropriate. While the NAV per unit increased slightly, the overall decline in net assets and higher expenses raise concerns. Further analysis of the fund’s asset allocation, expense management, and sector-specific performance is needed before considering a BUY recommendation. If the fund can control expenses and improve its income-generating capacity, it may warrant a more positive outlook. If the sector in general is in for poor performance then a SELL recommendation is appropriate.