Introducing SG AM Oasis Middle East & North Africa Fund

The SGAM Oasis Middle East & North Africa Fund seeks a total return through investment primarily in shares of companies domiciled in or having significant operations in, and listed on a Regulated Market in Middle Eastern and North African ("MENA") countries, including Egypt, Jordan, Lebanon, Oman, Qatar, Kuwait, Bahrain, Saudi Arabia, United Arab Emirates, Tunisia, Morocco, and other markets of the region.
The managers have delegated its investment management functions in relation to the SGAM Oasis Middle East & North Africa Fund to the sub-manager, SGAM UK. Notwithstanding the delegation of its investment management functions to SGAM UK, the Managers will remain responsible for the actions of SGAM UK.
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The investment approach of SGAMUK is to capitalize on the opportunities presented by the particular features of the Middle East and North Africa markets. SGAMUK will look for under valued stocks and naturally favour value over growth, as, in their experience, attractively valued stocks have better risk adjusted returns over the long term. Growth stocks would not be excluded from the portfolio, but would be viewed in a value context best described as Growth at a Reasonable Price (GARP).
Since these markets are often inefficient and companies are poorly researched, much of the work to unearth value opportunities relies on visits to companies. SGAMUK can then make their own judgement about the outlook for the company; and can stress test analyst assumptions and forecasts, or produce their own. This then allows them to identify where there may be value anomalies. Once there is a view of the company's outlook and expected earnings profile SGAMUK can place the company in a valuation context relative to regional and global peers. They then use the international brokerage resources available to SGAM to place under-researched companies into a global context. SGAMUK also uses different valuation techniques based on the industry the company operates in.
The investment philosophy of SGAMUK in relation to the SGAM Oasis Middle East & North Africa Fund is to identify companies that can benefit from the prevailing economic conditions and where they are of the opinion that future developments are not reflected in the current share price. Having built up an in-depth knowledge of companies, and with company visits as an essential part of the investment process. SGAMUK places significant emphasis on the quality of management and success of strategy. The SGAM Oasis Middle East & North Africa Fund is run on an unconstrained total return basis, allowing SGAMUK to consider only investment opportunities that are going to deliver positive returns.
The SGAM Oasis Middle East & North Africa Fund may also invest in other collective investment schemes listed in the MENA region as may be determined by the Managers from time to time and which may or may not be authorised or recognised under the SFA by the Authority for direct offers in Singapore. Investments in any single collective investment scheme will not exceed 10% of the Deposited Property of the SGAM Oasis Middle East & North Africa Fund.
The launch period is 1 Oct to 16 Nov 07.