The fund’s NAV up by +1.57%

The LHV Persian Gulf Fund sees a positive development with a month of profit-taking in the property and construction sector, we could also see a very strong month in the transport, banking and industrial sectors. Our two strongest portfolios in November were, Qatar Gas & Transport (+7.98%) and Industries Qatar (+10.69%). During the period, Qatar Gas & Transport signed a strategic supply agreement of natural gas to India, which made the shares rise significantly. Industries Qatar had a very fine performance in the 3rd quarter and beat the market expectations significantly. Several financial analysts have therefore upgraded the shares which have led it to rise sharply. During the month, new forecasts for 2011 came about oil price developments from various players. Expectations for 2011 are now an oil price of around USD 90 per barrel. This revision comes as a result of a weaker USD, depending on the QE2, and the expectation of a clear improvement of the global recovery. The oil price level is very comfortable for the GCC countries where state spending continues to rise