Jsil FMR Dec 2022

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
December 2022
During December 2022, the KSE100 Index mark down 1928 points / -4.6% MoM to close at a level of 40,420 points.
Overall activity was dull during the month, with volumes for the month averaging 192 million shares down 6% MoM, while
the value traded averaged USD 25 million, a decline of 10% MoM.
The index remained under pressure as investors seems jittery about raging political turmoil, delays in the IMF loan
program, large external debt service and rapid reserves depletion. However, renewed interest in the Oil & Gas sector was
witnessed as the government constitutes a new committee for circular debt resolution.
On the sectoral front, positive contribution came from the Oil and Gas Exploration sector which has performed better than
the market. On the contrary, notable laggards were the Technology, Commercial Banks, Cements and Fertilizer sectors.
Foreigners were net sellers for December 2022, with an outflow of USD 33.9 million worth of stocks primarily in the
banking sector (USD 42.4 million). Foreign Inflows were seen in the oil and gas exploration, textile and technology
sectors. On the flip side, local participants such as mutual funds, insurance companies and individuals were major net
sellers of USD 14 million, USD 3.7 million and USD 3.6 million worth of equities, respectively. On the local front banks
and companies were major buyers of USD 43.88 million and USD 13.16 million worth of equities.
On the economic front, CPI inflation for December 2022 was recorded at 24.5%. Inflation remain unabated (6MFY-23 CPI
averaged 25%) decimating the purchasing power of investors. On the external front, the current account deficit recorded
at USD 276 million in November 2022 compared to USD 569 million in October 2022, which is lower by 51% over the
previous month. Cumulatively, the current account deficit for the 5MFY23 has lowered to a level of USD 3,099 million,
compared to a deficit of USD 7,234 million in the same period last year. The trade deficit declined primarily due to lower
imports, which are now at USD 24,872 million, from USD 29,664 million last year. The country's exports were valued at
USD 12,065 million, down 2% year over year from the previous year.
We believe investors are likely to remain attuned to political developments before reengaging investment flows toward the
equity market. The renewed monetary tightening by the State Bank has resurfaced concerns on the macroeconomic
direction. Additionally, Pakistan is expected to make debt repayments of $1bn to two commercial banks early next month.
Moving forward the economic outlook will be shaped largely by the restoration of political stability and the continued
implementation of reforms under the revived International Monetary Fund (IMF) program to stabilize the economy. Fiscal
and external debt sustainability particularly in the context of arranging necessary means to recover from the devastation
due to floods would be a major theme on Pakistan’s economic front in FY23.
KSE 30 Perfomance Monthly YoY Inflation

Shares in mn
80 15,800 32.0%
70 15,600 28.0%
15,400
60 24.0%
15,200
50 15,000 20.0%
40 14,800 16.0%
30 14,600 12.0%
14,400
20 8.0%
14,200
10 14,000 4.0%
- 13,800 0.0%
13-Dec
19-Dec
23-Dec
29-Dec
1-Dec
7-Dec
Oct-12
Oct-16
Oct-20
Oct-13
Oct-14
Oct-15
Oct-17
Oct-18
Oct-19
Oct-21
Oct-22
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Apr-20
Apr-21
Apr-22
Volume (L.H.S) KSE-30 (R.H.S)
1
JS Cash Fund (JS CF)
December 2022
MUFAP Recommended Format
Investment philosophy Performance (%) Annualized performance2

JS Cash Fund is an open-end 'Money Market Scheme' that mainly invests in low risk short-term fixed 1M 1Y 3Y** 5Y** Launch**
income instruments including money market instruments to provide a regular and reasonable return to
Fund 15.25 14.18 10.63 10.18 9.20
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 15.98 13.94 10.06 9.77 8.74
Difference -0.72 0.24 0.57 0.41 0.46
NAV to NAV return with dividend reinvestment.
Key information
** Average Annualized Return as per Morning Star formula
Fund type Open end
Category Money Market Scheme Monthly performance (%) Annualized performance2
Fund launch date 29 March, 2010 FY23 FY22 FY21 FY20 FY19
Net Assets (PKR mn) 18,579.03 July 13.90 7.16 6.10 12.44 6.78
Net Assets Excluding JSIL FoFs (PKR mn) 18,579.03 August 14.47 10.81 6.03 12.84 7.23
NAV (PKR) 102.50
September 15.04 7.42 6.63 13.30 7.11
Benchmark 70% three (3) months PKRV rates + 30% three (3)
October 14.88 6.99 6.76 13.18 7.88
months average deposit rate of three (3) “AA” rated
scheduled Banks as selected by MUFAP November 14.55 8.44 6.57 12.10 8.16
December 15.25 10.53 6.89 13.61 9.40
Management fee 0.25% (Exclusive of SST)
Front-end Load 1.00% January 11.26 6.61 13.16 10.13
Back-end Load NIL February 10.05 6.75 12.62 9.82
Pricing mechanism Backward March 11.03 7.01 14.99 9.95
Trustee Digital Custodian Company Ltd. April 9.51 7.19 16.86 10.44
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. May 13.50 6.72 6.87 9.99
Auditor A. F. Ferguson & Co. June 16.38 7.24 9.04 12.18
Risk profile Low YTD 15.14 10.75 6.92 13.33 9.47
Listing PSX Benchmark 15.48 9.72 6.93 12.36 9.11
Fund stability rating AA+ (f) by PACRA (29-Sep-22) Difference -0.33 1.03 -0.02 0.98 0.36
Leverage NIL Performance data does not include the cost incurred directly by an investor in
Management Quality Rating AM2+ by PACRA (27-Dec-22) the form of sales load etc. NAV to NAV return with dividend reinvestment.
Investment Committee Members
Ms. Iffat Zehra Mankani - CEO Mr. Syed Hussain Haider - CIO Asset Allocation (% age of total assets)
Mr. Khawar Iqbal - COO Mr Asim Ilyas - Head of Fixed Income/Fund Manager Dec-22 Nov-22
Cash 27.42 72.94
Commercial Papers 2.22 0.65
3 Years Return on PKR 100 Invested in JS Cash Fund Vs Benchmark Placement with Banks and DFIs 16.13 -
JSCF Benchmark Short term Sukkuks 0.67 -
150 T Bills 52.80 25.39
125 Other including receivables 0.75 1.02
Total 100.00 100.00
100
Amount invested by fund of funds is PKR. 0 mn
75
50 Asset quality (%age of total assets)
25
AAA*
- 71.95%
Feb-20
Feb-21
Feb-22
Apr-20
Apr-21
Apr-22
Oct-20
Oct-21
Oct-22
Aug-20
Aug-21
Aug-22
AA+
Dec-19
Dec-20
Dec-21
Dec-22
Jun-20
Jun-21
Jun-22
0.39%
A+
T Bills TFCs / Sukkuks Cash CP Plac. with Banks and DFIs Other incl. receivables 0.00%
100
80
AA
60 26.87%
40
AA-
0.03% * Govt. securities (52.80%)
20
-
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
Statistical analysis
Fund BM Fund BM
Standard Deviation* 0.9% 0.8% Largest Month Gain 1.4% 1.4%
Expense Ratio** 0.57% Largest Month Loss 0.0% 0.0%
WAM (Days) 50 % Positive Months 100.0% 100.0%
* Since inception
** This is annualized and includes 0.08% government levy and SECP fee.

SECP Service Desk Management System: https://sdms.secp.gov.pk/ 1. Annualized returns are based on MUFAP recommended methodology.
2
JS Income Fund (JS IF)
December 2022

JS IF 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 17.47 12.34 10.02 9.46 8.32
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 17.00 14.53 10.56 10.40 9.12
the form of spread transactions and bank deposits. Difference 0.46 (2.19) (0.54) (0.94) (0.79)
**Average Annualized Returns as per Morning Star formula
Key information
Fund type Open end Monthly performance (%) Annualized performance1
Category Income Fund Scheme FY23 FY22 FY21 FY20 FY19
Fund launch date 26 August, 2002 July 13.54 6.12 0.31 11.96 6.32
Net Assets (PKR mn) 1,137.60 August 13.13 17.82 8.05 13.17 7.49
Net Assets Excluding JSIL FoFs (PKR mn) 1,036.52 September 15.05 8.86 5.53 13.54 7.45
NAV (PKR) 104.28
October 14.27 8.29 7.89 -5.04 7.53
Benchmark Average Return of Six (6) months KIBOR for any period
November 12.96 5.56 8.70 14.31 7.85
of return
December 17.47 8.98 7.61 12.84 8.75
January 11.57 4.99 10.04 8.40
Front-end Load 2.00%
February 11.16 5.57 8.63 8.82
Back-end Load NIL
Pricing mechanism Forward March 1.63 10.03 16.97 7.04
Trustee Digital Custodian Company Ltd. April 3.61 5.51 17.01 10.34
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. May 12.89 7.23 -1.06 9.21
Auditor EY Ford Rhodes June 13.04 8.74 17.67 11.92
Risk profile Medium YTD 14.85 9.51 6.89 11.33 8.74
Fund stability rating (PACRA) A+ (f) by PACRA (29-Sep-22) Difference -1.22 -1.30 -0.54 -0.89 -1.47
Investment Committee Members Asset Allocation (%)

Ms. Iffat Zehra Mankani - CEO Mr. Syed Hussain Haider - CIO
Dec-22 Nov-22
Mr. Khawar Iqbal - COO Mr Asim Ilyas - Head of Fixed Income/Fund Manager
Cash 23.64 35.79
Placement with Banks and DFIs - -
200 3 Years Return on PKR 100 Invested in JS Income Fund Vs Benchmark TFCs / Sukkuks 54.64 50.22
JS IF Benchmark T Bills - -
150 PIBs 10.42 11.43
100 Commercial Papers 8.01 -
MTS / Spread Transactions - -
- Total 100.00 100.00
Mar-20
Mar-21
Mar-22
Sep-20
Sep-21
Sep-22
Dec-19
Dec-20
Dec-21
Dec-22
Jun-20
Jun-21
Jun-22
Amount invested by fund of funds is PKR. 101.08 mn
Top Holdings - TFC/Sukuks (%age of total assets)

Dec-22
Non Compliant Investments under Circular 16/2010
HUB POWER HOLDINGS LIMITED 12-NOV-20 18.95
% of
Name of Value before Provision held Value after % of Net K-ELECTRIC 01-NOV-22 9.61
Type Gross
Investment provision (if any) provision Assets
Assets BANK ALFALAH LIMITED - TFC SERIES A (15-01-2021) 15-JAN-21
8.08
Dewan Cement Ltd. OBS AGP PRIVATE LIMITED 15-JUL-21 4.16
Pre IPO TFC 50,000,000 (49,990,000) 10,000 0.00 0.00
(17 Jan 08 to 17 Jan 30) ASPIN PHARMA (PVT) LTD 30-NOV-17 3.51
Azgard Nine Ltd. BYCO OIL PAKISTAN LIMITED 17-JAN-17 1.61
PPTFC 6 29,220,000 (29,220,000) - 0.00 0.00
(29 Apr 21 to 29 Apr 31)
Agritech Limited Sukuk 59,572,782 (59,572,782) - 0.00 0.00
Azgard Nine Ltd. Asset quality (%age of total assets)
Zero Coupon TFC 7 62,040,000 (62,040,000) - 0.00 0.00
(29 Apr 21 to 29 Apr 31) AA
22.35%
Disclosure of Excess Exposure A+
26.02%
Name of non-compliant investment Holding Limit Actual Holding AA-
0.52%
Hub Power Holdings Ltd. 10.00% 18.07%
The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the
latest monthly Fund Manager Report and Financial Statements. A
0.00%
Fund BM Fund BM
AA+
Standard Deviation* 3.7% 1.0% Largest Month Gain 3.7% 1.4% 18.95%
Expense Ratio** 1.89% Largest Month Loss -10.3% 0.0%
Duration (Yr) 0.18 % Positive Months 93.9% 100.0% AAA*
28.87%
WAM (Yr) 2.88
* Govt. securities (10.42%)
* Since inception
** This is annualized and includes 0.22% government levy and SECP fee. Selling & Marketing Expense
PKR 1,161,890.
JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ 1
Annualized returns are based on MUFAP recommended methodology.
3
JS Microfinance Sector Fund (JSMFSF)
December 2022

JS Microfinance Sector Fund aims to provide investors with competitive & attractive returns, with a 1M 1Y 3Y** 5Y** Launch**
medium risk profile while providing comparatively higher returns than the traditional banking channels.
Fund 16.67 n/a n/a n/a 16.76
The fund 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 17.00 n/a n/a n/a 16.52
Difference (0.33) n/a n/a n/a 0.24
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 FY23 FY22 FY21 FY20 FY19
Net Assets (PKR mn) 8,797.67 July 16.40 n/a n/a n/a n/a
Net Assets Excluding JSIL FoFs (PKR mn) 8,610.34 August 16.12 n/a n/a n/a n/a
NAV (PKR) 100.65 September 16.10 n/a n/a n/a n/a
Benchmark Six (6) months KIBOR Rate October 16.10 n/a n/a n/a n/a
Management fee 1.00% (Exclusive of SST) November 16.08 n/a n/a n/a n/a
Front-end Load Upto 1% of NAV (subject to applicable duties/taxes) December 16.67 n/a n/a n/a n/a
Back-end Load NIL
January n/a n/a n/a n/a
Pricing mechanism Forward
February n/a n/a n/a n/a
Trustee Digital Custodian Company Ltd.
March n/a n/a n/a n/a
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.
April n/a n/a n/a n/a
Auditor Grant Thorton Anjum Rahman & Co.
May 5.26 n/a n/a n/a
Risk profile Medium
Listing PSX June 16.59 n/a n/a n/a
Fund stability rating A(f) by PACRA (12-Dec-22) YTD 16.81 15.29 n/a n/a n/a
Leverage NIL Benchmark 16.07 14.89 n/a n/a n/a
Management Quality Rating AM2+ by PACRA (27-Dec-22) Difference 0.74 0.40 n/a n/a n/a
Investment Committee Members 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.
Mr. Khawar Iqbal - COO Mr Asim Ilyas - Head of Fixed Income/Fund Manager Asset Allocation (%)
Dec-22 Nov-22
Cash 98.75 98.52
Since Inception Return on PKR 100 Invested in JS MFSF Vs Benchmark Placement with Banks and DFIs - -
TFCs / Sukkuks - -
115 Commercial Papers - -
JSMFSF JSMFSF_BM
Other including receivables 1.25 1.48
110
105 Total 100.00 100.00

100
Top Holdings - TFC/Sukuks (%age of total assets)
95 Dec-22
n/a n/a
90
30-Apr-22 30-Jun-22 31-Aug-22 31-Oct-22 31-Dec-22
Cash Other including receivables
100% Asset quality (%age of total assets)

99%
98%
A
97% 0.00%
96%
AA-
95% 0.03%
Statistical
. analysis
Fund BM Fund BM A+
98.72%
Duration (Days) 1 % Positive Months 100.0% 100.0%
WAM (Day) 1
* Since inception

1
SECP Service Desk Management System: https://sdms.secp.gov.pk/ Annualized returns are based on MUFAP recommended methodology.
4
JS Momentum Factor ETF (JSMFETF)
December 2022
Investment philosophy Performance (%)

The Fund 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 -7.29 -23.17 n/a n/a -23.17 -23.56
constituted by Management Company and periodically maintained by the Pakistan Stock Exchange.
Benchmark -8.00 -22.76 n/a n/a -22.76 -23.15
Key information Difference 0.72 -0.40 n/a n/a -0.40 -0.41
Fund type Open end * Average Annualized Return since inception as per Morning Star formula
Category Exchange Traded Fund
Fund launch date 7 January, 2022
Monthly performance (%)
Net Assets (PKR mn) 43.80
FY23 FY22 FY21 FY20 FY19
Net Assets Excluding JSIL FoFs (PKR mn) 6.51
July -10.27 n/a n/a n/a n/a
NAV (PKR) 7.68
Benchmark JS Momentum Factor Index August 5.95 n/a n/a n/a n/a
Management fee 0.50% (Exclusive of SST) September -2.82 n/a n/a n/a n/a
Front-end Load NIL October -8.33 n/a n/a n/a n/a
Back-end Load NIL November 5.04 n/a n/a n/a n/a
Pricing mechanism Backward December -7.29 n/a n/a n/a n/a
Trustee Central Depository Company of Pakistan Ltd. January -4.00 n/a n/a n/a
Dealing Days Monday to Friday February -11.14 n/a n/a n/a
Cut-off time As per PSX market hours March -1.87 n/a n/a n/a
Auditor EY Ford Rhodes April 6.63 n/a n/a n/a
Risk profile High May 0.66 n/a n/a n/a
Listing PSX June 3.68 n/a n/a n/a
Leverage NIL
YTD -17.53 -6.84 n/a n/a n/a
Management Quality Rating AM2+ by PACRA (27-Dec-22)
Benchmark -18.91 -4.75 n/a n/a n/a
Ms. Iffat Zehra Mankani - CEO Mr. Syed Hussain Haider - CIO Difference 1.39 -2.09 n/a n/a n/a
Performance data does not include the cost incurred directly by an investor in
Mr. Khawar Iqbal - COO Mr. Waqas Mustafa - Head of Equity Funds
Asset Allocation (% age of total assets)

Dec-22 Nov-22
Since Inception Return on PKR 100 Invested in JSMFETF Vs Benchmark
Cash 3.85 3.39
150 JSMFETF Benchmark Equity 92.94 94.37
100
Total 100.00 100.00
50
Sector Allocation - Equity (%age of total assets)
Dec-22 Nov-22
- Technology & Communication 45.83 34.94
31-Jan-22 31-Mar-22 31-May-22 31-Jul-22 30-Sep-22 30-Nov-22 Oil & Gas Exploration Companies 21.30 4.54
Miscellaneous 8.16 -
Fertilizer 7.76 7.13
Oil & Gas Marketing Companies 5.36 5.05
Equity Cash Other including receivables Others 4.53 42.72
Total 92.94 94.37
100
Top holding - Equity (%age of total assets)
95
Systems Ltd. 15.57
TRG Pakistan Ltd. 15.35
90
NetSol Technologies Ltd. 14.91
Oil & Gas Development Co. Ltd. 12.10
85
Pakistan Petroleum Ltd. 9.21
80 TPL Properties Ltd. 8.16
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Engro Corporation Ltd. 7.76
Sui Northern Gas Pipeline Ltd. 5.36
Faysal Bank Ltd. 3.32
Statistical analysis BankIslami Pakistan Ltd. 1.20
Fund Fund BM
Information Ratio (0.01) Beta 0.9 1.0
Correlation 0.94 Largest Month Gain 6.6% 7.2%
Standard Deviation* 22.2% Largest Month Loss -11.1% -10.3%
Expense Ratio** 1.48% % Positive Months 41.7% 41.7%
* Since inception
** This includes 0.23% government levy and SECP fee.

SECP Service Desk Management System: https://sdms.secp.gov.pk/ Cumulative returns are based as per MUFAP stated methodology.
5
Unit Trust of Pakistan (UTP)
December 2022

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 -0.80 -6.45 1.17 1.58 1,706.86 12.17
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 -2.48 -0.05 11.42 24.29 1,117.03 10.43
generate the current income. Difference 1.68 -6.40 -10.25 -22.71 589.82 1.75
* Average Annualized 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 -1.66 -1.84 9.99 -4.63 2.07
August 3.22 1.58 4.72 -5.23 0.19
September -2.08 -6.35 -2.17 5.69 -1.60
NAV (PKR) 152.52
Benchmark Rate of return of KSE-30 Index and six (6) month KIBOR, October 0.70 3.46 -0.14 4.48 0.44
for any period of return, on the basis of actual proportions November 1.20 -1.64 1.24 9.51 -1.94
of the portfolio. December -0.80 -1.27 4.78 3.23 -7.29
Management fee 2.00% (Exclusive of SST) January 1.25 3.90 1.90 6.80
Front-end Load 3.00% February -1.39 0.36 -6.67 -0.98
Back-end Load NIL March -0.29 -2.92 -16.96 -1.82
Pricing mechanism Forward April -1.25 -0.81 15.89 -4.12
Trustee Central Depository Company of Pakistan Ltd. May -3.91 6.48 -0.10 -2.14
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. June -1.44 -2.06 0.85 -4.06
Auditor A. F. Ferguson & Co. YTD 0.48 -12.65 25.00 4.05 -14.12
Risk profile High Benchmark 1.63 -3.90 26.72 6.89 -8.85
Listing PSX Difference -1.15 -8.75 -1.72 -2.84 -5.27
Dec-22 Nov-22
Cash 27.68 1.80
Commercial Papers - -
Equity 50.84 55.68
3 Years Return on PKR 100 Invested in UTP Vs Benchmark
TFCs / Sukkuks 19.80 19.58
200 UTP Benchmark
T Bills - 20.22
PIBs - -
150
100 Total 100.00 100.00
50
Asset quality (%age of total assets)
-
Mar-20
Mar-21
Mar-22
Sep-20
Sep-21
Sep-22
Dec-19
Dec-20
Dec-21
Dec-22
Jun-20
Jun-21
Jun-22
AA-
21.60%
AA
6.44%
A+
0.00%
Non Compliant Investments under Circular 16/2010
AA+
Value % of % of 16.54%
Name of Value before Provision held AAA*
Type after Net Gross 2.90%
Investment provision (if any)
provision Assets Assets
Agritech Ltd. Sukuks 117,601,483 (117,601,483) - 0.00 0.00
Azgard Nine Ltd.
PPTFC 6 23,750,000 (23,750,000) - 0.00 0.00 Dec-22 Nov-22
(29 Apr 21 to 29 Apr 31)
Commercial Banks 13.73 14.52
Azgard Nine Ltd.
Oil & Gas Exploration Companies 11.85 12.86
Zero Coupon TFC 7 49,485,000 (49,485,000) - 0.00 0.00
(29 Apr 21 to 29 Apr 31) Fertilizer 7.08 7.56
Technology & Communication 4.08 4.92
Statistical analysis Others 10.04 11.99
Fund Fund BM
Total 50.84 55.68
Correlation 0.84 Largest Month Gain 15.9% 19.3% Top holding - Equity (%age of total assets)
Standard Deviation* 15.1% Largest Month Loss -24.0% -33.8% Oil & Gas Development Co. Ltd. 4.01
Expense Ratio** 2.07% % Positive Months 65.7% 61.4% Engro Corporation Ltd. 3.78
United Bank Ltd. 3.72
* Since inception
** This includes 0.17% government levy and SECP fee. Selling & Marketing Expense PKR 5,086,965.
Habib Bank Ltd. 3.17
Mari Petroleum Co. Ltd. 3.11
Systems Ltd. 2.73
Cumulative return is based as per MUFAP stated methodology..
Pakistan State Oil Co. Ltd. 2.64
For Dispute resolution/ Complaints handling Engro Fertilizers Ltd. 2.62
JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ Lucky Cement Ltd. 2.34
6
JS Fund of Funds (JS FoF)
December 2022

JS FoF 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 0.22 -1.50 1.36 17.51 408.30 9.93
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 -0.77 -0.02 13.89 27.17 241.77 7.42
strengthens or weakens. Difference 1.00 -1.49 -12.54 -9.66 166.53 2.51
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 FY23 FY22 FY21 FY20 FY19
Net Assets (PKR mn) 344.77 July -1.73 -2.68 13.79 1.04 2.01
Net Assets Excluding JSIL FoFs (PKR mn) 344.77 August 2.12 1.99 5.49 0.96 -0.24
NAV (PKR) 58.27 September -0.12 -8.62 -3.78 1.06 -1.23
Benchmark Weighted Average of "Three (3) months PKRV rates", October -0.28 2.32 -2.05 1.29 0.28
"Six (6) months KIBOR rates" and "KSE-100 Index", on November 2.49 -1.26 1.58 4.41 -1.11
the basis of actual investment in money market, income
December 0.22 -1.73 6.46 4.13 -3.07
and equity schemes
January 0.25 5.06 1.86 2.56
February -2.70 -0.73 -6.71 -0.44
March -0.69 -4.02 -21.03 0.00
Back-end Load NIL
April 3.82 -2.20 19.05 -1.17
May -1.60 8.38 0.10 0.33
Trustee Central Depository Company of Pakistan Ltd.
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. June -3.06 -2.68 1.17 0.41
Auditor A. F. Ferguson & Co. YTD 2.66 -13.61 26.32 2.72 -1.79
Risk profile High Benchmark 4.85 -9.79 37.98 -1.12 -3.95
Listing PSX Difference -2.19 -3.82 -11.66 3.84 2.16
Dec-22 Nov-22
Open End Funds 94.05 94.06
T Bills - -
Cash 5.81 5.75
3 Years Return on PKR 100 Invested in JS Fund of Funds Vs Benchmark
200 JS FoF Benchmark Total 100.00 100.00
150
Top holding (%age of total assets)
100 JS Microfinance Sector Fund 54.09
JS Income Fund 29.19
50 JS Momentum Factor Exchange Traded Fund 10.77
-
Mar-20
Mar-21
Mar-22
Sep-20
Sep-21
Sep-22
Dec-19
Dec-20
Dec-21
Dec-22
Jun-20
Jun-21
Jun-22
Open End Funds Cash Other including receivables

Total 94.05
100.0
80.0
60.0
40.0
20.0
0.0
Fund Fund BM
Information Ratio -0.06 Beta 0.9 1.0
* Since inception
** This includes 0.07% government levy and SECP fee.

7
JS Growth Fund (JS GF)
December 2022

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 -3.11 -15.07 -13.27 -18.55 137.30 5.35
Key information Benchmark -5.09 -6.28 -1.19 2.79 85.88 3.81
Fund type Open end Difference 1.98 -8.79 -12.08 -21.34 51.41 1.54
Category Equity Scheme * Average Annualized Return since inception as per Morning Star formula
Fund launch date 06 June, 2006 * NAV to NAV return with dividend reinvestment.
Net Assets (PKR mn) 1,489.24
Net Assets Excluding JSIL FoFs (PKR mn) 1,489.24 Monthly performance (%)
NAV (PKR) 141.01 FY23 FY22 FY21 FY20 FY19
Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16. July -3.19 -2.59 14.21 -6.39 1.27
Management fee 2.00% (Exclusive of SST) August 4.31 0.95 5.59 -6.72 -1.26
Front-end Load 3.00% September -4.85 -9.01 -3.76 6.57 -2.33
Back-end Load NIL October 0.45 3.37 -2.05 5.07 -0.55
Pricing mechanism Forward November 1.40 -1.35 1.67 15.17 -3.21
Trustee Digital Custodian Company Ltd. December -3.11 -2.40 6.55 5.68 -9.21
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. January 0.96 5.16 2.15 9.34
Auditor A. F. Ferguson & Co. February -1.90 -0.75 -8.83 -2.39
Risk profile High March -0.23 -3.83 -22.53 -3.63
Listing PSX April -1.06 -2.20 22.62 -4.83
Leverage NIL
May -6.50 8.52 0.15 -2.89
June -2.02 -2.72 1.40 -5.63
YTD -5.18 -20.23 27.63 6.91 -23.43
Benchmark -0.94 -10.44 36.49 -0.52 -18.18
Difference -4.23 -9.79 -8.86 7.43 -5.25
3 Years Return on PKR 100 Invested in JS Growth Fund Vs Benchmark

200 Asset Allocation (% age of total assets)
Benchmark JSGF Dec-22 Nov-22
Cash 25.36 18.90
Equity 72.71 78.69
100 T Bills - -
Total 100.00 100.00
- Amount invested by fund of funds is PKR. 0 mn

Mar-20
Mar-21
Mar-22
Dec-19
Dec-20
Dec-21
Dec-22
Sep-20
Sep-21
Sep-22
Jun-20
Jun-21
Jun-22
Sector Allocation – Equity (%age of total assets)

Dec-22 Nov-22
Equity Cash Other including receivables T Bills
100 Fertilizer 9.94 11.08
80
60 Others 15.45 18.44
40 Total 72.71 78.69
20 Top holding - Equity (%age of total assets)

- Engro Corporation Ltd. 5.64
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 United Bank Ltd. 5.33
Statistical analysis Mari Petroleum Co. Ltd. 5.05
Fund Fund BM Habib Bank Ltd. 4.64
Information Ratio (0.28) Beta 0.9 1.0 Pakistan Petroleum Ltd. 4.22
Correlation 0.90 Largest Month Gain 22.6% 25.2% Bank Al - Habib Ltd. 3.80
Standard Deviation* 23.2% Largest Month Loss -35.2% -45.1% Lucky Cement Ltd. 3.63
Expense Ratio** 2.32% % Positive Months 55.8% 55.8% Systems Ltd. 3.59
Engro Fertilizers Ltd. 3.38
* Since inception
* Converted into open end scheme on 19 July, 2013.

Non-Compliant Investments under Circular 16/2010
Cumulative return is based as per MUFAP stated methodology.
Name of Val. before Provision Val. after % of Net % of Gross
Type
Investment provision held (if any) provision Assets Assets
Merger Note:
Azgard Nine Ltd. PPTFC 6 Please Note that Securities and Exchange Commission of
TFC 12,080,000 (12,080,000) - - -
(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 62,977,824 (62,977,824) - - -
(29 Apr 21 to 29 Apr 2031)
Azgard Nine Ltd.
Zero Coupon TFC 7 TFC 73,830,000 (73,830,000) - - - For Dispute resolution/ Complaints handling
(29 Apr 21 to 29 Apr 2031) SECP Service Desk Management System: https://sdms.secp.gov.pk/
8
JS Large Cap. Fund (JS LCF)
December 2022

JS LCF 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 -2.24 -14.70 -10.22 -17.89 476.59 9.85
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 -5.09 -6.28 -1.19 2.79 206.80 6.20
Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash Difference 2.85 -8.42 -9.03 -20.68 269.79 3.66
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 FY23 FY22 FY21 FY20 FY19
Category Equity Scheme
July -2.68 -1.64 16.33 -7.02 1.18
Fund launch date 14 May, 2004 *
August 3.98 2.02 7.66 -8.10 1.04
September -4.40 -8.22 -3.02 8.85 -4.87
October 0.50 2.88 -0.53 3.69 1.04
NAV (PKR) 107.50
November 1.22 -0.41 2.13 10.47 -1.50
Benchmark KSE30 (Total Return Index) Effective from 01-Sep '16.
Management fee 2.00% (Exclusive of SST) December -2.24 -2.91 7.88 3.63 -9.90
Front-end Load 3.00% January 0.79 4.45 3.32 8.32
Back-end Load NIL February -3.13 -0.17 -8.65 -3.11
Pricing mechanism Forward March -0.38 -4.67 -24.96 -1.00
Trustee Central Depository Company of Pakistan Ltd. April -0.95 -1.67 18.74 -5.37
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. May -5.53 8.40 -1.19 -2.55
Auditor Grant Thorton Anjum Rahman & Co. June -2.61 -2.23 0.28 -6.00
Risk profile High YTD -3.78 -18.80 37.88 -8.01 -21.46
Listing PSX Benchmark -0.94 -10.44 36.49 -0.52 -18.18
Leverage NIL Difference -2.84 -8.36 1.39 -7.49 -3.28
Management Quality Rating AM2+ by PACRA (27-Dec-22) Performance data does not include the cost incurred directly by an investor in
Investment Committee Members the form of sales load etc. NAV to NAV return with dividend reinvestment.
Mr. Khawar Iqbal - COO Mr. Waqas Mustafa - Head of Equity Funds Asset Allocation (% age of total assets)
Dec-22 Nov-22
Cash 27.04 19.20
Equity 71.03 76.66
3 Years Return on PKR 100 Invested in JS Large Cap Fund Vs Benchmark
200 T Bills - -
JSLCF Benchmark Other including receivables 1.93 4.14
150 Total 100.00 100.00
100
50 Dec-22 Nov-22
- Oil & Gas Exploration Companies 14.29 14.93
Mar-20
Mar-21
Mar-22
Sep-20
Sep-21
Sep-22
Dec-19
Dec-20
Dec-21
Dec-22
Jun-20
Jun-21
Jun-22

Equity Cash Other including receivables T Bills Others 13.53 16.19
Total 71.03 76.66
100
80
Engro Corporation Ltd. 5.69
60 United Bank Ltd. 5.54
40 Mari Petroleum Co. Ltd. 4.71
20 Bank Al - Habib Ltd. 4.55
- Pakistan Petroleum Ltd. 4.26
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Pakistan State Oil Co. Ltd. 3.89
Highnoon Laboratories Ltd. 3.87
Statistical analysis Systems Ltd. 3.66
Fund Fund BM
Information Ratio (0.30) Beta 0.8 1.0 Non Compliant Investments under Circular 16/2010
Correlation 0.91 Largest Month Gain 18.7% 25.2% Value % of % of
Name of Value before Provision held
Standard Deviation* 22.3% Largest Month Loss -30.8% -45.0% Type after Net Gross
Investment provision (if any)
Expense Ratio** 1.99% % Positive Months 54.9% 56.7% provision Assets Assets
Agritech Limited Sukuks 4,991,429 (4,991,429) - - -

* Since inception
AgriTech Limited V
** This includes 0.19% government levy and SECP fee. Selling & Marketing Expense PKR 1,690,609. TFC 3,485,000 (3,485,000) - - -
(01 Jul-11 to 01 Jan-25)
Azgard Nine Ltd. PPTFC
217.2Mn - Revised TFC 81,576,883 (81,576,883) - - -
* Converted into open end scheme on 26 September, 2010. (29 Apr 21 to 29 Apr 31)
Azgard Nine Ltd.
For Dispute resolution/ Complaints handling Zero Coupon TFC 7 TFC 59,745,000 (59,745,000) - - -
SECP Service Desk Management System: https://sdms.secp.gov.pk/ (29 Apr 21 to 29 Apr 31)
9
JS Islamic Daily Dividend Fund (JSIDDF)
December 2022

The Objective of the Fund is to meet liquidity needs of the investors by providing daily dividend 1M 6M 1Y 3Y** Launch**
through investment in Shariah Compliant money market instruments.
Fund 15.52 14.70 13.17 n/a 10.13
Benchmark 6.46 5.95 5.12 n/a 4.22
Key information Difference 9.06 8.75 8.05 n/a 5.91
Fund type Open end NAV to NAV return with dividend reinvestment.
Category Shariah Compliant Money Market Scheme ** Average Annualized Return as per Morning Star formula
Fund launch date 3 September, 2020
Net Assets (PKR mn) 4,280.45 Monthly performance (%) Annualized performance1
Net Assets Excluding JSIL FoFs (PKR mn) 3,956.59 FY23 FY22 FY21 FY20 FY19
NAV (PKR) 100.00 July 12.67 6.06 n/a n/a n/a
Benchmark Three (3) months average deposits rates of three (3) AA August 13.58 7.78 n/a n/a n/a
rated Islamic Banks or Islamic windows of conventional September 13.60 6.41 5.92 n/a n/a
Banks as selected by MUFAP.
October 15.10 6.93 5.65 n/a n/a
November 15.12 7.30 6.55 n/a n/a
Front-end Load 1% of NAV
December 15.52 9.04 6.25 n/a n/a
Back-end Load NIL
January 9.26 6.26 n/a n/a
Pricing mechanism Backward
February 8.91 6.28 n/a n/a
Trustee Digital Custodian Company Ltd.
March 9.47 6.67 n/a n/a
Auditor EY Ford Rhodes April 10.16 6.57 n/a n/a
Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited May 11.97 6.26 n/a n/a
Risk profile Low June 13.67 6.29 n/a n/a
Listing PSX YTD 14.70 9.28 6.42 n/a n/a
Fund stability rating AA(f) by PACRA (29-Sep-22) Benchmark 5.95 3.74 3.39 n/a n/a
Leverage NIL Difference 8.75 5.54 3.03 n/a n/a
Management Quality Rating AM2+ by PACRA (27-Dec-22) Performance data does not include the cost incurred directly by an investor in
Asset allocation (%age of total assets)
Mr. Khawar Iqbal - COO Mr. Safdar Raza - Fund Manager
Dec-22 Nov-22
Cash 98.95 99.28
Placement with Banks and DFIs - -
Since Inception Return on PKR 100 Invested in JS IDDF Vs Benchmark TFCs / Sukkuks - -
150 Commercial Papers - -
JSIDDF BM JSIDDF Other including receivables 1.05 0.72
Total 100.00 100.00
100 Amount invested by fund of funds is PKR. 323.85 mn
Asset quality (%age of total assets)

50
-
Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22
TFCs / Sukkuks Cash Other including receivables Placement with Banks and DFIs CP
125
100
AA
75
98.95%
50
25
-
Fund BM Fund BM
Duration (Days) 1 % Positive Months 100.0% 100.0%
WAM (Days) 1
* Since inception

1. Annualized return is based as per MUFAP stated methodology.
10
JS Islamic Income Fund (JSIIF)
December 2022

The objective of JS Islamic Income Fund is to generate stable returns and ensure capital preservation 1M 1Y 3Y** 5Y** Launch**
over medium to long term, by investing primarily in quality Sukuks, Shariah-compliant Government
Fund 16.02 11.51 8.92 8.88 7.06
Securities, Shariah-compliant Bank Deposits and other Shariah-compliant debt instruments.
Benchmark 6.59 4.57 4.38 4.26 4.98
Key information Difference 9.43 6.94 4.54 4.62 2.08
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) 2,549.90
Net Assets Excluding JSIL FoFs (PKR mn) 2,549.90
July 13.37 6.75 6.60 10.60 6.09
NAV (PKR) 111.55
August 13.12 11.10 5.04 11.57 6.81
Benchmark Six (6) months average deposits rate of three (3) A rated
scheduled Islamic banks or Islamic windows of September 4.20 8.82 5.84 12.57 7.50
conventional banks as selected by MUFAP. October 13.68 7.00 6.25 12.39 8.02
November 14.57 4.49 6.53 12.02 9.99
Front-end Load 1.00% December 16.02 9.82 7.43 13.04 6.09
Back-end Load NIL January 9.36 5.93 12.58 8.50
Pricing mechanism Forward February 9.48 7.51 12.49 7.53
Trustee Digital Custodian Company Ltd. March 7.80 7.53 16.39 9.53
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. April 8.28 7.97 4.47 8.83
Auditor A. F. Ferguson & Co. May 9.14 7.39 -11.72 9.58
Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited June 12.04 7.18 14.79 11.70
Risk profile Medium YTD 12.86 9.02 6.97 10.53 8.67
Fund stability rating AA- (f) by PACRA (29-Sep-22) Difference 7.41 5.62 3.34 4.00 4.91
Asset allocation (%age of total assets)
Dec-22 Nov-22
Mr. Khawar Iqbal - COO Mr. Safdar Raza - Fund Manager
Cash 69.92 68.35
3 Years Return on PKR 100 Invested in JS Islamic Income Fund Vs Benchmark Placement with Banks and DFIs - -
GoP Ijara/Sukkuks 7.65 8.05
JSIIF Benchmark
Sukkuks 20.63 21.65
150
Total 100.00 100.00
50 Amount invested by fund of funds is PKR. 0 mn
- Asset quality (%age of total assets)

Mar-20
Mar-21
Mar-22
Dec-19
Dec-20
Dec-21
Dec-22
Sep-20
Sep-21
Sep-22
Jun-20
Jun-21
Jun-22
AA
A 60.98%
0.00%
TFCs / Sukkuks Cash Other including receivables Placement with Banks and DFIs CP
A+
100 16.44%
80
60
40
AA-
20
0.17%
- AA+ AAA*
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 12.30% 8.30% * Govt. securities (7.65%)
Disclosure of Excess Exposure

Name of non-compliant investment Holding Limit Actual Holding Sukuks allocation – Top Holding
14%
Hub Power Holdings Ltd. 15.00% 21.65% 12%
The scheme holds certain non-compliant investments. Before making any investment decision, investors should review the 10%
latest monthly Fund Manager Report and Financial Statements 8%
6%
4%
Statistical analysis 2%
Fund BM Fund BM 0%
HUB POWER Pakistan Energy OBS AGP ASPIN Pharma BYCO OIL
Standard Deviation* 1.3% 0.5% Largest Month Gain 1.4% 0.7% HOLDINGS Sukuk 21-May- PRIVATE (Pvt) Ltd 30- PAKISTAN
Expense Ratio** 1.45% Largest Month Loss -1.0% 0.0% LIMITED 12- 20 LIMITED 15-JUL- Nov-17 LIMITED 17-
NOV-20 21 JAN-17
Duration (Yr) 0.08 % Positive Months 92.2% 100.0%
WAM (Yr) 1.16
* Since inception 1. Annualized return is based as per MUFAP stated methodology.
** This is annualized and includes 0.17% government levy and SECP fee. 2. The fund had converted from a Shariah Compliant Government
Securities Fund to a Shariah Compliant Income Fund effective 18th
For Dispute resolution/ Complaints handling Aug ’17.
11
JS Islamic Hybrid Fund of Funds 3
JS Islamic Capital Preservation Allocation Plan 6
December 2022

JS Islamic Capital Preservation Allocation Plan – 6 (JSICPAP-6) is an 1M 1Y 3Y 5Y Launch Avg. Ann.*
allocation plan offered under “JS Islamic Hybrid Fund-of-Funds – 3”. The
Plan aims to earn a potentially high return through dynamic asset Fund 0.89 10.25 -2.17 n/a 5.85 1.62
allocation between Shariah Compliant Equities and Shariah Compliant Benchmark 0.33 3.73 -5.68 n/a 0.29 0.08
Sovereign Income/Money Market based Collective Investment Schemes, Difference 0.57 6.52 3.51 n/a 5.56 1.54
while providing principal preservation of the Initial Investment Value at
completion of the Life of the Plan. NAV to NAV return with dividend reinvestment.
Key information
Fund type Open end Monthly performance (%)
Category Shariah Compliant Fund of Funds Scheme JS ICPAP_6 Benchmark Diff.
(CPPI) - Allocation Plan July - 2022 -0.02 -0.71 0.69
Fund launch date 21 June, 2019 August - 2022 1.49 2.00 -0.51
Benchmark Weighted average daily return of i) KMI 30
September - 2022 0.45 -0.56 1.01
index; ii) six (6) month average deposit rates
of three (3) ‘A’ rated scheduled Islamic October - 2022 1.09 1.39 -0.30
Banks or Islamic Banking windows of November - 2022 1.07 0.63 0.44
scheduled Commercial Banks; iii) six December - 2022 0.89 0.33 0.57
months PKISRV Rates and iv) three (3)
January - 2023
month average deposit rates of three (3)
‘AA’ rated scheduled Islamic Banks or February - 2023
Islamic Banking windows of scheduled March - 2023
Commercial Banks, as selected by MUFAP - April - 2023
based on actual proportion of i) Equity
May - 2023
Portion consisting of Shariah Compliant
Equity Funds; ii) Shariah Compliant Income June - 2023
Funds within Income Portion; iii) Shariah YTD 5.07 3.09 1.98
Compliant Sovereign Income Funds within
Performance data does not include the cost incurred directly by an investor in the form of sales
Income Portion; and iv) Money Market load etc. NAV to NAV return with dividend reinvestment.
Funds and Cash or Near cash instruments;
in each of the Allocation Plans as approved Asset Allocation (% age of total assets)
by SECP Dec-22 Nov-22
Management fee 1% (No M.Fee to be charged on
Cash 0.46 0.35
investments made in CIS managed by JSIL)
Front-end Load Up to 3.00% (SST rate applicable) Equity - -
Contingent Load NIL Placement with Banks and DFIs - -
Back-end Load NIL
Open End Funds 99.52 99.63
Trustee Central Depository Company of Pakistan Other including receivables 0.01 0.02
Dealing Days & Cut-off time Ltd.
(Monday to Friday) 4:00 p.m. Total 100.00 100.00
Auditor A. F. Ferguson & Co. Amount invested by fund of funds is PKR. 0 mn
Risk profile Medium
Listing PSX Top holding (%age of total assets)
Leverage NIL
JS Islamic Daily Dividend Fund 95.90
Multiplier During the month, equity multiplier was kept JS Islamic Dedicated Equity Fund 3.62
constant at 3.0x
Ms. Iffat Zehra Mankani - CEO
Mr. Khawar Iqbal - COO
Mr. Syed Hussain Haider - CIO Total 99.52
Mr. Waqas Mustafa - Head of Equity Funds
NAV (PKR) Net Assets (PKR mn)

JSIHFOF-3 - JS ICPAP_6 99.26 90.76
Expense Ratio
Expense Government levy and
Ratio SECP fee*
JSIHFOF-3 - JS ICPAP_6 0.35% 0.05%

* Included in Expense Ratio
Notice of Extension
For Dispute resolution/ Complaints handling The maturity period of ICPAP-6 of JSIHFOF-3 has been extended for a
further period of two years till June 25, 2023.
12
JS Islamic Hybrid Fund of Funds 3
December 2022

JS Islamic Capital Preservation Allocation Plan – 7 (JSICPAP-7) is an 1M 1Y 3Y 5Y Launch Avg. Ann.*
allocation plan offered under “JS Islamic Hybrid Fund-of-Funds – 3”. The
Plan aims to earn a potentially high return through dynamic asset Fund 0.17 7.71 -3.88 n/a 1.93 0.58
allocation between Shariah Compliant Equities, Shariah Compliant Benchmark -0.13 3.49 -5.14 n/a -0.17 -0.05
Sovereign Income/Money Market based Collective Investment Schemes Difference 0.29 4.22 1.26 n/a 2.10 0.63
and Shariah Compliant bank saving accounts /term deposits, while
providing principal preservation of the Initial Investment Value at NAV to NAV return with dividend reinvestment.
completion of the life of the Plan. * Average Annualized Return since inception as per Morning Star formula

Fund type Open end JS ICPAP_7 Benchmark Diff.
Category Shariah Compliant Fund of Funds Scheme July - 2022 -0.14 -0.87 0.73
(CPPI) - Allocation Plan
August - 2022 1.53 2.22 -0.69
Fund launch date 5 September, 2019
Benchmark Weighted average daily return of i) KMI 30 September - 2022 0.27 -0.86 1.12
index; ii) six (6) month average deposit rates October - 2022 0.81 1.50 -0.69
of three (3) ‘A’ rated scheduled Islamic November - 2022 0.78 0.91 -0.13
Banks or Islamic Banking windows of
December - 2022 0.17 -0.13 0.29
scheduled Commercial Banks; iii) six
months PKISRV Rates and iv) three (3) January - 2023
month average deposit rates of three (3) February - 2023
‘AA’ rated scheduled Islamic Banks or March - 2023
Islamic Banking windows of scheduled April - 2023
Commercial Banks, as selected by MUFAP -
based on actual proportion of i) Equity May - 2023
Portion consisting of Shariah Compliant June - 2023
Equity Funds; ii) Shariah Compliant Income YTD 3.45 2.76 0.69
Funds within Income Portion; iii) Shariah
Performance data does not include the cost incurred directly by an investor in the form of sales
Compliant Sovereign Income Funds within load etc. NAV to NAV return with dividend reinvestment.
Income Portion; and iv) Money Market
Funds and Cash or Near cash instruments; Asset Allocation (% age of total assets)
in each of the Allocation Plans as approved
Dec-22 Nov-22
by SECP
Cash 0.63 0.34
Management fee 1% (No M.Fee to be charged on
investments made in CIS managed by JSIL) Equity - -
Front-end Load Up to 3.00% (SST rate applicable) Placement with Banks and DFIs - -
Contingent Load NIL Open End Funds 99.35 99.64
Back-end Load NIL Other including receivables 0.02 0.02
Total 100.00 100.00
Trustee Central Depository Company of Pakistan
Dealing Days & Cut-off time Ltd.
(Monday to Friday) 4:00 p.m.
Auditor A. F. Ferguson & Co.
Top holding (%age of total assets)
Risk profile Medium
Listing PSX JS Islamic Daily Dividend Fund 87.75
Leverage NIL JS Islamic Dedicated Equity Fund 11.61
Multiplier During the month, equity multiplier was kept
constant at 3.0x
Ms. Iffat Zehra Mankani - CEO Total 99.35
Mr. Syed Hussain Haider - CIO

JSIHFOF-3 - JS ICPAP_7 96.02 64.19
Expense Ratio
Ratio SECP fee*
JSIHFOF-3 - JS ICPAP_7 0.40% 0.05%

Notice of Extension
For Dispute resolution/ Complaints handling The maturity period of ICPAP-7 of JSIHFOF-3 has been extended for a
JSIL Complaint Management/ Dispute Resolution Services: http://jsil.com/investor-relation/ further period of two years till September 16, 2023.
13
JS Islamic Hybrid Fund of Funds
December 2022

JS Islamic Capital Preservation Allocation Plan – 8 (JSICPAP-8) is a 1M 1Y 3Y 5Y Launch Avg. Ann.*
limited-term (2 Years) Constant Proportion Portfolio Insurance (CPPI)
based allocation plan offered under “JS Islamic Hybrid Fund of Funds”. Fund 0.89 7.82 -0.81 n/a -0.53 -0.17
The Plan aims to earn a potentially high return through dynamic asset Benchmark 0.25 3.98 -5.03 n/a -5.02 -1.69
allocation between Shariah Compliant Equities, Shariah Compliant Difference 0.64 3.84 4.21 n/a 4.49 1.52
Sovereign Income/Money Market based Collective Investment Schemes
and Shariah Compliant bank saving accounts/term deposits, while NAV to NAV return with dividend reinvestment.
providing principal preservation of the Initial Investment Value at * Average Annualized Return since inception as per Morning Star formula
completion of the life of the Plan.
Monthly performance (%)
Key information JS ICPAP_8 Benchmark Diff.
Fund type Open end July - 2022 -0.05 -0.75 0.70
Category Shariah Compliant Fund of Funds Scheme
(CPPI) - Allocation Plan August - 2022 1.50 2.07 -0.57
Fund launch date 27 December, 2019 September - 2022 0.45 -0.58 1.04
Benchmark Weighted average daily return of i) KMI 30 October - 2022 1.04 1.39 -0.35
index; ii) six (6) month average deposit rates November - 2022 1.05 0.66 0.39
of three (3) 'A' rated scheduled Islamic
December - 2022 0.89 0.25 0.64
Banks or Islamic Banking windows of
scheduled Commercial Banks; iii) six January - 2023
months PKISRV Rates and iv) three (3) February - 2023
month average deposit rates of three (3) March - 2023
'AA' rated scheduled Islamic Banks or
April - 2023
Islamic Banking windows of scheduled
Commercial Banks, as selected by MUFAP - May - 2023
based on actual proportion of i) Equity June - 2023
Portion consisting of Shariah Compliant YTD 4.98 3.05 1.93
Equity Funds; ii) Shariah Compliant Income
Funds within Income Portion; iii) Shariah 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.
Compliant Sovereign Income Funds within
Income Portion; and iv) Money Market
Funds and Cash or Near cash instruments;
Dec-22 Nov-22
in each of the Allocation Plans as approved
by SECP Cash 0.23 0.09
Management fee 1% (No M.Fee to be charged on Equity - -
investments made in CIS managed by JSIL) Open End Funds 99.77 99.89
Front-end Load Up to 3.00% (SST rate applicable) Other including receivables 0.01 0.02
Contingent Load NIL
Back-end Load NIL
Pricing mechanism Forward Total 100.00 100.00
Trustee Digital Custodian Company Ltd. Amount invested by fund of funds is PKR. 0 mn
Auditor EY Ford Rhodes Top holding (%age of total assets)
Risk profile Medium JS Islamic Daily Dividend Fund 94.26
Listing PSX JS Islamic Dedicated Equity Fund 5.51
Leverage NIL
Multiplier During the month, equity multiplier was kept
constant at 3.0x
Investment Committee Members Total 99.77
Mr. Syed Hussain Haider - CIO

JSIHFOF - JS ICPAP_8 91.01 189.07
Expense Ratio
Ratio SECP fee*
JSIHFOF - JS ICPAP_8 0.39% 0.04%

* Included in Expense Ratio Notice of Extension
The maturity period of ICPAP-8 of JSIHFOF has been extended for a
For Dispute resolution/ Complaints handling further period of two years till December 26, 2023.
14
JS Islamic Hybrid Fund of Funds (JS IHFoF)
December 2022

JS Islamic Hybrid Fund of Funds aims to generate need based returns for 1M 1Y 3Y 5Y Launch
its clients by offering several Allocation Baskets/Plans with varying mix of
exposures to low / high risk asset classes via underlying mutual funds. JSIHFOF - Mutanasib -5.57 -16.56 (37.26) (29.65) -42.91
Investment Objectives of the Allocation Baskets/Plans initially offered Benchmark -4.30 -3.73 3.19 22.27 4.71
under JSIHFOF are Mustanad, Mustahkem, Mutanasib, Mufeed & Difference -1.27 -12.83 (40.45) (51.92) -47.62
Munafa.

Fund type Open end
Mutanasib
Category Shariah Compliant Fund of Funds
Fund launch date 7 June, 2017 FY23 FY22
Benchmark Weighted average daily return of KMI 30 Jul -3.14 1.09
index, six (6)/ three (3) month average Aug 1.82 -0.60
deposit rates of three (3) 'A' rated scheduled
Sep 0.74 -14.64
Islamic Banks or Islamic Banking windows
of scheduled Commercial Banks, as Oct -1.67 -0.56
selected by MUFAP based on actual Nov -1.78 -1.90
proportion of the Equity Portion consisting of Dec -5.57 -0.59
Shariah Compliant Equity Funds, Income
Jan -0.64
Portion consisting of Shariah Compliant
Income and Money Market Funds, and any Feb -6.41
Cash or Near cash instruments in each of Mar 2.57
the Allocation Baskets Apr 0.10
May -4.14
Management fee Nil (Up to 1% M.Fee p.a. applicable on
Jun 0.61
investments made in CIS not managed by
JSIL YTD -9.39 -23.41
Front-end Load Mustanad 0% | Mustehkam 0.5% |
BM 0.19 -9.93
Mutanasib Up to 3% | Mufeed Up to 3% |
Diff. -9.58 -13.48
Munafa Up to 3% of NAV (SST rate Performance data does not include the cost incurred directly by an investor in the form of sales load
applicable) etc. NAV to NAV return with dividend reinvestment.
Back-end Load NIL
Pricing mechanism Forward Asset Allocation (%age of total assets)
Trustee Digital Custodian Company Ltd. JSIHFOF - Mutanasib Dec-22 Nov-22
Cash 10.69 9.34
Auditor EY Ford Rhodes
Risk profile Low-Medium-High (as per allocation Equity - -
basket/plan) Open End Funds 85.39 87.86
Listing PSX
Leverage NIL
Management Quality Rating AM2+ by PACRA (27-Dec-22) Total 100.00 100.00
Investment Committee Members Amount invested by fund of funds is PKR. 0 mn
Mr. Khawar Iqbal - COO Top holding (%age of total assets)
Mr. Syed Hussain Haider - CIO JSIHFOF - Mutanasib
Mr. Waqas Mustafa - Head of Equity Funds JS Islamic Dedicated Equity Fund 85.39

JSIHFOF - Mutanasib 43.22 1.77
Expense ratio Total 85.39

Ratio SECP fee*
Islamic Hybrid Fund of Fund Allocation
JSIHFOF - Mutanasib 0.31% 0.06% 100
50
-
Mutansib
Cash Investment in Mutual Funds Other including receivables

15
JS Islamic Fund (JS ISF)
December 2022

JS Islamic Fund aims to grow investor’s capital in the long term in adherence with principles of 1M 1Y 3Y 5Y Launch Avg. Ann.*
Shariah compliance as advised by the Shariah Advisory Council (SAC) of this fund. The fund
Fund -3.28 -11.56 -12.83 -20.82 656.28 10.63
investments are limited to asset classes approved by the Shariah Advisory Council (SAC) and all
companies under investment consideration are semiannually screened for Shariah compliance. Benchmark -4.86 -4.76 3.40 -0.49 663.94 10.69
Difference 1.58 -6.81 -16.23 -20.34 -7.66 -0.06
Key information * Average Annualized 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) 217.86 FY23 FY22 FY21 FY20 FY19
Net Assets Excluding JSIL FoFs (PKR mn) 217.86 July -2.75 -3.24 14.03 -7.00 -0.66
NAV (PKR) 82.82 August 4.41 3.80 6.43 -7.54 1.15
Benchmark KMI-30 Index September -4.64 -9.69 -2.79 8.42 -1.25
Management fee 2.00% (Exclusive of SST) October 1.02 3.30 -1.44 5.31 2.55
Front-end Load 3.00% November 3.68 -2.51 1.78 11.11 -3.29
Back-end Load NIL December -3.28 -2.05 8.03 4.06 -8.04
Pricing mechanism Forward January 0.94 5.19 1.69 5.71
Trustee Central Depository Company of Pakistan Ltd. February -3.46 1.30 -10.40 -0.75
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. March 0.11 -5.54 -23.67 -2.98
Auditor Grant Thorton Anjum Rahman & Co. April -0.72 -2.50 21.16 -5.29
Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited
May -6.05 9.54 -0.62 -2.57
Risk profile High
June -0.90 -2.70 -1.61 -6.11
Listing PSX
YTD -1.92 -19.33 33.71 -6.48 -20.19
Leverage NIL
Benchmark -0.71 -10.25 39.32 1.62 -23.84
Investment Committee Members Difference -1.21 -9.08 -5.61 -8.10 3.65
Ms. Iffat Zehra Mankani - CEO Mr. Syed Hussain Haider - CIO the form of sales load etc. NAV to NAV return with dividend reinvestment.
Dec-22 Nov-22
Cash 24.02 12.81
3 Years Retun on PKR 100 Inveseted in JS Islamic Fund Vs Benchmark
Equity 73.92 82.55
JSISF Benchmark Other including receivables 2.05 4.64
200
Total 100.00 100.00
150 Amount invested by fund of funds is PKR. 0 mn
100 Sector Allocation - Equity (%age of total assets)

Dec-22 Nov-22
50
- Commercial Banks 14.54 15.62

Mar-20
Mar-21
Mar-22
Dec-19
Dec-20
Dec-21
Dec-22
Sep-20
Sep-21
Sep-22
Jun-20
Jun-21
Jun-22
Pharmaceuticals 7.57 7.11

Others 16.55 20.52
Equity Cash Other including receivables Total 73.92 82.55
100
80 BankIslami Pakistan Ltd. 8.91
Mari Petroleum Co. Ltd. 7.44
60 Engro Corporation Ltd. 6.96
40 Meezan Bank Ltd. 5.63
20
- Systems Ltd. 3.82
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 ICI Pakistan Ltd. 3.78
Pakistan State Oil Co. Ltd. 3.36
Fund Fund BM
* Since inception

16
JS Islamic Dedicated Equity Fund (JS IDEF)
December 2022

The objective of JS Islamic Dedicated Equity Fund is to provide other ‘Fund of Funds’ schemes a 1M 1Y 3Y 5Y Launch Avg. Ann.*
Shariah compliant avenue for taking exposure in Shariah Compliant Equities.
Fund -6.95 -19.10 -39.13 n/a -48.08 -12.81
Benchmark -4.86 -4.76 3.40 n/a -9.22 -2.00
Key information
Difference -2.09 -14.35 -42.53 n/a -38.86 -10.80
Fund type Open end
Category Shariah Compliant - Equity Scheme * Average Annualized Return since inception as per Morning Star formula
Fund launch date 21 March, 2018
Net Assets (PKR mn) 22.85 Monthly performance (%)
Net Assets Excluding JSIL FoFs (PKR mn) 0.00 FY23 FY22 FY21 FY20 FY19
NAV (PKR) 51.92
July -3.28 1.20 8.98 -2.83 2.00
Benchmark KMI-30 Index
August 3.99 -1.19 4.03 -5.84 0.08
September -2.74 -14.90 -1.68 8.21 -0.71
October -1.73 -0.42 0.59 2.52 1.36
Back-end Load NIL
Pricing mechanism Forward November -1.81 -1.70 1.80 10.62 -5.11
Trustee Central Depository Company of Pakistan Ltd. December -6.95 -0.88 7.53 4.70 -8.96
Dealing Days & Cut-off time (Monday to Friday) 4:00 p.m. January -0.42 4.19 1.27 7.82
Auditor A. F. Ferguson & Co. February -6.31 0.90 -11.81 -2.80
Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited March 2.22 -4.10 -27.66 -4.79
Risk profile High April 0.34 -1.51 9.42 -5.90
Listing PSX May -3.94 7.88 -0.91 -4.08
Leverage NIL June 0.20 -0.38 -0.64 -7.26
Management Quality Rating AM2+ by PACRA (27-Dec-22) YTD -12.18 -23.95 30.96 -18.18 -25.87
Investment Committee Members Benchmark -0.71 -10.25 39.32 1.62 -23.84
Ms. Iffat Zehra Mankani - CEO Mr. Syed Hussain Haider - CIO Difference -11.47 -13.70 -8.36 -19.80 -2.03
Mr. Khawar Iqbal - COO Mr. Waqas Mustafa - Head of Equity Funds Performance data does not include the cost incurred directly by an investor in

3 Years Return on PKR 100 Invested inJS Islamic Dedicated Equity Fund Vs Dec-22 Nov-22
Benchmark Cash 16.21 92.50
150 JSIDEF BM JSIDEF Equity 57.52 5.02
Total 100.00 100.00
100 Amount invested by fund of funds is PKR. 22.85 mn

50
Dec-22 Nov-22
Pharmaceuticals 45.89 3.94
- Textile Composite 8.71 0.87
Mar-20
Mar-21
Mar-22
Dec-19
Dec-20
Dec-21
Dec-22
Sep-20
Sep-21
Sep-22
Jun-20
Jun-21
Jun-22

Paper & Board 0.00 0.00
Total 57.52 5.02

Equity Cash Other including receivables
100 AGP Limited 45.89
80 Nishat (Chunian) Ltd. 8.71
Air Link Communication Ltd. 2.92
60
Cherat Packaging Ltd. 0.00
40
20
-
Fund Fund BM
* Since inception
** This includes 0.20% government levy and SECP fee. Selling & Marketing Expense PKR 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 (JS PSF)
December 2022

JS Pension Savings Fund is designed to provide a secure source of savings and retirement income to 1M 1Y 3Y** 5Y** Launch**
individuals. JS PSF is a portable pension scheme allowing individuals the flexibility of contributions
Equity Sub Fund -2.56 -11.20 -3.71 -10.44 9.46
and portfolio customization through allocation of such contributions among equity and fixed income
investment avenues suited to their specific needs and risk profile. Debt Sub Fund 16.63 11.12 8.63 9.07 8.59
MM Sub Fund 15.51 13.28 9.94 9.53 7.22
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 FY23 FY22 FY23 FY22 FY23 FY22
Benchmark n/a July -3.48 -2.66 14.07 6.02 13.69 6.91
Management fee Eq sub fund: 1.50%; Db & MM sub funds: 0.50% (Exclusive of SST)
August 5.45 4.07 13.18 16.17 13.28 12.52
September -4.98 -8.86 13.82 5.84 15.82 6.12
October 0.65 6.10 14.82 6.33 13.54 5.75
Back-end Load NIL
November 1.83 -2.56 13.70 2.24 12.82 6.76
December -2.56 -3.45 16.63 11.72 15.51 9.29
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. January 2.55 14.01 9.31
Auditor EY Ford Rhodes February -1.66 7.76 9.63
Risk profile Investor dependent March 0.77 -6.79 10.10
Leverage NIL April -0.79 0.97 8.98
Management Quality Rating AM2+ by PACRA (27-Dec-22) May -6.17 11.31 11.82
Investment Committee Members June -2.81 13.57 15.77
Ms. Iffat Zehra Mankani - CEO Mr. Syed Hussain Haider - CIO YTD -3.41 -15.27 14.82 7.69 14.54 9.82
Mr. Khawar Iqbal - COO Mr. Waqas Mustafa - Head of Equity Funds Performance data does not include the cost incurred directly by an investor in

Net Assets (PKR mn) NAV (PKR) Net Assets (PKR mn) Equity Sub Fund Dec-22 Nov-22
JS-PSF - Equity Sub Fund 406.59 117.89 Cash 14.17 9.30
JS-PSF - Debt Sub Fund 359.65 191.55 Equity 85.37 90.34
JS-PSF - MM Sub Fund 295.28 252.81 Other including receivables 0.47 0.35
Expense Government levy and Total 100.00 100.00
Ratio SECP fee* Debt Sub Fund Dec-22 Nov-22
JS-PSF - Equity Sub Fund 0.80% 0.17% Cash 33.50 1.93
JS-PSF - Debt Sub Fund** 0.86% 0.18%
Commercial Papers 4.75 -
JS-PSF - MM Sub Fund** 0.55% 0.13%
TFCs / Sukkuks 26.46 24.17
* Included in Expense Ratio ** Annualized
T Bills & PIBs 33.44 72.90
3 Years Return on PKR 100 Invested in JS Pension Saving Fund Total 100.00 100.00
150 PSF-Equty PSF-Debt PSF-MM Money Market Sub Fund Dec-22 Nov-22
Cash 49.11 14.89
TFCs / Sukkuks 8.26 -
100
Commercial Papers 18.08 -
T Bills 23.67 84.93
50
Total 100.00 100.00
-
Mar-20
Mar-21
Mar-22
Dec-19
Dec-20
Dec-21
Dec-22
Sep-20
Sep-21
Sep-22
Jun-20
Jun-21
Jun-22

Dec-22 Nov-22
Dec-22 Nov-22 Oct-22 Sep-22 Aug-22 Jul-22
100 Fertilizer 14.92 14.83
80
Cement 5.98 7.05
60 Others 12.37 12.40
40 Total 85.37 90.34
20
Equity Cash Other T Bills & Cash & TFCs / CP T Bills Cash Other CP Engro Corporation Ltd. 8.70
PIBs others Sukkuks
United Bank Ltd. 7.14
JS Pension Equity JS Pension Debt JS Pension Money Market Mari Petroleum Co. Ltd. 6.67
1
Annualized performance return is based as per MUFAP recommended methodology.
Lucky Cement Ltd. 5.02
** Fund returns are Average Annualized as per Morning Star formula.
Bank Alfalah Ltd. 4.30
Systems Ltd. 3.94
For Dispute resolution/ Complaints handling Bank Al - Habib Ltd. 3.45
18
JS Islamic Pension Savings Fund (JS IPSF)
December 2022

JS Islamic Pension Savings Fund is designed to provide a Halal and secure source of savings and 1M 1Y 3Y** 5Y** Launch**
retirement income to individuals according to the principles of Islamic Shariah. JS IPSF is a portable
PSF-Equty -2.91 -7.93 2.15 -6.38 12.89
pension scheme allowing individuals the flexibility of contributions and portfolio customization through
allocation of such contributions among equity, fixed income and other Halal investment avenues PSF-Debt 12.63 7.57 6.82 7.17 7.30
suited to their specific needs and risk profile. PSF-MM 14.93 12.24 8.35 8.15 6.56
Key information Monthly performance (%) Annualized performance1

Fund type Open end Equity Debt 1 MM 1
Category Shariah Compliant Voluntary Pension Scheme FY23 FY22 FY23 FY22 FY23 FY22
Fund launch date 16 June, 2008 July -3.20 -2.73 14.11 5.30 12.25 5.63
Benchmark n/a August 5.56 3.79 10.57 14.62 12.91 11.37
Management fee Eq sub fund: 1.50%; Db & MM sub funds: 0.50% (Exclusive of SST)
September -4.53 -9.17 2.25 11.11 13.55 5.68
October 1.02 4.72 12.23 8.09 13.93 6.00
November 2.67 -2.33 11.67 -3.75 14.23 6.33
Back-end Load NIL
December -2.91 -1.55 12.63 7.61 14.93 8.31
January 1.60 9.05 9.76
Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m. February -1.75 5.22 7.85
Auditor EY Ford Rhodes March 1.05 -15.84 8.13
Shariah advisor M/s. Al Hilal Shariah Advisors (Pvt) Limited April -0.67 7.59 8.19
Risk profile Investor dependent May -5.55 5.86 10.71
Leverage NIL June -0.96 12.74 12.53
Management Quality Rating AM2+ by PACRA (27-Dec-22) YTD -1.77 -13.45 10.85 5.74 14.03 8.71
Investment Committee Members Performance data does not include the cost incurred directly by an investor in
Ms. Iffat Zehra Mankani - CEO Mr. Waqas Mustafa - Head of Equity Funds
Mr. Khawar Iqbal - COO Mr. Safdar Raza - Fund Manager (Fixed Income)
Mr. Syed Hussain Haider - CIO Asset Allocation (% age of total assets)
Equity Sub Fund Dec-22 Nov-22
Net Assets (PKR mn) NAV (PKR) Net Assets (PKR mn) Cash 16.34 12.62
JS-IPSF - Equity Sub Fund 585.99 76.33 Equity 83.09 86.88
JS-IPSF - Debt Sub Fund 279.85 26.64 Other including receivables 0.57 0.50
JS-IPSF - MM Sub Fund 253.14 41.22 Total 100.00 100.00
Expense Government levy and Debt Sub Fund Dec-22 Nov-22
Ratio SECP fee*
Cash 48.81 50.19
JS-IPSF - Equity Sub Fund 0.92% 0.16%
JS-IPSF - Debt Sub Fund** 0.99% 0.23%
Sukuk 47.17 44.82
JS-IPSF - MM Sub Fund** 0.75% 0.17% TDR Placement - -
* Included in Expense Ratio ** Annualized Other including receivables 4.02 4.99
Total 100.00 100.00
Money Market Sub Fund Dec-22 Nov-22
3 Years Return on PKR 100 Invested in JS Islamic Pension Saving Fund
200 Cash 85.79 96.13
IPSF-Equty IPSF-Debt IPSF-MM Commercial Papers - -
150 Sukuk 10.74 -
TDR Placement - -
100
50 Total 100.00 100.00
- Sector Allocation - Equity (%age of total assets)

Mar-20
Mar-21
Mar-22
Dec-19
Dec-20
Dec-21
Dec-22
Sep-20
Sep-21
Sep-22
Jun-20
Jun-21
Jun-22
Dec-22 Nov-22
Dec-22 Nov-22 Oct-22 Sep-22 Aug-22 Jul-22 Pharmaceuticals 8.53 8.93
100 Oil & Gas Marketing Companies 7.31 4.32
Others 16.78 21.31
80
Total 83.09 86.88
60
20 Mari Petroleum Co. Ltd. 8.06
0 Engro Corporation Ltd. 7.87

Equity Cash Other Ijara Cash Other CP Ijara Cash TDR Other CP Meezan Bank Ltd. 7.71
JS Islamic Pension Equity JS Islamic Pension Debt JS Islamic Pension Money Market Oil & Gas Development Co. Ltd. 7.24
Engro Fertilizers Ltd. 6.63
1 Lucky Cement Ltd. 5.40
Annualized performance return is based as per MUFAP stated methodology.
** Fund returns are Average Annualized as per Morning Star formula. Pakistan State Oil Co. Ltd. 4.38
Systems Ltd. 4.02
19
Performance Summary of JSIL Funds
31-Dec-22
Average Trailing One
Fund Category Fund Name FY17 FY18 FY19 FY20 FY21 FY22 FYTD23 Annualized Year
Return *** Return
CONVENTIONAL FUNDS
Equity JS Growth Fund 37.6% -15.9% -23.4% 6.9% 27.6% -20.2% -5.2% 5.3% -15.1%
Benchmark 17.9% -10.0% -18.2% -0.5% 36.5% -10.4% -0.9% 3.8% -6.3%
Equity JS Large Cap. Fund 44.3% -12.1% -21.5% -8.0% 37.9% -18.8% -3.8% 9.9% -14.7%
Benchmark 17.9% -10.0% -18.2% -0.5% 36.5% -10.4% -0.9% 6.2% -6.3%
Exchange Traded Fund JS Momentum Factor ETF -6.8% -17.5% -23.6% -23.2%
Benchmark -4.7% -18.9% -23.2% -22.8%
Income JS Income Fund* 7.0% 5.9% 8.7% 11.3% 6.9% 9.5% 14.8% 8.3% 12.3%
Benchmark* 6.3% 6.5% 10.2% 12.2% 7.4% 10.8% 16.1% 9.1% 14.5%
Income JS Microfinance Sector Fund* 15.3% 16.8% 16.8% n/a
Benchmark* 14.9% 16.1% 16.5% n/a
Balanced Unit Trust Of Pakistan 24.5% -12.5% -14.1% 4.1% 25.0% -12.6% 0.5% 12.2% -6.5%
Benchmark 12.1% -5.6% -8.9% 6.9% 26.7% -3.9% 1.6% 10.4% 0.0%
Money Market JS Cash Fund* 5.7% 5.3% 9.5% 13.3% 6.9% 10.7% 15.1% 9.2% 14.2%
Benchmark* 5.3% 5.5% 9.1% 12.4% 6.9% 9.7% 15.5% 8.7% 13.9%
Fund of Funds Fund of Funds 21.4% -9.5% -1.8% 2.7% 26.3% -13.6% 2.7% 9.9% -1.5%
Benchmark 15.7% -8.9% -4.0% -1.1% 38.0% -9.8% 4.9% 7.4% 0.0%
SHARIAH COMPLIANT FUNDS
Shariah Compliant Equity JS Islamic Fund 46.1% -19.8% -20.2% -6.5% 33.7% -19.3% -1.9% 10.6% -11.6%
Benchmark 18.8% -9.6% -23.8% 1.6% 39.3% -10.3% -0.7% 10.7% -4.8%
Shariah Compliant Dedicated Equity JS Islamic Dedicated Equity Fund -2.1% -25.9% -18.2% 31.0% -24.0% -12.2% -12.8% -19.1%
Benchmark -5.5% -23.8% 1.6% 39.3% -10.3% -0.7% -2.0% -4.8%
Shariah Compliant Money Market JS Islamic Daily Dividend Fund* 6.4% 9.3% 14.7% 10.1% 13.2%
Benchmark 3.4% 3.7% 5.9% 4.2% 5.1%
Shariah Compliant Income JS Islamic Income Fund* 3.6% 3.4% 8.7% 10.5% 7.0% 9.0% 12.9% 7.1% 11.5%
Benchmark* 4.2% 2.6% 3.8% 6.5% 3.6% 3.4% 5.4% 5.0% 4.6%
SHARIAH COMPLIANT FUND OF FUNDS JSIHFOF - Mutanasib -1.6% -17.2% 1.7% -23.9% 30.5% -23.4% -9.4% -9.6% -16.6%
Benchmark -3.7% -9.1% 4.6% -8.4% 38.6% -9.9% 0.2% 0.8% -3.7%
SHARIAH COMPLIANT FUND OF FUNDS-CPPI JS Islamic Capital Preservation Allocation Plan 6 0.3% -8.3% 6.3% 3.0% 5.1% 1.6% 10.3%
Benchmark 0.1% -6.9% 3.4% 0.9% 3.1% 0.1% 3.7%
SHARIAH COMPLIANT FUND OF FUNDS-CPPI JS Islamic Capital Preservation Allocation Plan 7 -8.4% 6.2% 1.3% 3.5% 0.6% 7.7%
Benchmark -6.8% 3.4% 0.8% 2.8% -0.1% 3.5%
SHARIAH COMPLIANT FUND OF FUNDS-CPPI JS Islamic Capital Preservation Allocation Plan 8 -13.3% 12.9% 2.9% 5.0% -0.2% 7.8%
Benchmark -12.3% 3.4% 1.7% 3.1% -1.7% 4.0%
VOLUNTARY PENSION SCHEME
Equity Sub Fund JS Pension Savings 41.3% -15.9% -22.1% -3.9% 37.6% -15.3% -3.4% 9.5% -11.2%
Debt Sub Fund JS Pension Savings* 4.6% 4.4% 8.0% 13.5% 6.1% 7.7% 14.8% 8.6% 11.1%
Money Market Sub Fund JS Pension Savings* 4.4% 4.1% 8.6% 12.8% 6.3% 9.8% 14.5% 7.2% 13.3%
Equity Sub Fund JS Islamic Pension Savings 38.0% -21.0% -22.1% 4.4% 35.2% -13.5% -1.8% 12.9% -7.9%
Debt Sub Fund JS Islamic Pension Savings* 5.2% 2.3% 7.9% 9.2% 5.9% 5.7% 10.8% 7.3% 7.6%
Money Market Sub Fund JS Islamic Pension Savings* 3.8% 2.7% 7.9% 10.1% 5.0% 8.7% 14.0% 6.6% 12.2%
* All returns are Annualized ** Average annualized Return since last ten year as per Morning Star Formula
*** Average annualized Return since inception as per Morning Star Formula
20

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Jsil FMR Dec 2022

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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 performance2

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%) Annualized performance1

Investment Committee Members Asset Allocation (%)

Amount invested by fund of funds is PKR. 101.08 mn

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

Investment philosophy Performance (%) Annualized performance1

105 Total 100.00 100.00

Cash Other including receivables

100% Asset quality (%age of total assets)

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%)

Asset Allocation (% age of total assets)

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%)

Fund type Open end Monthly performance (%)

Investment philosophy Performance (%)

Open End Funds Cash Other including receivables

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%)

3 Years Return on PKR 100 Invested in JS Growth Fund Vs Benchmark

- Amount invested by fund of funds is PKR. 0 mn

Sector Allocation – Equity (%age of total assets)

20 Top holding - Equity (%age of total assets)

* Converted into open end scheme on 19 July, 2013.

Investment philosophy Performance (%)

Key information Monthly performance (%)

Fertilizer 10.34 10.76

Agritech Limited Sukuks 4,991,429 (4,991,429) - - -

Investment philosophy Performance (%) Annualized performance1

Asset quality (%age of total assets)

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%) Annualized performance1

- Asset quality (%age of total assets)

Disclosure of Excess Exposure

Investment philosophy Performance (%)

NAV (PKR) Net Assets (PKR mn)

JSIHFOF-3 - JS ICPAP_6 0.35% 0.05%

Investment philosophy Performance (%)

Key information Monthly performance (%)

NAV (PKR) Net Assets (PKR mn)

JSIHFOF-3 - JS ICPAP_7 0.40% 0.05%

Investment philosophy Performance (%)

NAV (PKR) Net Assets (PKR mn)

JSIHFOF - JS ICPAP_8 0.39% 0.04%

Investment philosophy Performance (%)

Key information Monthly performance (%)

NAV (PKR) Net Assets (PKR mn)

Expense ratio Total 85.39

Expense Government levy and

For Dispute resolution/ Complaints handling

Investment philosophy Performance (%)

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

- Commercial Banks 14.54 15.62

Pharmaceuticals 7.57 7.11