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AL Mal UAE Equity Fund — Fund Information / Factsheet 2017
Jul 11, 2017
66382_rns_2017-07-11_41c396d5-4b35-4c89-8a00-4a9ea25b811c.pdf
Fund Information / Factsheet
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MONTHLY FACT SHEETS June 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 28 June | 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 | -0.44% | -0.07% | 6.40% | 36.48% |
| S&P UAE Composite Index | -0.59% | 1.39% | 0.78% | -37.14% | ||
| Al Mal MENA Equity Fund | June 2008 | USD 8.26 | 0.73% | 2.74% | 9.11% | -17.40% |
| S&P Pan Arab Large Cap Index | 1.33% | 4.23% | 3.87% | -41.67% |
Income Funds
| Income Funds | ||||||
|---|---|---|---|---|---|---|
| As of 28 June | 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 12.78 | 3.82% | -0.87% | 1.30% | 37.02% |
| Al Mal Liquidity Fund | April 2009 | AED 1.21 | 1.76% | 0.14% | 0.93% | 21.12% |
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 8.26
Performance Graph
Saudi Arabia dominated the scene in June after the MSCI watch-list addition. We have been increasing our allocation to Saudi, but still cautious in adding names. The Fund is up for the 3rd consecutive month increasing by +2.7% versus +4.2% for the benchmark. June’s relative underperformance is due to lower exposure to Saudi.
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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
Performance [1] Fund Benchmark [2] Relative Perf.
MTD 2.7% 4.2% -1.5%
YTD 9.1% 3.9% 5.2%
1 Year 8.8% 13.4% -4.6%
3 Years -18.0% -20.3% 2.3%
5 Year 21.5% 4.9% 16.6%
Since Inc. -17.4% -41.7% 24.3%
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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Many will argue that the recent rally in Saudi will be short lived. While we do not have a crystal ball and also believe volatility will stay high, we view recent developments as positive. It is not just about the inclusion into MSCI index itself, but we actually like the new energy among Saudi decision makers and if the positive momentum continues, Saudi is a place where we definitely want to be invested in. Indeed, there one aspect of the Saudi story on which we are getting very comfortable: not only Saudi leaders have the ability to change things, but more importantly they now have the willingness to do so.
Saudi Banks
We believe there are strong arguments for higher allocation– Fundamentally, improving net interest margins, better system liquidity, strong capitalization, cheap valuations and higher payouts. Technically, it is all about the MSCI upgrade next year and FTSE by year end.
Generally speaking banks are more like a “black box”, as we do not know to whom they are lending and how much risk they assume. Therefore, we like banks which maintains a nice balance between their credit and sales cultures, and at the same time have enough scale to control costs. A clear reflection of a healthy culture is payout ratio. Indeed, banks who are more comfortable with their loan book, future profitability and capital base maintains healthy dividends. One bank which we believed is close to a reflection point is National Commercial Bank.
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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28 June 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 9.1% 3.9% 5.2% 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. -17.4% -41.7% 24.3% |
Performance Fund Benchmark Relative Perf. Jan 2.6% 3.0% -0.4% Feb 1.2% 0.0% 1.2% Mar -2.5% -3.1% 1.4% Apr 1.4% -0.8% 2.2% May 3.5% 0.70% 2.8% Jun 2.7% 4.2% -1.5% Jul Aug Sep Oct Nov Dec 2017 9.1% 3.9% 5.2% Sector Allocation Geographic Allocation 0% 10% 20% 30% 40% 50% 60% Banks Materials Telecom Real Estate Food & Beverage Utilities Transportation Insurance Consumer Services Financial Services Industrial Food Healthcare Technology Industrial General Services Cash Other Benchmark Fund |
|---|---|
| Since Inc. -17.4% -41.7% |
24.3% | |
|---|---|---|
| 1 | Performance is net of fees | |
| Top Portfolio Holdings | % of Fund | |
| Aramex | 7.0 | |
| NMC Health | 6.5 | |
| DP World Emaar Properties |
6.5 6.2 |
|
| National Commercial Bank | 5.8 | |
| Total # of Holdings | 23 |
Source: Al Mal internal performance measurement based on reports from third-party administrators (Apex)
| Cash | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fund Characteristics2 | Fund | Benchmark | Other | |||||||||||||
| Standard Deviation Sharpe Ratio Beta Tracking Error Information Ratio 2Calculated using 5-year weekly data |
14.6% 0.15 0.96 5.7% 0.53 |
14.1% -0.06 - |
Saudi Arabia Qatar Kuwait Abu Dhabi Dubai Egypt Nasdaq Dubai London |
0% | 10% 20% | 30% 40% | 50% | |||||||||
| Benchmark | Fund |
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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
The market rebounded in June and added +1.4%, while the Fund retracted by -0.1% on a flatfish performance by our core names. This brings our yearto-date performance to +6.4% outperforming the benchmark by +5.6%. Most of the index performance can be explained by the rally in Dana Gas. The company surprised the market by declaring its USD700 million Sukuk maturing in October, 2017 as unlawful under the sharia law, hence the UAE law. This might seem perplexing, but a lot can be explained by understanding Dana’s current troubles.
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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
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The Dana Story:
Dana Gas has around USD900 million (47% of its capital) in receivables, and even though the Egyptian government paid part of its dues recently, timely collections are still the company’s biggest challenge. The bulk of receivables are in Kurdistan and the situation there is not clear. There is an independence referendum in September this year and as a result military buildup on the Turkish border, therefore, it might be years before we see a solution there. Moreover, there is no guarantee that receivables won’t build up again in Egypt.
1Benchmark was MSCI UAE Index since inception until Dec 2008, replaced thereafter by S&P UAE Composite Index
| Performance2 | Fund | Benchmark3 | Relative Performance |
|
|---|---|---|---|---|
| MTD YTD |
-0.1% 6.4% |
1.4% 0.8% |
-1.5% 5.6% |
|
| 1 Year | 12.2% | 6.0% | 6.2% | |
| 3 Year 5 Year** |
-7.0% 117.2% |
-11.9% 97.0% |
4.9% 20.2% |
|
| Since Inc.* | 36.48% | -37.1% | 73.6% |
It is true the company has good assets and a dozen of law suits, but the best firms can collapse on cash-flow shortage, and this is where the situation got critical for the company. Maintaining current spending and production levels was almost impossible with such high interest rates (USD69 million on the Sukuk in 2016, which is 28% of their net revenue for the year), therefore, some drastic measures needed to take place.
Since the current Sukuk are unlawful, the company is trying to price the new ones at 50% lower, which is kind of harsh in our opinion and might affect confidence in the market. Usually equity investors suffer before bondholder, but it seems not in this case.
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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28 June 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]
| Performance Yearly |
Fund | Benchmark | Relative Perf. |
Performance Monthly |
Fund | Benchmark | Relative Perf. |
Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | Sector Allocation | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| YTD 2017 | 6.4% | 0.8% | 5.6% | Jan | 3.7% | 3.6% | 0.1% | |||||||||||||||||
| Cash | ||||||||||||||||||||||||
| 2016 | 7.9% | 9.0% | -1.1% | Feb | 1.4% | 1.1% | 0.3% | |||||||||||||||||
| 2015 | -15.3% | -17.6% | 2.3% | Mar | -1.5% | -4.5% | 3.0% | Healthcare | ||||||||||||||||
| 2014 2013 2012 |
11.2% 81.4% 28.7% |
7.5% 88.0% 23.5% |
3.7% -6.6% 5.2% |
Apr May Jun |
1.5% 1.3% -0.1% |
1.0% -1.6% 1.4% |
0.5% 2.9% -1.5% |
Transport Diversified |
||||||||||||||||
| 2011 | -18.4% | -17.7% | -0.7% | Jul | Real Estate | |||||||||||||||||||
| 2010 | -1.0% | -8.8% | 7.8% | Aug Sep |
Banks | |||||||||||||||||||
| 2009 | 31.2% | 24.6% | 6.6% | |||||||||||||||||||||
| Oct | 0% | 10% | 20% | 30% | 40% | |||||||||||||||||||
| 2008 | -56.9% | -69.4% | 12.5% | |||||||||||||||||||||
| 2007 | 50.4% | 54.8% | -4.4% | Nov Dec |
Benchmark | Fund | ||||||||||||||||||
| 2006 | -19.1% | -35.2% | 16.1% | 2017 | 6.4% | 0.8% | 5.6% | Geographic Allocation | ||||||||||||||||
| Since Inc. | 36.5% | -37.1% | 73.6% | |||||||||||||||||||||
| 1Performance is net of fees | ||||||||||||||||||||||||
| Top Portfolio Holdings | % of Fund | Fund Characteristics2 | Fund | Benchmark | Cash | |||||||||||||||||||
| Emaar Properties Aramex |
14.8 12.8 |
Standard Deviation Sharpe Ratio Beta |
20.4% 0.73 0.89 |
22.7% 0.56 - |
Nasdaq London Stock Exchange |
|||||||||||||||||||
| First Abu Dhabi Bank | 12.5 | Tracking Error | 4.6% | Dubai | ||||||||||||||||||||
| Total # of Holdings | 9 | Information Ratio 2Calculated using 5-year weekly |
data | 0.31 | Abu | Dhabi | ||||||||||||||||||
| Source: Al Mal internal performance measurement based on reports | from third-party administrators (Standard Chartered/Apex) | 0% | 20% | 40% | 60% | |||||||||||||||||||
| Benchmark | Fund |
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Sector Allocation
Cash
Healthcare
Diversified
Transport
Real Estate
Banks
0% 10% 20% 30% 40%
Benchmark Fund
Geographic Allocation
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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
28 June 2017
NAV Per Unit: USD 12.78
| NAV Per Unit: USD 12.78 | 28 June 2017 | 28 June 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 down 0.9% in June. The Fund has delivered returns of 37% since its launch in February 2009. US Fed delivered the much anticipated rate hike last month on back of improving economic activity & lower unemployment, although it did take note of the recent downtrend in inflation. The central bank reiterated its gradual stance on future rate hikes- the median projections for both 2017 & 2018 remained unchanged indicating 3 hikes of 25 bps each year, despite inflation staying below its 2% objective for an extended time period. Local fixed income markets saw significant downward price movements amidst a tense regional political environment after 6 Arab countries led by Saudi Arabia moved to cut diplomatic & economic ties with Qatar. Barclays GCC bond OAS index gained 9%. 5 year CDS spreads expanded across the board. Furthermore, Fitch revised Oman's outlook to negative from stable, on declining oil prices- the country's fiscal deficit widened to 21% of GDP in 2016. 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 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 Al Mal Liquidity Fund BBB/ A2 20.8 CBQ Finance Ltd. Not Rated 6.8 3.508% ICD Sukuk Co. Ltd. BB-/BB+ 6.3 Total # of Holdings 23 Portfolio Analysis Portfolio Maturity 3.9 years Avg. YTM (Gross) of Investments 3.6% Weighted avg. Rating of Portfolio BBB Dubai Sharjah Abu Dhabi Qatar Fixed Deposit Muscat Kuwait Bahrain 0% 10% 20% 30% 40% 50% Government Bonds Utilities Banking Real Estate Financial Services Transportation Banks Retail Telecom 0% 10% 20% 30% 40% |
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% 37.0% |
|||
| 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% |
1.3% 1.5% 0.9% |
Market Overview & Fund Manager Comments
Al Mal MENA Income Fund was down 0.9% in June. The Fund has delivered returns of 37% since its launch in February 2009.
US Fed delivered the much anticipated rate hike last month on back of improving economic activity & lower unemployment, although it did take note of the recent downtrend in inflation. The central bank reiterated its gradual stance on future rate hikes- the median projections for both 2017 & 2018 remained unchanged indicating 3 hikes of 25 bps each year, despite inflation staying below its 2% objective for an extended time period.
Local fixed income markets saw significant downward price movements amidst a tense regional political environment after 6 Arab countries led by Saudi Arabia moved to cut diplomatic & economic ties with Qatar. Barclays GCC bond OAS index gained 9%. 5 year CDS spreads expanded across the board. Furthermore, Fitch revised Oman's outlook to negative from stable, on declining oil prices- the country's fiscal deficit widened to 21% of GDP in 2016.
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
28 June 2017
| NAV Per Unit: AED 1.21 | 28 June 2017 | 28 June 2017 |
|---|---|---|
| Market Overview & Fund Manager Comments The Al Mal Liquidity Fund was up 0.14% in June, and has delivered returns of c.21.1% since its launch in April 2009. 1-week EIBOR jumped from 0.82% to end the month at 1.07% as did interbank rates across the GCC region, because of the crisis in Qatar. As of May though, the last data available from the Central Bank, liquidity in the banking sector was comfortable as measured by the Lending to Stable Resources Ratio of 84.8%. Govt. deposits were up 10% compared to the first quarter. 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% 0.14% 0.9% 1.7% |
1.5% 1.7% 1.9% 2.1% 2.6% 3.8% 21.1% |
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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