emirates nbd asset management regulated by the dfsa ... · a flexible product offering: •...
TRANSCRIPT
Emirates NBD Asset Management
Regulated by the DFSA
Corporate and product profile
31st August 2013
Table of contents
Emirates NBD Asset Management
Asset Management team
Flagship fund range
2
Emirates NBD Asset Management
Ownership • 100% owned by Emirates NBD, one of the largest banks in the GCC in terms of
assets, and is its dedicated asset management arm
Scope of
services
• The company manages a range of public mutual funds that cover regional and
global equity, fixed income and real estate
• It also manages discretionary and non discretionary portfolios, tailored to a
specific client’s requirements
• In addition, the team recommends advisory trade ideas and structured products
• All of the above services can be offered on both a conventional and Shari’a
compliant basis
License and
regulation
• Based in the DIFC, regulated by the DFSA as a Category II Firm, with the
additional ability to operate an ‘Islamic Window’
• Funds domiciled in Jersey (regulated by the Jersey Financial Services
Commission) and in Luxembourg
Personnel • Staff located in the DIFC, with both regional and global distribution reach
3
The team has on several occasions been recognized by outside entities as being an expert in the MENA
region
External recognition in the shape of industry awards
Year Awards
2013
• ‘Best Asset Management Company’ at the 2013 Arab Achievement awards
• ‘Best Fund Manager MENA’ at the Global Banking and Finance Review Awards 2013
• ‘Best Regional Fund Manager’ at the Banker Middle East Industry Awards 2013
• ‘Best International Investment Fund’ for the Emirates Active Managed Fund at the Banker Middle East
Product Awards 2013
• ‘UAE Asset Manager of the Year’ and ‘Fixed Income Fund of the Year’ - Emirates MENA Fixed Income
Fund - MENA Fund Manager Performance Awards 2013
2012
• ‘UAE Asset Manager of the Year’ and ‘Sukuk Manager of the Year’ at the 2012 Global Investor/ISF Middle
East Awards
• ‘MENA Sukuk Manager of the Year’ at the 2012 Global Investor/ISF Investment Excellence Awards
• ‘Best Islamic Wealth Management Services Provider’ at the 2012 London Sukuk Summit awards
• ‘Best Asset Management Company’ at the 2012 Arab Achievement awards
• The Emirates Global Sukuk Fund was named ‘Specialist Fund of the Year’ at the 2012 MENA Fund
Manager awards
2011 • ‘Best Fund Management Company’ at the 2011 Arab Achievement awards
• ‘Equity Manager of the Year’ at the Global Investor/ISF Middle East awards 2011
4
External validation
* S&P extracts refer to the selected funds mentioned. Please see the full reports for each of the graded funds for complete details.
5
Why Emirates NBD Asset Management?
Experienced team
• One of the largest and most diverse teams in the region with a strong track
record
• Vastly experienced in regional as well as international markets, in both
Shari’a compliant and conventional products
Tried and tested
research driven
approach
• Proven bottom up research driven investment process, focusing on
company and economic fundamentals, coupled with a top down overlay
• Blend of value and growth, with greater emphasis on value
• Flagship funds graded Silver by S&P
Strong parent backing • Being part of an independent asset management company yet 100%
owned by one of the largest banks by assets in the region, Emirates NBD
Global distribution
capabilities
• Direct clients through own sales force
• Internal channels of Emirates NBD Group (Priority Banking, Private Bank,
Islamic Bank)
• Funds approved by global platforms such as Zurich, Friends Provident,
Skandia, Hansard, Generali, Allfunds, Fund Channel, iFAST and Alico
Highly regulated
entities
• Internal oversight provided by internal auditors as well as various risk and
investment committees
• External regulation by the DFSA, JFSC and financial auditors
6
A flexible product offering:
• Investment options across all asset classes and geographies, in either a Shari’a compliant or
conventional format
• Award winning funds managed by Emirates NBD Asset Management, with established track records
• Tailor made discretionary portfolios according to investor’s needs
Emirates NBD Asset Management’s scope of business
Jersey funds
Real
Estate
Bonds &
Sukuk MENA
Equities
Global
Multi Asset
Tailor made
Non discretionary
portfolio management
Client selection
In house public funds Portfolios Advisory &
execution
Discretionary portfolio
management
7
Table of contents
9
Emirates NBD Asset Management
Asset Management team
Flagship fund range
Key members of the asset management team
• B. Eng Hons (Mechanical Engineering), CFA
• 13 years experience in portfolio management and stock
research.
• Previously with Lion Capital Management, Singapore
• Strong focus on value investing, using a top down and
bottom up style of portfolio management.
Yong Wei Lee, CFA
Head of MENA Equities
Sean Daykin
Head of Multi Asset Investments
• BSc (Hons) Computer Science with Economics, MBA,
Associate of the CFA Institute, ASIP, Fellow of the
Chartered Institute for Securities & Investment
• 22 years investment experience across asset classes
• Previously with Aviva Investors (UK and US), Gulf
Investment Corporation (Kuwait) and ADIA (UAE).
Tim Rose
Head of Real Estate
Usman Ahmed, CFA
Head of Fixed Income
• Masters in Business Administration, CFA
• 13 years fixed income experience (5 years MENA Fixed
Income)
• Previously with Mashreq Capital, DIFC
• Focused on Issuer/Issue selection with an emphasis on
credit analysis
• Bachelor of Commerce in Valuation and Property
Management , Post Graduate Diploma in Commerce,
Registered Valuer in New Zealand, and a Senior
Member of the New Zealand Property Institute.
• 18 years experience in the Real Estate sector, with 8 of
those in the region
• Previously with the DIFC
10
Table of contents
11
Emirates NBD Asset Management
Asset Management team
Flagship fund range
Emirates NBD Asset Management has a long and established track record in managing funds across
the board:
Fund range covers all major asset classes
Conventional
funds
2013 YTD
performance
Fund size
$m
S&P
graded
Fixed Income
Emirates MENA
Fixed Income Fund -2.64% 181
MENA Equities
Emirates MENA Top
Companies Fund 21.64% 121
Emirates MENA High
Income Fund 14.56% 49
Global Funds
Emirates Active
Managed Fund -0.88% 36
Emirates Balanced
Managed Fund -1.53% 26
Emirates
Conservative
Managed Fund
-1.47% 17
Shari’a
compliant funds
2013 YTD
performance
Fund size
$m
S&P
graded
Fixed Income
Emirates Global
Sukuk Fund -2.287% 125
Emirates Islamic
Money Market Fund 0.48% 93
MENA Equities
Emirates MENA
Opportunities Fund 8.72% 78
Global Funds
Emirates Islamic
Global Balanced
Fund
0.64% 27
Emirates Emerging
Market Equity Fund -16.42% 24
Real Estate
Emirates Real
Estate Fund* 5.99% 234
Source: ENBD Asset Management, as at 31st August 2013, lowest costed share class, bid to bid, USD terms with net income reinvested.
* NAV and Fund size is as at 30th June 3013.
12
The Emirates MENA Top Companies Fund
Fund
objective
The fund is a daily traded, open ended fund
domiciled in Jersey, Channel Islands. This
conventional mandate invests in both listed and
unlisted securities and may, from time to time,
include collective investment schemes or
managed accounts. The fund aims to provide
corporate, institutional and high net worth
investors with a professionally managed means
of participating in equity investments across a
range of GCC and MENA markets. The fund is
graded Silver by S&P.
Asset class Current Min Neutral Max
Equity 92% 70% 90% 97%
Cash & cash
equivalent 8% 3% 10% 30%
Other
investments 0% 0% 0% 25%
Fund 1 mth
%
3 mth
%
YTD
%
12 mth
%
Inception
%
EMTCF -0.9 4.4 21.6 22.1 8.1
Benchmark* -1.7 1.9 10.0 9.9 -19.1
Relative 0.8 2.5 11.6 12.2 27.2
13
Source: Emirates NBD Asset Management. as at 31st August 2013. Benchmark 90% MSCI Arabian Markets Domestic Index and 10%
total return 3 month LIBOR.
9
10
11
12
13
14
15
EMTCF Benchmark
NA
V
3 year performance
Fund 1 mth
%
3 mth
%
YTD
%
12
mth
%
Inception
%
EMHIF -1.4 3.0 14.6 16.0 71.6
Benchmark* -1.5 1.7 8.9 8.8 45.2
Relative 0.1 1.3 5.7 7.2 26.4
The Emirates MENA High Income Fund
Fund
objective
The fund is traded daily and is an open ended
fund domiciled in Jersey, Channel Islands. This
is a conventional mandate and invests primarily
in equities, but also takes exposure to other
suitable asset classes such as fixed income.
Through its mix of underlying investments, the
fund offers potential for capital growth.
Asset class Current Min Neutral Max
Equities (direct
& synthetic) 79% 60% 80% 98%
Fixed income 2% 0% 15% 30%
Cash 19% 2% 5% 20%
Other
investments 0% 0% 0% 15%
14
Source: Emirates NBD Asset Management. as at 31st August 2013. Benchmark 80% MSCI Arabian Markets Domestic Index and 20%
total return 3 month LIBOR.
0.8
0.9
1
1.1
1.2
1.3
1.4 3 year performance
NA
V
EMHIF Benchmark
Fund 1 mth
%
3 mth
%
YTD
%
12 mth
%
Inception
%
EMOF 0.1 0.8 8.7 10.8 8.3
Benchmark* -1.3 -0.5 3.0 5.4 -24.6
Relative 1.4 1.3 5.7 5.4 32.9
The Emirates MENA Opportunities Fund
Fund
objective
The fund is traded daily and is an open ended
fund domiciled in Jersey, Channel Islands. The
fund Invests in Shari’a compliant growth
investments across a range of MENA markets. It
can take exposure to equity, Murabaha and
fixed deposits, Sukuk, trade finance, real estate,
alternative strategies and cash equivalent
assets when deemed appropriate. The fund is
graded “Silver” by S&P.
Asset class Current Min Neutral Max
Equities 64% 30% 60% 97%
Murabaha,
fixed deposits 13% 3% 10% 30%
Sukuk 23% 0% 25% 40%
Real Estate 0% 0% 5% 40%
15
Source: Emirates NBD Asset Management as at 31st August 2013. Benchmark 15% MSCI Saudi Islamic Index, 45% MSCI Arabian
Markets Islamic Ex Saudi Arabia Index and 40% US 3 month LIBOR.
8
9
10
11
12
13 3 year performance
NA
V
EMOF Benchmark
The Emirates MENA Fixed Income Fund
Fund
objective
The fund is a daily traded open-ended fund,
which aims to achieve a high level of income as
well as capital growth, predominantly through a
diversified portfolio of MENA debt securities of
varying maturities along with cash and other
ancillary instruments. Certain share classes of
the fund will distribute income on a semi-annual
basis with declarations made at the end of June
and December of each year. The Fund is graded
Silver by S&P.
Asset class Current Neutral Min Max
Fixed
Income 87% 95% 65% 100%
Cash 13% 5% 0% 35%
Fund 1 mth
%
3 mth
%
YTD
%
2012
%
Inception*
%
EMFIF -1.91 -3.68 -2.64 15.23 29.09
Benchmark** -0.90 -2.23 -2.48 11.80 23.16
Relative -1.01 -1.45 -0.16 3.43 5.93
9.0
10.0
11.0
12.0
13.0
14.0
NA
V
Fund Performance
Benchmark EMFIF
16
Source: Emirates NBD AM, as at 31st August 2013, I share class, bid to bid, USD terms with net income reinvested. *Since manager
inception in June 2010.**Benchmark: HSBC Nasdaq Dubai Middle East Total Return 95%, USD 3 Month Libor 5%
Fund
objective
The fund is a daily traded Shari’a compliant open
ended fund that will invest in a diversified
portfolio of Sukuk issued by companies
regionally and globally, in order to achieve high
income as well as capital growth. Certain share
classes of the Fund will distribute income on a
semi-annual basis with declarations made at the
end of June and December of each year. The
Fund is graded Silver by S&P.
Asset
class Current Neutral Min Max
Fixed
Income 81% 95% 65% 100%
Cash 19% 5% 0% 35%
The Emirates Global Sukuk Fund
Fund 1 mth
%
3 mth
%
YTD
%
2012
%
Inception *
%
EGSF -1.72 -3.14 -2.28 10.64 19.57
Benchmark** 0.23 1.40 1.87 3.00 9.78
Relative -1.95 -4.54 -4.15 7.64 9.79
9.5
10.0
10.5
11.0
11.5
12.0
12.5
13.0
NA
V
Fund Performance
Benchmark EGSF
17
Source: Emirates NBD AM, as at 31st August 2013, I share class, bid to bid, USD terms with net income reinvested. *Since manager
inception in June 2010. **Benchmark: USD 3 Month Libor +250 bps
The Emirates Islamic Money Market Fund
Fund
objective
The fund is a daily traded Shari’a compliant
investment that will primarily invest in a
diversified portfolio of Shari’a compliant money
market instruments including collectives
investing in such instruments. Assets will be
diversified across a range of durations in order
to maximize potential for higher profit without
increasing volatility or hampering regular
liquidity.
Fund
features
• Low risk profile
• Short duration to allow daily liquidity
• Shari’a compliant returns
• Effective cash management tool for both
short- and long-term investors
• Conservative asset allocation across liquid
Islamic instruments
• Better returns than overnight investment
options
• Exposure to USD or USD-pegged
currencies
• Target returns of USD 3m LIBOR + 50
basis points for daily liquidity
Fund 1 mth
%
3 mth
%
YTD
%
2012
%
Inception
%
EIMMF 0.04 0.12 0.48 1.16 5.27
Benchmark* -0.04 -0.03 0.02 0.97 0.50
Relative -0.08 -0.15 0.46 0.18 0.59
9.9
10.0
10.1
10.2
10.3
10.4
10.5
10.6
NA
V
Fund Performance
EIMMF Benchmark
18
Source: Emirates NBD Asset Management, as at 31st August 2013, I share class, bid to bid, USD terms with net income reinvested..
benchmark is Morningstar USD Money Market, Open End Funds
Fund
objective
The portfolio aims to provide long-term capital
growth. It will seek to reduce the volatility
traditionally associated with investments in
securities markets through broad asset class and
manager diversification. The portfolio restrictions
and investment strategies that will be followed
are such as to characterise this portfolio as
medium/high risk. The fund is graded Silver by
S&P.
Asset class Current Neutral Min Max
Equity 71.6% 75% 65% 85%
Fixed Income 5.0% 10% 5% 20%
Alternative
Strategies 9.4% 5% 0% 20%
Property 0.0% 0% 0% 10%
Commodities 13.1% 5% 0% 10%
Cash / Money
Market 1.0% 5% 0% 15%
Fund 1 mth
%
3 mth
%
YTD
%
2012
%
5 yrs
Cumm.%
EAMF -0.80 -3.05 -0.88 10.41 3.26
Benchmark* -1.65 -0.77 7.74 10.49 7.89
Relative -0.85 -2.28 -8.62 -0.08 -4.63
60
70
80
90
100
110
120
5 Year Performance
EAMF Benchmark
19
Source: Emirates NBD AM as at 31st August 2013. *Benchmark: US 3 Month LIBOR, Barclays Global Aggregate Index, IMA Property &
AREF Composite (in USD), MSCI World Index, HFRX Global Hedge Fund Index, and S&P Goldman Sachs Commodity Index
The Emirates Active Managed Fund
Fund
objective
The portfolio aims to provide long-term capital
growth through a balanced investment strategy.
It will seek to reduce the volatility traditionally
associated with investments in securities
markets. Through broad asset class and
manager diversification. The portfolio restrictions
and investment strategies that will be followed
are such as to characterise this portfolio as
medium risk. The fund is graded silver by S&P.
Asset class Current Neutral Min Max
Equity 48.9% 50% 40% 60%
Fixed Income 23.7% 20% 15% 25%
Alternative
Strategies 13.4% 15% 10% 25%
Property 2.1% 10% 0% 15%
Commodities 8.3% 0% 0% 5%
Cash / Money
Market 3.7% 5% 0% 15%
Fund 1 mth
%
3 mth
%
YTD
%
2012
%
5 yrs
Cumm.
%
EBMF -0.85 -2.89 -1.53 8.76 4.07
Benchmark* -1.17 -0.81 5.12 8.78 8.35
Relative -0.32 -2.08 -6.65 -0.02 -4.28
60
70
80
90
100
110
120 5 Year Performance
EBMF Benchmark
20
Source: Emirates NBD AM as at 31st August 2013 *Benchmark: US 3 Month LIBOR, Barclays Global Aggregate Index, IMA Property &
AREF Composite (in USD), MSCI World Index, HFRX Global Hedge Fund Index, and S&P Goldman Sachs Commodity Index.
The Emirates Balanced Managed Fund
Fund
objective
The portfolio aims to provide long term capital
growth through price appreciation through
investments in collective investment schemes
investing in securities and instruments in markets
worldwide. The portfolio will seek to reduce
portfolio volatility through broad fund manager
and asset class diversification. The portfolio
restrictions and investment strategies that will be
followed are such as to characterise this portfolio
as low to medium risk. The fund is graded Silver
by S&P.
Asset class Current Neutral Min Max
Equity 22.6% 20% 15% 25%
Fixed Income 44.6% 40% 35% 45%
Alternative
Strategies 17.5% 20% 10% 25%
Property 5.7% 10% 0% 15%
Commodities 2.5% 0% 0% 5%
Cash / Money
Market 7.1% 10% 5% 20%
Fund 1 mth
%
3 mth
%
YTD
%
2012
%
5 yrs
Cumm.%
ECMF -0.59 -2.15 -1.47 6.47 -3.68
Benchmark* -0.58 -0.79 2.08 6.23 6.94
Relative -0.01 -1.36 -3.55 0.17 -10.62
70
80
90
100
110
120 5 Year Performance
ECMF Benchmark
21
Source: Emirates NBD AM as at 31st August 2013. *Benchmark: US 3 Month LIBOR, Barclays Global Aggregate Index, IMA Property &
AREF Composite (in USD), MSCI World Index, HFRX Global Hedge Fund Index.
The Emirates Conservative Managed Fund
Fund
objective
The primary investment objective of the fund is
to achieve medium to long term capital growth
while minimising risk through diversification
across asset classes. The fund will seek over
time to acquire a diversified portfolio of collective
investment schemes and direct investments,
including but not limited to, investments in
Murabaha, Sukuk, Real Estate and Equity.
Asset class Current Neutral Min Max
Equity 58.7% 60% 50% 70%
Sukuk 36.2% 35% 5% 45%
Property 1.5% 0% 0% 10%
Cash &
Murabaha 3.6% 5% 0% 15%
Fund 1 mth
%
3 mth
%
YTD
%
2012
%
5 yrs
Cumm.
%
EIGBF -1.20 -2.81 0.64 7.54 -4.14
Benchmark* -1.38 -1.92 3.11 10.17 9.12
Relative -0.18 -0.89 -2.47 -2.63 -13.26
70
80
90
100
110
120
5 Year Performance
EIGBF Benchmark
22
Source: Emirates NBD AM as at 31st August 2013. * The benchmark reflects the natural weightings of the Fund. Benchmark: US 3m
LIBOR, DJ Islamic Market World Index, HSBC NASDAQ Dubai Sukuk Total Return Index.
The Emirates Islamic Global Balanced Fund
Fund
objective
The primary investment objective of the fund is
to provide investors with a means of
participating in Shari’a compliant equities listed
in, or operating in, emerging markets globally,
while achieving long term capital appreciation.
The fund will aim to pick those stocks that
achieve long term capital growth over a
complete economic cycle. Access to these
markets will either be taken directly or indirectly
through funds and managed accounts.
Asset class Current Neutral Min Max
Equity 95.6% 95% 85% 100%
Cash 4.4% 5% 15% 15%
Fund 1 mth
%
3 mth
%
YTD
%
2012
%
3 yrs
Cumm.
%
EEMEF 1.00 -8.70 -16.42 9.80 -7.84
Benchmark* -1.06 -6.18 -9.52 13.75 1.47
Relative 2.06 -2.52 -6.90 -3.95 -9.31
23
Source: Emirates NBD AM as at 31st August 2013. Fund performance is used from 31.03.12, with data prior to that being the performance
of the Lazard Developing Markets strategy adjusted for Islamic filters. *Benchmark: Dow Jones Islamic Emerging Market Index.
0
5
10
15
20
25
EEMEF Benchmark
The Emirates Emerging Market Equity Fund
Period
Annualised
Dividend
paid
Jun ‘13 5.75%
Dec ‘12 5.65%
Jun '12 5.29%
Dec '11 6.57%
Feb '11** 1.51%
Dec '10 5.46%
Jun '10 7.41%
Dec '09 6.68%
Jun '09 6.07%
Dec '08 5.39%
Jun '08 6.25%
Dec '07 6.20%
Jun '07 6.51%
Dec '06 6.27%
Jun '06 6.53%
Dec '05 6.55%
24
2.9
7%
3.7
5%
6.4
1%
3.9
9%
3.2
6%
5.7
7%
1.6
9%
2.7
8%
3.0
0%
2.7
7%
3.6
5%
3.7
2%
5.6
0%
4.7
6%
-6.9
8%
-22
.66
%
-5.6
0%
-0.6
9%
1.0
4%
-7.7
1%
-7.3
4%
-7.2
1%
-7.4
5%
-0.8
2%
-1.2
9%
3.0
5%
1.5
1%
1.7
2%
2.5
3%
2.6
2%
2.5
6%
3.3
3%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
Se
p-0
5
De
c-0
5
Ma
r-0
6
Ju
n-0
6
Se
p-0
6
De
c-0
6
Ma
r-0
7
Ju
n-0
7
Se
p-0
7
De
c-0
7
Ma
r-0
8
Ju
n-0
8
Se
p-0
8
De
c-0
8
Ma
r-0
9
Ju
n-0
9
Se
p-0
9
De
c-0
9
Ma
r-1
0
Ju
n-1
0
Se
p-1
0
De
c-1
0
Ma
r-1
1
Ju
n-1
1
Se
p-1
1
De
c-1
1
Ma
r-1
2
Ju
n-1
2
Se
p-1
2
De
c-1
2
Ma
r-1
3
Ju
n-1
3
Market
booms
Bear
market
Recovery
Story
Fund Performance
3 month 3.33%
6 month 5.99%
Year to Date 5.99%
1 Year 11.52%
2 Year (Cumulative) 17.11%
The Emirates Real Estate Fund: performance ahead of the market and continued dividends
Source: Emirates NBD Asset Management as at 30th June 2013. **interim dividend paid for the period 01.01.11 to 28.02.11
Disclaimer
Emirates NBD Fund Managers (Jersey) Limited, Emirates Funds Limited, Emirates Portfolio Management PCC and all their underlying sub funds,
domiciled in Jersey, are regulated by the Jersey Financial Services Commission. The information and opinions expressed herein are made in good
faith and are based on sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy,
completeness or correctness. These opinions are not intended to serve as authoritative investment advice and should not be used in substitution for
the exercise of ones own judgement. This information, including any expression of opinion, has been obtained from or is based upon sources believed
to be reliable, and is believed to be fair and not misleading. Any opinion or estimate contained in this presentation is subject to change without notice.
Neither Emirates NBD Group nor any of its directors or employees give any representation or warranty as to the reliability, accuracy or completeness
of the information, nor do they accept any responsibility arising in any way (including by negligence) for errors in, or omissions from the information.
For further details of the investment products available from the Emirates NBD Group, please contact your local Emirates NBD Bank PJSC / Emirates
Islamic Bank PJSC Branch. This document is provided for information and illustration purposes only. It does not constitute a solicitation,
recommendation or offer to buy or sell any specific investment product or subscribe to any specific investment management or advisory service.
Prospective investors in a Fund must obtain and carefully read the Fund’s most recent Private Placement Memorandum and Supplement as well as
seek separate, independent financial advice if required prior to making an investment in the Fund to assess the suitability, lawfulness and risks
involved. This presentation is not for distribution to the general public but for intended recipients only and may not be published, circulated,
reproduced or distributed in whole or part to any other person without the written consent of Emirates NBD Asset Management Ltd. (“Emirates NBD
AM”). Where this presentation relates to a Fund or an investment product licensed to be marketed, it is directed to persons authorized to invest in the
Fund / investment product, as applicable and residing in jurisdictions where the Fund / investment product is authorized for distribution or where no
such authorization is required. The Fund / investment product, where applicable, is intended for sophisticated investors only who understand the risks
involved in investing in the Fund / investment product and can withstand any potential loss there from. The Fund / investment product may not be
guaranteed and historical performances are not indicative of the future or likely performance and should not be construed as being indicative of or
otherwise used as a proxy for the future or likely performance of the funds / investment products. The value of the investment and the income from it
can fall as well as rise as the Funds / investment products are subject to investment risks, including the possible loss of the principal amount invested.
The information contained herein does not have any regard to the specific investment objectives, financial situation or the particular needs of any
person. All Shari’a compliant products and services are approved by the Shari’a Supervisory Board of Emirates NBD Asset Management Limited.
Past performance is not indicative of future performance. The value of investments and the income derived from them may go down as well as up and
you may not receive back all the money which you invest. This information has been distributed by Emirates NBD AM for and on it’s own behalf.
Emirates NBD AM is duly licensed and regulated by the Dubai Financial Services Authority. The price of shares/units/notes and the value of
segregated accounts and any income arising from them may fall as well as rise. When a subscription involves a foreign exchange transaction, it may
be subject to the fluctuations of currency values, which may adversely affect the value, price of income of any security or related instrument
mentioned in this presentation. It should be noted that some investments may not be readily marketable. It may therefore be difficult for an investor to
sell his/her investment or obtain reliable information about its value and the extent of the risks to which it is exposed. Further, some investment
offerings are involved in highly specialised forms of investment and involve risks and transaction costs not normally associated with standard
investments in securities. Investment returns will fluctuate and are subject to market volatility, so that an investment when redeemed or sold, may be
worth more or less than the original cost. Investments in property and other non-traditional asset classes may not be readily realisable and therefore a
delay in paying redemption proceeds or significant costs in realising an investment might apply.
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