Karachi: The Board of Directors of AKD Investment Management Limited (AKDIMI), overseeing several funds including the AKD Opportunity Fund and Golden Arrow Stock Fund, has released its nine-month report ending March 31, 2026. The report provides a detailed financial performance assessment of its funds during a period marked by significant macroeconomic shifts.
For the nine months of fiscal year 2026, the AKD Opportunity Fund recorded a return of 6.66%, trailing behind the benchmark KSE300 Index’s 18.40% return. Similarly, the Golden Arrow Stock Fund posted a 2.26% return, also underperforming against its benchmark, the KSEWO Index, which registered an 18.40% gain.
The AKD Islamic Stock Fund yielded a 4.03% return, falling short of the KMI30 Index benchmark return of 16.87%. Meanwhile, the AKD Index Tracker Fund came close to its benchmark with a 17.90% return against the KSE100 Index’s 18.40%.
In the fixed income and cash fund category, the AKD Cash Fund’s annualized return stood at 10.00%, slightly below its benchmark’s 10.52%. The AKD Islamic Income Fund reported an 8.98% annualized return, compared to a 9.35% benchmark return.
The AKD Aggressive Income Fund showed a robust annualized return of 16.75%, significantly outperforming its benchmark return of 11.05%. The AKD Islamic Cash Fund, formerly known as the AKD Islamic Daily Dividend Fund, recorded an annualized return of 11.22%, surpassing its benchmark return of 9.29%, indicating a very large or significant move.
Sectoral performance showed minor moves as chemicals and machinery and equipment experienced slight changes, with changes of 0.09% and 0.06%, respectively. Pharmaceuticals and iron and steel products saw moderate moves, with deviations of 0.30% and 0.24%.
The macroeconomic backdrop highlighted a fiscal surplus of 0.4% of GDP, totaling PKR 541.9 billion, contrasting sharply with a 1.3% deficit in the previous year. This improvement was supported by a 9.5% increase in tax collections to PKR 6,160.8 billion and a 7.0% rise in non-tax revenues.
According to information available from the Pakistan Stock Exchange (PSX), the external account witnessed a surplus of USD 1.07 billion in March 2026. However, the cumulative current account for the nine months registered a marginal surplus of USD 8 million, down from USD 1.67 billion in the same period last year. Exports remained stable at USD 30.61 billion, while imports rose by -8% YoY to USD 56.29 billion, increasing the trade deficit to USD 25.67 billion.
The State Bank of Pakistan’s reserves stood at over USD 16 billion by the end of the nine-month period, contributing to a stable PKR against the US dollar. The government managed its external liabilities through repayments and fresh deposits, with continued support from bilateral partners and engagement with international investors.
Despite these measures, the macroeconomic environment remains susceptible to external volatility. Inflationary pressures re-emerged with CPI at 5.67% for the period, and YoY inflation rising to 7.30% in March 2026, indicating a potential risk of further upward pressure on prices.
Real GDP growth reflected resilience, recorded at 3.89% YoY for the second quarter, driven by a maturing industrial recovery. Large-Scale Manufacturing Industries showed a mixed trend, with an overall growth of 5.89% for the fiscal period compared to last year.
The economic outlook remains cautious amid global uncertainties, with external factors such as geopolitical tensions and commodity price volatility posing significant risks to the ongoing recovery.