PACRA Maintains Stability Rating of JS Cash Fund

JS Cash Fund (“JSCF” or the “Fund”) is a low risk money market scheme managed by JS Investments Limited. The Fund aims to generate regular and reasonable returns through investments in low risk, short term fixed income and money market instruments, while maintaining a high level of liquidity. The Fund primarily invests in short duration instruments and may maintain a portion of its portfolio in cash to meet liquidity requirements. As of Jun’26, the Fund’s Assets Under Management (AUM) stood at approximately PKR 4,347 million, compared with PKR 13,076 million as of Dec’25, reflecting a significant contraction in the Fund’s size during the period. In terms of asset class, the Fund’s portfolio remained predominantly invested in government securities, with approximately 71.35% allocated to Treasury Bills and 16.67% to Pakistan Investment Bonds. A further 8.44% was invested in short term Sukuks, while approximately 1.80% was maintained in bank placements. The remaining portfolio was allocated across other instruments. Credit quality remained favorable, with approximately 88.26% of the Fund’s investments placed in Government Securities/AAA rated avenues. A further 9.99% was allocated to AA rated instruments, while the residual exposure was held in other avenues. The high allocation towards Government Securities and AAA rated avenues provides substantial mitigation against credit risk. The Fund’s Weighted Average Maturity (WAM) stood at approximately 34 days as of Jun’26, reflecting moderate exposure to credit and interest rate risk. However, the default risk is manageable due to the Fund’s significant allocation to Government Securities/AAA rated avenues. The Fund’s investor concentration remained elevated, with the top ten investors holding approximately 81.6% of total units. Such concentration may increase redemption related liquidity risk in the event of sizeable withdrawals. However, the Fund has access to regulatory liquidity management mechanisms available under the NBFC Regulations, which provide a framework for managing liquidity requirements under stressed conditions. In terms of performance, the Fund generated an annualized return of approximately 10.24% as of Jun’26, compared with the benchmark return of 11.64% and the peer average return of 11.07%. The Fund’s return remained marginally above the peer average, although below the benchmark during the period.
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 June 2026, JS Investments manages approximately PKR 97 billion in assets, reflecting its strong position in Pakistan’s asset management industry.