PACRA Maintains Asset Manager Rating of 786 Investments Limited.

The rating of 786 Investments Limited (“786IL” or the “AMC”) reflects its sponsorship profile, which contributes to business sustainability, and enhances market credibility, thereby strengthening the AMC’s brand positioning and investor confidence. It operates under the umbrella of the First Dawood Group, a prominent and diversified conglomerate with a strong foothold in the financial and industrial sectors through its association with leading enterprises. Being a publicly listed AMC, 786 Investments Limited upholds a strong commitment to transparency and sound corporate governance. The AMC’s seasoned management team and well-defined organizational structure further reinforce operational stability and strategic direction. During 9MCY26, industry AUMs stood at PKR 4,721bln (CY25: PKR 4,199bln), growing ~12.4% YoY. Shariah-compliant funds grew by ~19.2% YoY, while conventional funds grew ~6.3%. Meanwhile, the AMC's AUM remained intact at PKR ~1.9bln at the end of 9MCY26 (CY25: PKR ~1.9bln), with the market share of 0.04%. The AMC currently manages two funds in major categories: the 786 Smart Fund and the 786 Islamic Money Market Fund, both classified under the Shariah-compliant Income and Shariah-compliant money market categories. The AMC has exhibited good fund performance and delivering returns surpassing their respective benchmarks. The AMC also obtained its VPS licence in April 2026 and is targeting the launch of its pension fund in the near term. As per management, Dawood Family Takaful will serve as the distribution partner under an established arrangement with 786 Investments Limited, leveraging its existing customer base and distribution network for VPS sales and investor mobilization, while 786 Investments Limited will retain the fund management function. The clientele mix of 786IL currently comprises 80% institutional and 20% retail investors. The AMC is focusing on increasing retail penetration through expanding its distribution network to enhance accessibility, operational efficiency, and customer experience. On digital front, the AMC is enhancing its digital infrastructure through targeted IT investments by developing a mobile app which is expected to be launched by the end of CY26. These efforts are designed to strengthen the AMC’s market position and better serve its clients.
On the financial profile side, the management fee income of the AMC stood at PKR ~5.7mln in 3MFY27 (3MFY26: PKR ~6.0mln). The profitability declined sharply to PKR ~0.4mln (3MFY26: PKR ~12.8mln). This was due to a decline in net realized gains on investments to PKR ~0.1mln (3MFY26: PKR ~13.3mln).
The rating is dependent on the materialization of strategy to enhance AUM's and the market position of the AMC. Meanwhile, maintaining strong fund performance and diversifying the fund slate is important. Upholding high governance standards and strengthening risk management is crucial for the rating.

About the Entity
The majority shareholding of the 786 Investments Limited is held by the First Dawood Group through Miss Tara Uzra Dawood (29.99%), B.R.R. Guardian Limited (19.99%), and the Bank of Khyber (11.25%). The remaining shareholding of ~38.76% is held by other individuals and corporate entities. The AMC's Board of Directors currently comprises seven board members out of which, three independent and three are non-executive. The Chairperson, Mr. Ahmed Salman Munir, possesses more than 31 years of professional experience in the banking industry.