After coming top among emerging market equity fund managers in 2011, executives at Tunisian financial services company MAC be forgiven a little boast. Their shariah-complaint MAC al Houda beat the world’s best in 2011 – and they expect another good result in 2012.
“The fund is expected to perform well next year also, given the expected recovery of the Tunisian economy,” says Salma Zammit, one of MAC’s senior investment analysts. With the new government aiming to modernise Tunisia and create in Tunis a hub for Islamic finance, it could be a matter of being in the right place at the right time for MAC.
MAC Al Houda, launched in October 2010 just three months before the overthrow of the repressive Ben Ali regime, generated total returns for 2011 by December 20 of 18.5 per cent, according to figures prepared for the FT by Lipper, the financial research company.
No comments:
Post a Comment