PACRA Maintains Stability Rating of JS Money Market Fund

JS Money Market Fund ("JSMMF" or "the Fund") is positioned as a low-risk money market scheme, designed to provide a competitive return to its investors (with a periodic payout as may be set out by the Management Company) by investing in low risk, highly liquid, and short-duration portfolio consisting of money market instruments. As of June 2025, the Fund reported Assets Under Management (AUM) of approximately PKR 1,620 million, reflecting its stable footprint within Pakistan’s money market category. The Fund’s asset composition remains conservative, with 90.02% allocated to Government of Pakistan Treasury Bills, providing direct sovereign exposure, zero credit risk, and strong secondary market liquidity. An additional 9.63% is maintained in bank deposits, serving as an immediate liquidity buffer placed primarily with highly rated financial institutions, while 0.34% is allocated to others. From a credit-quality perspective, the Fund maintains 99.6% exposure to ‘AAA’ rated avenues, ensuring minimal default risk. The maturity profile, reflected in a Weighted Average Maturity (WAM) and duration of 88 days, represents slightly elevated risk within money market parameters; however, the focus on sovereign and high-grade instruments ensures this risk remains manageable. Investor concentration remains notable, with the top ten investors accounting for 92.8% of AUM, introducing potential redemption pressure. However, this risk is substantially mitigated by the Fund’s ~90% allocation to sovereign T-Bills, which offer immediate liquidity and negligible price impact even under stressed market conditions.
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 holds the distinction of being Pakistan’s oldest private-sector Asset Management Company, established in 1995 and listed on the Pakistan Stock Exchange. As a key entity within the Jahangir Siddiqui (JS) Group, the Company benefits from a strong financial ecosystem, with JS Bank Limited maintaining a majority stake of approximately 85%. The JS Group has an extensive footprint across Pakistan’s financial sector, with operations spanning banking, insurance, brokerage, and asset management, while also expanding into energy infrastructure and the oil marketing sector. JS Investments Limited is a fully licensed financial institution, authorized to provide Asset Management Services, Investment Advisory, Private Equity, Venture Capital, and REIT Management. Additionally, the Company serves as a Pension Fund Manager under the Voluntary Pension System Rules, 2005, further solidifying its position as a diversified financial services leader. Under the leadership of Ms. Iffat Zehra Mankani (CEO), JS Investments leverages her extensive global expertise spanning over two decades in public and private markets across multiple asset classes. The Company’s governance structure is anchored by an eight-member Board of Directors, comprising a blend of independent and non-executive directors, with strong representation from JS Bank Limited and Jahangir Siddiqui & Company Limited. The Board is composed of highly accomplished professionals with deep expertise in financial services, ensuring strategic oversight and governance excellence. As of June 2025, JS Investments Limited reported Assets Under Management (AUM) of approximately PKR 124 billion, reflecting its sustained growth and leadership in Pakistan’s asset management industry.