Vision Asset Management Co. (S.A.O.C)...Returns Matrix Losing Months Risk Matrix AUM (OMR mn) AUM (USD mn) 1.10 81% (* Adjusted for dividends, assuming dividends are reinvested) Inception

CONTENTS

Market Update…..……………………………………………………………………................2

Funds Snapshot..………………………………………………………………………………4

Equity Funds

Diversified

Vision Emerging GCC Fund………………………………………………...…….…….5

Country Specific

Vision Emerging Oman Fund…………………………………………….………...…...6

Thematic

Vision Real Economy GCC Fund……………………….……………………..………..7

Vision Focused Fund………………………………………………..…………………..8

Shariah

Vision Al Khair GCC Fund…………………………………………………...….....…...9

Vision Asset Management Co. (S.A.O.C)

Factsheets – September 2018

Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/

MTD YTD P/E (x)

Commodities

Brent spot 6.85% 23.70% -

Gold -0.74% -8.48% -

Leading Benchmarks

S&P Global BMI 0.00% 1.98% 18.11

S&P Developed BMI 0.17% 3.44% 18.86

S&P Emerging BMI -1.60% -10.32% 13.13

S&P GCC Comp Index 0.19% 9.64% 14.93

S&P GCC Shariah Index 0.03% 8.40% 17.24

MSCI World 0.39% 3.83% 18.75

MSCI Emerging -0.76% -9.54% 12.65

MSCI GCC 0.55% 13.11% 13.81

Developed Equities

Dow Jones 1.90% 7.04% 18.77

S&P 500 0.43% 8.99% 21.07

FTSE 1.05% -2.31% 16.77

DAX -0.95% -5.19% 14.41

CAC 1.60% 3.41% 17.53

Emerging Equities

Nikkei 5.49% 5.95% 17.44

Sensex -6.26% 6.37% 23.74

Shanghai 3.53% -14.69% 13.26

GCC Equities & Egypt

Saudi Arabia 0.65% 10.70% 17.28

Abu Dhabi -1.03% 12.21% 13.03

Dubai -0.18% -15.88% 7.55

Oman 2.82% -10.90% 11.18

Kuwait -0.08% 6.95% 15.06

Doha -0.74% 15.13% 14.57

Bahrain 0.03% 2.10% 9.04

Egypt -8.70% -10.59% 12.44

Global Markets

Global equity markets proved resilient in the face of mounting political, trade and monetary policy headwinds. Optimism over corporate earnings and economic growth saw global equity markets reach a seven-month high. However, China’s refusal to take part in bilateral talks on trade emphasised the lack of resolution on tariffs between the world’s two largest economies. September rounded off the strongest quarter for the US equity market since 2013. The quarter-point interest rate hike from 2% to 2.25% reflected an upbeat assessment of the US economy, despite concerns over President Trump’s escalating trade war. The communication services sector launched amid an increasing overlap in services provided by telecoms, media and some internet companies

UK equity markets were broadly unchanged during September, having experienced a period of notable weakness mid-month. The market was broadly driven lower by ongoing global trade tensions, before rallying towards month end on renewed sterling weakness and rising Brent crude oil prices. Economic data released in September showed a higher than expected increase in UK inflation and UK retail sales during August. The sustained hot weather and growth in real incomes provided a boost to consumer spending

Eurozone equities were broadly flat during September, with steady upward progress throughout the month being offset by sharp falls at both the start and end of the month. Trade war rhetoric at the start of the month and Italian budget concerns at the end of September weighed on market sentiment. Headline inflation rose from 2% in August to 2.1% in September. The increase entirely reflected stronger food and energy inflation

Calmer conditions returned to emerging equity markets during September following the previous month’s turbulence. Performance was mixed at a regional level, with equity markets in Latin America and EMEA (Europe, Middle East & Africa) making gains, whereas Asia was dragged lower by weakness in India. Chinese equities also lost ground as the US escalated its trade war with Beijing by slapping duties on US$200bn of Chinese imports. Turkey raised eyebrows as it hiked interest rates by 675 basis points to address risks of rising inflation and capital flight. Confidence towards Mexico was boosted by a new trilateral trade agreement with Canada and the US.

Market Update

GCC Markets

The MSCI GCC total return index ended September in negative territory (-0.15%) for the second subsequent month. The broad based index performance made a late recovery in KSA near the end of the month. The MSCI EM index was down -0.76% for the month with more pain continuing in October. GCC markets has come under pressure mostly on global clues but GCC economies stand to benefit considerably, in our view, from firming oil prices, which now are at the highest point in 4 years. The oil prices drop of 2015-2017 caught the GCC unaware and unprepared forcing hasty reform choices and implementation. This year’s recovery in oil prices, in our view, is still not felt on the non-oil economy. We expect that to improve considerably next year with governments, businesses and consumers all more confident about investing and spending in 2019. Selective blue-chips in KSA and Qatar, almost 4/5th of the market by number of stocks traded is attractively placed with median PE ratio of c.10X. These attractive valuations are on top of somewhat depressed earnings. A research driven approach to invest in stocks, sectors and country allocation that have witnessed both multiples and earnings compression would be a good opportunity for the fund as markets are trading at depressed values with possibility of revenue and earnings recovery next year ahead of today's consensus forecasts. A big but underappreciated positive effect of oil price crash of 2015-2017 has been to increase the resiliency of GCC economies. The sudden collapse in government budget estimates resulted in implementing austerity, welfare and market reforms at a pace that would not have had been possible otherwise. Globally, emerging market are bearing the full brunt of concurrent increase in oil prices and USD rates. That tsunami is buffeting their currencies and current accounts. Almost a decade of easy monetary policy and negative real interest rates in US, Euro area, Japan, UK and China after the fallout of '08 crisis has lead to excessive price rises in some quarters of global financial and real estate asset class. As these regions, particularly US, enter from very loose to moderately tightening monetary policy, many quarters of elevated asset prices will be repriced which over a short term will keep volatility elevated.

Vision Funds

Saudi Arabia & Bahrain were the leading performers in the GCC markets for the month of September. Abu Dhabi led the decline followed by Qatar, Dubai and Kuwait. The Vision Emerging GCC Fund advanced by 0.09% while the Vision Real Economy GCC Fund declined by 1.92%.

The Sharia focused Vision Al Khair GCC Fund declined by 0.90% for the month. Vision Focused Fund gained 0.99% for the month with its concentrated portfolio strategy.

The Vision Emerging Oman Fund gained 2.80% for the month.

Outlook

We are cautiously optimistic about 2019. We expect GCC aggregate demand, fixed capital investments and credit demand to see modest pickup next year. That pickup in demand will take some time to flow through corporate income statements and balance sheets but hopefully be repriced in stock prices before that.

Sep-18 YTD 2017 3 Year 5 YearSince

Inception

Ann.

Return

May, 2005 Vision Emerging GCC Fund * 14.32 37.18 0.09% 3.71% -3.25% -0.74% 11.47% 120.36% 6.22%

August, 2007 Vision Emerging Oman Fund * 2.02 5.24 2.80% -3.28% -4.50% -4.97% -7.06% 20.80% 1.76%

April, 2010 Vision Real Economy GCC Fund * 8.49 22.03 -1.92% 3.37% -4.07% -1.03% 11.12% 73.90% 7.04%

May, 2013 Vision Al Khair GCC Fund * 8.73 22.66 -0.90% 2.63% -5.41% -7.05% -2.31% 4.66% 0.91%

January, 2017 Vision Focused Fund 2.26 5.87 0.99% 0.07% -10.71% NA NA -10.60% NA

May, 2005 Vision Emerging GCC Fund * 17.54% 0.22

August, 2007 Vision Emerging Oman Fund * 13.74% -0.10

April, 2010 Vision Real Economy GCC Fund * 10.95% 0.46 NA NA NA NA NA 55 46

May, 2013 Vision Al Khair GCC Fund * 10.80% -0.17 29

0.82%

Sharpe

Ratio

(0.48)

77%0.84

Active

Return

Tracking

Error

Year of

Inception

4.12%

35

Mutual Fund

1.01

Returns Matrix

Losing

Months

Risk Matrix

AUM

(OMR mn)

AUM

(USD mn)

1.10 81%

(* Adjusted for dividends, assuming dividends are reinvested)

Inception

71 88 7.58% 0.11

Std.

Deviation

Informatio

n Ratio

Mutual Fund

Performance (Return)

-3.65% 7.57%

5.08% 1.23 57

Winning

MonthsBeta

95% 76

R Squared


Funds Snapshot

4

NAV (per unit)

Performance Chart*

Bloomberg ID VSEMGCC OM

Investment Manager Vision Asset Management Co. SAOC

Custodian National Bank Of Oman

(* Adjusted for dividends, assuming dividends are reinvested) Administrator Vision Investment Services Co. SAOC

Country Allocation Auditors Moore Stephens LLC

Fund Type Open Ended

Ann. Standard Deviation

High/(Low) Monthly Return 12.80% (July 2013), -24.75% (October 2008)

Latest Dividend Paid 60 baiza (2016)

Total Div. & Bonus Paid 370 baiza (Dividend), 60% (Bonus)

Top 5 Holdings

Allocation

rjhi ab equity 10.60%

Sector Allocation sabic ab equity 8.26%

aglty kk equity 6.73%

samba ab equity 6.55%

ncb ab equity 6.31%

Fund Performance*

Sep-18 5 Years Since Inception

0.09% 11.47% 123.40%

Monthly Returns

YTD

KSA

Kuwait

3.71%


RO. 1.039 (USD. 2.698)

65044199

May 19, 2005

The primary objective of Vision Emerging GCC Fund (VEGF) is to maximize the risk

adjusted returns, as measured by Sharpe Ratio. It follows a flexible asset allocation policy

with investments spread across a diversified range of investment options including

alternative investments.

Fund Objective

KSA

KSA

#REF!

Scrip

KSA

Country

Fund Information

Date of Inception

Lipper ID


FACT SHEETSeptember 2018

NAV

Performance Chart*

* Adjusted for dividends, assuming dividends are reinvested

Sector Allocation - VEOF

YTD Since Incep

Fund -3.28% 20.80%

MSM30 Index -10.90% -29.90%

Monthly Returns

Sector Allocation - MSM Index

6-Aug-07

VISOMAN OM

Date of Inception

Bloomberg ID

65107048

National bank Of Oman

Lipper ID

245 baiza

13.13% (Oct 2007); -26.58% (Oct 2008)

12.85%

Allocation

Annualized Standard Deviation

Vision Investment Services Co. SAOC

Open Ended Fund

13.74%

Fund Type

PricewaterhouseCoopers LLP

National Bank Of Oman (Omr)

Bank Muscat (Omr)

Investment Manager

Custodian

Total Dividend & Bonus Paid

Administrator

Auditors

High/(Low) Monthly Return

Top 5 Holdings

Ominvest (Omr)

Scrip

Sep-18

6.53%

6.65%

Oman United Insurance (Omr) 7.40%

Fund Objective

-7.06%

2.82% -31.64%

RO. 0.986 (USD. 2.560)


The primary objective of the Fund is to achieve growth through capital appreciation and

dividend income by investing in equities listed and/or to be listed on the Muscat

Securities Market (“MSM”)

Ooredoo (Omr)

Vision Asset Management Co. SAOC

* Adjusted for dividends, assuming dividends are reinvested

Fund Information

Fund Performance*

6.17%

5 Years

2.80%

Banks41%

Bonds0%

Capital Goods3%

Cash3%

Services0%Leasing

2%Energy

4%

Food & Beverage

3%

Materials7%

Telecommunication Services

11%



0.400

0.600

0.800

1.000

1.200

1.400

1.600

1.800

2.000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

6

YearYearly

Return

Total

ReturnJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2007 32.36% 32.36% 4.45% 13.13% 4.92% 7.49%

2008 -37.42% -17.16% 1.40% 12.79% -0.02% 12.56% 2.35% -1.95% -6.01% -11.91% -9.80% -26.58% 0.21% -11.83%

2009 22.92% 1.82% -9.52% -0.11% 1.71% 10.45% 6.64% 3.28% 2.99% 8.23% 2.55% -3.24% -0.51% -0.12%

2010 10.05% 12.05% 2.94% 2.56% 2.51% 2.33% -8.07% -2.35% 3.26% -0.98% 3.13% 1.81% 0.61% 2.48%

2011 -10.22% 0.60% 1.71% -11.20% 0.00% 7.11% -5.26% 0.00% -2.73% 0.07% -2.67% 0.62% -2.96% 5.89%

2012 4.47% 5.10% -1.79% 4.45% -0.19% 2.91% 0.00% -3.30% -5.95% 2.49% 1.42% 2.10% -1.76% 4.57%

2013 29.76% 36.37% 1.05% 3.90% 3.95% 1.97% 5.89% -1.94% 5.82% 0.62% 0.52% 2.04% 1.29% 1.52%

2014 -4.46% 30.29% 6.24% 0.46% -0.84% -1.15% 0.22% 1.52% 1.41% 2.25% 0.88% -6.97% -4.60% -3.31%

2015 -7.92% 19.97% 3.10% 0.26% -3.32% 2.37% 0.96% 1.84% 1.93% -7.83% -0.01% 1.41% -6.45% -1.76%

2016 9.01% 30.78% -3.89% 3.07% 2.90% 7.43% -2.39% -0.66% 1.77% -1.73% -0.23% -2.66% 0.37% 5.31%

2017 -4.50% 24.90% -0.09% 1.32% -0.64% 1.26% -0.29% -4.40% -2.50% 0.50% 1.33% -3.18% 2.33% -0.01%

2018 -3.28% 20.80% -0.88% -0.35% -1.55% 0.84% -0.35% -0.59% -4.04% 0.93% 2.80%

Banks58%

Materials5%

Utilities5%

Capital Goods2%

Insurance1%

Commercial & Professional

Serv1%

Diversified Financials

2%

Telecommunication Services

19%

Energy7%

Performance Chart * Fund Objective

Fund Information

Date of Inception April 14, 2010

Lipper ID 68053041

Bloomberg ID VIREGCC OM


Custodian National Bank of Oman

Administrator Vision Investment Services Co. SAOC

Auditors Moore Stephens LLC

Fund type Open Ended

Annualized Standard Deviation 10.95%

High/(Low) Monthly Return 10.32% (March 2011), -11.55% (August 2015)


Total Dividend Paid 490 baiza

Top 5 Holdings

Scrip Country Allocation

Aramex Dubai 9.65%

Yansab KSA 9.21%

SABIC KSA 7.64%

Agility Kuwait 7.55%

Jarir KSA 7.50%

Fund Performance *

Sep-18 YTD Since Incep.

-1.92% 3.37% 73.90%


Country Allocation

Monthly Returns

11.12%

RO. 1.220 (USD. 3.168)NAV (per unit)

The objective of the Fund is to achieve capital appreciation and income generation by providing its

investors the opportunity to participate in the growth of Real Economy Sectors of GCC.

Sector Allocation


5 Years


Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/ 7

Performance Chart Fund Objective

Fund Information

Date of Inception 12-Jan-17

Lipper ID 68404006

Bloomberg ID -


Custodian National Bank of Oman

Administrator Vision Investment Services Co. SAOC

Auditors Moore Stephens LLC


Annualized Standard Deviation -

High/(Low) Monthly Return 3.29% (July '17)/-4.32% (Nov '17)

Latest Dividend Paid -

Total Dividend Paid -

Top 5 Holdings

Scrip Country Allocation

National Bank Of Kuwait Kuwait 12.18%

Dubai Islamic Bank UAE 11.46%

Aramex UAE 11.32%

Al Rajhi Bank KSA 9.97%

Sipchem KSA 7.68%

Fund Performance

Sep-18 YTD Since Incep.

0.99% 0.07% NA -10.60%

Monthly Returns

Country Allocation

RO. 0.893 (USD. 2.320)NAV (per unit)

The objective of the Fund is to pursue long-term capital growth by investing in a concentrated set of select

stocks in the middle east equity market sphere.

5 Years

Sector Allocation


Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/ 8

NAV (per unit)

Performance Chart* Fund Objective

Fund Information

Date of Inception May 15, 2013

Lipper ID 68212188

Bloomberg ID VISAKGC OM


(* Adjusted for bonus, dividend) Custodian National Bank of Oman

Countrywise Allocation Administrator Vision Investment Services Co. SAOC

Auditors PricewaterhouseCoopers LLP


Ann. Standard Deviation 10.80%

High / (Low) Monthly Return 8.53% (April 2015), -12.18% (August 2015)

Latest Dividend Paid -

Total Dividend & Bonus Paid 50 baiza (Dividend), 5% (Bonus)

Top 5 Holdings

Allocation

Sector Allocation Dubai Islamic Bank 12.55%

Aramex 8.74%

Al Rajhi Bank 7.75%

Jarir Marketing 6.13%

Agility 5.99%

Fund Performance*

Sep-18 YTD 5 Years Since Inception

-0.90% 2.63% -2.31% 4.66%

(* Adjusted for bonus, dividend)

RO. 0.955 (USD. 2.479)

The objective of the Fund is to achieve capital appreciation and income generation by providing its unit

holders an opportunity to invest in the listed securities in the GCC economies that are compliant to

Shariah principles. The Fund will follow a dynamic allocation policy with investments spread across a

diversified range of industries in the GCC.

Country

UAE

UAE

Scrip

Monthly Returns

Kuwait

Saudi Arabia

Saudi Arabia

FACT SHEETSep 2018

9

Documents

Vision Asset Management Co. (S.A.O.C)...Returns Matrix Losing Months Risk Matrix AUM (OMR mn) AUM (USD mn) 1.10 81% (* Adjusted for dividends, assuming dividends are reinvested) Inception