11th Jan 2024 17:50
(Alliance News) - Gulf Investment Fund PLC on Thursday said its net asset value has outperformed its benchmark, thanks to holdings in Saudi and Qatar.
Gulf Investment Fund is an Isle of Man-based investment fund focusing on Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait and Oman.
The company said its net asset value rose by 11% in the three months to December 31, outperforming its benchmark, S&P GCC Composite Index, which rose by 6.1%.
Outperformance in the quarter came from holdings in Saudi and Qatar and an underweight position in Kuwait and Dubai, Gulf Investment said.
"The Israel-Hamas conflict initially led to volatility in GCC markets. However, they have largely recovered from the lows in October given the very low economic exposure to Israel and Palestine. We expect markets to continue to make progress on the back of continuing regional reforms and infrastructure spending," it added.
Shares in Gulf Investment Fund closed up 0.5% to USD2.22 in London on Thursday.
By Sophie Rose, Alliance News senior reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.