During CY24, Pakistan’s equity market rallied due to macroeconomic stabilization, and accommodative monetary policy, with the KSE-100, KSE-30, and KMI-30 gaining ~84.36%, 74.15%, and 70.56%, respectively. The Equity Fund category showed varied performance, averaging ~69.65%, with the top performer at ~119.12%. Golden Arrow Stock Fund posted a one-year return of ~63.15%, underperforming the category average and benchmarks, retaining its 3-Star rating. At the end of December 2024, the exposure in Equities was 90.31%, and Cash was 5.02% for liquidity. Major sector allocations included Inv. Banks / Inv. Cos. / Securities Cos. (~19.06%), Textile Spinning (~9.76%), Technology & Communication (~9.06%), Pharmaceuticals (~8.62%), and Power Generation & Distribution (~7.81%), with ~36.01% in other sectors. The Fund’s equity-focused approach presents opportunities to refine its strategy. Potential areas to consider include sector rotation, stock selection, and liquidity management, which could contribute to improved performance.

Over the three-year horizon, Pakistan’s capital markets faced volatility due to fiscal imbalances, inflation, policy uncertainty, and IMF program delays. Fluctuating interest and exchange rates contributed to mixed Equity Fund performances. Despite these challenges, the category averaged ~108.73%, with the top performer reaching ~213.38%. Golden Arrow Stock Fund posted a three-year return of ~92.49%, trailing the peer average and maintaining its 3-Star rating. At the end of December 2024, the exposure in Equities was 90.31%, and Cash was 5.02% for liquidity. Major sector allocations included Inv. Banks / Inv. Cos. / Securities Cos. (~19.06%), Textile Spinning (~9.76%), Technology & Communication (~9.06%), Pharmaceuticals (~8.62%), and Power Generation & Distribution (~7.81%), with ~36.01% in other sectors. While the Fund maintained broad market exposure, its returns suggest the need for refined asset selection and risk management. Enhancing sector rotation, optimizing portfolio construction, and improving risk-adjusted strategies could strengthen its positioning.

Over the five-year horizon, Pakistan’s equity markets faced macroeconomic turbulence due to currency depreciation, fiscal imbalances, and political uncertainty. Despite these challenges, a strong recovery in CY24 saw the KSE-100, KSE-30, and KMI-30 gain ~84.36%, ~74.15%, and ~70.56%, respectively. This period underscored the importance of prudent fund management and risk-adjusted strategies. PACRA evaluated twenty-four Equity Funds, with the category averaging ~130.62% and the top performer posting ~214.82%. Golden Arrow Stock Fund delivered a five-year return of ~240.09%, maintaining its 4-Star rating and outperforming the category average. As of Dec’24, the Fund’s sectoral allocation was diversified, with key exposures in Inv. Banks / Inv. Cos. / Securities Cos. (~19.06%), Textile Spinning (~9.76%), Technology & Communication (~9.06%), Pharmaceuticals (~8.62%), and Power Generation & Distribution (~7.81%), with ~36.01% in other sectors. Its strong returns highlight its ability to capitalize on market opportunities in the longer run while managing risk, reinforcing its competitive position.