PACRA Maintains Stability Rating of JS Fixed Term Munafa Fund

JS Fixed Term Munafa Fund (or the "JSFTMF") maintains a medium risk profile. The investment objective of the Fund is to provide fixed return to its unit holders subject to the holding of the investment till maturity. As of December 2024, the Fund’s asset allocation remained skewed toward sovereign instruments, with approximately 56.8% deployed in Treasury Bills, 32.2% in Pakistan Investment Bonds (PIBs), 8.4% in bank placements, and 2.6% across other avenues. From a credit quality standpoint, the Fund’s exposure remained consistent with applicable rating thresholds, with around 89% of net assets invested in government securities and a further 9.2% allocated to AA+ rated instruments. At end-Dec’24, the Fund’s duration stood at 271 days, indicating heightened exposure to interest rate volatility. The Weighted Average Maturity (WAM) of 627 days reflects moderate credit risk, though the concentration in long-term sovereign holdings tempers default risk. At end-Dec’24, the Fund comprises nine individual plans and is categorized under the Fixed Rate Return segment. Overall, the Fund’s structure continues to reflect prudent positioning within its designated risk profile.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on rating.

About the Entity
JS Investments Limited is the oldest private-sector Asset Management Company in Pakistan. The company was established in 1995 and is listed on the Pakistan Stock Exchange. The Company is part of the Jahangir Siddiqui (JS) Group. JS Bank Limited holds ~85% shareholding in the Company. JS Group has a strong presence in the financial sector with entities operating in the banking, insurance, brokerage, and asset management sectors. The group has recently ventured into energy infrastructure and OMC segments. JS Investments possesses licenses for Asset Management Services, Investment Advisory, Private Equity, Venture Capital services, and REIT management. In addition, the Company also acts as Pension Fund Manager under the Voluntary Pension System Rules, 2005. Ms. Iffat Zehra Mankani is the Chief Executive Officer of JS Investments Limited. She comes with a globally diversified experience of over two decades in both public and private markets across multiple asset classes. The Company’s board of directors comprises seven members including the Chief Executive Officer. The board is dominated by representatives of JS Bank Limited and Jahangir Siddiqui & Company Limited. The board has three independent directors while all the other directors are non-executive directors. The board members possess strong profiles and skills suited to the financial services industry. Assets under management of the Company stood at ~PKR 102bln at the end of Dec'24.