The fund’s NAV declined by -1.04 percent in November – Morningstar upgrades the fund to four stars

The fund’s NAV declined by -1.04 percent in November. Despite the fact that this year we’ve seen very difficult times on global financial markets in general, LHV Persian Gulf Fund has on the contrary to many other global stock markets managed to escape from big losses and has mainly moved sideways.

The investments in the fund portfolio are in our opinion very attractive – the average P/E on our investments is around 10x, price-to-book value 1.3x and the expected dividend yield slightly over 5 percent.

In November we also saw that Morningstar increased their rating on LHV Persian Gulf Fund from 3 stars to 4 stars (out of maximum 5). According to Morningstar LHV Persian Gulf Fund rates in the category “Africa and the Middle East” out of 91 funds on the 1st place both in year-to-date and 12 month periods.

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