turquoise iran equity fund
ITurquoise Equity Fund seeks superior long-term capital growth by investing in the consumer and commodity potential of Iran, one of the most under-valued emerging markets in the world. Combining international experience with local expertise allows Turquoise to provide superior returns, with greater diversification and lower volatility, by investing in equities listed on the Tehran Stock Exchange (TSE) and other Iranian-based securities. The base currency of the Fund is Iranian Rial.
The downward trend of the bourse indices in the month of May, which saw the TEPIX and TEDPIX drop by 4.8% and 3.6% respectively, also had an impact on the performance of the Turquoise Fund. Although the Fund’s index fell by 2.7% to 123.93, the decline was less than the market average. This correction in the market, however, provided some good purchasing opportunities. The Turquoise investment committee met regularly during the month and decided on the purchase of some under-valued stocks which were added to the Fund’s portfolio. The charts below demonstrate the performance of the Fund against the TEDPIX and the Emerging Market index as well as in other currencies.