INTERNATIONAL. Standard & Poor’s Fund Services announced today that it has assigned an A fund management rating to two Global GCC Funds: Global GCC Large Cap Fund and Global GCC Islamic Fund.
Shahid Hameed, head of asset management at Global Investment House, manages both the funds. Hameed is supported by an experienced team of eight analysts in Kuwait, with further resources in Jordan and Egypt. The team is split by sectors and is responsible for $1.6bn across 11 mandates.
Both funds aim to outperform the respective MSCI indices by investing in 20-25 high conviction stocks trading at significant discount to intrinsic value. Like many funds in the region, there is considerable flexibility in portfolio construction.
Investments combine the analysts’ fundamental research with Hameed’s macro views and can result in sizeable deviations from the MSCI GCC Countries Benchmark.
“Despite cuts in the analytical resources on this fund due to the credit crisis, the team remains respectable in size and experience relative to peers.
Our regard for Hameed remains, and despite some concerns over corporate stability, we are reassured to see that performance has been solid relative to the benchmark and peers under his management. Accordingly, the fund achieves an S&P A Rating,” said Roberto Demartini, analyst for S&P Fund Services.
The individual fund reports can be downloaded from the Standard & Poor’s Fund Services website at www.fundsinsights.com