FMG Iraq Fund gained +7.0% in the 4th Quarter and lost +0.7% in 2017

It was a fairly strong quarter for Iraqi equities and the fund outperformed the benchmark as two of our core holdings, Baghdad Soft Drinks and Bank of Baghdad, were the top-performing blue chip stocks. The world’s 3rd largest oil exporter failed to keep pace with the...

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 in the...

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, especially in the...

FMG Iraq Fund gained +4.5% in the 1st Quarter of 2017

FMG Iraq Fund gained +4.5% in the 1st Quarter of 2017 The Iraqi stock market rally that began in the summer of 2016 continued during Q1. For most of the quarter the ISX was the best-performing market in the world, but in March much of the gains were wiped out as oil...

FMG Iraq Fund gained +18.6% in the 4th Quarter and lost 22.8% for 2016

In the 4th quarter the Iraq Stock Exchange sustained its rally as investor sentiment continued to improve. The market was mainly driven higher by local buying but foreigners were once again net buyers in the market after being net sellers for two consecutive years!...

HEDGENORDIC – Iraq stocks poised for a rebound as ISIS loses grip

HEDGENORDIC December 2016 – The old saying that you should invest when there is ”blood on the streets” could not be more telling than in the case of Iraq. The Iraq equity market has suffered under the extreme tensions linked to ISIS and has fallen by 55 percent...
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