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Fund Man
The MEDA registering Manager’s dbenefited tcame from with the Sawtih an 18with Dubai In North Aregistering among thethis rally. MJordanian a In the GCperformancbanking anopening thegradual resmarket highto capitalize In the UAEThe Fund wpositive vievaluations a
The Investmgoing into earnings gshould be tchanges wiinterest frothe markets
The MEDAmonth in pinitial signsglobal marthe best pepolicy and MENA maraverages aon the bacprices whicpart, correa cautious weakness As economrecover froand liquidicautious vwill presenexhibit an news contmarkets ththat have ymarkets.
Hashem Mo Karim Nehm Mohamed ATel: 9714-e-mail : AM
-60%
-40%
-20%
0%
20%
40%
60%
ager’s Strategy
Fund added 5.1its sixth consec
decision to overwhe Fund as the the GCC. The M
audi market lead8% return for De
and Abu Dhabi a
Africa, the Egypan 8% return
e standout perfoMoreover, the Fuand Moroccan ma
CC markets, thce throughout thnd petrochemicae market to forestoration of rether. The Investme on the strong t
E, the real estatewas well positionew on the Dubaand compelling e
ment Manager m2008. Increasedrowth rates, cothe supporting dth respect to corm foreign institus higher in 2007
Fund Ma
A Fund gained 1.6positive territory.s that the global rkets rally and imerforming markerecent positive e
rkets are currentand we expect thck of a positive mch should suppoelation with globa
view in the shorin global market
mic conditions coom the trough lety to weaken goiew over the sho
nt us with a goodattractive risk reinues to improvehat have discounyet to do so. Thi
ontasser – Head o
ma – Fund Manag
Abdel Halim – Dire-363 4047 / Fax: Msales@efg-herme
Year to Date
MEDA Fund vs.
MEDA Fun
y & Outlook
1% in Decembercutive year of pweight the GCC majority of the
MENA markets clding the way foecember. The UAadvancing 11% a
ptian market main December. T
ormers, and the und continues toarkets.
he Saudi Arabiahe month. The al sectors leadineign investors in tail investor conment Manager hatwo-month rally.
e sector was amned to benefit frai and Abu Dhaearnings growth
maintains a positi IPO and M&A a
oupled with the drivers for 2008. rporate governan
utional investors w.
anager’s Strate
6% in July as mo. The positive peslowdown is bot
mproving risk appet gaining 8.3% deconomic data.
ly trading at a dihe valuation gap macroeconomic brt future governmal markets remairt term as we exts to have an imp
ntinue to improvvels of Q1 2009.ing into Ramada
ort term. A potend opportunity to eward profile. In e, investors will bted a fair amounis should prove t
of Asset Managem
ger
ector 9714-362 1171
es.com
2008
MSCI Arabian MIndex
(net of fees)
d MSCI Arabia
r to close 2007 positive returns.
markets at the attribution for t
losed the year or the second coAE markets alsoand 9.5%, respe
aintained its strhe financial servFund’s holdings
o retain a minor
an market disprally was broad ng the way. Spthe near future nfidence has heas reshuffled the
mong the top perrom this rally anabi markets giveoutlook.
ve outlook on thactivity, attractiv
currency revaluFurthermore, on
nce should resultwho were instru
egy & Outlook
ost regional markrformance was ottoming out couppetites. The Egypdriven by suppor
iscount to emergto narrow in the
backdrop and strement spending. Fns high, and thepect any potentiapact on the MENA
ve, we expect ear. We expect volan, and hence we
ntial correction inbuild positions inthe medium term
begin to discriminnt of the recoveryto play in favor o
ment
2
Markets Gross TR
)
an Markets (MGCU67G
at 50.4%, whileThe Investmentstart of the yearthe 2007 returnson a strong note,nsecutive month
o performed welctively.
rong momentumvices sector wass benefited fromexposure to the
played a strong based with thepeculation aboutcoupled with theelped drive that Fund’s positions
rforming sectorsd we maintain a
en the attractive
he MENA marketsve valuations anduation possibilityngoing structurat in an increasedmental in driving
kets ended the on the back of pled with the ptian market wasrtive monetary
ging market e medium term engthening oil For the most erefore we retain al short term A region.
rnings to tility to pick up e retain a the near term
n names that m, as economic nate between y against others f the MENA
2007
R USD
G)
e t r s , h l
m s
m e
g e t e t s
. a e
s d y l
d g
s
LoNo
Y
*P**
W
*C
The July
ong term capitaorth African equi
Returns
Month to Date*
Year to Date*
2008200720062005erformance figures are refMSCI Arabian Markets TR
NAV per ShareNo. of Share CertifLaunch DateListingStructureManagement FeeIncentive FeeExpense RatioMinimum SubscriptSubscription / Rede
ISIN (Class A shareISIN (Class C shareSedolReuters CodeBloomberg Ticker
No. of Equity HoldiWtd. Market Cap (mP/E Ratio 09BetaInformation Ratio*
Standard DeviationCalculated vs. MSCI Arabian
EquityFixed IncomeCash
HoldingQatar Gas TranspoCommercial Bank OGalfarIndustries QatarNational Mobile Te
Saudi Arabia, 18
C
Real EsConstructio
Telecommunications, 11%
Transportation, 2%
Ca
EFG-Hermes M31st, 2009
Obj
l appreciation thities and equity-r
Fund Pe
MEDA Fund
1.6% 7.4%
-42.1% 50.5%
6.2% 60.9%
flective of period from JuneGross USD Index launched
Fund In
ficates
tionemption
Fund I
es)es)
Fund Cha
ingsmm)
n*
n Markets Gross TR USD s
Asset A
Top 5 Equ
ort Co. (Nakilat) Of Qatar
lecom Co.
Allocation
Allocation By
8%
Cash, 26%
Basic Materials, 4
state/ on, 13%
%
%
ash, 26%
Middle East &
ective
hrough investingrelated securitieserformance
MSCI Arabian TR Gross US
3.2% 20.4% -53.8%
52.2% -42.6%**
NAe 30th –July 29th, 2009 d in January 2006
nformation
J
DubaiO
15
dentifiers
BM BM
LE
aracteristics
ince index inception in Jan
Allocation
uity Holdings
Country Qatar Qatar Oman Qatar Kuwait
n By Country
Economic Sector
UAE, 10%Egyp
Qatar, 19%
4% Finan
P
Developing A
g in Middle East s.
MarketsSD**
Diffe
-1 -13 11 -1
* 48 N
USD22.5115,249,381
July 2, 1999i Financial MarketOpen Ended
1.4%5% over 10%
2.1%USD 10,000
Monthly
MG294041030MG2940420200-675-970
LP65037105EFGMEAF BH
25USD5,139
9.1x0.70.9
18.1%nuary 2006
62%12%26%
% of NAV4.8%3.9%3.9%3.8%3.7%
r
pt, 7%
Jordan, 6%
Kuwait, 4%
Oman, 10%
ncials, 16%
Government, 1%
Logistics, 13%
Other, 5%
Petrochemicals/Fertilizers, 9%
Africa (MEDA)
and
erence
1.6%3.0%1.7%1.7%8.8%NA
Fund