Burgan Bank announced on 15 June that the Burgan Equity Fund was recognized by Zawya Reuters as a top performer fund among equity funds managed by a bank. Zawya’s award was based on four key components, namely returns, risk, fees to Return and management style.
Salem Al Haroun, Head of Investments at Burgan Bank said, “We are very pleased with the impressive performance of the Burgan Equity Fund. Since the fund’s inception in 2001, Burgan Bank, as fund manager of the Burgan Equity Fund, has continued to deliver high returns to its investors. The fund’s balanced strategy and long term investment philosophy are the two main contributors to these returns. Working closely with KAMCO, the Fund’s external advisors, we have utilized a dynamic stock selection model involving fundamental and technical data to aid us in picking the right investments for the fund. This has allowed us to generate a cumulative alpha of 8.92% over the KSE Weighted Index over the last three-year period.”
“It has been more than a decade since KAMCO was appointed as the Investment Advisor to the Burgan Equity Fund,” said Mr. Wassim Al Hayek, Vice President at KAMCO’s Investment Research Department. “It gives us great pleasure to be part of the success story of this Fund, and we are keen to provide the optimal professional investment advice to the Fund”.
The Fund’s Net Asset Value (NAV) as of 31 December 2013 posted KD 1.82686 per unit compared to KD 1.81394 per unit as of 31st December, 2012. The Fund also distributed 150 fils dividends during the year. Including dividends, the Fund generated an annual return of 8.98% during 2013, outperforming the KSE Weighted Index which closed the year with an 8.43% increase.