Karachi: The Pakistan Credit Rating Agency Limited has maintained the stability rating of the JS Government Securities Fund, a medium-risk income fund. The fund, aimed at preserving investors' capital while offering a steady stream of income, has experienced a decline in its assets under management, standing at approximately PKR 7,988 million as of June 2026, down from PKR 9,530 million in December 2025.

According to The Pakistan Credit Rating Agency Limited, the fund's portfolio is diversified, with significant investments in Treasury Bills and Pakistan Investment Bonds, accounting for 44.76% and 39.36% of the portfolio, respectively. The fund's credit quality remains robust, with nearly 98.62% of its investments in government securities and AAA-rated avenues. The weighted average maturity of the fund is about 45 days, indicating low sensitivity to interest rate and credit risk movements.

Despite a high concentration of unit holdings among the top ten investors, the fund benefits from regulatory liquidity management mechanisms. However, the fund's performance has lagged, reporting an annualized return of approximately 8.63% as of June 2026, below the benchmark return of 11.79% and the peer average return of 15.46%. Future changes in investment policy or rating criteria could impact the fund's rating.