PACRA Maintains Stability Rating of JS Income Fund

JS Income Fund ("JSIF" or "the Fund") is a medium-risk fixed income Fund designed to deliver consistent returns while maintaining capital preservation. The Fund strategically allocates across high-quality debt instruments to optimize yield potential while managing risk exposure, positioning it as an attractive option for investors seeking enhanced returns relative to conventional bank deposits. As of December 2024, the Fund reported PKR 8.7 billion in Assets Under Management (AUM), underscoring its established position in Pakistan's fixed income market. The Fund maintains a diversified allocation across asset classes: 36% in Pakistan Investment Bonds (PIBs), 34% in bank deposits, 21% in Treasury Bills, and 9% in other approved instruments - reflecting a balanced strategy for yield optimization and liquidity management. From a credit quality perspective, the Fund had allocated 63% of assets in Government Securities and AAA rated instruments, complemented by 24% in A+ rated and 7% in A rated securities. This investment-grade concentration provides substantial default protection while allowing for measured yield enhancement through selective spread exposure. With a Weighted Average Maturity (WAM) of 577 days and duration of 95 days as of December 2024, the Fund maintains moderate exposure to credit and interest rate risk. The intermediate WAM reflects strategic positioning along the yield curve, while the shorter duration indicates limited near-term sensitivity, providing resilience against immediate rate fluctuations.
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 eight 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 128.17mln at the end of Dec'24.