Global Saudi Equity Fund
FACTSHEET
DECEMBER 2017
Fund Information MENA Asset Management
Global Saudi Equity Fund
Asset Type Equity Geographic Focus Saudi Arabia Fund Manager Global Investment House
Fund Objective & Strategy
Benchmark Tadawul all share Index – TASI
Achieving long-term capital growth with predefined and controlled levels of risk, by investing in stocks listed on the Saudi stock exchange. In addition, the fund will aim to achieve returns that exceed the average by benefiting from the expected economic growth in Saudi Arabia while maintaining a suitable level of diversification for fund assets and reduction of total risk by investing in different market sectors. The fund manager selects companies selling at a discount to intrinsic value. We identify intrinsic value through rigorous fundamental analysis and research conducted by an experienced investment team. Research is done on a company-by-company basis to determine the economic worth of companies based on projected future earnings and cash flows taking into consideration economy and market activity.
Fund Listing Saudi Arabia Launch Date January 2009 Structure Open-Ended NAV SAR 220.77 Current Fund Size SAR 502.0 mn Base Currency Saudi Riyal Initial Investment 10,000 Subsequent Investment Minimum of 5,000 Subscription & Redemption Sunday & Tuesday of every week
Performance (Re-based to 100)
Initial Charge 2%
335
Management Fee 1.75% per annum
285 235
Custodian Fee 0.15 %
185
Custodian SABB Securities - KSA
135 85 Jan-09
Nov-09
Sep-10
Jul-11
April-12
Feb-13
Global Saudi Equity Fund
Dec-13
Sep-14
Jul-15
May-16
Feb-17
Tadawul All Shares Index (TASI)
Redemption Fee 1% if exit before one month Auditors KPMG Al Fozan & Partners Sharia Board -
Cumulative Returns (%) 1M
3M
1Y
YTD
SI *
1.5
-1.2
5.8
5.8
120.8
Benchmark
3.2
-0.8
0.2
0.2
50.9
Difference
-1.7
-0.4
5.6
5.6
69.9
Fund
Dec-17
*Since Inception (January 2009)
Bloomberg Code GLOBEQC AB RIC Code LP65135767 Risk Metrics
Yearly Performance Ending 31st December (%) 2012
2013
2014
2015
2016
2017
Fund
7.0
30.1
13.8
-10.6
-1.8
5.8
Benchmark
6.0
25.5
-2.4
-17.1
4.3
0.2
Tracking Error Beta Information Ratio Sharpe Ratio Standard Deviation
4.51% 0.94 1.01 0.35 19.4%
MENA Asset Management
Global Saudi Equity Fund Fund Review
Top Five Holdings
Global Saudi Equity Fund was up 1.5% M/M in December 2017, underperforming the benchmark which was up 3.2% M/M during the same period.
Stock
Sector
Fund (%)
Al Rajhi Bank
Banks
12.1
Positive Contributors: Our OW positions in PetroRabigh and Zain KSA coupled with UW positions in Saudi Electricity and Makkah Construction contributed positively towards the fund’s relative performance during the month.
SABIC
Materials
9.34
Banks
7.40
Real Estate
4.42
Negative Contributors: Our OW positions in Rajhi Takaful and Walaa coupled with UW positions in Dar Al Arkan and Kayan contributed negatively towards the fund’s relative performance during the month.
Market Cap Weightings 40%
21.4% 21.5%
NCB Jabal Omar Alinma
Banks
4.19
Total of Top Five
37.4
Sector Breakdown 11.8% 10.1%
35.7% 35.2%
27.7% 33.2% 3.4%
35%
19.7%
30% 25%
40.8%
20%
5.4%
15% 10%
9.6%
5%
21.1%
0% >50bn
30-50bn Global Saudi Equity Fund
10-30bn
DECEMBER 2017
Fund Information MENA Asset Management
Global Saudi Equity Fund
Asset Type Equity Geographic Focus Saudi Arabia Fund Manager Global Investment House
Fund Objective & Strategy
Benchmark Tadawul all share Index – TASI
Achieving long-term capital growth with predefined and controlled levels of risk, by investing in stocks listed on the Saudi stock exchange. In addition, the fund will aim to achieve returns that exceed the average by benefiting from the expected economic growth in Saudi Arabia while maintaining a suitable level of diversification for fund assets and reduction of total risk by investing in different market sectors. The fund manager selects companies selling at a discount to intrinsic value. We identify intrinsic value through rigorous fundamental analysis and research conducted by an experienced investment team. Research is done on a company-by-company basis to determine the economic worth of companies based on projected future earnings and cash flows taking into consideration economy and market activity.
Fund Listing Saudi Arabia Launch Date January 2009 Structure Open-Ended NAV SAR 220.77 Current Fund Size SAR 502.0 mn Base Currency Saudi Riyal Initial Investment 10,000 Subsequent Investment Minimum of 5,000 Subscription & Redemption Sunday & Tuesday of every week
Performance (Re-based to 100)
Initial Charge 2%
335
Management Fee 1.75% per annum
285 235
Custodian Fee 0.15 %
185
Custodian SABB Securities - KSA
135 85 Jan-09
Nov-09
Sep-10
Jul-11
April-12
Feb-13
Global Saudi Equity Fund
Dec-13
Sep-14
Jul-15
May-16
Feb-17
Tadawul All Shares Index (TASI)
Redemption Fee 1% if exit before one month Auditors KPMG Al Fozan & Partners Sharia Board -
Cumulative Returns (%) 1M
3M
1Y
YTD
SI *
1.5
-1.2
5.8
5.8
120.8
Benchmark
3.2
-0.8
0.2
0.2
50.9
Difference
-1.7
-0.4
5.6
5.6
69.9
Fund
Dec-17
*Since Inception (January 2009)
Bloomberg Code GLOBEQC AB RIC Code LP65135767 Risk Metrics
Yearly Performance Ending 31st December (%) 2012
2013
2014
2015
2016
2017
Fund
7.0
30.1
13.8
-10.6
-1.8
5.8
Benchmark
6.0
25.5
-2.4
-17.1
4.3
0.2
Tracking Error Beta Information Ratio Sharpe Ratio Standard Deviation
4.51% 0.94 1.01 0.35 19.4%
MENA Asset Management
Global Saudi Equity Fund Fund Review
Top Five Holdings
Global Saudi Equity Fund was up 1.5% M/M in December 2017, underperforming the benchmark which was up 3.2% M/M during the same period.
Stock
Sector
Fund (%)
Al Rajhi Bank
Banks
12.1
Positive Contributors: Our OW positions in PetroRabigh and Zain KSA coupled with UW positions in Saudi Electricity and Makkah Construction contributed positively towards the fund’s relative performance during the month.
SABIC
Materials
9.34
Banks
7.40
Real Estate
4.42
Negative Contributors: Our OW positions in Rajhi Takaful and Walaa coupled with UW positions in Dar Al Arkan and Kayan contributed negatively towards the fund’s relative performance during the month.
Market Cap Weightings 40%
21.4% 21.5%
NCB Jabal Omar Alinma
Banks
4.19
Total of Top Five
37.4
Sector Breakdown 11.8% 10.1%
35.7% 35.2%
27.7% 33.2% 3.4%
35%
19.7%
30% 25%
40.8%
20%
5.4%
15% 10%
9.6%
5%
21.1%
0% >50bn
30-50bn Global Saudi Equity Fund
10-30bn
