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AL Mal UAE Equity Fund — Fund Information / Factsheet 2017
Jun 14, 2017
66382_rns_2017-06-14_2a802fe5-9b0e-427e-ae3e-84c3b7cc778e.pdf
Fund Information / Factsheet
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MONTHLY FACT SHEETS May 2017
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 31 May | Launch Date |
NAV Per Unit1 | Week To Date |
Month To Date | YTD 2017 |
Since Inception |
| Al Mal UAE Equity Fund (Performance Inclusive of Dividends) |
April 2006 | AED 1.32 | -0.08% | 1.25% | 6.48% | 36.57% |
| S&P UAE Composite Index | -1.18% | -1.57% | -0.60% | -38.00% | ||
| Al Mal MENA Equity Fund | June 2008 | USD 8.04 | 1.01% | 3.47% | 6.21% | -19.60% |
| S&P Pan Arab Large Cap Index | 0.04% | 0.70% | -0.34% | -44.04% |
Income Funds
| Income Funds | ||||||
|---|---|---|---|---|---|---|
| As of 31 May | Launch Date |
NAV Per Unit1 | Yield2 | Month To Date | YTD 2017 |
Since Inception |
| Al Mal MENA Income Fund (Performance Inclusive of Dividends) |
Feb 2009 | USD 12.90 | 3.48% | 0.51% | 2.19% | 38.22% |
| Al Mal Liquidity Fund | April 2009 | AED 1.21 | 1.78% | 0.18% | 0.79% | 20.95% |
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 MENA Equity Fund – Monthly Factsheet
NAV Per Unit: USD 8.04
Markets had mixed performance in May with Dubai being the worst losing -2.2%. The sentiment is not really improving and price fluctuations is still high due to volatile oil prices and heightened geopolitical tension in the GCC. Nevertheless, we stay focused on our underlying investments fundamentals and future prospects. In these uncertain times, the Fund managed to add +3.5% vs. +0.7% for the benchmark.
The Power of Unlocking Value
One of our core holdings Emaar Properties decided to list its UAE development business. We like the announcement for 4 major things 1) It shows the managements’ value creation by distributing most of the IPO proceeds as dividends. This takes place when many other companies piles up cash and splash it on destructive acquisitions, lose it by speculating in the stock market or commit the most naïve act which is investing it in fixed income instruments generating yield of 4% while their cost of equity is at least 10% 2) It will enhance the Return of Equity for Emaar 3) It will reduce uncertainty regarding the UAE development business value, hence, decrease the risk premium 4) It will raise the bar for other companies.
The other side of Aviation
Unlike their global peers airline carriers are not doing really well in MENA. Many of them are losing money and would disappear without government support, while the few profitable ones saw their bottom lines fall by more than 50%. The reason is not slowing demand, but rather increased competition. The picture is not the same across the whole value chain. Aircrafts leasing is doing well due to high demand, increased passenger traffic and the very simple fact of mobility of the leased asset, so it can follow demand across the globe. A valuable addition to our portfolio this month was ALAFCO in Kuwait. The company will double its fleet by 2020 and has a long track record in the business.
Performance Graph
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12.0 Al Mal MENA Equity Fund
S&P Pan Arab LargeCap Index (Rebased)
10.0
8.0
6.0
4.0
Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17
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| Performance1 | Fund | Benchmark2 | Relative Perf. | |
|---|---|---|---|---|
| MTD YTD |
3.5% 6.21% |
0.7% -0.34% |
2.8% 6.6% |
|
| 1 Year | 4.8% | 8.6% | -3.8% | |
| 3 Years | -23.2% | -25.2% | 2.0% | |
| 5 Year | 16.2% | -0.2% | 16.4% | |
| Since Inc. | -19.6% | -44.04% | 24.44% |
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
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31 May 2017
| 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 | Marwan Haddad, CFA |
| 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 3
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Al Mal MENA Equity Fund – Monthly Factsheet
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Fund Performance[1]
| Performance | Fund | Benchmark | Relative |
|---|---|---|---|
| Perf. | |||
| YTD 2017 | 6.2% | -0.3% | 6.5% |
| 2016 | -3.7% | 4.1% | -7.8% |
| 2015 | -12.5% | -17.6% | 5.1% |
| 2014 | -0.7% | -1.5% | 0.8% |
| 2013 | 31.1% | 18.9% | 12.2% |
| 2012 | 6.6% | 2.6% | 4.0% |
| 2011 | -8.8% | -15.1% | 6.3% |
| 2010 | 15.7% | 13.9% | 1.8% |
| 2009 | 17.7% | 12.7% | 5.0% |
| 2008 | -47.5% | -49.9% | 2.4% |
| Since Inc. | -19.6% | -44.04% | 24.44% |
| Since Inc. -19.6% -44.04% |
24.44% | |
|---|---|---|
| 1 | Performance is net of fees | |
| Top Portfolio Holdings | % of Fund | |
| Aramex | 7.2 | |
| NMC Health | 7.0 | |
| DP World | 7.0 | |
| Emaar Properties | 5.8 | |
| ALAFCO | 4.7 | |
| Total # of Holdings | 23 |
Source: Al Mal internal performance measurement based on reports from third-party administrators (Apex)
| Performance | Fund | Benchmark | Relative Perf. |
Sector | Allocation | Allocation | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Jan | 2.6% | 3.0% | -0.4% | |||||||
| Cash | ||||||||||
| Feb | 1.2% | 0.0% | 1.2% | Insurance | ||||||
| Mar | -2.5% | -3.1% | 1.4% | Materials | ||||||
| Apr | 1.4% | -0.8% | 2.2% | Others Education |
||||||
| May Jun |
3.5% | 0.7% | 2.8% | Industrial Transportation |
||||||
| Jul Aug |
Real Estate Telecoms Fin Services |
|||||||||
| Sep | Banks | |||||||||
| Oct | 0% | 20% | 40% | 60% | ||||||
| Nov Dec |
Benchmark | Fund | ||||||||
| 2017 | 6.2% | -0.3% | 6.5% | Geographic Allocation |
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Cash
Other
Nasdaq
Saudi Arabia
London
Kuwait
Egypt
Dubai
Qatar
Abu Dhabi
0% 10% 20% 30% 40% 50%
Benchmark Fund
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| Fund Characteristics2 | Fund | Benchmark |
|---|---|---|
| Standard Deviation | 14.6% | 14.0% |
| Sharpe Ratio | 0.09 | -0.13 |
| Beta | 0.96 | - |
| Tracking Error | 5.6% | |
| Information Ratio | 0.56 |
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 4
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Al Mal UAE Equity Fund– Monthly Factsheet
NAV Per Unit: AED 1.32
Performance Graph
Sentiment is not really improving and price fluctuations is still high due to volatile oil prices and heightened geopolitical tension in the GCC. Nevertheless, we stay focused on our underlying investments’ fundamentals and future prospects. In these uncertain times, the Fund managed to add +1.3% versus a -1.6% drop for the benchmark.
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Al Mal UAE Equity Fund S&P UAE Index (Rebased)
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
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 Oct-16 May-17
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The Power of Unlocking Value
One of our core holdings Emaar Properties decided to list its UAE development business. We like the announcement for 4 major things 1) It shows the managements’ value creation by distributing most of the IPO proceeds as dividends. This takes place when many other companies piles up cash and splash it on destructive acquisitions, lose it by speculating in the stock market or commit the most naïve act which is investing it in fixed income instruments generating yield of 4% while their cost of equity is at least 10%, 2) It will enhance the Return of Equity for Emaar, 3) It will reduce uncertainty regarding the UAE development business value, hence, decrease the risk premium, 4) It will raise the bar for other listed companies.
1Benchmark was MSCI UAE Index since inception until Dec 2008, replaced thereafter by S&P UAE Composite Index
| Performance2 | Fund | Benchmark3 | Relative Performance |
|
|---|---|---|---|---|
| MTD | 1.3% | -1.6% | 2.9% | |
| YTD 1 Year |
6.5% 12.6% |
-0.6% 6.5% |
7.1% 6.2% |
|
| 3 Year 5 Year** |
-15.1% 118.5% |
-27.5% 97.3% |
12.4% 21.2% |
|
| Since Inc.* | 36.8% | -38.0% | 74.8% |
Core Support
A big support this month came from our key holdings NMC Health and DP World. NMC continued to rally as they are more comfortable now with the higher end of their guidance after the government decided to reverse the 20% co-payment for Thiqa patient (Abu Dhabi government health insurance for local Emiratis). For DP World, investors are getting more comfortable with Jebel Ali operations after showing signs of stabilization in the first quarter of 2017. Moreover, the company acquired the majority remaining stake in its Brazilian and South Korean operations and just announced recently in a new acquisition in Spain.
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
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31 May 2017
| 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 | Marwan Haddad, CFA |
| 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 5
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Al Mal UAE Equity Fund – Monthly Factsheet
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Fund Performance[1]
| Top Portfolio Holdings % of Fund Emaar Properties 12.8 Aramex 12.2 First Abu Dhabi Bank 11.8 Total # of Holdings 9 Performance Yearly Fund Benchmark Relative Perf. YTD 2017 6.5% -0.6% 7.1% 2016 7.9% 9.0% -1.1% 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. 36.6% -38.0% 74.8% 1Performance is net of fees |
Fund Characteristics2 Fund Benchmark Standard Deviation 20.5% 22.7% Sharpe Ratio 0.74 0.56 Beta 0.89 Tracking Error 4.6% Information Ratio 0.34 Performance Monthly Fund Benchmark Relative Perf. Jan 3.7% 3.6% 0.1% Feb 1.4% 1.1% 0.3% Mar -1.5% -4.5% 3.0% Apr 1.5% 1.0% 0.5% May 1.3% -1.6% 2.9% Jun Jul Aug Sep Oct Nov Dec 2017 6.5% -0.6% 7.1% Sector Allocation Geographic Allocation 0% 10% 20% 30% 40% Banks Real Estate Transport Diversified Fin Healthcare Cash Benchmark Fund Abu Dhabi Dubai Nasdaq London Stock Exchange Cash |
|---|---|
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Cash
London Stock
Exchange
Nasdaq
Dubai
Abu Dhabi
0% 20% 40% 60%
Benchmark Fund
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2 Calculated 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 6
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Al Mal MENA Income Fund – Monthly Factsheet
31 May 2017
NAV Per Unit: USD 12.90
| NAV Per Unit: USD 12.90 | NAV Per Unit: USD 12.90 | 31 May 2017 | 31 May 2017 | |
|---|---|---|---|---|
| Performance Graph 1Benchmark was HSBC MENA Bond Index since inception until Dec 2013, replaced thereafter by S&P MENA Bond Index Market Overview & Fund Manager Comments Al Mal MENA Income Fund was up 0.5% in May. The Fund has delivered returns of 38% since its launch in February 2009. US 10 year treasury yield ended 11 bps lower at 2.2% at end of may, as inflation expectation subsided and the fed now is expected to change its tone to be more moderate on back of lower than expected farm payroll increases and lower inflation. We believe June hike is discounted by the market and the focus now will be on the forward guidance by fed. Volatility remain subdued during the month of may while we saw some uptick during start of June owing to heightened Qatar risk. QAR forward rates jumped to 543bps vs 175 bps at end of may which led to yield expansion to cover risk of currency peg. 9.8 10.3 10.8 11.3 11.8 12.3 12.8 13.3 13.8 14.3 Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 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 8.2 ICD Sukuk Not Rated 7.4 4.25% Batelco BB-/BB+ 7.4 Total # of Holdings 23 Portfolio Analysis Portfolio Maturity 3.9 years Avg. YTM (Gross) of Investments 3.6% 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 Abu Dhabi Bahrain Sharjah Kuwait 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 | Al Mal Capital | |||
| 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 | |||
| Al Mal MENA Income Fund HSBC / S&P MENA USD 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 | |||
| rk was HSBC MENA Bond Index since inception until Dec 2013, replaced thereafter by S&P MENA Bond Index May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 |
||||
| Reuters Code | LP65154947 | |||
| Morningstar Sec ID | F00000JQIR | |||
| 2014 2013 2012 2011 2010 2009 Since Inception 5.5% 1.8% 12.6% 7.6% 3.8% -2.0% 38.2% |
||||
| Performance2 Jan Feb Mar Apr May June July Aug |
Sept Oct Nov Dec YTD 2017 2016 2015 |
|||
| Al Mal MENA Income Fund (Perf. Inclusive of Dividends.) 0.4% 0.7% 0.2% 0.4% 0.5% |
2.2% 1.5% 0.9% |
Market Overview & Fund Manager Comments
Al Mal MENA Income Fund was up 0.5% in May. The Fund has delivered returns of 38% since its launch in February 2009.
US 10 year treasury yield ended 11 bps lower at 2.2% at end of may, as inflation expectation subsided and the fed now is expected to change its tone to be more moderate on back of lower than expected farm payroll increases and lower inflation. We believe June hike is discounted by the market and the focus now will be on the forward guidance by fed.
Volatility remain subdued during the month of may while we saw some uptick during start of June owing to heightened Qatar risk. QAR forward rates jumped to 543bps vs 175 bps at end of may which led to yield expansion to cover risk of currency peg.
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
NAV Per Unit: AED 1.21
31 May 2017
| NAV Per Unit: AED 1.21 | 31 May 2017 | 31 May 2017 |
|---|---|---|
| Market Overview & Fund Manager Comments The Al Mal Liquidity Fund was up 0.18% in may, and has delivered returns of c.21.0% since its launch in April 2009. 1-week EIBOR had been ranging between 0.83% to 0.88% in may and ended the month at 0.83%. Liquidity conditions continue to be at comfortable levels – according to the April aggregate numbers announced by the Central Bank, deposits were up 2.7% YTD vs loan growth of 1.3%.government deposits were up 3% during the month showing good growth in sticky deposits 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 1.00 1.05 1.10 1.15 1.20 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Fund NAV 1 Week EIBOR (Benchmark) 10% 33% 23% 35% 0-1 2-3 4-6 7-12 |
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 | Al Mal Capital | |
| 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 2017 2016 |
||
| 2015 2014 2013 2012 2011 2010 ~~Since~~ Inception |
||
| Al Mal Liquidity Fund 0.14% 0.14% 0.18% 0.15% 0.18% 0.79% 1.7% |
1.5% 1.7% 1.9% 2.1% 2.6% 3.8% 21.0% |
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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