In a study conducted by the National Bank of Abu Dhabi (NBAD) to compare the top performing equity mutual funds in the world, the bank’s UAE Trading Fund (UTF) and UAE Growth Fund (UGF) have emerged as world’s best performing open ended equity mutual funds for the first half of 2005.
The study reviewed the performance of over 5000 equity mutual funds filtered using the tools and data available on the Bloomberg analytics and primary sources such as websites. The UTF and UGF have performed 116% and 104% respectively in the first half of 2005 which ranks them first and second in the world for the category. There were a total of three UAE based funds in the top ten list produced by the comparative study.
Khaled Al Qubaisi, the Head of Corporate Finance and Business Development at NBAD, commenting on the funds said, “The stellar performance produced by our flagship funds - the UTF and UGF – has cemented NBAD’s position as a top fund manager.” He added: “There is no doubt that the UAE stock markets have been on a bull run, but to be ranked number one and two, whereas the next best UAE based fund ranks ninth out of the top ten is a clear testimony to NBAD’s superior investment strategies and fund management capabilities.”
The Deputy Head of NBAD’s Investment Banking Division and the Head of Asset Management Group, Khaled Al Badi said, “We are honoured for our two funds to have performed so well”. He added: “It is gratifying to have another feat accorded to NBAD; NBAD was the first UAE bank to report profits over the one billion dirham mark for the year 2004, and now it is the first UAE bank whose funds have been the top performers in the world.”
