Commercial Bank fund wins ‘Qatar Equity Fund of the Year’

23/07/2014 02:32 AST

Commercial Bank’s Al Waseela fund (F-Class) has won the prestigious ‘Qatar Equity Fund of the Year’ award for 2013 at the ‘Zawya Mena Asset Management Awards’.

The Al Waseela Fund (Q-Class) was also ranked the second best Qatar Equity Fund, which capped a successful evening for Commercial Bank and EFG-Hermes at the awards ceremony held in Dubai recently.

Commercial Bank’s Al Waseela Fund (F-Class) is managed by EFG-Hermes and provides returns on a diversified portfolio of equities listed on the Qatar Stock Exchange and GCC stock markets.

Since its inception in April 2007, the Al Waseela Fund has gained 114.35%, achieving an impressive 30.8 % recorded in 2013, and a further 16.68% gain this January to June 2014.

Commercial Bank chief executive officer Abdulla Saleh al-Raisi said: “This is the second year in a row the Al Waseela Fund (F-Class) has come first in its category among conventional Qatar Equity Funds. The fund continues to perform exceptionally well for our customers and I congratulate EFG-Hermes on this award in their role as fund manager.”

The ranking system for the Zawya Mena Asset Management Awards was based on returns, risk, fees to returns, and management style. The awards are calculated on an annual basis and have a set of fixed criteria for a fund to take part in the analysis, including a minimum size of $5mn and a minimum three-year track record.

Zawya provides news, research, and data on the Mena region capital markets and is part of Thomson Reuters, a leading source of intelligent information for business and professionals.

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