21-Apr-2019
MENA Q2 Outlook 2019

Welcome to Al Mal Capital Q2 2019 MENA HOUSEVIEWS.

Middle East and North Africa equities posted decent returns in the first quarter although they lagged U.S and Emerging markets equities. In the first section of this quarterly publication, we look at Q1 in the rearview. 

As mentioned in our 2019 outlook published in early January, we believe there are still some secular and cyclical reasons to be positive on MENA equity going forward. In a dedicated section, we share our main investment themes and stock convictions for the months to come. 

The last section of this quarterly MENA equity outlook includes our macro and fundamental views on the main regions. 

Our flagship Al Mal MENA equity fund is off to a very reasonable start this year with a gain of 8% as of the end of March. The fund is up more than 30% since January 2017, outperforming all the main asset classes. This demonstrates that an unconstrained and disciplined strategy focusing on alpha opportunities can generate strong returns even in volatile market conditions.

Another very positive development on our side is the imminent launch of the UCITS Luxembourg fund co-branded with Azimut, one of the leading European asset managers. Al Mal Capital will be the sub-adviser on this fund which will replicate our highly successful Middle East equities strategy.

While our forecasts and views are always subject to changes, our commitment to serve our clients is not.

We remain at your full disposal for any specific issues you would like to discuss, so please do not hesitate to contact us.

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