PACRA Maintains Stability Rating of JS Income Fund

JS Income Fund (“JSIF” or the “Fund”) is a medium risk income fund. The objective of the Fund is to preserve investors’ capital while providing a regular stream of current income on an annual basis that is higher than the return offered by commercial banks on deposits with a similar liquidity profile. The Fund maintains a diversified portfolio comprising investment grade debt securities, government securities and money market instruments. The Fund may also maintain liquidity through spread transactions and bank deposits. As of Jun’26, the Fund’s Assets Under Management (AUM) stood at approximately PKR 4,129 million, compared with approximately PKR 4,537 million as of Dec’25, indicating a contraction in the Fund’s size over the period. In terms of asset allocation, approximately 60.71% of the portfolio was invested in Pakistan Investment Bonds (PIBs), while 28.67% was placed in bank deposits and 9.86% was invested in TFCs and Sukuks. The remaining portion was allocated to other instruments. From a credit quality perspective, the Fund’s investment allocation was primarily concentrated in Government Securities/AAA rated avenues, representing approximately 68.30% of the portfolio. Exposure to A+ rated instruments stood at approximately 18.42%, while 11.23% was allocated to AA rated avenues and the remaining exposure was held in other instruments. The Weighted Average Maturity (WAM) of the Fund stood at approximately 274 days as of Jun’26, indicating moderate exposure to credit risk. However, the associated credit risk is mitigated through the Fund’s allocation to Government Securities/AAA rated instruments. The Duration of the Fund stood at approximately 256 days, exposing the Fund to interest rate volatility. The unit holding pattern remained concentrated, with the top ten investors accounting for approximately 94.40% of the total units, exposing the Fund to high redemption pressure. Nevertheless, 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 approximately 13.51% as of Jun’26, remaining above both the benchmark return of approximately 11.39% and the peer average return of approximately 13.02%, reflecting performance above 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 June 2026, JS Investments manages approximately PKR 97 billion in assets, reflecting its strong position in Pakistan’s asset management industry.