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AL Mal UAE Equity Fund — Fund Information / Factsheet 2017
Oct 10, 2017
66382_rns_2017-10-10_d5b60db4-2a21-4fa3-a705-842da2bbe773.pdf
Fund Information / Factsheet
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MONTHLY FACT SHEETS September 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 27 September | 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 | -1.88% | -1.09% | 10.80% | 42.33% |
| S&P UAE Composite Index | -1.56% | -1.42% | 3.16% | -35.65% | ||
| Al Mal MENA Equity Fund | June 2008 | USD 8.17 | 0.25% | 1.24% | 11.80% | -15.36% |
| S&P Pan Arab Large Cap Index | -1.42% | -0.97% | 3.16% | -42.07% |
Income Funds
| Income Funds | ||||||
|---|---|---|---|---|---|---|
| As of 27 September | 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 12.89 | 3.71% | 0.09% | 2.12% | 38.14% |
| Al Mal Liquidity Fund | April 2009 | AED 1.21 | 1.61% | 0.13% | 1.35% | 21.62% |
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 8.17
September started on a strong note before closing - 1.0% lower due to weakness in Saudi, UAE and Kuwait. Still, the Fund managed to generate positive performance this month +1.2% supported by our core positions in Egypt (e.g. MM Group)
Empowering Women
Allowing women to drive in Saudi Arabia might sound trivial for many, but actually it is an important milestone toward economic diversification. Saudi female population stands at around 13.6 million of which 6.9 million are of the age group between 20-50 years and all of them can be considered as potential vehicles owners. Moreover, female labor participation is expected to increase from 20% to 28% (target set in Vision 2030).
Some studies expects GDP to add around 0.5% to 1.0% of growth over the medium term. The immediate impact would be more felt among car dealers, car rentals and insurance companies . Over the medium terms sectors like consumer discretionary and banks should also benefit. Eventually, the whole economy will benefit over the longer term.
A name we recently added to the portfolio is care Budget Saudi , the car rental company is trading at very attractive valuations and is also a big beneficiary of this change. We expect more demand for the short term rentals, which has been struggling recently. But more importantly, the company should benefit on vehicle resales. Moreover, Budget Saudi can capitalize on the recent decision to fully Saudize the car rental business in early 2018 by grabbing market share through its newly introduced Payless brand from over 800 fragmented small players. Furthermore, with deleveraging, very strong balance sheet and healthy cash flows, we would not be surprised to see a dividend hike in the foreseeable future.
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 | 1.2% | -1.0% | 2.2% | |
| YTD | 11.8% | 3.2% | 8.6% | |
| 1 Year | 11.5% | 16.0% | -4.5% | |
| 3 Years | -24.4% | -27.8% | 3.4% | |
| 5 Year | 20.6% | 2.6% | 18.0% | |
| Since Inc. | -15.4% | -42.1% | 26.7% |
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
27 September 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 | 11.8% | 3.2% | 8.6% |
| 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. | -15.4% | -42.1% | 26.7% |
| Since Inc. -15.4% -42.1% |
26.7% | |
|---|---|---|
| 1 | Performance is net of fees | |
| Top Portfolio Holdings | % of Fund | |
| NMC Health | 8.1 | |
| Budget | 5.5 | |
| Walaa Insurance | 5.5 | |
| DP World | 4.9 | |
| Emaar Properties | 4.8 | |
| Total # of Holdings | 23 |
Source: Al Mal internal performance measurement based on reports from third-party administrators (Apex)
| 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 | 0.0% | 0.2% | -0.2% |
| Aug | 1.2% | 0.1% | 1.1% |
| Sep | 1.2% | -1.0% | 2.2% |
| Oct | |||
| Nov | |||
| Dec | |||
| 2017 | 11.8% | 3.2% | 8.6% |
| Fund Characteristics2 | Fund | Benchmark |
|---|---|---|
| Standard Deviation | 14.5% | 14.0% |
| Sharpe Ratio | 0.14 | -0.09 |
| Beta | 0.94 | - |
| Tracking Error | 5.9% | |
| Information Ratio | 0.57 |
2 Calculated using 5-year weekly data
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Sector Allocation
Others
Healthcare
Cash
Services
F&B
Transportation
Industrial
Fin Services
Telecoms
Real Estate
Banks
0% 10% 20% 30% 40% 50% 60%
Benchmark Fund
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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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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 continues to trend lower on weak liquidity as investors’ sentiment is getting affected by weakness among speculative names. Some companies lost more than 50% from their peaks earlier this year. The benchmark declined for the 2[nd] consecutive month by -1.4% in September, while the Fund lost -1.1% during the month.
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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-06Sep-06 Feb-07Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09Jan-10Jun-10 Nov-10Apr-11Sep-11 Feb-12Jul-12 Dec-12May-13 Oct-13 Mar-14Aug-14Jan-15Jun-15 Nov-15Apr-16Sep-16 Feb-17Jul-17
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Capitalizing on Market weakness
DP World, the mammoth port operator in 40 countries across 6 continents – and one of our high conviction holdings – made an announcement to acquire Dubai Maritime City (DMC) and Drydocks World for USD 405 million. DMC is a world class maritime service facility and industrial business zone in a prime location of central Dubai and adjacent to DP World's Port Rashid. Drydocks World is a market leader in the ship repair business with the largest ship repair yard in the Middle East. Drydocks, has been going through debt restructuring in which its debt will decrease by 80% if successful. The business delivers stable ship and rig repair revenues and has specialist capabilities in niche ship new builds and conversions. We like companies with strong balance sheets that can be opportunistic in current disruptive times. The region is adapting with lower oil prices and they will definitely be winners and losers.
1Benchmark was MSCI UAE Index since inception until Dec 2008, replaced thereafter by S&P UAE Composite Index
| Performance2 | Fund | Benchmark3 | Relative Performance |
|
|---|---|---|---|---|
| MTD | -1.1% | -1.4% | 0.3% | |
| YTD 1 Year |
10.8% 13.5% |
3.2% 3.8% |
7.6% 9.7% |
|
| 3 Year 5 Year** |
-14.8% 101.4% |
-25.0% 81.9% |
10.2% 19.5% |
|
| Since Inc.* | 42.3% | -35.7% | 78.0% |
DP World has been targeting a broader strategy to grow complementary sectors in the global supply chain such as industrial parks, free zones and logistics. These acquisitions further strengthen the company’s position as a global trade enabler. The acquisitions are expected to be earnings accretive from the first full year of consolidation. On a proforma basis, DP World's net leverage as of the first half of 2017 would be 2.9x Net Debt to EBITDA with these acquisitions compared to the reported 2.6x.
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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27 September 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 16.0 NMC 13.9 DP World 11.9 Total # of Holdings 11 Performance Yearly Fund Benchmark Relative Perf. YTD 2017 10.8% 3.2% 7.6% 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. 42.3% -35.7% 78.0% 1Performance is net of fees |
Fund Characteristics2 Fund Benchmark Standard Deviation 20.4% 22.6% Sharpe Ratio 0.65 0.49 Beta 0.88 - Tracking Error 4.7% Information Ratio 0.30 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 -1.1% -1.4% 0.3% Oct Nov Dec 2017 10.8% 3.2% 7.6% Sector Allocation Geographic Allocation 2Calculated usin 5-ear weekl data Abu Dhabi Dubai Nasdaq LSE Cash 0% 10% 20% 30% 40% Banks Real Estate Transport Fin Services Other Healthcare Cash Benchmark Fund |
|---|---|
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Cash
LSE
Nasdaq
Dubai
Abu Dhabi
0% 20% 40% 60%
Benchmark Fund
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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
27 September 2017
NAV Per Unit: USD 12.89
Geographic Allocation
| NAV Per Unit: USD 12.89 | 27 September 2017 | 27 September 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 gained 0.1% in September. The Fund has delivered returns of xx% since its launch in February 2009. The statement post the FOMC meeting suggests the December rate hike is firmly on the offering. Though expectations for 2019-20 are being revised lower. Central banks from the Euro Zone and the UK also appear to be committed to halting their easing bias. Regional bonds were soft, even though higher oil prices supported tightening in credit default protection costs on GCC sovereigns. The primary market is seeing a flurry of debt issuances by regional governments. Bahrain raised $3 bn, followed by Saudi Arabia coming to the market with its second international issuance worth $12 bn. In the first week of October, we have Jordan & Abu Dhabi tapping the market. 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 Trade Finance Not Rated 12.0 CBQ Finance. Not rated 10.3 Batelco 4.25% Not Rated 9.7 Total # of Holdings 21 Portfolio Analysis Portfolio Maturity 3.2 years Avg. YTM (Gross) of Investments 3.7% Weighted avg. Rating of Portfolio BBB Dubai Other Qatar Abu Dhabi Bahrain Oman Sharjah Kuwait 0% 10% 20% 30% 40% 50% Banks Real Estate Financial Services Others Transportation Telecom Retail Utilities 0% 20% 40% 60% |
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% 38.1% |
|||
| 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% |
0.1% 2.1% 1.5% 0.9% |
Market Overview & Fund Manager Comments
Al Mal MENA Income Fund gained 0.1% in September. The Fund has delivered returns of xx% since its launch in February 2009.
The statement post the FOMC meeting suggests the December rate hike is firmly on the offering. Though expectations for 2019-20 are being revised lower. Central banks from the Euro Zone and the UK also appear to be committed to halting their easing bias. Regional bonds were soft, even though higher oil prices supported tightening in credit default protection costs on GCC sovereigns.
The primary market is seeing a flurry of debt issuances by regional governments. Bahrain raised $3 bn, followed by Saudi Arabia coming to the market with its second international issuance worth $12 bn. In the first week of October, we have Jordan & Abu Dhabi tapping the market.
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
27 September 2017
| NAV Per Unit: AED 1.21 | 27 September 2017 | 27 September 2017 |
|---|---|---|
| Market Overview & Fund Manager Comments The Al Mal Liquidity Fund was up 0.13% in September, and has delivered returns of ~ 21.6% since its launch in April 2009. 1-week EIBOR had been in a tight range between 1.11% to 1.13% in September and ended the month at 1.11%.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% 0.13% 1.35% 1.7% |
1.5% 1.7% 1.9% 2.1% 2.6% 3.8% 21.6% |
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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