LONDON (Alliance News) - Qatar Investment Fund PLC said Tuesday it underperformed the Qatar Exchange Index during the second quarter of 2015, with net asset value up 2.8% during the period.
The Qatar Exchange Index gained 4.2% during the second quarter, which Qatar Investment Fund said was primarily due to gains in Ezdan Holding Group QSC and Qatar Insurance Company Group Doha as the two stocks were added to the MSCI emerging markets index.
Qatar Investment does not have a holding in Ezdan Holding, and its holding Ooredoo's share price fell 12.7%. The fund reduced its exposure to the Qatar Insurance Company, it said.
"The growth of the Qatari economy remains impressive with diversification efforts showing positive results," Qatar Investment Fund said in a statement.
"Non-hydrocarbon sector growth is expected to be in double digits underpinned by US$200 billion of infrastructure spending, a rising population and increased government budget spending. Additionally, growth in the non-hydrocarbon sector has helped the country to offset the recent slowdown in oil and gas revenues, to a certain extent," the company added.
Shares in Qatar Investment Fund were untraded Tuesday morning. It last closed at USD1.25.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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