Four layers of evidence
Sahulat Capital separates source observations, derived calculations, model estimates and editorial interpretation. A source observation is a value or statement obtained from an identified provider. A derived calculation transforms documented inputs using a stated formula. A model estimate uses historical data and assumptions to describe a range of possible outcomes. Editorial interpretation explains why those facts or estimates may matter. These layers must not be presented as interchangeable.
Primary sources are preferred for factual financial claims. Examples include official regulator material, government product terms, issuer financial statements and notices from the Pakistan Stock Exchange. Secondary sources can provide context but cannot substitute for a primary source when the original record is reasonably available. Every reviewed financial publication records when its sources were checked.
Return comparisons
Comparisons use matching periods and consistent cash-flow assumptions. Nominal returns include distributions where relevant. Applicable fees, spreads, taxes and early-exit costs are considered before describing what an investor keeps. Real return is calculated by dividing one plus the after-cost nominal return by one plus inflation, then subtracting one. The inflation period must match the investment period.
Products that distribute cash and products that compound are not compared by headline rate alone. A monthly payout that is spent produces a different ending value from a return that is reinvested. Likewise, a forecast is not compared with a realized result without an explicit label. Currency translation is shown separately for overseas investors because a gain in PKR can become a loss in the currency of the underlying goal.
Risk and liquidity
Risk is described in more than one dimension. The framework considers permanent capital loss, short-term volatility, inflation, reinvestment, currency, concentration, issuer, institution, governance, liquidity and operational access. A product with little daily price movement can still expose the investor to inflation or a maturity mismatch. A liquid market can still fall sharply.
Liquidity is assessed against the date money may be needed. Relevant questions include settlement time, withdrawal procedures, maturity, early-encashment treatment, dealer spreads and whether market depth is sufficient for the intended transaction. The methodology does not equate “government-backed” or “regulated” with risk-free.
Sahulat Score and model output
The Sahulat Score is a research aid that organizes available evidence. It can combine value, historical behavior, forward-looking model output and financial-health signals. Component definitions, source status and freshness must be available wherever the score is used for a public claim. The score is not a buy, sell or hold instruction and does not replace analysis of the underlying product or company.
Forecasts are estimates, not promises. A model output should identify its observation window, inputs, scenario assumptions and important limitations. Bull, base and bear scenarios describe conditional outcomes rather than probabilities unless the model explicitly estimates probability and its calibration has been evaluated. Historical backtests must not be described as live performance.
Publication and review
A completed financial page identifies its organizational author, named reviewer, publication and review dates, primary sources, material risks, methodology, related research and educational disclaimer. Review is page-specific: checking one guide does not amount to checking a company profile or another product.
The reviewer checks whether the cited evidence supports the text and whether important limits are easy to find. Material changes require a fresh review. Machine-readable descriptions of a page must match what a reader can see; they are never used to imply an endorsement or qualification that the page does not support.
Maintenance
Evergreen explanations receive scheduled review, while time-sensitive rates and rules are checked after known source changes. A changed date alone is not evidence of substantive review. Material revisions update the page date and review record. Corrections are distinguished from freshness updates so readers can tell whether the original publication contained an error.