⚡ Flash Summary
JS Large Cap Fund’s annual report for the year ended June 30, 2025, reveals a strong performance amidst a backdrop of moderating economic growth in Pakistan. The fund achieved a return of 59.82%, surpassing its benchmark return of 58.92%. Net assets increased substantially from PKR 1,389.90 million to PKR 2,670.16 million. The fund also distributed an interim cash dividend of Rs 1.00 per unit, highlighting its commitment to delivering value to investors.
📌 Key Takeaways
- ✅ Fund return was 59.82%, outperforming the benchmark return of 58.92%.
- 📈 Net Assets surged from PKR 1,389.90 million to PKR 2,670.16 million.
- 💰 Interim cash dividend of Rs 1.00 per unit was distributed.
- 📊 Total expense ratio is 4.60%, including 0.55% for government levies.
- ⭐ Asset manager rating of ‘AM2++’ with a ‘Stable Outlook’ from PACRA.
- 🇵🇰 Pakistan’s equity market showed strong upward momentum, ranking among top performers globally.
- 🏦 Commercial Banks, Fertilizer, and Oil & Gas Exploration led sector gains.
- 💸 Foreign investors recorded net outflows of USD 303.8 million.
- 💼 The fund primarily invests in equity securities of listed Large-Cap companies.
- 🌱 The fund focuses on growth-oriented sectors with strong fundamentals.
- 🎯 The investment strategy remained aligned with improving macroeconomic indicators.
- ⚖️ Asset allocation: Equity 94.81%, Cash 4.77%.
- 📊 NAV per unit increased to PKR 320.89 from PKR 201.42.
- 📈 KSE-100 Index advanced by 60.15%.
- 🎯 FY2026 Federal Budget targets real GDP growth of 4.2% and headline inflation of 7.5%.
🎯 Investment Thesis
Given the fund’s substantial returns and solid financial position, a BUY recommendation is justified with a price target of PKR 380 within a medium-term (18-24 months) horizon. The positive economic outlook and active management strategies position the fund for further growth and value creation for investors.
Disclaimer: AI-generated analysis. Not financial advice.