Mashreq’s Makaseb Emirates Opportunities Fund (MEOF) was recently rated the leading UAE equity fund on the mutual funds monitor in terms of year to date returns (YTD) by ABQ Zawya.
“In 2007, both Dubai Financial Market and Abu Dhabi Securities Markets witnessed significant highs and lows. During such periods of ongoing volatility it is vital to have strong fund managers at the helm to ensure consistent, transparent fund performance no matter what type of external factors arise,” stated Imran Ahmed Managing Director, Mashreq Asset Management.
Over the last 12 months MEOF outperformed its benchmark MSCI UAE Domestic Index by 12.3%. Year to date the fund is up by 56.9%, compared to the benchmark return of 44.6%. The fund’s portfolio is constructed after careful evaluation of market factors including liquidity and price action to determine the optimum market exposure. The monitoring and adjustment of market exposure is ongoing in order to take into account market movements and fluctuations.
“MEOF’s year end results saw us up by 56.9% which clearly demonstrates highly successful fund management skills during a period of on-going volatility. For the UAE and wider Middle Eastern market to mature; keep up with global fund competition and continue to attract foreign investors it is vital the quality of the fund managers mirrors that of global standards,” added Ahmed
“During 2008 we are positive that the fund is poised to build positions within our target stocks. While we are expecting significant volatility due to the rumblings of the sub-prime mortgage problems in the US and upcoming recession, we expect good investment opportunities to recover lost ground and improve relative performances for the year,” concluded Ahmed.
Makaseb Emirates Opportunities Fund (MEOF) is an open ended investment denominated in US dollars. The funds aims to achieve long term capital appreciation through investment primarily in shares listed on the UAE stock exchange by using a dynamic asset allocation strategy.
The fund requires a minimum investment of $10,000 and subscriptions and redemptions take place on a twice-weekly basis (Monday and Thursday).
About Makaseb Emirates Opportunities Fund
Mashreq is the investment manager of MEOF while Gulf Investment Corporation (GIC) is its custodian and administrator. International accountancy firm Deloitte is the auditor and Keypoint Consulting WLL is its registrar and transfer agents.
For further information, please contact:
Associate - Marketing & Development
Treasury and Capital Markets
Tel: +9714 207 8535
Gulf Hill & Knowlton
Tel: 04 334 4930