⚡ Flash Summary
JS Fixed Term Munafa Fund II reported its annual results for the year ended June 30, 2025. The fund’s performance varies between its Plan 1 and Plan 2 offerings, with Plan 2 generally showing higher returns. The asset manager, JS Investments, holds a rating of ‘AM2++’ with a ‘Stable Outlook’, reflecting strong management and governance. The Directors expressed gratitude to regulatory bodies and stakeholders for their support. The report includes detailed financial statements and auditor’s reports, offering transparency into the fund’s operations.
📌 Key Takeaways
- 🎉 JS Investments celebrates 30 years of trust, innovation, and excellence.
- 📈 The fund reports its annual performance for the period ending June 30, 2025.
- 🏛️ The fund’s asset manager rating is ‘AM2++’, indicating strong management quality.
- 📊 The Directors’ Report highlights macroeconomic stability and sector-specific challenges.
- 📉 Inflation eased significantly to 4.49% from 23.41% year earlier.
- 💹 Foreign exchange reserves reached USD 14.51 billion by year-end.
- 💰 The FBR tax collections rose 26.13% year-on-year to PKR 11.74 trillion.
- ✂️ The State Bank of Pakistan (SBP) implemented cumulative rate cuts of 950 bps, bringing the policy rate down to 11%.
- ✔️ Allocation of schemes: JS Fixed Term Munafa Fund II – JS Fixed Term Munafa Fund II – Plan 1 has Net Assets of PKR 1.05 billion and Return of 10.63%.
- ✔️ Allocation of schemes: JS Fixed Term Munafa Fund II – JS Fixed Term Munafa Fund II – Plan 2 has Net Assets of PKR 2.22 billion and Return of 15.48%.
- ✔️ Plan 1 Benchmark Return was 11.28% and Plan 2 Benchmark Return was 11.30%.
- 🏦 JS Fixed Term Munafa Fund II mainly invests in government securities.
- 💸 Total return of the Fund is 10.63% for Plan 1 and 15.48% for Plan 2.
- ✨ The net asset value per unit is Rs. 101.60 for Plan 1 and Rs. 102.33 for Plan 2.
🎯 Investment Thesis
Based on the provided information, a HOLD recommendation is appropriate for JS Fixed Term Munafa Fund II. The fund’s returns are reasonable given the current macroeconomic conditions in Pakistan. However, the slightly underperforming return relative to its benchmark in Plan 1 and the presence of several risks indicate that investors should maintain their current positions but not increase them.
Disclaimer: AI-generated analysis. Not financial advice.