PACRA Maintains Stability Rating of JS Government Securities Fund

JS Government Securities Fund ('JSGSF' or the 'Fund') is a medium risk profile, Income Fund. The objective of the Fund is to preserve investor’s capital while providing a regular stream of current income on an annual basis which is higher than that offered by commercial banks on deposits of a similar liquidity profile. The Fund operates a diverse portfolio of investment-grade debt securities, government securities and money market instruments. As of Dec’25, the Fund’s Assets Under Management (AUM) stood at approximately ~PKR 9,530mln, compared to approximately ~PKR 10,046mln as of Jun’25, indicating a marginal decline in the Fund’s size over the period. In terms of asset allocation, ~55.3% of the portfolio was invested in Pakistan Investment Bonds (PIBs), ~35.6% in Treasury Bills, and ~8.0% was held in bank placements, while the remaining portion was allocated to other instruments. From a credit quality perspective, ~99.0% of the Fund’s investments were allocated to Government Securities/AAA rated avenues, with the remaining exposure held in other avenues. The Weighted Average Maturity (WAM) of the Fund stood at ~537 days as of Dec’25, indicating exposure to elevated credit and interest rate risk. However, the associated credit risk remains manageable due to the Fund’s substantial allocation to Government Securities/AAA rated instruments. The unit holding pattern remained concentrated, with the top ten investors accounting for approximately ~99.16% of the total units, indicating significant redemption pressure. However, the Fund benefits from regulatory liquidity management mechanisms available under applicable NBFC Regulations, which provide support in managing liquidity under stressed conditions. In terms of performance, the Fund reported an annualized return of ~18.19% as of Dec’25, exceeding the benchmark return of ~10.54% while remaining marginally below the peer average return of ~18.28%.
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.