Upload
phamhanh
View
217
Download
2
Embed Size (px)
Citation preview
MUTUAL FUNDFACTSHEETSS e p t e m b e r 2 0 1 1
Al Rajhi Capital Head Office, King Fahd Road, P. O. Box 5561, Riyadh 11432, Kingdom of Saudi Arabia.
Tel.: +966 1 46 00 423 • Toll Free: 800 124 5858Email: [email protected] • URL: www.alrajhi-capital.com
EQUITYFUNDS PAGENO.
●● ●Al●Rajhi●Local●Shares●Fund● 1
●● Al●Rajhi●GCC●Equity●Fund● 2
●● Al●Rajhi●Petrochemical●and●Cement●Equity●Fund● 3
●● Al●Rajhi●Global●Equity●Fund● 4
●● Al●Rajhi●Global●Small●Cap●Equity●Fund● 5
●● Al●Rajhi●India●China●Equity●Fund● 6
FUNDOFFUNDS
●● Al●Rajhi●Multi●Asset●Growth●Fund● 7
●● Al●Rajhi●Multi●Asset●Balanced●Fund● 8
●● Al●Rajhi●Multi●Asset●Conservative●Fund●● 9
COMMODITYFUNDS
●● Al●Rajhi●Saudi●Riyal●Commodity●Fund● 10
●● Al●Rajhi●US●Dollar●Commodity●Fund● 11
●● Al●Rajhi●EURO●Commodity●Fund● 12
September●2011 1
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
OBJECTIVETo●achieve● long● term●capital● appreciation●by● investing● in● shares●of●Shariah● compliant●companies● listed● on● the● Saudi● Stock● Exchange● (Tadawul).● The● Fund● also● provides●liquidity●to●the●investors.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
6 19 30 70 122
Number●of●months●with●outperformance●against●benchmark
8 20 36 60 109
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund 1.51 -5.62 -2.15 -5.62 -2.89Benchmark 1.76 -6.52 -5.08 -6.52 -6.85CalendarReturns(%) 2006 2007 2008 2009 2010Fund -51.91 68.81 -44.17 16.64 13.67Benchmark -52.53 40.07 -56.40 31.51 9.11
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund 2.10 -6.37 -13.17 188.90 168.36Benchmark -2.27 -16.46 -43.25 180.13 164.04AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund 2.10 -2.17 -2.79 11.19 5.29Benchmark -2.27 -5.82 -10.71 10.85 5.20
MANAGERCOMMENTARYGlobal● stock● markets● continued● to● decline,● at● the● back● of● distressing● concerns● over●slowdown● in●global●economic●growth,●stemming● largely● from● the●prolonged●debt●crisis●in● the●Euro● zone.●Despite● slump● in● global● stock●markets● and● declining● oil● prices,● the●Saudi●equity●market●gained●2.23%●for●the●month●of●September●2011,●mainly●driven●by●value●buying●and●anticipation●of●a●good●Q3●earnings●season.●The●Fund●posted●a●modest●gain●of●1.51%,●whereas●benchmark●climbed●by●1.76%●during● the●month.●The●positive●performance●can●be●attributed●to●overweight●positions●in●Retail,●Petrochemical,●Industrial●Investments●and●Building●&●Construction●sectors●as●well●as●the●underweight●position●in●the●Banking●sector.●The●Fund’s●management●continues●to●have●a●cautious●outlook●for●the●next●month●however●the●expectation●of●good●quarterly●results●by●corporate●sector●would●add●positivity.
FEATURES
Fund●Type● Open●Ended●Equity●FundFund●Domicile Saudi●ArabiaRisk●Level HighInception●Date Jul-92Inception●Price SAR●100●Per●UnitFund●Currency Saudi●RiyalsBenchmark S&P●Saudi●Shariah●IndexSubscription●Fee 2.00%Management●Fee 1.75%●AnnuallyPerformance●Fee 20%●Over●Benchmark●-●Quarterly●BasisMinimum●Subscription SAR●5,000Minimum●Additional●Subscription SAR●2,000Minimum●Redemption SAR●2,000Valuation●Frequency●&●Days● Daily●-●Saturday●to●WednesdayCut-Off●Time●&●Day Before●5●PM●-●Prior●to●Valuation●DayAnnouncement●&●Payment●Day Following●the●Valuation●DayTrade●Execution● T●+●2●(Third●Business●Day)
LATESTAWARDSANDRANKINGS(As At 31 Dec 2010)●
●● ●
PRICEINFORMATION(EndofSeptember●2011)Net●Asset●Value●Per●Unit SAR 268.3591 ●●●●●▲Change●(MoM) SAR 3.9852 ●●+1.51%Total●Fund●Units● 1,664,983Total●Net●Assets● SAR 446,644,907.77
PERFORMANCE(CHART)
0
100
200
300
400
500
600
700
800
900
1000
2000 2002 2004 2006 2008 2010
Fund Benchmark
TOP5HOLDINGS
%FundCur.MonthSABIC 18.16Al●Rajhi● 16.34Etihad●Etisalat 8.06SAFCO 6.03Ma'aden 4.00
SECTORBREAKDOWN(%TotalNetAssets)
Petrochemical Industries
Banks and Financial
Telecom & Information Technology
Retail
Cement
Industrial Investment
Building & Construction
Agricultural & FOODEnergy and UtilitiesReal Estate DevelopmentCash
30
1910
9
8
8
54 11 4
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) 4.37 3.65 7.93 0.34 0.09Alpha●(%) 4.64 0.84 5.63 1.90 0.78RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) -10.37 -32.06 -47.84 -62.47 -62.47Standard●Deviation●(%) 16.18 20.13 27.36 27.20 21.57Downside●Risk●(SSD)●(%) 9.79 15.39 18.74 19.30 14.81MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta 1.07 0.64 0.80 0.82 0.76REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio 0.20 -0.01 0.00 0.48 0.24Information●Ratio 1.49 0.11 0.58 -0.04 -0.05Tracking●Error 0.03 0.13 0.12 0.13 0.13
ALRAJHILOCALSHARESFUND
September●2011 2
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
OBJECTIVETo●achieve● long● term●capital● appreciation●by● investing● in● shares●of●Shariah● compliant●companies● listed●on●various●stock●exchanges● in●GCC●region.●The●Fund●also●provides●liquidity●to●the●investors.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
6 19 34 ●-●●● 42
Number●of●months●with●outperformance●against●benchmark
11 24 39 ●-●●● 44
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund 0.95 -5.26 -3.77 -5.26 -5.18Benchmark 0.78 -6.68 -7.64 -6.68 -10.79CalendarReturns(%) 2006 2007 2008 2009 2010Fund -35.00 64.36 -42.44 12.70 13.60Benchmark -52.53 40.07 -59.43 18.18 11.46
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund 1.55 -17.39 -0.46 ●-●●● -21.51Benchmark -5.49 -32.16 -53.57 ●-●●● -64.77AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund 1.55 -6.17 -0.09 ●-●●● -3.96Benchmark -5.49 -12.13 -14.23 ●-●●● -15.96
MANAGERCOMMENTARYOngoing●financial●crisis●in●Euro-zone●has●drawn●the●picture●for●the●month●of●Sep●2011.●Global●Equity●markets●witnessed●a●panic●sell●waves●driven●by●the●deep●concerns●over●Greece●default●and● Italy●downgrade●by●S&P●on●weak●economic●outlook● from●A+● to●A.●Oil●prices●declined●by●over●10%●during●the●month.●GCC●equity●markets●posted●a●mixed●performance●as●Saudi●equity●market●at●the●back●of●better●performance●by●the●stocks●in●Petrochemical●sector●gained●2.23%,●followed●by●Kuwait●which●gained●0.72%●and●Qatar●which● gained● 0.50%.● On● the● other● hand,● Dubai● led● the● laggards● by● declining● 4.07%●followed●by●Abu●Dhabi●which●declined●3.16%●and●Oman●which●declined●2.86%●during●the●month.●The●investors●are●anticipating●a●good●Q3●earnings●season●which●is●reflected●through●the●rational●value●buying.●The●Fund●gained●0.95%,●outperforming●the●benchmark●which●gained●0.78●%●in●the●month●of●Sep●2011.
FEATURES
Fund●Type● Open●Ended●Equity●FundFund●Domicile Saudi●ArabiaRisk●Level HighInception●Date Oct-05Inception●Price SAR●100●Per●UnitFund●Currency Saudi●RiyalsBenchmark S&P●GCC●Shariah●Composite●IndexSubscription●Fee 2.00%Management●Fee 1.75%●AnnuallyPerformance●Fee 20%●Over●Benchmark●-●Quarterly●BasisMinimum●Subscription SAR●5,000Minimum●Additional●Subscription SAR●2,000Minimum●Redemption SAR●2,000Valuation●Frequency●&●Days● Bi-weekly●-●Sunday●&●WednesdayCut-Off●Time●&●Day Before●5●PM●-●Saturday●to●Tuesday●Announcement●&●Payment●Day Monday●&●SaturdayTrade●Execution● T●+●2●(Third●Business●Day)
LATESTAWARDSANDRANKINGS(As At 31 Dec 2010)●
●
PRICEINFORMATION(EndofSeptember2011)
Net●Asset●Value●Per●Unit SAR 78.4934 ●●●●●▲Change●(MoM) SAR 0.7368 ●●+0.95%Total●Fund●Units● 4,474,173Total●Net●Assets● SAR 351,611,808.99
PERFORMANCE(CHART)
0
20
40
60
80
100
120
140
2005 2006 2007 2008 2009 2010 2011
Fund Benchmark
TOP5HOLDINGS
%FundCur.MonthSABIC 12.04AL●RAJHI 9.46Mobily 5.15Qatar●Industries●● 4.64SAFCO● 4.21
GEOGRAPHICBREAKDOWN(%TotalNetAssets)
Saudi Arabia
Qatar
Oman
UAE
Kuwait
Cash
6516
65 2 7
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) 7.04 5.96 14.13 ●-●●● 12.00Alpha●(%) 7.69 2.45 8.62 ●-●●● 5.66RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) -8.86 -39.93 -54.02 ●-●●● -54.02Standard●Deviation●(%) 13.73 22.65 22.94 ●-●●● 24.07Downside●Risk●(SSD)●(%) 8.62 18.58 18.17 ●-●●● 19.28MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta 1.08 0.67 0.59 ●-●●● 0.60REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio 0.17 -0.16 0.08 ●-●●● -0.09Information●Ratio 3.34 0.34 0.71 ●-●●● 0.57Tracking●Error 0.02 0.16 0.19 ●-●●● 0.19
ALRAJHIGCCEQUITYFUND
September●2011 3
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
OBJECTIVETo●achieve● long● term●capital● appreciation●by● investing● in● shares●of●Shariah● compliant●companies●listed●on●the●Saudi●Stock●Exchange●(Tadawul).●The●Fund●exclusively●invests●in●the●companies●doing●business●in●petrochemical●and●cement●sectors.●The●Fund●also●provides●liquidity●to●the●investors.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
7 22 ●-●●● ●-●●● 26
Number●of●months●with●outperformance●against●benchmark
7 20 ●-●●● ●-●●● 27
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund 2.82 -8.24 -0.87 -8.24 1.76Benchmark 3.35 -9.50 -2.79 -9.50 0.36CalendarReturns(%) 2006 2007 2008 2009 2010Fund ●-●●● ●-●●● -46.75 27.50 13.83Benchmark ●-●●● ●-●●● -65.79 61.05 8.79
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund 9.72 1.10 ●-●●● ●-●●● -18.92Benchmark 8.82 -4.06 ●-●●● ●-●●● -31.54AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund 9.72 0.37 ●-●●● ●-●●● -5.32Benchmark 8.82 -1.37 ●-●●● ●-●●● -9.41
MANAGERCOMMENTARYGlobal● stock● markets● continued● to● decline,● at● the● back● of● distressing● concerns● over●slowdown●in●global●economic●growth,●stemming●largely●from●the●prolonged●debt●crisis●in●the●Euro●zone.●Despite●slump●in●global●stock●markets●and●declining●oil●prices,●the●Saudi●equity●market●gained●2.23%●for●the●month●of●September●2011.●The●Petrochemical●sector●which●gained●4%●during●the●month●played●a●major●role●to●keep●TASI●in●the●green●while●the●Cement●sector●closed●up●with●a●modest●gain●of●1.88%.●The●investors●are●anticipating●a●good●Q3●earnings● season●which● is● reflected● through● the● rational● value●buying.●The●Fund●posted●a●modest●gain●of●2.82%●whereas●the●benchmark●gained●by●3.35%●during●the●month.●National● Industrialization● (2nd● largest● holding● in● the● portfolio)● and●SAFCO●(3rd●largest●holding●in●the●portfolio)●added●to●the●returns●as●the●stocks●posted●impressive●gains●of●11.61%●and●6.74%●respectively.●Global●macroeconomic● indicators●are●hinting●a● double-dip● recession.●The● Fund’s●management●will● actively● relentlessly●monitor● the●developments● and● will● maintain● adequate● cash● until● there● is● better● visibility● over● the●developments●in●the●global●markets.
FEATURES
Fund●Type● Open●Ended●Equity●FundFund●Domicile Saudi●ArabiaRisk●Level HighInception●Date Nov-07Inception●Price SAR●10●Per●UnitFund●Currency Saudi●RiyalsBenchmark Al●Rajhi●Saudi●Petrochemical●&●Cement●
Index●Calculated●by●S&P●Custom●IndicesSubscription●Fee 2.00%Management●Fee 1.75%●AnnuallyPerformance●Fee NilMinimum●Subscription SAR●10,000Minimum●Additional●Subscription SAR●2,000Minimum●Redemption SAR●2,000Valuation●Frequency●&●Days● Bi-weekly●-●Saturday●&●TuesdayCut-Off●Time●&●Day Before●5●PM●-●Wednesday●&●MondayAnnouncement●&●Payment●Day Sunday●&●WednesdayTrade●Execution● T●+●2●(Third●Business●Day)
PRICEINFORMATION(EndofSeptember2011)
Net●Asset●Value●Per●Unit SAR 8.1082 ●●●●●▲Change●(MoM) SAR 0.2225 ●●+2.82%Total●Fund●Units● 9,490,892Total●Net●Assets● SAR 77,178,985.61
PERFORMANCE(CHART)
30405060708090100110120
2007 2008 2009 2010Fund Benchmark
TOP5HOLDINGS
%FundCur.MonthSABIC 38.17National●Industralization 12.04SAFCO 9.88Saudi●Cement● 5.91Yammamah●Cement 5.47
SECTORBREAKDOWN(%TotalNetAssets)
76
20
2
3Petrochemical Industries
Cement
Building & Construction
Cash & Cash Equivalent
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) 0.91 1.74 ●-●●● ●-●●● 4.09Alpha●(%) 0.88 0.74 ●-●●● ●-●●● 0.69RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) -10.76 -34.91 ●-●●● ●-●●● -50.85Standard●Deviation●(%) 20.47 23.00 ●-●●● ●-●●● 23.58Downside●Risk●(SSD)●(%) 13.07 18.46 ●-●●● ●-●●● 18.70MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta 1.00 0.72 ●-●●● ●-●●● 0.70REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio 0.54 0.13 ●-●●● ●-●●● -0.12Information●Ratio 0.36 -0.01 ●-●●● ●-●●● 0.17Tracking●Error 0.02 0.12 ●-●●● ●-●●● 0.13
ALRAJHIPETROCHEMICALANDCEMENTEQUITYFUND
September●2011 4
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
OBJECTIVETo●achieve● long● term●capital● appreciation●by● investing● in● shares●of●Shariah● compliant●international● companies● across● the● world.● The● fund● also● provides● liquidity● to● the●investors.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
7 25 39 78 114
Number●of●months●with●outperformance●against●benchmark
6 14 26 51 75
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund -7.17 -12.92 -14.39 -12.92 -11.53Benchmark -8.09 -14.14 -15.04 -14.14 -10.95CalendarReturns(%) 2006 2007 2008 2009 2010Fund 15.86 12.49 -37.90 37.83 10.09Benchmark 16.47 18.21 -37.75 36.56 14.41
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund -1.41 0.39 -0.79 35.26 47.88Benchmark -1.53 11.70 10.53 67.51 167.74AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund -1.41 0.13 -0.16 3.07 2.61Benchmark -1.53 3.76 2.02 5.29 6.71
MANAGERCOMMENTARYGlobal● stock● markets● continued● to● decline,● at● the● back● of● distressing● concerns● over●slowdown●in●global●economic●growth,●stemming●largely●from●the●prolonged●debt●crisis●in●the●Euro●zone.●The●Fund●declined●by●7.17%,●outperforming●the●benchmark●which●declined●by●8.09%●in●the●month●of●Sep●2011.●Stock●selection●in●the●Consumer●Discretionary●and●Information● Technology● sectors● contributed● to● the● outperformance.● However,● stock●selection●in●the●Materials●sector●and●an●overweight●position●in●the●Energy●sector●hurt●the●portfolio● returns.●Over● the● long-run,● the●Fund’s●management●believes● that●share●price●performance●will●ultimately●reflect●underlying●cash●flows,●as●well●as●the●capital-utilization●decisions● by● management● teams.● Looking● forward,● the● Fund’s● management● expects●two●possible●market●outcomes●of●either●substantial●upside●(if●sovereign●credit●problems●are● resolved●satisfactorily)● or● substantial● downside● (if● the●macro-economy● is●upended●by●fiscal● challenges).●While● there● is●no●clarity●on●when● these●macro●questions●will● be●resolved,●investors●will●ultimately●seek●opportunities●to●invest●in●companies●with●strong●fundamentals,●as●well●as●firms●that●do●not●rely●on●substantial●leverage●to●generate●return.●The●Fund’s●management●believes●that●the●companies●in●which●the●Fund●is●investing●are●positioned●to●deliver●on●their●specific●fundamentals●and●cash●flows.
FEATURES
Fund●Type● Open●Ended●Equity●FundFund●Domicile Saudi●ArabiaRisk●Level HighInception●Date Jul-96Inception●Price US●$●100●Per●UnitFund●Currency US●DollarsBenchmark Dow●Jones●Islamic●Market●TR●IndexSubscription●Fee 2.00%Management●Fee 1.50%●AnnuallyPerformance●Fee NilMinimum●Subscription US●$●2,000Minimum●Additional●Subscription US●$●1,000Minimum●Redemption US●$●1,000Valuation●Frequency●&●Days● Bi-weekly●-●Monday●&●WednesdayCut-Off●Time●&●Day Before●5●PM●-●Sunday●to●Tuesday●Announcement●&●Payment●Day Tuesday●&●SaturdayTrade●Execution T●+●2●(Third●Business●Day)
PRICEINFORMATION(EndofSeptember2011)
Net●Asset●Value●Per●Unit US●$ 147.8756 ●●●●●▼Change●(MoM) US●$ -11.4291 ●●-7.17%Total●Fund●Units● 61,401Total●Net●Assets● US●$ 9,079,759.44
PERFORMANCE(CHART)
20
40
60
80
100
120
140
2000 2002 2004 2006 2008 2010
Fund Benchmark
TOP5HOLDINGS
%FundCur.MonthPfizer●Inc.● 3.81Chevron●Corporation● 3.65Intl.●Business●Machine●Corp. 3.58Wal-Mart●Stores●Inc. 3.25Intel●Corp● 2.89
SECTORBREAKDOWN(%TotalNetAssets)
22
20
1610
9
9
47 3
TechnologyEnergyHealthConsumer DiscProcessIndustryProduceManufactTelecom
OthersCash
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) 0.12 -3.63 -2.18 -2.23 -4.10Alpha●(%) -0.17 -2.72 -1.72 -1.28 -2.82RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) -16.42 -28.89 -41.04 -41.04 -52.93Standard●Deviation●(%) 14.15 22.18 19.10 16.36 16.18Downside●Risk●(SSD)●(%) 10.41 18.59 15.72 13.32 12.89MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta 0.88 0.91 0.87 0.85 0.79REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio -0.04 0.12 0.05 0.20 0.12Information●Ratio -0.04 -0.32 -0.23 -0.24 -0.45Tracking●Error 0.03 0.10 0.09 0.09 0.09
ALRAJHIGLOBALEQUITYFUND
September●2011 5
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
OBJECTIVETo●achieve● long● term●capital● appreciation●by● investing● in● shares●of●Shariah● compliant●companies●across●the●world.●The●fund●exclusively●invests●in●small●cap●companies.●The●fund●also●provides●liquidity●to●the●investors.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
7 22 32 66 82
Number●of●months●with●outperformance●against●benchmark
7 17 29 57 71
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund -7.48 -15.94 -14.75 -15.94 -8.84Benchmark -9.78 -18.33 -18.05 -18.33 -12.72CalendarReturns(%) 2006 2007 2008 2009 2010Fund 11.12 -1.99 -49.49 42.86 24.12Benchmark 13.49 8.03 -49.43 41.78 27.83
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund 7.28 5.03 -16.76 46.77 15.72Benchmark 0.10 16.41 -6.38 70.62 51.80AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund 7.28 1.65 -3.60 3.91 1.19Benchmark 0.10 5.20 -1.31 5.49 3.44
MANAGERCOMMENTARYGlobal●stock●markets●continued●to●decline,●at●the●back●of●distressing●concerns●over●slowdown●in●global●economic●growth,●stemming●largely●from●the●prolonged●debt●crisis●in●the●Euro●zone.●The●Fund●declined●by●7.48%,●outperforming● the●benchmark●which●declined●by●9.78%● in● the●month●of●Sep●2011.●Stock●selection●in●the●consumer●discretionary●and●energy●sectors●added●to●performance●for●the●quarter,●while●stock●selection●in●the●materials●and●industrials●sectors,●along●with●no●exposure●to●the●financials●or●utilities●sectors,●detracted●from●returns.●The●Fund’s●management●has●reduced●the●number●of●holdings● in● the●portfolio● to● focus● on● highest-conviction● holdings.● The● Fund’s● management● remains● constructive● on●opportunities●in●the●small-cap●space●which●is●demonstrating●a●high●level●of●bifurcation●within●sectors●and●industries●amid●the●recent●volatility.●The●Fund’s●management●believes●companies●that●are●capable●of●generating●sustainable●returns,●free●cash●flows,●and●that●have●stable●margins●or●the●potential●to●expand●margins●will●continue●to●thrive,●versus●their●competitors.●Valuations●currently●appear●compelling,●but,●in●such●an●environment,●the●Fund’s●management●will●focus●on●stock-specific●growth●drivers●and●be●mindful●of●attractively●valued●companies●that●do●not●have●clear●growth●catalysts.
FEATURES
Fund●Type● Open●Ended●Equity●FundFund●Domicile Saudi●ArabiaRisk●Level HighInception●Date Jun-99Inception●Price US●$●100●Per●UnitFund●Currency US●DollarsBenchmark S&P●Small●Cap●Shariah●IndexSubscription●Fee 2.00%Management●Fee 1.50%●AnnuallyPerformance●Fee NilMinimum●Subscription US●$●2,000Minimum●Additional●Subscription US●$●1,000Minimum●Redemption US●$●1,000Valuation●Frequency●&●Days● Bi-weekly●-●Monday●&●WednesdayCut-Off●Time●&●Day Before●5●PM●-●Sunday●to●Tuesday●Announcement●&●Payment●Day Tuesday●&●SaturdayTrade●Execution T●+●2●(Third●Business●Day)
PRICEINFORMATION(EndofSeptember2011)
Net●Asset●Value●Per●Unit US●$ 115.7151 ●●●●●▼Change●(MoM) US●$ -9.3581 ●●-7.48%Total●Fund●Units● 77,661Total●Net●Assets● US●$ 8,986,520.78
PERFORMANCE(CHART)
0
25
50
75
100
125
150
175
200
225
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Fund Benchmark
TOP5HOLDINGS
%FundCur.MonthGardner●Denver●Inc 6.93Gartner●Inc 6.54Family●Dollar●Stores●Inc● 4.84Ansys●Inc.● 4.44Towers●Watson●&●Co● 4.23
SECTORBREAKDOWN(%TotalNetAssets)
TechnologyConsumer DiscretionaryProducer ManufacturingHealthServicesEnergyOther
Cash
26
2213
13
8
79
2
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) 7.18 -3.55 -2.29 -1.58 -2.25Alpha●(%) 6.91 -1.86 -2.37 -0.21 -0.90RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) -18.02 -39.77 -57.95 -57.95 -61.09Standard●Deviation●(%) 16.49 24.42 21.65 21.27 23.95Downside●Risk●(SSD)●(%) 12.05 20.77 17.85 16.33 18.53MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta 0.85 0.80 0.79 0.84 0.89REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio 0.50 0.20 -0.09 0.24 0.11Information●Ratio 1.12 -0.26 -0.19 -0.09 -0.09Tracking●Error 0.06 0.14 0.13 0.13 0.16
ALRAJHIGLOBALSMALLCAPEQUITYFUND
September●2011 6
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
ALRAJHIINDIACHINAEQUITYFUND
OBJECTIVETo●achieve● long● term●capital● appreciation●by● investing● in● shares●of●Shariah● compliant●companies●listed●on●stock●exchanges●of●India●and●China.●The●Fund●also●provides●liquidity●to●the●investors.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
4 21 34 ●-●●● 36
Number●of●months●with●outperformance●against●benchmark
8 20 28 ●-●●● 30
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund -6.50 -12.93 -10.82 -12.93 -13.01Benchmark -8.19 -17.13 -17.90 -17.13 -18.44CalendarReturns(%) 2006 2007 2008 2009 2010Fund ●-●●● 52.74 -61.76 58.19 12.79Benchmark ●-●●● 69.88 -60.48 72.20 12.70
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund -13.34 16.63 -2.86 ●-●●● -2.38Benchmark -17.38 -6.16 ●34.64● ●-●●● 47.68AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund -13.34 5.26 -0.58 ●-●●● -0.44Benchmark -17.38 -2.10 ●6.13● ●-●●● 7.46
MANAGERCOMMENTARYThe● risk● to●global● financial● stability●has● increased●substantially●due● to●heavy●public●debt●burden● and● weak● growth● prospects● in● most● of● the● developed● economies.● Slowdown● in●India’s●economic●growth●is●a●reflection●of●heightened●global●uncertainties,●elevated●inflation●and●consequent● rate●hikes●by● the●central●bank.● Indian●currency●has●depreciated●against●dollar,● which● indicates● movement● towards● perceived● safer● havens● in● view● of● growing●global● uncertainty.● However,● there● are● certain● positives● such● as● good●monsoons,● falling●crude●prices●and●potential●favorable●government●policy●actions●which●could●facilitate●further●economic●growth●of● the●country.●The●Chinese●equity●market●continued● to●correct●sharply●in● Sep● 2011● though● recent● macro● indicators● continue● to● confirm● the● strong● economic●momentum.● The● Fund● declined● 6.50%● outperforming● the● benchmark● which● declined● by●8.19%● in● the●month●of●Sep●2011.●The●month●of●September●witnessed●sharp● corrections●globally,●as●global●markets●were●under●heavy●selling●pressure● in● response● to● the● lack●of●policy●direction●as●a●result●of● the●Euro●debt●crisis,●and●the●disappointment● in●US●Federal●Reserve’s●choice●of●“Operation●Twist”●which●saw●the●reversal●of●the●2-year●long●USD●carry●trade.●The●Fund’s●management●believes●that●the●external●volatility●will●persist●in●near●term.●Nevertheless,● despite● the● problems●of● the● developed●economies,● emerging●markets● like●India●and●China●may●present●a●strong●case●for●investment●in●the●medium●to●long●term.
FEATURES
Fund●Type● Open●Ended●Equity●FundFund●Domicile Saudi●ArabiaRisk●Level HighInception●Date Apr-06Inception●Price US●$●10●Per●UnitFund●Currency US●DollarsBenchmark S&P●India●●●-●China●Shariah●IndexSubscription●Fee 2.00%Management●Fee 2.00%●AnnuallyPerformance●Fee NilMinimum●Subscription US●$●2,000Minimum●Additional●Subscription US●$●1,000Minimum●Redemption US●$●1,000Valuation●Frequency●&●Days● Bi-weekly●-●Monday●&●WednesdayCut-Off●Time●&●Day Before●5●PM●-●Sunday●to●Tuesday●Announcement●&●Payment●Day Tuesday●&●SaturdayTrade●Execution T●+●2●(Third●Business●Day)
PRICEINFORMATION(EndofSeptember2011)
Net●Asset●Value●Per●Unit US●$ 9.7622 ●●●●●▼Change●(MoM) US●$ -0.6789 ●●-6.5%Total●Fund●Units● 1,007,776Total●Net●Assets● US●$ 9,838,107.80
PERFORMANCE(CHART)
0
50
100
150
200
250
300
2006 2007 2008 2009 2010 2011
Fund Benchmark
TOP5HOLDINGS-INDIA
%FundCur.MonthInfosys●Ltd. 5.90Mahindra●&●Mahindra●Ltd. 5.81Cummins●India●Ltd. 5.47GSK●Consumer●Healthcare●Ltd. 4.59Oil●&●Natural●Gas●Cororation. 4.49
TOP5HOLDINGS-CHINA
%FundCur.MonthChina●Mobile●(Hong●Kong)●●Ltd. 9.64CNOOC●Ltd. 9.27●Tencent●Holdings●Ltd. 6.42Mass●Transit●Railway●Corporation● 5.91HK●&●China●Gas 5.81
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) 4.05 7.36 -6.71 ●-●●● -7.91Alpha●(%) 0.45 4.53 -5.17 ●-●●● -5.96RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) -14.93 -29.63 -64.30 ●-●●● -64.30Standard●Deviation●(%) 13.98 24.04 ●29.77● ●-●●● 28.72Downside●Risk●(SSD)●(%) 9.97 18.81 ●22.49● ●-●●● 21.68MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta 0.78 0.62 ●0.70● ●-●●● 0.70REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio -0.96 0.34 ●0.10● ●-●●● 0.10Information●Ratio 0.62 0.15 -0.43 ●-●●● -0.50Tracking●Error 0.07 0.16 ●0.20● ●-●●● 0.20
September●2011 7
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
ALRAJHIMULTIASSETGROWTHFUND
OBJECTIVETo●achieve●long●term●capital●appreciation●by●investing●in●units●of●select●Shariah●complaint●equity●and●commodity●funds.●The●Fund●invests●exclusively●in●Al●Rajhi●funds.●The●Fund●also●provides●liquidity●to●the●investors.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
7 24 35 77 96
Number●of●months●with●outperformance●against●benchmark
7 19 31 69 89
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund -1.30 -5.48 -3.58 -5.48 -3.00Benchmark -4.85 -8.57 -9.11 -8.57 -6.48CalendarReturns(%) 2006 2007 2008 2009 2010Fund -6.32 23.44 -34.16 27.99 8.64Benchmark 11.08 12.04 -23.50 21.39 8.98
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund 1.19 5.24 6.56 82.90 91.61Benchmark 3.81 9.18 11.42 49.07 49.69AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund 1.19 1.72 1.28 6.22 5.20Benchmark 3.81 2.97 2.19 4.07 3.19
MANAGERCOMMENTARYGlobal● stock● markets● continued● to● decline,● at● the● back● of● distressing● concerns● over●slowdown●in●global●economic●growth,●stemming●largely●from●the●prolonged●debt●crisis●in●the●Euro●zone.●The●liquidity●in●the●interbank●market●further●increased●during●the●month●as●most●banks●had●surplus●cash,●with● the●surge● in●deposits● that●were●far● in●excess●of●the●lending●and●investment●opportunities.●The●downward●trend●in●risky●assets●resulted●in●sharp●rally●in●safe●heaven●Treasuries.●The●fund●posted●a●decline●of●1.30%●outperforming●benchmark●which●slumped●by●4.85%●in●the●month●of●Sep●2011.●The●outperformance●can●be●attributed●to●underweight●position●in●equity●funds.●The●exposure●to●commodity●funds●contained●further●losses●in●the●midst●of●such●volatile●stock●market●conditions.●The●Fund’s●management●has●a●cautious●outlook●for●the●next●month.
FEATURES
Fund●Type● Open●Ended●Fund●of●FundsFund●Domicile Saudi●ArabiaRisk●Level Moderate●to●HighInception●Date Nov-98Inception●Price US●$●1●Per●UnitFund●Currency US●DollarsBenchmark Composite●Index●(40%●of●SAIBOR●3●Months●
+●30%●Dow●Jones●Islamic●Market●TR●Index●+●6%●S&P●GCC●Shariah●Composite●Index●+●24%●S&P●Saudi●Shariah●Index)●
Subscription●Fee 2.00%Management●Fee NilPerformance●Fee NilMinimum●Subscription US●$●2,000Minimum●Additional●Subscription US●$●1,000Minimum●Redemption US●$●1,000Valuation●Frequency●&●Days● Bi-weekly●-●Monday●&●WednesdayCut-Off●Time●&●Day Before●5●PM●-●Sunday●&●TuesdayAnnouncement●&●Payment●Day Tuesday●&●SaturdayTrade●Execution T●+●2●(Third●Business●Day)
PRICEINFORMATION(EndofSeptember2011)
Net●Asset●Value●Per●Unit US●$ 1.9161 ●●●●●▼Change●(MoM) US●$ -0.0252 ●●-1.3%Total●Fund●Units● 7,930,424Total●Net●Assets● US●$ 15,195,485.07
PERFORMANCE(CHART)
50
75
100
125
150
175
200
2000 2002 2004 2006 2008 2010Fund Benchmark
ALLOCATIONBREAKDOWN(%TotalNetAssets)
Commodity SAR Fund
Local Share Fund
GCC Equity Fund
India China Equity Fund
Global Equity Fund
Petro-Cement Fund
Global Small CAP
39
1312
11
10
105
ASSETALLOCATION
%FundCur.MonthEquity●Funds 61.42Commodity●Funds 38.58
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) -2.62 -1.25 -0.91 2.15 2.00Alpha●(%) -0.19 -0.22 -0.32 2.97 2.52RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) -6.44 -25.35 -37.01 -37.01 -37.01Standard●Deviation●(%) 8.89 15.18 14.15 12.13 11.97Downside●Risk●(SSD)●(%) 6.10 12.52 11.40 9.80 9.48MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta 0.39 0.82 0.88 0.80 0.79REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio 0.17 0.18 0.10 0.46 0.35Information●Ratio -0.28 -0.08 -0.06 0.25 0.24Tracking●Error 0.10 0.11 0.10 0.09 0.09
September●2011 8
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
ALRAJHIMULTIASSETBALANCEDFUND
OBJECTIVETo●achieve●long●term●capital●appreciation●by●investing●in●units●of●select●Shariah●complaint●equity●and●commodity●funds.●The●Fund●invests●exclusively●in●Al●Rajhi●funds.●The●Fund●also●provides●liquidity●to●the●investors.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
6 24 39 84 106
Number●of●months●with●outperformance●against●benchmark
7 21 31 71 89
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund -0.26 -1.57 -0.78 -1.57 -0.36Benchmark -2.01 -3.58 -3.79 -3.58 -2.62CalendarReturns(%) 2006 2007 2008 2009 2010Fund 2.40 10.43 -10.41 9.93 4.19Benchmark 6.44 6.78 -9.42 8.86 3.94
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund 1.47 6.57 13.66 81.85 103.58Benchmark -0.05 4.98 9.31 29.67 38.89AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund 1.47 2.15 2.59 6.16 5.70Benchmark -0.05 1.63 1.80 2.63 2.59
MANAGERCOMMENTARYGlobal●stock●markets●continued●to●decline,●at●the●back●of●distressing●concerns●over●slowdown●in●global●economic●growth,●stemming●largely●from●the●prolonged●debt●crisis●in●the●Euro●zone.●Despite●slump●in●global●stock●markets●and●declining●oil●prices,●the●Saudi●equity●market●gained●in●●September●2011,●mainly●driven●by●value●buying●and●anticipation●of●a●good●Q3●earnings●season.●The●commodity●market●was●highly●liquid●and●posed●good●opportunities●to●generate●returns.●●The●fund●posted●a●marginal●decline●of●0.26%●outperforming●benchmark●which●declined●by●2.01%●in●the●month●of●Sep●2011.●The●outperformance●can●be●attributed●to●underweight●position●in●equity●funds.●Within●equities,●higher●exposure●to●regional●equity● funds●also●contributed●to●positive●performance.●The●Fund’s●management●has●a●cautious●outlook●for●the●next●month.
FEATURES
Fund●Type● Open●Ended●Fund●of●FundsFund●Domicile Saudi●ArabiaRisk●Level ModerateInception●Date Nov-98Inception●Price US●$●1●Per●UnitFund●Currency US●DollarsBenchmark Composite● Index● (75%● of● SAIBOR● 3●
Months●+●12.5%●Dow●Jones●Islamic●Market●TR● Index● +● 2.50%● S&P● GCC● Shariah●Composite● Index● +● 10.00%● S&P● Saudi●Shariah●Index)●
Subscription●Fee 2.00%Management●Fee NilPerformance●Fee NilMinimum●Subscription US●$●2,000Minimum●Additional●Subscription US●$●1,000Minimum●Redemption US●$●1,000Valuation●Frequency●&●Days● Bi-weekly●-●Monday●&●WednesdayCut-Off●Time●&●Day Before●5●PM●-●Sunday●&●TuesdayAnnouncement●&●Payment●Day Tuesday●&●SaturdayTrade●Execution T●+●2●(Third●Business●Day)
LATESTAWARDSANDRANKINGS(As At 31 Dec 2010)● ●
●
PRICEINFORMATION(EndofSeptember2011)
Net●Asset●Value●Per●Unit US●$ 2.0358● ●●●●●▼Change●(MoM) US●$ -0.0054 ●●-0.26%Total●Fund●Units● 22,629,393Total●Net●Assets● US●$ 46,068,917.87
PERFORMANCE(CHART)
50
75
100
125
150
175
200
2000 2002 2004 2006 2008 2010Fund Benchmark
ALLOCATIONBREAKDOWN(%TotalNetAssets)
Commodity SAR Fund
Commodity USD Fund
Local Share Fund
Global Equity Fund
GCC Equity Fund
Global Small CAP
India China Equity Fund
Petro-Cement Fund
49
36
52 2 2
21
ASSETALLOCATION
%FundCur.MonthEquity●Funds 14.76Commodity●Funds 85.24
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) 1.51 0.51 0.80 3.53 3.10Alpha●(%) 1.46 1.05 1.05 3.96 3.35RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) -1.93 -7.45 -11.55 -11.55 -11.55Standard●Deviation●(%) 3.13 4.72 4.56 4.79 4.65Downside●Risk●(SSD)●(%) 2.11 3.81 3.62 3.52 3.40MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta 0.41 0.66 0.72 0.65 0.65REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio 0.46 0.46 0.39 1.03 0.86Information●Ratio 0.44 0.13 0.24 0.81 0.76Tracking●Error 0.03 0.04 0.03 0.04 0.04
September●2011 9
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
ALRAJHIMULTIASSETCONSERVATIVEFUND
OBJECTIVETo●achieve●capital●appreciation●commensurate●with●the●stated●risk●level●by●investing●in●the●equities●and●the●commodity●funds.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
●-●●● ●-●●● ●-●●● ●-●●● 1
Number●of●months●with●outperformance●against●benchmark
●-●●● ●-●●● ●-●●● ●-●●● 3
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund 0.06 -0.63 ●-●●● -0.63 ●-●●●Benchmark -0.15 -0.95 ●-●●● -0.95 ●-●●●CalendarReturns(%) 2006 2007 2008 2009 2010Fund ●-●●● ●-●●● ●-●●● ●-●●● ●-●●●Benchmark ●-●●● ●-●●● ●-●●● ●-●●● ●-●●●
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund ●-●●● ●-●●● ●-●●● ●-●●● -0.63Benchmark ●-●●● ●-●●● ●-●●● ●-●●● -0.95AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund ●-●●● ●-●●● ●-●●● ●-●●● -2.51Benchmark ●-●●● ●-●●● ●-●●● ●-●●● -3.74
MANAGERCOMMENTARYGlobal● stock● markets● continued● to● decline,● at● the● back● of● distressing● concerns● over●slowdown●in●global●economic●growth,●stemming●largely●from●the●prolonged●debt●crisis●in●the●Euro●zone.●The●liquidity●in●the●interbank●market●further●increased●during●the●month●as●most●banks●had●surplus●cash,●with●the●surge●in●deposits●that●were●far●in●excess●of●the●lending●and●investment●opportunities.●The●downward●trend●in●risky●assets●resulted●in●sharp●rally●in●safe●heaven●Treasuries.●The●fund●posted●a●modest●gain●of●0.06%●outperforming●benchmark●which●declined●by●0.15%●in●the●month●of●Sep●2011.●The●outperformance●can●be●attributed●to●underweight●position●in●equity●funds.●Within●equities,●higher●exposure●to●regional●equity●funds●also●contributed●to●positive●performance.●The●Fund’s●management●has●a●cautious●outlook●for●the●next●month.
FEATURES
Fund●Type● Open●Ended●Fund●of●FundsFund●Domicile Saudi●ArabiaRisk●Level LowInception●Date Jun-11Inception●Price US●$●100●Per●UnitFund●Currency US●DollarsBenchmark Composite● Index● ● (85%● of● SAIBOR● 3●
Months●+●3.75%●Dow●Jones●Islamic●Market●TR● Index● +● 3.75%● S&P● India● -● China●Shariah●Index●+●1.50%●S&P●GCC●Shariah●Composite● Index● +● 6.00%● S&P● Saudi●Shariah●Index)
Subscription●Fee 1.00%Management●Fee 10.00%Performance●Fee NilMinimum●Subscription US●$●2,000Minimum●Additional●Subscription US●$●2,000Minimum●Redemption US●$●1,000Valuation●Frequency●&●Days● Bi-weekly●-●Monday●&●WednesdayCut-Off●Time●&●Day Before●5●PM●-●Saturday●&●TuesdayAnnouncement●&●Payment●Day Tuesday●&●SaturdayTrade●Execution T●+●2●(Third●Business●Day)
PRICEINFORMATION(EndofSeptember2011)
Net●Asset●Value●Per●Unit US●$ 26.4980 ●●●●●▲Change●(MoM) US●$ 0.0157 ●●+0.06%Total●Fund●Units● 116,490Total●Net●Assets● US●$ 11,575,325.33
PERFORMANCE(CHART)
Fund Benchmark
ALLOCATIONBREAKDOWN(%TotalNetAssets)
Commodity SAR Fund
Commodity USD Fund
Local Share Fund
GCC Equity Fund
Global Small CAP
Global Equity Fund
India China Equity Fund
Petro-Cement Fund
47
45
5
11110
ASSETALLOCATION
%FundCur.MonthEquity●Funds 8.13Commodity●Funds 91.87
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) ●-●●● ●-●●● ●-●●● ●-●●● 1.23Alpha●(%) ●-●●● ●-●●● ●-●●● ●-●●● 2.19RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) ●-●●● ●-●●● ●-●●● ●-●●● -0.69Standard●Deviation●(%) ●-●●● ●-●●● ●-●●● ●-●●● 1.21Downside●Risk●(SSD)●(%) ●-●●● ●-●●● ●-●●● ●-●●● 0.79MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta ●-●●● ●-●●● ●-●●● ●-●●● 1.24REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio ●-●●● ●-●●● ●-●●● ●-●●● -2.12Information●Ratio ●-●●● ●-●●● ●-●●● ●-●●● 4.70Tracking●Error ●-●●● ●-●●● ●-●●● ●-●●● 0.00
NA
September●2011 10
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
ALRAJHISAUDIRIYALCOMMODITYFUND
OBJECTIVEAchieve● steady● capital● growth● by● generating● reasonable● returns● and● provide● liquidity●thereon● through● direct/indirect● investment● in● Shariah● compliant● short-term● trading●instruments●denominated●in●Saudi●Riyals.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
12 36 60 120 136
Number●of●months●with●outperformance●against●benchmark
12 35 55 90 95
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund 0.09 0.23 0.49 0.23 0.83Benchmark 0.04 0.10 0.24 0.10 0.38CalendarReturns(%) 2006 2007 2008 2009 2010Fund 4.93 4.41 3.07 1.59 1.26Benchmark 4.34 3.98 2.59 0.64 0.56
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund 1.18 4.52 12.97 29.04 37.70Benchmark 0.52 2.27 9.51 24.34 33.49AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund 1.18 1.48 2.47 2.58 2.86Benchmark 0.52 0.75 1.83 2.20 2.58
MANAGERCOMMENTARYThe● liquidity● in● the● interbank●market● further● increased● during● the●month● of● Sep● 2011● as● most● of● the● banks●had●surplus● cash,●with● the● surge● in●deposits.●The●deposits●were● far● in●excess●of● the● lending●and● investment●opportunities,●amid●increase●in●credit●to●the●private●sector.●The●Fund●posted●YTD●gain●of●1.11%●(annualized)●for●the●month●of●Sep●2011,●outperforming●the●benchmark●by●0.51●basis●points●despite●low●yields●and●high●liquidity●in●the●market.●The●Fund’s●management●maintained●a●balance●between●long●deals●with●good●rates●and●liquidity●for●short●and●medium●duration●deals.●The●Fund’s●return●is●reflective●of●its●superior●performance●over●the●comparable●term● deposit● opportunities,● with● capital● preservation● and● daily● liquidity.● The● downward● trend● in● all● major● US●economic●indicators●in●Q3●resulted●in●sharp●rally●in●safe●heaven●Treasuries●and●a●major●sell-off●in●commodity●and●risky●assets.●The●credit●default●swaps●as●well●as●cash●spreads●tightened●during●the●month,●as●a●result●investors●took●the●opportunity●to●invest●in●fixed●income●by●deploying●the●surplus●cash.●The●interest●rates●are●expected●to●remain●unchanged●as●the●market●is●not●expecting●any●change●in●the●monetary●policy●in●the●coming●month.●The●Fund’s●management●is●well●positioned●to●achieve●attractive●gains●at●the●back●of●efficient●management●of●maturity●profiles●on●a●wider●base●of●counterparties,●in●Q4●2011.●The●Fund’s●management●aims●to●proactively●manage●the●credit,●duration●and●liquidity●risk,●through●prudent●credit●controls,●market●conditions●and●substantial●allocation●to●liquid●instruments.
FEATURES
Fund●Type● Open●Ended●Money●Market●FundFund●Domicile Saudi●ArabiaRisk●Level LowInception●Date Jun-00Inception●Price SAR●100●Per●UnitFund●Currency Saudi●RiyalsBenchmark SAIBOR●3●MonthsSubscription●Fee NilManagement●Fee 16.00%●of●ProfitsPerformance●Fee NilMinimum●Subscription SAR●7,500Minimum●Additional●Subscription SAR●3,750Minimum●Redemption SAR●3,750Valuation●Frequency●&●Days● Daily●-●Saturday●to●WednesdayCut-Off●Time●&●Day Before●5●PM●-●Prior●to●Valuation●DayAnnouncement●&●Payment●Day Following●the●Valuation●DayTrade●Execution T●+●2●(Third●Business●Day)
LATESTAWARDSANDRANKINGS(As At 31 Dec 2010)● ●
●
PRICEINFORMATION(EndofSeptember2011)
Net●Asset●Value●Per●Unit SAR 137.6991 ●●●●●▲Change●(MoM) SAR 0.1218 ●●+0.09%Total●Fund●Units● 53,451,885Total●Net●Assets● SAR 7,360,276,476.19
PERFORMANCE(CHART)
100
110
120
130
140
2000 2002 2004 2006 2008 2010Fund Benchmark
MATURITYBREAKDOWN(%TotalNetAssets)
3-6 Months
1-3 Months
9-12 Months
6-9 Months
15-30 Days
8-14 Days
2-7 Days
26
2319
12
9
8 4
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) 0.66 0.73 0.64 0.38 0.28Alpha●(%) 0.09 0.87 0.98 0.85 1.02RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) 0.00 0.00 0.00 0.00 0.00Standard●Deviation●(%) 0.07 0.17 0.40 0.35 0.41Downside●Risk●(SSD)●(%) 0.05 0.08 0.25 0.21 0.25MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta 2.22 0.79 0.62 0.52 0.34REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio 15.92 7.98 3.93 3.89 3.43Information●Ratio 12.34 7.35 4.67 2.37 1.40Tracking●Error 0.00 0.00 0.00 0.00 0.00
September●2011 11
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
ALRAJHIUSDOLLARCOMMODITYFUND
OBJECTIVETo●achieve●steady●capital●growth●by●generating●reasonable●returns●and●provide●liquidity●thereon● through● direct/indirect● investment● in● Shariah● compliant● short-term● trading●instruments●denominated●in●US●$.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
12 36 60 120 249
Number●of●months●with●outperformance●against●benchmark
12 36 60 120 197
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund 0.11 0.29 0.59 0.29 0.90Benchmark 0.02 0.04 0.08 0.04 0.12CalendarReturns(%) 2006 2007 2008 2009 2010Fund 4.65 4.34 2.94 1.37 1.08Benchmark 3.17 3.09 1.59 0.36 0.19
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund 1.20 4.12 12.28 25.94 102.48Benchmark 0.16 0.99 6.29 14.96 79.15AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund 1.20 1.35 2.34 2.33 3.46Benchmark 0.16 0.33 1.23 1.40 2.85
MANAGERCOMMENTARYThe● liquidity● in● the● interbank●market● further● increased● during● the●month● of● Sep● 2011● as● most● of● the● banks●had●surplus● cash,●with● the● surge● in●deposits.●The●deposits●were● far● in●excess●of● the● lending●and● investment●opportunities,●amid●increase●in●credit●to●the●private●sector.●The●Fund●posted●YTD●return●of●1.20%●(annualized)●for●the●month●of●Sep●2011●outperforming●the●benchmark●by●0.84●basis●points●at●the●back●of●some●good●deals●with●selective●counterparties.●The●Fund’s●return●is●reflective●of●its●superior●performance●over●the●comparable●term●deposit●opportunities,●with●capital●preservation●and●daily●liquidity.●The●downward●trend●in●all●major●US●economic●indicators●in●Q3●2011●resulted●in●sharp●rally●in●safe●heaven●Treasuries●and●major●sell-off● in●commodity●as●well●as●risky●assets.●The●credit●default●swaps●as●well●as●cash●spreads●tightened●consequent●to●investors’●preference●to●invest●in●fixed●income●by●deploying●the●surplus●cash.●The●market●is●expecting●medium●to●high●demand●in●the●future,●thereby●creating●opportunities●to●pick●good●and●long●deals●with●better●margins●while●maintaining●adequate●liquidity●for●investors.●The●market●in●the●coming●months●is●expected●to●have●stable●demand●and●increased●inflow●of●funds.●The●Fund’s●management●is●well●positioned●to●achieve●attractive●gains●at●the●back●of●efficient●management●of●maturity●profiles●on●a●wider●base●of●counterparties,●in●Q4●2011.●The●Fund’s●management●aims●to●proactively●manage●the●credit,●duration●and●liquidity●risk,●through●prudent●credit●controls,●market●conditions●and●substantial●allocation●to●liquid●instruments.
FEATURES
Fund●Type● Open●Ended●Money●Market●FundFund●Domicile Saudi●ArabiaRisk●Level LowInception●Date Dec-90Inception●Price US●$●1000●Per●UnitFund●Currency US●DollarsBenchmark USD●LIBOR●3●Months●IndexSubscription●Fee NilManagement●Fee 16.00%●of●ProfitsPerformance●Fee NilMinimum●Subscription US●$●2,000Minimum●Additional●Subscription US●$●1,000Minimum●Redemption US●$●1,000Valuation●Frequency●&●Days● Daily●-●Saturday●to●WednesdayCut-Off●Time●&●Day Before●5●PM●-●Prior●to●Valuation●DayAnnouncement●&●Payment●Day Following●the●Valuation●DayTrade●Execution T●+●2●(Third●Business●Day)
LATESTAWARDSANDRANKINGS(As At 31 Dec 2010)
● ● ●
PRICEINFORMATION(EndofSeptember2011)
Net●Asset●Value●Per●Unit US●$ 2024.7558 ●●●●●▲Change●(MoM) US●$ 2.3110 ●●+0.11%Total●Fund●Units● 47,318Total●Net●Assets● US●$ 95,806,971.79
PERFORMANCE(CHART)
80
100
120
140
2000 2003 2006 2009Fund Benchmark
MATURITYBREAKDOWN(%TotalNetAssets)
24
2320
20
10 3
06-9 Months
1-3 Months
15-30 Days
3-6 Months
9-12 Months
2-7 Days
8-14 Days
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) 1.04 1.02 1.12 0.93 0.61Alpha●(%) 1.03 0.91 1.05 0.84 0.71RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) 0.00 0.00 0.00 0.00 0.00Standard●Deviation●(%) 0.03 0.15 0.39 0.36 0.45Downside●Risk●(SSD)●(%) 0.02 0.07 0.24 0.21 0.32MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta 1.09 1.44 1.14 1.35 0.60REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio 36.36 8.35 3.64 3.17 1.98Information●Ratio 38.90 13.15 10.73 7.54 2.90Tracking●Error 0.00 0.00 0.00 0.00 0.00
September●2011 12
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
Month●Ending●September●2011
ALRAJHIEUROCOMMODITYFUND
OBJECTIVEAchieve● steady● capital● growth● by● generating● reasonable● returns● and● provide● liquidity●thereon● through● direct/indirect● investment● in● Shariah● compliant● short-term● trading●instruments●denominated●in●Euros.
PERFORMANCE(TABLE)
TrackRecord 1Year
3Years
5Years
10Years
SinceInception
Number●of●months●with●positive●performance
12 36 60 ●-●●● 107
Number●of●months●with●outperformance●against●benchmark
2 13 13 ●-●●● 15
Short-termReturn(%) 1Month 3Months 6Months QTD YTDFund 0.05 0.19 0.38 0.19 0.57Benchmark 0.10 0.29 0.58 0.29 0.80CalendarReturns(%) 2006 2007 2008 2009 2010Fund 2.08 2.89 2.92 0.85 0.99Benchmark 2.93 3.91 3.99 0.94 0.63
CumulativeReturns(%) 1Year
3Years
5Years
10Years
SinceInception
Fund 0.78 3.18 9.04 ●-●●● 16.74Benchmark 1.00 3.23 11.58 ●-●●● 21.98AnnualizedReturns(%p.a.)
1Year
3Years
5Years
10Years
SinceInception
Fund 0.78 1.05 1.75 ●-●●● 1.75Benchmark 1.00 1.07 2.22 ●-●●● 2.25
MANAGERCOMMENTARYThe● liquidity● in● the● interbank●market● further● increased● during● the●month● of● Sep● 2011●as●most●of● the●banks●had●surplus●cash,●with● the●surge● in●deposits.●The●deposits●were●far●in●excess●of●the●lending●and●investment●opportunities,●amid●increase●in●credit●to●the●private●sector.●The●Fund●posted●YTD●gain●of●0.76●%●(annualized)●for●the●month●of●Sep●2011,●despite●high●liquidity● in●the●market●and●less●appetite●for●EUR.●The●Fund’s●return●is●reflective●of●its●superior●performance●over●the●comparable●term●deposit●opportunities,●with●capital●preservation●and●daily●liquidity.●The●downward●trend●in●all●major●US●economic●indicators●in●Q2●resulted●in●sharp●rally●in●safe●heaven●Treasuries●and●a●major●sell-off●in●commodity●and●risky●assets.●The●credit●default●swaps●as●well●as●cash●spreads●tightened●during● the●month,● as● a● result● investors● took● the● opportunity● to● invest● in● fixed● income●by●deploying● the● surplus● cash.●The●Fund’s●management● is●well● positioned● to●achieve●attractive●gains●at●the●back●of●efficient●management●of●maturity●profiles●on●a●wider●base●of●counterparties,●in●Q4●2011.●The●Fund’s●management●aims●to●proactively●manage●the●credit,●duration●and●liquidity●risk,●through●prudent●credit●controls,●market●conditions●and●substantial●allocation●to●liquid●instruments.
FEATURES
Fund●Type● Open●Ended●Money●Market●FundFund●Domicile Saudi●ArabiaRisk●Level LowInception●Date Nov-02Inception●Price EUR●100●Per●UnitFund●Currency Euro●€Benchmark EURO●LIBOR●3●MonthsSubscription●Fee NilManagement●Fee 16.00%●of●ProfitsPerformance●Fee NilMinimum●Subscription EUR●2,000Minimum●Additional●Subscription EUR●1,000Minimum●Redemption EUR●1,000Valuation●Frequency●&●Days● Daily●-●Saturday●to●WednesdayCut-Off●Time●&●Day Before●5●PM●-●Prior●to●Valuation●DayAnnouncement●&●Payment●Day Following●the●Valuation●DayTrade●Execution● T●+●2●(Third●Business●Day)
PRICEINFORMATION(EndofSeptember2011)
Net●Asset●Value●Per●Unit Euro●€ 116.7366● ●●●●●▲Change●(MoM) Euro●€ 0.0579 ●●+0.05%Total●Fund●Units● 5,003Total●Net●Assets● Euro●€ 584,056.84
PERFORMANCE(CHART)
100
105
110
115
120
125
2002 2004 2006 2008 2010Fund Benchmark
MATURITYBREAKDOWN(%TotalNetAssets)
94
62 -7 Days
8 -14 Days
STATISTICALANALYSIS
PERFORMANCE(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Excess●Returns●(%) -0.23 -0.02 -0.47 ●-●●● -0.50Alpha●(%) 0.66 0.20 -0.03 ●-●●● -0.32RISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Maximum●Drawdown●(%) 0.00 0.00 0.00 ●-●●● 0.00Standard●Deviation●(%) 0.03 0.23 0.31 ●-●●● 0.24Downside●Risk●(SSD)●(%) 0.02 0.12 0.22 ●-●●● 0.17MARKETSENSITIVITY(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Beta 0.07 0.78 0.67 ●-●●● 0.84REWARDTORISK(Annualized)
1Year
3Years
5Years
10Years
SinceInception
Sharpe●Ratio 23.11 4.19 2.72 ●-●●● 2.30Information●Ratio -3.75 -0.11 -2.25 ●-●●● -2.79Tracking●Error 0.00 0.00 0.00 ●-●●● 0.00
GLOSSARY
DISCLAIMERAl●Rajhi●Capital●is●an●Authorized●Person●under●the●APR●with●license●number37-07068●granted●by●the●CMA.●Past●performance●is●neither●an●indication●nor●a●guarantee●of●future●returns.●The●value●of●units●and●income●from●them●can●go●up●or●down;●investors●may●receive●less●than●what●they●have●originally●invested.●Additionally,●fees●charged●on●funds●and●currency●exchange●rates●may●have●additional●adverse●effects.●Investors●should●consider●their●individual●and●financial●situation●prior●to●entering●into●a●specific●product/fund●and●should●seek●advice●from●investment●and●legal●professionals.●Detailed●and●specific●information●related●to●the●product●is●provided●in●the●terms●and●conditions●applicable●to●the●fund●which●should●be●read●and●understood●prior●to●entering●into●it.
CONTACTDETAILSAl●Rajhi●Capital●Head●Office,●King●Fahad●Road,●P.●O.●Box●5561,●Riyadh●11432,●Kingdom●of●Saudi●Arabia.Tel.:●●+966●1●46●00●423●●●●Toll●Free:●800●124●5858Email:●[email protected]●●●URL:●www.alrajhi-capital.com
September●2011 13
NetAssetValuePerUnitNet●asset●value●or●NAV●is●the●current●market●value●of●a●fund’s●assets●or●holdings●less●the●fund’s●liabilities.●NAV●is●usually●expressed●as●a●per-unit●amount.
● ● ●●●●●●●Current●Market●Value●of●Fund’s●Assets●–●Fund’s●Liabilities● NAV●=●●●-----------------------------------------------------------------------------● ● ●●●●●●●●●●●●●●●●●Total●Number●of●Units●Outstanding
FundCurrencyFund●currency●is●the●currency●in●which●the●pricing●information●such●as●NAV,●Net●Assets●are●denominated.
BenchmarkBenchmark●is●a●reference●or●comparison●value●that●is●used●to●measure●the●success●of●an●investment.●The●benchmark●for●funds●is●usually●an●index,●a●combination●of●indices●or●an●interest●rate.●Benchmark●is●also●known●as●reference●index.
SubscriptionFeeSubscription●fee●is●a●one-time●fee●paid●upon●acquisition●of●fund●units.●It●is●usually●given●as●a●percentage.●Unless●otherwise●indicated●by●the●fund,●the●subscription●fee●is●based●on●the●net●investment●amount.
ManagementFeeManagement●fee●is●the●ratio●of●total●daily●charges●to●fund●assets●arising●from●the●business●activities●of●the●fund.●It●is●given●as●a●percentage●per●annum.
PerformanceFeePerformance●fee●is●the●amount●calculated●and●charged●to●fund●assets●if●a●performance-related●fee●is●agreed●upon●in●the●Prospectus●and●the●fund’s●performance●exceeds●that●of● the●benchmark●or●other●reference● interest●rate●(or●yield),● less●costs.● It● is●given●as●a●percentage●per●annum.●For●a●more●detailed●definition,●please●see●the●prospectus.
MinimumSubscriptionMinimum●subscription●is●the●smallest●value●or●amount●that●an●investor●can●purchase●while●investing●in●a●specific●fund.
MinimumAdditionalSubscriptionMinimum●additional●subscription●is●the●smallest●additional●value●or●amount●that●an●investor●can●purchase●while●investing●in●a●specific●fund.
MinimumRedemptionMinimum●redemption●is●the●smallest●value●or●amount●that●an●investor●can●redeem●while●selling●a●specific●fund.
NumberOfMonthsWithPositivePerformanceNumber●of●months●with●positive●performance●represents●the●number●of●months●in●which●a●fund●has●given●positive●return●as●for●a●specified●period.
NumberOfMonthsWithOutperformanceAgainstBenchmarkNumber●of●months●with●outperformance●against● benchmark● represents● the●number●of●months● in●which●a● fund●has●given●excess● returns●over● the●benchmark● for● a● specified●period.
Short-termReturnShort-term●return●is●the●return●of●a●fund●or●a●benchmark●over●a●period●not●exceeding●one●year.●It●is●usually●expressed●in●percentage.
CumulativeReturnsCumulative●return● is● the●aggregate●amount● that●an● investment●has●gained●or● lost●over●time.●It●is●usually●expressed●in●percentage.
● ●●●●●●●●●●●●(Current●NAV●per●unit●of●the●fund)●–●(Beginning●NAV●per●unit●of●the●fund●for●a●specified●period)●●●●●●Cumulative●Return●=●---------------------------------------------------------------------------------------------● ● ● (Beginning●NAV●per●unit●of●the●fund●for●a●specified●period)
CompoundedAnnualReturnsCompounded●annual● returns● represent● annualized●gain● of● an● investment● earned●over●the●specified●time●period●which●usually●more●than●one●year.●It●is●given●as●a●percentage●per●annum.
● ● ●●●●●●●●● ● ● ●●●●●●●●●●●●●●●●●●●●(1/Number●of●Specified●Years)
Compounded●Annual●Return●=●●●-----------------------------------------------------●●●●● ● -●1● ● (Beginning●NAV●per●unit●of●the●fund●for●a●specified●period)
ExcessReturnsExcess● returns● are● returns● of● the● fund● in● excess● of● the● benchmark● for● a● particular●period.● ● ● Excess●Return●=●RPi●-●RBi
(RPi●are●periodic●returns●of●the●fund●and●RBi●are●periodic●returns●for●the●benchmark●for●“ith“●period)
AlphaAlpha●is●a●measure●of●the●difference●between●the●risk-adjusted●return●on●an●investment●and● a● benchmark.● The● alpha● measures● the● part● of● the● performance● that● cannot● be●explained●by●market●movements●or●market●risk,●but●rather●is●derived●from●the●selection●of●securities●within● the●market.●Alpha● is●a●way●of●quantifying● the●active●contribution● to●performance●made● by● the● portfolio●manager.● It● is● also● a● good● yardstick● to● use● while●comparing●several●funds.● ●=●(Portfolio●Return●-●Risk●Free●Rate)●-●(Portfolio●Beta●X●(Benchmark●Return●-●Risk●Free●Rate))
MaximumDrawdownThe●maximum●drawdown● is● the● largest● percentage●drop● in● value● in● a● given●period●of●time.●It●measures●the●amount●the●fund●falls●from●its●highest●point●to●its●lowest●point●in●the●selected●timeframe.
StandardDeviationStandard●deviation●quantifies●how●much●a●series●of●numbers,●such●as●fund●returns,●varies●around●its●mean,●or●average.●It●is●a●measure●of●historical●volatility.●Standard●deviation●is●calculated●as●the●square●root●of●variance.●Standard●deviation●allows●a●fund’s●performance●swings●to●be●captured●into●a●single●number.
DownsideRisk(SSD)Downside●risk●is●an●estimation●of●a●security’s●potential●to●suffer●a●decline●in●price●if●the●market●conditions●turn●bad.
It●is●the●standard●deviation●of●the●fund●returns●for●the●months●where●returns●were●below●the●average●over●a●specified●period.
BetaBeta●is●a●measure●of●risk●which●indicates●the●sensitivity●of●an●investment●to●fluctuations●in● the●market,●as● represented●by● the● relevant●benchmark.●For●example,●a●beta●of●1.2●tells●us●that●the●value●of●an●investment●fund●can●be●expected●to●change●by●12%●if● the●market●is●forecast●to●move●by●10%.●The●relation●is●based●on●historical●data●and●is●only●an●approximation.●However,●the●closer●the●correlation●between●the●benchmark●and●the●investment●fund,●the●better●this●approximation.
●●●●●●●●●●●●●●●●●●●●Covariance●(Excess●returns●of●a●fund●over●risk●free●rate,●Excess●returns●of●the●corresponding●●
●●●●●●●●●●●●●●●benchmark●over●risk●free●rate)
● ●=●------------------------------------------------------------------------------------------------●●●●●●●●●●●●●●●●●●●Variance●(Excess●returns●of●the●fund●over●corresponding●benchmark)
SharpeRatioThe●Sharpe●ratio●expresses●how●much●higher●(or●lower)●a●return●an●investor●can●expect●compared● to● the● risk-free● rate●of● interest● (e.g.● interest● rates●on●savings●accounts)●per●unit● of● risk● (volatility).● The● risk-free● rate● of● interest● varies● from● currency● to● currency.●The●higher● the●Sharpe● ratio,● the●higher● the●yield● the● investor● receives● for● the● risk● the●investment● carries● (expressed● in●volatility).●The●Sharpe● ratio● can●be●used● to●compare●multiple●funds.
Excess●returns●of●a●fund●over●risk●free●rate
Sharpe●Ratio●=●●---------------------------------------------------------------------------Standard●deviation●of●fund●returns
InformationRatioThe●Information●ratio●measures●the●difference●between●the●annualized●average●return●of●the●fund●and●that●of●the●benchmark,●divided●by●the●Tracking●Error.●The●higher●this●value●is,●the●more●the●investor●pays●for●the●risk●in●the●fund.●The●information●ratio●is●often●used●to●gauge●the●skill●of●managers●of●mutual●funds
● ∑●(Periodic●Fund●Returns●–●Periodic●Benchmark●Returns)●
Information●Ratio●=●●●---------------------------------------------------------------------------------------● Standard●deviation●of●Excess●returns●of●a●fund●over●benchmark●returns
TrackingErrorTracking●error●is●a●measure●of●the●deviation●of●the●return●of●a●fund●compared●to●the●return●of●a●benchmark●over●a●fixed●period●of●time.●It●is●expressed●as●a●percentage.●The●more●passively●the●investment●fund●is●managed,●the●smaller●the●tracking●error.
Tracking●Error●=●Standard●deviation●of●Excess●returns●of●a●fund●over●benchmark●returns
α
β
[ [(Current●NAV●per●unit●of●the●fund)