PACRA Maintains Stability Rating of JS Cash Fund

JS Cash Fund (‘JSCF’ or the ‘Fund’) is a low-risk profile Fund, designed to provide investors with competitive returns while prioritizing capital preservation and liquidity. The Fund adheres to a conservative investment strategy, primarily allocating its portfolio to high-credit-quality, short-term fixed income and money market instruments. As of December 2024, the Fund reported Assets Under Management (AUM) of PKR 22.7 billion, reflecting its strong market positioning and investor confidence. The Fund’s asset allocation remains well-diversified, with 54% invested in Treasury Bills (T-Bills), 18% in bank deposits, 15% in Development Finance Institutions (DFIs), and 9% in Pakistan Investment Bonds (PIBs), with the remainder allocated to other short-term instruments. JSCF maintains a disciplined credit quality framework, with 63% of net assets invested in Government Securities and AAA rated instruments, 33% in AA+ rated instruments, and the balance in other high-quality assets. This allocation underscores the Fund’s commitment to minimizing credit risk while ensuring stable returns. The Fund’s Weighted Average Maturity (WAM) and duration stood at 75 days as of December 2024, reflecting its strategic focus on mitigating credit and interest rate risk while optimizing yield in a dynamic monetary environment. While the Fund’s short duration limits its exposure to prolonged rate fluctuations, it remains susceptible to near-term repricing risks amid volatile interest rate 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 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 128.17bln at the end of Dec'24.