vision asset management co. (s.a.o.c)...sensex 6.16% 10.42% 24.40 shanghai 1.02% -13.03% 13.96 gcc...
Post on 03-Aug-2020
0 Views
Preview:
TRANSCRIPT
CONTENTS
Market Update…..……………………………………………………………………................2
Funds Snapshot..………………………………………………………………………………4
Equity Funds
Diversified
Vision Emerging GCC Fund………………………………………………...…….…….5
Country Specific
Vision Emerging Oman Fund…………………………………………….………...…...6
Thematic
Vision Real Economy GCC Fund……………………….……………………..………..7
Vision Focused Fund………………………………………………..…………………..8
Shariah
Vision Al Khair GCC Fund…………………………………………………...….....…...9
Vision Asset Management Co. (S.A.O.C)
Factsheets – July 2018
Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/
MTD YTD P/E (x)
Commodities
Brent spot -6.53% 11.04% -
Gold -2.32% -6.06% -
Leading Benchmarks
S&P Global BMI 2.57% 1.27% 18.45
S&P Developed BMI 2.66% 2.04% 18.96
S&P Emerging BMI 2.14% -5.29% 14.83
S&P GCC Comp Index 2.23% 12.26% 10.94
S&P GCC Shariah Index 1.25% 11.34% 9.80
MSCI World 3.05% 2.36% 18.61
MSCI Emerging 1.68% -6.13% 13.51
MSCI GCC 3.30% 15.33% 14.04
Developed Equities
Dow Jones 4.71% 2.82% 18.15
S&P 500 3.60% 5.34% 20.49
FTSE 1.46% 0.79% 17.24
DAX 4.06% -0.87% 14.38
CAC 3.53% 3.74% 17.00
Emerging Equities
Nikkei 1.12% -0.93% 16.27
Sensex 6.16% 10.42% 24.40
Shanghai 1.02% -13.03% 13.96
GCC Equities & Egypt
Saudi Arabia -0.23% 14.79% 18.01
Abu Dhabi 6.57% 10.48% 12.78
Dubai 4.78% -12.29% 9.38
Oman -5.14% -14.96% 8.78
Kuwait 5.67% 3.52% 14.61
Doha 8.88% 15.27% 14.83
Bahrain 3.61% 3.61% 1.39
Egypt -4.70% -4.70% 12.51
Global Markets
Global growth remains robust and many emerging market countries are better prepared to face crises, but risks to the world economy have increased, finance chiefs from the G20 group of nations said at their summit in Buenos Aires in July.
The US equity market ended June in positive territory, buoyed by robust second quarter economic growth and relief over the agreement reached by the US and the EU on defusing trade tensions. While the US economy recorded its strongest pace of growth since 2014 at 4.1% and trade progress included reports of efforts by the US and China to also come to an agreement, optimism was tempered.
UK equity markets rose during July, a month dominated by Brexit headlines, mixed economic data and continued sterling weakness. Weaker than expected retail sales data released for the previous month added to downward pressure on sterling, as the World Cup and extended hot weather kept consumers at home. Economic data released mid-month showed that despite record employment levels, UK wage growth dipped to a six-month low in June.
European equity markets made solid gains in July as second quarter earnings season proved to be reasonably strong. All sectors posted positive returns with relative strength coming from healthcare, financials, energy and telecoms, while consumer staples, information technology and real estate were the relative laggards over the month.
Asian equity market performance was mixed over July. There was divergence in performance with the ASEAN, Indian and Taiwanese markets being notable outperformers, while China and South Korea lagged. China’s economic activity data remained soft over the month which points to a negative impact from continuous deleveraging efforts. Japan’s equity market ended the month higher in local currency due to a positive earnings season with companies delivering high single digit earnings growth.
Emerging equity markets drew support from encouraging macroeconomic data release and upbeat corporate earnings. Latin America was the best performing region, led by strong performances from Brazil and Mexico. The EMEA (Europe, Middle East & Africa) region also generated positive returns. Equity performance in emerging Asia was more dispersed, with the Philippines leading the gains.
The S&P Emerging BMI gained by 2.14% while the S&P Developed BMI gained by 2.66%.
Market Update
GCC Markets
International trade concerns once again came to the fore after reports that the US could impose tariffs on additional Chinese goods worth USD 200 Bn with an expected reciprocal reaction from China. The news affected markets across the globe, including Europe and Asia. Oil prices also receded, as a result, as an international trade dispute between two of the largest economies could depress oil demand. In addition, Libya’s oil production, which was suffering from a force majeure at several ports that halved the country’s output, was reportedly back online.
The second quarter results of GCC corporate earnings season was on a positive note with most banks reporting strong earnings across the GCC, thereby boosting investor sentiment in most of the GCC markets during the month. This pushed the aggregate GCC index up by more than 3% in July-18. Petrochemical stocks also reported gains largely due to elevated oil prices that resulted in better product prices. Global Markets also had a positive show with the MSCI World Index up 2.8% highlighting strong US market performance on the back of solid improvement in quarterly earnings. However, the ongoing trade war concerns between US and China did limit growth in some of the indices.
Boursa Kuwait indices posted positive performance during July-18, however, gains were primarily skewed towards large-cap stocks. Gains for the Premier Market index came after investors started accumulating large-cap stocks before the expected MSCI decision to upgrade to the Emerging Market status next year.
JPMorgan has launched a consultation that could bring the GCC countries into its EM benchmark, resulting in inflows of up to c.USD 45bn (2.8% of GDP). Decision is set for September and inclusion could be phased over 6 months. Meanwhile IMF estimates Saudi Arabia’s GDP growth for 2018 to be higher by 20 bps at 1.9%. GDP growth forecast for 2019 (1.9%) was left unchanged. However, this is subject to revision for 2019 as the oil GDP forecast depends on the nature of the OPEC+ agreement in 2019, and global trade.
Meanwhile in M&A, in Oman, Bank Dhofar has initiated merger talks with the National Bank of Oman. The merger talks are still at a very preliminary stage. This is the second attempt for Bank Dhofar to merge with a domestic bank after protracted negotiations with Bank Sohar, which lasted over three years, came to an end in October 2016. If successful, the merged entity would become the second largest bank in Oman on key balance sheet metrics. The merged entity would have an asset and loan market share of 25%. In Kuwait, Kuwait Finance House KSCP wants to hold renewed talks with Bahrain’s Ahli United Bank BSC for a potential acquisition/ merger which if successful would create an entity with about $92 billion of assets.
Vision Funds
Doha led the gains for the GCC markets followed by Abu Dhabi, Kuwait, Dubai & Bahrain. Oman declined the most in July while Saudi Arabia was also down for the month. The Vision Emerging GCC Fund advanced by 0.06% while the Vision Real Economy GCC Fund advanced by 0.87%.
The Sharia focused Vision Al Khair GCC Fund gained 0.77% for the month. Vision Focused Fund gained 2.50% for the month with its concentrated portfolio strategy.
The Vision Emerging Oman Fund ended 4.04% down for the month.
Outlook
The backdrop of current oil prices gives GCC countries ample flexibility in terms of their ongoing fiscal consolidation plans and managing their current accounts balances. However, more protectionist global trade policies and mounting trade tensions could impact the region through lower global oil demand and volatility in oil prices. This should push GCC countries to expedite their diversification plans, and their individual fiscal consolidation plans targeting both additional revenues and expense optimization going forward.
Jul-18 YTD 2017 3 Year 5 YearSince
Inception
Ann.
Return
May, 2005 Vision Emerging GCC Fund * 14.61 37.93 0.06% 5.80% -3.25% -12.64% 27.51% 124.80% 6.38%
August, 2007 Vision Emerging Oman Fund * 1.95 5.05 -4.04% -6.78% -4.50% -10.20% -9.40% 16.43% 1.41%
April, 2010 Vision Real Economy GCC Fund * 8.82 22.90 0.87% 7.39% -4.07% -9.63% 26.99% 80.66% 7.54%
May, 2013 Vision Al Khair GCC Fund * 8.86 22.99 0.02% 4.14% -5.41% -17.69% 7.18% 6.20% 1.20%
January, 2017 Vision Focused Fund 2.42 6.28 0.77% 1.74% -10.71% NA NA -9.10% NA
May, 2005 Vision Emerging GCC Fund * 16.02% 0.20
August, 2007 Vision Emerging Oman Fund * 13.85% -0.12
April, 2010 Vision Real Economy GCC Fund * 11.06% 0.54 NA NA NA NA NA 55 44
May, 2013 Vision Al Khair GCC Fund * 10.98% -0.15 27
1.08%
Sharpe
Ratio
(0.47)
78%0.94
Active
Return
Tracking
Error
Year of
Inception
4.13%
35
Mutual Fund
0.91
Returns Matrix
Losing
Months
Risk Matrix
AUM
(OMR mn)
AUM
(USD mn)
1.10 82%
(* Adjusted for dividends, assuming dividends are reinvested)
Inception
70 87 7.63% 0.14
Std.
Deviation
Informatio
n Ratio
Mutual Fund
Performance (Return)
-3.63% 7.66%
5.25% 1.27 57
Winning
MonthsBeta
95% 74
R Squared
Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/
Funds Snapshot
4
NAV (per unit)
Performance Chart*
Bloomberg ID VSEMGCC OM
Investment Manager Vision Asset Management Co. SAOC
Custodian National Bank Of Oman
(* Adjusted for dividends, assuming dividends are reinvested) Administrator Vision Investment Services Co. SAOC
Country Allocation Auditors Moore Stephens LLC
Fund Type Open Ended
Ann. Standard Deviation
High/(Low) Monthly Return 12.80% (July 2013), -24.75% (October 2008)
Latest Dividend Paid 60 baiza (2016)
Total Div. & Bonus Paid 370 baiza (Dividend), 60% (Bonus)
Top 5 Holdings
Allocation
Al Rajhi Bank 10.41%
Sector Allocation Agility Logistics 6.60%
Samba Bank 6.40%
NCB Bank 6.33%
Yansab 5.91%
Fund Performance*
Jul-18 YTD 5 Years Since Inception
0.06% 27.51% 124.80%
Monthly Returns
Country
Fund Objective
Fund Information
Date of Inception
Lipper ID
Kuwait
KSA
5.80%
RO. 1.060 (USD. 2.750)
65044199
May 19, 2005
The primary objective of Vision Emerging GCC Fund (VEGF) is to maximize the risk
adjusted returns, as measured by Sharpe Ratio. It follows a flexible asset allocation policy
with investments spread across a diversified range of investment options including
alternative investments.
(* Adjusted for dividends, assuming dividends are reinvested)
KSA
KSA
16.02%
Scrip
KSA
Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/
FACT SHEETJuly 2018
NAV
Performance Chart*
* Adjusted for dividends, assuming dividends are reinvested
Sector Allocation - VEOF
YTD Since Incep
Fund -6.78% 16.43%
MSM30 Index -14.96% -33.09%
Monthly Returns
* Adjusted for dividends, assuming dividends are reinvested
Fund Information
Fund Performance*
7.16%
5 Years
-4.04%
Fund Objective
-9.40%
-5.14% -34.72%
RO. 0.951 (USD. 2.467)
Latest Dividend Paid 70 baiza (2016)
The primary objective of the Fund is to achieve growth through capital appreciation and
dividend income by investing in equities listed and/or to be listed on the Muscat
Securities Market (“MSM”)
Oman Telecommunication (Omr)
Vision Asset Management Co. SAOC
Ooredoo (Omr)
Scrip
Jul-18
7.33%
7.43%
Oman United Insurance (Omr) 8.33%
PricewaterhouseCoopers LLP
National Bank Of Oman (Omr)
Bank Muscat (Omr)
Investment Manager
Custodian
Total Dividend & Bonus Paid
Administrator
Auditors
High/(Low) Monthly Return
Top 5 Holdings
Lipper ID
245 baiza
13.13% (Oct 2007); -26.58% (Oct 2008)
11.24%
Allocation
Annualized Standard Deviation
Vision Investment Services Co. SAOC
Open Ended Fund
13.85%
Fund Type
Sector Allocation - MSM Index
6-Aug-07
VISOMAN OM
Date of Inception
Bloomberg ID
65107048
National bank Of Oman
Banks40%
Bonds0%
Capital Goods2%
Cash3%
Services0%Leasing
2%Energy
3%
Food & Beverage
3%
Materials8%
Telecommunication Services
14%
FACT SHEETJuly 2018
Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/
0.400
0.600
0.800
1.000
1.200
1.400
1.600
1.800
2.000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
6
YearYearly
Return
Total
ReturnJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2007 32.36% 32.36% 4.45% 13.13% 4.92% 7.49%
2008 -37.42% -17.16% 1.40% 12.79% -0.02% 12.56% 2.35% -1.95% -6.01% -11.91% -9.80% -26.58% 0.21% -11.83%
2009 22.92% 1.82% -9.52% -0.11% 1.71% 10.45% 6.64% 3.28% 2.99% 8.23% 2.55% -3.24% -0.51% -0.12%
2010 10.05% 12.05% 2.94% 2.56% 2.51% 2.33% -8.07% -2.35% 3.26% -0.98% 3.13% 1.81% 0.61% 2.48%
2011 -10.22% 0.60% 1.71% -11.20% 0.00% 7.11% -5.26% 0.00% -2.73% 0.07% -2.67% 0.62% -2.96% 5.89%
2012 4.47% 5.10% -1.79% 4.45% -0.19% 2.91% 0.00% -3.30% -5.95% 2.49% 1.42% 2.10% -1.76% 4.57%
2013 29.76% 36.37% 1.05% 3.90% 3.95% 1.97% 5.89% -1.94% 5.82% 0.62% 0.52% 2.04% 1.29% 1.52%
2014 -4.46% 30.29% 6.24% 0.46% -0.84% -1.15% 0.22% 1.52% 1.41% 2.25% 0.88% -6.97% -4.60% -3.31%
2015 -7.92% 19.97% 3.10% 0.26% -3.32% 2.37% 0.96% 1.84% 1.93% -7.83% -0.01% 1.41% -6.45% -1.76%
2016 9.01% 30.78% -3.89% 3.07% 2.90% 7.43% -2.39% -0.66% 1.77% -1.73% -0.23% -2.66% 0.37% 5.31%
2017 -4.50% 24.90% -0.09% 1.32% -0.64% 1.26% -0.29% -4.40% -2.50% 0.50% 1.33% -3.18% 2.33% -0.01%
2018 -6.78% 16.43% -0.88% -0.35% -1.55% 0.84% -0.35% -0.59% -4.04%
Banks58%
Materials5%
Utilities5%
Capital Goods2%
Insurance1%
Com & Prof Serv1%
Div Fins2%
Telecom18%
Energy8%
Performance Chart * Fund Objective
Fund Information
Date of Inception April 14, 2010
Lipper ID 68053041
Bloomberg ID VIREGCC OM
Investment Manager Vision Asset Management Co. SAOC
Custodian National Bank of Oman
Administrator Vision Investment Services Co. SAOC
Auditors Moore Stephens LLC
Fund type Open Ended
Annualized Standard Deviation 11.06%
High/(Low) Monthly Return 10.32% (March 2011), -11.55% (August 2015)
Latest Dividend Paid 60 baiza (2017)
Total Dividend Paid 490 baiza
Top 5 Holdings
Scrip Country Allocation
Aramex Dubai 9.95%
Yansab KSA 9.20%
Agility Kuwait 7.26%
Emaar Prop Dubai 7.20%
Jarir Mktg KSA 7.12%
Fund Performance *
Jul-18 YTD Since Incep.
0.87% 7.39% 80.66%
Monthly Returns
26.99%
RO. 1.268 (USD. 3.292)NAV (per unit)
The objective of the Fund is to achieve capital appreciation and income generation by providing its
investors the opportunity to participate in the growth of Real Economy Sectors of GCC.
Sector Allocation
(* Adjusted for dividends, assuming dividends are reinvested)
5 Years
(* Adjusted for dividends, assuming dividends are reinvested)
Country Allocation
FACT SHEETJuly 2018
Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/ 7
Performance Chart Fund Objective
Fund Information
Date of Inception 12-Jan-17
Lipper ID 68404006
Bloomberg ID -
Investment Manager Vision Asset Management Co. SAOC
Custodian National Bank of Oman
Administrator Vision Investment Services Co. SAOC
Auditors Moore Stephens LLC
Fund type Open Ended
Annualized Standard Deviation -
High/(Low) Monthly Return 3.29% (July '17)/-4.32% (Nov '17)
Latest Dividend Paid -
Total Dividend Paid -
Top 5 Holdings
Jul-18 YTD Since Incep.
0.77% 1.74% NA
Monthly Returns
Country
11.36%
Country Allocation
Aramex
RO. 0.908 (USD. 2.358)NAV (per unit)
The objective of the Fund is to pursue long-term capital growth by investing in a concentrated set of select
stocks in the middle east equity market sphere.
ScripSector Allocation
Kuwait
Dubai
11.05%
Allocation
NBK
NA
5 Years
Al Rajhi
DIB
Saudi
Fund Performance
9.35%
9.99%
7.80%Budget Dubai
Dubai
FACT SHEETJuly 2018
Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/ 8
KSA50.0%
Dubai34.8%
Kuwait11.1%
Cash4.2%
consumer discretionary
5.3%
financials46.2%
healthcare3.9%
industrials19.6%
materials13.8%
real estate7.5%
cash4.2%
NAV (per unit)
Performance Chart* Fund Objective
Fund Information
Date of Inception May 15, 2013
Lipper ID 68212188
Bloomberg ID VISAKGC OM
Investment Manager Vision Asset Management Co. SAOC
(* Adjusted for bonus, dividend) Custodian National Bank of Oman
Countrywise Allocation Administrator Vision Investment Services Co. SAOC
Auditors PricewaterhouseCoopers LLP
Fund type Open Ended
Ann. Standard Deviation 10.98%
High / (Low) Monthly Return 8.53% (April 2015), -12.18% (August 2015)
Latest Dividend Paid -
Total Dividend & Bonus Paid 50 baiza (Dividend), 5% (Bonus)
Top 5 Holdings
Allocation
Sector Allocation 11.47%
9.20%
7.62%
5.94%
5.88%
Fund Performance*
Jul-18 YTD 5 Years Since Inception
0.02% 4.14% 7.18% 6.20%
(* Adjusted for bonus, dividend)
Monthly Returns
DIB
Agility Kuwait
KSA
KSAJarir
Al Rajhi Bank
RO. 0.969 (USD. 2.515)
The objective of the Fund is to achieve capital appreciation and income generation by providing its unit
holders an opportunity to invest in the listed securities in the GCC economies that are compliant to
Shariah principles. The Fund will follow a dynamic allocation policy with investments spread across a
diversified range of industries in the GCC.
Country
Dubai
Dubai
Scrip
Aramex
FACT SHEETJuly 2018
9
top related