Net Asset Value(s)

RNS Number : 1685Y

The Family Shariah Fund Ltd

17 December 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 30 Nov 2010 - including income was US $0.8784*.

The Net Asset Value position* as at 31 Oct 2010 and 30 Nov 2010 and the portfolio allocation as at 30 Nov 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 31 Oct 2010 (opening) - 30 Nov 2010 (closing)

All figures in US$

US$	Opening	Closing
Net Asset Value *	28,378,974	27,714,578
NAV* per Ordinary Share	0.8995	0.8784

The portfolio dropped in value in the month of November despite a cautious positioning in the beginning of the month. In fact, in the first week of November, the investment manager reduced the equity exposure in the portfolio. Supporting this decision was the overall crowd sentiment poll that turned to an extreme optimism. This turned out to be the correct decision for the month. In addition, the investment manager added slightly to its existing Sukuk exposure in order to increase the portfolio yield. On the Private Equity side, the portfolio manager allocated to two private equity deals in the software services and technology sectors in Asia.

The investment manager will be waiting for a correction to the equity markets to increase its exposure of the fund. In addition, the investment manager still believes that Sukuk yield and returns do not compensate for the risk of this asset class and therefore will remain cautious upon deploying further capital into this asset class. Finally, the investment manager is optimistic on the deal pipeline coming from private equity and real estate and will continue to build exposure to these two asset classes.

Asset Allocation:

-     21.2% in Cash and Cash Like Instruments

-     23.2% in Islamic Income

-     24.3% in Equities

-     16.5% in Private Equity

-     14.8% in Real Estate

Notes:

* All figures are unaudited. Also, as stated in the Admission Document, all private equity investments are subject to 6 monthly 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]
Manoj Ranawat
Religare Capital Markets (Nomad and Broker)	Tel: [phone]
James Pinner / Derek Crowhurst

 

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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