Karachi: The Board of Directors at AKD Investment Management Limited (AKDIML) has released their nine-month financial report for the period ending March 31, 2026, highlighting the performance of various funds under its management. The report, dated May 4, 2026, reflects a period of economic transition influenced by inflationary pressures and geopolitical tensions.
The AKD Opportunity Fund (AKDOF) reported a return of 6.66% for the first nine months of FY26, falling short of the KSE100 Index benchmark return of 18.40%. Similarly, the Golden Arrow Stock Fund (GASF) posted a return of 2.26%, also lagging behind the K51100 Index benchmark of 18.40%.
The AKD Islamic Stock Fund (AKDISSF) achieved a return of 4.03%, compared to its benchmark KMI30 Index return of 16.87%. Meanwhile, the AKD Index Tracker Fund (AKDITF) closely mirrored its benchmark, with a return of 17.90% against the KSE100 Index’s 18.40%.
On the income fund front, the AKD Cash Fund (AKDCF) reported an annualized return of 10.00%, slightly below its benchmark return of 10.52%. The AKD Islamic Income Fund (AKDISIF) recorded an annualized return of 8.98%, compared to a benchmark of 9.35%.
The AKD Aggressive Income Fund (AKDAIF) outperformed its benchmark with a return of 16.75% against an 11.05% benchmark, marking a very large or significant move. The AKD Islamic Cash Fund (AKDICF), formerly the AKD Islamic Daily Dividend Fund, posted an annualized return of 11.22%, surpassing its benchmark return of 9.29%, also a very large or significant move.
According to information available from the Pakistan Stock Exchange (PSX), the broader macroeconomic environment during the first nine months of FY26 was marked by a shift from post-stabilization recovery to challenges posed by global market volatility and geopolitical strains. Inflationary pressures have re-emerged, with the headline Consumer Price Index (CPI) averaging 5.67%, which remained within the State Bank of Pakistan’s medium-term target range but showed signs of rising towards the end of the period.
The fiscal landscape showed improvement, with a fiscal surplus of 0.4% of GDP, in contrast to a deficit recorded in the same period the previous year. The fiscal improvement was attributed to a 9.5% increase in tax collection and a decline in total expenditure by 10.3%.
On the external front, the current account registered a marginal surplus of USD 8 million, down from USD 1.67 billion in the previous year, despite stable export figures. The trade deficit widened amid increased import demand linked to industrial activity, while worker remittances provided a stabilizing effect, rising 8% YoY to USD 30.32 billion.
The report underscores that Pakistan’s macroeconomic fundamentals remain stable but are increasingly vulnerable to external shocks, particularly in light of escalating geopolitical tensions in the Middle East and fluctuating global commodity prices. The State Bank of Pakistan maintained its policy rate at 10.50% through the January and March 2026 meetings, signaling caution amid these developments.
The information indicates that while Pakistan’s economic growth is gradually recovering, it remains uneven, with inflation and external stability as key areas of concern going forward.