PACRA Maintains Stability Rating of JS Income Fund

JS Income Fund (“JSIF” or “the Fund”) is a medium-risk fixed-income scheme, designed to preserve investor capital while delivering a consistent stream of income exceeding comparable bank deposit returns. The Fund deploys a diversified mix of investment-grade corporate debt, government securities, and money-market instruments, with liquidity reinforced through spread transactions and bank placements. As of June 30, 2025, JSIF reported Assets Under Management (AUM) of PKR 7,568 million. The asset allocation framework reflects a balanced yield–liquidity profile: 52% in Pakistan Investment Bonds (PIBs) capturing long-term sovereign yield, 29% in bank placements enhancing liquidity and credit strength, 12% in Treasury Bills (T-Bills) providing short-tenor sovereign buffers, and 7% in other instruments, including spread transactions aimed at incremental returns. The Fund’s credit profile remains anchored in high-quality exposures, with 71% of assets in AAA rated avenues and 3% in AA rated instruments, while the balance is deployed across A+ and A rated assets. The risk posture is shaped by a Weighted Average Maturity (WAM) of 653 days, reflecting sizeable exposure to longer-tenor PIBs and associated interest rate sensitivity. This is partially moderated by a shorter duration of 66 days, driven by liquid placements and T-Bills. Investor concentration is elevated, with the top ten unit holders accounting for 90% of AUM, introducing redemption sensitivity. However, liquidity support is maintained through substantial 29% bank placements, providing a stabilizing buffer for outflow management.
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.