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15 Sep 2011 07:00
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The Family Shari'ah Fund Limited
('FSF' or the 'Company')
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NET ASSET VALUE
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15Β September 2011
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 atΒ 31 Aug 2011 -Β including incomeΒ wasΒ US $0.9133*.
The Net Asset Value position* as at 31 July 2011 and 31 Aug 2011 and the portfolio allocation as at 31 Aug 2011 is summarised below.
Period 31 July 2011 (opening) - 31 Aug 2011 (closing)All figures in US$
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US$ | Opening | Closing |
Net Asset Value * | 29,304,823 | 28,814,037 |
NAV* per Ordinary Share | 0.9288 | 0.9133 |
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August continued to be a volatile month on growing concerns of double dip recession, the European sovereign crisis and with S&P downgrading the US. Equity markets reached a new low for the year and finished the month down 7%. While we are never satisfied with any level of losses, we have managed to capture much less of the market correction. FSF's NAV therefore finished the month down 1.67% in August. Income related instruments such as Sukuks, Alternative & Real Estate helped temper this volatility. In addition, some tactical trading in the equity markets helped reduce the losses and raising cash during the month of August from 19% to 35% turned out to be the correct decision. The portfolio manager remains cautious yet flexible to take advantage of the volatility in this market.
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Asset Allocation as at 31 August 2011:
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- 34.5% in Cash and Cash Like Instruments
- 7.9% in Islamic Income
- 18.5% in Equities
- 3.5% in Alternatives
- 18.0% in Private Equity
- 17.6% in Real Estate
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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.
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For further information, please contact:
The Family Office | Tel: +973 (17) 221177 |
Manoj Ranawat | |
Religare Capital Markets (Nomad and Broker) | Tel: +44 (0) 207 444 0800 |
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.
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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.
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The Company's investing policy, as defined by the AIM Rules, is available on the Company's website atΒ www.familyshariahfund.com/investing_policy.html.
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