⚡ Flash Summary

JS Money Market Fund (JSMMF) reported a fund return of 14.95% for the year ended June 30, 2025, exceeding the benchmark return of 14.79%. The Fund’s Net Assets increased significantly from PKR 1,300.36 million to PKR 1,619.68 million. The fund primarily invests in short-term money market instruments and maintains a shorter duration to capitalize on anticipated monetary easing. The fund paid an interim cash dividend of Rs 10.00 per unit.

📌 Key Takeaways

• ✅ Fund return was 14.95%, surpassing the benchmark of 14.79%.
• 💰 Net Assets grew from PKR 1,300.36 million to PKR 1,619.68 million.
• ⚠️ Total expense ratio is 1.36%, including 0.18% for government levies.
• 💸 Paid interim cash dividends of Rs 10.00 per unit.
• ⭐ Asset manager rating is ‘AM2++’ with a ‘Stable Outlook’ from PACRA.
• 📈 FBR tax collections rose 26.13% to PKR 11.74 trillion.
• 📉 Inflation eased to 4.49% from 23.41% a year earlier.
• 💲 Foreign exchange reserves reached USD 14.51 billion.
• ✅ Current account recorded a surplus of USD 2.1 billion.
• 📉 SBP’s Monetary Policy Committee (MPC) implemented rate cuts of 950 bps, reducing the policy rate to 11%.
• 📜 Issued Pakistan’s first 15-year zero-coupon bond, raising PKR 288 billion at 12.70% cut-off.
• 📊 3M, 6M, and 12M tenor government securities yields closed at 11.01%, 10.89%, and 10.85%, respectively, reflecting significant declines.
• 💼 Primarily invests in short-term debt securities, maintaining a lower risk profile.

🎯 Investment Thesis

Given the fund’s stable returns, prudent expense management, and low-risk investment strategy, a HOLD recommendation is appropriate. The fund has demonstrated a solid performance in a fluctuating economic environment. Monitor fund expenses closely and make adjustments in line with monetary easing.