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AL Mal UAE Equity Fund — Fund Information / Factsheet 2016
Apr 12, 2016
66382_rns_2016-04-12_4c33ad78-3898-4d30-b821-f761f6ae68e6.pdf
Fund Information / Factsheet
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MONTHLY FACT SHEETS March 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 30 March | Launch Date |
NAV Per Unit |
Week To Date |
Month To Date |
YTD 2015 |
Since Inception |
| Al Mal UAE Equity Fund | April 2006 | AED 1.22* | -0.43% | 5.14% | 2.74% | 22.13% |
| S&P UAE Composite Index | -0.79% | 5.45% | 4.75% | -40.05% | ||
| As of 30 March | ||||||
| Al Mal MENA Equity Fund | June 2008 | USD 7.79 | -0.64% | 3.87% | -0.89% | -22.10% |
| S&P Pan Arab LargeCap Index | -2.19% | 2.63% | -5.02% | -48.79% | ||
| As of 30 March | ||||||
| Al Mal Saudi Shariah Equity Fund |
March 2011 | USD 1.02** | -2.86% | 3.03% | -2.67% | 3.03% |
| S&P Saudi LargeMidCap Shariah Index | -3.61% | 3.50% | -7.05% | -8.37% | ||
| Income Funds | ||||||
| As of 30 March | Launch Date |
NAV Per Unit |
Yield | Month To Date |
YTD 2015 |
Since Inception |
| Al Mal MENA Income Fund | Feb 2009 | USD 12.47 | 2.85%*** | 0.70% | 0.48% | 33.85% |
| (Performance Inclusive of Dividends) | ||||||
| As of 30 March | ||||||
| Al Mal Liquidity Fund (AED) | April 2009 | AED 1.18* | 1.33%*** | 0.13% | 0.36% | 18.43% |
- 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 1.22
30 March 2016
Fund Manager Comment
Fund Key Information
| Fund Performance Geographic and Sector Allocation Al Mal UAE Equity Fund was up 5.1% in March v/s. 5.4% increase in S&P UAE Index. Since inception, the Fund has outperformed the benchmark by 62%. Regional market performance continued to be positive in March, supported by higher in oil prices and increase in risk appetite after the Fed meeting. Oil prices were driven by speculation over outcome of major oil producers’ meeting scheduled on 17 April in Doha to agree on freezing the output. Dividend announcements by the UAE corporates have been in-line with the expectations with few exceptions. The latest data points on Dubai real estate point towards continued slow-down in rents and property prices due to strong USD, low oil price and tight liquidity. Inflation fell to 1.43% in February v/s. 1.91% in January, primarily driven by lower transportation costs. Passenger traffic at Dubai airports saw an year-on-year growth of 6% in January and on course to meet projection of 85 million passengers this year. Q1 corporate earnings season will be eagerly watched for any signs of weakness due to challenging macro-economic backdrop. We expect banks to report year-on-year earnings growth of low single-digit driven by modest loan growth and deterioration in asset quality. Real estate sector is expected to report lackluster performance while transportation sector is likely to report low double-digit earnings growth. The UAE PMI increased to 54.5 in March vs 53.1 in February, driven by encouraging trends in domestic consumption, despite continued headwinds on macro-economic situation. Abu Dhabi 36% Dubai 46% Nasdaq 7% Cash 11% Banks 35% Real Estate 19% Services 7% Transport 7% Diversified Fin 5% Investment 7% Telecom 3% Others 6% Cash 11% 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 Apr-06 Nov-06 Jun-07 Jan-08 Aug-08 Mar-09 Oct-09 May-10 Dec-10 Jul-11 Feb-12 Sep-12 Apr-13 Nov-13 Jun-14 Jan-15 Aug-15 Mar-16 Al Mal UAE Equity Fund S&P UAE Index (Rebased) |
Fund Performance Geographic and Sector Allocation Al Mal UAE Equity Fund was up 5.1% in March v/s. 5.4% increase in S&P UAE Index. Since inception, the Fund has outperformed the benchmark by 62%. Regional market performance continued to be positive in March, supported by higher in oil prices and increase in risk appetite after the Fed meeting. Oil prices were driven by speculation over outcome of major oil producers’ meeting scheduled on 17 April in Doha to agree on freezing the output. Dividend announcements by the UAE corporates have been in-line with the expectations with few exceptions. The latest data points on Dubai real estate point towards continued slow-down in rents and property prices due to strong USD, low oil price and tight liquidity. Inflation fell to 1.43% in February v/s. 1.91% in January, primarily driven by lower transportation costs. Passenger traffic at Dubai airports saw an year-on-year growth of 6% in January and on course to meet projection of 85 million passengers this year. Q1 corporate earnings season will be eagerly watched for any signs of weakness due to challenging macro-economic backdrop. We expect banks to report year-on-year earnings growth of low single-digit driven by modest loan growth and deterioration in asset quality. Real estate sector is expected to report lackluster performance while transportation sector is likely to report low double-digit earnings growth. The UAE PMI increased to 54.5 in March vs 53.1 in February, driven by encouraging trends in domestic consumption, despite continued headwinds on macro-economic situation. Abu Dhabi 36% Dubai 46% Nasdaq 7% Cash 11% Banks 35% Real Estate 19% Services 7% Transport 7% Diversified Fin 5% Investment 7% Telecom 3% Others 6% Cash 11% 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 Apr-06 Nov-06 Jun-07 Jan-08 Aug-08 Mar-09 Oct-09 May-10 Dec-10 Jul-11 Feb-12 Sep-12 Apr-13 Nov-13 Jun-14 Jan-15 Aug-15 Mar-16 Al Mal UAE Equity Fund S&P UAE Index (Rebased) |
Fund Performance Geographic and Sector Allocation Al Mal UAE Equity Fund was up 5.1% in March v/s. 5.4% increase in S&P UAE Index. Since inception, the Fund has outperformed the benchmark by 62%. Regional market performance continued to be positive in March, supported by higher in oil prices and increase in risk appetite after the Fed meeting. Oil prices were driven by speculation over outcome of major oil producers’ meeting scheduled on 17 April in Doha to agree on freezing the output. Dividend announcements by the UAE corporates have been in-line with the expectations with few exceptions. The latest data points on Dubai real estate point towards continued slow-down in rents and property prices due to strong USD, low oil price and tight liquidity. Inflation fell to 1.43% in February v/s. 1.91% in January, primarily driven by lower transportation costs. Passenger traffic at Dubai airports saw an year-on-year growth of 6% in January and on course to meet projection of 85 million passengers this year. Q1 corporate earnings season will be eagerly watched for any signs of weakness due to challenging macro-economic backdrop. We expect banks to report year-on-year earnings growth of low single-digit driven by modest loan growth and deterioration in asset quality. Real estate sector is expected to report lackluster performance while transportation sector is likely to report low double-digit earnings growth. The UAE PMI increased to 54.5 in March vs 53.1 in February, driven by encouraging trends in domestic consumption, despite continued headwinds on macro-economic situation. Abu Dhabi 36% Dubai 46% Nasdaq 7% Cash 11% Banks 35% Real Estate 19% Services 7% Transport 7% Diversified Fin 5% Investment 7% Telecom 3% Others 6% Cash 11% 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 Apr-06 Nov-06 Jun-07 Jan-08 Aug-08 Mar-09 Oct-09 May-10 Dec-10 Jul-11 Feb-12 Sep-12 Apr-13 Nov-13 Jun-14 Jan-15 Aug-15 Mar-16 Al Mal UAE Equity Fund S&P UAE Index (Rebased) |
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 Abu Dhabi Stock Exchange (ADX) and Dubai Financial Market (DFM). Fund Manager Tariq Qaqish Inception Date 5th April 2006 Fund Registration UAE Currency AED Subscription Weekly Min Subscription AED 100,000 Management Fee 1.50% Performance Fee 20% over 10% hurdle Subscription Fee Up to 2% Redemption Weekly Benchmark 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 MALUAEQ UH Reuters Code LP65038334 Morningstar SecID F00000JQIN |
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 Abu Dhabi Stock Exchange (ADX) and Dubai Financial Market (DFM). Fund Manager Tariq Qaqish Inception Date 5th April 2006 Fund Registration UAE Currency AED Subscription Weekly Min Subscription AED 100,000 Management Fee 1.50% Performance Fee 20% over 10% hurdle Subscription Fee Up to 2% Redemption Weekly Benchmark 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 MALUAEQ UH Reuters Code LP65038334 Morningstar SecID F00000JQIN |
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 Abu Dhabi Stock Exchange (ADX) and Dubai Financial Market (DFM). Fund Manager Tariq Qaqish Inception Date 5th April 2006 Fund Registration UAE Currency AED Subscription Weekly Min Subscription AED 100,000 Management Fee 1.50% Performance Fee 20% over 10% hurdle Subscription Fee Up to 2% Redemption Weekly Benchmark 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 MALUAEQ UH Reuters Code LP65038334 Morningstar SecID F00000JQIN |
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 Abu Dhabi Stock Exchange (ADX) and Dubai Financial Market (DFM). Fund Manager Tariq Qaqish Inception Date 5th April 2006 Fund Registration UAE Currency AED Subscription Weekly Min Subscription AED 100,000 Management Fee 1.50% Performance Fee 20% over 10% hurdle Subscription Fee Up to 2% Redemption Weekly Benchmark 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 MALUAEQ UH Reuters Code LP65038334 Morningstar SecID F00000JQIN |
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 Abu Dhabi Stock Exchange (ADX) and Dubai Financial Market (DFM). Fund Manager Tariq Qaqish Inception Date 5th April 2006 Fund Registration UAE Currency AED Subscription Weekly Min Subscription AED 100,000 Management Fee 1.50% Performance Fee 20% over 10% hurdle Subscription Fee Up to 2% Redemption Weekly Benchmark 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 MALUAEQ UH Reuters Code LP65038334 Morningstar SecID F00000JQIN |
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 Abu Dhabi Stock Exchange (ADX) and Dubai Financial Market (DFM). Fund Manager Tariq Qaqish Inception Date 5th April 2006 Fund Registration UAE Currency AED Subscription Weekly Min Subscription AED 100,000 Management Fee 1.50% Performance Fee 20% over 10% hurdle Subscription Fee Up to 2% Redemption Weekly Benchmark 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 MALUAEQ UH Reuters Code LP65038334 Morningstar SecID F00000JQIN |
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 Abu Dhabi Stock Exchange (ADX) and Dubai Financial Market (DFM). Fund Manager Tariq Qaqish Inception Date 5th April 2006 Fund Registration UAE Currency AED Subscription Weekly Min Subscription AED 100,000 Management Fee 1.50% Performance Fee 20% over 10% hurdle Subscription Fee Up to 2% Redemption Weekly Benchmark 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 MALUAEQ UH Reuters Code LP65038334 Morningstar SecID F00000JQIN |
|---|---|---|---|---|---|---|---|---|---|
| Top Portfolio Holdings | % of Fund | ||||||||
| Emaar Properties | 12.9 | ||||||||
| First Gulf Bank | 9.6 | ||||||||
| National Bank of Abu Dhabi | 8.4 | ||||||||
| Fund Characteristics | UAE Fund (three year) UAE Index (three year) |
||||||||
| Standard Deviation (Annualized) |
24.7% 27.4% |
||||||||
| Beta | 0.89 - |
||||||||
| Sharpe Ratio | 0.44 0.38 |
||||||||
| Jan Feb Mar Apr May June July Aug Sept Oct Nov D |
ec YTD 2016 2015 |
20 | 14 | 2013 | 2012 | 2011 | 2010 2009 2008 2007 2006 Since Inception |
||
| UAE Fund -13.4% 12.9% 5.1% UAE Index -12.1% 13.0% 5.5% |
2.7% -15.3% 4.8% -17.6% |
11.2% 7.5% |
81.4% 88.0% |
28.7% 23.5% |
-18.4% -17.7% |
-1.0% 31.2% -56.9% 50.4% -19.1% 22.1% -8.8% 24.6% -69.4% 54.8% -35.2% -40.1% |
- 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.`
30 March 2016
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Monthly Factsheet
Al Mal MENA Equity Fund
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NAV Per Unit: USD 7.79
Fund Manager Comment
The Al Mal MENA Equity Fund was up 3.9% in March v/s. 2.6% increase in the S&P Pan Arab Index. The Fund has outperformed the benchmark by 26.7% since its launch in June 2008.
Regional market performance was positive in March. Egypt was the best-performing regional market, up by c.22%, mainly driven by 13% devaluation in the currency, attracting sizeable investment inflows.
QNB kick-started Q1 corporate earnings season in Qatar, reporting better than consensus numbers. Earnings grew by 7% year-on-year, driven by healthy growth in interest income, higher trading income and lower provisioning. In Kuwait, plan to impose corporate taxes and reducing fuel subsidies faced resistance in the parliament. In Egypt, valuations appear highly attractive post devaluation of the pound. Domty’s IPO, which was oversubscribed, received decent opening, with stock closing c.9% higher on the listing day. In KSA, major economic overhaul aimed at generating USD 100 bn of revenue, and plan to sell less than 5% stake in Saudi Aramco, to help finance the fiscal deficit, generated some interest among retail investors. Nevertheless, we expect Saudi corporates to report subdued numbers showing impact of lower subsidies and working capital woes. UAE and Qatari corporates are expected to report relatively better set of numbers, showing lesser economic strain.
Egypt PMI numbers dropped to 44.5 in March from 48.1 in February, recording 31-month low. Major reason for weak operating conditions was sharp depreciation in currency and also the uncertainty on economic outlook.
Geographic and Sector Allocation
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Cash 12% Abu Dhabi Telecoms Materials
19% 13% 7%
Capital Real Estate
Goods 5% 17%
Saudi
Arabia
17% Qatar Investment
19% 7%
Cash
Kuwait
12%
3%
Egypt
13% Dubai
Banks Others
17%
27% 12%
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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 7.4 Ooredoo QSC 5.3 Emaar Misr 4.7
| 12.0 | Al Mal MENA | Al Mal MENA | Equity | Equity | Fund | Fund | S&P | S&P | Pan | Pan | Arab LargeCap Index | Arab LargeCap Index | Arab LargeCap Index | Arab LargeCap Index | Arab LargeCap Index | Arab LargeCap Index | (Rebased) | (Rebased) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8.0 10.0 |
Fund Characteristics | MENA Fund (three year) |
MENA Index (three year) |
||||||||||||||||||||||||||||
| Standard Deviation | |||||||||||||||||||||||||||||||
| 6.0 | 17.2% | 16.6% | |||||||||||||||||||||||||||||
| (Annualized) | |||||||||||||||||||||||||||||||
| 4.0 | Beta | 1.0 | - | ||||||||||||||||||||||||||||
| 2.0 | Sharpe Ratio | 0.05 | -0.30 | ||||||||||||||||||||||||||||
| 0.0 | |||||||||||||||||||||||||||||||
| Jun-08 | Jan-09Aug-09Mar-10Oct-10May-11Dec-11 | Jul-12 | Feb-13Sep-13Apr-14Nov-14Jun-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% | -0.9% | -12.5% -0.7% 31.1% |
6.6% | -8.8% | 15.7% 17.7% | -47.5% | -22.1% | ||||||||||||||||||||||
| MENA Index |
-13.4% 6.9% | 2.6% | -5.0% | -17.6% -1.5% 18.9% |
2.6% | -15.1% | 13.9% 12.7% | -49.9% | -48.8% | ||||||||||||||||||||||
| * 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.
30 March 2016
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Monthly Factsheet
Al Mal Saudi Shariah Equity Fund
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NAV Per Unit: USD 1.02
Fund Manager Comment
Fund Key Information
The Al Mal Saudi Shariah Equity Fund was up 3.0% in March as compared to increase of 3.5% in the S&P Saudi Shariah Index. The Fund has outperformed the benchmark by 11.4% 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 2.1% in March, in-line with its GCC peers. The performance was mainly driven by c.10% increase in Brent oil during the month, mainly led by speculation on potential freezing of oil production at the meeting of major oil producers in Doha. Media reports on possible resolution to Yemen conflict was also reassuring for the market.
| Sector Allocation Fund Performance reezng o o proucton at te meetng o major o proucers n oa. ea reports on posse resolution to Yemen conflict was also reassuring for the market. General weakness in the economy have now seem to have dampened consumer sentiments, alluded by February M3 data which shrank for the first time since 2000, driven by deceleration in consumption-related spending. Policy making has been highly uncertain in the recent past. Saudi Government ordered all state departments to cut at least 5% of all outstanding contracts’ value. Authorities allowed cement exports in order to reduce massive inventory build-up at home. It is not clear, however, if export prices of cement will still be competitive after adding freight cost. We expect Q1 2016 corporate earnings to be subdued. Most of the sectors from banking to petrochemicals and industrials, with exception of healthcare, will likely report disappointing numbers. The PMI numbers were broadly unchanged in March at 54, despite lower oil prices and challenging macro-economic backdrop. Materials, 13% Banks, 22% Telecom, 17% F&B staples, 8% Others, 1% Cash, 22% Com & Prof Supplies, 3% Commercial Services, 3% Healthcare, 9% Transportation , 1% 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 Al Mal Saudi Shariah Equity Fund S&P Saudi Shariah Index |
Sector Allocation Fund Performance reezng o o proucton at te meetng o major o proucers n oa. ea reports on posse resolution to Yemen conflict was also reassuring for the market. General weakness in the economy have now seem to have dampened consumer sentiments, alluded by February M3 data which shrank for the first time since 2000, driven by deceleration in consumption-related spending. Policy making has been highly uncertain in the recent past. Saudi Government ordered all state departments to cut at least 5% of all outstanding contracts’ value. Authorities allowed cement exports in order to reduce massive inventory build-up at home. It is not clear, however, if export prices of cement will still be competitive after adding freight cost. We expect Q1 2016 corporate earnings to be subdued. Most of the sectors from banking to petrochemicals and industrials, with exception of healthcare, will likely report disappointing numbers. The PMI numbers were broadly unchanged in March at 54, despite lower oil prices and challenging macro-economic backdrop. Materials, 13% Banks, 22% Telecom, 17% F&B staples, 8% Others, 1% Cash, 22% Com & Prof Supplies, 3% Commercial Services, 3% Healthcare, 9% Transportation , 1% 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 Al Mal Saudi Shariah Equity Fund S&P Saudi Shariah Index |
Sector Allocation Fund Performance reezng o o proucton at te meetng o major o proucers n oa. ea reports on posse resolution to Yemen conflict was also reassuring for the market. General weakness in the economy have now seem to have dampened consumer sentiments, alluded by February M3 data which shrank for the first time since 2000, driven by deceleration in consumption-related spending. Policy making has been highly uncertain in the recent past. Saudi Government ordered all state departments to cut at least 5% of all outstanding contracts’ value. Authorities allowed cement exports in order to reduce massive inventory build-up at home. It is not clear, however, if export prices of cement will still be competitive after adding freight cost. We expect Q1 2016 corporate earnings to be subdued. Most of the sectors from banking to petrochemicals and industrials, with exception of healthcare, will likely report disappointing numbers. The PMI numbers were broadly unchanged in March at 54, despite lower oil prices and challenging macro-economic backdrop. Materials, 13% Banks, 22% Telecom, 17% F&B staples, 8% Others, 1% Cash, 22% Com & Prof Supplies, 3% Commercial Services, 3% Healthcare, 9% Transportation , 1% 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 Al Mal Saudi Shariah Equity Fund S&P Saudi Shariah Index |
Sector Allocation Fund Performance reezng o o proucton at te meetng o major o proucers n oa. ea reports on posse resolution to Yemen conflict was also reassuring for the market. General weakness in the economy have now seem to have dampened consumer sentiments, alluded by February M3 data which shrank for the first time since 2000, driven by deceleration in consumption-related spending. Policy making has been highly uncertain in the recent past. Saudi Government ordered all state departments to cut at least 5% of all outstanding contracts’ value. Authorities allowed cement exports in order to reduce massive inventory build-up at home. It is not clear, however, if export prices of cement will still be competitive after adding freight cost. We expect Q1 2016 corporate earnings to be subdued. Most of the sectors from banking to petrochemicals and industrials, with exception of healthcare, will likely report disappointing numbers. The PMI numbers were broadly unchanged in March at 54, despite lower oil prices and challenging macro-economic backdrop. Materials, 13% Banks, 22% Telecom, 17% F&B staples, 8% Others, 1% Cash, 22% Com & Prof Supplies, 3% Commercial Services, 3% Healthcare, 9% Transportation , 1% 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 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 | 16.2 | |||||||||||
| Saudi Telecom Co. | 12.3 | |||||||||||
| Saudi basic Industries Corp (SABIC) | 10.4 | |||||||||||
| Fund Characteristics |
Saudi Fund (since inception) Saudi Index |
|||||||||||
| Standard Deviation (Annualized) |
18.3% 21.5% |
|||||||||||
| Beta | 0.83 - |
|||||||||||
| Mar-11 Jun-11 |
Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 |
|||||||||||
| Sharpe Ratio | -0.19 -0.35 |
|||||||||||
| 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% -15.7% 6.5% 3.5% |
-2.7% -7.1% |
-15.6% -17.9% |
-3.5% -9.1% |
22.9% 23.1% |
6.5% 8.6% |
0.10% -0.54% |
3.0% -8.4% |
||||
| * Inception Date of the Fund is 23rd March 2011 Al Mal Capital PSC, Office 801, Cayan Business Centre, Tecom, P.O.Box 119930, Dubai, UAE |
Tel : +971-4-360-1111 Fax: +971-4-360-1122www.almalcapital.com |
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.
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Monthly Factsheet
Al Mal MENA Income Fund
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30 March 2016
NAV Per Unit: USD 12.47
Fund Manager Comment
Fund Key Information
The Al Mal MENA Income Fund was up 0.70% in March. The Fund has delivered returns of 33.9% since its launch in February 2009.
| Fund Performance Sector & Geographical Allocation returns of 33.9% since its launch in February 2009. The 10-year US treasury yield ranged between 1.98% to 1.76% in March. The Fed held- off from increasing rate in March citing potential impact of weaker global growth and financial market turmoil on the U.S. economy. Fed minutes also suggested that while a rate hike in next meeting in April was debated, general consensus was towards a cautious approach. Regional bonds did relatively well after the Fed announcement as investors sought to increase duration of their portfolio. Lot of activity on the primary market. DIB priced its USD 500 million 5-year Islamic issue at 3.6%, receiving huge interest from western account. Ahli Bank of Qatar raised USD 500 million in 5-year conventional offering priced at 3.625% issued at discount. Hilal Services is planning USD 500 million 5-year sukuk offering with initial price talk of 125-130 bps over mid-swaps. Emirates Airlines is also in discussions with banks with potential sukuk offering this year. 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 Cash 0% 10% 20% 30% 40% 50% Banks Fixed Deposit Industrial Real Estate Transportation Cash Investment Holdings Telecom Retail Governement Bonds Energy 0% 5% 10% 15% 20% 25% 30% 9.8 10.3 10.8 11.3 11.8 12.3 12.8 13.3 13.8 Dec-10May-11Oct-11Mar-12Aug-12 Jan-13 Jun-13Nov-13Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 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 | 12.1 | ||
| CBQ 11/18/2019 7.5% | BBB+/ Baa1 | 8.8 | ||
| 5.50 MDC-GMTN B.V. - 04/20/21 |
AA/Aa2 | 4.4 | ||
| Portfolio Analysis | ||||
| Portfolio Maturity | 2.5 years | |||
| Avg. YTM (Gross) of Investments | 3.01% | |||
| 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% 0.5% 0.9% 5.5% 1.8% 12.6% 7.6% 3.8% -2.0% 33.9% |
(Perf. Inclusive of Dividends.)[-1.6%][1.4%][0.7%]
- 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.
30 March 2016
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Monthly Factsheet
Al Mal Liquidity Fund
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NAV Per Unit: AED 1.18
Fund Manager Comment
The Al Mal Liquidity Fund was up 0.13% in March, and has delivered returns of ~ 18.43% since its launch in April 2009.
The liquidity conditions continue to remain tight. The one-week EIBOR increased from 40 bps at the beginning of March to 44 bps towards the end, ranging between 36 bps to 46 bps during the month.
The Fund’s net yield is around 1.33% level, well above the benchmark.
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 Jan-10 Oct-10 Jul-11 Apr-12 Jan-13 Oct-13 Jul-14 Apr-15 Jan-16
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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 0.75% 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 13%
2-3 21%
0-1 67%
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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%
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% 0.36%
Since Inception 18.43%
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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 your liquidity during uncertain and volatile markets
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.