Karachi: The Pakistan Credit Rating Agency Limited has maintained the stability rating of the JS Fixed Term Munafa Fund, a low-to-moderate risk investment vehicle structured to deliver fixed returns. The Fund, which originally included 21 investment plans, has seen 16 of these mature, leaving five active plans with a combined Assets Under Management (AUM) of PKR 8,707 million as of March 2026.

According to The Pakistan Credit Rating Agency Limited, the Fund's asset allocation is primarily invested in sovereign instruments, with 71.9% in Pakistan Investment Bonds and 20.9% in Treasury Bills, ensuring a high degree of security. This composition significantly reduces default risk, with 92.8% of assets in Government Securities or AAA-rated instruments. The Fund's maturity profile, with a Weighted Average Maturity of 510 days, indicates a higher exposure to interest rate risk, though this is mitigated by the focus on sovereign investments.

The Fund's investor base is notably concentrated, with the top ten unit holders comprising 69% of the AUM. While this heightens sensitivity to redemption activities, the risk is offset by investments in high-quality sovereign instruments and liquid bank placements. Regulatory liquidity management mechanisms under the NBFC Regulations provide additional safeguards for managing liquidity under stress conditions.

Any significant changes in investment policy or rating criteria may impact the Fund's stability rating in the future.