Karachi: The Board of Directors of Lakson Investments Limited has released its financial report for the Lakson Islamic Money Market Fund (LIMMF) for the year ending June 30, 2024. The report highlights the fund's performance, activities, and key financial data.

The LIMMF aims to provide stable returns with low volatility, investing primarily in short-term, low-risk assets. The fund is open-ended and complies with Shariah principles. As of June 30, 2024, the fund consists of a liquid portfolio focused on government securities and Islamic short-term debt instruments. The weighted average maturity of the portfolio is maintained below three months to enhance liquidity.

The fund reported a return of 21.39% in the fiscal year 2024, exceeding its benchmark by 12.03%. This performance is attributed to an asset allocation strategy with 49.2% in cash and 31.3% in commercial paper. The weighted average maturity of the LIMMF portfolio stands at 40 days, with a total fund size of PKR 1,584.00 million.

Earnings per Unit (EPU) figures are not disclosed due to the impracticality of determining weighted average units for open-end funds. The Chief Executive Officer has announced an interim payout of PKR 19.6447 per unit, amounting to PKR 293.830 million in cash during the year.

The report outlines significant risks and uncertainties faced by the fund, including economic instability, inflation, and the potential impacts of currency devaluation. The Pakistan Credit Rating Agency (PACRA) has maintained the fund's ratings at “AM2+” and “AA(f)”, reflecting its management quality and stability.

According to information available from the Pakistan Stock Exchange (PSX), the fund's compliance with accounting standards and internal controls has been affirmed. The report notes that proper books of accounts have been maintained, and financial statements are based on reasonable judgment.

The existing auditors, BDO Ebrahim and Co., have been reappointed for the upcoming year, reinforcing the fund's commitment to maintaining transparency and accountability. The Board expresses gratitude to investors and regulatory bodies for their continued support in managing the fund.

In the broader economic context, challenges facing Pakistan include a rising current account deficit and fluctuating foreign exchange reserves. The government is implementing fiscal reforms aimed at stabilizing the economy.