LHV Persian Gulf Fund chosen as “Best Equity GCC Fund” second year in a row

Press release 09.06.14

Zawya Thomson Reuters awarded the title of “Best Equity GCC Fund of 2013” second year in a row to LHV Persian Gulf Fund. The title was presented during an awards gala on June 1st held in Dubai.

According to LHV Persian Gulf Fund’s fund manager Joel Kukemelk, winning the title shows that it is possible to achieve world-class level in Estonian financial landscape. “As fund manager I hope that highly recognised feedback to our work enables us to bring new investors to these high potential long-term growth markets that are just discovering the region to themselves,” commented Kukemelk.

LHV Persian Gulf Fund invests in listed equities in the GCC (Gulf Cooperation Council) union – the United Arab Emirates, Qatar, Saudi Arabia, Kuwait, Oman and Bahrain. GCC markets make up 2% of global stock markets.

“Last year’s asset allocation decisions were especially successful both in terms of countries and sectors. We believed that the UAE and Qatar would be upgraded to MSCI Emerging Markets Index and that before and after the announcement we would see these two markets outperform. And that was exactly the case. During the year we increased our exposure to the financial and real estate sectors that had a very strong year on the back of strong macroeconomics in the region,” described Kukemelk the fund’s success.

According to Joel Kukemelk winning the title has become more complicated. “With every passing year competition becomes harsher and new funds are being set up. Alongside with the growth and development of the local stock markets asset managers face increasing demands and expectations from the investors,” added fund manager Kukemelk.

Risk characteristics, fees in relation to performance, fund’s management style and transparency were all taken into account when ranking the funds. Only funds with a minimum size of 5 million USD and with a track record of at least 3 years were eligible for the ranking. Zawya’s annual fund ranking is based on independent rating system and offers unbiased research and analysis about performance of the funds.

As of the end of May 2014 LHV Persian Gulf Fund has a maximum 5-star Morningstar rating for the latest 3-year and 5-year period in the category “Africa and Middle East Equity”. For the fund’s last 3-year results Citywire has rated fund manager Joel Kukemelk with a very high AA-rating. LHV Persian Gulf Fund’s size as of end of May 2014 was €66.9 mln.


In the picture: Mr Ali El Arab (Thomson Reuters) hands over the title of “Best Equity GCC Fund Of 2013” to LHV Persian Gulf Fund’s fund manager Joel Kukemelk.

Source: Zawya Thomson Reuters

LHV Persian Gulf Fund invests in listed equities in the GCC (Gulf Cooperation Council) region – the United Arab Emirates, Qatar, Saudi Arabia, Kuwait, Oman and Bahrain. The fund is publicly offered in Sweden, Finland, Norway, Estonia, Latvia and Lithuania. Fund units can be bought and sold through the following intermediaries: Pensionsmyndigheten (PPM), Avanza Bank, Nordnet, MFEX Mutual Funds Exchange, Fondmarknaden.se, Aktieinvest, Elite Asset Management Ltd (Finland), Erik Penser, LHV Bank, Estonian Central Register of Securities. Additional information www.persiangulffund.com.

LHV offers services to private individuals, small and medium size enterprises and institutional investors. LHV has offices in Tallinn, Tartu, Riga, Vilnius and Helsinki. LHV has more than 200 employees. LHV banking services are used by over 60 000 clients. LHV pension funds have around 130 000 clients.