MEFIC Local Equity Fund â August 2016
MEFIC Local Equity Fund – August 2016 Fund Background
Performance Review
MEFIC Capital launched MEFIC Local Equity Fund on 4th May 2015. MEFIC Local Equity Fund is an open end Shariah compliant mutual fund which can invest in Saudi listed equities & IPOs.
At the end of 31st Aug 2016, TASI closed at 6080 level, a decrease of -3.5% MoM even though the oil prices increased by 10.7% MoM. We believe the decline in TASI was due to investor concerns over the future policy guidance by the Fed Reserve for increase of interest rates. This was coupled with concerns over expected subsidy removals in the upcoming budget, weak retail demand and expected decline in corporate sector earnings. The fund however continues to outperform the market on since inception basis with an alpha of +12% .
Fund Facts Fund Type Risk Level Custodian Benchmark Listing Valuation Days Announcement Days Fund Assets Min Initial Investment Min Add Investment Min Redemp. Amount Management Fees Subscription Fees Other Fees Early Red. Charges
Fund Allocation Insurance, 7% Transportati on, 3%
TADAWUL Monday & Thursday Tuesday & Sunday SAR 8.2 MN SAR 10,000 SAR 10,000 SAR 10,000 1.5% per annum 1.5% 1.5% per annum 1.0%(Redeem in a month) Telecom, 4%
Industrial Investment, 2%
Performance
1M
3M
Since Inception
Fund
-2.9%
-3.2%
-25.3%
TASI
-3.5%
-5.7%
-37.7%
S&P Shariah Index
-4.1%
-4.3%
-37.4%
Fund Performance Alpha
12.2%
Fund Performance MEFIC Local Equity Fund return since inception against TASI 5% 0% 0%
1% 0%
-5% 0%
-1%
-10%
-3% -7%
-4% -7%
-7%
-7%
-15%
-19% -19% -23% -24%
-20% -25%
-23% -24%
-30% Cash & Other Funds, 36%
-22% -26%
-27%
-26%
-21%
-24% -29% -29%
-30% -40%
-40% -45%
-27%
-38%
-36%
-23%
-22%
-35%
-33%
-23%
-25%
-30% -35%
-30% -35%
-36%
-35%
-38% -37% 8/14/2016
7/27/2016
7/9/2016
S&P Shariah Index
-33%
6/21/2016
6/3/2016
5/16/2016
4/28/2016
4/10/2016
3/23/2016
3/5/2016
MEFIC Local Equity Fund
2/16/2016
1/29/2016
1/11/2016
12/24/2015
12/6/2015
11/18/2015
10/31/2015
10/13/2015
9/25/2015
9/7/2015
8/20/2015
8/2/2015
7/15/2015
6/27/2015
TASI
-28%
-38%
-40% 6/9/2015
Banks, Retail , 17% 11%
-23% -27%
-35%
5/22/2015
Petrochemi cals, 9%
Open End High MEFIC Capital S&P Shariah Index
5/4/2015
Agriculture & Food, 11%
Performance
Contact Information
MEFIC Website
www.mefic.com.sa
Tadawul
www.Tadawul.com.sa 7758, 1st Floor Al Mada Building, King Fahad Road, Riyadh, Saudi Arabia
Address Phone
00966 11 218 6666
Email
[email protected]
Disclaimer All investments in Mutual Funds are subject to market risks. The NAV of the fund units may go up or down based on the market conditions. Past performance is not necessarily indicative of future results. The investors are advised in their own interest to carefully read the Terms & Conditions of the fund in particular the risk disclosures and warning statements mentioned therein.
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Performance Review
MEFIC Capital launched MEFIC Local Equity Fund on 4th May 2015. MEFIC Local Equity Fund is an open end Shariah compliant mutual fund which can invest in Saudi listed equities & IPOs.
At the end of 31st Aug 2016, TASI closed at 6080 level, a decrease of -3.5% MoM even though the oil prices increased by 10.7% MoM. We believe the decline in TASI was due to investor concerns over the future policy guidance by the Fed Reserve for increase of interest rates. This was coupled with concerns over expected subsidy removals in the upcoming budget, weak retail demand and expected decline in corporate sector earnings. The fund however continues to outperform the market on since inception basis with an alpha of +12% .
Fund Facts Fund Type Risk Level Custodian Benchmark Listing Valuation Days Announcement Days Fund Assets Min Initial Investment Min Add Investment Min Redemp. Amount Management Fees Subscription Fees Other Fees Early Red. Charges
Fund Allocation Insurance, 7% Transportati on, 3%
TADAWUL Monday & Thursday Tuesday & Sunday SAR 8.2 MN SAR 10,000 SAR 10,000 SAR 10,000 1.5% per annum 1.5% 1.5% per annum 1.0%(Redeem in a month) Telecom, 4%
Industrial Investment, 2%
Performance
1M
3M
Since Inception
Fund
-2.9%
-3.2%
-25.3%
TASI
-3.5%
-5.7%
-37.7%
S&P Shariah Index
-4.1%
-4.3%
-37.4%
Fund Performance Alpha
12.2%
Fund Performance MEFIC Local Equity Fund return since inception against TASI 5% 0% 0%
1% 0%
-5% 0%
-1%
-10%
-3% -7%
-4% -7%
-7%
-7%
-15%
-19% -19% -23% -24%
-20% -25%
-23% -24%
-30% Cash & Other Funds, 36%
-22% -26%
-27%
-26%
-21%
-24% -29% -29%
-30% -40%
-40% -45%
-27%
-38%
-36%
-23%
-22%
-35%
-33%
-23%
-25%
-30% -35%
-30% -35%
-36%
-35%
-38% -37% 8/14/2016
7/27/2016
7/9/2016
S&P Shariah Index
-33%
6/21/2016
6/3/2016
5/16/2016
4/28/2016
4/10/2016
3/23/2016
3/5/2016
MEFIC Local Equity Fund
2/16/2016
1/29/2016
1/11/2016
12/24/2015
12/6/2015
11/18/2015
10/31/2015
10/13/2015
9/25/2015
9/7/2015
8/20/2015
8/2/2015
7/15/2015
6/27/2015
TASI
-28%
-38%
-40% 6/9/2015
Banks, Retail , 17% 11%
-23% -27%
-35%
5/22/2015
Petrochemi cals, 9%
Open End High MEFIC Capital S&P Shariah Index
5/4/2015
Agriculture & Food, 11%
Performance
Contact Information
MEFIC Website
www.mefic.com.sa
Tadawul
www.Tadawul.com.sa 7758, 1st Floor Al Mada Building, King Fahad Road, Riyadh, Saudi Arabia
Address Phone
00966 11 218 6666
[email protected]
Disclaimer All investments in Mutual Funds are subject to market risks. The NAV of the fund units may go up or down based on the market conditions. Past performance is not necessarily indicative of future results. The investors are advised in their own interest to carefully read the Terms & Conditions of the fund in particular the risk disclosures and warning statements mentioned therein.
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