PACRA Maintains Stability Rating of JS Cash Fund

JS Cash Fund ('JSCF' or the 'Fund') is a low-risk money market scheme. The objective of the Fund is 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 Dec’25, the Fund’s Assets Under Management (AUM) stood at ~PKR 13,076mln, compared to ~PKR 17,025mln as of Jun’25, reflecting a decline in the Fund’s size over the period. In terms of asset allocation, ~28.6% of the portfolio was invested in Treasury Bills, ~1.9% in short-term sukuks, ~21.8% was placed as bank placements, and ~1.8% was allocated to commercial papers, while the remaining portion was invested in other instruments. From a credit quality perspective, ~42.8% of the Fund’s investments were allocated to Government Securities/AAA rated avenues, ~9.4% to AA rated instruments, and ~1.9% to A rated avenues, while the remaining exposure was held in other avenues. The Weighted Average Maturity (WAM) of the Fund stood at ~21 days as of Dec’25, indicating limited exposure to interest rate risk. The unit holding pattern remained concentrated, with the top ten investors accounting for approximately ~81.6% of the total units, indicating elevated redemption pressure. However, potential redemption pressure is considered manageable, given the Fund’s allocation to bank placements, which provide liquidity to meet redemption requirements. In terms of performance, the Fund reported an annualized return of ~12.96% as of Dec’25, exceeding both the benchmark return of ~10.48% and the peer average return of ~10.22%, reflecting outperformance 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.