⚡ Flash Summary

OPEN FUND 786 Islamic Money Market Fund reported results for the quarter ended September 30, 2025. The fund’s net assets decreased to PKR 382.553 million from PKR 437.277 million in the previous quarter. The Net Asset Value (NAV) per unit increased from PKR 100.40 to PKR 102.71 during the quarter. The fund earned a total income of PKR 11.194 million, primarily from bank balances and short-term investments and recorded a net income of PKR 10.291 million after expenses.

📌 Key Takeaways

• 📉 Net assets decreased to PKR 382.553 million as of September 30, 2025, compared to PKR 437.277 million as of June 30, 2025.
• ⬆️ NAV per unit increased from PKR 100.40 to PKR 102.71 during the quarter.
• 💰 Total income for the quarter was PKR 11.194 million.
• 🏦 Income primarily derived from bank balances and short-term investments.
• Expenses totaled PKR 0.903 million for the quarter.
• ✨ Net income for the quarter stood at PKR 10.291 million.
• 💵 Total liquid foreign exchange reserves of Pakistan were USD 19.79 billion as of September 30, 2025.
• 🏦 SBP’s reserves stood at USD 14.42 billion.
• 🏦 Commercial banks’ reserves were USD 5.39 billion.
• ⚖️ The fund is categorized as ‘Shariah Compliant Money Market’.
• 🤝 The Pakistan Credit Rating Agency Limited (PACRA) has assigned an asset manager rating of ‘AM3’ to the Management Company as at December 20, 2024.
• ✅ The Trust Deed of the fund was registered under the Sindh Trust Act on February 29 2024.
• 🧾 The total expense ratio (TER) of the Fund for the period ending on September 30, 2025, is 0.79%.
• 💸 Number of units in issue decreased to 3,724,455 from 4,355,336 in the prior quarter.

🎯 Investment Thesis

HOLD. While the fund demonstrates stable performance with increasing NAV, the decrease in net assets requires further observation. The investment strategy appears conservative, which aligns with the fund’s objective of capital preservation. The Shariah-compliant nature may appeal to specific investors. A hold recommendation is appropriate until further analysis of asset outflows and comparative performance against peers is conducted. Monitor for further asset outflows.