Although UAE markets were see-sawing during the first quarter, some UAE-focused funds managed to buck the trend and emerge as some of the region's best-performing funds during the period.
Indeed, Makaseb Emirates Equity Fund was the region's best-performing fund in the first quarter, rising 14.71% during the period, compared with 6.62% by its benchmark MSCI UAE Domestic, according to Zawya Funds Monitor.
"Fund strategy for 2009 will be a combination of stock selection and asset allocation tactics," notes a Makaseb commentary on the fund in February. "The reason for focusing on asset allocation is that markets are not stable yet and market conditions are still bad."
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