Karachi: JS Investments Limited unveiled its Fund Manager’s Report for November 2025, detailing a significant shift in the monthly performance of its JS Momentum Factor Exchange-Traded Fund (JSMFETF). The report, dated December 8, 2025, outlines the fund’s investment strategy aimed at tracking the performance of the JS Momentum Factor Index, which is maintained by the Pakistan Stock Exchange.
The JSMFETF, categorized as an open-end fund, launched on January 7, 2022, currently holds net assets valued at 962.61 million Pakistani Rupees. The fund’s Net Asset Value (NAV) stands at 12.16 PKR. The management fee is capped at 0.75% per annum, with an actual fee of 0.61% per annum. The total expense ratio for the month was recorded at 2.45%, inclusive of a 0.38% government levy and SECP fee, while the year-to-date ratio is 2.76%, including a 0.42% levy.
The most notable aspect of the report is the fund’s performance in November, which saw a 0.28% increase, classified as a big move. This contrasts with the benchmark index, which recorded a slightly higher increase of 0.36%. Over the last year, the fund exhibited a performance of 48.96%, trailing the benchmark’s 49.21%. Since inception, the fund has achieved a return of 306.93%, against the benchmark’s 308.60%.
According to information available from the Pakistan Stock Exchange (PSX), the fund’s asset allocation for November comprised primarily of equities at 95.74%, with cash holdings at 3.70% and other receivables at 0.56%. This marks a shift from October’s allocation, where equities accounted for 86.98% and cash was significantly higher at 12.50%.
The sector allocation within the fund reveals a heavy emphasis on commercial banks, which constituted 40.33% of total assets in November, up from 29.45% in October. Technology and communication sectors saw a substantial increase to 19.18% from 5.73%. Conversely, the cement sector’s share decreased to 9.42% from 13.85% the previous month.
Key holdings in the fund include Bank of Punjab Ltd. at 18.51%, National Bank of Pakistan at 18.12%, and Fauji Fertilizer Co. Ltd. at 12.34%. Other notable investments are in Pakistan Telecommunication Co. Ltd. and Thatta Cement Co. Ltd., at 12.18% and 9.42%, respectively.
The fund’s management quality is rated AM1 by PACRA as of November 5, 2025, indicating a high level of management quality. The fund does not employ leverage and imposes no front-end or back-end load on investors. It is listed on the PSX, with A. F. Ferguson & Co. serving as the auditor and Central Depository Company of Pakistan Ltd. as the trustee. The fund’s risk profile is categorized as high, with dealing days scheduled from Monday to Friday, aligning with PSX market hours.