Gulf Investment Fund said net assets grew 1% in the third quarter, outperforming the fund's benchmark, the S&P GCC index, which fell 5.5%.
The fund's outperformance during the quarter was attributed to substantially lower exposure to Saudi Arabian market, which performed negatively, while, relatively higher exposure to the UAE market further supported the outperformance, the company said.
During the quarter, Saudi Arabia was down 8.3%, Kuwait down 2.6%, and Qatar down 0.8%; partly offset by gains in Dubai (up 4.6%), Abu Dhabi (up 1.6%), Oman (up 3.4%) and Bahrain (up 3.1%).
So far in 2019 the NAV was up 17.9% against the benchmark's 3.7%, the company said.
At 9:56am: (LON:GIF) Gulf Investment Fund Plc Ord Usd0.01 share price was -0.01p at 1.24p