Net Asset Value(s)

RNS Number : 7659K

The Family Shariah Fund Ltd

26 April 2010

 



The Family Shari'ah Fund Limited

('FSF' or the 'Company')

NET ASSET VALUE

The Directors today announce that the estimated Net Asset Value per ordinary share of US $0.01 each ("Ordinary Share") based on the estimated value of The Family Shari'ah Fund Limited provided by the Fund Administrator - Apex Fund Services (Ireland) Limited as at 31 March 2010 - including income was US $0.8902*.

The Net Asset Value position* as at 28 February 2010 and 31 March 2010 and the portfolio allocation as at 31 March 2010 is summarised below.  Furthermore, the Investment Manager will shortly publish its market and Islamic finance market review which will be found on the Company's website at www.familyshariahfund.com/news.

Period 28 February 2010 (opening) - 31 March 2010 (closing)

All figures in US$

US$	Opening	Closing
Net Asset Value *	27,689,116	28,086,974
NAV* per Ordinary Share	0.8776	0.8902

The investment manager was active in the Dubai sovereign market and monetized its gains at the end of the quarter on the announcement of the Dubai restructuring proposal. The total return on the Dubai position was approximately 8% for an average holding period of 3 months. In addition, the investment manager sold its Bahrain Sukuk near the highs of the Sukuk market and generated a gain of 10% for an average holding period of 9 months. In light of this volatility, the investment manager is committed to deliver excess returns while maintaining the overall risk profile of the fund.

Asset Allocation:

-     36.4 % in Cash and Cash like Instruments

-     22.2% in Equities

-     20.1% in Islamic income

-     14.3 % in Private Equity*

-     7.0% in Real Estate

Notes:

* All figures are unaudited. Also, as stated in the Admission Document, all private equity investments are only subject to 6 monthly 3rd party revaluations and therefore the net asset value as stated herein may differ from the actual position as at the dates reported.

For further information, please contact:

The Family Office	Tel: [phone]
Richard Joye, Head of Client Service
Religare Capital Markets (Nomad and Broker)	Tel: [phone]
James Pinner / Derek Crowhurst / Alan MacKenzie

 

This announcement should be read in conjunction with the Admission Document. Terms defined in the Admission Document have the same meaning when used in this announcement.

Notes to Editors

The Family Shari'ah Fund Limited is the first multi-asset class fund to gain admission to AIM and provides investors with exposure to a variety of Shari'ah Compliant investments predominantly outside of the GCC region.

The Company's investing policy, as defined by the AIM Rules, is available on the Company's website at www.familyshariahfund.com/investing_policy.html.

 

END

 

 

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