- Adds to existing three funds, for investors specifically seeking income distribution
- Offering to include managed accounts tailored to specific needs of large regional institutions
Abu Dhabi: Waha Capital PJSC, a leading investment company in Abu Dhabi (ADX: WAHA), has announced the launch of a new income-focused Islamic fund, adding to its three existing funds within its asset management business. The new fund, to be called “Waha Islamic Income Fund SP”, will invest in Sharia compliant assets across the Sukuk and equity markets, and will have a global outreach for investments. The fund is to be open-ended, and is expected to have a capacity in excess of $500 million.
Amr AlMenhali, Chief Executive Officer of Waha Capital, said: “While our existing funds have some Sharia compliant elements in them, there has been a steadily growing demand from our existing clients over the past couple of years for us to develop such a fully-fledged Islamic fund. We are confident that the new fund will be well received because it avoids investment in prohibited or controversial activities or assets and business sectors that may be considered as particularly risky or potentially volatile. It will also only invest in entities that have relatively low gearing.”
The Waha Central and Eastern Europe, the Middle East and Africa (CEEMEA) Credit Fund, which invests in emerging markets, achieved a cumulative return of over 180% since its inception in 2012 and the end of 2019. It has consistently outperformed its peer group funds, producing uninterrupted annual profits for its investors. Even with the impact of COVID-19 this year, the fund continues to deliver strong positive returns against a backdrop of widening credit spreads globally.
The Waha MENA Equity fund was launched in 2014, and has achieved a cumulative return of 175% since inception against the S+P Pan Arab Index benchmark, whose performance over the same period has been flat. The fund’s absolute performance, risk-based income ratio and draw down profile have all been in the top percentile of its peer group since inception.
Waha’s MENA Value Fund SP fund produced a return of 25.34% in 2019 and overall by 56.1% since its launch in 2015. It aims for long-term capital appreciation with an estimated holding period of three years. Stocks are identified within MENA that fit into the Value Investment Philosophy of the fund.
Amr AlMenhali added: “Waha Capital intends to use its proven expertise to bridge a gap in what our clients are seeking from us, so as to offer them an actively managed, income producing Sharia compliant solution with a global dimension. We are positioning this new fund as a focal point around which we can build a whole Sharia compliant offering.”
Waha Capital ‘s investors represent a diversified mix of institutions (pension funds, endowments, SWFs, and family offices) from North America, Europe and the GCC. Waha Capital also invests in its own funds.
Waha Capital’s CEEMEA Credit Fund was named as winner of Best Fixed Income/Credit/Distressed Hedge Fund for 2020 by the European Hedge Fund Review.
About Waha Capital
Waha Capital is an Abu Dhabi-listed investment company that offers shareholders and third-party investors exposure to high-potential opportunities in diversified asset classes. The company manages assets across several sectors, including healthcare, financial services, energy, infrastructure, industrial real estate and capital markets. Through its Principal Investments division, Waha Capital has established a strong investment track-record, deploying capital in sectors that display robust demand fundamentals and that have been prioritised by governments in the Middle East and North Africa region.
The company has also built a strong capability in managing global and regional credit and equity portfolios, which have enhanced the diversification and liquidity of Waha Capital’s balance sheet. The excellent performance of the company’s principal investments and capital markets portfolios has laid the foundations for the launch of an asset management division aimed at third-party investors.
Established in 1997, Waha Capital benefits from a roster of prominent local shareholders that includes Mubadala Investment Company.
For further information, please visit www.wahacapital.com or contact:
Marketing & Corporate Communications Team
Waha Capital
Tel: +971 2 403 9305
E-mail: communications@wahacapital.ae
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
