NATIONAL COMMERCIAL BANK'S SAUDI TRADING EQUITY FUND RATED TOP PERFORMER WORLDWIDE BY STANDARD & POOR
Standard & Poor’s Fund Services, the world's leading provider of independent fund information, ratings and research, recently ranked the National Commercial Bank's (NCB) Saudi Trading Equity Fund as the top performing equity fund across the globe during June 2006.
According to Standard & Poor’s Fund Services, funds that are rated demonstrate the ability to provide above average returns over a long-term period (relative to funds in the same sector) along with a strong ability to adhere to a consistent investment process. The ranking is based on an evaluation of qualitative (management, investment process, and organisation) and quantitative (historic performance, portfolio construction, and volatility) factors, which contribute to long-term performance.
The Saudi Trading Equity Fund, launched in June 1998, is an open-ended fund offering investors Shariah-compliant asset allocation in the Saudi stock market.
"We are elated with the Saudi Trading Equity Fund's performance over the past months and to be recognised by Standard & Poor as the best performer globally is a truly remarkable achievement," explained Mr Sami Abdo, Head of NCB Investment Services.
NCB's Asset Management business strategy continues to focus on providing customers with holistic investment solutions for those wishing to diversify across a variety of asset classes. The division also offers a wide variety of funds which comply with Islamic Shariah investment laws and principles.
"During the month of June the Saudi Trading Equity Fund achieved a net profit of 27.4% and since inception an outstanding 1020.6% with its assets reaching SR 6.364 billion at the end of June this year. “NCB was the first bank in the Kingdom of Saudi Arabia to introduce mutual funds to the market in 1979. This has ensured that our business is able to offer our customers the best-in-class investment products and services currently available in the region," concluded Abdo.