PACRA Maintains Stability Rating of JS Islamic Premium Fund

JS Islamic Premium Fund (or the 'Fund') is a Moderate-risk profile fund. The primary objective of JS Islamic Premium Fund is to optimize income generation for its investors through prudent investment strategies adhering to Islamic principles. The AUMs of the Fund stood at PKR 538mln at the end of Mar'24. As of the end of Mar'24, the Fund's credit quality was ~81.27% in A+, ~13.18% in AA+, ~1.79% in AA-. The Fund had invested ~83.07% in Cash deposits, ~13.18% in DFIs, and the remaining ~3.76% in others.
The duration of the fund stood at 11 days at the end of Mar'24, and the WAM of the Fund stood at 11 days at the end of Mar'24, exposing low credit risk. The unit holding pattern of the Fund stood at ~98.52%, representing the top ten investor concentration, exposing very high redemption pressure of the fund. Redemption pressure is addressed through maintenance of sufficient liquidity. During Mar'24, JS Islamic Premium fund posted an annualized return of 19.30% against the Benchmark return of 11.29% thereby outperforming the Benchmark by 8.01%.
Going forward, compliance with the credit rating quality criteria for the assigned rating will remain crucial.

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.'' The Company is headed by Ms. Iffat Zehra Mankani. She possesses over 20 years of global experience 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 81bln at the end of Mar'24.