AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: The KSE Meezan Index Fund (KMIF), an open-end index tracker fund, has reported a robust performance for the fiscal year 2024, achieving a return of 75.02%, significantly outpacing its benchmark, the KSE Meezan Index (KMI-30), which increased by 78.70% to close at 126,424.92 points. This performance is part of the strategic investment philosophy managed by Meezan Investment Management Limited, aiming to closely track and mirror the KMI-30, which encompasses the top 30 Shariah-compliant companies in Pakistan.
According to information available from the Pakistan Stock Exchange (PSX), the fund’s asset allocation for the year prioritized sectors such as fertilizer, cement, and power generation, reflecting their pivotal role in the fund’s overall strategy and performance. The fund’s ability to nearly match the performance of its benchmark highlights its effective management and strategic asset placement.
In the fiscal year 2024, KMIF posted a total income of Rs. 1,830 million, which includes both realized and unrealized gains on investments, alongside dividends received from the tracked companies. The fund’s net asset value per unit as of June 30, 2024, stood impressively at Rs. 101.533, marking a substantial increase from the previous year’s Rs. 64.932 per unit.
Additionally, the fund demonstrated its commitment to societal contributions by allocating an amount for charitable purposes in consultation with Shariah advisors, reinforcing its ethical investment mandate. This initiative is a part of its broader corporate responsibility towards contributing to societal well-being through sustainable investment practices.
KMIF also disclosed its unit holdings breakdown as of June 30, 2024, showing a diverse investor base, which underpins the fund’s accessibility and appeal to a broad spectrum of investors seeking Shariah-compliant investment opportunities.