786 Investments Limited (“786IL” or the “AMC”) is a public listed Company incorporated in Pakistan. It is registered as a Non-Banking Finance Company (NBFC) under the NBFC Rules, 2003. The AMC holds licenses to undertake Asset Management Services as well as Investment Advisory Services in accordance with the provisions of the NBFC Rules, 2003 and the NBFC Regulations, 2008. The AMC also obtained a Pension Fund Manager licence in April 2026.

786 Investments Limited was established in 1990 and began its venture capital financing operations in 1993, with the Asian Development Bank (ADB) as a co founding sponsor. In 1999, it was acquired by the First Dawood Group. In 2002, First Dawood Group, in collaboration with ADB, transitioned the AMC’s operations to asset management. Then, in January 2017, the AMC’s name was changed from Dawood Capital Management Limited to 786 Investments Limited to more accurately reflect its focus on Islamic asset management.

786 Investments Limited is a relatively small player in the asset management industry. As of Sep'26, the AMC’s market share remained intact at approximately 0.04% on YoY basis, reflecting its modest presence within the overall mutual fund industry.

The AMC currently manages two funds — the 786 Smart Fund and the 786 Islamic Money Market Fund. The 786 Smart Fund falls under the Shariah-compliant Income category, while the 786 Islamic Money Market Fund is classified within the Shariah-compliant Money Market category. Both funds are managed in accordance with Shariah principles, offering investors ethical and compliant investment avenues. The AMC plans to launch its pension fund in the near future, with a strategic focus on expanding its Voluntary Pension Scheme (VPS) business. The pension fund could potentially mobilize more than PKR 1bln within approximately one year through Dawood Family Takaful after the successful launch of the fund as per management. The existing client base and sales experience of Dawood Family Takaful a meaningful opportunity for building scale in the pension product.

The top 10 investors accounted for ~95% of the total assets under management (AUMs) of the AMC whereas average related party holdings represent ~0.7% of the total AUM.

The majority shareholding of the AMC is held by the First Dawood Group through Miss Tara Uzra Dawood (29.99%), B.R.R. Guardian Limited (19.99%), and the Bank of Khyber (11.25%). The remaining shareholding of 38.76% is held by other individuals and corporate entities.

First Dawood Group is a well-established and diversified conglomerate in Pakistan with a long-standing presence in the Country’s business and financial landscape. The Group's business portfolio includes several entities, notably First Dawood Properties Limited (formerly First Dawood Investment Bank Limited), BRR Guardian Limited, Dawood Family Takaful Limited, Dawood Equities Limited and HydroChina Dawood Power (Private) Limited. These businesses reflect the Group's diversified interests across investment management, financial services, capital markets, takaful, real estate and power generation. Its enduring presence reflects a legacy of prudent business practices, strategic foresight, and a commitment to sustainable growth, positioning it as a trusted name within Pakistan’s corporate ecosystem.

Building on the experience and expertise of several decades, First Dawood Group enjoys a strong financial foundation emanating from its well diversified businesses.

The Board of Directors (BoD) of the AMC consists of seven members, including three independent directors, three non-executive directors, and one executive director. A strong governance framework bodes well for oversight and control.

The Board members have strong educational backgrounds and carry extensive experience. Mr. Ahmed Salman Munir - Chairperson possesses more than 34 years of professional experience in the banking industry. He began his career at Exxon Chemical Pakistan Ltd., gaining expertise in Industrial Relations and Company Secretarial functions, followed by five years as Head of HR at The Chase Manhattan Bank. In 1991, he joined the Asian Development Bank (Manila), where he spent 16 years in HR, ultimately serving as Principal Compensation and Benefits Specialist, overseeing 25 offices worldwide. Mr. Naveed Ahmed - Non-Executive Director has over 19 years of professional experience with Financial Institutions major in legal, compliance and corporate affairs. He has been associated with well reputed organizations like Central Depository Company of Pakistan, First Dawood Investment Bank Ltd and Dawood Family Takaful Limited. Mr. Syed Musharaf Ali - Non-Executive Director is highly motivated individual, with complete dedication and commitment to work and fast learner, looking forward to have excellent and rewarding business skills. He has done Masters in Business Finance and working as Chief Financial Officer in listed Financial Institution. He has vast experience in financial sector. Mr. Iqbal Shafiq - Non-Executive Director is highly motivated individual, with complete dedication and commitment to work and fast learner. He had established a consultancy firm in 1980 with the name Iqbal Shafiq Associates registered with Ministry of Planning Islamabad And Asian Development Bank. He has vast experience in financial consultancy. Mr Ahmer Zia Sarwar - Independent Director has over 26 years of professional teaching and training experience. Mr. Nadeem Akhter - Independent Director served for more than two decades in senior positions in various multinational and national organisations including rich experience of more than seventeen years in the insurance industry.

To ensure an effective control environment and compliance with reporting standards, the AMC has constituted an Audit Committee and HR Committee at the Board level. The Board met four times in FY26. 

The Audit Committee is responsible for ensuring the accuracy and integrity of the AMC’s financial statements and the effectiveness of its internal control framework. The internal audit function is maintained in-house and submits reports to the Audit Committee on a quarterly basis, enabling continuous monitoring and oversight. The external auditors, Riaz Ahmed & Company Chartered Accountants — classified in the “A” category on the SBP’s panel of auditors, have issued an unqualified opinion on the AMC’s financial statements for the period ended FY26.

The organizational structure is lean and aligns with the operations of the AMC. 786 Investments Limited operates through various departments. All departments report to the CEO except for the internal audit department, which reports to the audit committee.

The management team comprises experienced professionals carrying the requisite experience and skill set. Ms. Tara Uzra Dawood, CEO of 786 Investments Limited, holds a Doctorate in Judicial Science from Harvard Law School, specializing in Shariah finance, mergers and acquisitions, and corporate law. She serves on the boards of Pakistan Refinery Limited (PRL), LADIESFUND Energy (Private) Limited, Dawood Family Takaful Limited, Flow Petroleum (Private) Limited and Paysys Labs (Private) Limited. She also holds key positions with Danube University Krems, contributing to the financial services industry and academia. An active global advocate for Shariah-compliant finance, women's economic empowerment and sustainable development, she was selected for Austria's prestigious Austrian Leadership Programme (ALPS) 2026 and received the Asian Development Bank's CAREC Gender and Green Innovation Award 2025. Mr. Noman Shakir,  CFO and Company Secretary, with nearly 18 years of experience in financial and accounting services. He holds ACMA qualification and a Master’s degree in Economics. The position of Chief Investment Officer (CIO) at 786 Investments is currently vacant.

The AMC has transitioned to the software named MAC 360, replacing the outdated Sidat Hyder Financials, which was previously used as the core software. MAC 360 now serves as the dedicated software for portfolio management, unit holder accounting, and general ledger systems. This initiative was aimed at enhancing the AMC’s MIS efficiency and improving service to its clients. Further, the AMC is currently developing a mobile application aimed at enhancing its digital presence and broadening its market footprint. According to management, the app is expected to be launched by the end of CY26. 

The Compliance function is headed by Muhammad Ali, who holds a Master's degree in Economics. The Company has established comprehensive policies and procedures covering key operational areas, including Operations, IT, Investment and Risk Management. Furthermore, regular Management Information System (MIS) reports pertaining to investment activities and risk management are generated and shared with senior management to facilitate effective oversight, informed decision-making and timely monitoring of potential risks.

The AMC employs a combination of internally developed assessment modules and Excel-based credit risk scorecards to evaluate and monitor the creditworthiness of its investment exposures. These tools facilitate a structured and systematic assessment of counterparties, enabling the AMC to evaluate key credit risk indicators, assess the financial strength of potential investees, and monitor the underlying risk profile of existing exposures. The assessment process supports informed investment decisions and ensures that investment activities remain aligned with the AMC's defined risk appetite, internal policies and approved investment parameters. Furthermore, the use of these assessment tools enhances the consistency of credit evaluation and supports ongoing oversight of the investment portfolio.

The Risk Management function closely monitors the liquidity position of individual funds to identify and mitigate potential asset-liability mismatches. Asset allocation is aligned with redemption requirements, and redemption trends are actively monitored. Internally developed criteria classify securities as liquid, semi-liquid or illiquid, which supports liquidity planning and the timely fulfilment of investor obligations. At the AMC level, cash and bank balances have declined as of Sep'26 and now constitute a relatively small proportion of total assets. Nevertheless, the Company's current ratio improved from 11.0x to 12.0x, reflecting a further strengthening of its short-term liquidity position and an adequate coverage of current liabilities through available current assets. Overall, while the decline in cash and bank balances has moderated the immediate liquidity cushion, the improved current ratio indicates a comfortable capacity to meet short-term financial obligations.

The AMC has established defined risk metrics and exposure limits to assess and monitor its sensitivity to various market risk factors, including interest rate movements. Exposure limits for interest-bearing securities are determined in accordance with the Company's internal risk management framework and investment policies. These limits are regularly monitored to ensure that investment exposures remain within the prescribed thresholds. Any deviations or breaches are promptly identified, reviewed and reported to senior management for appropriate consideration and necessary corrective measures. This framework facilitates effective oversight of market risk exposures, supports disciplined investment decisions and helps mitigate potential adverse impacts arising from fluctuations in market conditions.

The investment decision making process is well-structured with the CEO providing critical support. The Investment Committee comprises 4 individuals, the Chief Executive Officer, Chief Financial Officer, Fund Manager and Head of Compliance.

The Investment Committee convenes on a weekly basis to review portfolio performance and market developments. During these meetings, the research department presents a comprehensive investment summary, providing key insights and recommendations to support informed decision-making and strategic portfolio adjustments.

The research function is overseen by Mr. Azam Khan, Head of Research, who is responsible for guiding the overall research strategy and ensuring the quality and integrity of analytical outputs. Investment proposals are developed through a comprehensive approach that leverages both in-house research capabilities and third-party research insights. This blended methodology enables the investment team to make well-informed decisions based on diverse perspectives, robust data analysis, and independent validation of investment opportunities.

The AMC ensures the provision of adequate and efficient services to its clients. The Unit Holder Management Department plays a pivotal role in this process, with Muhammad Naveed and Konain Abbas overseeing the department and ensuring the prompt handling of client queries, concerns, and complaints. The department is committed to maintaining transparent communication, providing timely resolutions, and ensuring that all client interactions reflect the AMC’s dedication to service excellence and investor care. QR-based functionality has been developed to facilitate easier investor access, including a dedicated QR code for the Ladies Fund. The investors can use the QR code or web-based platform to initiate the investment process. 

As a publicly listed entity, 786 Investments Limited ensures the timely disclosure of its financial statements and other material information through the Pakistan Stock Exchange (PSX), in compliance with applicable regulatory and disclosure requirements. It also ensures timely dissemination of unit holder statements and publication of Fund Manager Reports (FMRs) on its official website, reflecting its commitment to transparency and investor communication. The FMRs comprehensively cover all mandatory disclosure requirements as prescribed by regulatory authorities, providing detailed insights into fund performance, portfolio composition, market outlook, and key investment strategies. This practice enhances investor confidence and enables unit holders to make informed investment decisions based on accurate and up-to-date information.

The AMC aims to strategically expand its distribution and sales network to drive growth in its AUMs. The expansion strategy emphasizes strengthening the AMC’s digital footprint, enabling wider investor outreach and improved service accessibility through technology-driven solutions. In addition, Dawood Family Takaful is expected to play an important role in the distribution of the pension fund. The arrangement between Dawood Family Takaful and 786 Investments Limited has already been made, with Dawood Family Takaful expected to undertake VPS sales and investor mobilization while 786 Investments retains the fund management function. 

During 3MFY26, industry AUMs stood at PKR 4,721bln (Dec'25: PKR 4,199bln), growing ~12.4% YoY. Shariah-compliant funds grew ~19.2% YoY, while conventional funds grew ~6.3%. Whereas, the AUMs of 786 Investments Limited stood at PKR ~1.9bln at the end of 3MFY27 (3MFY26: PKR ~1.8bln). The AMC has exhibited good fund performance and delivering returns surpassing their respective benchmarks.

The management fee income of the AMC stood at PKR ~5.7mln in 3MFY27 (3MFY26: PKR ~6.0mln). The profitability fell sharply to PKR ~0.4mln (3MFY26: PKR ~12.8mln). This was due to a decline in net realized gains on investments to PKR ~0.1mln (3MFY26: PKR ~13.3mln). The AMC's equity stood at PKR ~313mln as of 3MFY27 (FY26: PKR ~313mln), well above the minimum regulatory requirement.