LHV Persian Gulf Fund’s fund manager Joel Kukemelk awarded top Citywire AAA rating

Press release
January 20th, 2014

We are pleased to announce that in January 2014 Citywire initiated LHV Persian Gulf Fund’s fund manager Joel Kukemelk with the maximum Citywire AAA rating. Only 165 fund managers – less than 2% – out of 9000+ different fund managers tracked by Citywire have achieved the top Citywire AAA rating.

Citywire launched its fund manager ratings more than 10 years ago and is the only firm to exclusively rate managers, not funds, believing that the track record of the fund manager is the most important consideration when selecting an actively managed fund. The ratings take into account three-year performance record and are updated every month.

Citywire tracks over 9000 fund managers globally in 35 different countries across more than 175 investment sectors. In order to be rated, a fund manager will need to beat his or her benchmark over a three-year period. A benchmark is often the relevant stock market index. Fewer than 25% of fund managers Citywire tracks (Citywire FAQ) actually achieve this – currently only 18% of fund managers in Citywire database have received a rating. Managers in this select group will either receive a Citywire+, A, AA, or the top AAA rating.

The four ratings bands are assigned in the following way:

  • the top 10% of managers in this elite group will gain the highest AAA rating
  • the next 20% will be awarded the AA rating
  • the following 30% will get a single A rating
  • and the remaining 40% will gain a Citywire + rating.

In addition to the top Citywire AAA rating awarded to LHV Persian Gulf Fund’s fund manager Joel Kukemelk, LHV Persian Gulf Fund was also recognised as the “Best Equity GCC Fund of 2012” by Zawya Thomson Reuters in April 2013 and as of end of 2013 the fund has maximum 5-star Morningstar rating for the latest three year period in the category “Africa and Middle East Equity”.

LHV Persian Gulf Fund invests in listed equities in the GCC (Gulf Cooperation Council) region –the United Arab Emirates, Qatar, Saudi Arabia, Oman, Kuwait 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, NFM, Eufex Bank Ltd (Finland), LHV Bank, Estonian Central Register of Securities. Please see additional information from 

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 180 employees. LHV banking services are used by around 50 000 clients. LHV pension funds have over 120 000 clients.