Standard & Poor’s Fund Services announced that it has assigned an A fund management rating to the Global 10 Large Cap Index Fund, one of the oldest and largest funds in the GCC. …
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Managed out of Kuwait since launch in November 2000 and with assets under management of USD 308.5 million, the Global 10 Large Cap Index Fund aims to fully replicate the Global 10 Large Cap Index, a price return index of the 10 largest stocks in Kuwait by market cap with no free float adjustment.
Despite not being allowed to use ETFs or derivatives, the team has managed to track the Global 10 Large Cap Index fairly closely, in particular considering that the index is rebalanced more frequently than is the case for peers. Importantly, this has been achieved while maintaining a highly competitive fee structure.
“Fund manager, Ammar Talib Hajeyah works closely with two traders to keep deviations to a minimum. We welcome the fact that the tracking error has decreased significantly in the recent months. This, coupled with the attractive fee structure and stable approach, justifies an S&P A fund management rating,” said Roberto Demartini, lead analyst at S&P Fund Services.
Commenting on the S&P fund management rating, Shahid Hameed, Head of Asset Management – GCC at Global Investment House (Global), added, “We are proud to have the first rated index fund in the region. The rating is a testament to Global’s asset management capabilities in regional markets and our ongoing commitment to our clients.
“Global has a history of being recognised as one of the leading asset management and investment banking firms in the region, offering a wide spectrum of investment services to institutional and retail clients.”
Earlier in the year, two other funds managed by Global, the Global GCC Large Cap Fund and the Global GCC Islamic Fund, were also awarded the S&P fund management A rating.
Source: ETFWorld – Standard & Poor’s Fund
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