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BankMuscat Funds receive 'AA' and 'A' ratings
from Standard & Poors
Muscat. November 25, 2007: Standard & Poors,
one of the world's foremost providers of
independent credit ratings, indices, risk
evaluation, investment research, data and
valuations, has assigned its 'AA' (very high
quality) rating to the Bank's Oryx Fund and 'A'
(high quality) rating to the Muscat Fund. The
Fund's, which are managed by the Bank's asset
management unit, are amongst the foremost mutual
funds in the Sultanate of Oman.
Commenting on 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, Standard & Poors said:
"The (investment) approach is very methodical
and structured, emphasizing bottom-up selection
of companies with low PEG ratios and good
management. A standard template is used to value
each company and the team has developed an
in-house database with models on each company
followed…. we are impressed by this experienced
team and its clear and robust investment
process. The Fund consequently achieves a
Standard & Poors AA rating."
The Oryx Fund, it may be noted, turned in
returns of 32% on its Net Asset Value (NAV)
since the beginning of the year, thereby
outperforming most of the GCC market indices.
Commenting on the Muscat Fund, the country's
leading open-ended Oman focussed fund, Standard
& Poors said:
"Performance has been good, and the fund
outpaced its benchmark in each calendar year
since 2003 through sound stock selection. The
team is amongst the most experienced in the
region and has created a disciplined and
effective approach, which has been adapted to
this less flexible mandate. The fund achieves an
Standard & Poors rating."
The Net Asset Value (NAV) of the Muscat Fund
appreciated by 43% since the beginning of the
year. The fund offers investors easy access to a
diversified basket of securities listed on the
Muscat Securities Market (MSM).
Both the funds offer daily liquidity and also
offer Systematic Investment Plan (SIP), a unique
plan wherein investors can put in small sum
every month without having to worry about timing
the market.
Standard & Poor's Fund Management Ratings are
used as a selection tool by many of the world's
leading institutional and private client
investors. By assigning ratings to no more than
20% of funds within each sector, investors and
their advisors have the confidence that they are
choosing quality funds that best meet their
client requirements.
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