📈 JSIL-FUNDS: BUY Signal (7/10) – FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2025 (JS GOVERNMENT SECURITIES FUND)

📌 Key Takeaways

• 📈 Fund outperformed its benchmark with a return of 15.84% versus 14.35%.
• 💰 Net Assets increased from PKR 6.11 billion to PKR 10.05 billion.
• 💸 Paid interim cash dividends of Rs 12.82 per unit.
• ⭐ Management Company maintains an ‘AM2++’ rating with a ‘Stable Outlook’ from PACRA.
• ✅ PACRA reaffirmed the fund stability rating of ‘AA(f)’.
• 🏛️ Invested primarily in T-bills and PIBs, adjusting asset allocation to capitalize on monetary easing.
• 💵 Net income for the year was reported as PKR 1,401.765 million
• ✔️ The fund holds bank balances with AAA-rated banks
• 🔍 Total expense ratio (TER) of the Fund stands at 2.05%, which includes 0.27% of government levies
• 🏦 The fund’s holdings consist of Government Securities, including market treasury bills, Pakistan Investment Bonds-Floater, and Pakistan Investment Bonds-Fixed.
• 💼 Fund Manager is highly experienced, as indicated by his designation and qualification

🎯 Investment Thesis

BUY. The fund’s strong performance, experienced fund manager, and asset growth indicate a positive investment outlook. The fund is recommended for investors seeking stable returns from government securities. Given the recent changes in regulation by the SECP, this may present challenges to operations. Price target 125.00 Rs, time horizon: MEDIUM_TERM