Gulf Regulatory News (GIF)

London, UK, 12 May 2016

Edison issues research review on Qatar Investment Fund

Qatar Investment Fund (QIF) offers exposure to a country with growing GDP as a result of government policy to diversify away from a reliance on hydrocarbon-derived revenues as well as infrastructure spending ahead of the FIFA 2022 World Cup and population growth. Stocks are selected based on their potential for long-term capital growth, dividend yield and attractive valuations. The majority of the portfolio is comprised of stocks in the Qatar Exchange index, which has a forward P/E multiple below the longer-term average and a dividend yield above 4%. QIF is a dollar-denominated investment trust.

The current share price discount to NAV of 10.2% compares to the range of 0.1% to 19.2% (average of 12.2%) over the past 12 months. This is modestly lower than the averages of the last three and five years (13.4% and 13.7% respectively). The discount is managed via regular share repurchases and tender offers. Although the trust has a focus on capital growth, QIF has a progressive dividend policy; the shares have a current dividend yield of 3.7%.

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