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November, 2017

Monthly Report Al- Ahli Bank Of Kuwait Money Market Fund


Managed by: Sigma Asset Management
Price as of (29-Nov-17): 21.53
Fund Performance Chart (Since Inception)

24.00
Performance Summary: 22.00
20.00
18.00
2017 (Avg. Monthly Return) +1.20%
16.00
14.00
2016 +9.08%
12.00
10.00
2015 +8.80%
8.00

Jun-13
Jul-10

Jul-17
May-09

Apr-12

Nov-12

Jan-14

May-16
Aug-14
Dec-09

Feb-11

Sep-11

Mar-15

Dec-16
Oct-15
2014 +8.60%

2013 +10.19% Macro News:


CBE lifts caps on USD deposits and withdrawals: The central bank announced on the 28th of
November that it has lifted all previously-imposed restrictions on USD deposits and withdrawals
2012 +10.41% for importers of non-essential goods. The central bank had set a deposit limit of USD 10k a day
to a maximum of USD 50k a month (and a withdrawal limit of USD 30k a month) back in 2015
to control the flow of foreign currency at a time of severe shortage.
2011 +8.42% The Universal Healthcare Act will impose a tax on basic commodities and materials: It would
appear that the healthcare sector is not the only industry that will be paying a fee to help fund
2010 +7.33% the states proposed EGP 600 bn health coverage plan. The law is also expected to charge a
tithe for every tonne of cement and steel sold, in addition to a tax for every sqm of porcelain,
marble and granite sold. Cement companies are expected to pay EGP 20 for every tonne, while
Since Inception +115.31% steel manufacturers may see a EGP 50 tax imposed on every tonne sold. Producers of
porcelain, marble and granite can expect to pay EGP 5 for every sqm sold. This applies for
imports as well as locally produced goods, according to Article 40 of the law.
Tourism revenues are up 211.80% y-o-y to USD 5.3 bn in 9M2017: The increase in tourism
revenues came on the back of increased arrivals of 55.30% y-o-y to 5.9 mn and a rise in
Fund Details: tourists average spending to USD 88.2 per night. European tourist arrivals increased by
Subscription/ Daily 85.00% y-o-y to 3.2 mn in the nine-month period.
Redemption:
Base EGP
Currency:
Service Int. Fund Admin. 1 Year EGP T-Bill Yield (Prior to 20% tax)
Company :
Custodian: ABK Egypt 23.00%

Auditors: Mostafa Shawky 22.00%


MAZARS 21.00%
Legal: Magdy Aly Office
20.00%
19.00%
Contact Us
18.00%
Sigma Asset Management 17.00%
37 Gamet Al Dowal Al- Arabia St.
Mohandessin, Giza 12411, EGYPT. 16.00%
Tel: +(202) 3338 5353 Jan-17 Feb-17Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17
Fax: +(202) 3335 1174

Legal Notice
- Past Performance is no guarantee of future results. The value of investments can go down as well as up.