Karachi: Meezan Asset Allocation Fund (MAAF), managed by Al Meezan Investment Management Limited, reported a notable performance for the fiscal year ended June 30, 2024, with the fund providing a 60.44% return to its investors. This performance is particularly significant in the context of the dynamic market conditions experienced over the period.

The fund, which focuses on a mix of Shariah Compliant Equity Instruments, Fixed Income, and Money Market Instruments, adjusted its portfolio actively in response to the economic conditions, achieving a substantial increase in its net asset value from PKR 39.86 to PKR 60.70. According to information available from the Pakistan Stock Exchange (PSX), this robust performance reflects a well-managed asset allocation strategy that effectively capitalized on market opportunities.

During FY24, Meezan Asset Allocation Fund's asset allocation saw 86.04% invested in equities and 11.77% in bank deposits, illustrating a strategic shift towards equities which contributed significantly to the overall performance. The total income for the fund was PKR 190.00 million, with realized and unrealized gains on investments amounting to PKR 93.00 million and PKR 67.00 million, respectively. Dividend income and profit on savings accounts contributed PKR 19.00 million and PKR 10.00 million, respectively.

The fund also made an interim distribution of PKR 3.25 per unit during the year, amounting to a total distribution of PKR 15.00 million, underscoring its commitment to delivering value to its investors. The net assets of the fund stood at PKR 312.00 million as of June 30, 2024, compared to PKR 454.00 million at the end of the previous year, reflecting a strategic rebalancing in response to market movements.

MAAF's adherence to Shariah compliance, under the guidance of Dr. Muhammad Imran Ashraf Usmani, ensures that all investments align with Islamic principles, with earnings from prohibited sources being redirected to charitable causes.