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Alternative Market Briefing

Gulf Investment Fund ends the quarter up 3.1%

Friday, July 19, 2019

Bailey McCann, Opalesque New York:

The Gulf Investment Fund (GIF) beat its benchmark in the second quarter, according to performance data reviewed by Opalesque. Overall performance was up 3.1%. The fund's net asset value (NAV) increased +4.1% vs. the benchmark S&P GCC Index of +1.0%. Year-to-date NAV is up +16.8%, a 7% outperformance vs. the benchmark.

Using a top-down approach, which capitalizes on macro trends, the $100 million Gulf Investment Fund identifies quoted equities in the Gulf Cooperation Council countries. The Gulf Cooperation Council comprises: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. GIF employs Epicure Managers Qatar Ltd (BVI), a wholly-owned subsidiary of Doha based Qatar Insurance Company (QIC) to oversee portfolio construction and to monitor investment limits.

GIF said in a performance note that institutional investors are putting more money to work in Middle Eastern listed equities following the inclusion of Saudi Arabia in emerging markets indexes. Barring any external shocks or a significant slowdown, the fund estimates that inflows to Saudi Arabia could top $40 billion. "Saudi government initiatives such as allowances for public sector employees and the continuation of the citizens account program to support low income families should help boost consumer spending," the fund said noting that fundamentals within the Saudi economy remain strong. GIF continues to be overweight Saudi Arabia going into the sec......................

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