October 17, 2025 (MLN): Pakistan State Oil (PSX:PSO) has taken the lead as the top stock among mutual fund holdings in September 2025, with 47.2% of its free float owned by funds.

The development emphasizes a strong institutional tilt toward large-cap energy plays, according to a research report compiled by Arif Habib Limited.

Other major names with substantial mutual fund ownership included OGDC (21.6%), PPL (19.0%), MARI (15.0%), and LUCK (14.0%), showing continued investor preference for the energy and cement sectors.

Month-on-month, PSO saw the biggest jump in mutual fund holdings, rising 3.1%, followed by ENGROH (+2.4%) and MARI (+2.3%). On the flip side, SAZEW (-4.1%), TGL (-3.7%), MLCF (-3.4%), and FCCL (-2.9%) recorded the sharpest declines in fund exposure.

In terms of the number of funds holding individual stocks, OGDC topped the list with 86 funds, followed by LUCK (82), PSO (73), PPL (72), and HUBC (62).

Interestingly, mutual funds also showed growing interest in mid and small-cap names, suggesting gradual diversification beyond traditional blue chips. FATIMA (14 funds), BAFL (13), NML (11), AKBL (9), KOHC (8), PAKT (8), SAZEW (7), KTML (7), AGP (6), and TGL (6) were among the notable gainers in this segment.

Overall, equity mutual funds’ assets under management (AUMs) rose to 15.9% of the total mutual fund industry in September, up from 14.2% in August, marking a steady buildup in equity exposure across the sector.