HBL Funds Returns October 2026: Cash Fund 9.85%, Money Market 9.34% and Every Low Risk HBL Fund in Pakistan (Full List)

We read HBL Asset Management's fund manager report for October 2026 on 11 November 2026. It was posted on hblasset.com in November and covers the month to 31 October. Every return below is a yearly rate worked out from the unit price, NAV to NAV, so the management fee and other costs are already taken out. Tax and any sales load are not. HBL Asset Management is a separate company from HBL the bank, and the report states that the bank is not responsible for the funds' obligations.

HBL money market and income fund returns for October 2026

HBL's six main low risk funds returned between 8.39% and 10.00% a year in October 2026. HBL Cash Fund, the largest at Rs 84,123 million, paid 9.85%. HBL Money Market Fund paid 9.34%, below its benchmark of 11.61%.

The table lists each fund's October return, its return in the 2026-27 financial year so far (from 1 July), its return over the last 12 months and its size at the end of October.

HBL Cash Fund grew by 8.21% in October, the report says, from new money coming in. HBL Income Fund shrank by 4.48% to Rs 3,516 million. Size matters less than return for a small saver, but a large money market fund can usually pay out redemptions without selling assets in a hurry.

Why HBL fund returns were below their benchmarks in October

Most HBL money market funds trailed their benchmarks in October 2026 because the benchmark rose faster than the funds' holdings. HBL Money Market Fund's benchmark was 11.61% for the month against the fund's 9.34%.

The State Bank raised the policy rate by 0.5% to 12% from 27 October 2026. A money market fund holds treasury bills and deposits bought before that rise, so its income catches up over the following weeks. The benchmark, which is based on current treasury bill rates and bank savings rates, moves at once. The HBL report shows the gap clearly:

• HBL Money Market Fund: 9.34% against a benchmark of 11.61%.
• HBL Cash Fund: 9.85% against 11.61%.
• HBL Islamic Money Market Fund: 9.79% against 10.14%, a much smaller gap.
• HBL Islamic Income Fund: 10.00% against 9.87%, ahead of its benchmark.

One month is a short record. The 12 month column is a better guide, and there HBL Islamic Money Market Fund (10.53%) and HBL Cash Fund (10.37%) lead the low risk range.

What Rs 1 lakh to Rs 10 lakh earns in HBL funds each month

At October's rates, Rs 10 lakh in HBL Cash Fund would earn about Rs 8,208 a month before tax, and Rs 10 lakh in HBL Islamic Income Fund about Rs 8,333. These are our own sums on the yearly rates.

A fund does not promise these sums. The unit price moves every day and the next month's return can be higher or lower. Most bank savings accounts now pay a fixed 10.50% a year on balances up to Rs 10 million, as our November bank savings rate report shows, so in October a plain bank account paid more than HBL's money market funds.

HBL fund loads, fees and cut-off times

HBL Money Market Fund charges a front-end load of up to 1.00% and a management fee of 1.25% a year. HBL Income Fund and HBL Islamic Income Fund list a front-end load of up to 2%. Orders for the money market fund are taken from 9:00 am to 4:00 pm.

The returns above are already net of the management fee. They do not include the front-end load, which is taken from your money when you invest. On Rs 10 lakh, a 1% load is Rs 10,000, which is more than a month of profit at these rates. Ask the HBL Asset Management officer or the app which load applies to your amount before you invest. The report also notes that a sales load of up to 3% or 1.5% may be charged at the company's discretion.

How to check an HBL fund's latest return and price

HBL Asset Management posts the daily price of every fund on its Fund Prices page and the full fund manager report each month. Both are public, so no login is needed.

1. Open hblasset.com and choose Resources, then Fund Prices, for today's offer and redemption prices.
2. The redemption price is what one unit pays you when you sell. The offer price includes the load.
3. For returns, open Resources, then Downloads, then Fund Manager Report.
4. Download the latest month. The October 2026 file is named FMR-October-2026.
5. Find your fund's page and read the "Fund Returns" box: 1 month, year to date and 1 year figures sit side by side.
6. Note the fund size and the front-end load on the same page before you decide.

You can compare these numbers with every other fund manager's on the industry pages, using our guide to checking a fund's NAV and returns on MUFAP. HBL the bank's own savings and Konnect wallet products are separate, and our HBL Konnect guide covers the wallet.

Common questions

What is the HBL Cash Fund return in October 2026?

9.85% a year for October 2026, according to HBL Asset Management's fund manager report. Its year to date return is 10.28% and its last 12 months return is 10.37%.

What is the HBL Money Market Fund return?

9.34% a year in October 2026, 9.97% year to date and 9.78% over 12 months. The fund held Rs 42,289 million at the end of October.

Which HBL fund paid the most in October 2026?

Among the low risk funds, HBL Islamic Income Fund at 10.00% a year. Over the last 12 months, HBL Islamic Money Market Fund led at 10.53%.

Is HBL Asset Management the same as HBL bank?

No. HBL Asset Management Limited runs the funds. The fund report says HBL the bank is not responsible for the liabilities of the asset management company or its funds.

How much profit does Rs 10 lakh earn in HBL Cash Fund?

About Rs 8,208 a month before tax at October's 9.85% rate. The real amount changes with each month's return.

Does HBL Money Market Fund have a front-end load?

Yes, up to 1.00%, according to the October 2026 report. The back-end load is nil.

How we verified this

What we checked, where we read it, and what we could not confirm.

We read HBL Asset Management's Fund Manager Report for October 2026 on 11 November 2026, linked from its fund manager report page, and checked daily prices on its Fund Prices page. The policy rate change is covered in our report on the rise to 12%. Monthly profit figures are our arithmetic. Nothing here is advice to buy a fund.