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. The Fund aims 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 December 2025, the Fund’s Assets Under Management (AUM) stood at approximately ~PKR 3,017mln, compared to ~PKR 1,620mln as of Jun’25, reflecting growth in the Fund size over the period. In terms of asset allocation, ~87.5% of the portfolio was held in bank deposits, ~11.5% was invested in Treasury Bills, while the remaining portion was allocated to other instruments. From a credit quality perspective, approximately ~99.0% of the Fund’s investments were allocated to Government Securities/AAA rated avenues, with the remaining exposure held in other instruments. The Weighted Average Maturity (WAM) of the Fund stood at 2 days as of Dec’25, indicating minimal exposure to interest rate volatility. The unit holding pattern remained concentrated, with approximately ~97.7% of the total units held by the top ten investors, of which around ~3.9% was associated with a related party. On an adjusted basis, the top ten concentration stood at ~93.8%, indicating significant redemption pressure. Nevertheless, potential redemption requirements are considered manageable, given the Fund’s allocation to bank placements, which provide liquidity to meet redemption needs. In terms of performance, the Fund reported an annualized return of approximately ~9.58% as of Dec’25, remaining below the benchmark return of approximately ~10.48% and the peer average return of approximately ~10.22%, reflecting underperformance relative to comparable funds.
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, established in 1995, is Pakistan’s oldest private-sector asset management company and is listed on the Pakistan Stock Exchange. It operates as part of the Jahangir Siddiqui (JS) Group, with JS Bank Limited holding a majority stake of around ~85%. The Company offers a wide range of services, including asset management, investment advisory, private equity, venture capital, REIT management, and pension fund management under the Voluntary Pension System Rules, 2005. Led by CEO Ms. Iffat Zehra Mankani, the firm benefits from strong leadership and an experienced eight-member Board comprising independent and non-executive directors. As of December 2025, JS Investments manages approximately ~PKR 125 billion in assets, reflecting its strong position in Pakistan’s asset management industry.