Emirates NBD Asset Management Emirates Islamic Global Balanced Fund Fact Sheet September 2011
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Emirates NBD Asset Management Emirates Islamic Global Balanced Fund Fact Sheet September 2011 Fund Objective Details The investment purpose of the Emirates Islamic Global Balanced Dicretionary Fund ("the Fund") is to provide institutional and high net worth Investment Manager Emirates NBD Bank PJSC, UAE investors with a professionally managed means of participating in Fund Manager Emirates NBD Fund Managers (Jersey) Limited a global multi-asset class portfolio of Shari’a compliant assets. The Delegate Emirates NBD Asset Management Limited primary investment objective of the Fund is to achieve medium to Investment Manager regulated by Dubai Financial Services Authority long term capital growth while minimising risk through Fund Type Open ended investment fund diversification across asset classes. The Fund will seek over time Domicile Jersey, Channel Islands to acquire a diversified portfolio of collective investment schemes Original Fund Launch Date 4 April 2006 and direct investments, including but not limited to, investments Current Fund Size USD 20.81 million in Murabaha, Sukuk, Real Estate and Equity. Annual Management Fee 1.6% NAV/Share (01.10.2011) A share class: USD 10.05 Market Commentary NAV/Subscriptions Daily/Monthly Redemptions Daily/Monthly September continued the very poor month for risk assets with the MSCI World dropping by almost 9% for the month. There Valuation Point 1 October 2011 were three main concerns driving markets lower; increasing Bloomberg Ticker EMISGBB JY Equity / EMISGLB JY Equity problems in the Eurozone, slowing economic data and data out Life Company Fund Codes Friends Provident International: R92* of China raising the likelihood of a potential hard landing. The Hansard: MC140* Eurozone was the main driver of the weakness however, with Skandia: 97911*, ** Oman Insurance Company: H87* investors becoming increasingly worried about a default by Zurich: N4USD (Regulars), R4USD (Singles) Greece and the knock on effects both the European banks and Website www.emiratesnbd.com/assetmanagement potentially even higher borrowing costs for other Eurozone * Regulars and Singles countries like Spain and Italy. Global economic data has also ** USD shareclass (GBP & Euro also available) been generally disappointing with PMI data showing 1 deterioration and unemployment continuing to remain high in Performance Data the US. Concerns over the US debt impasse, downgrades by Fund Benchmark 2 rating agencies also caused greater uncertainty resulting in significant strengthening in the Dollar over the month with 1 Month Performance -5.00% -7.35% almost all currencies seeing weakness, led by emerging market 3 Month Performance -9.66% -12.63% and commodity related currencies. Emerging market equities, 12 Month Performance -4.85% -4.49% commodities and even gold and silver which were previously Year to Date -7.16% -10.16% safe havens were sold off. Treasuries were the beneficiary of the uncertainty, despite the ratings agency concerns, with yields Performance since Launch -4.56% -2.60% dropping to record lows. CAGR Since Inception -0.85% -0.48% Volatility 7.67% 9.52% In September, the Islamic Global Balanced fund fell by 5.00%, Sharpe Ratio (0.45) (0.33) whilst its composite benchmark fell by 7.35%. All asset classes recorded negative absolute returns, with equities being Performance History responsible for the majority of the negative impact, with the one exception of cash. Equities declined across the board, led 120 115 by the SWIP Islamic Global Equity Fund which fell more than 8%. 110 The BNP Islamic Optimizer Equity Fund performed better, 105 100 although still fell 2.7%. Sukuk were not immune to the sell-off, 95 with the Global Sukuk Fund falling just over 1%. Global REITS 90 also declined with the Crescent Global Property Fund falling 85 80 75 S M J S D M J S D M J S D M J S D M J S D more than 8%. During the month, we have gradually increased M J u u u u u u e e e e e e e e e e e a a a a a a n n n n n n p p p p p p c c c c c r r r r r r - - - - - - - - - - - - - - - - our holdings in equities, adding to the DBX DJ Islamic Market - - - - - - - 1 1 0 0 0 0 1 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 1 0 9 8 7 6 1 0 9 8 7 6 0 9 8 7 6 1 0 9 8 7 Titans tracker, as we believe a lot of the bad news in global 6 stocks has now been released. Fund Blended Benchmark Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total %%%%%%%%%%%%% 2006 –––1.54 (1.18) 0.03 0.86 1.73 0.77 1.62 2.21 1.28 9.18 2007 0.53 (0.33) 1.49 2.34 1.42 (0.07) (0.12) 0.32 2.25 1.27 (1.06) 0.07 8.35 2008 (3.33) 0.87 (0.70) 1.59 1.23 (2.56) (1.44) (0.71) (4.87) (7.54) (2.39) 1.23 (17.47) 2009 (3.15) (3.82) 2.20 3.56 3.17 (2.41) 1.39 1.35 1.55 (0.23) 0.54 (0.45) 3.44 2010 (1.23) (1.39) 2.24 0.06 (4.22) (0.72) 1.94 (0.78) 3.62 0.35 (1.03) 3.02 1.79 2011 0.74 1.52 0.43 2.02 (0.51) (1.42) (0.30) (4.62) (5.00) –––(7.16) 1. The benchmark reflects the neutral weightings of the Fund. The constituents of the benchmark are: US 3m LIBOR, DJ Islamic Market World Index, S&P Global REIT Index, US 3m LIBOR + 2.5%, HFRX Global Hedge Fund Index. 2. In 2009 the property component of the composite benchmark was represented by the UK IPD Index. 3. As of 31/12/09 monthly fund performance reporting uses the first business day NAV of the new month versus previous month end index values. This is to reduce the inherent time differences experienced by fund of funds and make relative performance reporting more easily comparable for investors. Emirates NBD Asset Management Emirates Islamic Global Balanced Fund Fact Sheet September 2011 Asset Allocation Ranges Key Benefits Asset Class Min Neutral Max > Professional management, research and asset allocations with low investment minimums. Cash 0% 5% 15% > Investment expertise from a leading regional asset manager, accessing global Sukuk 5% 15% 25% investment talent. Property 0% 10% 15% > Shari’a compliant investment solution. > Low management fees. Equity 50% 60% 70% > Daily liquidity. Alternative Strategies 0% 10% 20% > Access to wide range of asset classes under one fund structure. Commodities 0% 0% 0% > Full monthly reporting. Asset Allocation Equities USA 58.4% Equity 58.7% Europe 14.5% Sukuk 14.5% Asia 8.4% Alternative Strategies 13.1% UK 9.0% Property 9.5% Australia 3.5% Cash & Murabaha 4.3% Latin Amercia 0.7% Commodities 0.0% Middle East 0.0% Other 5.6% Fixed Income Currency High Yield 0.0% USD 85.1% Investment Grade 0.0% Other 6.7% Developed Government 0.0% EUR 3.4% Loans 0.0% GBP 2.6% Emerging Market 100.0% YEN 2.3% Others 0.0% Top 10 Holdings Top 10 Underlying Holdings Emirates Islamic Alternative Strategies 13.1% db x-trackers S&P 500 ETF 6.5% Emirates Global Sukuk Fund 12.5% db x-trackers DJ Islamic Mkt Titans ETF 6.7% SWIP Islamic Global Equity 11.1% Petronas 2014 2.0% BNP Islamic Optimiser 10.9% FGB Sukuk 1.1% Allianz Islamic Global Equity 9.5% QIB Sukuk 1.0% HSBC Amanah Global Equity 9.1% DP World 2017 1.0% Oasis Crescent Global Property 7.4% CBB International 2014 0.9% db x-trackers DJ Islamic Mkt Titans ETF 6.7% Dubai DOF $$ 2014 0.9% db x-trackers S&P 500 ETF 6.5% Aldar Funding 2013 0.8% Oasis Crescent Global Equity 4.8% Emaar Sukuk 2016 0.7% Total 91.7% Total 17.3% Total Number of Fund Holdings 13 The information above is indicative only and is based on underlying holdings information where identifiable, consequently the fund’s actual exposures may vary. Data source: Emirates NBD Asset Management as of 1 October 2011. For any queries please contact your financial representative or alternatively Emirates NBD Asset Management: [email protected]. The Fund was originally domiciled in Guernsey; subsequently the assets of the Fund were transferred into the Jersey fund structure in Sep 2009. Management of the Fund was transferred to Emirates NBD Bank PJSC in Dec 2005. Emirates NBD Fund Managers (Jersey) Limited is regulated by the Jersey Financial Services Commission to conduct Fund Services Business. The information and opinions expressed herein are made in good faith and are based on sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. These opinions are not intended to serve as authoritative investment advice and should not be used in substitution for the exercise of own j udgment. This information, including any expression of opinion, has been obtained from or is based upon sources believed to be reliable, and is believed to be fair and not misleading. Any opinion or estimate contained in this material is subject to change without notice. Neither Emirates NBD Fund Managers (Jersey) Limited, Emirates Islamic Bank PJSC, Emirates NBD Bank PJSC (“Emirates NBD”) and Emirates NBD Asset Management Limited (“Emirates NBD AM”) together “Emirates NBD Group” nor any of its directors or employees give any representation or warranty as to the reliability, accuracy or completeness of the information, nor do they accept any responsibility arising in any way (including by negligence) for errors in, or omissions from the information.