Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -4.30% | 4.10% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -4.30% | 4.10% |
MENA equity markets underperformed in Q4 2025 with -4.3% returns versus +4.3% for emerging markets, driven by long dollar/oil exposure and under-representation in AI themes. For 2025, MENA returned 4.1% versus 30.6% for EM. The manager sees a healthy opportunity set developing for 2026 as valuations have reset lower following underperformance, creating opportunities to select high-quality stocks caught in broad corrections. Key structural drivers include ongoing socioeconomic reform agenda across the region, more pragmatic capital allocation in Saudi Arabia enhancing policy credibility, and continued focus on capital market development. Return dispersion remains pronounced with 34% performance gap between best and worst markets in 2025. The portfolio is overweight Qatar and Egypt for attractive valuations and growth visibility, while underweight Kuwait and UAE due to valuation concerns. The manager retains conviction in select Saudi opportunities across financial services, insurance and industrials despite modest underweight positioning.
MENA equity markets present attractive opportunities in 2026 following valuation reset from 2025 underperformance, with structural reform themes and country-specific drivers creating selective investment opportunities despite regional headwinds from dollar strength and oil weakness.
The manager sees a healthy opportunity set developing for 2026, driven by reset valuations following underperformance, ongoing socioeconomic reforms, more pragmatic capital allocation in Saudi Arabia, and continued return dispersion across MENA markets providing selective opportunities.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 12 2026 | 2025 Q4 | - | emerging markets, energy, infrastructure, MENA, Reform, Regional, Valuations | - | Capital market relevance continues to be a priority for regional governments, which should translate into a broadly supportive market environment characterized by investor-friendly policies and improved market investability. The recalibration of ambitious giga-projects in Saudi Arabia signals a more pragmatic approach to capital spending and resource allocation, enhancing policy credibility and ensuring sustainable public finances. |
| Oct 29 2025 | 2025 Q3 | AMRT IJ, BCG LN, HDB VN, HIK LN, IDHC LN, KGRB MK | demographics, emerging markets, policy reform, stock selection, valuation | - | The commentary centers on frontier and emerging markets benefiting from demographic growth, policy reform, and improving corporate fundamentals. Country-level dispersion and idiosyncratic stock selection drive returns more than global macro factors. Valuation support and structural growth provide a favorable backdrop despite geopolitical noise. |
| Aug 1 2025 | 2025 Q2 | - | - | - | |
| Apr 24 2025 | 2025 Q1 | - | - | - | |
| Jan 28 2025 | 2024 Q4 | - | - | - | |
| Nov 28 2024 | 2024 Q3 | - | - | - | |
| Aug 7 2024 | 2024 Q2 | - | - | - | |
| Jan 28 2024 | 2023 Q4 | - | - | - | |
| Nov 28 2023 | 2023 Q3 | - | - | - | |
| Jul 26 2023 | 2023 Q2 | - | - | - | |
| May 3 2023 | 2023 Q1 | - | - | - | |
| Mar 7 2023 | 2022 Q4 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
Capital MarketsExchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values. |
Exchanges Nasdaq CBOE Trading Fees Market Data |
Infrastructure SpendingPlaying on the continued theme of infrastructure spending, defense and energy sustainability, positions in Industrial and Energy sectors including Oshkosh, Coterra, OSI Systems, and Herc Holdings added positively to performance. |
Defense Energy Industrial Government Sustainability | |
| 2025 Q3 |
Emerging |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||