the efg-hermes middle east & developing africa (meda) fund ...€¦ · fund man the meda...

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