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Lahore, August 31, 2023 (PPI-OT): JS investments limited has launched JS Money Market Fund (or “JSMMF”) for making its portfolio more diverse and meaningful for its investors. JS Money Market Fund (or the ‘Fund’) is a low-risk profile Fund. JSMMF is launched to attract retail as well as corporate segment. The investment objective of the JSMMF is to provide a competitive return to its investors (with a periodic payout as may be set out by the Management Company) by investing in low-risk, highly liquid, and short-duration portfolio consisting of money market instruments. As per investment policy, the Fund will take a minimum of 90% exposure in the Government Securities/AAA on a quarterly basis and will remain invested in avenues rated AA and above.
The assigned rating reflects the strong strength of the Fund’s credit and interest rate risk profile. At the End-Jun’23, the Fund had placed ~32.73% in T-Bills, ~29.40% in PIBs, ~7.81% in Short Term Sukuk, ~3.57% of net assets in banks, whereas the remaining was invested in Others. At the end of Jun’23, the WAM and Duration are reported at 50 days. The unit holding pattern of the Fund is highly concentrated with the top ten investors representing ~92.91% of the Fund’s assets including ~6.95% of related party transactions; exposing the Fund to a high level of redemption pressure.
Going forward, material changes in the Fund’s asset allocation strategy, impacting its credit quality and/or exposure to interest rate risk, would affect the rating. While compliance with the rating criteria for the assigned rating would remain imperative.
For more information, contact:
Analyst,
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com
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