Global Investment House “Global” has announced that Global Al-Ma'amoun Fund profits have reached KD21.4 million, which translates into a return of 35.27% for the 4th financial year, ended on 30 June 2005.
In this occasion, Bader A. AL-Sumait, Executive Vice President at Global, said that Global Al Ma'amoun Fund is a closed ended income fund that is considered one of the most unique funds in Kuwait. Its policy is to distribute all of the profits at the end of each financial year.
He followed by saying, “The total profits distributed since the establishment of the fund in April 2001 to June 2005 have exceeded KD61 million, with dividends distributed this year exceeding 50% of the dividends distributed in previous years.”
AL-Sumait added that as per the fund structure, class “A” unit holders will get 40.73% from their investments and class “B” unit holders will get 29.82%. According to the previous distribution, the investors in the fund would have earned revenues that exceed the invested capital, since the fund has realized 137% for the class “A”, and 102% for the class “B”.
AL-Sumait affirmed the fact that the unique performance of the fund is a result of Global Local & GCC Investments Department staff competence, covering different sectors and which is one of the strongest elements that supports the fund management performance.
He continued saying, “But what makes us unique at Global, is the professionals hard work who work as a team and as a huge interactive network with strong communication and support between its different elements. In addition, our work approach at Global gives the company's employees the space and freedom for creativity and improvement, and provides them with common channels to cooperate between each other effectively and efficiently.
It's worth mentioning that Global Al-Ma’amoun Fund is the first of its kind in the Kuwaiti market that consists of two classes of units A & B. Class A unit holders waive the first 8% earned to class B holders. On the other hand, class A holders get 20% of any profits earned above the waived 8% and the remaining profits are distributed equally between the two classes and ownership becomes equal in all circumstances.
AL-Sumait added that the fund was listed on the Kuwait Stock exchange in February 2003, to help in diversifying the investment instruments, which contributes to attracting new investors into the fund.
In conclusion, Global EVP thanked the company’s investors, particularly the fund’s unit holders, for their trust and support and enthusiasm for all the investment products and services launched by Global. He expressed his hope that this trust will continue as the listed fund maintains its upward movement.
