How Saudi equity funds above SAR 100M AUM performed in 2025

All Saudi equity funds posted negative performance in 2025, according to an analysis by Argaam.

The decline of around 14% in the Saudi market last year weighed on the performance of most equity funds.

The Argaam Saudi Equity Funds Index fell by approximately 11% in 2025, marking the steepest decline among Argaam’s fund indices, after shedding nearly 500 points to close the year at 4,029 points.

Meanwhile, the Argaam All-Fund Index (equity and money market) edged down by less than 1%, while the Argaam Saudi and Foreign Equity Funds Index declined by about 8%.

Argaam analyzed the performance of 54 local equity funds - out of nearly 340 funds investing in Saudi equities - with assets under management (AUM) exceeding SAR 100 million in 2025.

The total net asset value (NAV) of equity funds with AUM above SAR 100 million reached around SAR 36 billion.

The least-declining funds were those pursuing a more conservative investment approach, focusing on large-cap and dividend-generating companies.

ANB Capital Saudi Equity Fund recorded the least decline, supported by its investments in leading, income-generating stocks, followed by Riyad Blue Chip Equity Fund. Both funds were heavily invested in banks, such as Al Rajhi Bank and Saudi National Bank (SNB), as well as telecom major stc.

Least-Declining Equity Funds in 2025

By contrast, several investment funds recorded sharp declines of more than 15%, mainly those focused on IPO investments or mid- and small-cap companies, which are typically more affected during market downturns.

Alinma IPO Fund recorded the sharpest decline, falling by around 23%, as most of its portfolio companies traded below their offer prices. ANB Capital IPO Fund also ranked among the worst performers, declining by about 16%.

The SNB Capital Al Ataa Saudi Equity Fund came second with a decline of nearly 18%, followed by the SNB Capital Saudi Small and Mid-Cap Equity Fund, as shown in the table below:

Worst-performing Saudi equity funds in 2025

Local equity funds investing in Saudi stocks comprise several categories: flexible equity funds (around 8), opportunistic funds (6), small- and mid-cap equity funds (3), and IPO-focused funds (2). This reflects the wide range of investment strategies available to investors in the local funds market.

Within the Saudi freestyle equity funds category, all funds posted declines in 2025, albeit at varying rates. Derayah Freestyle Saudi Equity Fund recorded the steepest drop, falling by around 17%, followed by SAB Invest Saudi Freestyle Equity Fund , which fell by about 15%.

Performance of freestyle Saudi equity funds in 2025

*Launched on Jan. 28, 2025

Among the opportunistic funds, Derayah Opportunistic Saudi Equity Fund recorded the steepest decline of around 17%, followed by Riyad Opportunities Fund, down nearly 12%.

Performance of opportunistic equity funds in 2025

In the small- and mid-cap equity funds category, SNB Capital Saudi Small and Mid-Cap Equity posted the largest decline at around 17%. Al Rajhi Mid/Small-Cap Fund followed with a fall of about 16%.

Performance of small- & mid-cap equity funds in 2025

The IPO-focused Saudi equity funds topped the list of the worst performers in 2025 among funds with AUM exceeding SAR 100 million. Alinma IPO Fund recorded the sharpest decline of nearly 23%, followed by ANB Capital IPO Fund at almost 16%.

Performance of IPO equity funds in 2025