Jsil FMR Apr 2024-3

For Dispute resolution/ Complaints handling
JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/

SECP Service Desk Management System: https://sdms.secp.gov.pk/
From CIO’s Desk
April 2024
April has been a month filled with significant events, and it wouldn't be wrong to say that, at least on the macro level, it had to contend
with some unexpected adverse developments. On the geopolitical stage, there was a point where the fear of a potential third world war
loomed. Meanwhile, in the international economic arena, the decision by the U.S. Federal Reserve to maintain its rate unchanged
emerged as a pivotal development. Fortunately, the aforementioned geopolitical tensions did not reach a critical threshold warranting
acute apprehension, although the situation remains intricate. Conversely, the enduring U.S. inflation, alongside the repercussions of a
sustained high U.S. policy rate and the robustness of the U.S. dollar, significantly affected the performance of various asset classes in
April.
Global equities and fixed-income markets registered a downturn in response to the circumstances above, with the MSCI World Equity
Index declining by 3.2% and the Bloomberg Global Aggregate Bond Index experiencing a 2.5% decrease over the month. However,
our domestic markets presented a different picture, appearing relatively insulated from the global dynamics. Speaking of the local
equity market first, the KSE-100, KSE-30 (Total Return), and KMI-30 indices demonstrated notable gains, concluding the period with
respective increases of 6.1%, 7.2%, and 6.3%. This surge was accompanied by heightened trading activity, as evidenced by a
remarkable 41% increase in the average daily volume of the KSE-All Share, reaching 491 million shares, and a simultaneous 61%
surge in the average daily traded value to Rs. 20.5 billion. Regarding performance attribution, the principal drivers underpinning the
broader indices were once again the Commercial Banks, Fertilizers, and E&P sectors.
Concerning equity market flows, foreign corporate investors continued to emerge as significant net buyers in April, with net buying
amounting to US$48.3 million. On the contrary, most of the categories within the local investor community, barring Mutual Funds and
Brokers, were net sellers, wherein the Insurance Cos. and Banks/ DFIs topped the list, recording figures of -US$19.9 million and -
US$15.1 million, respectively.
It is noteworthy that favorable market conditions extended beyond our domestic sphere. Our neighboring countries have also
experienced positive market performance. The respective MSCI country indices in India and China recorded modest gains of 2.4% and
6.5%, respectively. Additionally, the UK emerged as a standout performer within the European equity markets, posting a 2.8% increase
compared to the broader MSCI Europe Index, which experienced a marginal decline of 0.6% over the same period.
Within the local fixed-income landscape, bond yields decreased across nearly all tenors, with the exception of the 12-month tenor, as
the yield curve underwent a slight downward shift during the month. While the SBP opted to maintain the policy rate during the latest
Monetary Policy Committee (MPC) meeting, inflation figures for the month markedly settled at the lower end of their anticipated range,
marking a 23-month low at 17.34%. Nevertheless, the persistently challenging external account situation continues to exert pressure
on monetary policy dynamics. During the last Treasury bill auction of the month, bond market participants exhibited a tendency to bid
relatively higher. Although the cut-offs were maintained, the Ministry of Finance encountered difficulty in fully meeting the targeted
amount.
Oil prices, while having eased off from their month-highs, closed above the $80 per barrel mark due to ongoing geopolitical tensions
and the decision by OPEC+ to maintain current production cuts until June 2024. In parallel, natural gas prices surged by 12.9% in April,
fueled by concerns surrounding the impact of ongoing conflicts on LNG exports from Qatar.
The most recent corporate earnings landscape concluded with overall stability at the conclusion of the March 2024 results season.
KSE-100 companies recorded a marginal decline of 2% quarter-over-quarter (QoQ) and 4% year-over-year (YoY). Nonetheless, amidst
this backdrop, several sectors emerged as notable winners, including Banks, Fertilizers, Power, Auto Assemblers, and Pharma
companies, all of which reported significant growth in earnings for the quarter.
Looking ahead, market sentiment will be influenced by the implementation of the new IMF program alongside the budgetary
deliberations for the upcoming fiscal year 2024-2025. A downward trajectory in inflation is anticipated, although the focus will notably
shift towards fiscal reforms, a focal point drawing widespread attention. Some correction in the equity market cannot be ruled out,
particularly in light of prevailing overly optimistic sentiment. Having said that, the SIFC initiative, driving FDI across diverse investment
avenues, will persist as a catalyst for sustained market momentum.
KSE 30 Perfomance Monthly YoY Inflation

Shares in mn
200 24,500 40.0%
180 24,000 36.0%
160 32.0%
23,500
140 28.0%
120 23,000 24.0%
100 22,500 20.0%
80 22,000 16.0%
60 12.0%
21,500
40 8.0%
20 21,000 4.0%
- 20,500 0.0%
17-Apr
23-Apr
29-Apr
1-Apr
8-Apr
Dec-15
Nov-16
Feb-14
Jun-21
Oct-17
Jul-20
Apr-12
Sep-18
Apr-23
Aug-19
May-22
Mar-13
Jan-15
Mar-24
Volume (L.H.S) KSE-30 (R.H.S)
1
JS Cash Fund (JSCF)
April 2024
MUFAP Recommended Format
Investment philosophy Performance (%) Annualized performance1

JSCF is an open-end 'Money Market Scheme' that mainly invests in low risk short-term fixed income 1M 1Y 3Y** 5Y** Launch**
instruments including money market instruments to provide a regular and reasonable return to
Fund 20.20 22.24 15.92 13.70 10.29
investors while ensuring high liquidity. The Fund shall invest primarily in short duration instruments
and may even hold some or all of its assets in cash for the purpose maintaining liquidity. Benchmark 20.77 21.00 14.98 12.81 9.97
Difference -0.57 1.25 0.94 0.89 0.32
NAV to NAV return with dividend reinvestment
Key information
** Average Annualized Return as per Morning Star formula
Fund type Open end 1
Annualized returns are based on MUFAP recommended methodology
Category Money Market Scheme
Fund launch date 29 March, 2010 Monthly performance (%) Annualized performance1
Net Assets (PKR mn) 21,916.44 FY24 FY23 FY22 FY21 FY20
Net Assets Excl. JSIL FoFs (PKR mn) 21,916.44 July 21.33 13.90 7.16 6.10 12.44
NAV (PKR) 103.25 August 20.52 14.47 10.81 6.03 12.84
Benchmark 70% three (3) months PKRV rates + 30% three (3) months
September 21.30 15.04 7.42 6.63 13.30
average deposit rate of three (3) “AA” rated scheduled Banks as
October 21.14 14.88 6.99 6.76 13.18
selected by MUFAP
November 20.49 14.55 8.44 6.57 12.10
Management fee Upto 1.25% p.a (Actual: 0.63% p.a)
December 20.52 15.25 10.53 6.89 13.61
Total Expense Ratio (MTD) 1.07% (Including 0.17% Government levy & SECP fee;
January 19.93 14.04 11.26 6.61 13.16
0.06% Selling & marketing expenses) - Annualized
Total Expense Ratio (YTD) 1.28% (Including 0.17% Government levy & SECP fee; February 19.67 15.23 10.05 6.75 12.62
0.29% Selling & marketing expenses) - Annualized March 17.54 17.86 11.03 7.01 14.99
Front-end Load 1.00% April 20.20 20.16 9.51 7.19 16.86
Back-end Load NIL May 19.95 13.50 6.72 6.87
Pricing mechanism Backward June 20.42 16.38 7.24 9.04
Trustee Digital Custodian Company Ltd. YTD 21.88 17.58 10.75 6.92 13.33
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Benchmark 21.03 18.53 9.72 6.93 12.36
Auditor A. F. Ferguson & Co. Difference 0.85 -0.95 1.03 -0.02 0.98
Risk profile Low Performance data does not include the cost incurred directly by an investor in
Listing PSX the form of sales load etc. NAV to NAV return with dividend reinvestment.
1
Annualized returns are based on MUFAP recommended methodology
Fund stability rating AA+ (f) by PACRA (5-Oct-23)
Leverage NIL Asset Allocation (% age of total assets)
Management Quality Rating AM2+ by PACRA (27-Dec-23)
Apr-24 Mar-24
Investment Committee Members Cash 4.08 3.25
Ms. Iffat Zehra Mankani - CEO Ms. Samina Faisal - Country Head, Business Development Commercial Papers - -
Mr. Khawar Iqbal - COO Mr. Asim Ilyas - Head of Fixed Income Placement with Banks and DFIs - 7.40
Mr. Syed Hussain Haider, CFA - CIO Mr. Safdar Raza - Fund Manager Short term Sukkuks 1.27 1.38
T Bills 77.12 84.42
3 Years Return on PKR 100 Invested in JS Cash Fund Vs Benchmark PIBs 11.32 -
Other including receivables 6.21 3.55
200 JSCF Benchmark
Total 100.00 100.00
Amount invested by fund of funds is PKR. 0 mn
150
Top Holdings - TFC/Sukuks (%age of total assets)
100 Apr-24
K-ELECTRIC LTD STS 24 28-MAR-24 1.27
50
Dec-21
Dec-23
Aug-22
Dec-22
Aug-23
Aug-21
Feb-23
Feb-24
Feb-22
Jun-21
Jun-22
Jun-23
Apr-21
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
T Bills & PIBs TFCs / Sukkuks Cash Plac. with Banks and DFIs Other incl. receivables
100 Asset quality (%age of total assets)
80
AAA*
60 88.46%
40
20
- AA-
Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 0.02%
Statistical analysis
AA
Fund BM 1.31%
Standard Deviation 1.2% 1.2%
WAM (Days) 87
AA+
4.00%
* Govt. securities (88.43%)
Unless otherwise specified, all data is presented on a since-inception basis.

2
JS Money Market Fund (JSMMF)
April 2024

JSMMF aims to provide a competitive return to its investors (with a periodic payout as may be set out 1M 1Y 3Y** 5Y** Launch**
by the Management Company) by investing in low risk, highly liquid, and short-duration portfolio
Fund 19.98 22.31 n/a n/a 22.26
consisting of money market instruments.
Benchmark 20.77 21.00 n/a n/a 20.83
Key information Difference -0.79 1.31 n/a n/a 1.43
Fund type Open end NAV to NAV return with dividend reinvestment.
Category Money Market Scheme ** Average Annualized Return as per Morning Star formula
Fund launch date 3 March, 2023
Monthly performance (%) Annualized performance1
Net Assets (PKR mn) 1,831.53
FY24 FY23 FY22 FY21 FY20
Net Assets Excl. JSIL FoFs (PKR mn) 1,831.53
July 21.40 n/a n/a n/a n/a
NAV (PKR) 107.01
Benchmark 70% three (3) months PKRV rates + 30% three (3) months August 20.76 n/a n/a n/a n/a
average deposit rate of three (3) “AA” rated scheduled Banks as September 21.41 n/a n/a n/a n/a
selected by MUFAP October 21.41 n/a n/a n/a n/a
Management fee Upto 1.50% p.a (Actual: 0.79% p.a) November 20.69 n/a n/a n/a n/a
Total Expense Ratio (MTD) 1.02% (Including 0.14% Government levy & SECP fee; December 20.89 n/a n/a n/a n/a
0.30% Selling & marketing expenses) - Annualized January 20.01 n/a n/a n/a n/a
Total Expense Ratio (YTD) 1.83% (Including 0.19% Government levy & SECP fee; February 18.13 n/a n/a n/a n/a
0.62% Selling & marketing expenses) - Annualized March 18.30 19.61 n/a n/a n/a
Front-end Load Upto 2% of NAV (subject to applicable duties/taxes) April 19.98 20.47 n/a n/a n/a
Back-end Load NIL May 20.08 n/a n/a n/a
Pricing mechanism Backward June 20.47 n/a n/a n/a
Trustee Digital Custodian Company Ltd. YTD 21.93 20.67 n/a n/a n/a
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.
Benchmark 21.03 21.02 n/a n/a n/a
Auditor Grant Thornton Anjum Rahman
Difference 0.90 -0.35 n/a n/a n/a
Risk profile Low
Performance data does not include the cost incurred directly by an investor in
Fund stability rating AA+ (f) by PACRA (31-Aug-23)
Leverage NIL
Asset Allocation (% age of total assets)
Apr-24 Mar-24
Ms. Iffat Zehra Mankani - CEO Ms. Samina Faisal - Country Head, Business Development Commercial Papers - -
Mr. Khawar Iqbal - COO Mr. Asim Ilyas - Head of Fixed Income Placement with Banks and DFIs - 8.00
Mr. Syed Hussain Haider, CFA - CIO Mr. Safdar Raza - Fund Manager Short term Sukkuks 13.08 9.64
T Bills 67.70 68.73
Since Inception Return on PKR 100 Invested in JSMMF Vs Benchmark PIBs - -
130
Total 100.00 100.00
JSMMF JSMMF_BM
120

110
Apr-24
K-ELECTRIC LTD STS 24 28-MAR-24 13.08
100
90
Feb-23 Apr-23 May-23 Jul-23 Aug-23 Oct-23 Nov-23 Jan-24 Feb-24 Apr-24
T Bills & PIBs Cash Other incl. receivables TFCs / Sukkuks

Asset quality (%age of total assets)
100%
AA+
80%
18.50%
60%
40%
20%
0%
Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
AA
13.08%
Fund BM
AAA*
Standard Deviation 0.4% 0.4% 67.80%
WAM (Days) 75


JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ 1. Annualized returns are based on MUFAP recommended methodology.
3
JS Income Fund (JSIF)
April 2024

JSIF is an income fund that aims to preserve investor’s capital while providing a regular stream of 1M 1Y 3Y** 5Y** Launch**
current income on an annual basis which is higher than that offered by commercial banks on deposits
Fund 20.58 20.19 14.54 12.42 8.95
of a similar liquidity profile as this fund. The fund operates a diverse portfolio of investment-grade debt
securities, government securities and money market instruments. The fund may maintain liquidity in Benchmark 21.63 22.09 16.28 13.86 9.97
the form of spread transactions and bank deposits. Difference (1.05) (1.90) (1.74) (1.44) (1.02)
NAV to NAV return with dividend reinvestment.
Key information **Average Annualized Returns as per Morning Star formula
1
Annualized returns are based on MUFAP recommended methodology.
Fund type Open end
Category Income Fund Scheme Monthly performance (%) Annualized performance1
Fund launch date 26 August, 2002 FY24 FY23 FY22 FY21 FY20
Net Assets (PKR mn) 8,705.76 July 20.79 13.54 6.12 0.31 11.96
Net Assets Excl. JSIL FoFs (PKR mn) 8,586.45 August 19.59 13.13 17.82 8.05 13.17
NAV (PKR) 102.24 September 15.40 15.05 8.86 5.53 13.54
Benchmark Average Return of Six (6) months KIBOR for any period October 21.49 14.27 8.29 7.89 -5.04
of return
November 21.18 12.96 5.56 8.70 14.31
December 17.25 17.47 8.98 7.61 12.84
January 20.48 16.19 11.57 4.99 10.04
February 13.75 13.43 11.16 5.57 8.63
Total Expense Ratio (YTD) 2.55% (Including 0.24% Government levy & SECP fee;
March 16.20 15.52 1.63 10.03 16.97
Back-end Load NIL May 15.18 12.89 7.23 -1.06
Pricing mechanism Forward June 20.27 13.04 8.74 17.67
Auditor A. F. Ferguson & Co. Difference -2.01 -2.33 -1.30 -0.54 -0.89
Risk profile Medium Performance data does not include the cost incurred directly by an investor in
the form of sales load etc. NAV to NAV return with dividend reinvestment.
Listing PSX 1
Annualized returns are based on MUFAP recommended methodology.
Fund stability rating (PACRA) A+ (f) by PACRA (5-Oct-23)
Leverage NIL Asset Allocation (%)
Management Quality Rating AM2+ by PACRA (27-Dec-23) Apr-24 Mar-24
Cash 26.85 25.60
Investment Committee Members
Placement with Banks and DFIs - -
Ms. Iffat Zehra Mankani - CEO Ms. Samina Faisal - Country Head, Business Development
TFCs / Sukkuks 7.14 6.34
Mr. Khawar Iqbal - COO Mr. Asim Ilyas - Head of Fixed Income
Mr. Syed Hussain Haider, CFA - CIO Mr. Safdar Raza - Fund Manager T Bills 4.94 12.90
PIBs 57.17 50.02
3 Years Return on PKR 100 Invested in JS Income Fund Vs Benchmark Commercial Papers - -
200
MTS / Spread Transactions - -
JS IF Benchmark
150 Total 100.00 100.00
Amount invested by fund of funds is PKR. 119.31 mn
100
Apr-24
50
Jul-21
Jul-22
Jul-23
Jan-22
Jan-23
Jan-24
Apr-22
Apr-23
Oct-23
Apr-21
Oct-21
Oct-22
Apr-24
HUB POWER HOLDINGS LIMITED 12-NOV-20 4.39

K-ELECTRIC 23-NOV-22 1.27
BANK AL HABIB TFC 23-DEC-22 1.17
OBS AGP (Pvt) Limited 15-JUL-21 0.32
Details of non-compliant investment with the investment criteria of assigned
category
Value of inv. Value of inv. % of % of
Name of non-compliant Type of Provision held,
before after Net Gross
investment Inv.
provision
if any
provision Assets Assets Asset quality (%age of total assets)
Dewan Cement Ltd.
Pre IPO TFC 50,000,000 (50,000,000) - 0.00 0.00
(17 Jan 08 to 17 Jan 30)
Azgard Nine Ltd.
PPTFC 6 21,915,000 (21,915,000) - 0.00 0.00 AA+
(29 Apr 21 to 29 Apr 31) AAA*
69.16% 4.39%
Azgard Nine Ltd.
Zero Coupon TFC 7 62,040,000 (62,040,000) - 0.00 0.00
AA-
(29 Apr 21 to 29 Apr 31)
1.29%
Agritech Limited PPTFC 11,245,000 (11,245,000) - 0.00 0.00
AA
Agritech Limited Sukuk 54,409,240 (54,409,240) - 0.00 0.00
1.27%
A+
8.40%
A
Statistical analysis 11.61%
Fund BM
Standard Deviation 3.7% 1.3% * Govt. securities (62.11%)
Duration (Yr) 0.24
WAM (Yr) 2.40 For Dispute resolution/ Complaints handling
Unless otherwise specified, all data is presented on a since-inception basis. JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/
4
JS Microfinance Sector Fund (JSMFSF)
April 2024

JSMFSF aims to provide investors with competitive & attractive returns, with a medium risk profile 1M 1Y 3Y** 5Y** Launch**
while providing comparatively higher returns than the traditional banking channels. The fund
Fund 21.05 25.07 n/a n/a 21.70
diversifies its investments across the spectrum of low-risk Microfinance sector and Authorized
Investments with hope to outperform returns of most fixed income products. Benchmark 21.63 22.09 n/a n/a 19.70
Difference (0.59) 2.98 n/a n/a 2.00
Key information **Average Annualized Returns as per Morning Star formula
Fund type Open end
Category Income Fund Scheme Monthly performance (%) Annualized performance1
Fund launch date 11 May, 2022 FY24 FY23 FY22 FY21 FY20
Net Assets (PKR mn) 5,907.89 July 22.65 16.40 n/a n/a n/a
Net Assets Excl. JSIL FoFs (PKR mn) 5,907.86 August 23.02 16.12 n/a n/a n/a
NAV (PKR) 101.33 September 22.90 16.10 n/a n/a n/a
Benchmark Six (6) months KIBOR Rate October 22.75 16.10 n/a n/a n/a
Management fee Upto 1.00% p.a (Actual: 0.56% p.a) November 22.94 16.08 n/a n/a n/a
December 23.08 16.67 n/a n/a n/a
January 21.85 16.72 n/a n/a n/a
February 21.80 17.37 n/a n/a n/a
March 22.54 19.55 n/a n/a n/a
Front-end Load Upto 1% of NAV (subject to applicable duties/taxes)
April 21.05 21.13 n/a n/a n/a
Back-end Load NIL
Pricing mechanism Forward May 22.48 5.26 n/a n/a
Trustee Digital Custodian Company Ltd. June 23.81 16.59 n/a n/a
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. YTD 24.46 19.80 15.29 n/a n/a
Auditor Grant Thorton Anjum Rahman & Co. Benchmark 22.08 18.33 14.89 n/a n/a
Risk profile Medium Difference 2.38 1.47 0.40 n/a n/a
Listing PSX Performance data does not include the cost incurred directly by an investor in
Fund stability rating A(f) by PACRA (5-Oct-23)
Leverage NIL Asset Allocation (%)
Management Quality Rating AM2+ by PACRA (27-Dec-23) Apr-24 Mar-24
Ms. Iffat Zehra Mankani - CEO Ms. Samina Faisal - Country Head, Business Development Placement with Banks and DFIs 40.24 17.69
Mr. Khawar Iqbal - COO Mr. Asim Ilyas - Head of Fixed Income TFCs / Sukkuks 1.68 1.47
Mr. Syed Hussain Haider, CFA - CIO Mr. Safdar Raza - Fund Manager Commercial Papers - -
Since Inception Return on PKR 100 Invested in JS MFSF Vs Benchmark
200 Total 100.00 100.00
JSMFSF JSMFSF_BM Amount invested by fund of funds is PKR. 0.03 mn
150 Top Holdings - TFC/Sukuks (%age of total assets)

Apr-24
KASHF FOUNDATION TFC 08-DEC-23 1.68
100
50
Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24

AA-
Cash Other including receivables TFCs / Sukkuks 0.79%
A+
100% 36.48%
95%
90%
85%
Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 A
AAA 56.82%
. 1.68%
Fund BM
Standard Deviation 1.1% 1.1% * Govt. securities (0.00%)
Duration (Yr) 0.32
WAM (Yr) 0.38
For Dispute resolution/ Complaints handling 1

JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ Annualized returns are based on MUFAP recommended methodology.
5
JS Fixed Term Munafa Fund
JS Fixed Term Munafa Plan 1 (JSFTMF_1)
April 2024

JS Fixed Term Munafa Plan – 1, is an Investment Plan with an objective to provide fixed return to its 1M 1Y 3Y** 5Y** Launch**
unit holders subject to the holding of the investment till maturity of the respective plan.
Fund 14.31 n/a n/a n/a 14.86
Key information Benchmark 16.69 n/a n/a n/a 17.02
Fund type Open end Difference -2.38 n/a n/a n/a -2.16
Category Fixed Rate / Return Scheme NAV to NAV return with dividend reinvestment.
Fund launch date 8 January, 2024 ** Average Annualized Return as per Morning Star formula
Maturity date 7 January, 2027

Net Assets (PKR mn) 1,743.32 Monthly performance (%) Annualized performance1
Net Assets Excl. JSIL FoFs (PKR mn) 1,743.32 FY24 FY23 FY22 FY21 FY20
NAV (PKR) 101.80 July n/a n/a n/a n/a n/a
Benchmark 3 Years PKRV rate (at the time of plan launch) August n/a n/a n/a n/a n/a
Management fee Upto 1.50% p.a (Actual: 0.00% p.a) September n/a n/a n/a n/a n/a
Total Expense Ratio (MTD) 0.42% (Including 0.10% Government levy & SECP fee; October n/a n/a n/a n/a n/a
November n/a n/a n/a n/a n/a
December n/a n/a n/a n/a n/a
January 6.57 n/a n/a n/a n/a
Front-end Load NIL
February 15.51 n/a n/a n/a n/a
Back-end Load NIL
Pricing mechanism Forward March 20.07 n/a n/a n/a n/a
Trustee Digital Custodian Company Ltd. April 14.31 n/a n/a n/a n/a
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. May n/a n/a n/a n/a
Auditor Grant Thornton Anjum Rahman June n/a n/a n/a n/a
Risk profile Medium YTD 14.86 n/a n/a n/a n/a
Listing In process Benchmark 17.02 n/a n/a n/a n/a
Leverage NIL Difference -2.16 n/a n/a n/a n/a
Management Quality Rating AM2+ by PACRA (27-Dec-23) Performance data does not include the cost incurred directly by an investor in
Asset allocation (%age of total assets)
Apr-24 Mar-24
Mr. Syed Hussain Haider, CFA - CIO Mr. Safdar Raza - Fund Manager
Cash 2.38 0.82
PIBs 93.60 96.09
Since Inception Return on PKR 100 Invested in JSFTMF_1 Vs Benchmark T Bills - -
107 Placement with Banks and DFIs - -
JSFTMF_1 JSFTMF_1 BM Other including receivables 4.02 3.09
105
Total 100.00 100.00
103
99
31-Dec-23 17-Jan-24 03-Feb-24 20-Feb-24 08-Mar-24 25-Mar-24 11-Apr-24 28-Apr-24
AAA*
93.60%
AA+
2.38%
Fund BM
Duration (Yr) 0.20
WAM (Yr) 4.38

1. Annualized return is based as per MUFAP stated methodology.
6
April 2024

Fund 25.11 n/a n/a n/a 18.67
Fund type Open end Difference 4.47 n/a n/a n/a -2.48
Fund launch date 8 January, 2024 ** Average Annualized Return as per Morning Star formula
Maturity date 7 January, 2025

Benchmark 1 Year PKRV rate (at the time of plan launch) August n/a n/a n/a n/a n/a
Front-end Load NIL
February 14.23 n/a n/a n/a n/a
Back-end Load NIL
Pricing mechanism Forward March 16.36 n/a n/a n/a n/a
Apr-24 Mar-24
Cash 1.62 1.44
PIBs - -
T Bills 98.31 98.53
Since Inception Return on PKR 100 Invested in JSFTMF_2 Vs Benchmark Placement with Banks and DFIs - -
107 Other including receivables 0.07 0.03
JSFTMF_2 JSFTMF_2 BM
105 Total 100.00 100.00
103
101
99
31-Dec-23 17-Jan-24 03-Feb-24 20-Feb-24 08-Mar-24 25-Mar-24 11-Apr-24 28-Apr-24
AAA*
98.31%
AA+
1.62%
AA-
0.00%
Fund BM
Duration (Yr) 0.57
WAM (Yr) 0.57

7
April 2024

Fund 18.77 n/a n/a n/a 18.77
Fund type Open end Difference -1.85 n/a n/a n/a -1.85
Fund launch date 8 April, 2024 ** Average Annualized Return as per Morning Star formula
Maturity date 7 February, 2025

Benchmark 1 Year PKRV rate (at the time of plan launch) August n/a n/a n/a n/a n/a
January n/a n/a n/a n/a n/a
Front-end Load NIL
February n/a n/a n/a n/a n/a
Back-end Load NIL
Pricing mechanism Forward March n/a n/a n/a n/a n/a
Apr-24 Mar-24
Cash 7.32 n/a
PIBs 7.49 n/a
T Bills 84.67 n/a
Since Inception Return on PKR 100 Invested in JSFTMF_2 Vs Benchmark Placement with Banks and DFIs - n/a
107 Other including receivables 0.52 n/a
JSFTMF_2 JSFTMF_2 BM
105 Total 100.00 100.00
103
101
99 AA+
31-Dec-23 17-Jan-24 03-Feb-24 20-Feb-24 08-Mar-24 25-Mar-24 11-Apr-24 28-Apr-24 7.32%
AAA*
92.16%
Fund BM
Standard Deviation n/a n/a
Duration (Yr) 1.13
WAM (Yr) 1.13

8
JS Momentum Factor ETF (JSMFETF)
April 2024
Investment philosophy Performance (%)

JSMFETF shall invest in a particular basket of equity securities with a view to track the performance of 1M 1Y 3Y 5Y Launch* Avg. Ann.*
the Benchmark index. The Benchmark Index is called “JS Momentum Factor Index” and shall be
Fund 19.48 120.09 n/a n/a 80.42 29.07
constituted by Management Company and periodically maintained by the Pakistan Stock Exchange.
Benchmark 20.91 113.88 n/a n/a 76.67 27.91
Key information Difference -1.43 6.21 n/a n/a 3.75 1.17
Fund type Open end * Return since inception as per Morning Star formula
Category Exchange Traded Fund
Fund launch date 7 January, 2022
Monthly performance (%)
Net Assets (PKR mn) 133.87
Net Assets Excl. JSIL FoFs (PKR mn) 9.40
July 19.14 -10.27 n/a n/a n/a
NAV (PKR) 18.04
Benchmark JS Momentum Factor Index August -9.05 5.95 n/a n/a n/a
Management fee Upto 1.50% p.a September -0.98 -2.82 n/a n/a n/a
Total Expense Ratio (MTD) 0.37% (Including 0.04% Government levy & SECP fee; October 23.20 -8.33 n/a n/a n/a
0.00% Selling & marketing expenses) November 19.34 5.04 n/a n/a n/a
Total Expense Ratio (YTD) 2.79% (Including 0.53% Government levy & SECP fee; December 7.50 -7.29 n/a n/a n/a
0.00% Selling & marketing expenses) January -7.45 4.90 -4.00 n/a n/a
Front-end Load NIL February 10.70 -5.86 -11.14 n/a n/a
Back-end Load NIL March 4.85 6.18 -1.87 n/a n/a
Pricing mechanism Market Price (PSX) April 19.48 1.75 6.63 n/a n/a
Trustee Central Depository Company of Pakistan Ltd. May 2.82 0.66 n/a n/a
Dealing Days Monday to Friday June -1.65 3.68 n/a n/a
Cut-off time As per PSX market hours
YTD 117.64 -11.02 -6.84 n/a n/a
Auditor A. F. Ferguson & Co.
Benchmark 111.09 -12.13 -4.75 n/a n/a
Risk profile High
Difference 6.56 1.11 -2.09 n/a n/a
Listing PSX
Leverage NIL the form of sales load etc. NAV to NAV return with dividend reinvestment.
Apr-24 Mar-24
Ms. Iffat Zehra Mankani - CEO
Mr. Khawar Iqbal - COO Cash 3.87 4.43
Mr. Syed Hussain Haider, CFA - CIO Equity 94.55 92.66
Since Inception Return on PKR 100 Invested in JSMFETF Vs Benchmark

Total 100.00 100.00
200 JSMFETF Benchmark Amount invested by fund of funds is PKR. 124.47 mn
150 Sector Allocation - Equity (%age of total assets)

Apr-24 Mar-24
Automobile Assembler 35.42 21.86
100 Refinery 27.27 29.70
Commercial Banks 13.12 14.52
50 Fertilizer 11.96 13.81
Dec-21
Aug-22
Dec-22
Aug-23
Dec-23
Feb-22
Feb-23
Feb-24
Jun-22
Jun-23
Oct-22
Oct-23
Apr-22
Apr-23
Apr-24
Others 2.14 6.70
Total 94.55 92.66
Equity Cash Other including receivables Top holding - Equity (%age of total assets)
Sazgar Engineering Works Ltd. 28.12
100 Attock Refinery Ltd. 16.02
80 National Refinery Ltd. 11.24
Meezan Bank Ltd. 10.21
60 Ghandhara Industries Ltd. 7.30
Fauji Fertilizer Co. Ltd. 6.67
40
Engro Corporation Ltd. 5.29
20 Pakistan Telecommunication Co. Ltd. 4.64
National Bank of Pakistan 2.91
-
Agritech Ltd. 2.14
Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
Fund
Largest Month Gain 23.2%
Largest Month Loss -11.1%
% Positive Months 57.1%
Standard Deviation 32.8%

SECP Service Desk Management System: https://sdms.secp.gov.pk/ Cumulative returns are based as per MUFAP stated methodology.
9
Unit Trust of Pakistan (UTP)
April 2024

UTP is a balanced fund that aims to preserve and grow investor’s capital in the long term while 1M 1Y 3Y 5Y Launch* Avg. Ann.*
providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio
Fund 5.28 51.19 44.43 69.11 2,751.02 13.46
of equity and fixed income investments whereby the equity component is meant to provide the growth
in capital while dividends on the equity component along with the fixed income investments help Benchmark 4.96 53.99 66.37 106.40 1,889.01 11.93
generate the current income. Difference 0.32 -2.81 -21.94 -37.29 862.01 1.53
* Return since inception as per Morning Star formula
Key information NAV to NAV return with dividend reinvestment.
Fund type Open end Monthly performance (%)

Category Balanced Scheme
Fund launch date 27 October, 1997
July 11.04 -1.66 -1.84 9.99 -4.63
August -5.05 3.22 1.58 4.72 -5.23
Net Assets Excl. JSIL FoFs (PKR mn) 1,321.99
September 2.42 -2.08 -6.35 -2.17 5.69
NAV (PKR) 229.86
Benchmark Rate of return of KSE-30 Index and six (6) month KIBOR, for any October 6.81 0.70 3.46 -0.14 4.48
period of return, on the basis of actual proportions of the November 10.29 1.20 -1.64 1.24 9.51
portfolio. December 4.56 -0.80 -1.27 4.78 3.23
Management fee Upto 2.00% p.a (Actual: 2.00% p.a) January 0.52 0.28 1.25 3.90 1.90
Total Expense Ratio (MTD) 0.35% (Including 0.04% Government levy & SECP fee; February 2.54 0.27 -1.39 0.36 -6.67
0.09% Selling & marketing expenses) March 4.41 1.00 -0.29 -2.92 -16.96
Total Expense Ratio (YTD) 3.59% (Including 0.36% Government levy & SECP fee; April 5.28 2.76 -1.25 -0.81 15.89
0.89% Selling & marketing expenses) May -0.88 -3.91 6.48 -0.10
Front-end Load 3.00% June 1.21 -1.44 -2.06 0.85
Back-end Load NIL YTD 50.70 5.21 -12.65 25.00 4.05
Pricing mechanism Forward Benchmark 53.98 7.87 -3.90 26.72 6.89
Trustee Central Depository Company of Pakistan Ltd. Difference -3.28 -2.66 -8.75 -1.72 -2.84
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Performance data does not include the cost incurred directly by an investor in
Auditor A. F. Ferguson & Co. the form of sales load etc. NAV to NAV return with dividend reinvestment.
Risk profile High
Listing PSX
Apr-24 Mar-24
Leverage NIL
Management Quality Rating AM2+ by PACRA (27-Dec-23) Cash 8.97 13.78
Commercial Papers - -
Investment Committee Members Equity 62.66 64.30
Ms. Iffat Zehra Mankani - CEO Mr. Syed Hussain Haider, CFA - CIO TFCs / Sukkuks 12.08 12.71
Mr. Khawar Iqbal - COO Mr Asim Ilyas - Head of Fixed Income
T Bills 7.03 7.26
PIBs 6.72 -
Asset quality Other including receivables 2.55 1.94
3 Years Return on PKR 100 Invested in (%age of total assets) Total 100.00 100.00
UTP Vs Benchmark
150 Amount invested by fund of funds is PKR. 55.07 mn
UTP Benchmark
AAA* Sector Allocation - Equity (%age of total assets)
13.75% AA-
5.58% Apr-24 Mar-24
100 Oil & Gas Exploration Companies 14.39 13.74
Cement 9.44 8.56
50 AA Fertilizer 8.53 8.78
4.85%
Jul-21
Jul-22
Jul-23
Jan-22
Jan-23
Jan-24
Apr-21
Oct-21
Apr-22
Oct-22
Apr-23
Apr-24
Oct-23
AA+
10.61% Power Generation & Distribution 5.01 6.92
Others 11.08 11.12
Total 62.66 64.30
category Top holding - Equity (%age of total assets)
Value of inv. Provision Value of inv. % of % of Oil & Gas Development Co. Ltd. 5.31
Name of non-compliant Type of
before held, after Net Gross Pakistan Petroleum Ltd. 4.94
investment Inv.
provision if any provision Assets Assets Pakistan State Oil Co. Ltd. 4.16
Agritech Ltd. Sukuks 104,671,578 (104,671,578) - 0.00 0.00 Mari Petroleum Co. Ltd. 4.13
Agritech Ltd. Sukuks 18,665,000 (18,665,000) - 0.00 0.00 Lucky Cement Ltd. 3.44
Azgard Nine Ltd.
PPTFC 19,000,000 (19,000,000) - 0.00 0.00 Maple Leaf Cement Factory Ltd. 2.60
(29 Apr 21 to 29 Apr 31)
Bank Alfalah Ltd. 2.47
Azgard Nine Ltd.
Zero Coupon TFC 49,485,000 (49,485,000) - 0.00 0.00 Meezan Bank Ltd. 2.40
(29 Apr 21 to 29 Apr 31) D. G. Khan Cement Co. Ltd. 2.38
Statistical analysis Top holding - TFC/Sukuks (%age of total assets)

Fund Fund BM Apr-24
Information Ratio 0.01 Beta 0.6 1.0 HUB POWER HOLDINGS LIMITED 12-NOV-20 7.28
Correlation 0.77 Largest Month Gain 15.9% 19.3% K-ELECTRIC 23-NOV-22 4.80
Standard Deviation 15.2% Largest Month Loss -24.0% -33.8%
% Positive Months 66.7% 62.6%

10
JS Fund of Funds (JSFoF)
April 2024

JSFoF is a fund of funds that aims to grow investor’s capital in the long term while diversifying the 1M 1Y 3Y 5Y Launch* Avg. Ann.*
asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a
Fund 7.45 59.60 57.26 94.90 754.52 12.29
diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed
ended) with the option to adjust the asset mix as equity markets rise or fall and the economy Benchmark 4.62 54.46 65.43 106.58 458.65 9.74
strengthens or weakens. Difference 2.83 5.13 -8.16 -11.68 295.87 2.55
Key information NAV to NAV return with dividend reinvestment.
Fund type Open end
Category Fund of Fund Scheme Monthly performance (%)
Fund launch date 31 October, 2005 FY24 FY23 FY22 FY21 FY20
Net Assets (PKR mn) 470.50 July 9.15 -1.73 -2.68 13.79 1.04
Net Assets Excl. JSIL FoFs (PKR mn) 470.50 August -1.48 2.12 1.99 5.49 0.96
NAV (PKR) 97.96 September 1.08 -0.12 -8.62 -3.78 1.06
Benchmark Weighted Average of "Three (3) months PKRV rates", "Six (6) October 4.55 -0.28 2.32 -2.05 1.29
months KIBOR rates" and "KSE-100 Index", on the basis of
November 14.33 2.49 -1.26 1.58 4.41
actual investment in money market, income and equity schemes.
December 4.12 0.22 -1.73 6.46 4.13
Management fee Upto 1.00% p.a (Actual: 1.00% p.a) January 0.65 2.73 0.25 5.06 1.86
February 3.35 0.74 -2.70 -0.73 -6.71
0.00% Selling & marketing expenses)
March 2.96 0.46 -0.69 -4.02 -21.03
April 7.45 1.32 3.82 -2.20 19.05
May 1.12 -1.60 8.38 0.10
Front-end Load 3.00%
Back-end Load NIL June 1.39 -3.06 -2.68 1.17
Pricing mechanism Forward YTD 55.67 10.87 -13.61 26.32 2.72
Trustee Central Depository Company of Pakistan Ltd. Benchmark 52.04 12.72 -9.79 37.98 -1.12
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Difference 3.63 -1.85 -3.82 -11.66 3.84
Auditor A. F. Ferguson & Co. Performance data does not include the cost incurred directly by an investor in
Risk profile High
Listing PSX
Leverage NIL
Apr-24 Mar-24
Open End Funds 91.82 93.23
Ms. Iffat Zehra Mankani - CEO Mr. Syed Hussain Haider, CFA - CIO Cash 0.95 0.46
Mr. Khawar Iqbal - COO Mr Asim Ilyas - Head of Fixed Income Other including receivables 1.36 0.42
Total 100.00 100.00

3 Years Return on PKR 100 Invested in JS Fund of Funds Vs Benchmark
150 Amount invested by fund of funds is PKR. 0 mn
JS FoF Benchmark
Top holding (%age of total assets)
JS Growth Fund 27.23
100 JS Momentum Factor Exchange Traded Fund 26.36
JS Income Fund 25.27
Unit Trust of Pakistan 11.66
50 JS Global Banking Sector Exchange Traded Fund 5.34

Jul-21
Jul-22
Jul-23
Jan-22
Jan-23
Jan-24
Oct-21
Oct-22
Oct-23
Apr-21
Apr-22
Apr-23
Apr-24
JS Islamic Dedicated Equity Fund 1.29

HBL Investment Fund 0.52
JS Microfinance Sector Fund 0.01
Open End Funds Cash Other including receivables Equity
Total 97.69
100.0
95.0
90.0
85.0
80.0
Fund Fund BM
Information Ratio 0.08 Beta 0.9 1.0
Correlation 1.00 Largest Month Gain 19.0% 16.3%

JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ Cumulative returns are based as per MUFAP stated methodology.
11
JS Growth Fund (JSGF)
April 2024

The objective of the Fund is to enable its investors to participate in a diversified portfolio of high quality 1M 1Y 3Y 5Y Launch* Avg. Ann.*
equity securities aiming at maximizing the investment return by prudent investment management.
Fund 6.60 64.14 36.74 61.95 306.33 8.14
Key information Benchmark 7.22 74.32 76.90 108.82 248.81 7.22
Fund type Open end Difference -0.62 -10.18 -40.16 -46.87 57.53 0.92
Category Equity Scheme * Return since inception as per Morning Star formula
Fund launch date 06 June, 2006 * NAV to NAV return with dividend reinvestment.
Net Assets Excl. JSIL FoFs (PKR mn) 2,412.63 Monthly performance (%)
NAV (PKR) 241.44 FY24 FY23 FY22 FY21 FY20
Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16. July 15.66 -3.18 -2.59 14.21 -6.39
Management fee Upto 2.00% p.a (Actual: 1.94% p.a) August -7.69 4.31 0.95 5.59 -6.72
Total Expense Ratio (MTD) 0.43% (Including 0.04% Government levy & SECP fee; September 3.61 -4.85 -9.01 -3.76 6.57
0.14% Selling & marketing expenses) October 9.10 0.45 3.37 -2.05 5.07
Total Expense Ratio (YTD) 4.13% (Including 0.36% Government levy & SECP fee; November 13.44 1.40 -1.35 1.67 15.17
1.47% Selling & marketing expenses) December 6.32 -3.11 -2.40 6.55 5.68
Front-end Load 3.00% January 0.93 0.94 0.96 5.16 2.15
Back-end Load NIL February 2.45 -1.31 -1.90 -0.75 -8.83
Pricing mechanism Forward March 3.15 2.18 -0.23 -3.83 -22.53
Trustee Digital Custodian Company Ltd. April 6.60 2.47 -1.06 -2.20 22.62
May -1.62 -6.50 8.52 0.15
Auditor A. F. Ferguson & Co.
June 0.82 -2.02 -2.72 1.40
Risk profile High
YTD 65.49 -1.89 -20.23 27.63 6.91
Listing PSX
Benchmark 78.03 4.41 -10.44 36.49 -0.52
Leverage NIL
Management Quality Rating AM2+ by PACRA (27-Dec-23) Difference -12.53 -6.30 -9.79 -8.86 7.43
Investment Committee Members the form of sales load etc. NAV to NAV return with dividend reinvestment.
Ms. Iffat Zehra Mankani - CEO

Mr. Khawar Iqbal - COO
Apr-24 Mar-24
Mr. Syed Hussain Haider, CFA - CIO
Cash 9.58 11.54
3 Years Return on PKR 100 Invested in JS Growth Fund Vs Benchmark Equity 85.90 87.44
200
JSGF Benchmark T Bills - -
150 Total 100.00 100.00
Amount invested by fund of funds is PKR. 128.56 mn
100
Sector Allocation – Equity (%age of total assets)
Apr-24 Mar-24
50
Jul-21
Jul-22
Jul-23
Jan-22
Jan-23
Jan-24

Apr-21
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Oil & Gas Exploration Companies 18.36 17.83

Cement 13.49 12.12
Equity Cash Other including receivables T Bills Fertilizer 9.94 10.30
Power Generation & Distribution 6.75 9.42
100
Others 17.85 17.23
80 Total 85.90 87.44
60
Top holding - Equity (%age of total assets)
40
Oil & Gas Development Co. Ltd. 6.42
20 Pakistan Petroleum Ltd. 6.29
- Mari Petroleum Co. Ltd. 5.64
Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 Pakistan State Oil Co. Ltd. 5.01
Lucky Cement Ltd. 4.57
Statistical analysis Engro Corporation Ltd. 4.31
Fund Fund BM Shahtaj Sugar Mills Ltd. 4.24
Information Ratio 0.01 Beta 0.9 1.0 Maple Leaf Cement Factory Ltd. 4.14
Correlation 0.93 Largest Month Gain 22.6% 25.2% Meezan Bank Ltd. 4.10
Standard Deviation 23.1% Largest Month Loss -35.2% -45.1% Bank Alfalah Ltd. 3.44

* Converted into open end scheme on 19 July, 2013.
category Cumulative return is based as per MUFAP stated methodology.
% of % of
Type of Value of inv. before Provision held, Value of inv.
Name of non-compliant investment Net Gross
Inv. provision if any after provision Merger Note:
Assets Assets
Azgard Nine Ltd. PPTFC 6 Please Note that Securities and Exchange Commission of
TFC 22,588,750 (22,588,750) - - -
(29 Apr 21 to 29 Apr 2031) Pakistan has approved the merger of JS Value fund with and
Azgard Nine Ltd. PPTFC into JS Growth Fund with effect from September 03, 2021.
217.2Mn - Revised TFC 73,830,000 (73,830,000) - - -
(29 Apr 21 to 29 Apr 2031)
Azgard Nine Ltd. For Dispute resolution/ Complaints handling
Zero Coupon TFC 7 TFC 44,354,529 (44,354,529) - - - JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/
(29 Apr 21 to 29 Apr 2031) SECP Service Desk Management System: https://sdms.secp.gov.pk/
12
JS Large Cap. Fund (JSLCF)
April 2024

JSLCF is an open-end Equity Scheme that aims to benefit from an attractive Capital Market in an 1M 1Y 3Y 5Y Launch* Avg. Ann.*
economy with growth potential, to maximize the total investment return consisting of a combination of
Fund 6.91 69.12 45.72 59.75 914.58 12.30
capital appreciation and dividend income. Consistent with its Investment Objective, the Fund shall
invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Benchmark 7.22 74.32 76.90 108.82 475.70 9.16
Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash Difference -0.32 -5.20 -31.18 -49.07 438.88 3.14
and/or near cash instruments which include cash in bank accounts, and Government securities not
exceeding ninety (90) days maturity. NAV to NAV return with dividend reinvestment.
Key information Monthly performance (%)

Fund type Open end FY24 FY23 FY22 FY21 FY20
Category Equity Scheme July 17.06 -2.68 -1.64 16.33 -7.02
Fund launch date 14 May, 2004 * August -7.88 3.98 2.02 7.66 -8.10
Net Assets (PKR mn) 1,132.76 September 2.39 -4.40 -8.22 -3.02 8.85
Net Assets Excl. JSIL FoFs (PKR mn) 1,132.76 October 10.65 0.50 2.88 -0.53 3.69
NAV (PKR) 189.16 November 13.41 1.22 -0.41 2.13 10.47
Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16. December 5.95 -2.24 -2.91 7.88 3.63
January 1.17 -0.36 0.79 4.45 3.32
February 3.23 -0.30 -3.13 -0.17 -8.65
March 4.75 1.12 -0.38 -4.67 -24.96
April 6.91 3.57 -0.95 -1.67 18.74
Front-end Load 3.00% May -1.96 -5.53 8.40 -1.19
Back-end Load NIL June 0.47 -2.61 -2.23 0.28
Pricing mechanism Forward YTD 71.70 -1.39 -18.80 37.88 -8.01
Trustee Central Depository Company of Pakistan Ltd. Benchmark 78.03 4.41 -10.44 36.49 -0.52
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. Difference -6.33 -5.80 -8.36 1.39 -7.49
Auditor Grant Thorton Anjum Rahman & Co. Performance data does not include the cost incurred directly by an investor in
Risk profile High
Listing PSX Asset Allocation (% age of total assets)
Leverage NIL Apr-24 Mar-24
Management Quality Rating AM2+ by PACRA (27-Dec-23) Cash 9.64 11.06
Ms. Iffat Zehra Mankani - CEO T Bills - -
Mr. Khawar Iqbal - COO Other including receivables 1.36 1.03
Mr. Syed Hussain Haider, CFA - CIO Total 100.00 100.00
200
3 Years Return on PKR 100 Invested in JS Large Cap Fund Vs Benchmark
JSLCF Benchmark Sector Allocation - Equity (%age of total assets)
Apr-24 Mar-24
150 Oil & Gas Exploration Companies 21.56 20.68
100 Cement 12.81 10.42
Fertilizer 11.67 12.04
50 Oil & Gas Marketing Companies 6.95 6.19
Jul-21
Jul-22
Jul-23
Jan-22
Jan-23
Jan-24
Apr-21
Oct-21
Apr-22
Oct-22
Apr-23
Oct-23
Apr-24
Others 15.63 17.92

Total 89.00 87.91

Equity Cash Other including receivables T Bills
Pakistan Petroleum Ltd. 7.13
100
Mari Petroleum Co. Ltd. 7.08
95 Pakistan State Oil Co. Ltd. 6.95
90
85 National Bank of Pakistan 4.40
D. G. Khan Cement Co. Ltd. 3.38
80 Bank Alfalah Ltd. 3.32
75 Fauji Fertilizer Bin Qasim Ltd. 3.22
Details of non-compliant investment with the
investment criteria of assigned category
Statistical analysis (Since inception)
Value of inv. Provision Value of % of % of
Fund Fund BM Name of non-compliant Type of
before held, inv. after Net Gross
Information Ratio 0.05 Beta 0.8 1.0 investment Inv.
provision if any provision Assets Assets
Agritech Limited Sukuks 4,400,790 (4,400,790) - - -
Agritech Limited V
% Positive Months 56.1% 58.2% TFC 3,485,000 (3,485,000) - - -
(01 Jul-11 to 01 Jan-25)
Unless otherwise specified, all data is presented on a since-inception basis. Azgard Nine Ltd. PPTFC
217.2Mn - Revised TFC 51,069,886 (51,069,886) - - -
* Converted into open end scheme on 26 September, 2010. (29 Apr 21 to 29 Apr 31)
Azgard Nine Ltd.
Zero Coupon TFC 7 TFC 59,745,000 (59,745,000) - - -
JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ (29 Apr 21 to 29 Apr 31)
13
JS Islamic Daily Dividend Fund (JSIDDF)
April 2024

The Objective of the Fund is to meet liquidity needs of the investors by providing daily dividend 1M 1Y 3Y** 3Y** Launch**
through investment in Shariah Compliant money market instruments.
Fund 19.57 21.66 15.01 n/a 13.43
Benchmark 11.29 10.03 6.47 n/a 5.93
Key information Difference 8.28 11.63 8.54 n/a 7.50
Category Shariah Compliant Money Market Scheme ** Average Annualized Return as per Morning Star formula
Fund launch date 3 September, 2020
NAV (PKR) 100.00 July 19.64 12.67 6.06 n/a n/a
Benchmark Three (3) months average deposits rates of three (3) AA rated August 20.13 13.58 7.78 n/a n/a
Islamic Banks or Islamic windows of conventional Banks as September 20.18 13.60 6.41 5.92 n/a
selected by MUFAP.
October 20.30 15.10 6.93 5.65 n/a
November 20.33 15.12 7.30 6.55 n/a
December 19.08 15.52 9.04 6.25 n/a
January 18.97 14.20 9.26 6.26 n/a
February 20.16 15.29 8.91 6.28 n/a
March 20.10 16.88 9.47 6.67 n/a
Front-end Load 1% of NAV
Back-end Load NIL April 19.57 18.13 10.16 6.57 n/a
Pricing mechanism Backward May 19.20 11.97 6.26 n/a
Trustee Digital Custodian Company Ltd. June 19.53 13.67 6.29 n/a
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. YTD 21.39 16.91 9.28 6.42 n/a
Auditor A. F. Ferguson & Co. Benchmark 10.52 6.43 3.74 3.39 n/a
Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited Difference 10.87 10.48 5.54 3.03 n/a
Risk profile Low Performance data does not include the cost incurred directly by an investor in
Listing PSX
Fund stability rating AA(f) by PACRA (5-Oct-23)
Leverage NIL
Apr-24 Mar-24
Cash 15.57 19.74
Investment Committee Members Placement with Banks and DFIs 55.38 50.62
Ms. Iffat Zehra Mankani - CEO Ms. Samina Faisal - Country Head, Business Development TFCs / Sukkuks 19.44 19.19
Mr. Khawar Iqbal - COO Mr. Asim Ilyas - Head of Fixed Income GoP Ijara/Sukkuks 5.94 7.00
Mr. Syed Hussain Haider, CFA - CIO Mr. Safdar Raza - Fund Manager Commercial Papers - -
3 Years Return on PKR 100 Invested in JS IDDF Vs Benchmark Total 100.00 100.00
200 Amount invested by fund of funds is PKR. 0 mn
JSIDDF BM JSIDDF
150 Apr-24
LUCKY ELECTRIC POWER CO. LTD. 26-MAR-24 8.83
100 K-ELECTRIC LTD STS 24 28-MAR-24 7.18
*GOP IJARA SUKUK 29-MAR-24 5.94
50
Apr-21 Aug-21 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 Dec-23 Apr-24
*Actual Exposure in government debt securities with a maturity

TFCs / Sukkuks Cash Other including receivables Placement with Banks and DFIs CP exceeding six months and upto one year 5.94% of Total Net Assets
125

75 AAA
22.50% AA+
50 30.85%
25
-
Fund BM
Duration (Days) 46
WAM (Days) 56
AA
Unless otherwise specified, all data is presented on a since-inception basis. 42.82% * Govt. securities (5.94%)

SECP Service Desk Management System: https://sdms.secp.gov.pk/ 1. Annualized return is based as per MUFAP stated methodology.
14
JS Islamic Income Fund (JSIIF)
April 2024

The objective of JSIIF is to generate stable returns and ensure capital preservation over medium to 1M 1Y 3Y** 5Y** Launch**
long term, by investing primarily in quality Sukuks, Shariah-compliant Government Securities, Shariah-
Fund 17.68 21.05 14.23 12.12 8.52
compliant Bank Deposits and other Shariah-compliant debt instruments.
Benchmark 11.16 9.85 6.25 5.85 5.48
Key information Difference 6.52 11.20 7.99 6.28 3.04
Category Shariah Compliant Income Scheme 2 ** Average Annualized Return as per Morning Star formula
Fund launch date 5 June, 2013 Monthly performance (%) Annualized performance1
Net Assets (PKR mn) 941.64
Net Assets Excl. JSIL FoFs (PKR mn) 941.64
July 17.78 13.37 6.75 6.60 10.60
NAV (PKR) 123.95
August 19.46 13.12 11.10 5.04 11.57
Benchmark Six (6) months average deposits rate of three (3) A rated
scheduled Islamic banks or Islamic windows of conventional September 18.21 4.20 8.82 5.84 12.57
banks as selected by MUFAP. October 20.75 13.68 7.00 6.25 12.39
November 19.85 14.57 4.49 6.53 12.02
Total Expense Ratio (MTD) 1.70% (Including 0.23% Government levy & SECP fee; December 19.79 16.02 9.82 7.43 13.04
0.00% Selling & marketing expenses) - Annualized January 18.45 15.46 9.36 5.93 12.58
Total Expense Ratio (YTD) 1.97% (Including 0.23% Government levy & SECP fee; February 18.26 12.66 9.48 7.51 12.49
0.06% Selling & marketing expenses) - Annualized March 17.67 18.32 7.80 7.53 16.39
Back-end Load NIL May 21.75 9.14 7.39 -11.72
Pricing mechanism Forward June 21.31 12.04 7.18 14.79
Auditor A. F. Ferguson & Co. Difference 9.85 9.39 5.62 3.34 4.00
Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited Performance data does not include the cost incurred directly by an investor in
Risk profile Medium the form of sales load etc. NAV to NAV return with dividend reinvestment.
Listing PSX
Fund stability rating AA- (f) by PACRA (5-Oct-23)
Apr-24 Mar-24
Leverage NIL
Cash 41.54 33.74
Placement with Banks and DFIs - -
Investment Committee Members GoP Ijara/Sukkuks 20.77 23.38
Ms. Iffat Zehra Mankani - CEO Ms. Samina Faisal - Country Head, Business Development Sukkuks 32.00 37.40
Mr. Khawar Iqbal - COO Mr. Asim Ilyas - Head of Fixed Income Commercial Papers - -
Mr. Syed Hussain Haider, CFA - CIO Mr. Safdar Raza - Fund Manager Other including receivables 5.70 5.47
Total 100.00 100.00
3 Years Return on PKR 100 Invested in JS Islamic Income Fund Vs Benchmark
JSIIF Benchmark
150
AA
100 20.20%
AAA*
50 20.77% AA+
10.78%
Jul-23
Jul-21
Jul-22
Jan-23
Jan-24
Jan-22
Apr-23
Oct-23
Apr-24
Apr-21
Oct-21
Apr-22
Oct-22
TFCs / Sukkuks Cash Other including receivables Placement with Banks and DFIs CP
100
80 AA-
60 A+ 13.22%
29.33%
40
20
-
Sukuks allocation – Top Holding
25%
20%
15%
10%
5%
Statistical analysis 0%
Pakistan Energy HUB POWER OBS AGP (Pvt) K-ELECTRIC LTD STS
Fund BM Sukuk 21-May-20 HOLDINGS LIMITED Limited 15-JUL-21 24 28-MAR-24
Standard Deviation 1.7% 0.6% 12-NOV-20
Duration (Yr) 0.08

WAM (Yr) 1.70
Unless otherwise specified, all data is presented on a since-inception basis. 1. Annualized return is based as per MUFAP stated methodology.
2. The fund had converted from a Shariah Compliant Government
For Dispute resolution/ Complaints handling Securities Fund to a Shariah Compliant Income Fund effective 18th
JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ Aug ’17.
15
JS Islamic Premium Fund (JSIPF)
April 2024

The primary objective of the JSIPF is to optimize income generation for its investors through prudent 1M 1Y 3Y** 5Y** Launch**
investment strategies adhering to Islamic principles. This is achieved by strategically allocating funds
Fund 18.14 n/a n/a n/a 19.34
towards shariah-compliant, high-caliber Islamic Financial Sector instruments (primarily Islamic
microfinance banks/Islamic windows of conventional microfinance banks), Sukuks, Bank deposits of Benchmark 11.16 n/a n/a n/a 11.35
Islamic microfinance banks and Islamic banks, and short-term shariah compliant money market Difference 6.98 n/a n/a n/a 7.99
instruments. NAV to NAV return with dividend reinvestment.
** Average Annualized Return as per Morning Star formula
Key information
Fund type Open end Monthly performance (%) Annualized performance1
Category Shariah Compliant Sector Specific Income Scheme FY24 FY23 FY22 FY21 FY20
Fund launch date 3 November, 2023 July n/a n/a n/a n/a n/a
Net Assets (PKR mn) 545.01 August n/a n/a n/a n/a n/a
Net Assets Excl. JSIL FoFs (PKR mn) 545.01 September n/a n/a n/a n/a n/a
NAV (PKR) 108.35 October n/a n/a n/a n/a n/a
Benchmark 6 months Average deposit rate of three (3) A rated Scheduled November 18.71 n/a n/a n/a n/a
Islamic Banks or Islamic Windows of conventional banks as December 20.63 n/a n/a n/a n/a
selected by MUFAP.
Management fee Upto 2.00% p.a (Actual: 0.45% p.a) February 17.52 n/a n/a n/a n/a
March 18.09 n/a n/a n/a n/a
April 18.14 n/a n/a n/a n/a
May n/a n/a n/a n/a
June n/a n/a n/a n/a
Front-end Load Upto 2% of NAV (subject to applicable duties/taxes)
YTD 19.34 n/a n/a n/a n/a
Back-end Load NIL
Pricing mechanism Forward Benchmark 11.35 n/a n/a n/a n/a
Trustee Digital Custodian Company Ltd. Difference 7.99 n/a n/a n/a n/a
Auditor Grant Thornton Anjum Rahman
Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited Asset allocation (%age of total assets)
Risk profile Medium Apr-24 Mar-24
Listing PSX Cash 82.38 83.07
Fund stability rating A (f) by PACRA (29-Dec-23) Placement with Banks and DFIs 12.98 13.18
Leverage NIL TFCs / Sukkuks - -
Management Quality Rating AM2+ by PACRA (27-Dec-23) Commercial Papers - -
Investment Committee Members Other including receivables 4.64 3.76
Mr. Khawar Iqbal - COO Mr. Asim Ilyas - Head of Fixed Income Total 100.00 100.00
Mr. Syed Hussain Haider, CFA - CIO Mr. Safdar Raza - Fund Manager Amount invested by fund of funds is PKR. 0 mn
Sukuks allocation – Top Holding

Apr-24
Since Inception Return on PKR 100 Invested in JS IPF Vs Benchmark NIL
114
JSIPF JSIPF BM
109
104
99
31-Oct-23 30-Nov-23 31-Dec-23 31-Jan-24 29-Feb-24 31-Mar-24 30-Apr-24
A+
80.07%
AA+
12.98%
Statistical analysis AA-
Fund BM
2.31%
Duration (Yr) 0.01 * Govt. securities (0.00%)
WAM (Yr) 0.01

16
JS Islamic Fund (JSISF)
April 2024

JSISF aims to grow investor’s capital in the long term in adherence with principles of Shariah 1M 1Y 3Y 5Y Launch* Avg. Ann.*
compliance as advised by the Shariah Advisory Council (SAC) of this fund. The fund investments are
Fund 5.96 58.30 35.72 45.67 1117.16 12.41
limited to asset classes approved by the Shariah Advisory Council (SAC) and all companies under
investment consideration are semiannually screened for Shariah compliance. Benchmark 6.30 65.08 67.11 101.72 1236.43 12.91
Difference -0.34 -6.78 -31.39 -56.05 -119.28 -0.49
Key information * Return since inception as per Morning Star formula
Category Shariah Compliant - Equity Scheme
Fund launch date 27 December, 2002 Monthly performance (%)
Net Assets (PKR mn) 239.77 FY24 FY23 FY22 FY21 FY20
Net Assets Excl. JSIL FoFs (PKR mn) 239.77 July 14.16 -2.75 -3.24 14.03 -7.00
NAV (PKR) 133.29 August -8.63 4.41 3.80 6.43 -7.54
Benchmark KMI-30 Index September 3.46 -4.64 -9.69 -2.79 8.42
Management fee Upto 2.00% p.a (Actual: 2.00% p.a) October 10.85 1.02 3.30 -1.44 5.31
Total Expense Ratio (MTD) 0.44% (Including 0.05% Government levy & SECP fee; November 12.91 3.68 -2.51 1.78 11.11
0.09% Selling & marketing expenses) December 7.21 -3.28 -2.05 8.03 4.06
Total Expense Ratio (YTD) 4.23% (Including 0.46% Government levy & SECP fee; January -0.34 -2.37 0.94 5.19 1.69
0.89% Selling & marketing expenses) February 2.68 -0.85 -3.46 1.30 -10.40
Front-end Load 3.00% March 2.76 -0.89 0.11 -5.54 -23.67
Back-end Load NIL April 5.96 5.97 -0.72 -2.50 21.16
Pricing mechanism Forward
May -3.04 -6.05 9.54 -0.62
Trustee Central Depository Company of Pakistan Ltd.
June 1.19 -0.90 -2.70 -1.61
YTD 61.35 -2.17 -19.33 33.71 -6.48
Auditor Grant Thorton Anjum Rahman & Co.
Benchmark 68.83 2.88 -10.25 39.32 1.62
Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited
Risk profile High Difference -7.48 -5.05 -9.08 -5.61 -8.10
Leverage NIL
Management Quality Rating AM2+ by PACRA (27-Dec-23) Asset Allocation (% age of total assets)
Apr-24 Mar-24
Ms. Iffat Zehra Mankani - CEO Cash 5.61 3.07
Mr. Khawar Iqbal - COO Equity 88.95 94.23
Mr. Syed Hussain Haider, CFA - CIO Other including receivables 5.44 2.70
Total 100.00 100.00
3 Years Retun on PKR 100 Inveseted in JS Islamic Fund Vs Benchmark
JSISF Benchmark Sector Allocation - Equity (%age of total assets)
200
Apr-24 Mar-24
150
Cement 16.14 10.92
100 Fertilizer 10.11 16.03
50 Others 18.51 14.25
Jul-22
Jul-23
Jul-21
Jan-22
Jan-23
Jan-24
Apr-22
Apr-23
Apr-21
Apr-24
Oct-21
Oct-22
Oct-23
Total 88.95 94.23

Equity Cash Other including receivables
100
Pakistan State Oil Co. Ltd. 7.08
80 Oil & Gas Development Co. Ltd. 6.84
60 Engro Corporation Ltd. 4.48
Fauji Fertilizer Bin Qasim Ltd. 3.69
40
Nishat Power Ltd. 3.38
20 D. G. Khan Cement Co. Ltd. 3.34
-
Fund Fund BM
Information Ratio (0.05) Beta 0.9 1.0

JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ Cumulative returns are based as per MUFAP stated methodology.
17
JS Pension Savings Fund (JSPSF)
April 2024

JSPSF is designed to provide a secure source of savings and retirement income to individuals. JS 1M 1Y 3Y** 5Y** Launch**
PSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio
Equity Sub Fund 6.42 65.78 51.04 72.81 12.33
customization through allocation of such contributions among equity and fixed income investment
avenues suited to their specific needs and risk profile. Debt Sub Fund 22.20 22.44 14.58 12.61 9.51
MM Sub Fund 20.58 22.44 15.48 13.19 8.27
Key information
Fund type Open end Monthly performance (%) Annualized performance1
Category Voluntary Pension Scheme Equity Debt 1 MM 1

Fund launch date 26 June, 2007 FY24 FY23 FY24 FY23 FY24 FY23
Benchmark n/a July 15.89 -3.48 20.45 14.07 21.02 13.69
Management fee Equity sub fund: Upto 1.50% p.a; Debt sub fund: Upto 1.50% p.a; August -8.11 5.45 20.13 13.18 21.12 13.28
Money Market sub fund: Upto 1.50% p.a September 2.91 -4.98 19.16 13.82 21.84 15.82
Front-end Load 3.00% October 9.99 0.65 23.46 14.82 22.08 13.54
Back-end Load NIL November 13.31 1.83 22.14 13.70 20.78 12.82
Pricing mechanism Forward December 5.97 -2.56 18.76 16.63 20.24 15.51
Trustee Central Depository Company of Pakistan Ltd. January 2.11 0.39 21.69 14.67 20.62 14.91
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. February 2.82 0.29 16.48 12.35 18.34 14.82
Auditor A. F. Ferguson & Co. March 4.97 0.87 16.37 15.31 18.47 17.25
Risk profile Investor dependent April 6.42 3.71 22.20 17.02 20.58 19.03
Leverage NIL May -2.14 23.67 18.66
Management Quality Rating AM2+ by PACRA (27-Dec-23) June -0.22 20.25 21.21
Investment Committee Members YTD 69.77 -0.67 21.68 17.01 22.17 17.08
Ms. Iffat Zehra Mankani - CEO Performance data does not include the cost incurred directly by an investor in
Mr. Khawar Iqbal - COO
Mr. Syed Hussain Haider, CFA - CIO Asset Allocation (% age of total assets)
Ms. Samina Faisal - Country Head, Business Development Equity Sub Fund Apr-24 Mar-24
Mr. Asim Ilyas - Head of Fixed Income Cash 7.39 7.71
Mr. Safdar Raza - Fund Manager Equity 86.11 91.45
Net Assets (PKR mn) NAV (PKR) Net Assets (PKR mn) Total 100.00 100.00
JS-PSF - Equity Sub Fund 709.93 108.67 Debt Sub Fund Apr-24 Mar-24
JS-PSF - Debt Sub Fund 462.52 182.17 Cash 7.71 7.94
JS-PSF - MM Sub Fund 381.79 424.26 Commercial Papers - -
Expense Government levy and TFCs / Sukkuks 18.80 19.11
MTD T Bills & PIBs 71.14 71.34
Ratio SECP fee*
JS-PSF - Equity Sub Fund 0.24% 0.03% Other including receivables 2.35 1.60
JS-PSF - Debt Sub Fund** 1.39% 0.19% Total 100.00 100.00
JS-PSF - MM Sub Fund** 0.81% 0.13% Money Market Sub Fund Apr-24 Mar-24
Expense Government levy and Cash 34.87 3.99
YTD
Ratio SECP fee* TFCs / Sukkuks 6.58 6.71
JS-PSF - Equity Sub Fund 2.68% 0.32% Commercial Papers - -
JS-PSF - Debt Sub Fund** 1.56% 0.20% T Bills & PIBs 58.25 89.10
JS-PSF - MM Sub Fund** 0.87% 0.13% Other including receivables 0.30 0.20
* Included in Expense Ratio ** Annualized Total 100.00 100.00
3 Years Return on PKR 100 Invested in JS Pension Saving Fund Sector Allocation - Equity (%age of total assets)
200 Apr-24 Mar-24
PSF-Equty PSF-Debt PSF-MM
150 Commercial Banks 19.86 21.74
100 Cement 9.25 9.32
50
Others 16.32 11.55
Jul-22
Jul-23
Jul-21
Jan-22
Jan-23
Jan-24
Apr-21
Apr-23
Apr-22
Apr-24
Oct-21
Oct-22
Oct-23
Total 86.11 91.45

Nishat Chunian Power Ltd. 3.79
Bank Alfalah Ltd. 3.73

JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ 1
Annualized performance return is based as per MUFAP recommended
SECP Service Desk Management System: https://sdms.secp.gov.pk/ methodology.
** Fund returns are Average Annualized as per Morning Star formula.
18
JS Islamic Pension Savings Fund (JSIPSF)
April 2024

JSIPSF is designed to provide a Halal and secure source of savings and retirement income to 1M 1Y 3Y** 5Y** Launch**
individuals according to the principles of Islamic Shariah. JS IPSF is a portable pension scheme
PSF-Equty 5.36 60.33 51.42 81.51 15.39
allowing individuals the flexibility of contributions and portfolio customization through allocation of such
contributions among equity, fixed income and other Halal investment avenues suited to their specific PSF-Debt 16.97 20.63 12.00 10.31 8.16
needs and risk profile. PSF-MM 18.04 21.73 14.45 11.82 7.65
Key information Monthly performance (%) Annualized performance1
Fund type Open end

Equity Debt 1 MM 1
Category Shariah Compliant Voluntary Pension Scheme FY24 FY23 FY24 FY23 FY24 FY23
Fund launch date 16 June, 2008 July 15.73 -3.20 15.58 14.11 30.12 12.25
Benchmark n/a August -8.17 5.56 16.39 10.57 18.58 12.91
Management fee Equity sub fund: Upto 1.50% p.a; Debt sub fund:Upto 1.50% p.a ; September 3.06 -4.53 16.19 2.25 19.50 13.55
Money Market sub fund: Upto 1.50% p.a October 11.72 1.02 17.54 12.23 18.09 13.93
Front-end Load 3.00% November 11.87 2.67 37.15 11.67 29.62 14.23
Back-end Load NIL December 10.13 -2.91 17.06 12.63 16.14 14.93
Pricing mechanism Forward January -0.05 -0.99 17.82 13.13 17.93 13.81
Trustee Central Depository Company of Pakistan Ltd. February 2.45 0.73 16.96 10.09 17.66 15.02
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. March 2.60 0.12 17.18 2.02 17.23 15.45
Auditor A. F. Ferguson & Co. April 5.36 4.04 16.97 14.91 18.04 15.58
Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited May -3.45 18.41 17.10
Risk profile Investor dependent June -0.48 20.05 18.05
Leverage NIL YTD 66.87 -1.96 20.23 12.50 21.89 15.76
Ms. Iffat Zehra Mankani - CEO Asset Allocation (% age of total assets)
Mr. Khawar Iqbal - COO Equity Sub Fund Apr-24 Mar-24
Mr. Syed Hussain Haider, CFA - CIO Cash 7.07 8.12
Ms. Samina Faisal - Country Head, Business Development Equity 84.07 85.44
Mr. Asim Ilyas - Head of Fixed Income Other including receivables 8.86 6.44
Mr. Safdar Raza - Fund Manager Total 100.00 100.00
Debt Sub Fund Apr-24 Mar-24
Cash 32.26 30.35
Net Assets (PKR mn) NAV (PKR) Net Assets (PKR mn)
JS-IPSF - Equity Sub Fund 975.99 28.85 Commercial Papers - -
JS-IPSF - Debt Sub Fund 348.97 42.38 Sukuk 53.59 56.30
JS-IPSF - MM Sub Fund 323.75 112.52 TDR Placement 9.29 -
Expense Government levy and
MTD Total 100.00 100.00
Ratio SECP fee*
Money Market Sub Fund Apr-24 Mar-24
JS-IIPSF - Equity Sub Fund 0.28% 0.03%
Cash 45.88 52.99
JS-IPSF - Debt Sub Fund 2.61% 0.28%
Commercial Papers - -
JS-IPSF - MM Sub Fund 1.28% 0.16%
Sukuk 39.03 40.05
YTD TDR Placement 12.32 -
Ratio SECP fee*
JS-IPSF - Equity Sub Fund 2.70% 0.31% Other including receivables 2.77 6.95
JS-IPSF - Debt Sub Fund 2.05% 0.23% Total 100.00 100.00
JS-IPSF - MM Sub Fund 0.91% 0.12%
Sector Allocation - Equity (%age of total assets)
* Included in Expense Ratio
Apr-24 Mar-24
200 3 Years Return on PKR 100 Invested in JS Islamic Pension Saving Fund
IPSF-Equty IPSF-Debt IPSF-MM Cement 14.12 9.55
150
100
Others 17.99 13.23
Total 84.07 85.44
50
Jul-21
Jul-22
Jul-23
Jan-22
Jan-23
Jan-24
Apr-21
Apr-22
Oct-22
Oct-23
Oct-21
Apr-23
Apr-24

Nishat Power Ltd. 3.33

JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ Annualized performance return is based as per MUFAP stated
19
JS KPK Pension Fund (JSKPKPF)
April 2024

The investment objective of JSKPKPF is to provide long-term investment growth to its participants.
The fund aims to achieve its objective by investing in a diversified portfolio of money market 1M 1Y 3Y** 5Y** Launch**
instruments. The fund seeks to maximize returns while minimizing risks, providing a stable return over
the long term. MM Sub Fund 19.65 n/a n/a n/a 19.17

Fund type Open end Money Market Sub Fund1
Category Voluntary Pension Scheme FY24 FY23
Fund launch date 14 December, 2023 July n/a n/a
Benchmark n/a August n/a n/a
Management fee Upto 0.75% p.a
September n/a n/a
Front-end Load NIL
October n/a n/a
Back-end Load NIL
November n/a n/a
December 17.94 n/a
January 17.95 n/a
Dealing Days & Cut-off time (Monday to Friday) 9:00 am to 3:00 pm
Auditor Grant Thorton Anjum Rahman & Co. February 18.28 n/a
Risk profile Investor dependent March 19.08 n/a
Leverage NIL April 19.65 n/a
Management Quality Rating AM2+ by PACRA (27-Dec-23) May n/a
June n/a
YTD 19.17 n/a
Mr. Khawar Iqbal - COO the form of sales load etc. NAV to NAV return with dividend reinvestment.
Ms. Samina Faisal - Country Head, Business Development Asset Allocation (% age of total assets)
Mr. Asim Ilyas - Head of Fixed Income Money Market Sub Fund Apr-24 Mar-24
Mr. Safdar Raza - Fund Manager
Cash 6.43 5.99
T Bills 74.07 74.11
Net Assets (PKR mn) NAV (PKR) Net Assets (PKR mn) Other including receivables 1.42 1.48
JSKPKPF - MM Sub Fund 107.25 32.96 Total 100.00 100.00

MTD
Ratio SECP fee*
JSKPKPF - MM Sub Fund** 1.80% 0.06%
Other
including
T Bills
receivables
Expense Government levy and 74.07
YTD 1.42
Ratio SECP fee*
JSKPKPF - MM Sub Fund** 0.33% 0.03%
* Included in Expense Ratio ** Annualized Cash

6.43
TFCs /
Sukkuks
18.08
JS KPK Pension Fund is only for Employees of KP Government appointed/recruited under the Khyber
Pakhtunkhwa Civil Servants (Amendment) Act, 2022 or an employee of the KP Government,
regularized as civil servant through any legal instrument, issued after coming into force of the Khyber
Pakhtunkhwa Civil Servants (Amendment) Act, 2022 irrespective of the effective date of regularization
shall be eligible to contribute to the Pension Fund.

JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ 1
20
JS KPK Islamic Pension Fund (JSKPKIPF)
April 2024

The investment objective of JSKPKIPF is to provide long-term investment growth to its participants.
The fund aims to achieve its objective by investing in shariah compliant diversified portfolio of assets, 1M 1Y 3Y** 5Y** Launch**
including Shariah-Compliant money market instruments. The fund seeks to maximize returns while
minimizing risks, providing a stable return over the long term. MM Sub Fund 16.25 n/a n/a n/a 18.12

Fund type Open end Money Market Sub Fund1
Category Shariah Compliant Voluntary Pension Scheme FY24 FY23
Fund launch date 14 December, 2023 July n/a n/a
Benchmark n/a August n/a n/a
Management fee Upto 0.75% p.a
September n/a n/a
Front-end Load NIL
October n/a n/a
Back-end Load NIL
November n/a n/a
December 17.95 n/a
January 17.93 n/a
Dealing Days & Cut-off time (Monday to Friday) 9:00 am to 3:00 pm
Auditor Grant Thorton Anjum Rahman & Co. February 18.29 n/a
Risk profile Investor dependent March 17.93 n/a
Leverage NIL April 16.25 n/a
Management Quality Rating AM2+ by PACRA (27-Dec-23) May n/a
June n/a
YTD 18.12 n/a
Mr. Khawar Iqbal - COO the form of sales load etc. NAV to NAV return with dividend reinvestment.
Ms. Samina Faisal - Country Head, Business Development Asset Allocation (% age of total assets)
Mr. Asim Ilyas - Head of Fixed Income Money Market Sub Fund Apr-24 Mar-24
Mr. Safdar Raza - Fund Manager
Cash 78.43 77.79
Net Assets (PKR mn) NAV (PKR) Net Assets (PKR mn) Total 100.00 100.00
JSKPKIPF - MM Sub Fund 106.85 36.39

MTD
Ratio SECP fee*
JSKPKIPF - MM Sub Fund** 1.67% 0.06%
Expense Government levy and Cash

YTD TFCs /
Ratio SECP fee* 78.43
Sukkuks
JSKPKIPF - MM Sub Fund** 0.32% 0.03%
19.13
* Included in Expense Ratio ** Annualized
Other including
receivables
2.44
JS KPK Islamic Pension Fund is only for Employees of KP Government appointed/recruited under the
Khyber Pakhtunkhwa Civil Servants (Amendment) Act, 2022 or an employee of the KP Government,
regularized as civil servant through any legal instrument, issued after coming into force of the Khyber
Pakhtunkhwa Civil Servants (Amendment) Act, 2022 irrespective of the effective date of regularization
shall be eligible to contribute to the Pension Fund.

JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ methodology.
21
Performance Summary of JSIL Funds
30-Apr-24
Average Trailing One
Fund Category Fund Name FY18 FY19 FY20 FY21 FY22 FY23 FYTD24 Annualized Year
Return ** Return
CONVENTIONAL FUNDS
Equity JS Growth Fund -15.9% -23.4% 6.9% 27.6% -20.2% -1.9% 65.5% 8.1% 64.1%
Benchmark -10.0% -18.2% -0.5% 36.5% -10.4% 4.4% 78.0% 7.2% 74.3%
Equity JS Large Cap. Fund -12.1% -21.5% -8.0% 37.9% -18.8% -1.4% 71.7% 12.3% 69.1%
Benchmark -10.0% -18.2% -0.5% 36.5% -10.4% 4.4% 78.0% 9.2% 74.3%
Exchange Traded Fund JS Momentum Factor ETF -6.8% -11.0% 117.6% 29.1% 120.1%
Benchmark -4.7% -12.1% 111.1% 27.9% 113.9%
Income JS Income Fund* 5.9% 8.7% 11.3% 6.9% 9.5% 16.0% 20.1% 8.9% 20.2%
Benchmark* 6.5% 10.2% 12.2% 7.4% 10.8% 18.3% 22.1% 10.0% 22.1%
Income JS Microfinance Sector Fund* 15.3% 19.8% 24.5% 21.7% 25.1%
Benchmark* 14.9% 18.3% 22.1% 19.7% 22.1%
Balanced Unit Trust Of Pakistan -12.5% -14.1% 4.1% 25.0% -12.6% 16.8% 50.7% 13.5% 51.2%
Benchmark -5.6% -8.9% 6.9% 26.7% -3.9% 7.9% 54.0% 11.9% 54.0%
Money Market JS Cash Fund* 5.3% 9.5% 13.3% 6.9% 10.7% 17.6% 21.9% 10.3% 22.2%
Benchmark* 5.5% 9.1% 12.4% 6.9% 9.7% 18.5% 21.0% 10.0% 21.0%
Money Market JS Money Market Fund* 20.7% 21.9% 22.3% 22.3%
Benchmark* 21.0% 21.0% 20.8% 21.0%
Fixed Rate / Return JS Fixed Term Munafa Fund (JS Fixed Term Munafa Plan 1)* 14.9% 14.9% n/a
Benchmark* 17.0% 17.0% n/a
Fund of Funds Fund of Funds -9.5% -1.8% 2.7% 26.3% -13.6% 10.9% 55.7% 12.3% 59.6%
Benchmark -8.9% -4.0% -1.1% 38.0% -9.8% 12.7% 52.0% 9.7% 54.5%
SHARIAH COMPLIANT FUNDS
Shariah Compliant Equity JS Islamic Fund -19.8% -20.2% -6.5% 33.7% -19.3% -2.2% 61.3% 12.4% 58.3%
Benchmark -9.6% -23.8% 1.6% 39.3% -10.3% 2.9% 68.8% 12.9% 65.1%
Shariah Compliant Money Market JS Islamic Daily Dividend Fund* 6.4% 9.3% 16.9% 21.4% 13.4% 21.7%
Benchmark 3.4% 3.7% 6.4% 10.5% 5.9% 10.0%
Shariah Compliant Income JS Islamic Income Fund* 3.4% 8.7% 10.5% 7.0% 9.0% 15.6% 20.2% 8.5% 21.0%
Benchmark* 2.6% 3.8% 6.5% 3.6% 3.4% 6.2% 10.3% 5.5% 9.8%
Shariah Compliant Income JS Islamic Premium Fund* 19.3% 19.3% n/a
VOLUNTARY PENSION SCHEME
Equity Sub Fund JS Pension Savings -15.9% -22.1% -3.9% 37.6% -15.3% -0.7% 69.8% 12.3% 65.8%
Debt Sub Fund JS Pension Savings* 4.4% 8.0% 13.5% 6.1% 7.7% 17.0% 21.7% 9.5% 22.4%
Money Market Sub Fund JS Pension Savings* 4.1% 8.6% 12.8% 6.3% 9.8% 17.1% 22.2% 8.3% 22.4%
Equity Sub Fund JS Islamic Pension Savings -21.0% -22.1% 4.4% 35.2% -13.5% -2.0% 66.9% 15.4% 60.3%
Debt Sub Fund JS Islamic Pension Savings* 2.3% 7.9% 9.2% 5.9% 5.7% 12.5% 20.2% 8.2% 20.6%
Money Market Sub Fund JS Islamic Pension Savings* 2.7% 7.9% 10.1% 5.0% 8.7% 15.8% 21.9% 7.6% 21.7%
Money Market Sub Fund JS KPK Pension Fund* 19.2% 19.2% n/a
Money Market Sub Fund JS KPK Islamic Pension Fund* 18.1% 18.1% n/a
* All returns are Annualized ** Average annualized Return since inception as per Morning Star Formula
22

Jsil FMR Apr 2024-3

Uploaded by

Copyright:

Available Formats

Jsil FMR Apr 2024-3

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Jsil FMR Apr 2024-3

Uploaded by

Copyright:

Available Formats

For Dispute resolution/ Complaints handling

JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/

KSE 30 Perfomance Monthly YoY Inflation

Volume (L.H.S) KSE-30 (R.H.S)

Investment philosophy Performance (%) Annualized performance1

100 Asset quality (%age of total assets)

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%) Annualized performance1

Top Holdings - TFC/Sukuks (%age of total assets)

T Bills & PIBs Cash Other incl. receivables TFCs / Sukkuks

* Govt. securities (67.70%)

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%) Annualized performance1

HUB POWER HOLDINGS LIMITED 12-NOV-20 4.39

Investment philosophy Performance (%) Annualized performance1

150 Top Holdings - TFC/Sukuks (%age of total assets)

Asset quality (%age of total assets)

Unless otherwise specified, all data is presented on a since-inception basis.

For Dispute resolution/ Complaints handling 1

Investment philosophy Performance (%) Annualized performance1

Maturity date 7 January, 2027

101 Asset quality (%age of total assets)

* Govt. securities (93.60%)

Unless otherwise specified, all data is presented on a since-inception basis.

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%) Annualized performance1

Maturity date 7 January, 2025

* Govt. securities (98.31%)

Unless otherwise specified, all data is presented on a since-inception basis.

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%) Annualized performance1

Maturity date 7 February, 2025

* Govt. securities (92.16%)

Unless otherwise specified, all data is presented on a since-inception basis.

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%)

Since Inception Return on PKR 100 Invested in JSMFETF Vs Benchmark

150 Sector Allocation - Equity (%age of total assets)

Others 2.14 6.70

Total 94.55 92.66

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%)

Fund type Open end Monthly performance (%)

Statistical analysis Top holding - TFC/Sukuks (%age of total assets)

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%)

Total 100.00 100.00

50 JS Global Banking Sector Exchange Traded Fund 5.34

JS Islamic Dedicated Equity Fund 1.29

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%)

Ms. Iffat Zehra Mankani - CEO

Commercial Banks 19.52 20.54

Oil & Gas Exploration Companies 18.36 17.83

Details of non-compliant investment with the investment criteria of assigned

Investment philosophy Performance (%)

Key information Monthly performance (%)

Others 15.63 17.92

Top holding - Equity (%age of total assets)