PICIC Investment Fund (PIF) is a closed end scheme and its principal business is to invest in listed equity securities with an objective to generate capital growth.
The Fund is managed in accordance with the provisions of the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (NBFC Rules, 2003) & the certificates of the Fund are listed on all Stock Exchanges of Pakistan viz: Karachi, Lahore & Islamabad.
PICIC Limited acquired the rights to manage the affairs of ICP Mutual Fund Lot 'B' comprising of thirteen funds viz: 2nd, 5th, 6th, 7th, 9th, 10th, 13th, 14th, 16th, 17th, 18th, 22nd, & 24th on December 13, 2002 from Investment Corporation of Pakistan through Privatization Commission in accordance with the Management Right Transfer Agreement, thereafter the management rights of ICP - SEMF were transferred from PICIC Limited to PICIC Asset Management Company Limited on June 28, 2004.
ICP Mutual Fund Lot 'B' (thirteen funds) were a closed end mutual funds operating under the ICP Ordinance 1966, subsequently as per scheme of amalgamation all the thirteen funds were consolidated into a fund named as PICIC Investment Fund a closed end scheme effective from June 07, 2004 in accordance with the provision of the NBFC Rules, 2003.
3,738,731 shares of Pakistan State Oil Company Limited and 2,154,134 shares of Sui Northern Gas Pipelines Limited are frozen/blocked by an order of the Government of Pakistan as the same form part of a strategic shareholding under the control of the Government of Pakistan.
During FY-2006 777,800 shares of National Refinery Limited earlier frozen/blocked were derecognized being part of the privatization by the Government of Pakistan.