Lahore: The Pakistan Credit Rating Agency Limited (PACRA) has reaffirmed its stability rating for JS Cash Fund (JSCF), an open-end money market scheme, citing its robust asset allocation and liquidity provisions. JSCF, designed to invest in low-risk short-term fixed income instruments, reported assets under management (AUM) of PKR 17,027 million as of June 30, 2025, underscoring its prominent position in Pakistan’s money market.

JSCF's portfolio is predominantly anchored by a 60% allocation to Government of Pakistan Treasury Bills, providing sovereign credit quality and strong secondary-market tradability. Complementing this are bank deposits, which constitute 39% of the fund, serving as a high-quality liquidity buffer. The fund's remaining 1% is invested in ancillary instruments for operational flexibility.

The fund maintains a Weighted Average Maturity of 50 days, aligning with its moderate-risk mandate. Credit quality is ensured with 74% of assets invested in AAA-rated government obligations and instruments, while 26% is placed in AA-rated avenues. Despite the elevated investor concentration, with the top ten unit holders representing 78% of AUM, the associated redemption risk is effectively mitigated by 99% liquidity coverage, primarily through Treasury Bills and bank deposits.

PACRA's reaffirmation of the stability rating indicates confidence in JSCF's ability to withstand stressed outflow scenarios. However, any significant changes in the fund's investment policy or rating criteria could impact its current rating.