In CY24, Pakistan's equity market saw a strong bull run, with the KSE-100, KSE-30, and KMI-30 indices up by ~84.36%, 74.47%, and ~70.56% respectively. Key factors driving this growth included IMF program approval, monetary easing, foreign investor confidence, exchange rate stabilization, and a rise in foreign reserves to USD 15.9 billion by Dec’24. Within Equity Funds, PACRA rated five out of twenty-four funds, with an average return of ~69.65%. The top fund achieved ~119.12% return. NBP Stock Fund earned a 4-Star rating, delivering a 1-year return of ~91.41%. As of Dec’24, the Fund's strategy was heavily equity-focused, with ~93.8% in stocks. It maintained liquidity with ~4.4% cash, ~1.4% in T-Bills, and ~0.4% in other assets. The Fund’s equity allocation was well-diversified, with significant investments in Oil & Gas Exploration (24.5%), Commercial Banks (16.4%), Fertilizers (11.1%), and Cement (11%).

Over the past three years, Pakistan’s capital markets faced economic challenges, including IMF delays, fiscal deficits, political uncertainty, and inflation fluctuations. These factors affected investor sentiment, leading to mixed fund performances. Despite this, the market showed resilience, with notable variance in returns. PACRA assigned star ratings to five funds out of twenty-four, with the category posting an average return of ~108.73%. The top fund achieved ~213.38%. NBP Stock Fund recorded a strong three-year return of ~155.11%, maintaining its 4-Star rating. As of Dec’24, the Fund’s portfolio was heavily equity-based, with ~93.8% in stocks. It managed liquidity with ~4.4% in cash, ~1.4% in T-Bills, and ~0.4% in other assets. Sector allocation included ~24.5% in Oil & Gas Exploration, ~16.4% in Commercial Banks, ~11.1% in Fertilizers, and ~11% in Cement, along with ~6.3% in Oil & Gas Marketing Companies. The remaining ~24.5% was spread across other sectors.

Over the past five years, Pakistan’s equity markets faced significant volatility due to macroeconomic imbalances, currency depreciation, political uncertainty, and monetary policy shifts. Despite these challenges, the market showed resilience, with CY24 witnessing a strong bull run. The KSE-100, KSE-30, and KMI-30 indices rose by ~84.36%, 74.47%, and 70.56%, respectively.
Within the Equity Fund category, PACRA rated five funds, with the category posting an average return of ~130.62%. The top-performing fund gained ~214.82%, while NBP Stock Fund delivered a return of ~185.75%, maintaining its 4-Star rating.
As of Dec’24, the Fund had ~93.8% of its portfolio in equities, focusing on growth. It maintained liquidity with ~4.4% in cash, ~1.4% in T-Bills, and ~0.4% in other assets. Sector allocation included ~24.5% in Oil & Gas Exploration, ~16.4% in Commercial Banks, ~11.1% in Fertilizers, ~11% in Cement, and ~6.3% in Oil & Gas Marketing Companies. The remaining ~24.5% was spread across other sectors, ensuring broad market exposure.