PACRA Maintains Stability Rating of JS Cash Fund

JS Cash Fund (“JSCF” or “the Fund”) is a low-risk, open-end Money Market Scheme designed to invests in low risk short-term fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The Fund shall invest primarily in short duration instruments and may even hold some or all of its assets in cash for the purpose maintaining liquidity. As of June 30, 2025, JSCF reported Assets Under Management (AUM) of PKR 17,027 million, reflecting its strong positioning within Pakistan’s money market universe. In terms of asset class, the Fund is anchored by a 60% allocation to Government of Pakistan Treasury Bills, providing sovereign credit quality and strong secondary-market tradability. This is complemented by 39% placed in bank deposits, offering a high-quality, on-demand liquidity buffer. The remaining 1% is allocated to ancillary instruments for operational flexibility. The Fund demonstrates sound credit quality discipline, with 74% of assets invested in direct government obligations or instruments rated AAA, and 26% placed in AA rated avenues. JSCF maintains a Weighted Average Maturity of 50 days, aligning with its moderate-risk mandate. However, the credit risk remains minimal given the dominant exposure to government-backed and top-tier credit instruments. Investor concentration is elevated, with the top ten unit holders representing 78% of AUM; however, associated redemption risk is effectively mitigated by 99% liquidity coverage through Treasury Bills and bank deposits, ensuring strong resilience under stressed outflow scenarios.
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.