Investing Professionally in the Middle East

Transcription

1 Investing Professionally in the Middle East December 2017 Page: 1 1

2 Contents 1 Overview of Mashreq Capital About Mashreq Capital Mashreq Values, Vision and Mission Why Invest with Mashreq Capital Breakdown of AUM by Client Type & Strategy 7 2 Value Proposition to Our Clients Values & Infrastructure Investment Team Investment Process Awards & Ratings 16 3 Risk Management Process Makaseb Income Funds Makaseb Arab Tigers Fund Appendix A: Organizational Chart & Board of Directors Appendix B: Investment Committee & Senior Management Contact Us Disclaimer 35 Page: 2 2

3 1. Overview of Mashreq Capital Page: 3 3

4 1.1 About Mashreq Capital Mashreq Capital s first Shari ah compliant MENA equity fund Mashreq Capital s first Shari'ah compliant fixed income fund Mashreq Capital (DIFC) Ltd: 100%-owned asset management subsidiary of Mashreqbank psc Located in the Dubai International Financial Center (DIFC) Regulated by the Dubai Financial Service Authority (DFSA) with a category 2 license Mashreqbank psc: Mashreq Capital s first Fixed Income fund Makaseb Income Mashreq Capital s first MENA equity fund - Makaseb Arab Tigers Established in 1967 by the Al-Ghurair Group Largest private sector bank in the UAE Universal bank providing Private Banking, Islamic Banking, Asset Management, Brokerage, Investment Banking, SME and Priority Banking 47 branches in the UAE and more than 20 branches overseas with over 3,000 employees Page: 4 4

5 1.2 Mashreq Values, Vision and Mission Mashreq Values, Vision and Mission Values Vision Mission Socially Responsible Passionate about Clients Innovative Respect for Colleagues Integrity Transparent Our vision is to be the region s most progressive bank enabling innovative possibilities for our clients, colleagues and communities We aim to build long term relationships by: Delivering superior service to clients Actively contributing to the community through responsible banking Leading with innovation Treating colleagues with dignity and fairness Pursuing opportunities that grow shareholders value Page: 5 5

6 1.3 Why Invest with Mashreq Capital? Lower Risk and Increased Returns Long-term gains over cash Diversification of exposures Avoiding pitfalls with active equity / credit monitoring Exploiting inefficiencies ("alpha": return not related to market moves) & harvesting risk premia ("beta": return from systemic factors: equity risk premium, interest rate, credit spreads, etc.) Best execution & lower trading costs by accessing all counterparties in the market Investment Name / Asset Class / Return Makaseb Income Fund (MENA Fixed Income) 39.2% Makaseb Arab Tigers (MENA Equity) 39.0% Mashreq Al Islami Income Fund (MENA Sukuk) 30.0% S&P Mid-East and Africa Property (Real Estate) 12.1% 3-Month LIBOR (bank deposit) 2.0% Source: Morningstar Direct Page: 6 6

7 1.4 Breakdown of Assets under Management by Client Type & Strategy By Client Type By Strategy 9% 4% 3% 3% 8% 5% 10% 36% 11% 74% 27% Bank Insurance Fixed Income (conventional) Equity (conventional) Family Office Corporate/Financial Institution Fixed Income (Islamic) Equity (Islamic) HNW/UHNW Pension Funds Balanced (Islamic) Total AuM of more than $1.5bil distributed over four investment strategies throughout the global markets with emphasis in the MENA region High Grade Institutional Clients account for over 80% of our total AuM Around $230 mil are sharia compliant Page: 7 7

8 2. Value Proposition to Our Clients Page: 8 8

9 2.1 Values & Infrastructure Values & Infrastructure Strong support from UAE s largest private sector bank: firm values & infrastructure: audit, IT infrastructure, risk management and compliance Investment Team A seasoned investment team with more than 90 years of combined experience Most are CFA charterholders and graduates of prestigious universities Investment Process Rigorous proprietary investment process Only UAE asset manager with the Moody s very good management quality rating MQ2 Awards & Rating Top performing funds in the MENA region as independently verified by Bloomberg Longest track record for fixed income Over 10 year track record for fixed income and equity First UAE asset manager to establish an Islamic fixed income fund Mashreq Capital is a GIPS compliant firm MENA Fund Manager Award: 2016, 2015, 2014, 2013, 2012 & 2011 Over USD 1.5 bil in AuM Moody s MQ2 Rating for very good asset manager characteristics Page: 9 9

10 2.1.1 State of the Art Infrastructure Portfolio Managers Shari'ah Company Board Shari'ah Board Risk & Compliance IT & Operations Page: 10 10

11 2.2 Experienced & Diverse Investment Team Team Diversity 33% 14 years of experience on average 27% CFA Status 20% 20% CFA charter holders: 60% CFA candidates: 40% Indian Subcontinent North America Europe MENA Page: 11 11

12 2.3.1 Investment Philosophy Research based conviction Dynamic Approach Rigorous in-depth research is the key to exploit the investment opportunities and generate consistent out-performance Investment opportunities vary according to ever-changing markets and economic conditions and require adaptive strategies that follow a strict investment process Our Core beliefs Collaborative Efforts Strong Risk Management Risk management is an integral part of the investment process, as it helps to provide diversification across active strategies, a constant trading discipline and downside protection at both trade and portfolio levels A culture of debating and evaluating a large set of view points as well as constantly questioning consensus views" is essential to be one step ahead of the crowd and deliver superior risk-adjusted returns Page: 12 12

13 2.3.2 Investment Process - Overview Investment Strategy Fundamentals: top-down & bottom-up research Sentiment: liquidity, supply & demand Valuation: risk/ return profile, size of risk premia Quant models Portfolio Construction Build portfolio with strategies Attune strategy to client objectives Risk budgeting methodology Best execution Investment Process - Overview Risk Management Trade- & portfolio-level stops Compliance checks Internal guidelines and limits System infrastructure & business continuity plan Counterparty evaluation Ongoing Monitoring Measure, monitor and control portfolio s risk level Monitor investment thesis & strategy parameters Performance attribution Feedback into scenario analysis Page: 13 13

14 2.3.3 Investment Process - Responsibilities Strategic investment decisions on a macro level Reporting of investment performance to BoD through Head of Asset Management* Investment Committee Board of Directors Implementation of strategic investment decisions. Tactical and opportunistic investments. Market timing and selection. Market timing and selection. Investment analysis. Execution and portfolio maintenance. Asset Class Head Portfolio Management Team Risk & Compliance independent reporting lines Surveillance of investment process: Shariah approvals, investment guidelines. Monitoring of risk parameters. Daily compliance reports. Escalation of limit/investment guideline breaches. *The board of directors is not involved in day to day investment decisions but receives regular business updates about all client mandates with target returns and actual returns. Any positive/negative deviation is also explained. The board would take action if investment performance shows weaknesses. Page: 14 14

15 2.3.4 Investment Strategy - Overview Fundamentals Macro-economic outlook & potential surprises to the consensus views: growth / inflation /monetary policy/ financial environment Economic cycle and industry outlook Valuation Expectations embedded in asset prices Magnitude of risk premia Sentiment Risk Aversion Investor positioning News flows Market action Quant models Simple, robust quantitative models informing and cross-checking our decision-making process Investment strategies to be implemented in the portfolio Page: 15 15

16 2.4 Awards and Ratings 2017 Categories: Makaseb Income Fund: Best Fund Performance over 5 Years 2016 Categories: Mashreq Al Islami Income Fund: Best Shari'ah Compliant Fund of the Year Moody s MQ2 Rating for very good asset manager characteristics Lipper Fund Award MENA Fund Manager Award 2015 MENA Fund Manager Award Categories: Makaseb Income Fund: Fixed Income Fund for 3 year performance Mashreq Al Islami Income Fund: Shari'ah Compliant Fund of the Year 2014 MENA Fund Manager Award Categories: Makaseb Income Fund: Fixed Income Fund for 1 year performance Makaseb Income Fund: Fixed Income Fund for 3 year performance Makaseb Arab Tigers Fund: MENA Equity Fund of the year Makaseb Arab Tigers Fund: MENA Equity Fund for 3 year performance Mashreq Al Islami Income Fund Highly Commended Sukuk Fund 2013 MENA Fund Manager Award Categories: Makaseb Income Fund: Fixed Income Fund for 3 year performance Makaseb Arab Tigers Fund: MENA Equity Fund of the year Makaseb Arab Tigers Fund: MENA Equity Fund for 3 year performance 2012 MENA Fund Manager Award Categories: Mashreq Al Islami Income Fund : Fixed Income Fund of the Year Page: 16 16

17 3. Risk Management Process Page: 17 17

18 Risk Management Process Independent Risk & Compliance Managers monitor for adherence to investment and regulatory guidelines Employ state of the art portfolio management system to monitor risk exposure as per the investment guidelines. Employ state of the art technology to allows real time monitoring of interest rate risk, P&L, VaR and concentration risk. Decomposition of risk and return by risk exposure Market Risk Invest in tradeable securities with daily liquidity. Regular screening of liquid securities Operational risk Liquidity Risk Well diversified portfolios across MENA countries Highly experienced team in EM geopolitics and economies. Major Risks Perform periodic credit reviews and analysis Hedging interest rate risk Political Risk Credit Risk Page: 18 18

19 4. Makaseb Income Fund Page: 19 19

20 Makaseb Income Fund Top Holdings Arab Republic Of Egypt 8.85% Fund Objective: Makaseb Income Fund (MIF) primarily seeks to provide current income along with the stability of capital. Fund s secondary objective is to seek income growth over the long term. The Fund aims to achieve its investment objective by investing in a diversified portfolio of fixed and floating rate investments originating from countries in the GCC, MENA, South Asia and other emerging economies. Dp World Ltd 8.72% Maf Global Securities 7.53% Kt Kira Sert Varlik 6.47% Bnq Cen Tunisia Int Bond 5.33% Only Regional Fixed Income Fund That Carries A Track Record Of 5+ Years Regional Allocation Industry Allocation 2.34% 4.27% 5.70% MENA (87.70%) 5.70% 2.16% 4.24% Financial (60.92%) Sovereign (15.94%) South Asia (4.27%) 11.04% Consumer, Non-cyclical (11.04%) 87.70% Europe* (2.34%) Cash (5.70%) 15.94% 60.92% Consumer, Cyclical (4.24%) Utilities (2.16%) Cash (5.70%) Note: Data represented as of Dec 31, 2017 *UAE Emirates Airline financing with UK export agency guarantee Page: 20 20

21 Makaseb Income Fund Track Record - Short-Term Returns 125% 100% 96.3% Fund Statistics Average Coupon 4.5 Average Credit Rating BB 75% 50% 25% 0% 55.6% 16.5% 9.3% 9.3% 12.4% 20.8% 0.4% 4.9% 4.9% 0.5% 27.6% MTD YTD 1 Year 3 Years 5 Years SI Makaseb Income Fund net of all fees Benchmark Average Maturity 3.9 Average Yield 3.9 Modified Duration 3.1 Volatility & Ratios 1 year volatility 1.8% 3 year volatility 3.9% Track Record - Calendar Year Returns 30% 15% 0% -15% -30% 23.5% 19.9% 12.3% 10.4% 12.1% 12.1% 7.1% 5.1% 9.3% 7.1% 2.0% 5.5% 3.9% 4.6% 4.9% 0.9% 1.9% 0.4% -10.6% -21.6% Makaseb Income Fund net of all fees Benchmark Sharpe ratio 1 year 4.1 Sharpe ratio 3 year 3.7 Fund Highlights Min Investment USD 10,000 NAV each business day Regulated by the Central Bank of Bahrain Only Regional Fixed Income Fund with a track record 10 years+ Recipient of MENA Fund Manager Award in 2011, 2013, 2014 & 2015 Recipient of Lipper Award in 2017 Note: Performance calculated as of Dec 31, Fund s benchmark until Dec 31, 2013 was HSBC Nasdaq Dubai ME index. Since the index was discounted, Jan 1, 2014, the benchmark of the fund changed to JP Morgan MECI Index - BB Ticker (JCADMETR) 14. Page: 21 21

22 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Makaseb Income Fund vs. Index JCADMETR Index MIF Note: Historical benchmark values were taken from BB terminal for Benchmark JP Morgan MECI Index using BB Ticker (JCADMETR) Source: Mashreq Capital Page: 22 22

23 Fund Details Makaseb Income Fund Fund Size USD Million Fund Type Open Ended Inception Date Mar 29, 2006 Domicile Bahrain Currency USD Benchmark JP Morgan MECI Index Fund Manager Mashreq Capital (DIFC) Ltd. Administrator & Transfer Agent Karvy Computershare W.L.L Custodian Citibank, N.A., Bahrain Auditor Deloitte & Touche, Bahrain Valuation Day Each Business Day Dealing Day (Subscription/Redemption) Each Business Day ISIN BH000A0J3RR6 Min. Subscription Amount USD 10,000 And In Multiples Of USD 1,000 Thereafter Subscription Fee Up To 2% Management Fee 0.75% Settlement For Subscriptions 2 Business Days Prior To Dealing Day Settlement For Redemption 5 Business Days After The Dealing Day Notice Periods 2 Business Days Each For Subscriptions And Redemptions Page: 23 23

24 5. Makaseb Arab Tigers Fund Page: 24 24

25 Makaseb Arab Tigers Fund Top Holdings Oriental Weavers 6.89% Fund Objective: Makaseb Arab Tigers Fund (MATF) aims to achieve long term capital appreciation through investing mainly in shares of companies listed on the Stock Exchanges of the Middle East and North Africa region. First Abu Dhabi Bank 6.80% Samba Financial Group 6.71% Saudi International Petrochemical Co 6.69% Dubai Islamic Bank 6.31% A Well Diversified Portfolio Giving Better Exposure With Minimum Risk Industry Allocation Regional Allocation 4.37% 4.55% 6.91% 7.31% 30.12% Financials (30.12%) Consumer Staples (12.63%) Real Estate (12.00%) Consumer Discretionary (11.10%) Materials (11.02%) Industrials (6.91%) 7.31% 6.04% 8.37% 29.43% Saudi Arabia (29.43%) United Arab Emirates (26.14%) Egypt (22.71%) Kuwait (8.37%) 11.02% 11.10% 12.63% 12.00% Telecommunication Services (4.55%) Utilities (4.37%) Cash (7.31%) 22.71% 26.14% Qatar (6.04%) Cash (7.31%) Note: Data represented as of Dec 31, 2017 Page: 25 25

26 Makaseb Arab Tigers Fund Track Record - Short-Term Returns 30% 16.6% 11.0% 1.1% 5.2% 2.9% 0.7% 0.7% 0% -1.4% -1.4% -12.7% -30% -25.1% -50.1% -60% MTD YTD 1 Year 3 Years 5 Years SI Makaseb Arab Tigers Fund net of all fees Benchmark Track Record - Calendar Year Returns 60% 35.0% 20.3% 17.3% 12.9% 21.9% 30% 21.1% 8.3% 15.4% 0.7% 3.1% 4.7% 0.7% 0% -1.1% -1.4% -13.6% -10.2% -30% -15.4% -17.3% -60% -51.2% -55.0% -90% Risk/Return Profile Since Inception Excess Return 61.0% Beta 0.6 Sharpe Ratio 0.5 Skewness (1.2) Kurtosis 18.0 SD 16.3% Ratios Profile Since Inception R Squared 51.1% Information Ratio 5.0 Treynor Ratio (0.02) Tracking Error 12.2% Correlation 0.7 Fund Highlights Min Investment USD 1,000 Daily Dealing Regulated by the Central Bank of Bahrain Track record 10 years+ Recipient of MENA Fund Manager Award in 2013 and 2015 Makaseb Arab Tigers Fund net of all fees Benchmark Note: Performance calculated as of Dec 31, 2017 Page: 26 26

27 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Makaseb Arab Tigers Fund vs. Index SPACPUX Index MATF Source: Mashreq Capital Page: 27 27

28 Fund Details Makaseb Arab Tigers Fund Fund AuM Fund Type USD Million Open Ended Inception Date Nov 22, 2005 Domicile Currency Benchmark Fund Manager Administrator & Transfer Agent Custodian Auditor Valuation Day Dealing Day (Subscription/Redemption) ISIN Bahrain USD S&P Pan Arab Composite Large Midcap Index Mashreq Capital (DIFC) Limited Karvy Computershare W.L.L Citibank N.A., Bahrain Deloitte & Touche, Bahrain Each Business Day Each Business Day BH000A0J3RQ8 Min. Subscription Amount USD 1,000 Subscription Fee Up To 5% Management Fee Performance Fee Settlement For Subscriptions Settlement For Redemption 2% p.a. Of Net Asset Value 10% Of Growth Above A 10% Hurdle Rate Per Annum Calculated Daily With A High-Water Mark 2 Business Days Prior To Dealing Day 5 Business Days After The Dealing Day Notice Periods 2 Business Days Each For Subscriptions And Redemptions Page: 28 28

29 6. Appendix A: Organizational Chart & Board Of Directors Page: 29 29

30 Organizational Chart Company Secretary (Capital Advantage) Independent reporting line Board of Directors Finance Officer/Senior Manager* SEO/Head of Asset Management Compliance Manager/MLRO/ Senior Manager* Multi-asset Senior Portfolio manager Head of Fixed Income Portfolio Management Head of Equity Portfolio Management Marketing & Development Manager Manager, Business Support Compliance Manager & Deputy MLRO* Portfolio Managers (3) Portfolio Managers (3) Marketing & Development Associate Associate, Business Support Risk Manager* Additional functions like Sharia Supervisory Board, Internal Audit, IT, HR, Back Office etc. are being serviced through Service Level Agreements with Mashreq bank/third parties. *Staff perform dual responsibilities being employees of Mashreq bank and Mashreq Capital. Page: 30 30

31 Board of Directors Nabeel Waheed Chairman Nabeel Waheed is the Group Head of Corporate & Investment Banking at Mashreq Bank. Nabeel is a member of the Executive Committee with primary responsibility of driving the corporate banking franchise. He joined the organization in 1996 and prior to his current role, Nabeel was the Group Head of Treasury & Capital Markets. Before joining Mashreq Bank, Nabeel had a 15 year career with Bank of America where he held a number of senior positions including Head of Corporate & Investment Banking, Pakistan. Nabeel holds a Bachelor of Science from Syracuse University, New York. Nabeel is a member of EXCO, ALCO, Investment and Risk Committees at Mashreq Bank. Hammad Naqvi Director Hammad Naqvi is the Acting Head of Treasury & Capital Markets at Mashreq bank. He joined Mashreq Bank in 1996 and is an MBA graduate from the University of Karachi. Prior to joining Mashreq Bank, Hammad held executive posts including Head of Treasury with Bank of America Pakistan and Treasurer of Bank of America Poland. He also spent two years in the merchant banking division of ANZ Grindlays in Pakistan. Hammad is a member of EXCO, ALCO, Investment and Risk Committees at Mashreq Bank. Ali Raza Khan Director Ali Raza Khan is an Executive Vice President and Head of Corporate Affairs CFO and Head of HR, at Mashreq bank. He joined Mashreq bank in During the past 37 years, Mr Khan, a Chartered Accountant by profession, has served in different positions as Manager of Operations, Controller, Manager of Central Accounts Division and Division Head of Human Resources. He is a member of the Asset and Liability Committee, Information Security Committee, Investment Committee, Risk Committee, Audit and Compliance Committee, HR Committee, and the Leadership Forum of Mashreq bank. Mr Khan has been a speaker at various conferences. He is a member of the Institute of Chartered Accountants of India since Mr Khan obtained his B.Sc. from Kanpur University, India in Denis Sabourin Director Mr. Sabourin has over 30 years of experience in the marketing of financial products to premier global securities firms and investors. He is now the Managing Director of Sabourin Consultancy, assisting asset management companies with the implementation of their commercial strategy. He joined Mashreq Capital (DIFC) Ltd as an Independent Director in April 2008 and he brings superior leadership and management skills in the field of asset management. Mr. Sabourin holds a B.Sc & M.Sc in Economics from the University of Montreal, Canada and an MBA from INSEAD, Fontainebleau in France. Jan-Willem Sudmann Director Jan-Willem Sudmann is the Head of International Banking Group at Mashreq. He joined the organization in December Prior to this, Jan-Willem was the Managing Director for Commerzbank, Shanghai Branch since August The previous 4 years he served as Managing Director at Commerzbank s Beijing Branch. Jan-Willem was the Head of International Products & Financial Institutions at Dresdner Bank AG, Frankfurt. He has more than 23 years of commercial and investment banking experience. In the early parts of the last decade he was heading the global relationship management for Financial Institutions in Asia, Africa, Middle East and Turkey. Before his assignments at Dresdner Bank AG in Frankfurt in the beginning of 2001, he was working in the Global Export and Finance team of Dresdner in London. He spent four years as Head of Cairo and Beirut Representatives Offices of Dresdner Bank Group in Egypt in the late 90s. Jan-Willem Sudmann holds a masters degree in Economics from the University of Hamburg, Germany. He was a member of the Board of German Chamber of Commerce in China from 2012 till Page: 31 31

32 7. Appendix B: Investment Committee & Senior Management Page: 32 32

33 Investment Committee & Senior Management Robert Hahm CFA - SEO Robert started his career in banking in 1999 with Dresdner Bank Latainamerica AG where he gained experience in the bank s treasury with a focus on managing emerging market fixed income investments. After finishing his Master s degree in Economics from University of Hamburg in 2008 and while gaining his CFA designation in 2009 he served in various risk management functions until joining Mashreq Capital s asset management team in At Mashreq Capital, Robert moved from research into portfolio management, then headed the fixed income team and was finally promoted to serve as Head of Asset Management as well as Senior Executive Officer. Reda Gomaa Director, Equity Portfolio Management Reda manages the best performing equity fund in the MENA region over a three & five year return. He was selected as Top Equity Analyst in Egypt in 2005 Reda has over 17 years of MENA experience conducting portfolio management, investment analysis, company valuations and feasibility studies Reda holds a Masters in Economics from University of Cairo Faisal Ali CFA - Director, Fixed Income Portfolio Management Faisal has more than 12 years of experience with EM credit Prior to Mashreq Capital, Faisal was managing the EM corporate bond fund for Barings Asset Management in London. Prior to Barings, Faisal was an EM credit trader with Credit Suisse and Observatory Capital Faisal is a CFA charterholder and holds an MBA from University of North Carolina at Chapel Hill Oliver Kettlewell CFA - Senior Portfolio Manager Multi-Asset Investments Oliver has more than 10 years industry experience, the majority of which at Morningstar in London where he selected funds to manage multi-asset portfolios. Oliver has held a range of fund-focused roles at BNY Mellon, BNP Paribas Investment Partners and TD Waterhouse before joining Mashreq bank in 2015 and moving to Mashreq Capital in 2017 Oliver s market views have been published across a range of financial media including the FT, Morningstar webvideos in addition to speaking at investment conferences in Europe and the Middle East. Oliver holds the CFA charter, an MA in Economic Science from the University of Aberdeen and an MSc in Economics from the University of Amsterdam Page: 33 33

34 Contact Us: Mail: Mashreq Capital (DIFC) Ltd. Al Fattan Currency House, Tower 2, Fl 28, Office # 2803 DIFC, Dubai, United Arab Emirates P.O. Box 1250 Tel: assetmanagement@mashreq.com Website: Page: 34 34

35 Disclaimer: This document has been prepared solely for information purposes. It does not constitute investment advice, solicitation, any offer or personal recommendation by Mashreq Capital (DIFC) Limited ( MC ) or any related MC entity (which includes for the purpose of this disclaimer, any employee, director, officer or representative of any MC entity), to buy or sell any security, product, service or investment, or to engage in or refrain from engaging in any transaction, including any jurisdiction where such any such investment advice, solicitation, offer and/or personal recommendation would be contrary to any law or regulation in that jurisdiction. Certain assumptions may have been made in the analysis that resulted in any information, projection, results and/or returns detailed in this document. No warranty or representation is made that any returns/results indicated would be achieved or that all assumptions in achieving these returns/results have been considered. Past performance is not necessarily indicative of future results. Neither MC nor any related entity warrants or represents the accuracy of the information provided herein and any view expressed in this note reflects the personal view of the analyst(s) and which does not take account of any individual client s objectives, financial situation or needs. Investors are required to undertake their own assessment and seek appropriate financial, legal, tax and regulatory advice to determine whether any investment is appropriate for them in light of their experience, objectives, financial resources and other relevant circumstances. Neither MC nor any related entity accepts any liability whatsoever for any direct, indirect, consequential or any other category of loss arising from any use of this document and/or further communication in relation thereto. Neither MC nor any related entity has any obligation to correct or update the information or opinions in this document and any opinion expressed is subject to change without notice. This document is disseminated primarily electronically, and, in some cases, in printed form. Any terms in this document are indicative and do not constitute solicitation or an offer to sell to the public, whether on any particular terms or at all. This document is not intended to identify, represent or notify any conclusive terms and conditions of any transaction, or other material considerations or any possible risk, direct or indirect, that would or may be involved in undertaking any such transaction. Mashreq Capital (DIFC) Limited, the firm managing these pooled funds, claims compliance with the Global Investment Performance Standards (GIPS ). For more information about the GIPS standards, please visit Page: 35 35