1. LATEST NAV- 1.019
FUND DETAILS Fund Objective
United GCC Fund is an open ended fund incorporated in Oman. The objective of the fund is
Fund type to generate capital appreciation by actively investing in companies listed in the GCC. It will
Open ended maintain a diversified portfolio and use a flexible investment policy.
Market commentary for the month
Geographic focus
We had a good start to the year with many of the global equity markets shrugging of past
GCC
fears moved ahead. However equity markets in the region witnessed a varied performance.
Except for markets like Dubai and Egypt which moved by 7.5% and 28% respectively other
Launch date
th markets performed in the range of -2.5% to 3.5% for the month.
13 June 2011
Several major companies in the region announced their results during the month. As
Domicile
expected the petrochemicals reported lower numbers. Banking results were a mixed bag and
Oman
investors were specifically disappointed with the profitability and dividend payout of the
Qatari banks. FGB stole the show announcing a 100% dividend and 100% bonus. Retail,
Base Currency
telecom and cement sectors out performed expectations and continued to evince investor
Omani Rial
interest.
Investment Manager
While earnings continue to grow, market price remains subdued due to global and
United Securities LLC
sentimental factors. We believe the PE re-rating will soon materialize and the regional
markets will break out from this trading range. We move ahead with cautious optimism.
Administrator & Custodian
Gulf Custody Company B.S.C
Auditors
PricewaterhouseCoopers, Oman
Legal Advisors
Rajab Al-Kathiri & Associates
Minimum investment
OMR 3000
NAV Frequency
Weekly
Subscription/ Redemption
Daily
Fees Top 5 holdings %
2% Subscription Fee
3% Redemption fee for 3mths SAFCO 4.46%
0% Redemption fee after 3mths QEWS 4.38%
1% Management fee EEC 4.32%
12% Performance fee in excess of
QIBK 3.67%
10% watermark
OTEL 3.64%
Tickers
Bloomberg - UNITGCC OM Equity
Zawya - UNSUGCC.MF
Disclaimer
This report has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. While all care has been taken
to ensure that the facts stated herein are accurate and the estimates, opinions and expectations contained herein are fair and reasonable, neither United Securities LLC, nor any
of its employees shall be, in any way, responsible for the contents. This shall not be construed as an offer to buy or sell the investments referred to in this report.
P.O. Box 2566, P.C. 112, Ruwi, Sultanate of Oman ∞ Tel :968 24763300 ∞ Fax: 968 24788671 ∞ Email: info@usoman.com www.usoman.com