Monday, 25 July 2016
Last updated 16 min ago
Apr 27 2009 | 11:25am ET
The Iraq-focused Babylon Fund had its best month ever in March, soaring 10.4% to bring its year-to-date gains to 17.7%.
The firm said its double-digit rise in March can be attributed to some well-timed large bloc-trades at favorable prices. Also, rising market prices for the fund’s existing positions padded the return.
“In this later category, the increases seen in Investment Bank of Iraq's and Warka Bank's share prices—22% and 44%, respectively—stood out with the largest portfolio impacts,” wrote portfolio manager Björn Englund, in a monthly investor letter. “Warka Bank is now our largest position in Babylon Fund, and we are one of the larger shareholders of this fifth-largest Iraqi private bank, by Mcap.”