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    AAIB Fixed Income Fund (Gozoor) : Fact Sheet May

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    This document provides fund details for a fixed income fund called Gozoor, including information about the fund type, manager, launch date, structure, currency, fees and minimum investment. It also summarizes the fund's investment objective to maximize returns through a diversified portfolio of fixed income securities. Additionally, it includes commentary on economic conditions, interest rate movements, the fund's performance and duration distribution for May 2014.

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    AAIB Fixed Income Fund (Gozoor) : Fact Sheet May

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    api-237717884
    28 views2 pages
    This document provides fund details for a fixed income fund called Gozoor, including information about the fund type, manager, launch date, structure, currency, fees and minimum investment. It also summarizes the fund's investment objective to maximize returns through a diversified portfolio of fixed income securities. Additionally, it includes commentary on economic conditions, interest rate movements, the fund's performance and duration distribution for May 2014.

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    This document provides fund details for a fixed income fund called Gozoor, including information about the fund type, manager, launch date, structure, currency, fees and minimum investment. It also summarizes the fund's investment objective to maximize returns through a diversified portfolio of fixed income securities. Additionally, it includes commentary on economic conditions, interest rate movements, the fund's performance and duration distribution for May 2014.

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    © All Rights Reserved
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    28 views2 pages

    AAIB Fixed Income Fund (Gozoor) : Fact Sheet May

    Uploaded by

    api-237717884
    This document provides fund details for a fixed income fund called Gozoor, including information about the fund type, manager, launch date, structure, currency, fees and minimum investment. It also summarizes the fund's investment objective to maximize returns through a diversified portfolio of fixed income securities. Additionally, it includes commentary on economic conditions, interest rate movements, the fund's performance and duration distribution for May 2014.

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    © All Rights Reserved
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    of 2

    Fund Details

    Fund Type Fixed Income Fund


    Fund Manager AAIM
    Launch Date 28/03/2012
    Structure Open ended
    Domicile Egypt
    Fund Currency EGP
    Administrator Nuun
    Custodian Blom Bank
    Auditors KPMG Hazem Hassan
    NAV per Certificate* EGP 12.66
    Subscription/Redemption** Daily/Monthly
    Management Fee 0.25%
    Administration Fee 0.25%
    Subscription Fee None
    Redemption Fee None
    Min. Initial Investment 100 certificates
    *As of 31/05/2014
    ** Daily subscription until 2:00 pm and monthly redemption-the 1
    st
    Sunday of every month-
    until 12:00 pm throughout AAIB Branches
    NAV is published weekly in AlMasry Alyoum Newspaper


    0-7 Days
    9%
    8-90 days
    8%
    91-180 days
    20%
    181-360 days
    19%
    More than 360
    days
    38%
    10.0
    11.0
    12.0
    13.0
    14.0
    15.0
    16.0
    91 Days 182 Days 273 Days 364 Days
    00


























    Investment Objective

    The fund seeks to maximize returns, and to outperform the short-term interest
    rates by investing in a broadly diversified portfolio of fixed income securities.

    Fund Managers Commentary
    May 2014 witnessed a deceleration in interest rates after the sudden hike in yields
    following last months MPC decision to keep Egypts policy rates unchanged. Yields
    fell during May 2014 by an average of 0.35% across all tenures. On the economic
    front, headline CPI increased by 0.60% (m-o-m) in April compared to an increase of
    0.68% (m-o-m) in March, while the annual rate decreased by 8.87% in April down
    from 9.82% in the previous month. On the other hand, Core CPI increased by 0.25%
    (m-o-m) in April following the increase of 0.70% (m-o-m) in March 2014, while the
    annual rate decreased by 9.11% in April, down from 9.90% reported a month earlier.
    The ministry of finance announced that Egypts budget deficit reached 8.0% of GDP in
    2013/2014 from the period since July 2013 to April 2014 compared to 10.50% in the
    same period last year.
    The CBE announced that Egypts Net International Reserves (NIR) expanded for the
    fourth consecutive month by USD 75 million, to reach USD 17.489 billion during April
    2014, compared to USD 17.414 billion in March 2014, versus USD 14.426 in April
    2013.International rating agency Standard and Poors (S&P) announced that it
    confirmed Egypts long-term and short-term foreign and local currency sovereign
    credit rating at B/B-, in addition to putting Egypts outlook at stable.
    S&P announced also that this reflects the view that official donors will continue to
    provide the Egyptian government with sufficient foreign currency funds to manage
    the countrys short-term fiscal and external financing needs.
    The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) announced
    on its meeting held on May 29th its decision to keep its policy rates unchanged for
    the fourth time since the beginning of 2014, at 8.25% for overnight deposit rate and
    9.25% for overnight lending rate. The discount rate also remained unchanged at
    8.75%. The MPC stated in its announcement that this decision was due to the
    downside risks to domestic GDP combined with the negative output gap since 2011,
    will limit the upside risks to inflation going forward. The MPC stated also that current
    CBE rates are appropriate given the mixed balanced risks surrounding the inflation
    and the GDP outlooks.
    Following the MPC decision to keep policy rates unchanged, the yield curve surged
    aggressively in the first auction held after the decision with T-bills and bonds rates
    climbing by an average 30 bps across all tenures. The upsurge witnessed was the
    highest level reached since December 2013. We expect this trend to be short-lived
    and yields will likely decline to previous levels. Nevertheless, we remain well
    positioned to capitalize on any market movements over the coming period.

    T-bills Movement


    AAIB Fixed Income Fund (Gozoor)
    Fact Sheet May 2014

    Duration Distribution
    May
    2014
    2014
    YTD
    2013 Since
    Inception*
    Return 0.70% 3.97% 11.03% 26.64%
    Annualized Return 9.48% 9.87% 11.03% 11.47%
    *Since 28/03/2012
    Fund Performance (net of fees)








    About Arab African Investment Management
    Arab African Investment Management (AAIM), a subsidiary of the Arab African International Bank (AAIB), was established in 2006 with investment
    management as our area of expertise. AAIM covers different asset classes in effort to enhance investors diversification and investment opportunities
    through Shield (Equity Fund), Juman (Money Market Fund), and Gozoor (Fixed Income Fund). We also manage tailored portfolios for institutions and
    high-net-worth individuals.
    Contact Details
    Arab African Investment Management
    5 Midan Al- Saraya Al Koubra, Garden City 11516, Cairo,Egypt
    Tel. (202) 27926825/7/9 - Fax (202) 27961879
    Website: www.aaim.com.eg
    Call Center: 19555

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