Al Mal Liquidity Fund Monthly Factsheet - December 2016

Transcription

1. MONTHLY FACT SHEETS December 2016 Al Mal UAE Equity Fund Al Mal MENA Equity Fund Al Mal MENA Income Fund Al Mal Liquidity Fund 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. Al Mal Investments Funds – Performance Review Equity Funds As of 28 December Al Mal UAE Equity Fund (Performance Inclusive of Dividends) Launch Date April 2006 NAV Per Unit1 AED 1.23 S&P UAE Composite Index Al Mal MENA Equity Fund June 2008 USD 7.57 S&P Pan Arab Large Cap Index Week To Date Month To Date YTD 2016 Since Inception -0.13% 4.38% 7.90% 28.26% 0.04% 3.85% 9.00% -37.62% -0.26% 2.02% -3.69% -24.30% 1.11% 3.27% 4.14% -43.85% Yield2 Month To Date YTD 2016 Since Inception Income Funds As of 28 December Launch Date NAV Per Unit1 Al Mal MENA Income Fund (Performance Inclusive of Dividends) Feb 2009 USD 12.61 Al Mal Liquidity Fund April 2009 AED 1.20 3.85% 0.91% 0.12% 1.54% 35.27% 0.14% 1.69% 20.00% Notes: Performance data is net of fees. Performance computation is done internally based on reports from third-party administrators (Standard Chartered/Apex/Al Mal) 1. NAV Per Unit is rounded to two decimal places for reporting purposes only. 2. 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). Private and Confidential 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
3. Al Mal UAE Equity Fund – Monthly Factsheet NAV Per Unit: AED 1.23 Al Mal UAE Equity Fund was up 4.4% in December v/s. 3.9% increase in S&P UAE Index. Since inception, the Fund has outperformed the benchmark by 65.9%. 1.8 Market Overview 1.6 DFM Index was up 5.0% in December, outperforming the MSCI emerging market index which ended negative 0.5%. 1.4 The UAE markets showed strong growth ,post OPEC production cut, trying to narrow down the valuation gap vs the regional peers especially Saudi Arabia. 0.8 0.4 We expect Q4 numbers to be good for the hospitality sector as passengers to Dubai airport continues to increase ,up 9.4% y-o-y ,and hotel occupancy rate reached 89.5% vs 84.8% last year. Construction sector is expected to remain under pressure due to high competition and build up of receivables. Banking sector is expected to show mixed performance due to higher cost of funds and higher provisioning driven by consumer segment. Real estate sector is expected to post single digit growth owing to improved liquidity conditions during last quarter of the year(excluding one-off insurance claim income for Emaar). MTD 4.4% 3.9% In 2017 budget Dubai government plans to increase spending by 2.6% vs last year posting a deficit of 0.5% of GDP. The 27% increase on infrastructure spending would further strengthen the position of Dubai as tourism hub. YTD 7.9% 9.0% Fund Key Information Al Mal UAE Equity Fund S&P UAE Index (Rebased)** 1.2 Tariq Qaqish Inception Date 5th April 2006 Fund Registration UAE Currency AED Subscription Weekly 0.2 Dividend Frequency Yearly 0.0 Min Subscription AED 100,000 Management Fee 1.50% Performance Fee 20% over 10% hurdle with high watermark Subscription Fee Up to 2% Redemption Weekly Benchmark Index S&P UAE Composite Index 0.5% Fund Type Open Ended -1.1% Administrator Standard Chartered Custodian Standard Chartered Financial Year End 31st December Auditors Deloitte ISIN AEA003630026 MALEQTY.MF 0.6 Dec-16 Apr-16 Aug-15 Dec-14 Apr-14 Aug-13 Dec-12 Apr-12 Aug-11 Dec-10 Apr-10 Aug-09 Dec-08 Apr-08 Aug-07 Dec-06 1Benchmark was MSCI UAE Index since inception until Dec 2008, replaced thereafter by S&P UAE Composite Index Performance2 Fund Benchmark3 Relative Performance 1 Year 7.9% 9.0% -1.1% 3 Year* -1.5% -6.3% 4.8% 5 Year* 130.0% 117.6% 12.4% Since Inc.* 28.3% -37.6% 65.9% 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 UAE Composite Index 3S&P Private and Confidential 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 1.0 Apr-06 The UAE PMI Increased to 55.0 in December vs 54.2 in November, highest since July 2016, suggesting a modest growth in non-oil economic activity. 28 December 2016 Performance Graph 48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Zawya Code Bloomberg Code Reuters Code MALUAEQ UH LP65038334 Morningstar Sec ID F00000JQIN Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 3
4. Al Mal UAE Equity Fund – Monthly Factsheet Fund Performance1 Performance Yearly Fund Benchmark Relative Perf. 2016 7.9% 9.0% 2015 -15.3% -17.6% 2014 11.2% 7.5% 2013 81.4% 88.0% 28.7% 2012 -18.4% 2011 1 23.5% -17.7% -8.8% Performance Monthly Fund Benchmark Relative Perf. -1.1% Jan -13.4% -12.1% -1.3% 2.3% Feb 12.9% 13.0% -0.1% 3.7% Mar 5.1% 5.5% -0.4% Apr 5.6% 4.4% 1.2% May -5.4% -6.9% 1.5% Jun -0.4% 1.7% -2.1% Jul 5.3% 6.3% -1.0% Aug -1.03% -0.9% -0.1% Sep -1.1% -0.8% -0.3% Oct -3.4% -4.0% 0.6% -6.6% 5.2% -0.7% 2010 -1.0% 2009 31.2% 24.6% 6.6% 2008 -56.9% -69.4% 12.5% 2007 50.4% 54.8% -4.4% Nov 1.5% 0.9% 0.5% 2006 -19.1% -35.2% 16.1% Dec 4.4% 3.9% 0.5% Since Inc. 28.3% -37.6% 65.9% 2016 7.9% 9.0% -1.1% 7.8% Sector Allocation Cash Others Telecom Capital Goods Energy Diversified Fin Transport Real Estate Banks 0% 10% Benchmark 20% 30% 40% Fund Geographic Allocation Performance is net of fees Top Portfolio Holdings % of Fund Fund Characteristics2 Fund Benchmark Emaar Properties 12.4 Standard Deviation 21.1% 23.4% ADCB 8.9 Sharpe Ratio 0.75 0.62 NBAD 6.9 Beta 0.88 Aramex 5.8 Tracking Error 4.7% FGB 5.8 Information Ratio 0.12 Total # of Holdings 19 2 Cash Nasdaq Dubai Abu Dhabi 0% 20% Benchmark 40% 60% Fund Calculated using 5-year weekly data Source: Al Mal internal performance measurement based on reports from third-party administrators (Standard Chartered/Apex) Private and Confidential 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
5. Al Mal MENA Equity Fund – Monthly Factsheet NAV Per Unit: USD 7.57 12.0 Market Overview Regional markets ended December on a positive note, with Saudi Index soaring, up 3% post 18% increase in November, while DFM Index was up 5% and Qatar Index was up 7%. 6.0 4.0 Dec-16 Performance1 Fund Benchmark2 Relative Perf. MTD 2.0% 3.3% -1.3% YTD -3.7% 4.1% -7.8% 1 Year -3.7% 4.1% -7.8% 3 Years -17.3% -16.3% -1.0% 5 Year 16.1% 2.7% 13.4% Since Inc. -24.3% -43.9% 19.5% Source: Al Mal internal performance measurement based on reports from third-party administrators (Apex) 1 Jun-16 Dec-15 Jun-15 Dec-14 Jun-14 Dec-13 Jun-13 Dec-12 Jun-12 Dec-11 Jun-11 Dec-10 Jun-10 Dec-09 Jun-09 Dec-08 Private and Confidential 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 8.0 Jun-08 PMI data points for KSA and UAE suggests modest pace of growth. PMI data points for Egypt showed increasing challenges with reading of 42.8 v/s. 41.8 in December, still on contractionary mode. Fund Key Information Al Mal MENA Equity Fund S&P Pan Arab LargeCap Index (Rebased) 10.0 The Q4 earning season will be closely watched for the misses as the Saudi market has gone up by 21% in last two months mainly driven by oil prices with no major change in companies’ fundamentals. Banking sector in Saudi is expected to show margin expansion due to easing in cost of funds, while loan growth is expected to remain sluggish as demand for working capital loan reduces. Petrochemical sector is expected to post muted growth as real impact of increase in oil price will come in subsequent quarters. SAMA hiked the cap for mortgage loans to 85% vs 70% which would help the real estate sector as new buyers would come to the market. Dubai saw 11% y-o-y growth in non-oil trade volume during 9m2016 showing robust consumption growth and strong position as regional re-export hub. Introduction of VAT would help in generating USD 25bn of revenue for the GCC governments which would help in reducing fiscal deficit and diversify the source of income Qatar GDP is expected to rebound in 2017 on world cup related spending while Bahrain remain under pressure with S&P further downgrading it to BB- vs BB. 28 December 2016 Performance Graph Al Mal MENA Equity Fund was up 2.0% in December v/s. 3.3% Increase in the S&P Pan Arab Index. The Fund has outperformed the benchmark by 19.5% since its launch in June 2008. Performance is net of fees; 3-year and 5-year return is cumulative Pan Arab Composite LargeCap Index 2S&P 48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Fund Manager Tariq Qaqish 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 Tel +971 4 360 1111, Fax +971 4 360 1122 www.almalcapital.com 5
6. Al Mal MENA Equity Fund – Monthly Factsheet Fund Performance1 Performance 2016 2015 2014 1 Fund -3.7% -12.5% -0.7% Benchmark Relative Perf. Performance 4.1% -7.8% Jan -17.6% Benchmark Relative Perf. -12.2% -13.4% 1.2% Feb 8.7% 6.9% 1.8% Mar 3.9% 2.6% 1.3% 0.8% Apr 4.0% 5.4% -1.4% Energy May -4.9% -3.9% -1.0% Others Jun -1.4% -0.9% -0.5% Jul 3.4% 2.1% 1.3% Aug -0.25% -1.2% 1.0% Sep -3.1% -3.8% 0.7% Real Estate Oct 0.1% 3.6% -3.5% Banks Nov -2.4% 5.1% -7.5% Dec 2.0% 3.3% -1.3% 5.1% -1.5% 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. -24.3% -43.9% 19.5% 2016 Fund -3.7% 4.1% F&B Materials Transportation Capital Goods Diversified Fin Telecoms 0% 20% Benchmark 40% 60% Fund Geographic Allocation Cash % of Fund Amanat Holding 6.3 Dubai Islamic Bank 6.2 Dana Gas 4.6 Ooredoo QSC 4.5 ADCB 4.5 Total # of Holdings 35 Source: Al Mal internal performance measurement based on reports from third-party administrators (Apex) Private and Confidential Cash -7.8% Performance is net of fees Top Portfolio Holdings Sector Allocation Fund Characteristics2 Fund Benchmark 14.8% 14.2% Sharpe Ratio 0.07 -0.10 Beta 0.98 - Tracking Error 5.3% Information Ratio 0.51 Standard Deviation 2 Other Nasdaq Saudi Arabia Kuwait Egypt Dubai Qatar Abu Dhabi 0% 10% 20% 30% 40% 50% Calculated using 5-year weekly data 48 Burj Gate, Downtown Dubai, Sheikh Zayed Road, Office 901, P.O. Box 119930, Dubai, UAE Benchmark Tel +971 4 360 1111, Fax +971 4 360 1122 Fund www.almalcapital.com 6
7. Al Mal MENA Income Fund – Monthly Factsheet 28 December 2016 NAV Per Unit: USD 12.61 Geographic Allocation Market Overview & Fund Manager Comments Al Mal MENA Income Fund was up 0.12% in December. The Fund has delivered returns of 35.3% since its launch in February 2009. 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. Kuwait Sharjah Bahrain Abu Dhabi Oman Qatar Money Market - UAE Dubai US 10 year treasury yield dropped by 10bps post FED decision to increase interest rates by 25bps .This was expected as the FED action was more than priced–in. In 2017 we expect series of sovereign and corporate issuances as Saudi government has indicated its appetite to raise USD 10-15 bn from international market while Dubai has approached banks for funding EXPO related projects. Kuwait is also expected to print its first sovereign issue this year. Egypt would be a new entrant to this league as they are planning to raise USD 6bn in international issuance post currency devaluation. 0% 10% 20% 30% 40% 50% Sector Allocation Governement Bonds Utilities Telecom Financial Services Retail Transportation Real Estate Money Market Banks Performance Graph 14.3 13.8 13.3 12.8 12.3 11.8 11.3 10.8 10.3 9.8 0% 10% Top Portfolio Holdings Al Mal MENA Income Fund Oct-16 May-16 Dec-15 Jul-15 Feb-15 Sep-14 Apr-14 Nov-13 Jun-13 Jan-13 Aug-12 Mar-12 Oct-11 Dec-10 May-11 was HSBC MENA Bond Index since inception until Dec 2013, replaced thereafter by S&P MENA Bond Index Performance2 Al Mal MENA Income Fund (Perf. Inclusive of Dividends.) 20% 30% 40% 50% Credit % of Rating: Fund S&P/Moody Comm. Bank of Qatar 19 BBB+/ A2 8.5 4.25% Batelco BB-/BB+ 7.5 ICD Sukuk Not Rated 7.5 Total # of Holdings HSBC / S&P MENA USD Bond Index** 1Benchmark Fund Key Information 23 Portfolio Analysis Portfolio Maturity 4.2 years Avg. YTM (Gross) of Investments 3.9% Weighted avg. Rating of Portfolio BBB+ Fund Managers Tariq Qaqish & Vijay Harpalani 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 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2016 2015 2014 2013 2012 2011 2010 2009 Since Inception -1.6% 1.4% 0.7% 0.6% 0.3% 0.5% 0.5% 0.4% -0.2% -0.1% -1.0% 0.1% 1.5% 0.9% 5.5% 1.8% 12.6% 7.6% 3.8% -2.0% 35.3% Source: Al Mal internal performance measurement based on reports from Al Mal Capital/Operations Performance is net of fees 2 Private and Confidential 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
8. Al Mal Liquidity Fund – Monthly Factsheet 28 December 2016 NAV Per Unit: AED 1.20 Market Overview & Fund Manager Comments Fund Key Information The Al Mal Liquidity Fund was up 0.13% in December, and has delivered returns of c.20.0% since its launch in April 2009. 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. 1-week EIBOR continued to increase towards end of December post FED rate hike reflecting prevailing tight liquidity conditions in the banking sector. The Fund has delivered c.1.7% YTD, well above the benchmark which is at 0.79% Fund Key Information 1.20 Fund NAV 1 Week EIBOR (Benchmark) 1.15 1.10 1.05 1.00 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Months to Maturity 7-12 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 22% 4-6 17% 2-3 38% 0-1 23% Performance1 Al Mal Liquidity Fund Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 0.12% 0.11% 0.13% 0.11% 0.14% 0.17% 0.14% 0.18% 0.14% 0.14% 0.18% 0.13% Fund Managers Tariq Qaqish & Vijay Harpalani 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 2016 2015 2014 2013 2012 2011 2010 Since Inception 1.7% 1.5% 1.7% 1.9% 2.1% 2.6% 3.8% 20.0% Source: Al Mal internal performance measurement based on reports from our back office Performance is net of fees 2 Private and Confidential 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 7
9. Disclaimer 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. Private and Confidential 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
10. 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