MENA Mutual Funds Quarterly Bulletin - Zawya
MENA Mutual Funds Quarterly Bulletin - Zawya
MENA Mutual Funds Quarterly Bulletin - Zawya
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>MENA</strong> <strong>Mutual</strong> <strong>Funds</strong> <strong>Quarterly</strong> <strong>Bulletin</strong><br />
Issue 2 - 4Q2012<br />
<strong>MENA</strong> <strong>Mutual</strong> <strong>Funds</strong> at a glance<br />
The size of the <strong>MENA</strong> mutual funds industry is USD59.962bn as of December 2012, with almost 160 AMCs managing 865 funds.<br />
Saudi Arabia and Morocco continue to be the largest fund domiciles with 228 funds worth USD22.85bn and 175 funds worth<br />
USD14.92bn, respectively.<br />
The two countries are also the top funds focused nations.<br />
Money market funds constitute 52.44% of the dollar market size, followed by equity funds (23.76%) and fixed income funds<br />
(17.53%); however the number of equity funds is at 40% and money market funds constitute only 13% of the market.<br />
Islamic funds account for 34% of the <strong>MENA</strong> mutual funds industry.<br />
Compared to the last quarter, Saudi Arabia posted the largest net outflow of USD0.613bn while Morocco had the largest<br />
net inflow of USD0.993bn.<br />
Only sukuk and conventional money market funds posted net inflows in 4Q2012.<br />
Conventional money market funds recorded the highest quarterly return of 1.3%.<br />
12 new funds were launched in 4Q2012<br />
Assets Under Management ($m) - 4Q2012<br />
By Country of Domicile<br />
25,000.00 !<br />
22,849!<br />
250!<br />
20,000.00 !<br />
200!<br />
15,000.00 !<br />
14,917!<br />
150!<br />
10,000.00 !<br />
9,918!<br />
100!<br />
5,000.00 !<br />
4,239!<br />
3,185!<br />
50!<br />
1,391! 1,202! 1,115! 522! 459! 157! 9!<br />
- !<br />
Saudi Arabia! Morocco! Egypt! Kuwait! Tunisia! O"shore! Bahrain! UAE! Oman! Lebanon! Qatar! Jordan!<br />
0!<br />
Asset Under Management ($m)!<br />
Number of <strong>Funds</strong>!<br />
* Offshore includes Cayman Islands, Channel Islands, Luxembourg, Isle of Man, Bermuda, Ireland, British Virgin Islands,<br />
Mauritius and United States.<br />
By Asset Type (% of AUM)<br />
By Nature (% of AUM)<br />
Others<br />
6.27%<br />
Fixed Income & Sukuk<br />
17.53%<br />
Equity<br />
23.76%<br />
Money Market<br />
52.44%<br />
Islamic<br />
34%<br />
Conventional<br />
66%<br />
*Money Market also includes Saudi Trade Finance <strong>Funds</strong><br />
1
<strong>MENA</strong> <strong>Mutual</strong> <strong>Funds</strong> <strong>Quarterly</strong> <strong>Bulletin</strong> Issue 2 - 4Q 2012<br />
By Geographic Focus<br />
By Number of <strong>Funds</strong> (% of total number of funds)<br />
<strong>MENA</strong>!<br />
Worldwide!<br />
GCC!<br />
Tunisia!<br />
Others!<br />
Kuwait!<br />
Egypt!<br />
Morocco!<br />
1,514.90 !<br />
1,774.19 !<br />
2,515.81 !<br />
3,185.03 !<br />
3,391.66 !<br />
4,015.89 !<br />
9,958.17 !<br />
14,916.98 !<br />
2%<br />
5%<br />
9%<br />
13%<br />
27%<br />
18%<br />
26%<br />
Others<br />
Conventional Equity<br />
Conventional Fixed Income<br />
Islamic Equity<br />
Conventional Money Market<br />
Islamic Money Market<br />
Islamic Sukuk<br />
Saudi Arabia!<br />
18,689.50 !<br />
AUM ($m)!<br />
Fund Flows ($m) - 4Q2012<br />
By Geographic Focus<br />
By Asset Type<br />
Saudi Arabia!<br />
Tunisia!<br />
GCC!<br />
Kuwait!<br />
Bahrain!<br />
Qatar!<br />
Oman!<br />
Jordan!<br />
Lebanon!<br />
UAE!<br />
<strong>MENA</strong>!<br />
Egypt!<br />
Morocco!<br />
(613.31)!<br />
Outflow ($m)<br />
(176.81)!<br />
(37.63)!<br />
(32.75)!<br />
(11.06)!<br />
(2.56)!<br />
(0.29)!<br />
(0.19)!<br />
15.24 !<br />
20.48 !<br />
76.95 !<br />
159.63 !<br />
993.07 !<br />
Inflow ($m)!<br />
(367.88)!<br />
Islamic Money Market!<br />
Islamic Equity! (144.22)!<br />
Conventional Equity! (118.06)!<br />
Conventional Fixed Income! (47.10)!<br />
Islamic Sukuk!<br />
Conventional Money Market!<br />
Outflow ($m)<br />
45.68 !<br />
1,094.24 !<br />
Inflow ($m)!<br />
*803 funds were sampled as of 3Q2012 - 4Q2012<br />
Sector Performance (%) - <strong>Quarterly</strong> Comparison<br />
10!<br />
5!<br />
0!<br />
-5!<br />
-10!<br />
Conventional Equity Islamic Equity Conventional Fixed Income<br />
&'()*(+'(,-%./0123%<br />
&'()*+,%-./+01%<br />
15!<br />
5!<br />
!"#$%<br />
4Q11! 1Q12! 2Q12! 3Q12!<br />
!"#"$%<br />
4Q12!<br />
-5! 4Q11! 1Q12! 2Q12! 3Q12! 4Q12!<br />
-15!<br />
1.5!<br />
1!<br />
0.5!<br />
0!<br />
&'()*(+'(,-%./0*1%2(3'4*%<br />
!"#$%<br />
4Q11! 1Q12! 2Q12! 3Q12! 4Q12!<br />
3!<br />
Islamic Sukuk<br />
&'()*+,%-././%<br />
Conventional Money Market<br />
%&'()'*&'+,$-&').$-+/0)1$<br />
1.5!<br />
!"#$<br />
0.5!<br />
Islamic Money Market<br />
&'()*+,%-./01%-)2304%<br />
!"#$%<br />
1.5!<br />
0!<br />
!"#$%<br />
4Q11! 1Q12! 2Q12! 3Q12! 4Q12!<br />
1!<br />
0.5!<br />
0!<br />
4Q11! 1Q12! 2Q12! 3Q12! 4Q12!<br />
0!<br />
-0.5!<br />
-1!<br />
4Q11! 1Q12! 2Q12! 3Q12! 4Q12!<br />
2
<strong>MENA</strong> <strong>Mutual</strong> <strong>Funds</strong> <strong>Quarterly</strong> <strong>Bulletin</strong> Issue 2 - 4Q 2012<br />
<strong>MENA</strong> Top Performers - 4Q2012<br />
Top Performing Fund by Sector<br />
Sector<br />
Fund Name<br />
Fund Manager<br />
<strong>Quarterly</strong> Return<br />
Conventional Equity<br />
Islamic Equity<br />
Conventional Fixed Income<br />
Islamic Sukuk<br />
Conventional Money Market<br />
Islamic Money Market<br />
Japan Stock Fund<br />
Markaz Islamic Fund<br />
Makaseb Income Fund<br />
Mashreq Al Islami Income Fund<br />
Credit Agricole Egypt Fund III<br />
Al Dar Money Market Fund<br />
Riyad Capital<br />
Kuwait Financial Centre<br />
Mashreq Capital<br />
Mashreq Capital<br />
EFG-Hermes Holding<br />
Al Dar Asset Management Company<br />
13.67%<br />
5.94%<br />
5.50%<br />
3.44%<br />
2.93%<br />
2.21%<br />
Top 5 Fund Managers by Size<br />
Fund Manager<br />
NCB Capital<br />
Beltone Asset Management<br />
Samba Capital<br />
Riyad Capital<br />
BMCE Capital Gestion<br />
Country<br />
Saudi Arabia<br />
Egypt<br />
Saudi Arabia<br />
Saudi Arabia<br />
Morocco<br />
Total AUM ($m)<br />
7,296.94<br />
4,453.43<br />
3,940.40<br />
3,532.33<br />
3,268.38<br />
<strong>MENA</strong> Fund Launches - 4Q2012<br />
Fund Name<br />
Fund Manager<br />
Asset Type<br />
Geographic<br />
Focus Type Date<br />
HSBC Amanah GCC Equity Income Fund<br />
FCP Valeurs Quietude 2017<br />
Upline Oblig Plus<br />
Upline Opportunites<br />
Upline Rendement Plus<br />
FCP Capital Obligations Banques<br />
CAT Obli Frontières<br />
Invest AD Sicav - Middle East & Africa Bond<br />
Fund (A Share Class - i - USD)<br />
HSBC Saudi Arabia<br />
Limited<br />
Tunisie Valeurs<br />
Upline Capital<br />
Upline Capital<br />
Upline Capital<br />
BMCE Capital Gestion<br />
BMCI Gestion<br />
Invest AD<br />
Equity<br />
Capital Guaranteed<br />
Fixed Income<br />
Balanced<br />
Capital Guaranteed<br />
Money Market<br />
Fixed Income<br />
Fixed Income<br />
GCC<br />
Tunisia<br />
Morocco<br />
Morocco<br />
Morocco<br />
Morocco<br />
Morocco<br />
Middle East & Africa<br />
Islamic<br />
Conventional<br />
Conventional<br />
Conventional<br />
Conventional<br />
Conventional<br />
Conventional<br />
Conventional<br />
Oct-12<br />
Oct-12<br />
Oct-12<br />
Oct-12<br />
Oct-12<br />
Nov-12<br />
Nov-12<br />
Nov-12<br />
Invest AD Sicav - Middle East & Africa Bond<br />
Fund (A Share Class - ii - USD)<br />
Invest AD<br />
Fixed Income<br />
Middle East & Africa<br />
Conventional<br />
Nov-12<br />
Saudi Fransi Emering Markets Debt Fund<br />
Saudi Fransi Capital<br />
Fixed Income<br />
Emerging Markets<br />
Conventional<br />
Nov-12<br />
Emirates Global Sukuk Fund (C Share Class -<br />
Acc - USD)<br />
Emirates Investment<br />
Services Limited<br />
Sukuk<br />
Worldwide<br />
Islamic<br />
Dec-12<br />
QNB Debt Fund<br />
QNB Banque Privee<br />
Fixed Income<br />
GCC<br />
Conventional<br />
Dec-12<br />
Important Notes:<br />
1- This report includes only mutual funds managed by asset management companies based in the <strong>MENA</strong> region.<br />
2- This report excludes real estate funds.<br />
3- Data is correct as of December 2012, Source: <strong>Zawya</strong> <strong>Funds</strong> Monitor<br />
4- AUM data includes only funds:<br />
- Listed on <strong>Zawya</strong> <strong>Funds</strong> Monitor<br />
- For which size is disclosed.<br />
Prepared by Nancy Mitri, <strong>Funds</strong> Analyst ; Email: nancym@zawya.com<br />
For further information, contact us at funds@zawya.com<br />
Copyright <strong>Zawya</strong> 2013<br />
3
Change language