Babylon Fund Continues Winning Streak

Aug 28 2007 | 11:48am ET

The Babylon Fund, an Iraqi-focused hedge fund, said it gained 3.8% in July enabling it to steer clear of “the general global financial meltdown seen lately.” Year to date, the fund is up some 8% through July.

“Of our direct Iraqi holdings, bond yields steered higher upon a combination of dried-up flow and risk aversion factors partly based upon the perceived weakened state of Mr. Maliki's government - whose success might be seen as being indirectly linked to the bond payment stream etc.,” according to Björn Englund, portfolio manager, in his latest investor letter.

“On the other hand, in the ISX stock market in Baghdad, prices rose strongly, as did value and volumes traded, as participants positioned themselves ahead of foreigners' entrance into the ISX, which was allowed as of August 1. Further, trading days rose to three sessions a week. In the FX markets the IQD also slowly appreciated, adding to previous trend, and thus fulfilling our expectations."

The $11.2 million Babylon fund invests in large-cap Iraqi and Iraqi-dependant securities. Its investment process is mainly top-down driven, with a mix of fundamental analysis and portfolio diversification characteristics. It charges fees of 2/20 with a $100,000 minimum investment requirement.

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