FMG (EU) MENA Fund gained 7% in the 4th Quarter, and lost 7% for 2020

Not many would have predicted that the MENA markets would finish the year largely flat, knowing that the price of oil would stay below USD 40 a barrel for most of the year. Markets were supported by the currency pegs with the USD which have reduced funding rates and...

FMG (EU) MENA Fund gained 8.4% in the 2nd Quarter

The MENA region rebounded in tandem with global markets during the second quarter with Saudi (+11%) pulling the region higher. However, the rebound was less sharp in the region and some peripheral markets (Morocco -1%, Oman +2%) failed to join in the rally. The...

FMG (EU) MENA Fund lost 27.1% in the 1st Quarter

The MENA region was dragged down with global markets and hardest hit was the UAE (-30%) and Kuwait (-28%) while the less liquid and more isolated markets such as Tunisia (-6%) and Oman (-19%) fared better. The UAE market took the heaviest beating on the back of a...

FMG (EU) MENA Fund gained +1.2% in the 2nd Quarter

The second quarter was predictably slow in the region as Ramadan and Eid fell in May and June respectively. The MENA region moved in line with global markets during the quarter despite the price of Brent declining by 5%. The performance spread between the different...