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 super power. What is even more exciting is that Iraq has an operational stock- market, with many potentially great equity investments available to investors.

Iraq at a Glance:


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


FMG Iraq Fund lost 2.5% in the 3rd Quarter

After the market reached a multi-year low during the summer we saw a period of stability and a bottom pattern form during the third quarter. Local stocks generally traded sideways while the offshore-listed Iraqi oil and gas companies traded slightly lower. Iraqi bonds...

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  • Banks 46%
  • Consumer Goods 40%
  • Telecoms 8%
  • Real Estate/Hotels 6%
  • Cash 1%


The Fund offers investors an excellent way to participate in the Iraqi growth story. It is positioned to take advantage of the growth derived from post Iraq war reconstruction and massive oil production expansion. The FMG Iraq Fund’s main objective is to achieve long term capital appreciation by investing in locally traded Iraqi stocks and in companies that are closely associated with Iraq but traded on other markets.

The manager seeks the highest return within the investment universe while looking for the widest possible diversification. This can include both a top down macro and a quantitative technical model to determine allocations. The relatively high risk profile can multiply invested capital over time but this can also cause large temporary drawdowns. The fund focuses on the most liquid stocks. The investment style is predominantly long-only with no leverage.


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

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Disclaimer: FMG (Malta) Limited (“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. These 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.  These 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 funds marketed by FMG are aimed at experienced investors and you have to fit in this category to be 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. Return chart: FMG Iraq Fund B ISIN BMG8797F2812, MSCI EM Index, MSCI FM Index (USD) 2013-12-30 to 2016-12-30, data source: Bloomberg. Exposure chart is updated January 2017, data source: FMG Copyright (C) 2017 FMG. All rights reserved.