ABL-FUNDS

⚡ Flash Summary

ABL Cash Fund (ABL-CF) reported its quarterly financial statements for the period ending September 30, 2025. The fund’s annualized return stood at 9.75% against a benchmark return of 10.66%. AUMs of ABL-CF increased substantially to PKR 60,396.55 million at Sep’25, resulting in a growth of 47.11% from PKR 41,055.17 million at the end of June 2025. The fund had 53.04% exposure in T-bills, 0.34% exposure in TFCs/Sukuks, and 45.99% of the exposure was placed in Cash.

📌 Key Takeaways

• 📈 AUM grew by 47.11% reaching PKR 60,396.55 million.
• 📊 Annualized return of the fund was 9.75%, below the benchmark of 10.66%.
• 🏛️ 53.04% of the fund’s assets are invested in T-bills.
• 💼 0.34% of the fund is invested in TFCs/Sukuks.
• 💰 45.99% of the fund’s exposure was allocated to cash.
• 🇵🇰 Pakistan’s economy is building on stabilization momentum, with inflation averaging 4.2% YoY.
• 📉 September CPI accelerated to 5.6% YoY from 3.0% YoY in August.
• 🏦 SBP maintained the policy rate at 11% reflecting confidence in price stability.
• 🏭 Large-scale manufacturing showed tentative signs of recovery.
• 💰 Liquid FX reserves stood close to US$19.8bn by September.
• ⬆️ S&P upgraded Pakistan’s rating in July 2025, followed by Moody’s in August.
• 🌱 YTD AUMs growth in the open-end mutual fund industry was 7.81%.
• 📊 Headline CPI averaged 4.2% YoY during the quarter, down from 9.2% in 1QFY25.
• ⚠️ Inflation initially moderated, but projected to rise to 5.1-7.0% in September.
• ⭐ Management Quality Rating (MQR) of ABL AMC at ‘AM1’ with a ‘Stable’ outlook.

🎯 Investment Thesis

HOLD. The fund’s AUM growth is positive, but the slightly below-benchmark returns warrant a neutral stance. The high allocation to T-bills and cash provides stability but limits potential upside. Active management to improve returns and a closer tracking of the benchmark are needed for a more positive outlook.

⚡ Flash Summary

ABL-FUNDS announced: ABL Financial Planning Fund- Quarterly Financial Statements for the quarter ended September 30, 2025.. Basic analysis suggests neutral sentiment. Professional review recommended.

📌 Key Takeaways

• ABL-FUNDS made announcement: ABL Financial Planning Fund- Quarterly Financial Statements for the quarter ended September 30, 2025.
• Automated analysis: HOLD signal detected
• Signal strength: 5/10
• This is basic analysis – manual review recommended
• Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for ABL-FUNDS. Manual verification required.

⚡ Flash Summary

ABL-FUNDS announced: ABL Financial Sector Fund- Quarterly Financial Statements for the quarter ended September 30, 2025.. Basic analysis suggests neutral sentiment. Professional review recommended.

📌 Key Takeaways

• ABL-FUNDS made announcement: ABL Financial Sector Fund- Quarterly Financial Statements for the quarter ended September 30, 2025.
• Automated analysis: HOLD signal detected
• Signal strength: 5/10
• This is basic analysis – manual review recommended
• Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for ABL-FUNDS. Manual verification required.

⚡ Flash Summary

ABL-FUNDS announced: Allied Finergy Fund- Quarterly Financial Statements for the quarter ended September 30, 2025.. Basic analysis suggests neutral sentiment. Professional review recommended.

📌 Key Takeaways

• ABL-FUNDS made announcement: Allied Finergy Fund- Quarterly Financial Statements for the quarter ended September 30, 2025.
• Automated analysis: HOLD signal detected
• Signal strength: 5/10
• This is basic analysis – manual review recommended
• Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for ABL-FUNDS. Manual verification required.

⚡ Flash Summary

ABL Income Fund (ABL-IF) reported its unaudited financial statements for the quarter ended September 30, 2025. The fund posted an annualized return of 9.94% against a benchmark return of 10.57%. The AUM decreased by 5.58% to PKR 3,845.80 million from June 2025. The Fund had significant exposure to cash (44.04%), TFCs (16.65%), and T-Bills (23.84%). The management company has been assigned a quality rating of ‘AM1’ by PACRA.

📌 Key Takeaways

• 📉 AUMs decreased by 5.58%, closing at PKR 3,845.80 million compared to PKR 4,073.42 million in June 2025.
• 📊 Annualized return of 9.94% underperformed the benchmark return of 10.57%.
• 💰 Significant cash holdings at 44.04% of the fund’s exposure.
• 💼 16.65% exposure in Term Finance Certificates (TFCs).
• 📈 4.77% allocation to Pakistan Investment Bonds (PIBs).
• 📜 23.84% investment in Treasury Bills (T-Bills).
• 🛡️ 7.84% held in Government Guaranteed Securities.
• 🏦 Monetary Policy maintained the policy rate at 11.00%.
• ⬆️ Headline CPI rose to 4.06% YoY in July, then eased to 3.0% YoY in August.
• 🌱 Large-scale manufacturing showed tentative signs of recovery with 8.99% YoY growth in July.
• ⚠️ Fiscal collections missed the quarterly target by approximately Rs 198-200 billion.
• 🌍 External account saw exports totaling US$5.3 billion and imports at US$10.4 billion, resulting in a goods deficit of US$5.1 billion.
• ➡️ The Fund Stability Rating (FSR) for ABL IF is ‘A+ (f)’ by PACRA.
• 🏢 ABL Asset Management Company’s (ABL AMC) Management Quality Rating (MQR) is ‘AM1’ by PACRA with a ‘Stable’ outlook.

🎯 Investment Thesis

Given the fund’s underperformance, decrease in AUM, and the missed fiscal target in Pakistan which increases economic fragility, the recommendation is HOLD. The fund has significant cash holdings and liquid assets, but higher expenses and decreased revenues create uncertainty.

⚡ Flash Summary

ABL-FUNDS announced: ABL Islamic Financial Planning Fund- Quarterly Financial Statements for the quarter ended September 30, 2025.. Basic analysis suggests neutral sentiment. Professional review recommended.

📌 Key Takeaways

• ABL-FUNDS made announcement: ABL Islamic Financial Planning Fund- Quarterly Financial Statements for the quarter ended September 30, 2025.
• Automated analysis: HOLD signal detected
• Signal strength: 5/10
• This is basic analysis – manual review recommended
• Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for ABL-FUNDS. Manual verification required.

⚡ Flash Summary

ABL-FUNDS announced: ABL Islamic Income Fund-Quarterly Financial Statements for the quarter ended September 30, 2025.. Basic analysis suggests neutral sentiment. Professional review recommended.

📌 Key Takeaways

• ABL-FUNDS made announcement: ABL Islamic Income Fund-Quarterly Financial Statements for the quarter ended September 30, 2025.
• Automated analysis: HOLD signal detected
• Signal strength: 5/10
• This is basic analysis – manual review recommended
• Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for ABL-FUNDS. Manual verification required.

⚡ Flash Summary

ABL Islamic Stock Fund (ABLISF) reported its quarterly financial statements for the period ended September 30, 2025. The fund’s AUM increased significantly by 45.83% to PKR 4,568.21 million, compared to PKR 3,132.41 million in the previous quarter. The fund posted a return of 27.79%, underperforming against the benchmark return of 33.20%. The management quality rating was assigned ‘AM1’ by PACRA. The equity market experienced a rally, but recent floods could cause a rise in inflation.

📌 Key Takeaways

• 📈 AUM increased by 45.83% QoQ, reaching PKR 4,568.21 million.
• 📉 Fund return of 27.79% underperformed the benchmark return of 33.20%.
• ⭐ Management Quality Rating (MQR) affirmed at ‘AM1’ by PACRA.
• ✔️ The KMI-30 index saw a rally, rising 33.2% QoQ.
• ✔️ Investor confidence improved due to credit rating upgrades by S&P and Moody’s.
• ✔️ SBP reported a record profit of PKR 2.5 trillion.
• ✔️ The fiscal deficit stood at 5.4% of GDP.
• ✔️ FX reserves averaged USD 14.4 billion.
• ⚠️ Market faced foreign outflows of USD 132 million.
• ⚠️ New fiscal measures included PKR 340 billion in extra taxes and fuel price hikes.
• ⚠️ FBR revenue missed targets by PKR 200 billion.
• ⚠️ Inflation averaged 4.2% YoY.
• ⚠️ Recent floods across the country could contribute to a rise in inflation.

🎯 Investment Thesis

HOLD. The ABL Islamic Stock Fund has demonstrated significant AUM growth, reflecting investor confidence, but the underperformance against its benchmark warrants a hold rating. The potential inflationary pressure could dampen future returns. More analysis is needed.