To provide long-term appreciation of capital through investment in a portfolio of Shariah compliant equities that constitute Dow Jones Islamic Market Titans 100 Index listed worldwide.
The Fund provides the opportunity to participate in the appreciation of global equity market with weekly liquidity and high standard of compliance with Islamic principles.
Fund Manager's Comments:
In April, the Dow Jones Islamic Market Index rose 4.88% in US dollar terms.
Developed equity markets improved over the month, slightly outperforming emerging arkets. Better-than-expected Q1 earnings in the United States led the rally. As of the end of April, 74% of the S&P500's companies reported Q1 earnings. Among them 68% were ahead of estimates with an average growth on earnings of 19% from March 2010 to March 2011. On catastrophe consequences, Japan lagged, up 0.4% over the month. In emerging markets, better-than-expected GDP growth in Korea and Taiwan more than offset inflation worries in emerging markets. Despite another gain on oil prices, the energy sectors lagged, dragged by cost control policy especially in Brazil and China. Best performers were in the industrial and consumption sectors.