JSIL-FUNDS

⚡ Flash Summary

JS Momentum Factor Exchange Traded Fund (the Fund) reported its unaudited financial statements for the quarter ended September 30, 2025. The Fund’s return was 25.82% for the quarter, falling short of the benchmark return of 27.64%. Net Assets increased substantially from PKR 730.11 million to PKR 999.67 million. The Management Company maintained its ‘AM2++’ rating, reflecting strong management quality and governance.

📌 Key Takeaways

• 🥳 Fund’s return: 25.82% for the quarter ended September 30, 2025.
• 📉 Benchmark return: 27.64% for the same period.
• ⬆️ Net Assets: Increased from PKR 730.11 million (June 30, 2025) to PKR 999.67 million (September 30, 2025).
• ⚖️ Total expense ratio: 2.82%, including 0.42% of government levies.
• ⭐ Asset manager rating: Maintained ‘AM2++’, reflecting strong management quality.
• 💹 KSE-100 Index: Surged 31.7% in Q1FY26 to close at 165,494 points.
• 📊 Trading activity: Average daily volumes almost doubled, reaching 948 million shares.
• 💰 Trading value: More than doubled year-on-year, reaching PKR 44.2 billion.
• 💸 Foreign investors: Recorded net outflows of USD 132.0 million.
• 🤝 Mutual Funds & Individuals: Emerged as principal net buyers.
• 📈 Headline inflation: Averaged 4.22%, down from 9.22% the previous year.
• 🏦 State Bank of Pakistan: Maintained policy rate at 11%.

🎯 Investment Thesis

Based on the information, a HOLD recommendation is appropriate for JS Momentum Factor Exchange Traded Fund. While Net Assets grew substantially, the underperformance relative to the benchmark and high expense ratio raise concerns. Given strong surge in KSE100 index (+31.7% Q1FY26), a 25.82% return does not seem impressive. A price target cannot be precisely determined, but continuous monitoring and review is advised over the next 6-12 months to assess the sustainability of its asset growth and return on benchmark.

⚡ Flash Summary

JSIL-FUNDS announced: Financial Results of JSIL Funds for the Quarter Ended September 30, 2025 (PART-1). Basic analysis suggests neutral sentiment. Professional review recommended.

📌 Key Takeaways

• JSIL-FUNDS made announcement: Financial Results of JSIL Funds for the Quarter Ended September 30, 2025 (PART-1)
• Automated analysis: HOLD signal detected
• Signal strength: 5/10
• This is basic analysis – manual review recommended
• Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for JSIL-FUNDS. Manual verification required.

⚡ Flash Summary

JSIL-FUNDS announced: Financial Results of JSIL Funds for the Quarter Ended September 30, 2025 (PART-2). Basic analysis suggests neutral sentiment. Professional review recommended.

📌 Key Takeaways

• JSIL-FUNDS made announcement: Financial Results of JSIL Funds for the Quarter Ended September 30, 2025 (PART-2)
• Automated analysis: HOLD signal detected
• Signal strength: 5/10
• This is basic analysis – manual review recommended
• Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for JSIL-FUNDS. Manual verification required.

⚡ Flash Summary

JSIL-FUNDS announced: Financial Results of JSIL Funds for the Quarter Ended September 30, 2025 (PART-1). Basic analysis suggests neutral sentiment. Professional review recommended.

📌 Key Takeaways

• JSIL-FUNDS made announcement: Financial Results of JSIL Funds for the Quarter Ended September 30, 2025 (PART-1)
• Automated analysis: HOLD signal detected
• Signal strength: 5/10
• This is basic analysis – manual review recommended
• Professional CFA analysis unavailable

🎯 Investment Thesis

Basic HOLD indication for JSIL-FUNDS. Manual verification required.

⚡ Flash Summary

JS KPK Pension Fund’s annual report for the year ended June 30, 2025, presents a mixed picture. The Money Market Sub-Fund delivered a 15.79% return, with net assets totaling PKR 60.01 million. However, other sub-funds (Equity, Equity Index, and Debt) remain non-operational, each holding only seed capital of PKR 0.5 million. The report highlights improvements in macroeconomic stability and monetary policy easing, but also acknowledges sector-specific headwinds and global uncertainties.

📌 Key Takeaways

• 🎉 The Money Market Sub-Fund achieved a return of 15.79% for the year.
• 💰 Net assets of the Money Market Sub-Fund reached PKR 60.01 million as of June 30, 2025.
• 🌱 Equity, Equity Index, and Debt Sub-Funds remain non-operational with PKR 0.5 million seed capital each.
• 📉 Inflation eased to 4.49%, down from 23.41% a year earlier.
• 💹 Foreign exchange reserves reached USD 14.51 billion by year-end.
• ➕ The current account recorded a surplus of USD 2.1 billion.
• 🏦 The KSE-100 Index advanced 60.15% during the year.
• ⬇️ The State Bank of Pakistan (SBP) implemented cumulative rate cuts of 950 basis points.
• ⚠️ Foreign investors recorded net outflows of USD 303.8 million.
• ⭐ The Pension Fund Manager has a rating of ‘AM2++’ with a ‘Stable Outlook’ from PACRA.
• 🏛️ The FBR tax collections rose 26.13% to PKR 11.74 trillion, falling short of the target by PKR 165 billion.
• 🎯 The FY2026 Federal Budget targets real GDP growth of 4.2% and headline inflation of 7.5%.

🎯 Investment Thesis

Given the limited operational scope and concentrated performance in the Money Market Sub-Fund, a HOLD recommendation is appropriate for existing investors. Potential investors should await the operationalization of the Equity, Equity Index, and Debt Sub-Funds before making a decision. The Fund demonstrates a sound management structure and a commitment to delivering value, but it currently lacks diversification and operational scale. If and when these become active, the rating should be reconsidered. A price target cannot be established as the majority of the product is still in the ‘seed’ stages.