Karachi: The KSE Meezan Index Fund (KMIF), an open-end index tracker fund, delivered impressive returns to its investors during the fiscal year 2024. According to information available from the Pakistan Stock Exchange (PSX), the fund managed by Al Meezan Investment Management Limited, closely mirrored the surging KSE-Meezan Index 30 (KMI 30), showcasing a robust performance.

The fund's net asset value (NAV) increased significantly from Rs. 64.93 as of June 30, 2023, to Rs. 101.54 as of June 30, 2024. This represents a remarkable growth of 56.21%, with the NAV of the benchmark KMI 30 also climbing from 70,748 points to 126,424 points during the same period. The change reflects a gain of 55,676 points, translating into a return of 78.70% for the KMI 30, slightly outpacing the KMIF's return of 75.02%.

During the fiscal year, KMIF's total income surged to Rs. 1,830.00 million, a dramatic increase from Rs. 80.00 million in the previous year. This income included Rs. 218.00 million in realized gains and Rs. 1,354.00 million in unrealized gains on investments. Dividend income contributed an additional Rs. 250.00 million, with a nominal Rs. 1.00 million coming from profits on savings accounts.

Despite facing expenses totaling Rs. 64.00 million, the fund achieved a net income of Rs. 1,766.00 million. As a result, the net assets of KMIF grew to Rs. 3,973.00 million by June 2024, up from Rs. 2,585.00 million the previous year, indicating a robust growth rate of 54.00%.

The fund also engaged in charitable activities, setting aside Rs. 8.00 million for charity as part of its income purification process, in consultation with its Shariah Advisor to ensure compliance with Islamic financial principles.

An interim cash dividend of Rs. 12.08 per unit was distributed during the year, amounting to a total payout of Rs. 187.00 million, representing 24.16% of the fund's value per unit.

Investor participation in KMIF varied across different unit ranges, with 2,027 investors holding between 1 and 9,999 units and smaller numbers holding larger quantities, illustrating a diverse investor base.

The fund's proactive proxy voting policy, which ensures shareholder representation in governance, was fully exercised with 100% votes for the resolutions presented, underscoring Al Meezan Investment Management's commitment to transparency and stakeholder engagement.

For further details on KMIF's policies and performance, investors can access comprehensive reports through the Al Meezan Group's official website.