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Global GCC Large Cap Fund up 14.5 per cent year-to-date

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Global Investment House says its GCC Large Cap Fund is the best performing fund among all GCC funds investing in the Gulf region for the first nine months of 2010, recording a performance of 14.5 per cent.



The regional markets have fared well during the current year in the backdrop of improving global macro-economic outlook and developments on the local front.

With increased M&A activity and anticipation on the economic expansion plan, Kuwait has been the best performing market YTD with market-weighted index up 20.8 per cent.

Stellar GDP growth along with strong results have narrowed the valuation gap in Qatar, making DSM the second best performing market returning 10.6 per cent YTD.

At the same time, stable oil prices coupled with strong domestic demand has led TASI to be amongst the top performing markets in the region, as the Saudi market is now up 4.4 per cent YTD.

Shahid Hameed, head of GCC asset management at Global, says: “We are very pleased with the fund’s strong performance and being ranked as the top performing GCC equity fund in the region is a witness to our long-term commitment to clients.”

The GCC Large Cap Fund seeks to achieve long-term capital appreciation by investing in a diversified portfolio of large cap stocks listed on the GCC stock exchanges. Global’s funds adopt a bottom-up investment strategy based on research that allows them to capture the most attractive investment opportunities and produce consistent long-term returns.

Hameed adds: “The strong positive performance of the markets in the region that was caused by improved investor sentiment and increased market activities has contributed significantly in our fund’s performance. Year to date, the fund has outperformed its benchmark by 4.7 per cent achieving returns equal to 14.5 per cent.”

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