Investors often focus on short-term market performance and neglect to consider longer term potential determinants of company values. In this year-end commentary, we examine one such determinant: the 10-year US Treasury bond yield. We compare the yields in the 1970s and early 1980s with those of today and examine what the differences indicate about investors’ assumptions on inflation.

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A widely held view among the investment world is that the value of growth companies falls much more than value companies in an inflationary and, consequently, rising interest rate environment. In this third commentary of 2022, we explain why this view is overly simplistic and examine three crucial value drivers: return on equity, net income growth and discount rates.

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Environmental, social and governance (ESG) factors are receiving increased attention by investors. However, determining the best way of addressing ESG is complex. In this commentary, we focus on the “E” component, discuss the three main ways to integrate environmental considerations into the investment process, and explain our current approach.

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For this year’s first commentary, we use the Buffet indicator to understand the valuation of the large telecom and financial sectors within each Gulf country and to compare these valuations with a broad range of other countries. We also share where we see current market values potentially going based on free cash flow growth and discount rates.

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With the close of the Fund’s fourth year of performance, we evaluate its strong performance over Q4 and over the year. We explore which markets contributed the most to the Fund’s success and identify missed opportunities. We also cast our gaze to the year ahead, forecasting key drivers on foreign investment into Gulf equities.

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Retail activity can have a significant impact on share prices over the short term, pushing prices away from companies’ fundamental valuations. In this commentary, we examine retail participation in the GCC markets from a historical perspective and the changes that have occurred over time to determine if current market dynamics warrant caution.

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In this quarter’s commentary we review our strategies’ performance over the period and take a close look at the Dubai economy. While we see strong signs of economic improvement in Dubai, we discuss whether these changes will translate into stronger returns for investors with exposure to listed equities in Dubai…

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As we close the first quarter of 2021, we delve into Saudi Arabia’s market leading performance over the period, led by the index heavyweights in the petrochemical and financial sectors. We also take a close look at Commercial International Bank, Egypt’s largest and most liquid index constituent, which experienced a particularly volatile quarter…

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