Global's fund profit surges to KD21.4m
DUBAI — Global Investment House (Global) announced yesterday that Global Al-Ma'amoun Fund profits have reached KD21.4 million, which translates into a return of 35.27 per cent for the fourth financial year, ended on June 30, 2005.
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.
"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 per cent of the dividends distributed in previous years," he added.
Al-Sumait added that as per the fund structure, class "A" unit holders will get 40.73 per cent from their investments and class "B" unit holders will get 29.82 per cent.
According to the previous distribution, the investors in the fund would have earned revenues that exceed the invested capital, since the fund has realised 137 per cent for the class "A", and 102 per cent 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.
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 per cent earned to class B holders. On the other hand, class A holders get 20 per cent of any profits earned above the waived 8 per cent 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.