The Fund thus outperformed its benchmark index by a large margin of about 15%, which reflects the superiority and experience of the asset management team in selecting stocks from various market sectors.
Commenting on this performance, in a statement that Namazon obtained a copy of, Sejla Al Shirawi, CEO of SICO, said: We are proud of the ability of the asset management team to achieve such tangible results for our main fund for the Kingdom’s shares that have doubled Its value over the past seven years since its establishment, in light of the difficult market conditions where the market returns did not exceed more than 20%.
As Saudi Arabia prepares to take advantage of cash flows from joining the Morgan Stanley Capital International Index (MSCI) and the JPMorgan Emerging Markets Index (EMBI) in 2019, we are looking forward to creating more It is of value to our investors in the coming years.
As for the positive performance of the fund during the year when the Saudi market rose by 15% in the first half of the year, and the contraction that followed due to political concerns and low oil prices in the second half, said Shakeel Sarwar, head of the department SICO Asset Management: 2018 was divided into two halves. At the beginning of the year, we invested heavily in stocks of companies with high market values as the core factors were favorable to these investments. This sector witnessed a growing interest before Saudi Arabia joined the emerging market indices, and most of our shares, especially in the banking and petrochemical sectors, achieved good returns.
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