JEDDAH – The Saudi equity funds market is still the most favorable due to its demographics and the steady increase in government spending, experts said.
Global Investment House said Wednesday that the equity funds managed by its MENA Asset Management team have recorded “remarkable” performances during the first quarter of the year 2013, outperforming their respective benchmarks.
The Global GCC Large Cap Fund has outperformed it respective benchmark reporting a return of 9.42 percent compared to 5.89 percent by the S&P index. Global GCC Islamic Fund, which aims to maximize returns by investing in a portfolio of companies compliant with Shariah, has reported 7.05 percent compared to 5.02 percent reported by the respective benchmark.
On the other hand, Global Al-Maamoun Fund also outperformed its respective benchmark by recording 6.48 percent compared to a negative performance of 1.05 percent during the first quarter of 2013 reported by the benchmark.
The fund aims to grow the invested capital by investing in companies listed on the Kuwait Stock Exchange.
Global Saudi Equity Fund, managed by the Asset Management team in Global Saudi, performed well during the period recording 8.3 percent compared to the performance of the Saudi market index, which stood at 4.8 percent. Al-Bait Al-Mali Fund, which invests in stocks listed on Doha Stock Market and are compliant with Shariah, reported 6.8 percent, outperforming the respected index which recorded 4.2 percent during the period.
Vice President of MENA Asset Management Bader Al-Ghanim said "the good performance of the GCC markets during the first quarter 2013 is a result of the positive developments in the markets and in particular the 2012 corporate results.” – SG