AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore: Meezan Islamic Fund (MIF), a Shariah-compliant open-ended equity fund, reported a robust return of 73.00% for the fiscal year ending June 30, 2024, outperforming its benchmark, the KSE Meezan Index (KMI-30), which rose by 78.70%.
The fund’s net asset value increased from 54.80 rupees per unit at the start of the fiscal year to 81.67 rupees by year-end, marking a significant appreciation in investor capital. According to information available from the Pakistan Stock Exchange (PSX), the fund’s income for FY24 totaled 11.40 million rupees, with realized and unrealized gains contributing to a substantial portion of the total income.
The fund’s strategy for the year involved a high degree of equity exposure, maintaining an average of 97.97% throughout the year. This approach capitalized on the positive market conditions, particularly in sectors like Power Generation and Distribution, Oil and Gas Exploration, and Cement, where specific companies like The Hub Power Company and Kohat Cement Limited led the gains.
Notably, the fund declared a dividend of 13.13 rupees per unit, distributing a total of 2.86 million rupees to its investors, emphasizing its commitment to shareholder returns.
Performance-wise, MIF has positioned itself strongly against its peers in the equity market by focusing on sectors anticipated to benefit from macroeconomic shifts, such as infrastructural development and energy demand in Pakistan. The fund’s management has successfully navigated the complexities of the market, ensuring compliance with Shariah principles while achieving commendable growth.