Listed Stocks

Population (mn)

Market Cap ($ bn)

Oil Reserves (bn bbl)



Iraq is generally perceived as a country with significant risks. What many do not appreciate is that it is becoming an oil superpower. What is even more exciting is that Iraq has an operational stock- market, with many potentially great equity investments available to investors.

  • Has the world’s third-largest conventional oil reserves
  • Expected to rival Russia and Saudi Arabia as the world’s largest oil exporters
  • 35 million people, 70% of the population is below 30 years of age
  • Iraq Stock Exchange (ISX) is growing and offers attractive investments
  • Expected to be the world’s second fastest growing economy over the next 10 years


FMG Iraq Fund lost 1.9% in the 3rd Quarter of 2017

FMG Iraq Fund lost 1.9% in the 3rd Quarter of 2017 A frontier market like Iraq typically shows low correlation to global market moves, but we did not anticipate the index to lose 8% while the price of Brent rocketed 20%. Foreigners were mainly net sellers...

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FMG Iraq Fund lost 9.4% in the 2nd Quarter of 2017

FMG Iraq Fund lost 9.4% in the 2nd Quarter of 2017 Despite the progress made against ISIS, the stock market retraced the gains clocked in the first quarter of the year. Volumes were dull, and foreign participation high but mostly on the selling side,...

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  • Consumer Goods 45%
  • Banks 37%
  • Telecoms 9%
  • Real Estate and Hotels 6%
  • Cash 2%


The FMG Iraq Fund offers exposure to the frontier and resource rich soil of Iraq. Despite decades of turbulence, the country is in the middle of a massive oil production expansion which offers attractive growth opportunities in a nascent stock market. The investment objective is to achieve long term capital appreciation by investing in locally traded Iraqi stocks but also in companies that are closely associated with Iraq but traded on other markets.

The fund is actively managed, with FMG focusing on a fundamental approach backed up by a long term quantitative model. The frontier nature of the market should over time result in low correlation to global equity markets. FMG considers risk management and fund liquidity an integral element of the portfolio management process. The opportunistic nature of the fund targets investors with a higher risk-reward return profile.


Investment Profile
Investment Focus
Investment Objective
Investment Horizon
Risk Level
Fund Type
Fund Structure
Base Currency
Currency Classes
Minimal Init. Investment

Frontier Markets
Iraq Stock Exchange
Listed Equities
Minimum 5 Years
Single Managed
Open-Ended Investment Company
Segregated Accounts
Class: A&L $10,000, B $100,000
or lower when dealt via »»

Prenotice (Buy)
Prenotice (Sell)
Cut-off Time
Load Fee
Annual Management Fee
Performance Fee
Income Distribution
Custodian (Cash)
Trustee (Stocks)

5 Calendar Days
A: 45,  B: 90 Calendar Days
5:00PM ADT
Up to 5%
Class A&L: 2%, B: 1.5%
Class A&L: 20%, B: 10% HWM
Credit Suisse
Iraqi Depository Centre
Apex Fund Services

Info Sheet

Printable Fund Description, Terms, ISINs and more

Fact Sheet

Printable Return Chart, Key Statistics and more


Printable Fund Presentation, Terms, ISINs and more


Share prices and ISIN codes for all currency- and fund classes

Inquiring more information or subscription details - Iraq Fund

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Disclaimer: FMG (MALTA) Ltd. (“FMG”) is licensed by the Malta Financial Services Authority (“MFSA”) as a category 2 Investment Services Provider as provided in the Investment Services Act Chapter 370 of the Laws of Malta. FMG is authorized to act as a full scope alternative investment fund manager (“AIFM”) in terms of Directive 2011/61/EU of the European Parliament and of the Council on alternative investment fund managers (“AIFMD”). This summary is for information purposes only and does not constitute an offer to sell or a solicitation to buy. Citizens or residents of the United States and India may not invest in these Funds. All Funds may not be marketed to Swiss citizens or residents except those considered as “regulated qualified investors” by the Swiss Collective Investment Schemes Act and the Swiss Collective Investment Schemes Ordinance. All Funds are not to be marketed to EU or EEA investors. Investors who wish to obtain information on these funds will only be provided any such materials upon receipt of an appropriate reverse solicitation request in accordance with the requirements of the EU AIFM Directive, Swiss Law and/or national law in their home jurisdiction. Opinions and estimates constitute the manager’s judgment and are subject to change without notice. Past performance is not indicative of future results. Investments in Emerging Markets should be considered high risk where a portion or total loss of capital is conceivable. No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his/her initial capital, and investment results can fluctuate substantially over any given time period. Please refer to the relative fund’s prospectus which contains brief descriptions of certain risks associated with investing in the fund. FMG funds or third-party funds marketed by FMG are aimed at experienced investors and you have to ensure you are able to invest in such funds. Questions should be directed to your local representative or financial advisor. This document may not be reproduced, distributed, or published for any purpose without the prior written consent of the manager. All information contained in this communication is as provided by FMG (MALTA) Ltd. Return chart: FMG Iraq Fund B ISIN BMG8797F2812, MSCI EM Index, MSCI FM Index (USD). Data source: Bloomberg. Exposure chart is updated January 2018. FMG Copyright (C) 2018 FMG. All rights reserved.