PSO emerged as the leading stock among the top 30 mutual fund holdings in December 2025, with mutual funds collectively holding 44.2% of its free float. Other significant stocks with substantial mutual fund ownership included KOHC (28.0%), OGDC (24.4%), KTML (20.3%), and PPL (19.6%), according to a report by AHL Research.

• Month-on-month, the top 30 holdings saw the largest increases in mutual fund ownership percentages in PIOC (+159.2%), FCCL (+96.9%), and SYS (+36.8%). In contrast, the most significant declines were recorded in FATIMA (-40.9%), MCB (-30.5%), EFERT (-24.0%), and DGKC (-15.1%) during December 2025.
• In terms of the number of funds holding each stock, FFC topped the list with 85 funds (10.7% of free float), followed closely by OGDC with 84 funds (24.4%), LUCK with 82 funds (18.0%), PPL with 79 funds (19.6%), and PSO with 69 funds (44.2%).
• Additionally, several other stocks gained traction, showcasing diversification beyond traditional large-cap holdings. These included CHCC (16 funds), FCCL (14 funds), BAFL (11 funds), SNGP (9 funds), KOHC (9 funds), and AGP (7 funds).
• As of December 2025, equity mutual funds’ assets under management (AUMs) accounted for 13.7% of the total mutual fund industry, down from 14.8% the previous month, indicating a decline in equity exposure by mutual funds during this period.