Saudi funds way ahead of Gulf peers

Saudi-focused funds dominate Zawya's top 10 best performing funds year to date. Nine out of the top ten funds are focused on the Saudi market as the Tadawul has galloped ahead of other Gulf markets, rising 23 per cent this year.

With oil rising 50 per cent this year, stocks such as Sabic (up 31 per cent), Sipchem (up 39 per cent) and Saudi Kayan (up $44 per cent) have led the way. No wonder Saudi Petrochemical Funds, managed by HSBC Saudi Arabia, has risen 46 per cent this year, making it the best performing fund in the region, tracked by Zawya.

"The performance of the HSBC Saudi Petrochemical Equity Opportunities Fund has improved over the past month due to improved performance in the Saudi petrochemical sector on the back of rising oil prices," says the fund's manager Khalid Al Judaie.