Qatar Investment Fund has announced its results for the year ended 30 June 2015. The fund’s net asset value rose by 8.4% compared to 6.2% for the Qatar Exchange and a rise of 4.6% in the MSCI Emerging Markets Index. Shareholders received a 3.5c per share dividend in January and the Board proposes to pay an increased 4.0c per share dividend for the period to end June 2015.
Qatar was the best performing GCC (Gulf Cooperation Council) market over the 12 months, rising 6.2% despite headwinds from oil prices that nearly halved. The market was aided by its inclusion in the MSCI Emerging Markets Index.
In April the fund announced a tender offer in conjunction with its forthcoming discontinuation vote. The Board would like the fund to continue.
The statement says the fund’s outperformance was driven by share price rises from portfolio companies including Qatar National Bank (up 22.8%), Qatar Islamic Bank (up 36.9%), Qatar Electricity & Water (up 37.0%), Barwa Real Estate (up 56.9%) and Qatar Insurance Company (42.5%).
QIF :Qatar Investment Fund outperforms as discontinuation vote looms