Friday, 29 May 2015
Last updated 9 hours ago
May 21 2008 | 2:00am ET
After dropping 6.45% in March, the Iraq-focused Babylon Fund made a modest gain of 0.8% gain last month, returning it to near-positive territory year-to-date.
The fund benefited from both the Iraqi dinar’s continued strengthen and a mixed bag of Middle Eastern telecom, construction and holding companies with large penetration in Iraq, according to portfolio manager Björn Englund.
Last month, the US$16.5 million fund had most of its assets in the financials sector (39%), followed by a 12% allocations to both the oil and energy sector and the construction sector.
“Foreign asset allocaters are optimistic from a portfolio diversification perspective, due to the continued non-correlations witnessed between the ISX/Babylon Fund vs. both GCC, MENA and broader EM indices,” Englund said.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…