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 a was the region's best performing fund in the first quarter, rising 14.71% during the period, compared to 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."
Emirates Equity Fund is not the only UAE fund that has had a good run. National Bank of Abu Dhabi's UAE Islamic Fund was the third best performer, returning 9.95% in the first quarter, in what can best be described as volatile market conditions.
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