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AL Mal UAE Equity Fund — Fund Information / Factsheet 2016
Jun 19, 2016
66382_rns_2016-06-19_972ee5d0-8791-4539-b3eb-85b389a455d4.pdf
Fund Information / Factsheet
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MONTHLY FACT SHEETS May 2016
Al Mal UAE Equity Fund Al Mal MENA Equity Fund Al Mal Saudi Shariah Equity Fund Al Mal MENA Income Fund Al Mal Liquidity Fund
Al Mal Investments Funds – Performance Review
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Equity Funds
| Equity Funds | ||||||||
|---|---|---|---|---|---|---|---|---|
| As of 25 May | Launch Date |
NAV Per Unit | Week To Date |
Month To Date | YTD 2016 |
Since Inception |
||
| Al Mal UAE Equity Fund (Performance Inclusive of Dividends) |
April 2006 | AED 1.22* | 0.16% | -5.35% | 2.67% | 22.05% | ||
| S&P UAE Composite Index | -0.40% | -6.90% | 1.85% | -41.72% | ||||
| Al Mal MENA Equity Fund | June 2008 | USD 7.70 | -0.90% | -4.94% | -2.04% | -23.00% | ||
| S&P Pan Arab Large Cap Index | -1.98% | -3.88% | -3.75% | -48.10% | ||||
| Al Mal Saudi Sharia Equity Fund | March 2011 | USD 1.07** | -2.55% | -2.72% | 2.29% | 8.28% | ||
| S&P Saudi Large Midcap Sharia Index | -2.81% | -2.79% | -1.01% | -2.41% | ||||
| Income Funds | ||||||||
| As of 27 April | Launch Date |
NAV Per Unit | Yield | Month To Date | YTD 2016 |
Since Inception |
||
| Al Mal MENA Income Fund (Performance Inclusive of Dividends) |
Feb 2009 | USD 12.58 | 2.85%*** | 0.30% | 1.37% | 35.04% | ||
| Al Mal Liquidity Fund (AED) | April 2009 | AED 1.19* | 1.73%*** | 0.14% | 0.60% | 18.71% |
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Please note that NAV Per Unit is rounded to two decimal places for reporting purposes only. The actual NAV Per Unit for trading purposes is calculated to six decimal places.
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** The inception date of the Fund was March 23[rd] 2011. Please note that the NAV Per Unit is rounded to two decimal places for reporting purposes only. The actual NAV Per Unit for trading purposes is calculated to three decimal places. Please also note that the Fund’s performance figures are being calculated from the Fund’s launch date.
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*** Average YTM for the invested portion (excl cash portion) of the Al Mal MENA Income Fund; 7-day annualized portfolio yield (net) for the Al Mal Liquidity Fund (AED).
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25 May 2016
Al Mal UAE Equity Fund– Monthly Factsheet
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NAV Per Unit: AED 1.22
Geographic Allocation
Fund Manager Commentary
NAV Per Unit: AED 1.22 |
25 May 2016 | 25 May 2016 | |
|---|---|---|---|
| Fund Manager Commentary Al Mal UAE Equity Fund was down 5.4% in May v/s. 6.9% decrease in S&P UAE Index. Since inception, the Fund has outperformed the benchmark by 64%. DFM Index was down 5.1% in May compared to 4.3% decrease in MSCI emerging market index, largely due to macro headwinds, expectation of fed rate hike and lack of any local catalysts. Q1 earnings season concluded with subdued numbers from construction sector which continues to witness challenges with major players having to restructure operations in order to reduce losses. RAK Ceramics posted 1% y-o-y increase in earnings, defying the sluggish trend witnessed by its regional peers. Currency forward prices went up, mainly reflecting concerns of foreign investors, despite assurance from the authorities to maintain the dollar peg. There were few bright spots: The IMF’s upgrade of the 2016 UAE GDP growth estimates to 3.3%, and Abu Dhabi’s willingness to revive some previously halted projects. The UAE PMI increased to 54.0 in May vs 52.8 in April, thanks for tailwinds from stable oil prices and weaker USD. Fund Key Information 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Al Mal UAE Equity Fund S&P UAE Index (Rebased) |
Geographic Allocation Top Portfolio Holdings % of Fund Emaar Properties 13.8 First Gulf Bank 9.7 National Bank of Abu Dhabi 8.0 Fund Characteristics UAE Fund UAE Index ( 3 Years) Standard Deviation 24.7% 27.3% Sharpe Ratio 0.22 0.14 Beta 0.89 - Abu Dhabi 36% Dubai 48% Nasdaq 6% Cash 10% Banks 33% Real Estate 19% Services 6% Transport 9% Diversified Fin 4% Investment 7% Telecom 4% Others 8% Cash 10% |
Fund Key Information | |
| The Al Mal UAE Equity Fund’s objective is to achieve medium to long-term capital growth by investing primarily in equities listed on the UAE Exchange. |
|||
| Fund Manager | TariqQaqish | ||
| Inception Date | 5th April 2006 | ||
| Fund Registration | UAE | ||
| Currency | AED | ||
| Subscription | Weekly | ||
| Min Subscription | USD 100,000 | ||
| Management Fee | 1.50% | ||
| Performance Fee | 20% over 10% hurdle with high watermark |
||
| Subscription Fee | Upto 2% | ||
| Redemption | Weekly | ||
| Benchmark Index | S&P UAE Composite Index | ||
| Fund Type | Open Ended | ||
| Administrator | Standard Chartered | ||
| Custodian | Standard Chartered | ||
| Financial Year End | 31st December | ||
| Auditors | Deloitte | ||
| ISIN | AEA003630026 | ||
| Zawya Code | MALEQTY.MF | ||
| Bloomberg Code | MALUAEQUH | ||
| Reuters Code | LP65038334 | ||
| Morningstar Sec ID | F00000JQIN | ||
| Performance Jan Feb Mar Apr May June July Aug Sept Oct |
Nov Dec YTD 2016 2015 2014 2013 2012 |
2011 2010 2009 2008 2007 2006 Since Inception** |
|
| UAE Fund-13.4% 12.9% 5.1% 5.6% -5.4% |
2.7% -15.3% 11.2% 81.4% 28.7% -18.4% -1.0% 31.2% -56.9% 50.4% -19.1% 22.1% |
||
| UAE Index-12.1% 13.0% 5.5% 4.4% -6.9% |
1.8% -17.6% 7.5% 88.0% 23.5% -17.7% -8.8% 24.6% -69.4% 54.8% -35.2% -41.7% |
Fund Key Information
- Inception Date of the Fund is 5thApril 2006
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Al Mal MENA Equity Fund– Monthly Factsheet
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NAV Per Unit: USD 7.70
25 May 2016
Fund Manager Commentary
Geographic Allocation
| Fund Manager Commentary | Fund Manager Commentary | Fund Manager Commentary | Geographic Allocation | 25 May 2016 | 25 May 2016 | |
|---|---|---|---|---|---|---|
| Al Mal MENA Equity Fund was down 4.9% in May v/s. 3.9% decrease in the S&P Pan Arab Ind The Fund has outperformed the benchmark by 25% since its launch in June 2008. The regional markets showed softness in May with most of them underperforming global pe Doha index was worst performer, down 6.6% in the month. We have witnessed a surge in regional M&A activity to drive cost synergies across various industr and also to take advantage of undemanding market valuations. Abu Dhabi Financial Group bidd for Shuaa Capital, Bank Sohar merger with Bank Dhofar, to create nation’s second biggest ba and Saudi’s SIPCHEM weighing plans of merger with Sahara petrochemical, are a few cases point. With regards to fiscal management plans KSA has got enough headroom to continue borrow until it hits the target debt-to-GDP ratio of 30%. KSA debt market is, therefore, expected be quite active in coming quarters. KSA and UAE PMI data points suggests continued growth in non-oil sectors. While Egypt PMI up 47.6 from 46.9 in April, it still shows contraction in the economy. Fund Key Information 4.0 6.0 8.0 10.0 12.0 Jun-08 Mar-09 Dec-09 Sep-10 Jun-11 Mar-12 Dec-12 Sep-13 Jun-14 Mar-15 Al Mal MENA Equity Fund S&P Pan Arab LargeCap Index (Rebased) |
ex. ers; ies, ing nk, in to to was Dec-15 |
Sector Allocation Top Portfolio Holdings % of Fund Amanat Holdings PJSC 7.3 Ooredoo QSC 5.0 RAK Ceramics 4.7 Fund Characteristics 3Yrs MENA Fund MENA Index Standard Deviation 17.3% 16.8% Beta 1.0 - Sharpe Ratio -0.10 -0.32 Abu Dhabi 21% Qatar 18% Dubai 19% Egypt 11% Kuwait 3% Saudi Arabia 18% Cash 10% Materials 8% Real Estate 15% Cash 10% Others 14% Banks 26% F&B 2% Investment 7% Capital Goods 5% Telecoms 13% |
Fund Key Information | |||
| The objective of the Fund is to achieve significant capital appreciation, primarily through investment in equity and equity related securities in the Middle East and North African markets |
||||||
| Fund Manager | Tariq Qaqish | |||||
| Inception Date | 15th June 2008 | |||||
| Fund Registration | Bahrain | |||||
| Currency | USD | |||||
| Subscription | Weekly | |||||
| Min Subscription | USD 250,000 | |||||
| Management Fee | 1.75% | |||||
| Subscription Fee | Up to 3% | |||||
| Redemption | Weekly | |||||
| Benchmark Index | S&P Pan Arab Large Cap | |||||
| Al Mal MENA Equity Fund | S&P Pan Arab LargeCap Index (Rebased) | |||||
| Fund Type | Open Ended | |||||
| Administrator | Apex | |||||
| Custodian | Standard Chartered | |||||
| Financial Year End | 31st December | |||||
| Auditors | Deloitte | |||||
| Zawya Code | MALMENA.MF | |||||
| Bloomberg Code | MALMENE BI | |||||
| Reuters Code | LP65123002 | |||||
| Morningstar Sec ID | F00000JQIQ | |||||
| Dec-09 Sep-10 Jun-11 Mar-12 |
Dec-12 Sep-13 Jun-14 Mar-15 |
- Inception Date of the Fund is 15thJune 2008
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Al Mal Saudi Shariah Equity Fund– Monthly Factsheet
25 May 2016
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NAV Per Unit: USD 1.07
| NAV Per Unit: USD 1.07 | NAV Per Unit: USD 1.07 | 25 May 2016 | 25 May 2016 |
|---|---|---|---|
| Fund Manager Commentary The Al Mal Saudi Shariah Equity Fund was down 2.7% in May as compared to decrease of 2.8% in the S&P Saudi Shariah Index. The Fund has outperformed the benchmark by 10.7% since its launch in march 2011. The Tadawul index was down 6.4% in May, directionally in line with other regional markets, underperforming their global peers. National transformation plan came-up with new recommendations: (1) introduction of income tax for expatriate workers to help diversify government revenue (2) reducing public sector wage bill to 40% of total budget spending by 2020 vs 45% in 2015 and (3) accessing international debt markets. We believe that lot of initiatives set-out in the plan appear to be ambitious but are broadly credible and align with the goal of steering the economy on a sustainable growth path. In the construction sector, the government’s plan of paying contractors will likely ease working capital crunch, and formalization of white land tax will help kick-start new projects once land availability improves. The Saudi Arabia PMI for May was 54.8 slightly up from 54.2 in April, reflecting stable growth in non-oil economy Fund Key Information Sector Allocation Top Portfolio Holdings % of Fund Al Rajhi Bank 16.4 Saudi Telecom Co. 11.0 Saudi Basic Industries Corp 10.2 Shariah Supervisory Board Dr. Mohamed Ali Elgari Dr. Osama Al Dereai Dr. Mohd Daud Bakar Dr. Muhammad Amin Ali Qattan Fund Characteristics 3Yrs Saudi Fund Saudi Index Standard Deviation 18.5% 21.8% Beta 0.83 - Sharpe Ratio -0.16 -0.29 Materials, 13% Banks, 22% Telecom, 15% F&B staples, 8% Others, 2% Cash, 21% Com & Prof Supplies, 3% Commercial Services, 2% Real Estate, 2% Healthcare, 10% Transportation, 2% 0.60 0.80 1.00 1.20 1.40 1.60 1.80 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Al Mal Saudi Shariah Equity Fund S&P Saudi Shariah Index |
Fund Key Information |
||
| To achieve significant capital appreciation primarily through Shariah -compliant investments in equity and equity-related securities issued by countries based in, or with a significant proportion of their business activities in, the Kingdom of Saudi Arabia. |
|||
| Fund Manager | Vijay Harpalani | ||
| Inception Date | 23rd March 2011 | ||
| Fund Registration | UAE | ||
| Currency | USD | ||
| Subscription | Weekly | ||
| Min Subscription | USD 50,000 | ||
| Management Fee | 1.75% | ||
| Subscription Fee | Up to 3% | ||
| Redemption | Weekly | ||
| Benchmark Index | S&P Saudi Large Midcap Shariah |
||
| Fund Type | Open Ended | ||
| Administrator | Standard Chartered | ||
| Custodian | Standard Chartered | ||
| Financial Year End | 31st December | ||
| Auditors | Deloitte | ||
| Zawya Code | AEA003630018 | ||
| Bloomberg Code | MALSSEF.MF | ||
| Reuters Code | MALSSEQ UH | ||
| Morningstar Sec ID | LP68128853 | ||
| Performance Jan Feb Mar Apr May June July Aug |
Sept Oct Nov Dec YTD 2016 2015 2014 2013 2012 2011 Since Inception** |
||
| Saudi Fund -9.7% 4.7% 3.0% 8.0% -2.7% |
2.3% -15.6% -3.5% 22.9% 6.5% 0.10% 8.3% |
||
| Saudi Index -15.7% 6.5% 3.5% 9.6% -2.8% |
-1.0% -17.9% -9.1% 23.1% 8.6% -0.54% -2.4% |
- Inception Date of the Fund is 23rdMarch 2011
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25 May 2016
Al Mal MENA Income Fund– Monthly Factsheet
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NAV Per Unit: USD 12.58
| NAV Per Unit: USD 12.58 | 25 May 2016 | 25 May 2016 | |
|---|---|---|---|
| Fund Manager Commentary The Al Mal MENA Income Fund was up 0.30% in May. The Fund has delivered returns of 35% since its launch in February 2009. Weak U.S. employment data and uncertainty surrounding potential for Brexit is likely to result into postponing the Fed rate hike at least until July. Primary market in the region continues to be very active in both sovereign and corporate space. Governments in the region have so far raised USD 20 bn year-to-date; Abu Dhabi, Qatar and Oman have tapped the markets while Saudi and Kuwait are expected to print their papers within weeks. Oman raised USD 2.5 bn through 5-year and 10-year notes priced at 3.625% and 4.75%, respectively. The paper saw strong demand from both regional and foreign accounts with order book of USD 7 bn. We continue to expect robust primary market activity ahead of the first Fed rate hike this year. However, prior to hitting the market, issuers may keep a close watch on possibility of Brexit. Fund Key Information F 9.8 10.3 10.8 11.3 11.8 12.3 12.8 13.3 13.8 Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 Al Mal MENA Income Fund HSBC / S&P MENA USD Bond Index** |
Geographic Allocation Sector Allocation Top Portfolio Holdings Credit Rating: S&P/Moody % of Fund 6.255 DP World 2017; NR / Baa3 12.0 7.5% CBQ 2019; BBB+/ Baa1 8.8 5.5% MDC-GMTN 2021 AA/Aa2 4.4 Portfolio Analysis Portfolio Maturity 2.7 years Avg. YTM (Gross) of Investments 2.85% Weighted avg. Rating of Portfolio (S&P) BBB+ Dubai ixed Deposits - UAE Qatar Saudi Arabia Abu Dhabi 0% 10% 20% 30% 40% 50% Banks Industrial Transportation Telecom Governement Bonds 0% 10% 20% 30% 40% |
Fund Key Information | |
| The Al Mal MENA Income Fund’s objective is to pursue an income-oriented investment strategy which permits distribution of periodic and consistent payment of dividends to unit holders, whilst seeking to preserve and grow the capital of the Fund. |
|||
| Fund Manager | Tariq Qaqish & Vijay Harpalani | ||
| Inception Date | 1st February 2009 | ||
| Fund Registration | Cayman Islands | ||
| Currency | USD | ||
| Subscription | Weekly | ||
| Min Subscription | USD 100,000 | ||
| Management Fee | 1.00% | ||
| Subscription Fee | Up to 2% | ||
| Redemption | Weekly | ||
| Benchmark Index | S&P MENA Bond Index | ||
| Fund Type | Open Ended | ||
| Administrator | Al Mal Capital | ||
| Custodian | Al Mal Capital | ||
| Financial Year End | 31st December | ||
| Auditors | Deloitte | ||
| Zawya Code | MALMNIF.MF | ||
| Bloomberg Code | ALMENAI KY | ||
| Reuters Code | LP65154947 | ||
| Morningstar Sec ID | F00000JQIR | ||
| Performance Jan Feb Mar Apr May June July Aug |
|||
| Al Mal MENA Income Fund (Perf. Inclusive of Dividends.) -1.6% 1.4% 0.7% 0.6% 0.3% |
- Inception Date of the Fund is 1stFebruary 2009
Private and Confidential
Al Mal Liquidity Fund– Monthly Factsheet
25 May 2016
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NAV Per Unit: AED 1.19
Fund Manager Commentary
The Al Mal Liquidity Fund was up 0.14% in May, and has delivered returns of ~ 18.71% since its launch in April 2009.
1-week EIBOR rose to 0.43% as of mid- May from 0.38% at end of April, reflecting lower liquidity. The EIBOR is, however, lower than 5-year high level of 0.46% reached during first week of April.
The Fund’s net yield is around 1.73% level, well above the benchmark which is at 0.35%
Fund Key Information
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1.20
1.18
Fund NAV 1 Week EIBOR (Benchmark)
1.16
1.14
1.12
1.10
1.08
1.06
1.04
1.02
1.00
Apr-09 Nov-09 Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13 Jul-14 Feb-15 Sep-15 Apr-16
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Months to Maturity
Al Mal Liquidity Fund offers you:
- Weekly liquidity
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6-12 26%
2-3 53%
0-1 21%
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Higher interest income than deposit rates
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Access to cash in case of emergency
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Diversify your portfolio (core asset class)
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Suitable for risk-averse allocation
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Park liquidity during uncertain and volatile markets
| Fund Key Information | Fund Key Information |
|---|---|
| The Fund’s investment objective is to provide investors with capital preservation and above average money market returns. The assets will be invested primarily in UAE and GCC short term paper and deposit instruments. |
|
| Fund Manager | Tariq Qaqish & Vijay Harpalani |
| Inception Date | 15th April 2009 |
| Fund Registration | UAE |
| Currency | AED |
| Subscription | Weekly |
| Min Subscription | AED 100,000 |
| Management Fee | 0.40% |
| Redemption | Weekly |
| Notice Period | 3 business days |
| Fnd T | O Edd |
| u ype Administrator |
pen ne Al Mal Capital |
| Custodian | Al Mal Capital |
| Financial Year End | 31st December |
| Auditors | Deloitte |
| Zawya Code | MALAEDF.MF |
| Bloomberg Code | AMALLIQ UH |
| Reuters Code | LP65135775 |
| Morningstar Sec ID | F00000JQIP |
| Performance | Jan | Feb | Mar | Apr | May | June | July | Aug | Sept | Oct | Nov | Dec | YTD 2016 |
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | Since Inception* |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Al Mal Liquidity Fund | 0.12% | 0.11% | 0.13% | 0.11% | 0.14% | 0.60% | 1.50% | 1.73% | 1.89% | 2.05% | 2.63% | 3.82% | 18.71% |
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Disclaimer
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This document is provided for informational and illustration purposes only. It does not constitute a solicitation, recommendation or offer to buy or sell any investment product or subscribe to any investment management or advisory service. Past performance of the Fund as illustrated herein is not a guarantee of future returns. Prospective investors in the Fund must obtain and carefully read the Fund’s most current Prospectus prior to making an investment in the Fund. The information contained herein, including any expression of opinion, has been obtained from or is based upon sources believed to be reliable, and is believed to be fair and not misleading, however, Al Mal Capital does not guarantee its accuracy or completeness. This document is not for distribution to the general public. It is directed at persons authorized to invest in the Fund and residing in jurisdictions where the Fund is authorized for distribution or where no such authorization is required. The information contained herein must not be reproduced in whole or in part without the prior written consent of Al Mal Capital.
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