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AL Mal UAE Equity Fund — Fund Information / Factsheet 2016
May 12, 2016
66382_rns_2016-05-12_f1228170-4913-4460-8e73-0dc4fb0d906a.pdf
Fund Information / Factsheet
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MONTHLY FACT SHEETS April 2016
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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
Office 801, Cayan Business Centre, Tecom, Al Safouh Third, P.O.Box 119930, Dubai, UAE Tel: +971 4 360 1111, Fax: +971 4 360 1122, www.almalcapital.com
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Monthly Factsheet
Al Mal Investment Funds Summary Page
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Al Mal Investment Funds - Performance Review
Equity Funds
| As of 27 April | Launch Date |
NAV Per Unit |
Week To Date |
Month To Date |
YTD 2015 |
Since Inception |
|---|---|---|---|---|---|---|
| Al Mal UAE Equity Fund | April 2006 | AED 1.29* | 0.40% | 5.58% | 8.47% | 28.94% |
| S&P UAE Composite Index | -0.58% | 4.43% | 9.39% | -37.40% | ||
| As of 27 April | ||||||
| Al Mal MENA Equity Fund | June 2008 | USD 8.10 | 0.87% | 3.98% | 3.05% | -19.00% |
| S&P Pan Arab LargeCap Index | 2.26% | 5.43% | 0.14% | -46.01% | ||
| As of 27 April | ||||||
| Al Mal Saudi Shariah Equity Fund |
March 2011 | USD 1.10** | 3.47% | 8.04% | 5.15% | 11.31% |
| S&P Saudi LargeMidCap Shariah Index | 4.65% | 9.56% | 1.83% | 0.39% | ||
| Income Funds | ||||||
| As of 27 April | Launch Date |
NAV Per Unit |
Yield | Month To Date |
YTD 2015 |
Since Inception |
| Al Mal MENA Income Fund | Feb 2009 | USD 12.54 | 2.63%*** | 0.58% | 1.11% | 34.63% |
| (Performance Inclusive of Dividends) | ||||||
| As of 27 April | ||||||
| Al Mal Liquidity Fund (AED) | April 2009 | AED 1.19* | 1.41%*** | 0.11% | 0.46% | 18.55% |
- 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.
** 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.
*** 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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Monthly Factsheet
Al Mal UAE Equity Fund
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NAV Per Unit: AED 1.29
27 April 2016
Fund Manager Comment
Fund Key Information
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Al Mal UAE Equity Fund was up 5.6% in April v/s. 4.4% increase in S&P UAE Index. Since The Al Mal UAE Equity Fund’s objective is to achieve
inception, the Fund has outperformed the benchmark by 66%. medium to long-term capital growth by investing primarily
in equities listed on the Abu Dhabi Stock Exchange (ADX)
DFM Index was up 4% in April, beating MSCI emerging market index, driven by 21% increase in
and Dubai Financial Market (DFM).
Brent, despite failure of Doha talks to reach consensus on oil production freeze.
Fund Manager Tariq Qaqish
Q1 corporate earnings came as a mixed-bag of surprises with banking sector reflecting softness as Inception Date 5 [th] April 2006
all major banks reported decline in profits, majorly due to compression in NIMs and higher Fund Registration UAE
provisioning. NIMs were impacted by higher cost of funds due to liquidity crunch in Q1. Real Currency AED
estate sector surprised positively with Emaar posting 17% y-o-y increase in profits due to higher
Subscription Weekly
recurring income and higher domestic sales, and Aldar reporting profit of AED 649 mn, beating
Min Subscription AED 100,000
estimates by huge margin even after adjusting for one-offs. Air Arabia reported robust results with Management Fee 1.50%
net profits growing by 82% year-on-year (excluding non-recurring items), beating estimates by Performance Fee 20% over 10% hurdle with
42%, owing to higher revenue growth and expansion in margins.
high water mark
Subscription Fee Up to 2%
The UAE PMI decreased to 52.8 in April vs 54.5 in March, driven by slower growth in output and
Redemption Weekly
new orders due to reduced consumption and cost rationalization in various sectors.
Benchmark S&P UAE Composite Index
Fund Type Open-ended
Geographic and Sector Allocation Administrator Standard Chartered
Custodian Standard Chartered
Investment Telecom
Nasdaq 6% Diversified 7% 3% Others 7% Financial Year EndAuditors 31Deloitte [st] December
Dubai 46% Fin 5%
Cash 10%
Cash 10%
ISIN AEA003630026
Transport
7% Zawya Code MALEQTY.MF
Bloomberg Code MALUAEQ UH
Services
Reuters Code LP65038334
6%
Morningstar SecID F00000JQIN
Real Estate Banks 35%
Abu Dhabi 20% Top Portfolio Holdings % of Fund
38%
Fund Performance Emaar Properties 13.8
Al Mal UAE Equity Fund S&P UAE Index (Rebased) First Gulf Bank 9.9
1.80 National Bank of Abu Dhabi 8.3
1.60
1.40
1.20 UAE Fund UAE Index
Fund Characteristics
1.00 (three year) (three year)
0.80
Standard Deviation
0.60 24.6% 27.3%
(Annualized)
0.40
0.20 Beta 0.89 -
0.00
Sharpe Ratio 0.40 0.33
YTD Since
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Inception
UAE Fund -13.4% 12.9% 5.1% 5.6% 8.5% -15.3% 11.2% 81.4% 28.7% -18.4% -1.0% 31.2% -56.9% 50.4% -19.1% 28.9%
UAE Index -12.1% 13.0% 5.5% 4.4% 9.4% -17.6% 7.5% 88.0% 23.5% -17.7% -8.8% 24.6% -69.4% 54.8% -35.2% -37.4%
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
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- Inception Date of the Fund is 5[th] April 2006
Al Mal Capital PSC, Office 801, Cayan Business Centre, Tecom, P.O.Box 119930, Dubai, UAE
Tel : +971-4-360-1111 Fax: +971-4-360-1122 www.almalcapital.com
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.`
27 April 2016
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Monthly Factsheet
Al Mal MENA Equity Fund
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NAV Per Unit: USD 8.10
Fund Manager Comment
The Al Mal MENA Equity Fund was up 4.0% in April v/s. 5.4% increase in the S&P Pan Arab Index. The Fund has outperformed the benchmark by 27% since its launch in June 2008.
The regional markets showed positive trend in April with most indices outperforming global and emerging market peers. Tadawul index delivered the best performance by gaining 9.4%, while Doha index was down 1.8%.
In UAE, Q1 earnings ended with a mixed set of results showing weakness in banking sector, with aggregate earnings declining by 7% year-on-year due to higher provisioning and lower NIMs. Real estate sector showed good results with Emaar and Aldar leading from the front. Qatari companies reported satisfactory numbers; QNB net profits were up 7% year-on-year due to lower provisioning and higher LDR. Q1 corporate results of Egyptian companies were unexciting due to weakness in economy and issues with availability of US dollars. Emaar Misr reported 47% year-onyear increase in net profit largely due to higher interest income (43% of total profits) reflecting negatively on quality of earnings.
The Saudi Arabia PMI for April was 54.2 slightly down from 54.5 in March while Egypt PMI was up 46.9 from 44.5 in March, still showing contraction in economy
Geographic and Sector Allocation
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Cash 9% Telecoms Materials
Abu Dhabi 12% 8%
22% Capital Real Estate
Goods 5%
Saudi 17%
Arabia Investment
18% 7%
F&B
Kuwait Qatar 2% Cash
3% 18% 9%
Egypt
13%
Others
Dubai Banks
13%
17% 27%
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Fund Performance
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 15[th] 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 S&P Pan Arab Large Cap Index Fund Type Open-ended Administrator Apex Custodian Standard Chartered Financial Year End 31[st] December Auditors Deloitte Zawya Code MALMENA.MF Bloomberg Code MALMENE BI Reuters Code LP65123002 Morningstar SecID F00000JQIQ Top Portfolio Holdings % of Fund Amanat Holdings PJSC 7.1 Ooredoo QSC 5.2 Talaat Mostafa Group 4.6
| 13.0 | Al Mal MENA Equity Fund | Al Mal MENA Equity Fund | Al Mal MENA Equity Fund | Al Mal MENA Equity Fund | Al Mal MENA Equity Fund | S&P Pan Arab LargeCap | S&P Pan Arab LargeCap | S&P Pan Arab LargeCap | S&P Pan Arab LargeCap | Index | Index | (Rebased) | (Rebased) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 11.0 | Fund Characteristics | MENA Fund (three year) |
MENA Index (three year) |
|||||||||||||||||||||||
| 9.0 | Standard Deviation | |||||||||||||||||||||||||
| 17.2% | 16.7% | |||||||||||||||||||||||||
| (Annualized) | ||||||||||||||||||||||||||
| 7.0 | ||||||||||||||||||||||||||
| Beta | 1.0 | - | ||||||||||||||||||||||||
| 5.0 | Sharpe Ratio | 0.11 | -0.20 | |||||||||||||||||||||||
| 3.0 | ||||||||||||||||||||||||||
| Jun-08 | Jan-09 Aug-09 Mar-10 Oct-10 May-11 Dec-11 Jul-12 Feb-13 Sep-13 Apr-14 Nov-14 Jun-15 Jan-16 | |||||||||||||||||||||||||
| Jan | Feb | Mar | Apr | May | June | July | Aug | Sept | Oct | Nov | Dec | YTD 2016 |
2015 2014 2013 |
2012 | 2011 | 2010 2009 |
2008* | Since Inception* |
||||||||
| MENA Fund |
-12.2% | 8.7% | 3.9% | 4.0% | 3.1% | -12.5% -0.7% 31.1% |
6.6% | -8.8% | 15.7% 17.7% | -47.5% | -19.0% | |||||||||||||||
| MENA Index |
-13.4% | 6.9% | 2.6% | 5.4% | 0.1% | -17.6% -1.5% 18.9% |
2.6% | -15.1% | 13.9% 12.7% | -49.9% | -46.0% | |||||||||||||||
| * Inception Date of the Fund is 15th June 2008 | ||||||||||||||||||||||||||
| Al Mal | Capital | PSC, Office 801, Cayan Business Centre, Tecom, P.O.Box 119930, | Dubai, UAE | Tel : +971-4-360-1111 Fax: +971-4-360-1122www.almalcapital.com |
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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Monthly Factsheet
Al Mal Saudi Shariah Equity Fund
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27 April 2016
NAV Per Unit: USD 1.10
Fund Manager Comment
Fund Key Information
The Al Mal Saudi Shariah Equity Fund was up 8.0% in April as compared to increase of 9.6% in the S&P Saudi Shariah Index. The Fund has outperformed the benchmark by 11% since its launch in march 2011.
To achieve significant capital appreciation primarily through Shariah-compliant investments in equity and equity-related securities issued by companies based in, or with a significant proportion of their business activities in, the Kingdom of Saudi Arabia.
Tadawul index was up 9.4% in April, outperforming regional and global peers due to sharp increase in Brent oil prices and positive news flow on introduction of Vision 2030 and the National Transformation Plan to reduce reliance on oil.
| Sector Allocation Fund Performance National Transformation Plan to reduce reliance on oil. Q1 corporate earnings surprised the market with banking sector earnings up by 12% quarter-on- quarter on higher NIMs, robust growth in non-interest income and stable loan growth. Al Rajhi reported 3.2% year-on-year growth in net income driven by higher spreads and healthy loan growth. SABIC posted 11% q-o-q growth in net profits largely due to lower base of Q4 2015 which had impairment loss. The biggest disappointment came from Savola where the profit was down 80% y-o-y due to higher competition in Iran, lower sugar prices, impact of EGP devaluation and loss in the retail segment. The Saudi government showed commitment to reduce reliance on oil by introducing vision 2030, the National Transformation Plan and setting- up of public investment fund. These initiatives might face some glitches in implementation due to fragile geo-political situation but would be instrumental in shifting focus from oil thus creating a sustainable growth environment in the kingdom. Materials, 13% Banks, 23% Telecom, 16% F&B staples, 8% Others, 2% Cash, 17% Com & Prof Supplies, 3% Commercial Services, 3% Real Estate, 3% 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 |
Sector Allocation Fund Performance National Transformation Plan to reduce reliance on oil. Q1 corporate earnings surprised the market with banking sector earnings up by 12% quarter-on- quarter on higher NIMs, robust growth in non-interest income and stable loan growth. Al Rajhi reported 3.2% year-on-year growth in net income driven by higher spreads and healthy loan growth. SABIC posted 11% q-o-q growth in net profits largely due to lower base of Q4 2015 which had impairment loss. The biggest disappointment came from Savola where the profit was down 80% y-o-y due to higher competition in Iran, lower sugar prices, impact of EGP devaluation and loss in the retail segment. The Saudi government showed commitment to reduce reliance on oil by introducing vision 2030, the National Transformation Plan and setting- up of public investment fund. These initiatives might face some glitches in implementation due to fragile geo-political situation but would be instrumental in shifting focus from oil thus creating a sustainable growth environment in the kingdom. Materials, 13% Banks, 23% Telecom, 16% F&B staples, 8% Others, 2% Cash, 17% Com & Prof Supplies, 3% Commercial Services, 3% Real Estate, 3% 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 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 S&P Saudi Large MidCap Shariah Index Fund Type Open-ended Administrator Standard Chartered Custodian Standard Chartered Financial Year End 31st December Auditors Deloitte ISIN AEA003630018 Zawya Code MALSSEF.MF Bloomberg Code MALSSEQ UH Reuters Code LP68128853 Morningstar SecID F00000N74I Shariah Supervisory Dr. Mohamed Ali Elgari KSA Board Dr. Osama Al Dereai Qatar Dr. Mohd Daud Bakar_Malaysia_ Dr. Muhammad Amin Ali Qattan Kuwait |
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 S&P Saudi Large MidCap Shariah Index Fund Type Open-ended Administrator Standard Chartered Custodian Standard Chartered Financial Year End 31st December Auditors Deloitte ISIN AEA003630018 Zawya Code MALSSEF.MF Bloomberg Code MALSSEQ UH Reuters Code LP68128853 Morningstar SecID F00000N74I Shariah Supervisory Dr. Mohamed Ali Elgari KSA Board Dr. Osama Al Dereai Qatar Dr. Mohd Daud Bakar_Malaysia_ Dr. Muhammad Amin Ali Qattan Kuwait |
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 S&P Saudi Large MidCap Shariah Index Fund Type Open-ended Administrator Standard Chartered Custodian Standard Chartered Financial Year End 31st December Auditors Deloitte ISIN AEA003630018 Zawya Code MALSSEF.MF Bloomberg Code MALSSEQ UH Reuters Code LP68128853 Morningstar SecID F00000N74I Shariah Supervisory Dr. Mohamed Ali Elgari KSA Board Dr. Osama Al Dereai Qatar Dr. Mohd Daud Bakar_Malaysia_ Dr. Muhammad Amin Ali Qattan Kuwait |
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 S&P Saudi Large MidCap Shariah Index Fund Type Open-ended Administrator Standard Chartered Custodian Standard Chartered Financial Year End 31st December Auditors Deloitte ISIN AEA003630018 Zawya Code MALSSEF.MF Bloomberg Code MALSSEQ UH Reuters Code LP68128853 Morningstar SecID F00000N74I Shariah Supervisory Dr. Mohamed Ali Elgari KSA Board Dr. Osama Al Dereai Qatar Dr. Mohd Daud Bakar_Malaysia_ Dr. Muhammad Amin Ali Qattan Kuwait |
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 S&P Saudi Large MidCap Shariah Index Fund Type Open-ended Administrator Standard Chartered Custodian Standard Chartered Financial Year End 31st December Auditors Deloitte ISIN AEA003630018 Zawya Code MALSSEF.MF Bloomberg Code MALSSEQ UH Reuters Code LP68128853 Morningstar SecID F00000N74I Shariah Supervisory Dr. Mohamed Ali Elgari KSA Board Dr. Osama Al Dereai Qatar Dr. Mohd Daud Bakar_Malaysia_ Dr. Muhammad Amin Ali Qattan Kuwait |
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 S&P Saudi Large MidCap Shariah Index Fund Type Open-ended Administrator Standard Chartered Custodian Standard Chartered Financial Year End 31st December Auditors Deloitte ISIN AEA003630018 Zawya Code MALSSEF.MF Bloomberg Code MALSSEQ UH Reuters Code LP68128853 Morningstar SecID F00000N74I Shariah Supervisory Dr. Mohamed Ali Elgari KSA Board Dr. Osama Al Dereai Qatar Dr. Mohd Daud Bakar_Malaysia_ Dr. Muhammad Amin Ali Qattan Kuwait |
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 S&P Saudi Large MidCap Shariah Index Fund Type Open-ended Administrator Standard Chartered Custodian Standard Chartered Financial Year End 31st December Auditors Deloitte ISIN AEA003630018 Zawya Code MALSSEF.MF Bloomberg Code MALSSEQ UH Reuters Code LP68128853 Morningstar SecID F00000N74I Shariah Supervisory Dr. Mohamed Ali Elgari KSA Board Dr. Osama Al Dereai Qatar Dr. Mohd Daud Bakar_Malaysia_ Dr. Muhammad Amin Ali Qattan Kuwait |
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 S&P Saudi Large MidCap Shariah Index Fund Type Open-ended Administrator Standard Chartered Custodian Standard Chartered Financial Year End 31st December Auditors Deloitte ISIN AEA003630018 Zawya Code MALSSEF.MF Bloomberg Code MALSSEQ UH Reuters Code LP68128853 Morningstar SecID F00000N74I Shariah Supervisory Dr. Mohamed Ali Elgari KSA Board Dr. Osama Al Dereai Qatar Dr. Mohd Daud Bakar_Malaysia_ Dr. Muhammad Amin Ali Qattan Kuwait |
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 S&P Saudi Large MidCap Shariah Index Fund Type Open-ended Administrator Standard Chartered Custodian Standard Chartered Financial Year End 31st December Auditors Deloitte ISIN AEA003630018 Zawya Code MALSSEF.MF Bloomberg Code MALSSEQ UH Reuters Code LP68128853 Morningstar SecID F00000N74I Shariah Supervisory Dr. Mohamed Ali Elgari KSA Board Dr. Osama Al Dereai Qatar Dr. Mohd Daud Bakar_Malaysia_ Dr. Muhammad Amin Ali Qattan Kuwait |
|---|---|---|---|---|---|---|---|---|---|---|
| Top Portfolio Holdings | % of Fund | |||||||||
| Al Rajhi Bank | 17.3 | |||||||||
| Saudi Telecom Co. | 11.3 | |||||||||
| Saudi basic Industries Corp (SABIC) | 10.9 | |||||||||
| Fund Characteristics |
Saudi Fund (since inception) Saudi Index |
|||||||||
| Standard Deviation (Annualized) |
18.5% 21.7% |
|||||||||
| Beta | 0.83 - |
|||||||||
| Sharpe Ratio | -0.05 -0.20 |
|||||||||
| Jan Feb Mar Apr May June July Aug Sept Oct Nov |
Dec | YTD 2016 |
2015 | 2014 | 2013 | 2012 | 2011* | Since Inception* |
||
| Saudi Fund Saudi Index |
-9.7% 4.7% 3.0% 8.0% -15.7% 6.5% 3.5% 9.6% |
5.2% 1.8% |
-15.6% -17.9% |
-3.5% -9.1% |
22.9% 23.1% |
6.5% 8.6% |
0.10% -0.54% |
11.3% 0.4% |
- Inception Date of the Fund is 23[rd] March 2011
Al Mal Capital PSC, Office 801, Cayan Business Centre, Tecom, P.O.Box 119930, Dubai, UAE
Tel : +971-4-360-1111 Fax: +971-4-360-1122 www.almalcapital.com
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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Monthly Factsheet
Al Mal MENA Income Fund
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27 April 2016
NAV Per Unit: USD 12.54
Fund Manager Comment
Fund Key Information
The Al Mal MENA Income Fund was up 0.58% in April. The Fund has delivered returns of 34.6% since its launch in February 2009.
| Fund Performance Sector & Geographical Allocation of 34.6% since its launch in February 2009. The 10-year US treasury yield ranged between 1.69% to 1.92% in March. The Fed maintained status quo at its meeting in April and kept the rates unchanged. Although key data points showed improvement since March, the Fed was still cautious about the global macro headwinds. The rates peaked at 1.92% a day prior to the meeting, increase of 15 bps compared to 1.77% as of beginning of April. Post the meeting, however, the rates gradually eased to 1.76% level. Primary market activity continues to be robust in the region. Abu Dhabi Government priced its 5-year and 10-year tranche at 2.125% and 3.125%, respectively, at discount to par, raising USD 2.5 bn in aggregate. The pricing was tighter compared to the guidance due to massive demand for the paper. Bank Muscat also hit the market with 5-year benchmark size note priced at 3.75%. We expect very active primary market in 2016. Oman is expected to hit the primary market for its first international bond in 20 years. Since HSBC discontinued the Index from Dec 2013, we have used S&P MENA Bond Index as the benchmark Dubai Fixed Deposits - UAE Qatar Saudi Arabia Abu Dhabi 0% 10% 20% 30% 40% 50% Banks Fixed Deposit Industrial Real Estate Transportation Investment Holdings Telecom Retail Governement Bonds Energy 0% 5% 10% 15% 20% 25% 30% 35% 9.8 10.3 10.8 11.3 11.8 12.3 12.8 13.3 13.8 Dec-10 Jul-11 Feb-12 Sep-12 Apr-13 Nov-13 Jun-14 Jan-15 Aug-15 Mar-16 Al Mal MENA Income Fund HSBC / S&P MENA USD Bond Index* |
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 S&P MENA Bond Index Fund Type Open Ended Administrator & Al Mal Capital Custodian Financial Year End 31st December Auditors Deloitte ZAWYA Code MALMNIF.MF Bloomberg Code ALMENAI KY Reuters Code LP65154947 Morningstar SecID F00000JQIR |
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 S&P MENA Bond Index Fund Type Open Ended Administrator & Al Mal Capital Custodian Financial Year End 31st December Auditors Deloitte ZAWYA Code MALMNIF.MF Bloomberg Code ALMENAI KY Reuters Code LP65154947 Morningstar SecID F00000JQIR |
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 S&P MENA Bond Index Fund Type Open Ended Administrator & Al Mal Capital Custodian Financial Year End 31st December Auditors Deloitte ZAWYA Code MALMNIF.MF Bloomberg Code ALMENAI KY Reuters Code LP65154947 Morningstar SecID F00000JQIR |
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 S&P MENA Bond Index Fund Type Open Ended Administrator & Al Mal Capital Custodian Financial Year End 31st December Auditors Deloitte ZAWYA Code MALMNIF.MF Bloomberg Code ALMENAI KY Reuters Code LP65154947 Morningstar SecID F00000JQIR |
|---|---|---|---|---|
| Top Portfolio Holdings | Credit Rating: S&P/Moody’s |
% of Fund |
||
| DP World 7/2/2017 6.25% | NR / Baa3 | 12.0 | ||
| CBQ 11/18/2019 7.5% | BBB+/ Baa1 | 8.8 | ||
| 5.50 MDC-GMTN B.V. - 04/20/21 |
AA/Aa2 | 4.3 | ||
| Portfolio Analysis | ||||
| Portfolio Maturity | 2.8 years | |||
| Avg. YTM (Gross) of Investments | 2.63% | |||
| Weighted avg. Rating of Portfolio (S&P) | BBB+ | |||
| Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec YTD 2016 2015 2014 2013 2012 2011 2010 2009 Since Inception * |
||||
| Al Mal MENA Income Fund -1.6% 1.4% 0.7% 0.6% 1.1% 0.9% 5.5% 1.8% 12.6% 7.6% 3.8% -2.0% 34.6% |
(Perf. Inclusive of Dividends.)[-1.6%][1.4%][0.7%][0.6%]
- Inception Date of the Fund is 1[st] February 2009
Al Mal Capital PSC, Office 801, Cayan Business Centre, Tecom, P.O.Box 119930, Dubai, UAE
Tel : +971-4-360-1111 Fax: +971-4-360-1122 www.almalcapital.com
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.
27 April 2016
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Monthly Factsheet
Al Mal Liquidity Fund
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NAV Per Unit: AED 1.19
Fund Manager Comment
The Al Mal Liquidity Fund was up 0.11% in April, and has delivered returns of ~ 18.55% since its launch in April 2009.
The liquidity conditions appeared to have improved compared to Q1 2016. 1-week EIBOR eased from 0.43571% as of 31 March to 0.3814% at end April, 5 bps lower, reflecting slightly better liquidity.
The Fund’s net yield is around 1.41% level, well above the benchmark which is at 0.37%
Fund Performance
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1.20
Fund NAV
1.18
1.16 1 Week EIBOR (Benchmark)
1.14
1.12
1.10
1.08
1.06
1.04
1.02
1.00
Apr-09 Dec-09 Aug-10 Apr-11 Dec-11 Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15
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Months to Maturity
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 15[th] April 2009 Fund Registration UAE Currency AED Subscription Weekly Min Subscription AED 100,000 Management Fee 0.40% (effective 1 May 2016) Redemption Weekly Notice Period 3 Business Days
Fund Type Open Ended Administrator & Al Mal Capital Custodian Financial Year End 31[st] December Auditors Deloitte
ZAWYA Code MALAEDF.MF Bloomberg Code AMALLIQ UH Reuters Code LP65135775 Morningstar SecID F00000JQIP
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6-12 23%
2-3 33%
0-1 44%
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Monthly Performance
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Month 2010 2011 2012 2013 2014 2015 2016
Jan 0.33% 0.25% 0.15% 0.09% 0.18% 0.16% 0.12%
Feb 0.33% 0.23% 0.17% 0.15% 0.14% 0.12% 0.11%
Mar 0.40% 0.28% 0.15% 0.15% 0.14% 0.12% 0.13%
Apr 0.32% 0.22% 0.16% 0.15% 0.18% 0.14% 0.11%
May 0.31% 0.20% 0.20% 0.19% 0.14% 0.11%
June 0.34% 0.41% 0.14% 0.15% 0.13% 0.11%
July 0.27% 0.20% 0.15% 0.18% 0.14% 0.14%
Aug 0.25% 0.22% 0.21% 0.15% 0.14% 0.11%
Sept 0.35% 0.16% 0.17% 0.15% 0.14% 0.14%
Oct 0.27% 0.14% 0.21% 0.19% 0.17% 0.09%
Nov 0.27% 0.18% 0.15% 0.15% 0.12% 0.12%
Dec 0.32% 0.11% 0.19% 0.18% 0.10% 0.12%
Annual 3.82% 2.63% 2.05% 1.89% 1.73% 1.50% 0.46%
Since Inception 18.55%
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Al Mal Liquidity Fund offers you:
-
Weekly liquidity
-
Higher interest income than deposit rates
-
Access to cash in case of emergency
-
Diversify your portfolio (core asset class)
-
Suitable for risk-averse allocation
-
Park liquidity during uncertain and volatile markets
Al Mal Capital PSC, Office 801, Cayan Business Centre, Tecom, P.O.Box 119930, Dubai, UAE
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.
Tel : +971-4-360-1111 Fax: +971-4-360-1122 www.almalcapital.com