AGL 38.70 Increased By ▲ 0.48 (1.26%)
AIRLINK 129.25 Increased By ▲ 0.28 (0.22%)
BOP 8.70 Increased By ▲ 0.85 (10.83%)
CNERGY 4.70 Increased By ▲ 0.04 (0.86%)
DCL 8.49 Increased By ▲ 0.17 (2.04%)
DFML 39.05 Increased By ▲ 0.11 (0.28%)
DGKC 83.20 Increased By ▲ 1.26 (1.54%)
FCCL 33.91 Increased By ▲ 0.49 (1.47%)
FFBL 75.65 Decreased By ▼ -0.06 (-0.08%)
FFL 12.76 Decreased By ▼ -0.06 (-0.47%)
HUBC 110.70 Increased By ▲ 0.34 (0.31%)
HUMNL 14.11 Increased By ▲ 0.10 (0.71%)
KEL 5.41 Increased By ▲ 0.26 (5.05%)
KOSM 7.65 Decreased By ▼ -0.02 (-0.26%)
MLCF 40.75 Increased By ▲ 0.95 (2.39%)
NBP 71.50 Decreased By ▼ -0.82 (-1.13%)
OGDC 190.33 Increased By ▲ 2.04 (1.08%)
PAEL 25.50 Decreased By ▼ -0.13 (-0.51%)
PIBTL 7.47 Increased By ▲ 0.10 (1.36%)
PPL 155.11 Increased By ▲ 2.44 (1.6%)
PRL 25.67 Increased By ▲ 0.28 (1.1%)
PTC 18.15 Increased By ▲ 0.45 (2.54%)
SEARL 82.85 Increased By ▲ 0.43 (0.52%)
TELE 7.65 Increased By ▲ 0.06 (0.79%)
TOMCL 32.92 Increased By ▲ 0.35 (1.07%)
TPLP 8.32 Decreased By ▼ -0.10 (-1.19%)
TREET 16.75 Decreased By ▼ -0.03 (-0.18%)
TRG 56.69 Increased By ▲ 0.65 (1.16%)
UNITY 28.82 Increased By ▲ 0.04 (0.14%)
WTL 1.36 Increased By ▲ 0.01 (0.74%)
BR100 10,759 Increased By 100.7 (0.94%)
BR30 31,714 Increased By 383 (1.22%)
KSE100 99,936 Increased By 666.4 (0.67%)
KSE30 31,203 Increased By 171.1 (0.55%)

As per directives of Securities and Exchange Commission of Pakistan (SECP), issued to all asset management companies, JS Investments Limited (JSIL) has revaluated its portfolio of debt securities of JS Income Fund (JS IF) and JS Aggressive Income Fund (JS AIF).
The revaluation has resulted in a downward adjustment of approximately 3.7 percent and 4.0 percent in the Nets Asset Values (NAVs) of JS IF and JS AIF respectively. As per SECP's circular the revaluations of debt securities at discounted rates will be effective till January 12, 2009.
Commenting on the impact of SECP's directives Najam Ali, CEO of JSIL, said "SECP's action, while unilateral, should be taken in light of severe liquidity pressure gripping the financial sector as well as the mutual fund industry. This is a temporary phenomenon and will reverse as soon as liquidity situation in the industry improves.
Investors in JS IF and JS AIF should draw comfort from the fact that our funds are one of the most liquid income funds in the industry. JS IF's investment portfolio consists of over 70 percent of cash investments. Furthermore, we have invested in high investment grade Term Finance Certificates and their market value is far more than the forced discount presently incorporated in the NAV as a result of SECP's directives.
There is no cause for concern and investors should remain assured of their investment. This is also a favourable opportunity for investors to benefit from discounted NAV's and make fresh investments as NAV appreciation going forward will be at a much higher yield as compared to the period July 01 - November 04, 2008.
JS IF and JS AIF posted tax-free annualised return of 13.30 percent and 12.40 percent respectively during the period July 01 to November 04, 2008." JS IF is the one of the oldest Income Funds in Pakistan, and has the highest 5 star rating (Normal and Long Term) awarded by Pakistan Credit Rating Agency (Pacra). An interim pay out of Rs 3.05 per unit for JS IF and an interim pay out of Rs 2.75 per unit were announced by the management company in Q1 2008.-PR

Copyright Business Recorder, 2008

Comments

Comments are closed.