VOL. XLV

No 27

8-July-2002

 

SAUDI ARABIA

 

Positive Return Seen For Saudi Riyal Mutual Funds

 

While international stocks and bonds continued to report negative returns in the first quarter of this year in line with the global economic slowdown, local stocks and cash funds have shown positive returns, according to Saudi Arabia’s National Commercial Bank (NCB). The top-performing Saudi Riyal denominated fund was the SABB Saudi Equity Fund 1, which registered year-on-year growth of 44.1%, followed by SAMBA’s Musahim Fund with a yield of 27.4%. US dollar-denominated funds performed negatively year-on-year but made gains on the previous six months, with Al-Ahli US Trade Fund leading the group with a 13.4% rise in returns, followed by Riyad Bank’s American Stock Fund which gained 12.2% over the same period. These funds are open to international investors as well as Saudi investors.

 

Top Performing Saudi Mutual Funds: Returns (March 2002)

 

 

 

 

Last Price of

Performance (% Change)

 

 

 

Type of

Investment

One

Six

One Yr

2 Years

5 Years

Fund Name

Bank

Investment

31-Mar-02

Month

Months

Ago

Ago

Ago

Equity Funds in US $

 

 

 

 

 

 

 

 

 

   American Stock Fund

RB

US

26.123

4.1

12.2

-0.5

-25.3

39.4

 

   Al-Ahli US Trade Fund

NCB

US

1.999

2.7

13.4

-0.3

-36.7

24.9

 

   Al-Ahli Global Trading

   Equity Fund

 

NCB

 

Global

 

1.893

 

3.4

 

11.7

 

-3.1

 

-34.1

 

30.6

 

Equity Funds in Euro $

 

 

 

 

 

 

 

 

 

   European Growth Fund

RB

Europe EX

27.883

6.2

21.7

2.4

1.1

143.9

 

Equity Funds in Japanese ¥

 

 

 

 

 

 

 

 

 

   Japan Stock Fund

RB

Japan

1,072.337

9

11.3

-18.6

-43.1

8.6

 

Equity Funds in Saudi Riyal

 

 

 

 

 

 

 

 

 

   Saudi Equity Fund 1

SABB

S.Arabia

22.703

11.4

28

44.1

74.3

145.4

 

   Riyad Stock Fund 1

RB

S.Arabia

2,946.603

8.7

17.6

26.3

52.6

106.6

 

   Musahim Fund

SAMBA

S.Arabia

2,025.769

8.9

21.8

27.4

57.2

103.9

 

   Istithmar Fund

BSF

S.Arabia

1,611.155

4.9

14.2

20.0

41.4

92.0

 

   Arab Investor Fund

ANB

S.Arabia

25.92

9.1

16

19.8

36.3

91.6

 

 

Source: Market Review and Outlook, 10 June 2002 - Economics Department, National Commercial Bank.

 

Copyright © 2002 Middle East Economic Survey