Burgan Bank’s Burgan equity fund records significant performance in 2012

Press release

Published February 4th, 2013 - 07:45 GMT

Al Bawaba

Burgan Bank announced today that its Burgan Equity Fund has recorded a successful performance in 2012. The fund’s net asset value (NAV), as of the 31^st December, 2012 posted KD 1.81394 per unit in comparison with KD 1.67228 per unit as of the 31^st December, 2011, having an annual return of 8.47%. The fund outperformed both the KSE Weighted index which closed the year at 2.97%, along with the price index which ended the year at an increase of 2.07%.

The Burgan Equity Fund enjoys a balanced investment policy which aims at long term capital gains with minimum possible risk to accommodate the fund’s nature. The fund invests across a wide range of sectors such as oil & gas (1.39%), basic materials (5.24%), industrial (18.34%), consumer goods (5.15%), consumer services (2.19%), telecommunications (8.08%), banking (33.00%), real estate (15.28%), along with financial services (11.32%).

Salem Abdul Mohsen Al Haroon, Burgan Bank’s Senior Investment Banking and Treasury Officer said: “We are pleased with the performance of Burgan Equity Fund during last year. The fund posted significantly higher return rates due to its balanced investment policy. Burgan Equity Fund aims at providing investors with high returns by investing the funds’ assets in local securities that are listed across the Kuwait Stock Exchange. The majority of the fund’s investments are in the financial services & banking sectors.”

Burgan Bank’s Burgan Equity Fund is amongst the bank’s varied investment tools that specifically targets investors seeking exposure to Kuwaiti stocks.

Background Information

Burgan Bank

Established in 1977, Burgan Bank is the youngest conventional Bank and second largest by assets in Kuwait, with a significant focus on the corporate and financial institutions sectors, as well as having a growing retail, and private bank customer base. Burgan Bank has majority owned subsidiaries in the MENAT region supported by one of the largest regional branch networks. which include Gulf Bank Algeria - AGB (Algeria), Bank of Baghdad - BOB (Iraq & Lebanon),Tunis International Bank – TIB (Tunisia), and fully owned Burgan Bank – Turkey, (collectively known as the “Burgan Bank Group”). Furthermore, Burgan Bank has a present in the UAE through its corporate office (“Burgan Financial Services Limited) which had helped the bank to participate in multiple financing opportunities in the UAE.