The Fund is an open-ended investment fund with the aim of achieving, over the medium to long term, capital growth by investing in a portfolio of equities of selected companies listed on the Saudi Equity Market and corresponding to the constituents of the HSBC Saudi Equity Index.
The Fund Manager may choose to invest any excess cash of the Fund in short-term money market instruments to improve the Fund performance. The Fund is an income accumulation fund whereby the income of the Fund will be reinvested in the Fund and not distributed to the Subscribers. Thus, the reinvestment of the Fund's income will be reflected in the value and price of the Units of the Fund. Similarly, distributions of securities on the underlying shareholdings of the Fund will be added to the assets of the Fund for the benefit of Subscribers.
Fund Manager's Comments:
TASI has sustained its gains for the second month in a row, and close at 6,710.56 points, which is 2.25% higher than the previous month. Thus, Market performance YTD has recorded 1.36% positive return. The strong and healthy first quarter results of 2011 for the Saudi banks, petrochemical and retail companies' earnings along with the steadiness of oil prices above the USD 100/barrel level, have led to the upward performance in TASI during this month. Market sectors have witnessed mixed performance during the month where the best performer sectors were the Retail and Insurance which soared by 11.91% and 10.99% respectively while the worst performer sectors were Transport sector and Bank & financial
services which declined by 5.55% and 1.57% compare to the previous month.
Trading activity rose slightly in April by 3.0% higher value than the previous month.