FinHisaab Blog
PSO, PRL and ATRL gained fund holders in August 2026, while Engro Holdings and Systems lost them. What disclosed mutual fund holdings show, and what public news explains.
A stock's mutual fund holdings can change in two ways in a monthly disclosure. More funds start holding it, or the funds that already hold it change how much of their portfolio it takes up. Both look like "funds are interested" from a distance, but they usually mean different things. Public company developments can add context to either. The August 2026 snapshot shows which PSX stocks gained or lost fund participation and how their average allocations changed.
All figures cover PSX equity funds (85 to 92 reporting funds a month) and compare the four most recent monthly Fund Manager Report disclosures, May to August 2026. Percentages are a simple average across reporting funds, not weighted by fund size. For the sector-level view of the same data, see banks and refineries: the only two sectors with three straight months of rising fund allocation.
Pakistan State Oil's fund count rose from 29 in July to 38 in August, while its average allocation fell from 10.68% to 9.69%. More funds held PSO, but the average position was smaller. The operating backdrop was mixed: oil marketing company sales rose 23.3% year on year in July, with PSO volumes up 38%, then industry sales fell 3% year on year in August. PSO still recorded 4% year-on-year sales growth in August, although volumes fell 19% from July. These figures give useful context but do not establish why the average allocation declined.
| Stock | Fund count Jul | Fund count Aug | Change | Avg weight Jul | Avg weight Aug | Change |
|---|---|---|---|---|---|---|
| PSO | 29 | 38 | +9 | 10.68% | 9.69% | -0.98pp |
Two refinery names show the opposite pattern: more funds held them, and average weights also rose. Pakistan Refinery (PRL)'s fund count nearly doubled, from 8 to 15, while its average weight rose from 5.47% to 6.05%. Attock Refinery (ATRL)'s count rose from 20 to 26 funds, with average weight up from 6.58% to 7.09%.
The timing coincided with a refinery sector rally as the government advanced long-awaited upgrade agreements. On August 28, the Petroleum Division said all five refineries were ready to sign agreements expected to unlock about $6 billion in upgrades. Four refineries signed agreements on September 24, after the August holdings snapshot. The August fund data therefore overlaps with growing expectations of the upgrades, not the completed agreements.
| Stock | Fund count Jul | Fund count Aug | Change | Avg weight Jul | Avg weight Aug | Change |
|---|---|---|---|---|---|---|
| PRL | 8 | 15 | +7 | 5.47% | 6.05% | +0.59pp |
| ATRL | 20 | 26 | +6 | 6.58% | 7.09% | +0.51pp |
Engro Holdings (ENGROH)' fund count fell from 61 to 54 in August, the largest one-month drop in this dataset. The company reported consolidated first-half profit of PKR 30.4 billion, down from PKR 69.3 billion a year earlier, and its board did not declare an interim dividend. It also continued an on-market share buy-back. Engro had publicly announced a potential sale process for its 56.19% stake in Engro Polymer & Chemicals in March. The binding agreement to sell the stake to Lotte Chemical Pakistan for PKR 19.7 billion was disclosed on September 1, just after the holdings snapshot. The profit comparison, dividend decision and already-public sale process give context for the August decline. The September agreement should not be treated as information funds necessarily had by month-end.
Systems Limited (SYS)'s six-fund decline, from 24 to 18, is not explained by any company-specific event in the period. Its first-half results were strong, with revenue up 35.3% and profit up 17.4% year on year. The wider market backdrop was weaker: technology and communication stocks detracted 310 points from the KSE-100 in August, including 201 points from Systems. AI-related pricing pressure and slower discretionary spending have been cited as challenges for Indian IT services firms, but that is an industry comparison and not evidence of why Pakistani funds reduced their positions. Systems itself presented AI as an opportunity, and no public evidence ties the decline to AI.
| Stock | Fund count Jul | Fund count Aug | Change | Public record |
|---|---|---|---|---|
| Engro Holdings | 61 | 54 | -7 | Explained: weaker H1 profit, no interim dividend, active buy-back, large disclosed divestment |
| Systems Limited | 24 | 18 | -6 | Unexplained: strong H1 results, no dividend, no completed corporate action found |
DGKC's average allocation fell from 10.53% to 6.84% in August among the same five funds that held it in July. None exited. That came despite FY26 profit rising 25% year on year and a declared final dividend, whose October book closure falls after this snapshot. Its July acquisition of a stake in Rafhan Maize Products does not change DGKC's own share count. This is a divergence worth watching, but it does not by itself establish fund selling. Allocation weights are market-value based, so share price changes can move them even when a fund's share count is unchanged.
These are monthly disclosure snapshots with a filing lag, not live trades. Each figure reflects a position on the report date. The data covers PSX equity funds from May through August 2026. Average weights are simple averages across reporting funds, not AUM-weighted. Public company news can give context for a change, but a monthly snapshot alone cannot establish why a fund changed its position.
You can see which funds hold a given stock on its FinHisaab stock page, and browse the funds themselves on the mutual funds page.
How do I see which mutual funds hold a PSX stock? Funds disclose their top holdings in monthly Fund Manager Reports. FinHisaab collects these disclosures so you can see the funds holding a stock and how the number has changed month to month.
What does it mean when the number of funds holding a stock rises? More funds reported the stock in their portfolio that month. It describes participation, not price direction, and it can rise while the average position size falls, as with PSO in August 2026.
Does a fall in fund holders mean the stock is a sell? No. It records what funds held on a report date. The reasons can include results, dividends, fund flows or rebalancing, and a single month cannot say which.
How often is holdings data updated? Monthly, with a lag of several weeks after the month ends. August 2026 was the latest month available at the time of writing.
This article is for educational purposes only and is not investment advice. It describes disclosed historical positions and does not recommend buying or selling any security.