JS Investment Limited (JSIL) is one of the largest asset management companies in Pakistan, incorporated in 1995 and headed by Jahangir Siddiqui. It manages a total of 23 mutual, pension, and separately managed funds, both conventional and Shariah-compliant, with total assets under management of PKR 13.712 billion as of December 2017. The firm has experienced strong growth since inception, with assets increasing from PKR 185 million in 1996 to PKR 14,632 billion in 2017. The firm's conventional equity, income, and balanced funds have averaged annual returns of 11%, 8%, and 16% respectively over the past five years. JSIL has received high ratings and awards recognizing its fund performance and
JS Investment Limited (JSIL) is one of the largest asset management companies in Pakistan, incorporated in 1995 and headed by Jahangir Siddiqui. It manages a total of 23 mutual, pension, and separately managed funds, both conventional and Shariah-compliant, with total assets under management of PKR 13.712 billion as of December 2017. The firm has experienced strong growth since inception, with assets increasing from PKR 185 million in 1996 to PKR 14,632 billion in 2017. The firm's conventional equity, income, and balanced funds have averaged annual returns of 11%, 8%, and 16% respectively over the past five years. JSIL has received high ratings and awards recognizing its fund performance and
JS Investment Limited (JSIL) is one of the largest asset management companies in Pakistan, incorporated in 1995 and headed by Jahangir Siddiqui. It manages a total of 23 mutual, pension, and separately managed funds, both conventional and Shariah-compliant, with total assets under management of PKR 13.712 billion as of December 2017. The firm has experienced strong growth since inception, with assets increasing from PKR 185 million in 1996 to PKR 14,632 billion in 2017. The firm's conventional equity, income, and balanced funds have averaged annual returns of 11%, 8%, and 16% respectively over the past five years. JSIL has received high ratings and awards recognizing its fund performance and
JS Investment Limited (JSIL) is one of the largest asset management companies in Pakistan, incorporated in 1995 and headed by Jahangir Siddiqui. It manages a total of 23 mutual, pension, and separately managed funds, both conventional and Shariah-compliant, with total assets under management of PKR 13.712 billion as of December 2017. The firm has experienced strong growth since inception, with assets increasing from PKR 185 million in 1996 to PKR 14,632 billion in 2017. The firm's conventional equity, income, and balanced funds have averaged annual returns of 11%, 8%, and 16% respectively over the past five years. JSIL has received high ratings and awards recognizing its fund performance and
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
You are on page 1/ 3
A Synopsis of the Firm and its Overall Performance:
JS Investment limited (JSIL) is one of the oldest and largest asset management company in Pakistan that was incorporated in 1995. It comes under the umbrella of the JS group that was formed by Mr. Jahangir Siddiqui in the year 1970. Mr. Jahangir Siddiqui currently heads the company as its chairman. JSIL operates as a private sector asset management company in Pakistan with a wide range of mutual funds, pension funds and separately managed accounts. It is a publicly listed company that has obtained the license of an “Investment advisor” and “Asset management company”. It manages a total of 23 different funds that include conventional funds, Shariah compliant funds and voluntary pension funds. Within the conventional funds it manages Equity Fund, Balanced Fund, Money Market Fund, Income Fund, Capital Protected Fund and Fund of Funds. The Current total Assets under management (AUM) as on 31st December 2017 for JSIL were PKR 13.712 Billion. The total market capitalization as on this date for JSIL was PKR .891 Billion.
The firm has certain salient features. The vision of the firm is “To be recognized as a responsible asset manager respected for continuingly realizing goals for its investors”. The mission of the firm is “To build JS Investments into a top ranking Asset Management Company; founded on sound values; powered by refined know how; supported by a team operating within an accountable framework of social, ethical and corporate responsibility - a strong and reliable institution for its shareholders to own; an efficient service provider and value creator for clients; an exciting and fulfilling work place for employees and a participant worth reckoning for competitors.”. The core values of the firm are “Integrity, Commitment, Building strong relationship and creating value”. The founding partners of JSIL include INVESCO PLC (One of the world’s largest fund managers) and International Finance Corporation (IFC) which is the private sector arm of the World Bank group. The group has offices in major cities of Pakistan and manages its international operations from its Dubai and London office. It also manages Shariah compliant Islamic funds which makes it particularly attractive for people in the Muslim world.
The firm has been able to perform exceptionally well since its inception in 1995. The AUM for the firm have increased from PKR 185 million in 1996 to PKR 14,632 million in the FY 2017. Considering the date for the past five years, the conventional equity funds under the firm have had an annual return averaging around 11% while the income and balanced funds have had an 8% and 16% average annual return. The average annual return for the money market fund, capital protected fund and Fund of funds have been 8.5%, 3.8% and 13.3%. The Shariah compliant equity and income funds have had an average annual return of 16.8% and 5.1% respectively. The annual returns for voluntary pension scheme have also shown a positive trend with the Equity Sub Fund touching a high of 22.1% annual. This scheme has been divided into ordinary as well as Islamic pension saving funds.
The annual returns in all its funds have shown a receding trend (Negative growth) in the recent years but the effect has been an industry wide. However, the firm has still been able to surpass the benchmark set for itself in the recent years. It continues to do so. The benchmark that the firm usually sets for its mutual funds is the KSE 30 and KMI 30. The forecast of the returns on JSIL’s funds for the FY 2018 show an overall negative growth but the effect is still industry wide pertaining to the political and economic condition of the country. However, the forecast still shows the company fairly surpassing its benchmark by a considerable margin in all its types and categories of funds. The firm is still a good potential investment opportunity for forward looking active investors in the market. The Net asset value (NAV) as of today i.e 14th of February for its Conventional Value Fund and Conventional Growth fund stand at PKR 228.84 and PKR 202.69 respectively and have shown a downward trend in the past few days. The redemption price stand at PKR 221.33 and PKR 196.04 respectively. These are quite fair values of NAV if seen in absolute terms however the recent negative trend in these particular fund shares can be a red flag for the investors to examine and scrutinize.
JSIL has earned quite awards and recognition in relation to its performance in the asset management industry. It has been assigned a management quality rating of AM2 by JCR-VIS (Rating agency) and A1/A+ rating in Credit rating (Short term and Long term) by PACRA (Rating agency). These ratings employ high quality of management in the firm and low credit risk with which the firm operates. JS Islamic Fund had been ranked as Top Islamic Equity Fund over 3 and 5 years in Pakistan in 2016 by Lipper Fund Global Islamic. Three JS Equity funds (Pension saving fund, Growth fund and Islamic Equity fund) have been ranked among world’s top 100 in 2012 by Lipper which is an American financial service firm. JS Islamic Fund was ranked 2nd among Top 10 performers in Islamic Equity Category in Financial Year 2013 by Eureka hedge which is a Singapore based business management consultant. JS Islamic Fund was also awarded as the Best Equity Pakistan Fund over 2 years in 2014 by Lipper Fund Global Islamic. The JS Income fund, JS Cash fund and JS Islamic income fund had also earned a rating of A+, AA+ and AA- respectively in 2015 by PACRA (Pakistan Credit Rating Agency). These ratings and awards have added to the value and performance perceived of JSIL by investors in the mutual fund market.
