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Oryx Fund
up 24% during the year:
outperforms all GCC market indices
 Muscat.
24 September 2007 – The Oryx Fund, the GCC
focussed open-ended fund managed by BankMuscat’s
Asset Management department, has turned in
returns of 24% on its Net Asset Value (NAV) for
the first eight months of the year, thereby
outperforming all GCC market indices. The fund’s
NAV rose by 14.8% in the second quarter alone,
as the stocks in the portfolio continued to
outperform the markets. The GCC markets, which
saw an overall weakening in the second half of
last year, have been steadily recovering during
2007. This has been reflected in growing
investor sentiment that the markets have been
witnessing.
The Oryx fund, which seeks to provide long-term
capital appreciation opportunities to investors
through maintaining a diversified portfolio in
stocks listed on GCC stock markets, is in
process of identifying attractive earnings
growth opportunities and will move its exposure
into such companies so as to improve the overall
performance over the medium to long term
horizon.
Manned by a team of seasoned professionals, the
BankMuscat Asset Management division enjoys an
outstanding track record on the back of
disciplined investment processes, sound
operational systems and controls and its
commitment to meeting stringent ethical
practices. During past 11 years of its
operations, the asset management division has
been instrumental in launching a range of
investment products focused on local and
regional markets and also various asset classes.
The funds currently managed by the division
include the Muscat fund, the Oryx Fund and
BankMuscat MSCI® Kuwait Fund. |
