vision asset management co. (s.a.o.c)...aramco were initiated which was broadly in line with...

CONTENTS

Market Update…..……………………………………………………………………................2

Funds Snapshot..………………………………………………………………………………4

Equity Funds

� Diversified

� Vision Emerging GCC Fund………………………………………………...…….…….5

� Country Specific

� Vision Emerging Oman Fund…………………………………………….………...…...6

� Thematic

� Vision Real Economy GCC Fund……………………….……………………..………..7

� Vision Focused Fund………………………………………………..…………………..8

� Shariah

� Vision Al Khair GCC Fund…………………………………………………...….....…...9

Vision Asset Management Co. (S.A.O.C)

Factsheets - May 2017

Investment Manager –Vision Asset Management Co. SAOC; �� +968 24726000; �� + 968 24726010; �� http://www.investvis.co.om/

MTD YTD P/E (x)

Commodities

Brent spot -2.75% -11.46% -

Gold 0.05% 10.13% -

Leading Benchmarks

S&P Global BMI 1.76% 9.75% 17.46

S&P Developed BMI 1.79% 9.24% 18.10

S&P Emerging BMI 1.46% 14.68% 13.17

S&P GCC Comp Index -1.38% -2.51% 14.75

S&P GCC Shariah Index -1.77% -2.96% 16.74

MSCI World 1.78% 9.17% 21.47

MSCI Emerging 2.80% 16.59% 15.28

MSCI GCC -1.26% -2.57% 13.44

Developed Equities

Dow Jones 0.33% 6.31% 18.48

S&P 500 1.16% 7.73% 21.41

FTSE 4.39% 5.28% 32.67

DAX 1.42% 9.88% 19.76

CAC 0.31% 8.67% 19.54

Emerging Equities

Nikkei 2.36% 2.81% 18.83

Sensex 4.10% 16.97% 22.92

Shanghai -1.19% 0.44% 16.71

GCC Equities & Egypt

Saudi Arabia -2.03% -4.70% 16.23

Abu Dhabi -2.11% -2.62% 16.04

Dubai -2.21% -5.42% 15.98

Oman -1.66% -6.24% 12.39

Kuwait -0.84% 18.05% 18.39

Kuwait Weighted -0.94% 6.41% 14.86

Doha -1.62% -5.13% 16.43

Bahrain -1.19% -2.67% 8.21

Egypt 7.29% 2.65% 16.47

Global Markets

Global equities ended the month on a strong note with

better than expected earnings in the first quarter

supporting growth expectations of the global economy.

European equities moved higher as investors cheered

the victory of pro-Europe centrist Emmanuel Macron.

For Europe the next leg of headwinds could emanate

from elections in the UK, Germany and Italy. The

MSCI World and Emerging market indices ended May

higher by 1.78% and 2.8% respectively.

GCC Markets

The GCC markets in the month reflected a more

benign mood with the Oil price, being lower by 2.7%

for the month, around the USD 50 dollar mark.

Increasing supplies from the US shale producers and

announcement made by US to sell oil in plans to reduce

its Strategic Petroleum Reserve (SPR) led to the decline

in oil prices. Meanwhile the regional stock markets were

in mildly negative territory with low liquidity being a

common feature in the region.

US President Donald Trump’s maiden international

visit to Saudi Arabia came as a boost to the US-Saudi

business and strategic relationship. Defense deals worth

USD 110 bn were signed. Additionally, deals involving

Aramco were initiated which was broadly in line with

objective of “The Saudi Aramco Strategic

Transformation Program” to enable the company move

to a multinational conglomerate.

While the first quarter results highlighted a weak set of earnings in the industrial and services sectors, the

banking sector especially in Saudi Arabia beat consensus estimates. The retail sector in KSA saw improvements

as discretionary spending witnessed first signs of turn-around.

The month of May saw a lot of initiatives in the Merger and Acquisition arena with Emaar Malls acquiring a

51% stake in Namshi, an online retailer, in an all cash transaction. At the same time retail sales in Dubai is

witnessing a slowdown forcing retailers to be more sensitive to costs; of which the biggest component is mall

Market Update

rents. Dubai Malls is a unique asset and this fact is more than reflected in its premium rents. The acquisition of

an online retailer would add a new dimension to its revenues.

Meanwhile, Agility Kuwait, announced a settlement in the criminal case involving the U.S. government food-

supply contracts that the company held from 2003 to 2010. This provides much needed relief on a long standing

legal dispute that the company has been engaged in.

All six GCC countries are in the final stages of implementing VAT in the region. As nations gear up for the 5%

levy with the official launch less than 6 months away, it would play a crucial role for businesses to clearly

understand their position and impact of new legislation on their performance.

Vision Funds

The Vision Emerging GCC Fund and Vision Real Economy GCC Fund were down 1.66% each for the month

as major GCC economies took a hit in the month.

The Vision Emerging Oman Fund continues to focus on stocks with strong cash flows as well as sustainable

earnings. The fund lost 0.29% for the month.

The Sharia focused Vision Al Khair GCC Fund lost 1.5% for the month and the Vision Focused Fund lost

3.25% for the month with its concentrated portfolio strategy.

Outlook

The Outlook for the region continues to be dependent on the direction of Oil prices. Additionally, the regional

government have in the past five months raised money in the debt markets both in the form of bonds and

sukuks. A key element of such borrowing is towards focus on preserving capital expenditures with high

productive impact which would bring long term value to this region. While government revenues continues to

improve during the course of the year on the back of better oil revenues, the private sector would play a key role

in the long term growth particularly in the areas of infrastructure, education and health care. We continue to

view this as positive for the regional markets.

.

Investment Manager –Vision Asset Management Co. SAOC; �� +968 24726000; �� + 968 24726010; �� http://www.investvis.co.om/ 3

May-17 YTD 2016 3 Year 5 YearSince

InceptionAnn.

Return

May, 2005 Vision Emerging GCC Fund * -1.66% -0.64% 8.57% -25.25% 51.66% 123.88% 6.89%

S&P GCC Composite Index -1.38% -2.51% 4.18% -30.02% 1.41% -40.52% -4.21%

August, 2007 Vision Emerging Oman Fund * -0.29% 1.55% 9.01% -7.10% 28.69% 32.81% 2.93%

MSM30 Index -1.66% -6.24% 6.96% -20.93% -5.78% -16.34% -1.80%

April, 2010 Vision Real Economy GCC Fund * -1.66% -1.88% 6.73% -21.06% 51.55% 72.07% 7.91%

May, 2013 Vision Al Khair GCC Fund * -1.50% 1.15% 3.52% -22.81% NA 9.05% 2.16%

S&P GCC Shariah Index -1.77% -2.96% 6.68% -30.64% NA -6.80% -1.72%

January, 2017 Vision Focused Fund -3.25% -5.53% NA NA NA -5.53% NA

May, 2005 Vision Emerging GCC Fund * 16.51% 0.22

S&P GCC Composite Index 19.21% -0.30

August, 2007 Vision Emerging Oman Fund * 14.71% -0.02

MSM30 Index 15.54% -0.26

April, 2010 Vision Real Economy GCC Fund * 11.75% 0.26 NA NA NA NA NA

May, 2013 Vision Al Khair GCC Fund * 11.79% -0.06

S&P GCC Shariah Index 13.78% -0.29

Performance (Return)

0.89

Information Ratio

Active Return

Returns Matrix

Year ofInception

4.16%

Mutual Fund

0.91 4.96%

SharpeRatio

95%

Year ofInception

Mutual Fund

RSquared

66%0.42

Beta

12.57%

Risk Matrix

11.23%

Tracking Error

(* Adjusted for dividends, assuming dividends are reinvested)

0.54 3.76%

1.19

6.95% 0.73 87%

Std. Deviation


Funds Snapshot

4

NAV (per unit)

Performance Chart*


Country Allocation

Sector Allocation Allocation

8.23%

5.75%

5.44%

5.39%

5.38%

May-17 5 Years Since Inception

-1.66% 51.66% 123.88%

Note : Financials constitute Real Estate companies as per GICS classification (* Adjusted for dividends, assuming dividends are reinvested)

Monthly Returns

Fund Objective

Fund Information

Auditors

Date of Inception

Lipper ID

Bloomberg ID

Custodian

Country

High/(Low) Monthly Return

Tawuniya

Ann. Standard Deviation

Fund Performance*

UAE

Top 5 Holdings

Saudi Arabia

Saudi Arabia

Total Div. & Bonus Paid

-0.64%

Fund Type

Saudi Arabia

EXTRA Saudi Arabia

YTD

Investment Manager

Scrip

Aramex

Fawaz Abdulaziz Al Hokair

Al-Rajhi Takaful

Latest Dividend Paid

Administrator

RO. 1.029 (USD. 2.671)

65044199

May 19, 2005

VSEMGCC OM

The primary objective of Vision Emerging GCC Fund (VEGF) is to maximize the risk

adjusted returns, as measured by Sharpe Ratio. It follows a flexible asset allocation policy

with investments spread across a diversified range of investment options including

alternative investments.

Vision Asset Management Co. SAOC

370 baiza (Dividend), 60% (Bonus)

60 baiza (2016)

12.80% (July 2013), -24.75% (October 2008)

16.51%

Open Ended

Moore Stephens LLC

Vision Investment Services Co. SAOC

National Bank Of Oman

Financials, 47.3%

Cash, 1.9%Industrials, 12.0%

Health Care, 8.1%

Consumer

Discretionary,

16.0%

Consumer Staples,

9.8%Materials, 4.9%

Saudi Arabia

51.4%

Qatar

3.9%

Bahrain

1.7%

Kuwait

8.7%

Oman

8.5%

UAE

23.9%

Cash

1.9%


0.800

1.100

1.400

1.700

2.000

2.300

2.600

2.900

3.200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

FACT SHEETMay 2017

2005 12.00% 12.0% 1.27% 2.31% 1.51% 2.41% 3.44% -2.01%

2006 6.70% 19.5% 5.36% -2.96% -1.49% 2.89% -5.37% 0.00% -1.86% 4.68% 3.24% 5.81% -6.36% 3.53%

2007 56.53% 87.1% 2.25% 1.32% 3.48% 3.80% 8.02% 1.04% 3.10% 1.15% 2.89% 4.96% 3.17% 10.93%

2008 -41.38% 9.7% -0.74% 6.89% -4.70% 9.82% 1.24% -0.26% -2.11% -9.07% -11.45% -24.75% -8.00% -4.19%

2009 15.63% 26.8% -6.22% -3.68% 3.82% 9.32% 10.66% -2.96% 3.15% 2.79% 6.84% -1.48% -3.28% -2.69%

2010 15.81% 46.8% -1.16% 3.09% 7.42% 3.19% -10.68% -1.44% 2.49% -1.14% 6.64% 2.30% -0.13% 5.53%

2011 -6.50% 37.3% -5.12% -5.42% 8.95% 4.88% -1.17% -2.03% -2.40% -6.74% 1.67% 1.09% -2.95% 3.73%

2012 11.52% 53.1% 1.34% 7.81% 4.30% -0.47% -5.21% -2.37% 3.58% 3.58% -2.15% 0.49% -2.42% 3.21%

2013 47.05% 125.2% 5.43% 0.75% 2.54% 6.30% 5.70% -3.47% 12.80% -4.04% 3.59% 1.73% -0.12% 9.26%

2014 15.13% 159.2% 10.75% 6.99% 4.64% 6.99% 0.27% -10.57% 9.98% 3.95% -0.27% -4.15% -5.36% -6.42%

2015 -19.94% 107.5% 0.74% 1.51% -3.33% 6.29% -2.88% -0.20% -1.10% -11.60% -1.31% -3.98% -4.65% -0.49%

2016 8.57% 125.3% -9.53% 3.10% 3.09% 5.63% -2.21% 1.00% 2.11% -2.76% -3.78% 1.44% 5.64% 5.71%

2017 -0.64% 123.9% -0.25% -1.35% 0.46% 2.21% -1.66%

JanYearYearly

ReturnTotal Return DecNovOctSepAugJulJunMayAprMarFeb

5

NAV

Performance Chart* Fund Objective

Fund Information

* Adjusted for dividends, assuming dividends are reinvested

Sector Allocation - VEOF

Fund Performance*

YTD Since Incep

Fund 1.55% 32.81%

MSM30 Index -6.24% -16.34%

Monthly Returns

28.69%

-1.66% -5.78%

RO. 1.085 (USD. 2.814)

Latest Dividend Paid 70 baiza (2016)

The primary objective of the Fund is to achieve growth through capital appreciation

and dividend income by investing in equities listed and/or to be listed on the Muscat

Securities Market (“MSM”)

Hsbc Bank Oman

Vision Asset Management Co. SAOC

7.52%

* Adjusted for dividends, assuming dividends are reinvested

5 Years

-0.29%

Ominvest

Scrip

May-17

8.08%

8.29%

National Bank Of Oman 8.30%

PricewaterhouseCoopers LLP

Bank Nizwa

Bank Muscat

Investment Manager

Custodian

Total Dividend & Bonus Paid

Administrator

Auditors

High/(Low) Monthly Return

Top 5 Holdings

Lipper ID

245 baiza

13.13% (Oct 2007); -26.58% (Oct 2008)

10.69%

Allocation

Annualized Standard Deviation

Vision Investment Services Co. SAOC

Open Ended Fund

14.71%

Fund Type

Sector Allocation - MSM Index

Note : Financials constitute Real Estate companies as per GICS classification

6-Aug-07

VISOMAN OM

Date of Inception

Bloomberg ID

65107048

National bank Of Oman

Financials69%

Energy0%

Consumer Staples3%

Industrials10%

Telecom6%

Materials6%

Cash 6%

YearYearly

Return

Total

ReturnJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2007 32.36% 32.36% 4.45% 13.13% 4.92% 7.49%

2008 -37.42% -17.16% 1.40% 12.79% -0.02% 12.56% 2.35% -1.95% -6.01% -11.91% -9.80% -26.58% 0.21% -11.83%

2009 22.92% 1.82% -9.52% -0.11% 1.71% 10.45% 6.64% 3.28% 2.99% 8.23% 2.55% -3.24% -0.51% -0.12%

2010 10.05% 12.05% 2.94% 2.56% 2.51% 2.33% -8.07% -2.35% 3.26% -0.98% 3.13% 1.81% 0.61% 2.48%

2011 -10.22% 0.60% 1.71% -11.20% 0.00% 7.11% -5.26% 0.00% -2.73% 0.07% -2.67% 0.62% -2.96% 5.89%

2012 4.47% 5.10% -1.79% 4.45% -0.19% 2.91% 0.00% -3.30% -5.95% 2.49% 1.42% 2.10% -1.76% 4.57%

2013 29.76% 36.37% 1.05% 3.90% 3.95% 1.97% 5.89% -1.94% 5.82% 0.62% 0.52% 2.04% 1.29% 1.52%

2014 -4.46% 30.29% 6.24% 0.46% -0.84% -1.15% 0.22% 1.52% 1.41% 2.25% 0.88% -6.97% -4.60% -3.31%

2015 -7.92% 19.97% 3.10% 0.26% -3.32% 2.37% 0.96% 1.84% 1.93% -7.83% -0.01% 1.41% -6.45% -1.76%

2016 9.01% 30.78% -3.89% 3.07% 2.90% 7.43% -2.39% -0.66% 1.77% -1.73% -0.23% -2.66% 0.37% 5.31%

2017 YTD 0.58% 31.54% -0.09% 1.32% -0.64% 1.26% -0.29%

FACT SHEETMay 2017


0.400

0.600

0.800

1.000

1.200

1.400

1.600

1.800

2.000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Financials54%

Industrials6%

Utilities9%

Energy8%

Materials8%

Telecom15%

6

Performance Chart * Fund Objective

Fund Information

Date of Inception April 14, 2010

Lipper ID 68053041

Bloomberg ID VIREGCC OM

Investment Manager Vision Asset Management Co. SAOC

Custodian National Bank of Oman

Administrator Vision Investment Services Co. SAOC

Auditors Moore Stephens LLC

Fund type Open Ended

Annualized Standard Deviation 11.75%

High/(Low) Monthly Return 10.32% (March 2011), -11.55% (August 2015)

Latest Dividend Paid 70 baiza (2016)

Total Dividend Paid 430 baiza

Top 5 Holdings

May-17 YTD Since Incep.

-1.66% -1.88% 72.07%


Sector Allocation

KSA

Qatar Electricity & Water

51.55%


Country

Fund Performance *

Allocation

Country Allocation

4.99%

UAE


5.54%

RO. 1.266 (USD. 3.286)NAV (per unit)

The objective of the Fund is to achieve capital appreciation and income generation by providing its

investors the opportunity to participate in the growth of Real Economy Sectors of GCC.

Scrip

5 Years

6.81%

KSA

Qatar

Fawaz Abdulaziz AlHokair Company

Monthly Returns

Aramex

Saudi Marketing Company KSA

5.41%

10.29%

Extra

FACT SHEETMay 2017

KSA45.2%

Qatar12.2%

Kuwait6.7%

UAE28.4%

Cash7.5%

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2.20

2.40

2010 2011 2012 2013 2014 2015 2016


Materials9.8%

Financials10.8%

Utilities5.4%

Industrials20.1%Consumer

Discretionary23.1%

Consumer Staples15.2%

Health Care8.1%

Cash7.5%

YearYearly

Return

Total


2010 11.20% 11.20% -1.19% -1.07% 1.66% -1.28% 5.55% 2.61% 0.17% 4.51%

2011 -3.62% 7.18% -4.63% -6.50% 10.32% 6.05% -0.97% -1.23% -2.48% -7.05% 2.10% 1.00% -2.76% 3.89%

2012 11.10% 19.07% 1.41% 7.11% 5.30% -1.42% -6.04% -2.19% 3.77% 4.07% -2.56% 1.21% -2.38% 3.13%

2013 40.41% 67.18% 6.87% 0.42% 3.22% 4.59% 5.25% -2.01% 9.61% -3.02% 3.49% 1.01% 0.32% 5.42%

2014 11.44% 86.31% 8.46% 6.29% 5.84% 5.88% 0.93% -8.10% 6.80% 4.98% -0.98% -5.52% -5.23% -6.44%

2015 -11.80% 64.31% 1.67% 2.46% -3.17% 8.54% -1.98% -0.02% -1.04% -11.55% 0.42% -3.22% -3.18% -0.20%

2016 6.73% 75.37% -10.75% 4.06% 4.46% 4.90% -1.53% 1.00% 2.61% -3.28% -3.35% -0.63% 5.11% 5.23%

2017 -1.88% 72.07% -0.46% -2.13% 1.26% 1.14% -1.66%

7

Performance Chart Fund Objective

Fund Information

Date of Inception 12-Jan-17

Lipper ID 68404006

Bloomberg ID -

Investment Manager Vision Asset Management Co. SAOC


Administrator Vision Investment Services Co. SAOC

Auditors Moore Stephens LLC


Annualized Standard Deviation -

High/(Low) Monthly Return 0.7% (April '17)/-3.25% (May '17)

Latest Dividend Paid -

Total Dividend Paid -

Top 5 Holdings

May-17 YTD Since Incep.

-3.25% -5.53% -5.53%


Country

Fund Performance

Allocation

Country Allocation

8.08%

UAE

Sector Allocation

8.60%

Dubai Islamic Bank

Kuwait

UAEEmaar Properties

Kuwait International Bank

UAE

-

9.51%

RO. 0.945 (USD. 2.453)NAV (per unit)

The objective of the Fund is to pursue long-term capital growth by investing in a concentrated set ofselect stocks in the middle east equity market sphere.

Scrip

5 Years

9.38%

Aramex

Gulf Finance House UAE

8.34%

FACT SHEETMay 2017

KSA18.9%

Oman7.8%

Kuwait8.6%

UAE46.2%

Cash18.5%


Materials10.6%

Financials55.1%

Industrials9.5%

Consumer Discretionary

6.2%

Cash18.5%

8

0.920

0.930

0.940

0.950

0.960

0.970

0.980

0.990

1.000

1.010

Jan-17 Feb-17 Mar-17 Apr-17 May-17

NAV (per unit)

Performance Chart* Fund Objective

Fund Information

Date of Inception May 15, 2013

Lipper ID 68212188

Bloomberg ID VISAKGC OM

(* Adjusted for bonus, dividend) Investment Manager Vision Asset Management Co. SAOC


Countrywise Allocation Administrator Vision Investment Services Co. SAOC

Auditors PricewaterhouseCoopers LLP


Ann. Standard Deviation 11.79%

High / (Low) Monthly Return 8.53% (April 2015), -12.18% (August 2015)

Latest Dividend Paid -

Total Dividend & Bonus Paid 50 baiza (Dividend), 5% (Bonus)

Top 5 Holdings

Allocation

Sector Allocation 10.50%

9.13%

7.14%

6.24%

5.43%

Fund Performance*

May-17 YTD 5 Years Since Inception

-1.50% 1.15% - 9.05%

Note : Financials constitute Real Estate companies as per GICS classification (* Adjusted for bonus, dividend)

RO. 0.995 (USD. 2.583)

The objective of the Fund is to achieve capital appreciation and income generation by providing its unit

holders an opportunity to invest in the listed securities in the GCC economies that are compliant to

Shariah principles. The Fund will follow a dynamic allocation policy with investments spread across a

diversified range of industries in the GCC.

Country

UAE

UAE

Scrip

Dubai Islamic Bank (AED)

Monthly Returns

Aramex (AED)

United Electronics Co. (SAR) Saudi Arabia

UAE

Saudi ArabiaTawuniya (SAR)

Agthia (AED)Financials34.5%

Consumer Staples16.0%

Industrials14.8%

Cash3.2%

Health Care8.3%

Materials3.9%

Consumer Discretionary

19.1%

Saudi Arabia49.8%

Qatar7.8%

Oman4.7%

UAE29.8%

Cash3.2%

Kuwait4.7%

0.800

0.900

1.000

1.100

1.200

1.300

1.400

1.500

2013 2014 2015 2016 2017

YearYearly

Return

Total


2013 16.60% 16.60% -2.17% 7.10% -2.02% 3.04% 0.91% 2.73% 4.99%

2014 3.05% 20.16% 4.57% 3.84% 5.27% 3.25% 2.65% -7.51% 6.22% 4.50% -1.05% -5.69% -6.58% -4.97%

2015 -13.33% 4.14% 0.21% 3.80% -3.00% 8.53% -1.30% -0.64% 0.09% -12.18% -0.71% -2.38% -2.53% -2.80%

2016 3.52% 7.81% -11.51% 5.61% 2.81% 5.09% -3.54% 0.76% 1.60% -4.39% -4.08% 0.36% 7.22% 5.21%

2017 1.15% 9.05% 1.71% -0.49% 0.35% 1.12% -1.50%

FACT SHEETMay 2017

9

vision asset management co. (s.a.o.c)...aramco were initiated which was broadly in line with...

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