22nd Jan 2021 16:48
Gulf Investment Fund PLC - investment firm focused on opportunities and positive fundamental factors in the Gulf Cooperation Council - Says net asset value per share rose 7.5% in final three months to December 31 versus S&P GCC Composite Index advancing 5.9%. For 2020 as a whole, Gulf Investment Fund outperformed its benchmark by 9.5%, as own NAV grew 7.8% while benchmark lost 1.7%.
"MSCI EM index followed the global indices and closed the quarter 19% higher. The oil price recovered 27% in the quarter to USD52 per barrel. Gulf Cooperation Council markets also recovered during the quarter with the S&P GCC index rising 5.9% helped by easing of lockdown restrictions across the region. Of the GCC nations, Abu Dhabi markets gained 12%. Dubai, Saudi Arabia and Qatar followed with 9.6%, 4.7% and 4.5%, respectively. Bahrain, Kuwait and Oman markets rose 3.9%, 1.9% and 1.2%, respectively," company adds.
Compared to the benchmark, Gulf Investment Fund remained overweight Qatar and overweight UAE. Gulf Investment Fund is underweight Saudi Arabia and Kuwait.
Current stock price: USD1.54
Year-to-date change: up 17%
By Paul McGowan; [email protected]
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