Net Asset Value(s)

RNS Number : 4021U

The Family Shariah Fund Ltd

21 December 2011

 



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 2011 - including income was US $0.9185*.

The Net Asset Value position* as at 31 Oct 2011 and 30 Nov 2011 and the portfolio allocation as at 30 Nov 2011 is summarised below.

Period 31 Oct 2011 (opening) - 30 Nov 2011 (closing)

All figures in US$

US$	Opening	Closing
Net Asset Value *	29,089,924	28,977,773
NAV* per Ordinary Share	0.9220	0.9185

Volatility remained in the market throughout the month of November, similar to the previous month. The Islamic equity market, as measured by MSCI World Islamic Index, was down 1.5% for the month but saw a drop of more than 8% up to 25 November, before rallying by 6% in the final days of the month. Sukuks also saw a drop for the month of November and finished down 1.2%, as measured by DJ Sukuk Index. FSF was down 0.40% as the yield received from real estate, alternatives and dividend income reduced the losses experienced from the equity position. It is an extremely challenging environment where investor sentiment and policy response is leading the market. As mentioned on various occasions, we are being extremely nimble and flexible in our allocation.

Asset Allocation as at 30 Nov 2011:

-     19.8% in Cash and Cash Like Instruments

-     7.7% in Islamic Income

-     26.9% in Equities

-     3.5% in Alternatives

-     19.1% in Private Equity

-     23.0% 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  (Nomad) Daniel Briggs (Broker)

 

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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