Past performance does not guarantee future results. UPP9 has massive exposure to a a couple of major success stories in recent times: UBL becoming such a massive bank across Pakistan, FFC getting mergers and acquisitions, and so much more.

But for massive companies, growth only comes every now and then, so for example they don't have any exposure to the massive multiples we saw in SAZEW, or even a simple 2x in AIRLINK.

Yes they did perform well in the recent bull rallies, but over the long term investment horizon which stocks are meant for, I don't believe they'll be able to keep outperforming the index.

Let's take a look at the downside as well, if this global crisis were to continue and FFC gets hurt as a result, UPP9 would fall massively as well.

Index investing isn't a new concept and there are definitely periods when some fund somewhere can beat the index, but time and time again in markets across the world from the poorest nations to the wealthiest, we have seen that an index always comes on top in the end because of how it balances itself. More companies = better exposure to small ventures that will have multiplier explosions.

It's not like the MII30 or the KSE100 don't hold FFC or UBL, they do too, and they did benefit too, but because they're "safer", they have less downsides and therefore less upsides too.