Solid performance in UAE’s stock markets produced strong gains for regionally domiciled equity funds during the first seven months of the year. This also reflected positively on mixed assets funds that have heavy allocations to equities, according to data released by Lipper, a unit of Thomson Reuters that tracks mutual funds performance.
Majority of the region’s fixed income funds—as was the case with global onesc underperformed between January and July after they suffered in the months of May and June in the aftermath of the US Federal Reserve’s sudden announcement of monetary tightening to start later this year. Against the US Federal Reserve’s close to zero interest rate, regional money market funds have been among the best globally.
According to Detlef Glow, head of Lipper Research, Europe, Middle East and Africa(EMEA), in the global universe of equity funds, eight of the 10 best performing ones for the first six months of 2013 belong to the UAE Equity scheme.
Similarly, in the Mixed Assets category, eight of the 10 leading funds globally for the same period are domiciled within the GCC. In the universe of money market funds, seven of the 10 with the highest returns follow an Islamic approach and remarkably, all 10 funds with the best returns are GCC domiciled.
Leading the list in the equity category was MSCI UAE index tracker Invest AD’s fund, with a 63.01 per cent increase between January 1 and July 31, followed by Shuaa Capital’s Emirates Gateway Fund, which has exposure to UAE equities and rose 58.75 per cent.
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