In CY25, Pakistan’s equity market posted a strong performance, with the KMI-30 Index gaining ~39% during the
year, supported by macroeconomic stabilization and improved investor confidence. The rally was reinforced by
continued IMF support under the International Monetary Fund programs, including disbursements of ~USD 1.2bn,
while State Bank of Pakistan foreign exchange reserves strengthened to above ~USD 16bn by year-end. Ongoing
monetary easing, a relatively stable PKR, and resilient remittance inflows further supported liquidity and sentiment. Against this backdrop, Islamic Stock Category Funds remained well positioned to benefit from the positive momentum. Within Islamic Equity Fund category, PACRA rated 3 out of 21 funds, with the category posting an average annual return of ~31.39%. AKD Islamic Stock Fund earned a 3-Star ranking, delivering a 1-Year return of ~31.39%, while the top performing fund within the same category generated a return of ~45.41%. As of December '25, the Fund maintained an exposure of ~87.35% in Equities, ~0.26% in Cash, and the remaining in Others including receivables. Major sector allocations included Cable & Electrical Goods (~16.45%), Commercial Banks (~11.36%), Power Generation & Distribution (~11.32%), Pharmaceuticals (~7.14%), Inv. Banks / Inv. Cos. / Securities Cos. (~7.14%), while ~33.96% was diversified across other sectors.

Over the past three years, Pakistan’s market navigated persistent inflationary pressures, sharp currency
depreciation, external financing constraints, and prolonged political uncertainty, alongside a consistently high interest rate environment; despite these macro headwinds, the KMI-30 Index delivered cumulative gains of roughly ~264% across three years, supported by stabilization under the IMF program, gradual monetary easing,
strengthening foreign exchange reserves, improving current account dynamics, and resilient corporate profitability, positioning Pakistan among the top-performing frontier markets during this period. Islamic Equity category showed resilience, with the average 3-Year return of ~266.29%. AKD Islamic Stock Fund earned a 2-Star ranking, delivering a 3-Year return of ~248.15%. As of December '25, the Fund maintained an exposure of ~87.35% in Equities, ~0.26% in Cash, and the remaining in Others including receivables. Major sector allocations included Cable & Electrical Goods (~16.45%), Commercial Banks (~11.36%), Power Generation & Distribution (~11.32%), Pharmaceuticals (~7.14%), Inv. Banks / Inv. Cos. / Securities Cos. (~7.14%), while ~33.96% was diversified across other sectors.

Over five years, Pakistan’s market faced high inflation, PKR depreciation, external financing stress, and political
uncertainty, but improved macro stability, IMF support, stronger FX reserves, and easing rates from CY23 fueled a
strong recovery, with the KMI-30 Index delivering multi-year gains and emerging as a top-performing frontier
market. Islamic Equity category showed resilience, with the average 5-Year return of ~158.2%. AKD Islamic Stock Fund earned a 4-Star ranking, delivering a 5-Year return of ~199.76%. As of December '25, the Fund maintained an exposure of ~87.35% in Equities, ~0.26% in Cash, and the remaining in Others including receivables. Major sector allocations included Cable & Electrical Goods (~16.45%), Commercial Banks (~11.36%), Power Generation & Distribution (~11.32%), Pharmaceuticals (~7.14%), Inv. Banks / Inv. Cos. / Securities Cos. (~7.14%), while ~33.96% was diversified across other sectors.