FMG Iraq Fund lost 12.3% in the 3rd Quarter

The Iraq Stock Exchange (ISX) had a tough quarter with the market moving lower with low volatility and on paltry volumes. But there the negative ends. All the rest is looking good. Iraq´s economy is improving, the country is mostly rid of terrorism and a new and good...

FMG Iraq Fund lost 8.0% in the 2nd Quarter

After the stellar run in the first quarter, the sentiment turned sour and the selling was relentless across most sectors. The index is now back to the lowest levels seen over the past decade, however, the fund continued to add alpha by staying concentrated and focused...

FMG Iraq Fund gained 33.9% in the 1st Quarter

We have over the past few quarters informed of positive key development in Iraq and the fact that this had not been reflected in the stock market through rising share prices. In the first quarter of 2018, we finally did see investors returning to the market and the...

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...
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