Over the 12 months ended 30 June 2024, Gulf Investment Fund generated a NAV return of 10.2%, well-ahead of the 2.6% return on its benchmark (S&P GCC Composite Index). Since the mandate widened from Qatari-focused to Gulf-wide in December 2017, NAV has risen 198.7% (dividend adjusted), as against the 85.3% returns recorded by S&P GCC total return index.
Over the 12 months to the end of June 2024 GIF paid dividends of 8.1 US cents which is a yield of 3.2% of the NAV at 30 June 2024. This is in line with the enhanced dividend policy.
Dubai was the best performing market in the GCC region over the last 12 months, rising 6.3% followed by Bahrain (up 3.5%) and Saudi Arabia (up 1.9%). Abu Dhabi was down 5.1% and Oman down 1.7%, while Kuwait and Qatar fell marginally by 1.3 and 1.1% respectively.
Gulf Cooperation Council (GCC) markets declined 3.9% in the second quarter of 2024, in contrast to MSCI World’s increase of 2.2% and the MSCI Emerging Market rise of 4.1%. Year to date GIF was up 0.6% vs benchmark (down 1.7%), outperforming the benchmark by 2.3%.
GIF : Gulf bows out with another good set of results
