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AL Mal UAE Equity Fund — Fund Information / Factsheet 2017
Sep 13, 2017
66382_rns_2017-09-13_6915974f-f9db-4749-95d7-8f66b6b43f2c.pdf
Fund Information / Factsheet
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MONTHLY FACT SHEETS August 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 30 August | 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 1.33 | 0.76% | 1.51% | 11.72% | 42.29% |
| S&P UAE Composite Index | 0.10% | -0.44% | 4.65% | -34.72% | ||
| Al Mal MENA Equity Fund | June 2008 | USD 8.07 | -0.12% | 1.21% | 10.44% | -16.40% |
| S&P Pan Arab Large Cap Index | 0.05% | 0.14% | 4.17% | -41.50% |
Income Funds
| Income Funds | ||||||
|---|---|---|---|---|---|---|
| As of 30 August | 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 12.88 | 3.72% | 0.18% | 2.03% | 38.02% |
| Al Mal Liquidity Fund | April 2009 | AED 1.21 | 1.67% | 0.15% | 1.21% | 21.46% |
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
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NAV Per Unit: USD 8.07
Amid the relatively lower activity summer period, MENA equities continue to grind up gradually. The benchmark added +0.1% during the month of August, while the Fund increased by +1.2% supported by the performance of NMC Healthcare.
Creating shareholder’s Value
We prefer companies where the management’s wealth is linked to performance rather than fixed packages. We have quite a few in MENA namely Aramex and NMC Healthcare . Such companies usually have stable senior management teams and rarely disappoint for a long period of time.
NMC Health, our top core investment reported outstanding results for the first half of the year. Net Income surged 56% on 34% higher revenues. This is the largest position in the portfolio and we expected the company to deliver strong numbers, based on our deep research of the UAE healthcare sector and several investor meetings held with the company’s management. Over the past 12 months, the company focused on continuing its strategic growth through geographic diversification, organic expansion and creating synergies across group businesses. Results were supported by ramp-up in the newly opened facilities and recent Zahra Hospital acquisition in Sharjah. NMC’s long-term growth strategy is focused on more complex medical treatments and ramp-up of current capacity, thus leading to higher value added and return on capital employed. NMC’s share price has rallied significantly by 84% year to date and we still believe the stock can go higher.
Finally, many Saudi companies are well capitalized and similar to banks we expect more companies to increase their dividends. The main drivers for higher dividends are lower economic activities, strong balance sheets and improving liquidity in the system.
Performance Graph
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Al Mal MENA Equity Fund
S&P Pan Arab LargeCap Index (Rebased)
12.0
10.0
8.0
6.0
4.0
Jun-08 Feb-09 Oct-09 Jun-10 Feb-11 Oct-11 Jun-12 Feb-13 Oct-13 Jun-14 Feb-15 Oct-15 Jun-16 Feb-17
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| Performance1 | Fund | Benchmark2 | Relative Perf. | |
|---|---|---|---|---|
| MTD YTD |
1.2% 10.4% |
0.1% 4.2% |
1.1% 6.2% |
|
| 1 Year | 6.8% | 12.7% | -5.9% | |
| 3 Years | -26.7% | -28.4% | 1.7% | |
| 5 Year | 19.3% | 4.2% | 15.1% | |
| Since Inc. | -16.4% | -41.5% | 25.1% |
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 August 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 | 10.4% | 4.2% | 6.2% |
| 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. | -16.4% | -41.5% | 25.1% |
| Since Inc. -16.4% -41.5% |
25.1% | |
|---|---|---|
| 1 | Performance is net of fees | |
| Top Portfolio Holdings | % of Fund | |
| NMC Health | 10.4 | |
| Aramex | 6.7 | |
| ALAFCO | 6.5 | |
| DP World | 6.4 | |
| Emaar Properties | 6.4 | |
| Total # of Holdings | 24 |
Source: Al Mal internal performance measurement based on reports from third-party administrators (Apex)
| Performance | Fund | Benchmark | Relative Perf. |
Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jan | 2.6% | 3.0% | -0.4% | Others | |||||||||
| Feb | 1.2% | 0.0% | 1.2% | Healthcare | |||||||||
| Mar | -2.5% | -3.1% | 1.4% | Cash | |||||||||
| Apr | 1.4% | -0.8% | 2.2% | F&B Services |
|||||||||
| May Jun |
3.5% 2.7% |
0.70% 4.2% |
2.8% -1.5% |
Industrial Transportation |
|||||||||
| Jul | 0.0% | 0.2% | -0.2% | Fin Services | |||||||||
| Aug | 1.2% | 0.1% | 1.1% | Telecoms | |||||||||
| Sep | Banks Real Estate |
||||||||||||
| Oct | |||||||||||||
| 0% | 10% | 20% | 30% | 40% | 50% | 60% | |||||||
| Nov | |||||||||||||
| Dec | Benchmark | Fund | |||||||||||
| 2017 | 10.4% | 4.2% | 6.2% | 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 | 14.5% | 14.0% |
| Sharpe Ratio | 0.13 | -0.06 |
| Beta | 0.95 | - |
| Tracking Error | 5.8% | |
| Information Ratio | 0.49 |
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 1.33
Performance Graph
After a very strong performance last month the market took a breather in August. The benchmark declined by -0.40% in August, while the Fund added +1.5% during the month supported by the performance of NMC Healthcare.
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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 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17
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Creating shareholder’s Value
We prefer companies where the management’s wealth is linked to performance rather than fixed packages. We have quite a few in MENA namely Aramex and NMC Healthcare . Such companies usually have a stable senior management teams and rarely disappoint for a long period of time.
NMC Health, our top core investment reported outstanding results for the first half of the year. Net Income surged 56% on 34% higher revenues. This is the largest position in the portfolio and we expected the company to deliver strong numbers, based on our deep research of the UAE healthcare sector and several investor meetings held with the company’s management. Over the past 12 months, the company focused on continuing its strategic growth through geographic diversification, organic expansion and creating synergies across group businesses. Results were supported by ramp-up in the newly opened facilities and recent Zahra Hospital acquisition in Sharjah. NMC’s long-term growth strategy is focused on more complex medical treatments and ramp-up of current capacity, thus leading to higher value added and return on capital employed.
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% | -0.4% | 1.9% | |
| YTD 1 Year |
11.7% 13.1% |
4.7% 4.5% |
7.0% 8.6% |
|
| 3 Year 5 Year** |
-14.8% 117.1% |
-25.2% 97.8% |
10.4% 19.3% |
|
| Since Inc.* | 43.3% | -34.7% | 78.0% |
NMC’s share price has rallied significantly by 84% year to date – we still believe the market is not pricing in a lot of shareholder value creation and that should drive the stock higher.
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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30 August 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 15.4 NMC 12.9 Aramex 12.1 Total # of Holdings 10 Performance Yearly Fund Benchmark Relative Perf. YTD 2017 11.7% 4.7% 7.0% 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. 43.3% -34.7% 78.0% 1Performance is net of fees |
Fund Characteristics2 Fund Benchmark Standard Deviation 20.4% 22.7% Sharpe Ratio 0.74 0.57 Beta 0.88 - Tracking Error 4.7% Information Ratio 0.31 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 -0.1% 1.4% -1.5% Jul 10.1% 5.1% 5.0% Aug 1.5% -0.4% 1.9% Sep Oct Nov Dec 2017 11.7% 4.7% 7.0% Sector Allocation Geographic Allocation 2Clultd uin 5-r kl dt 0% 10% 20% 30% 40% Banks Real Estate Transport Fin Services Other Healthcare Cash Benchmark Fund Abu Dhabi Dubai Nasdaq LSE Cash |
|---|---|
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Cash
LSE
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
30 August 2017
NAV Per Unit: USD 12.88
| NAV Per Unit: USD 12.88 | 30 August 2017 | 30 August 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 0.2% in August The Fund has delivered returns of 38% since its launch in February 2009. Local bonds were well bid on account of stable oil prices and absence of new supply. Credit spreads on Barclays GCC index tightened 5bps to 140bps. Total return remained positive as investors enjoy coupon collection of ~4% in the region and benchmark US Tresuary yields tightened, thereby driving bond prices higher. Credit Default Swaps (CDS) levels on GCC sovereigns remained elevated close to last months highs. We stick to high quality corporate issues and have a tactical overweight on some names in Qatar due to attractive yields, where we see limited impact from the ongoing altercation. 9.8 10.3 10.8 11.3 11.8 12.3 12.8 13.3 13.8 14.3 14.8 Dec-10 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 Al Mal MENA Income Fund HSBC / S&P MENA USD Bond Index** |
Geographic Allocation Sector Allocation Top Portfolio Holdings Credit Rating: S&P/Moody % of Fund CBQ Finance Ltd. Not Rated 8.4 3.508% ICD Sukuk Co. Ltd. BB-/BB+ 7.8 Batelco 4.25% Not Rated 7.8 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 Financial Services Real Estate Others Transportation Telecom Utilities Retail Governement Bonds 0% 10% 20% 30% 40% Dubai Other 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 | ||
| 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 | ||
| 2014 2013 2012 2011 2010 2009 Since Inception 5.5% 1.8% 12.6% 7.6% 3.8% -2.0% 38.0% |
|||
| 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% 0.6% -0.9% 0.6% 0.2% |
2.0% 1.5% 0.9% |
Market Overview & Fund Manager Comments
Al Mal MENA Income Fund was up 0.2% in August The Fund has delivered returns of 38% since its launch in February 2009.
Local bonds were well bid on account of stable oil prices and absence of new supply. Credit spreads on Barclays GCC index tightened 5bps to 140bps. Total return remained positive as investors enjoy coupon collection of ~4% in the region and benchmark US Tresuary yields tightened, thereby driving bond prices higher.
Credit Default Swaps (CDS) levels on GCC sovereigns remained elevated close to last months highs.
We stick to high quality corporate issues and have a tactical overweight on some names in Qatar due to attractive yields, where we see limited impact from the ongoing altercation.
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
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NAV Per Unit: AED 1.21
30 August 2017
| NAV Per Unit: AED 1.21 | 30 August 2017 | 30 August 2017 |
|---|---|---|
| Market Overview & Fund Manager Comments The Al Mal Liquidity Fund was up 0.15% in August, and has delivered returns of ~ 21.5% since its launch in April 2009. 1-week EIBOR had been in a tight range between 1.05% to 1.15% in August and ended the month at 1.12%.The fed has already increased the rates twice in 2017 and might go for one more hike if the job creation data remain strong Liquidity conditions continue to be at comfortable levels with most of the government deposits coming back to the system up 5.4% year to date. 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 1.25 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 Fund NAV 1 Week EIBOR (Benchmark) 23% 15% 15% 47% 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% 0.13% 0.13% 0.15% 1.21% 1.7% |
1.5% 1.7% 1.9% 2.1% 2.6% 3.8% 21.5% |
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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