ABL Asset Management Company Limited (“ABL Funds” or the “AMC”) was established in October 2007 as a public unlisted Company.

ABL Funds is licensed to carry out Asset Management Services and Investment Advisory Services under the under Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 and the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (the NBFC Regulations). The AMC is also licensed to carry out Voluntary Pension Schemes under Voluntary Pension System Rules 2005. AMC operates its Head Office from DHA Raya Phase 6 Lahore.

The Assets Under Management (AUMs) of ABL Funds have reported a ~18% growth since June 2025, elevating its market share to ~7.0% as of Jun'26.

ABL Funds offers a diversified range of investment solutions across both conventional and Islamic markets. As of June 2026, the AMC managed twenty-four open-end funds and provided investment advisory services to thirty-four clients, reflecting a diversified and well-structured business portfolio. The continued retention of discretionary portfolio clients demonstrates the AMC’s ability to maintain established client relationships and supports recurring business flows. This client retention, coupled with a broad product offering, strengthens the AMC’s service proposition and provides a foundation for sustainable business growth and long-term value creation.

The top 10 investor concentration stood at 55% at end of Jun'26 and the average related party holding represents 12% of total AUMs.

Allied Bank Limited (the "Bank" or "ABL") holds 100% of the ownership stake in ABL Funds. ABL is a listed scheduled bank engaged in commercial banking and related services.

The sponsors possess strong entrepreneurial capabilities and extensive business acumen, supported by their longstanding experience across a diverse range of sectors. Over the years, they have developed significant expertise in finance, information technology, credit, leasing, investment banking, corporate finance, and consultancy. Their broad sectoral exposure and established track record provide a strong foundation for strategic decision-making, business development, and the effective management of financial and investment-related operations.

The Bank holds AAA/A1+ ratings from PACRA. With over 75 years of operations, the Bank has established a strong foundation with robust equity, assets, and a solid deposit base. As of the end of June 2026, the Bank's deposits totaled PKR 2,618bln, while its equity stood at PKR 257.9bln.

The AMC's board is composed of eight members, including the CEO. It includes one executive director, five non-executive directors, and two independent directors.

Mr. Muhammad Waseem Mukhtar, Chairman and Non-Executive Director, holds an MBA from the University of Chicago, MSc in Total Quality Management from the UK, BSc (Hons) in Information Systems from the UK, and is a Certified Director from PICG. He has over 26 years of business experience and has been associated with the Board for over 14 years. The Board includes Mr. Pervaiz Iqbal Butt and Mr. Kamran Nishat as Independent Directors. Mr. Pervaiz Iqbal Butt holds a BSc in Electrical Engineering and is a Certified Director from PICG, with over 31 years of experience and more than 7.5 years of association with the Board. Mr. Kamran Nishat is a Fellow Member of the Institute of Chartered Accountants of Pakistan and has over 40 years of experience across various businesses, with more than 1.5 years of association with the Board. The Non-Executive Directors include Mr. Mohammad Naeem Mukhtar, Mr. Aizid Razzaq Gill, Mr. Shahid Amir, and Ms. Maham Nouman. Mr. Naeem Mukhtar has over 28 years of business experience and more than 17 years of association with the Board, with academic qualifications including an MBA from the University of Wales, Cardiff, and postgraduate qualifications in Textile Technology and Business Administration. Mr. Aizid Razzaq Gill, CEO of Allied Bank Limited, holds an MSc in Business Economics from UMIST, UK, an MBA from California State University, Fullerton, and a Bachelor of Architecture from UET Lahore. He has over 25 years of experience and more than six years of association with the Board. Mr. Shahid Amir, representing ABL Asset Management Company Limited, has over 19 years of experience and joined the Board in February 2026, while Ms. Maham Nouman, also representing ABL Asset Management Company Limited, has over 21 years of experience and joined the Board in May 2026. Mr. Naveed Nasim, CEO and Executive Director, holds an MBA and BBA from IBA, along with DAIBP and CTFP qualifications and CFA Level II. He has over 27 years of experience and has been associated with the Board for three years.

There are four committees: 1) Planning and Monitoring Committee, it oversees the AMC’s strategic initiatives, product development, and long-term growth objectives. 2) Risk Management Committee, ensures effective identification, evaluation, and mitigation of investment, operational, and compliance risks, thereby safeguarding investor interests and strengthening the AMC’s resilience framework. 3) Human Resource Committee, it manages policies related to talent acquisition, leadership development, performance management, and succession planning to ensure the AMC continues to attract and retain top professionals. 4) Audit Committee, it supervises financial reporting, fund accounting, internal controls, and regulatory compliance, thereby ensuring transparency, investor confidence, and strong governance practices.

The AMC's external auditors are KPMG Taseer Hadi & Co. Chartered Accountants, classified in the "A" category on the SBP panel. The auditors expressed an unqualified opinion on the financial statements, indicating that the financial reporting presents a true and fair view in accordance with the applicable financial reporting framework, and that no material misstatements were identified during the audit for the period ended June 30, 2026.

The AMC operates through ten main departments. (i) Finance, (ii) Compliance, (iii) IT, (iv) Business Development, (v) Risk management, (vi) Internal Audit (vii) Fund Management, (viii) Registrar service & operations (ix) HR and administration (x) Customer care and QA. Reporting lines are clearly defined in organogram.

The management team comprises experienced professionals with diverse expertise across investment management, finance, banking, risk management, operations, compliance, technology, and business development. Mr. Naveed Nasim, Chief Executive Officer, holds an MBA and has passed CFA Level II, with over 27 years of experience and more than three years of association with the AMC. Mr. Syed Khalid Husain, Country Head Business Development, has over 42 years of experience, while Mr. Muhammad Asif, Head of Compliance, recently joined ABL AMC. He has over 17 years of experience. Mr. Nasir Ali Shujauddin, Head of Institutional Sales – Business Strategy & SMA, has over 18 years of experience and more than five years with the AMC. The finance function is headed by Mr. Saqib Matin, Chief Financial Officer, who is an FCA and FPA with over 28 years of experience and more than 18 years of association with the AMC. The investment function is led by Mr. Fahad Aziz, Chief Investment Officer, who has over 19 years of experience and more than nine years with the AMC. Mr. Kamran Shahzad, Chief Internal Auditor, an FCA and PIPFA with an Executive MBA from LUMS and over 18 years of experience.

The AMC focuses on cybersecurity with strategic IT investments and stands out as the only Asset Management Company (AMC) to hold ISO/IEC 27001 : 2013 certification, highlighting its dedication to the highest standards of information security. The AMC is focusing on three key areas within IT: data collection, digital solutions, and the core system. The core application has been developed in collaboration with SoftTech Systems, from which 4–5 professionals have also been recruited. In addition, in-house resources have been engaged to ensure continuous application upgrades and to independently manage all related IT requirements.

Mr. Muhammad Asif heads the Compliance Department and recently joined ABL AMC. He has over 17 years of experience. The AMC has system-based controls in place to monitor exposure limits and margin requirements. Comprehensive MIS reports are generated on a daily, weekly, and monthly basis and are regularly reviewed by management to ensure effective monitoring and timely identification of any deviations. The Internal Audit function is maintained in-house and operates independently to assess the adequacy and effectiveness of internal controls and risk management processes. Regular internal audits are conducted, with findings and observations reported to the relevant management and governance forums for timely corrective action.

The AMC has a structured risk management framework overseen by the Board of Directors, which is responsible for establishing and monitoring risk management policies, defining appropriate risk limits and controls, and ensuring adherence to applicable regulatory requirements. The framework is designed to identify, assess, and monitor key risks arising from the AMC’s activities, with policies and systems reviewed periodically in response to changes in market conditions and business activities. Credit risk is managed through regular monitoring of counterparty exposures and assessment of the credit quality of financial assets. The AMC evaluates counterparty quality with reference to external credit ratings and historical information on counterparty default risk. Concentration risk is also monitored, particularly where counterparties or exposures may be affected by common economic or industry factors. The AMC’s credit exposures primarily comprise receivables from funds under management and investment advisory clients, balances maintained with banks, short-term investments, and other financial assets. Significant investment decisions are reviewed and approved by the Investment Committee, while senior management maintains regular oversight of investment exposures.

Liquidity risk is managed through regular monitoring of the maturity profile of financial assets and liabilities and maintaining an adequate proportion of assets in highly liquid financial instruments. The approach is aimed at ensuring that the AMC maintains sufficient liquidity to meet its financial obligations as they fall due, while retaining flexibility to manage changes in its operating and market environment. The AMC assesses contractual cash flow requirements and monitors the maturity profile of its financial liabilities, with the majority of obligations falling within the short-term maturity bucket. The liquidity management framework is supported by the maintenance of liquid financial assets, which provides a buffer against potential liquidity requirements. Liquidity policies and controls are reviewed periodically as part of the broader risk management framework to ensure continued alignment with the AMC’s activities and prevailing market conditions.

The AMC’s market risk framework encompasses currency, interest rate, and other price risks arising from changes in market conditions. Given that the AMC’s operations are geographically restricted to Pakistan and transactions are undertaken in PKR, exposure to currency risk remains limited. Interest rate risk is monitored with respect to the AMC’s exposure to fixed- and variable-rate financial instruments, with changes in prevailing interest rates assessed for their potential impact on financial performance. The AMC is also exposed to other price risk through investments in units of open-end collective investment schemes and pension funds managed by the AMC. These investments are marked to market based on the NAVs declared by the respective funds on a daily basis, while senior management reviews such exposures on a regular basis. Significant investment decisions are subject to review and approval by the Investment Committee, providing an additional layer of oversight over portfolio exposures. The AMC’s risk management policies and systems are reviewed periodically to ensure that established risk limits and controls remain appropriate in light of changing market conditions, portfolio exposures, and the AMC’s activities.

The AMC has established dedicated Investment Committees for Investment Advisory, Fixed Income, and Equities, comprising senior management and relevant investment professionals. The committees are chaired by the Chief Executive Officer and include representation from the Chief Investment Officer, Chief Financial Officer, Head of Risk Management, Head of Research, relevant asset-class heads, and Fund Managers. The Investment Advisory Committee also includes a Portfolio Manager and an Investment Committee Secretary. The Fixed Income Investment Committee conducts investment meetings on a monthly basis and includes the Head of Fixed Income, Head of Research, Senior Fund Manager, Fund Manager – Fixed Income, and Head of Risk Management, alongside senior management. The Equities Investment Committee comprises the Head of Equities, Head of Research, Fund Managers, and Head of Risk Management, along with senior management. The composition of the committees provides representation from key investment and control functions, facilitating a comprehensive assessment of investment opportunities, portfolio positioning, and associated risks. The involvement of dedicated asset-class specialists supports focused oversight of fixed income and equity portfolios, while the representation of the risk function provides oversight of investment-related risks and adherence to defined investment parameters. The presence of senior management across the committees further supports accountability and alignment of investment decisions with the AMC’s overall investment strategy and risk framework.

The Investment Committee comprises qualified and experienced professionals with relevant expertise in investment management and financial markets. The Committee meets on a weekly basis to review the investment strategy, portfolio positioning, and performance of each fund under management. The discussions take into account prevailing market conditions, economic developments, and relevant market trends to assess their potential impact on fund performance. Regular reviews by the Committee support timely investment decisions and facilitate alignment of fund portfolios with their respective investment objectives and risk parameters.

The investment team is supported by Mr. Muhammad Wamiq Sakrani, Head of Fixed Income, Mr. Hamza Mustafa, Senior Fund Manager – SMA, Mr. Muhammad Abdul Hayee, Head of Equity, and Mr. Syed Wajeeh Haider, Head of Research, having over 16, 5, 18, and 13 years of respective experience. The department follows a structured and systematic research framework, covering both macroeconomic and AMC-specific factors to identify potential investment opportunities and assess their underlying growth prospects and return potential. The research process includes fundamental analysis of key economic sectors, industry dynamics, individual companies, and equity valuations, enabling the team to develop a comprehensive view of investment opportunities. For valuation purposes, the research team employs standard financial models and analytical techniques, supported by relevant financial and market data. Internal analysis is further complemented by market intelligence, industry developments, and research reports from reputable brokers and other external sources. The team regularly monitors economic indicators, sector trends, corporate performance, and market conditions to refine its investment views. This combination of in-house research capabilities, quantitative valuation techniques, and external market insights provides a structured basis for investment decisions and supports effective portfolio construction and ongoing portfolio management.

The marketing function maintains regular engagement with existing clients to strengthen relationships, understand evolving investment needs, and support client retention. In parallel, the team actively engages with prospective customers and market participants to identify new business opportunities and broaden the client base. To enhance its competitive position and improve customer experience, the AMC continues to leverage information technology across various operational and customer-facing processes. These initiatives are aimed at improving accessibility, streamlining service delivery, and providing clients with greater convenience through efficient and digitally enabled channels. To enhance customer accessibility and communication, the AMC has also implemented WhatsApp Business Solutions, enabling clients to conveniently interact with the AMC through the widely used messaging platform. Furthermore, the AMC has established a real-time IT infrastructure for its SMA clients, facilitating timely processing, monitoring, and reporting of transactions and portfolio-related information.

The AMC publishes a comprehensive Fund Manager’s Report, providing detailed information on fund performance, portfolio positioning, and investment strategies, while incorporating the requisite regulatory and mandatory disclosure requirements. The technology-enabled infrastructure supports efficient service delivery and enhances the AMC’s ability to cater to the specific requirements of discretionary portfolio management clients.

The AMC leverages the extensive branch network of its sponsor Bank, supplemented by 12 dedicated Savings Centers, to facilitate customer outreach and distribution. In addition, dedicated Islamic Savings Centers have been established to cater to the growing demand for Shariah-compliant investment solutions. On the digital front, AMC’s mobile application is live and offers digital account opening, investments through 1-LINK and Raast, redemptions, and fund-to-fund transfers. The platform has 1,114 registered users, including 936 active users, with 52,511 transactions recorded to date. During 6MCY26, digital channels generated AUM of PKR 1.0bln, including PKR 926mln through the "ABL Funds" App and PKR 76mln through myABL. The AMC plans to further enhance the platform through VPS digital onboarding, instant redemption, Raast QR payments, PSX market data integration, and improved onboarding and user experience.

As of June'26, ABL Fund's AUM reached PKR 306.8bln, up from PKR 259.6bln in Jun'25. The primary inflow is focused on the money market category and capital-protected funds, which together account for 93% of the total allocation. Client retention has positively impacted the overall portfolio. ABL Asset Management’s total AUM increased from PKR 259,632mln in Jun’25 to PKR 306,927mln in Jun’26 and further to PKR 337,552mln in Aug’26, reflecting sustained growth of around 30% over the period. Conventional Funds, including Plans, remained dominant at 94% of total AUM (PKR 309,704mln), while Shariah-Compliant Funds accounted for 6% (PKR 27,848mln). Among Conventional Funds, most standalone funds remained below their benchmarks. ABL Stock Fund, with 3.7% AUM weight, posted a 41.1% return against 43.5% benchmark, while ABL Cash Fund, the largest standalone fund at 21.4% weight, returned 10.4% versus 10.7%. ABL Income Fund and ABL Government Securities Fund underperformed by 0.7% and 1.0%, respectively, while Allied Finergy Fund recorded the widest shortfall among conventional funds at 7.1%, despite a strong absolute return. Shariah-Compliant Funds showed relatively higher underperformance. ABL Islamic Stock Fund lagged its benchmark by 12.3%, followed by ABL Islamic Asset Allocation Fund at 7.3% and ABL Islamic Income Fund at 0.4%. ABL Islamic Cash Fund was the only fund across the range to outperform its benchmark, by 1.0%. Plans accounted for a significant portion of AUM, led by ABL Special Saving Fund Plan (Capital Protected) at PKR 67,830mln and ABL Islamic Money Market Plan at PKR 47,825mln. ABL Fixed Rate Plan increased from PKR 29,657mln in Jun’26 to PKR 46,051mln in Aug’26, while ABL Money Market Plan rose from PKR 7,964mln to PKR 26,036mln, indicating strong recent inflows into fixed-rate and money market products.

The management and commission income has shown an increase and stood at PKR 1,140mln, at end of 6MCY26 (6MCY25: PKR 1,337mln). At the end of 6MCY26, the AMC reported a profit after tax of PKR 306mln (6MCY25: PKR 545.8mln ). The decrease was primarily attributable to lower management fee income generated from the AUM base, coupled with an increase in administration, distribution, and marketing expenses. The combined impact of lower fee income and higher operating expenses resulted in a decline in core income. As of end Jun'26, the equity stood at PKR 6.3bln (Jun'25: PKR 6.0bln), keeping the AMC well above the minimum equity requirements.