Burgan records successful fund performance
Kuwait City, February 4, 2013
Burgan Bank has announced that its Burgan Equity Fund has recorded a successful performance, with the fund’s net asset value (NAV) at KD1.81394 ($6.47) per unit, as of December 31, 2012, in comparison with KD1.67228 in 2011, having an annual return of 8.47 per cent.
The fund outperformed both the KSE weighted index which closed the year at 2.97, along with the price index which ended the year at an increase of 2.07 per cent, a statement from the bank said.
The Burgan Equity Fund enjoys a balanced investment policy which aims at long term capital gains with minimum possible risk to accommodate the fund’s nature. The fund invests across a wide range of sectors such as oil & gas (1.39 per cent), basic materials (5.24 per cent), industrial (18.34 per cent), consumer goods (5.15 per cent), consumer services (2.19 per cent), telecommunications (8.08 per cent), banking (33 per cent), real estate (15.28 per cent), along with financial services (11.32 per cent).
Salem Abdul Mohsen Al Haroon, senior investment banking and treasury officer, Burgan Bank, said: “We are pleased with the performance of Burgan Equity Fund during the last year. The fund posted significantly higher return rates due to its balanced investment policy.”
“Burgan Equity Fund aims at providing investors with high returns by investing the funds’ assets in local securities that are listed across the Kuwait Stock Exchange. The majority of the fund’s investments are in the financial services and banking sectors.”
The Burgan Equity Fund is amongst the bank’s varied investment tools that specifically targets investors seeking exposure to Kuwaiti stocks. – TradeArabia News Service