⚡ Flash Summary

JS Growth Fund reported a fund return of 53.24% for the year ended June 30, 2025, falling short of the benchmark return of 58.92%. The fund’s net assets increased significantly from PKR 2.50 billion in 2024 to PKR 3.52 billion in 2025. The total expense ratio of the fund is 4.99%, including 0.56% of government levies. The fund paid an interim cash dividend of Rs 1.00 per unit during the year.

📌 Key Takeaways

• 📈 Fund return: 53.24% (vs benchmark 58.92%)
• 💰 Net Assets Growth: PKR 2.50B (2024) to PKR 3.52B (2025)
• 💸 Total Expense Ratio: 4.99% (includes 0.56% govt. levies)
• 💰 Interim Dividend: Rs 1.00/unit
• ⭐ Asset Manager Rating: AM2++ (Stable Outlook) by PACRA
• 🔍 Auditor Change: Grant Thornton Anjum Rahman appointed for 2026
• 🌏 Pakistan’s GDP growth: 2.7% in FY25
• 📊 KSE-100 Index gain: 60.15%
• 📊 KSE-30 Total Return gain: 64.20%
• 📉 Foreign Investor Outflow: USD 303.8M
• ⬆️ Mutual Fund Inflow: USD 230.5M
• 💼 Equity allocation: 93.06% (2025)
• 📊 Information Ratio: (0.09)
• 📊 Correlation: 0.93

🎯 Investment Thesis

HOLD rating on JS Growth Fund. While net asset growth is positive, it falls short of its benchmark, and fees are rather high. I expect the portfolio to continue aligning better with Pakistan’s economic growth, and believe this can still be used for local market investment, although active management is required, based on risks. The price target will be updated if fund expenses come down and performance is improved, to warrant a stronger rating and potential increase.