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AL Mal UAE Equity Fund — Fund Information / Factsheet 2016
Dec 14, 2016
66382_rns_2016-12-14_21200b7a-39c5-4b78-a4c6-44bd4af36c9b.pdf
Fund Information / Factsheet
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MONTHLY FACT SHEETS November 2016
Al Mal UAE Equity Fund Al Mal MENA 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 30 November | Launch Date |
NAV Per Unit1 | Week To Date |
Month To Date | YTD 2016 |
Since Inception |
| Al Mal UAE Equity Fund (Performance Inclusive of Dividends) |
April 2006 | AED 1.18 | -0.39% | 1.45% | 3.38% | 22.88% |
| S&P UAE Composite Index | 0.60% | 0.92% | 4.95% | -39.94% | ||
| Al Mal MENA Equity Fund | June 2008 | USD 7.42 | 0.00% | -2.37% | -5.60% | -25.80% |
| S&P Pan Arab Large Cap Index | 1.32% | 5.12% | 0.85% | -45.62% |
Income Funds
| Income Funds | ||||||
|---|---|---|---|---|---|---|
| As of 30 November | Launch Date |
NAV Per Unit1 | Yield2 | Month To Date | YTD 2016 |
Since Inception |
| Al Mal MENA Income Fund (Performance Inclusive of Dividends) |
Feb 2009 | USD 12.59 | 3.93% | -0.97% | 1.41% | 35.10% |
| Al Mal Liquidity Fund | April 2009 | AED 1.20 | 1.93% | 0.18% | 1.56% | 19.84% |
Notes:
Performance data is net of fees. Performance computation is done internally based on reports from third-party administrators (Standard Chartered/Apex/Al Mal)
-
NAV Per Unit is rounded to two decimal places for reporting purposes only.
-
For Al Mal MENA Income Fund, yield refers to average Yield to Maturity (“Yield”) for the invested portion (excl cash portion). For Al Mal Liquidity Fund, yield refers to 7-day annualized portfolio return (net).
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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 2
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Al Mal UAE Equity Fund– Monthly Factsheet
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NAV Per Unit: AED 1.18
Al Mal UAE Equity Fund was up 1.45% in November v/s. 0.9% increase in S&P UAE Index. Since inception, the Fund has outperformed the benchmark by 62.8%.
Market Overview
DFM Index was up 1.2% in November, outperforming the MSCI emerging market index which ended negative 4.9%.
The UAE markets moved positively post US elections, showing higher correlation with developed markets instead of Emerging markets. The real estate sector in Dubai remain under pressure due to stronger dollar and higher supply, which is expected to stabilize by mid-2017, while Abu Dhabi is expected to see some more pressure in Q4 which might continue in 2017. The hotel occupancy in Dubai remains sluggish at 75%, lowest since 2005, despite average room rent dropping by 9% y-o-y.
The banking sector in the UAE remains stable with profitability remaining sluggish in Q3 down 3.5% y-o-y due to higher provisioning. The catalyst for the sector could come from EXPO 2020 related projects, once the tendering begins, which would improve the loan growth.
The UAE PMI Increased to 54.2 in November vs 53.3 in October, suggesting a modest growth in non-oil economic activity.
Performance Graph
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Al Mal UAE Equity Fund S&P UAE Index (Rebased)
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
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 Oct-16
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1Benchmark was MSCI UAE Index since inception until Dec 2008, replaced thereafter by S&P UAE Composite Index
| Performance2 | Fund | Benchmark3 | Relative Performance |
|
|---|---|---|---|---|
| MTD | 1.5% | 0.9% | 0.5% | |
| YTD | 3.4% | 5.0% | -1.6% | |
| 1 Year | 4.1% | 5.6% | -1.5% | |
| 3 Year* | 7.6% | 3.4% | 4.2% | |
| 5 Year* | 112.4% | 101.4% | 11.0% | |
| Since Inc.* | 22.9% | -39.9% | 62.8% |
Source: Al Mal internal performance measurement based on reports from third-party administrators (Standard Chartered)
2 Performance is net of fees; 3-year and 5-year return is cumulative 3S&P UAE Composite Index
30 November 2016
| Fund Key Information | Fund Key Information |
|---|---|
| Fund Objective: 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 | Tariq Qaqish |
| Inception Date | 5th April 2006 |
| Fund Registration | UAE |
| Currency | AED |
| Subscription | Weekly |
| Dividend Frequency | Yearly |
| Min Subscription | AED 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 |
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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 3
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Al Mal UAE Equity Fund – Monthly Factsheet
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Fund Performance[1]
| Performance Yearly Fund Benchmark Relative Perf. YTD 2016 3.4% 5.0% -1.6% 2015 -15.3% -17.6% 2.3% 2014 11.2% 7.5% 3.7% 2013 81.4% 88.0% -6.6% 2012 28.7% 23.5% 5.2% 2011 -18.4% -17.7% -0.7% 2010 -1.0% -8.8% 7.8% 2009 31.2% 24.6% 6.6% 2008 -56.9% -69.4% 12.5% 2007 50.4% 54.8% -4.4% 2006 -19.1% -35.2% 16.1% Since Inc. 22.9% -39.9% 62.8% |
Fund Characteristics2 Fund Benchmark Standard Deviation 21.1% 23.5% Sharpe Ratio 0.67 0.55 Beta 0.88 Tracking Error 4.7% Information Ratio 0.11 Performance Monthly Fund Benchmark Relative Perf. Jan -13.4% -12.1% -1.3% Feb 12.9% 13.0% -0.1% Mar 5.1% 5.5% -0.4% Apr 5.6% 4.4% 1.2% May -5.4% -6.9% 1.5% Jun -0.4% 1.7% -2.1% Jul 5.3% 6.3% -1.0% Aug -1.03% -0.9% -0.1% Sep -1.1% -0.8% -0.3% Oct -3.4% -4.0% 0.60 Nov 1.5% 0.9% 0.5% Dec YTD 2016 3.4% 5.0% -1.6% Sector Allocation Geographic Allocation 0% 10% 20% 30% 40% Banks Real Estate Transport Diversified Fin Energy Capital Goods Telecom Others Cash Benchmark Fund 0% 20% 40% 60% Abu Dhabi Dubai Nasdaq Cash Benchmark Fund |
|---|---|
| Top Portfolio Holdings % of Fund Emaar Properties 12.9 ADCB 8.6 NBAD 7.1 Aramex 6.4 FGB 5.7 Total # of Holdings 19 1Performance is net of fees |
|
| Fund Characteristics2 Fund Benchmark |
|
| Standard Deviation 21.1% 23.5% |
|
| Sharpe Ratio 0.67 0.55 |
|
| Beta 0.88 |
|
| Tracking Error 4.7% |
|
| Information Ratio 0.11 |
|
| 2Calculated using 5-year weekly data |
| 1 | Performance is net of fees | ||||
|---|---|---|---|---|---|
| Top Portfolio Holdings | % of Fund | Fund Characteristics2 | Fund | Benchmark | |
| Emaar Properties | 12.9 | Standard Deviation | 21.1% | 23.5% | |
| ADCB | 8.6 | Sharpe Ratio | 0.67 | 0.55 | |
| NBAD | 7.1 | Beta | 0.88 | ||
| Aramex | 6.4 | Tracking Error | 4.7% | ||
| FGB | 5.7 | Information Ratio | 0.11 | ||
| Total # of Holdings | 19 | 2Calculated using 5-year weekly data |
Source: Al Mal internal performance measurement based on reports from third-party administrators (Standard Chartered/Apex)
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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 4
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Al Mal MENA Equity Fund – Monthly Factsheet
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NAV Per Unit: USD 7.42
Al Mal MENA Equity Fund was down 2.4% in November v/s. 5.1% Increase in the S&P Pan Arab Index. The Fund has outperformed the benchmark by 19.8% since its launch in June 2008.
Market Overview
Regional markets ended November on a mixed note, with Saudi Index soaring, up 18.4%, while DFM Index was marginally up 1.2% and Qatar Index was down 4%.
The Brent gained around 15% due to OPEC and nonOPEC production cut which is likely to provide more stability to the oil prices.
In KSA, the SAMA indicated that they will resume the local bond sale program only in H1 2017, which is positive for the banking sector, as it eases liquidity and encourages the private sector to borrow. In Q3, Banks’ profitability was down 5.6% due to higher provisioning, cost of risk increased to 80bps vs 44bps y- o-y, still not fully reflecting the deteriorating macro economic situation.
In the UAE, Dubai metro’s USD 1.1bn loan and other Expo 2020 related projects would help in improving loan growth for the Banking sector in coming quarters and further boost the overall economy. Dubai airports saw passenger growth of 2.7% y-o-y depicting strong position of UAE as tourism hub.
Egypt forex reserves reached highest level since 2011, post devaluation; plan for USD 6bn bond in 2017 would further support the economy and currency.
PMI data points for KSA and UAE suggests modest pace of growth. PMI data points for Egypt showed increasing challenges with reading of 41.8 v/s. 42.0 in October, still on contractionary mode.
Performance Graph
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12 Al Mal MENA Equity Fund
S&P Pan Arab LargeCap Index (Rebased)
11
10
9
8
7
6
5
4
Jun-08 Apr-09 Feb-10 Dec-10 Oct-11 Aug-12 Jun-13 Apr-14 Feb-15 Dec-15 Oct-16
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| Performance1 | Fund | Benchmark2 | Relative Perf. | |
|---|---|---|---|---|
| MTD YTD |
-2.4% -5.6% |
5.1% 0.85% |
-7.5% -6.5% |
|
| 1 Year 3 Years |
-6.2% -15.1% |
-2.1% -15.4% |
-4.1% 0.3% |
|
| 5 Year | 15.8% | 0.4% | 15.4% | |
| Since Inc. | -25.8% | -45.6% | 19.8% |
Source: Al Mal internal performance measurement based on reports from third-party administrators (Apex)
1 Performance is net of fees; 3-year and 5-year return is cumulative 2S&P Pan Arab Composite LargeCap Index
30 November 2016
| Fund Key Information | Fund Key Information |
|---|---|
| Fund Objective: 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 |
| 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 |
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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 5
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Al Mal MENA Equity Fund – Monthly Factsheet
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Fund Performance[1]
| Performance | Fund | Benchmark | Relative Perf. |
Performance | Fund | Benchmark | Relative Perf. |
Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| YTD 2016 | -5.6% | 0.9% | 6.5% | Jan | -12.2% | -13.4% | 1.2% | Cash | ||||||||
| 2015 2014 2013 2012 2011 |
-12.5% -0.7% 31.1% 6.6% -8.8% |
-17.6% -1.5% 18.9% 2.6% -15.1% |
5.1% 0.8% 12.2% 4.0% 6.3% |
Feb Mar Apr May Jun Jul Aug |
8.7% 3.9% 4.0% -4.9% -1.4% 3.4% -0.25% |
6.9% 2.6% 5.4% -3.9% -0.9% 2.1% -1.2% |
1.8% 1.3% -1.4% -1.0% -0.5% 1.3% 1.0% |
Telecoms Diversified Fin Capital Goods Transportation Others Energy Materials F&B |
||||||||
| 2010 2009 |
15.7% 17.7% |
13.9% 12.7% |
1.8% 5.0% |
Sep Oct |
-3.1% 0.1% |
-3.8% 3.6% |
0.7% -3.5% |
Banks Real Estate |
||||||||
| Nov | -2.4% | 5.1% | -7.5% | 0% | 20% | 40% | 60% | |||||||||
| 2008 | -47.5% | -49.9% | 2.4% | |||||||||||||
| Since Inc. | -25.8% | -45.6% | 19.8% | Dec YTD 2016 |
-5.6% | 0.9% | 6.5% | Geographic Allocation Benchmark Fund |
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Cash
F&B
Materials
Energy
Others
Transportation
Capital Goods
Diversified Fin
Telecoms
Real Estate
Banks
0% 20% 40% 60%
Benchmark Fund
Geographic Allocation
Cash
Other
Nasdaq
Saudi Arabia
Kuwait
Egypt
Dubai
Qatar
Abu Dhabi
0% 10% 20% 30% 40% 50%
Benchmark Fund
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1 Performance is net of fees
| Performance is net of fees | |
|---|---|
| Top Portfolio Holdings | % of Fund |
| Ooredoo Qsc | 5.5 |
| Dana Gas | 4.5 |
| Qatar National Bank | 4.0 |
| Makkah Construction | 4.0 |
| Saudi Telecom Company | 3.9 |
| Total # of Holdings | 32 |
| Fund Characteristics2 | Fund | Benchmark |
|---|---|---|
| Standard Deviation | 14.8% | 14.2% |
| Sharpe Ratio | 0.08 | -0.13 |
| Beta | 0.98 | - |
| Tracking Error | 5.3% | |
| Information Ratio | 0.56 |
Source: Al Mal internal performance measurement based on reports from third-party administrators (Apex)
2 Calculated using 5-year weekly data
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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 6
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Al Mal MENA Income Fund – Monthly Factsheet
30 November 2016
NAV Per Unit: USD 12.59
| NAV Per Unit: USD 12.59 | 30 November 2016 | 30 November 2016 | |
|---|---|---|---|
| Market Overview & Fund Manager Comments Al Mal MENA Income Fund was down 1.0% in November. The Fund has delivered returns of 35.1% since its launch in February 2009. The market is expecting almost 100% probability of FED increasing interest rate in December, leading to higher yields; the US 10 year treasury yield soared to 2.5%, up almost 70 bps post US Election results. Year-to-date, GCC issuers have raised c.USD 50 billion from international markets in dollar paper, with GCC sovereigns contributing c.75% of total issuance. KSA government is expected to resume local bond sale in 2017, while Oman and Kuwait are expected to follow KSA on international bond sale, with Oman expected to raise USD 2bn in 2017 Performance Graph 1Benchmark was HSBC MENA Bond Index since inception until Dec 2013, replaced thereafter by S&P MENA Bond Index 9.8 10.3 10.8 11.3 11.8 12.3 12.8 13.3 13.8 14.3 Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16 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 Comm. Bank of Qatar 19 BBB+/ A2 8.6 4.25% Batelco BB-/BB+ 7.6 ICD Sukuk Not Rated 7.6 Total # of Holdings 23 Portfolio Analysis Portfolio Maturity 4.3 years Avg. YTM (Gross) of Investments 3.9% Weighted avg. Rating of Portfolio BBB+ Banks Money Market Real Estate Transportation Retail Financial Services Telecom Utilities Governement Bonds 0% 10% 20% 30% 40% 50% Dubai Money Market - UAE Qatar Oman Bahrain Abu Dhabi Kuwait Sharjah 0% 10% 20% 30% 40% 50% |
Fund Key Information | |
| Fund Objective: 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 Managers | 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 | ||
| Performance2 Jan Feb Mar Apr May June July Aug |
Sept Oct Nov Dec YTD 2016 2015 20 |
Market Overview & Fund Manager Comments
Al Mal MENA Income Fund was down 1.0% in November. The Fund has delivered returns of 35.1% since its launch in February 2009.
The market is expecting almost 100% probability of FED increasing interest rate in December, leading to higher yields; the US 10 year treasury yield soared to 2.5%, up almost 70 bps post US Election results.
Year-to-date, GCC issuers have raised c.USD 50 billion from international markets in dollar paper, with GCC sovereigns contributing c.75% of total issuance. KSA government is expected to resume local bond sale in 2017, while Oman and Kuwait are expected to follow KSA on international bond sale, with Oman expected to raise USD 2bn in 2017
Performance Graph
Source: Al Mal internal performance measurement based on reports from Al Mal Capital/Operations
2 Performance is net of fees
Private and Confidential
Al Mal Liquidity Fund – Monthly Factsheet
30 November 2016
NAV Per Unit: AED 1.20
| NAV Per Unit: AED 1.20 | 30 November 201 | 30 November 201 |
|---|---|---|
| Market Overview & Fund Manager Comments The Al Mal Liquidity Fund was up 0.18% in November, and has delivered returns of c.19.8% since its launch in April 2009. 1-week EIBOR continued to increase towards end of November, factoring in very high possibility of Fed increasing interest rate in December, and also reflecting prevailing tight liquidity conditions in the banking sector. The Fund has delivered c.1.6% YTD, well above the benchmark which is at 0.57% Fund Key Information Months to Maturity 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 10% 47% 25% 18% 0-1 2-3 4-6 7-12 1.00 1.05 1.10 1.15 1.20 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 Oct-16 Fund NAV 1 Week EIBOR (Benchmark) |
Fund Key Information | |
| Fund Objective: 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 Managers | 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 | |
| Fund Type | Open Ended | |
| Administrator | 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 | |
| Performance1 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% 0.17% 0.14% 0.18% 0.14% 0.14% 0.18% 1.6% 1.5% 1.7% 1.9% 2.1% 2.6% 3.8% 19.8% |
Source: Al Mal internal performance measurement based on reports from our back office
2 Performance is net of fees
Private and Confidential
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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48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 9
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