UBL-FUNDS

⚡ Flash Summary

UBL Funds has released its quarterly report for the period ended September 30, 2025, outlining the performance of various funds under its management. The report highlights key economic trends and provides a market review, with specific emphasis on fund performance and asset allocation. Key sectors driving market rally were banking, cements, and fertilizer.

📌 Key Takeaways

• 1. KSE-100 index reached an all-time high of 165,493 points, a 32% increase for the quarter.
• 2. Foreigners and banks continued to sell local equities, offloading shares amounting to USD 126 and USD 150 mn respectively
• 3. Total participation in T-bill auctions surged to PKR 9.37 trillion
• 4. UBL liquidity fund Launch Date: September 05, 2025
• 5. UBL Fund Managers Limited Management Quality Rating AM1 by VIS Credit Rating Company
• 6. Al-Ameen Islamic Sovereign Fund (AISF) yielded a return of 10.58% p.a.
• 7. Al-Ameen Islamic Aggressive Income Fund (AIAIF) posted a return of 10.63% p.a.
• 8. Al-Ameen Islamic Cash Fund (AICF) posted an annualized return of 9.63%.
• 9. Al-Ameen Islamic Asset Allocation Fund (AIAAF) posted a return of 12.33%
• 10. Al-Ameen Islamic Energy Fund (AIEF) posted a return of 26.43%
• 11. The Fund earned total income of PKR 1,114.982 million for the year ended September 30, 2025
• 12. Al-Ameen Islamic Income Fund (AIIF) posted a return of 8.48% during 3MFY26.
• 13. The Fund’s Net Assets stood at PKR 1,102 million at the end of the period and the Fund was invested in Cash (56%) and GOP Ijarah Sukuk (37%).
• 14. Al Ameen Islamic Fixed Return Plan – I (M) fund posted a return of 9.54% during 3MFY26.
• 15.

🎯 Investment Thesis

Based on the UBL Funds quarterly review, a HOLD recommendation seems suitable due to the balanced overview of fund performance and market conditions. This recommendation is tempered with a cautious view due to macroeconomic uncertainties, as well as regulatory and market risk. No specific price target or time horizon is mentioned.

⚡ Flash Summary

UBL Funds released their quarterly report for September 2025, revealing fund performances amidst macroeconomic challenges. Headline inflation rebounded to 5.6% in September, yet the State Bank of Pakistan maintained its policy rate. The domestic equity market benchmarked by KSE 100 rose 32% during the quarter, with domestic institutional investors being net buyers. Several funds such as ULPF, ULF, UCF, UMMF, and others demonstrated varied investment strategies and returns.

📌 Key Takeaways

• 📈 KSE 100 increased by 32% in 1QFY26, reaching 165,493 points.
• 🏦 Banking, cement, and fertilizer sectors were major contributors to KSE 100’s growth, adding 14,418pts, 4,613pts and 3,820pts respectively.
• 💰 Domestic institutional investors were net buyers of USD 206 mn and USD 89 mn.
• 📊 Treasury bills auction participation surged to PKR 9.37 trillion, exceeding the target.
• 💸 Government raised approximately PKR 3.54 trillion through T-bill auctions.
• ⭐ 1-month T-bill attracted the highest interest, accounting for 41% of total bids.
• 📉 Inflation is expected to hover around ~7% in FY26.
• ⚠️ Downside risks from geopolitical tensions and evolving global trade tariffs.
• ✔️ S&P upgraded Pakistan to B- from CCC+ in July.
• 👍 Moody’s upgraded Pakistan’s rating to Caa1 (Stable) in August.
• ⚡ ULPF yielded a return of 9.92% p.a. during 3MFY26.
• 💸 ULPF’s total income was PKR 630.601 million.
• 💵 ULPF’s net income was PKR 560.453 million.
• 💰 ULPF net assets stood at PKR 20,095.781 million.
• ➕ VIS Credit Rating Company Limited reaffirmed ULPF’s rating as AA+ (f) on January 09, 2025.

🎯 Investment Thesis

Based on current conditions and the anticipated economic outlook, a HOLD recommendation appears reasonable. While there may be no immediate catalyst for strong upward price movement, the risks are well-defined, and the fund’s historical performance has been steady. Investors with lower risk tolerance looking for moderate return, may benefit.

⚡ Flash Summary

UBL Funds has announced the condensed interim financial statements for the period ended September 30, 2025. The report encompasses eighteen different funds managed by UBL Fund Managers Limited. Financial data and key performance indicators are included for each fund. The financial results offer insights into the fund’s performance, investment strategies, and overall financial health during the specified period.

📌 Key Takeaways

• 💰Al-Ameen Islamic Aggressive Income Fund reports total income of PKR 31.998 million.
• 📊Al-Ameen Islamic Asset Allocation Fund has net income from operating activities of PKR 206.708 million.
• 💸Al-Ameen Islamic Cash Fund records a total income of PKR 1,291.770 million.
• ⚡Al-Ameen Islamic Energy Fund reflects an operating income of PKR 1,065.703 million.
• 👑Al-Ameen Islamic Sovereign Fund shows net income after taxation of PKR 224.065 million.
• 📈Al-Ameen Shariah Stock Fund’s net operating income is PKR 6,403.193 million.
• 🏢UBL Asset Allocation Fund’s net operating income amounts to PKR 409.215 million.
• 💵UBL Cash Fund records net operating income of PKR 352.921 million.
• 🏦UBL Financial Sector Fund’s operating income totals PKR 1,096.392 million.
• 🛡️UBL Government Securities Fund has operating income of PKR 368.495 million.
• 📈UBL Growth and Income Fund shows net operating income of PKR 119.494 million.
• ⭐UBL Income Opportunity Fund records net income from operating activities of PKR 240.689 million.
• 💧UBL Liquidity Plus Fund’s net operating income is PKR 560.453 million.
• 💲UBL Money Market Fund reports net operating income of PKR 1,600.397 million.
• 🇵🇰UBL Pakistan Enterprise Exchange Traded Fund shows net income from operating activities of PKR 1,734 million.

🎯 Investment Thesis

The report does not lend itself to one particular recommendation. Investment decisions depend on individual risk tolerance, investment goals, and preferences for Islamic or conventional funds. High-performing funds such as Al-Ameen Shariah Stock Fund and UBL Money Market Fund may be attractive for growth-oriented investors, while funds with stable income streams like UBL Government Securities Fund may appeal to risk-averse investors. Therefore, a HOLD recommendation is applied across the board until further analysis allows a more specific determination to be made. Price target would depend on the fund and its benchmark, and the time horizon is medium-term (6-12 months).

⚡ Flash Summary

UBL Fund Managers Limited has announced a Board of Directors meeting to be held on October 20, 2025, to review and approve the interim financial statements for the period ended September 30, 2025. The meeting will cover the financial performance of eighteen different funds managed by the company, including both Islamic and conventional funds, and funds focused on various asset classes like equity, fixed income, and money market instruments. This announcement signals a routine corporate governance event, focusing on the review of financials. The funds cater to diverse investor profiles.

📌 Key Takeaways

• 🗓️ Board of Directors meeting scheduled for October 20, 2025.
• 🏢 Meeting to be held at the Head Office, STSM Building, Karachi.
• 🕒 The meeting is scheduled to start at 11:45 AM.
• 📜 Agenda includes review and approval of interim financial statements.
• 📊 Financial statements are for the period ended September 30, 2025.
• 💰 Al-Ameen Islamic Aggressive Income Fund will be reviewed.
• 🗂️ Al-Ameen Islamic Asset Allocation Fund is on the agenda.
• 🏦 Al-Ameen Islamic Cash Fund’s performance will be assessed.
• ⚡️ Al-Ameen Islamic Energy Fund is up for review.
• 👑 Al-Ameen Islamic Sovereign Fund’s financials will be examined.
• ☪️ Al-Ameen Shariah Stock Fund will be discussed.
• 📈 UBL Asset Allocation Fund’s performance is on the list.
• 💵 UBL Cash Fund’s statements will be reviewed.
• 🏦 UBL Financial Sector Fund’s performance will be covered.
• 🛡️ UBL Government Securities Fund is also included in the agenda.

🎯 Investment Thesis

HOLD. The announcement of the board meeting to review financial statements is a routine event. Without access to the actual financial data, it is difficult to make a concrete buy or sell recommendation. A hold recommendation is appropriate pending a thorough review of the fund’s performance metrics and outlook.