Mutual funds significantly increased their exposure to Pakistan State Oil during November, making it the most preferred stock across the industry, according to a research report released by AHL Research. The data shows that by the end of the month, mutual funds collectively held 47.2 percent of PSO’s free float, the highest level of ownership among all listed companies covered in the study. This strong accumulation reflects sustained investor confidence in the energy sector, even as broader market sentiment remained cautious.
Other large-cap stocks also featured prominently in mutual fund portfolios. Oil and Gas Development Company emerged as the most widely held stock in terms of participation, with 85 mutual funds investing in the company and collectively controlling 22.8 percent of its free float. Lucky Cement followed closely, with 84 funds holding a combined 16.8 percent of its free float, highlighting continued interest in the cement sector amid expectations of infrastructure-related demand.
Pakistan Petroleum Limited remained another key holding, with 79 mutual funds owning around 20.4 percent of its free float. High-dividend and utility-linked stocks also continued to attract attention, as Fauji Fertilizer Company and Hub Power Company maintained strong positions in mutual fund portfolios. Mari Petroleum, Kohat Cement, and Pakistan Aluminium Beverage Cans were likewise among the most commonly held stocks during the month, indicating a mix of energy, industrial, and consumer-linked exposure.
The report also points to notable month-on-month shifts in investment patterns. Maple Leaf Cement recorded the largest increase in mutual fund ownership, with holdings surging by more than 266 percent compared to October, signaling renewed optimism toward select cement stocks. Fauji Cement and Pakistan Petroleum Limited also posted strong gains in mutual fund exposure, suggesting targeted accumulation within the energy and construction-related segments.
On the other hand, some stocks saw reduced interest. Mutual fund holdings in Faysal Bank, AGP, and Pakistan Tobacco declined during November, likely reflecting profit-taking, risk management, or portfolio rebalancing decisions amid changing market dynamics.
Overall, the findings indicate that while mutual funds remained anchored in traditional heavyweight stocks such as oil, gas, cement, and fertilizer companies, there was also a gradual move toward diversification. Increased exposure to names like Cherat Cement, Fatima Fertilizer, Bank Alfalah, DG Khan Cement, and other select companies suggests that fund managers are actively adjusting portfolios to balance stability, dividends, and potential growth opportunities.
