What has been the main theme of fund management over the past year at PSX, as it rose by more than 80% in terms of KSE100 Index gains; Interest rates declining so go to equities? Given such extraordinary market movements—where PSX experienced extreme lows followed by absurd highs, driven largely by severe external factors—the small size of the market was overwhelmed. In such circumstances, fund managers had little choice but to go with the flow, as the massive shifts were primarily the result of extraneous forces. But how can an "over-engineered" financial analyst, who must master all sorts of "financial combinations" and endure endless certifications and courses, do anything to outperform gains purely driven by market movements? Or is he merely a cog in the system, executing trades within a portfolio structure and preparing management reports under the old theme of "earning dividend income while rooting for capital gains"? Portfolios within a certain cla...
Pakistan Investment Landscape | Markets | Securities