⚡ Flash Summary

AL Habib Asset Management Limited has released the unaudited financial results for various funds for the quarter ended September 30, 2025. The reports detail the condensed interim income statements for nine funds: AL Habib Cash Fund, Money Market Fund, Income Fund, Asset Allocation Fund, Stock Fund, Islamic Cash Fund, Islamic Income Fund, Islamic Savings Funds, and Islamic Stock Fund. Most funds exhibit fluctuating net income compared to the same quarter last year, reflecting market volatility and strategic portfolio management decisions. The reports outline income sources, expenses, and net income before and after taxation for each fund.

📌 Key Takeaways

• 💰 **AL Habib Cash Fund**: Net income after taxation decreased to PKR 1,568.279 million from PKR 2,315.270 million year-over-year.
• 💸 **AL Habib Money Market Fund**: Net income after taxation increased to PKR 2,056.895 million from PKR 1,040.731 million year-over-year.
• 📈 **AL Habib Income Fund**: Net income after taxation increased to PKR 615.719 million from PKR 439.086 million year-over-year.
• 📊 **AL Habib Asset Allocation Fund**: Net income after taxation significantly increased to PKR 117.908 million from PKR 11.692 million year-over-year.
• 💹 **AL Habib Stock Fund**: Net income after taxation sharply increased to PKR 2,471.550 million from PKR 128.714 million year-over-year.
• 🌙 **AL Habib Islamic Cash Fund**: Net income after taxation decreased to PKR 698.329 million from PKR 931.575 million year-over-year.
• ⭐ **AL Habib Islamic Income Fund**: Net income after taxation decreased to PKR 538.370 million from PKR 525.920 million year-over-year.
• 🛡️ **AL Habib Islamic Savings Funds**: Net income after taxation decreased to PKR 518.355 million from PKR 919.201 million year-over-year.
• 🕌 **AL Habib Islamic Stock Fund (2024)**: Net income after taxation sharply increased to PKR 78.399 million from PKR 23.278 million (2023).
• 💼 **Management Fees**: Expenses include significant remuneration to AL Habib Asset Management Limited as management company across all funds, reflecting operational costs.
• 📜 **Regulatory Fees**: Each fund incurs annual fees to the Securities and Exchange Commission of Pakistan (SECP), highlighting compliance costs.
• 🤝 **Trustee Remuneration**: Remuneration is paid to the Central Depository Company of Pakistan Limited – Trustee, alongside associated Sindh Sales Tax.
• 🏦 **Income Variations**: Fluctuations in income from bank deposits, term deposit receipts, and investments drive the overall performance of the funds.
• 📉 **Expense Management**: Funds show varied levels of expense management, impacting net income.

🎯 Investment Thesis

Based on the mixed performance across AL Habib Funds, a HOLD recommendation is appropriate. While certain funds like the Stock Fund exhibit strong growth potential, others face challenges in the current market environment. Given the diversified nature of ALHAML-FUNDS, maintaining existing positions allows for balanced exposure. A price target cannot be accurately determined without additional information and fund-specific metrics. The time horizon is MEDIUM_TERM, allowing for potential adjustments in investment strategy based on future market conditions and fund performance.