A hedge fund is an investment fund a form. Belong to the disclaimer market products. Hedge fund called fund, actual and mutual funds safety, benefits, value-added investment idea has essential difference between. This fund used various trading methods (such as selling short, leverage, program trading, swaps, arbitrage, and derived varieties, etc) and transposition, head of hedge, hedging to earn huge profits. The concept has been beyond the traditional prevent risk, security gains operation category. And to initiate and set up the hedge fund legal threshold is far lower than the mutual funds, to further increase the risk. In order to protect investors, north American securities management institution was included in the high risk investment products ranks, strictly limited in ordinary investors, such as hedge funds in each to less than 100 investors, the minimum investment of $1 million, etc.
The Mayur Hedge Fund An India focused Equity Long/Short Fund December 2010 Executive Summary Fund Overview Experience – Global Investment House through its hedge funds group is offering a unique investment opportunity – “The Mayur Equity Long/Short Hedge Fund” – Highly experienced and talented alternative investment professionals – Experience of launching geographically diversified fund of funds strategies – Dedicated and experienced on ground advisory team Investment – Buying Efficient Growth at Reasonable Prices (egarp) Objective – India focused equity long short hedge fund with absolute return orientation – To achieve long-term capital appreciation to the investors Investment Process – Investment universe of BSE 200 index constituents – Proprietary qualitative and quantitative screening of stocks – Due diligence of management competency, corporate governance, growth opportunities, global competitiveness, cash flows and capital efficiency – In-house robust risk management process Risk Management Process – Highly liquid investment universe – Exposure based on individual stock beta and weight average beta – Net long exposure normally between 25% to 75% with additional limits to minimize risk – Unlevered portfolio and continuous monitoring of liquidity risk – Period Non benchmarked Long/ Short India product with a long bias Advantage to Mayur Investor – Aims to generate absolute returns by a combination of long core holdings and shorts to generate alpha – Non benchmarked Long/ Short India product with a long bias – Aims to generate absolute returns by a combination of long core holdings and shorts to generate alpha – Seeks to capitalize on various opportunities generated by India’s unique structural growth story 2 Global’s – Hedge Funds Group The Hedge Funds Group Global’s Hedge Fund group was established in 1999 The team currently managers nine funds with US$ 115 million assets under management Selectively launched different fund of funds strategies with core investors Team Overview Highly experienced and talented alternative investment professionals A universe of more than 750 hedge fund managers are followed on a regular basis Risk Management In-house robust risk management processes Onsite quantitative and qualitative due diligence of fund managers The group aims to achieve consistent high risk adjusted returns, with low volatility and correlation to traditional asset classes Employs various internal risk models such as portfolio concentration & limits, liquidity, adherence to strategy, ownership, etc. Awards Global Distressed Fund 2nd Best in the World Global Distressed Fund Based on annualized returns and Sharpe Ratio 8th Best in Distressed Securities /Event-Driven category Eurekahedge (2009) Barclays (2009) Global Distressed Fund Global Distressed Fund 3rd Best in the World 4th Best in the World Based on annualized returns and Sharpe Ratio Based on Sharpe Ratio Eurekahedge (2005) Barclays (2007) Global Umbrella Fund -Asia Japan Global Islamic Fund of Funds Best HF manager in Asia Best Fund in July 2008 Eurekahedge (2005) Zawya (2008) 3 Global’s Experience in Hedge Funds Global Umbrella Fund – Global Umbrella Fund – Global Umbrella Fund – US Global Distressed Fund Europe Asia/Japan Launched in April 1999, the fund Launched in April 1999, the fund Launched in April 2000, the fund Launched in October 2002, the has given a cumulative return of has given a cumulative return of has given a cumulative return of fund has given a cumulative 102.32% since inception 104.15% since inception 38.11% since inception return of 59.69% since inception. The fund uses an optimal asset The fund’s objective is to create The objective of the fund to The fund invests in managers allocation strategy based on the a diversified portfolio comprised create a diversified portfolio of focusing on deeply discounted historical data of the underlying of top managers with an aim to talented Asia Japan managers equity and bonds of companies funds preserve capital in catastrophic who outperform in the secular undergoing financial distress, markets. bear markets restructuring or even bankruptcy, The fund aims to provide approx. predominantly in the U.S. 600 to 800 basis points above The fund uses an optimal asset The fund aims to achieve markets. treasury in three to five year term allocation strategy based on the consistent absolute returns with historical data of the underlying minimal drawdown and low The fund aims to generate Fund strategies include equity funds volatility returns by exploiting the market’s long/short, fixed income inability to accurately value and arbitrage, event driven, and The fund strategies include The fund invests in Australia, price the deeply discounted relative value equity long / short, fixed income Hong Kong, Singapore, China, instruments. arbitrage, and event driven Taiwan, Thailand, South Korea, The fund has outperformed S&P Indonesia, Malaysia, and Japan 500 consistently in spite of being exposed to high beta 4 Global’s Experience in Hedge Funds Global Umbrella Fund – Global Islamic The Zenith Fund Advanced Sciences Fund of Funds Launched in January 2003, the Launched in January 2004 Launched in July 2007 fund has given a cumulative A fund of fund aggressively The fund invests in Islamic return of 29.52% since inception investing in global macro, funds that invest in accordance The fund aims to invest in equity, fixed income, with Shari’s principles long/short equity technology and commodities hedge funds and The fund invests the majority of healthcare hedge funds CTA’s its assets in selected Islamic The fund focuses on the The fund focuses on the funds that complement each managers that have superior risk underlying managers’ ability to other in risk and return. management disciplines and are benefit from investing in Global The fund also invests in low able to mitigate and limit the Macro funds and commodity risk instruments to reduce the potential downside prevalent in related funds. overall volatility of the portfolio. these volatile sectors 5 The Mayur Hedge Fund Investment Objective and Strategy Fund & The Investment – Buying Efficient Growth at Reasonable Prices (egarp) keeping in mind the basic investment Objective objective of the fund and the risk/return parameters to be achieved – India focused equity long short hedge fund with absolute return orientation – The Fund’s investment objective will be to achieve long-term capital appreciation through investing predominantly either directly or indirectly in equity-related instruments of Indian companies Investment Strategy – Rigorous bottom-up investment process – Investment predominantly in highly liquid large and mid cap equities – Investing with a bias towards efficient growth at reasonable valuations (egarp) – Combining a long and short-term investment approach – Long bias towards investments in the areas of Investment Manager’s core competence of investing in Indian securities – Focus on a diversified portfolio of ~20-50 stocks at any given point in time – To participate in opportunistic, event driven, pre & post IPO activities – Hedge market exposure when and where necessary to create returns that are independent of systematic drivers designed to be alpha generative – Investment managers can hold both long, short positions in equities and derivatives to benefit from volatile market movements – Flexible investment mandate of maximum 10% of portfolio that allows for resource allocation to global markets that provide the best investment opportunities 6 The Mayur Hedge Fund – Structure Investment Manager Mayur Asset Management Company Mauritius (100% owned by GIH) The Sponsor Global Investment The Mayur The Advisor House Fund Advisor Kuwait The Mayur Hedge Fund Mauritius 7 The Mayur Hedge Fund Investment Process Decisions for hold/exit are made based on BSE 200 Stocks the following criteria: Market Cap range between US$ 0.15 to Difference between the intrinsic value 62.33 billion as on 01/31/2010 and market price High Liquidity HOLD/ EXIT INVESTABLE DECISION UNIVERSE Asset diversification minimizes long term risk Permanently controlling and measuring Proprietary screens short term risk RISK INVESTMENT CONTROL & STOCK Efficient growth at reasonable price Portfolio characteristics reports PROCESS SCREENING (egarp) MONITORING Comparison of performance against Quantitative and qualitative screens benchmarks Attribution analysis PORTFOLIO DUE CONSTRUCTION DILLIGENCE Decisions for buying stock for portfolio are Individual stocks are judged on following criteria: made based on the following criteria: Manager competence Difference between the intrinsic value and Corporate governance market price Growth opportunities Defining the portfolio structure/benchmark Global competitiveness Bottom-up stock selection Cashflows and capital efficiency 8 The Mayur Hedge Fund Risk Management Constituents of BSE 200 index Market Cap range US$ 0.15 – 62.33 billion Focus on fundamentals, market cap & Investment Liquidity Universe Diversified by industries, geographies and security type Price decline triggers review of stock Exposure based on individual and Analysis of fundamental and other weighted average beta factors causing price decline Review Fund Points Exposure Risk Management Unlevered portfolio Borrowing includes margin lending, futures, forwards & options Continuous monitoring of liquidity risk Net long exposure between 25% to 75% Portfolio Exposure Additional exposure limits to minimize risk Liquidity Limits 10% limit per single name 25% net exposure limit per sector 30% net exposure to mid & small caps Tactically switching to cash from time to time 9 9 India Story: Leading Indicators Improving Lead Indicators Optimistic Indicators Sector Signals Comments Overall economic GDP Positive GDP growth to be strong for year ending March 2011 activity The core sector (crude oil, petroleum products, cement, coal, steel and electricity) Industrial production Industry Positive registered a 4.8% growth between April and December 2009 Strong credit off-take during November 2009 end December 2009, nearly four Credit Industry, services Positive times than the corresponding period last year Capital raised Industry Positive India Inc raised over US$ 32.2 billion in 2009, almost equal to the levels of 2008 Business confidence Industry, services Positive Business confidence index continued on the upward trajectory index Earnings Industry, services Positive Analysts upgrades to continue on an overall basis According to Society of Indian Automobile Manufacturers (SIAM), there was a Consumer demand Industry, services Positive record automobile sales of 1.11 million units in January in 2010 Construction Industry, services Positive Robust housing demand in coming quarters Traffic Industry Positive Indian domestic aviation market has expanded 7.5% in 2009 from 2008. The number of telephone subscribers in India increased to 562.21 million at the Telecom subscribers Services Positive end of December 2009 from 543.20 million in November 2009, thereby registering a month-on-month growth rate of 3.50% Outstanding bank credit to agriculture has risen by over 2.5 times between FY05- Bank credit to agriculture Agriculture Positive 09 Source: Economic Times, Reserve Bank of India, Industry Associations OECD composite leading indicators continue to point to a recovery in OECD OECD lead indicator Industry, services Positive economies including India 10 Sensex Valuation: Expensive but Not Peaked Yet Sensex Valuation: We are almost at the top end of historic range… PE Table PB Table FY2005 FY2006 FY2007 FY2008 FY2009 FY2010* FY2005 FY2006 FY2007 FY2008 FY2009 FY2010* Max 18.61x 23.13x 27.85x 28.57x 22.39x 22.68x Max 4.52x 5.61x 6.76x 6.93x 4.18x 4.25x Min 14.40x 16.29x 18.94x 10.36x 11.48x 20.03x Min 3.48x 3.84x 4.55x 2.20x 2.26x 3.67x *YTD *YTD 29x 7x 25x 6x 21x P/B 5x P/E 16x 3x 12x 2x Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 8x Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Source: Reuters 3000xtra 11 FIIs Continue to Remain Optimistic FIIs Net Flow: Jan, 2009 – Jan, 2010 FIIs: Position Size in Top 10 Stocks Position as at Dec-09 Sep-09 6000 4,145 Infosys Technologies 11.29% 10.32% 3,811 5000 Reliance Industries 10.05% 11.43% 4000 1,948 2,199 ICICI Bank 8.72% 9.39% 3000 2,284 FIIs Net Flow 1,301 1,183 (US$ mn) 2000 1,008 HDFC 6.22% 6.77% 824 114 1000 HDFC Bank 4.86% 4.71% 0 Sterlite Industries (India) Limited 3.00% 2.83% -1000 -94 Bharti 2.99% 4.45% -2000 -868 -489 -3000 SBI 2.96% 2.61% Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- 09 09 09 09 09 09 09 09 09 09 09 09 10 Larsen & Toubro 2.66% 2.66% Bharat Heavy Electricals 2.49% 2.78% FIIs confidence back to the Indian market and continue to show appetite for quality stocks Positive data points (on GDP, earnings growth) that are likely to attract institutional inflows Sources: Security Exchange Board of India (SEBI), National Stock Exchange (NSE), India 12 Mayur Hedge Fund Track Record – Jan 2008 to Dec 2010 36.0% Mayur Monthly Return 10.0% 8.10% Mayur Cumulative Return 8.0% 30.0% 5.66% Simulated Returns 4.65% 6.0% 24.0% 4.28% 4.42% 3.58% Cumulative Return Monthly Return 2.60% 2.51% 2.51% 4.0% 18.0% 2.19% 1.87% 2.19% 1.61% 1.13% 1.12% 1.31% 1.28% 2.0% 0.44% 12.0% 0.0% 6.0% -0.07% -0.35% -0.06% -0.12% -0.05% -1.04% -0.61% -0.73% -0.71%-0.95% -0.90% -2.0% -1.47% 0.0% -2.36% -2.76% -4.0% -3.82% -3.16% -6.0% -4.63% -4.82% -6.0% Mayur Eurekahedge India L/S Mayur Eurekahedge India L/S Return Statistics Risk Statistics Fund Equities Index Fund Equities Index Annualized Return 9.82% 28.44% Annualized Standard Deviation 10.92% 26.69% Average Monthly Return 0.83% 2.27% Maximum Drawdown -4.82% -7.99% Best Month 8.10% 23.82% Sharpe Ratio 0.47 1.05 Worst Month -4.82% -5.68% Beta 0.19 % Positive Months 50.00% 61.9% Correlation 0.71 * Actual Data from Nov 2008 till Dec 2010 * Eurekahedge India Long / Short Equities Hedge Fund Index Note: Performance data for Mayur India Fund for Nov-07 to Oct-08 period is for a simulated portfolio. Performance streams incorporate proxy account data on the underlying managers which may in some instances differ from the precise mandate to be used within the Multi Alpha portfolio. As ever past performance should not be seen as an indication of future performance. Sources: Eurekahedge 13 Mayur Hedge Fund Drawdowns Analysis Unlike its peer funds, The Mayur Hedge Fund has put a huge emphasis on limiting drawdown in a highly volatile market during 2008 This strategy has helped The Mayur Hedge Fund in capital preservation throughout this volatile period Note: Performance data for Mayur India Fund for Nov-07 to Nov-08 period is for a simulated portfolio. Performance streams incorporate proxy account data on the underlying managers which may in some instances differ from the precise mandate to be used within the Multi Alpha portfolio. As ever past performance should not be seen as an indication of future performance. Sources: Eurekahedge, Evalueserve analysis 14 Investment Rationale – Why Mayur? – Synergies of Global Investment House fund management experience Active Risk Advantage Mayur Investors Dynamic Portfolio Experience On The Ground Management & Reporting First INDIA dedicated direct Deep sector and industry Experienced investment On going monitoring and hedge fund launched by insights management team rebalancing Global Investment House Strong fundamentals and Prominent external advisors Internal and external Presents a good way to reasonable valuations with extensive contact base valuations diversify from the GCC in Indian corporate Dynamic hedging strategies On time monthly reporting markets to offset impact of volatility Long and successful track Investments in highly liquid Provides a natural hedge record with in-house stocks with a 10% limit on a against any downward trend expertise in managing funds single stock in oil prices Managed through multiple India is an emerging market cycles, locally and globally that will continue to show skilled relative outperformance and Global investment expertise, bottom up investment local implementation opportunities Existing research base with Transparency and frequent wide coverage of Indian communication through markets direct client contact 15 Investment Committee BADER A. AL-SUMAIT RAJIV NAKANI, CFA JOSEPH JOSEPH RAJESH GEORGE, CFA Chief Executive Officer, Global Managing Partner, Global Capital Head of Hedge Funds, Global Fund Manager, (AVP) Global Investment House, Kuwait Management Limited Investment House Investment House, Kuwait Bader has over 29 years of experience Rajiv has over 16 years of professional Over 14 years of experience in hedge in asset management, banking and experience in investment banking and funds, private equity and corporate Over 18 years of business/asset finance. Before co-founding Global in brings along in-depth sector experience finance. He currently heads the group management experience spanning over 1998, he was the General Manager of in financial services, telecom, media, responsible for hedge funds / private different geographies which includes the Arab Financial Consultant Company. retail, logistics, healthcare, education equities portfolios and external fund South Asia, GCC and North America. Bader received his Bachelors degree and real estate. Prior to joining Global manager selection in excess of USD Currently the fund manager for several from Chapman University in the USA. Investment House, Rajiv was 250 million. He has completed several fund of hedge funds. Apart from the Bader also holds several important Investment Director at Eastgate Capital equity transactions primarily in the Hedge Funds he also manages a pool positions including Chairmanship and Group managing US$ 500 million in GCC/MENA region and also other of private equity fund of funds. He took Board membership of local and regional private equity funds, investing across emerging markets such as India and the lead in creating and promoting institutions among which is his Asia and Africa. Earlier, Mr. Nakani was China. He sits on the investment various structured products catering to membership of the listing committee of the Head of Investment Banking at committee of Global's private equity the GCC investors. Prior to joining NASDAQ Dubai. Global Investment House in Kuwait. He funds which collectively has over US$ Global Investment House, he was received his MBA with specialization in 2.0 billion assets under management. working as Senior Financial Analyst at Econometrics and Mathematical He has a degree in Engineering and an Sun Life Financial in Canada. He has Economics, and BSc in Mathematics MBA from T.A. Pai Management an MBA from Wilfrid Laurier University degrees all from the University of Institute, India. in Canada and Bachelors in Indore, India. Mr. Nakani is also a CFA engineering in Electronics and charter holder since 2001. Telecommunication from Kerala University in India. He is also a CFA charter holder. 16 Advisory Team DILEEP MADGAVKAR SANDEEP CHOPRA Head, Funds Advisory, Sr. Investment Analyst The Mayur Hedge Fund Dileep is a qualified as a chartered accountant in India and was formerly Sandeep has close to 5 years of experience in the Indian equities spanning Chief Investment Officer of ICICI Prudential Asset Management Co. Ltd., hedge fund and sell-side research. He has worked with some of the best one of India’s largest mutual funds, and has managed Indian funds with research houses in India and has provided the domestic and overseas assets under management in excess of US$4 billion. From ICICI institutional investors with the research inputs on various investment Prudential, Dileep moved to Prudential Asset Management in Hong Kong opportunities arising from time to time in the secondary market. Prior to as Investment Director. joining Global, he was with B&K Securities India tracking and advising clients on various listed stocks in the Indian banking and financial services Dileep has over 20 years work experience in bull & bear markets; he has space. He has a graduate degree in management and an MBA from ICFAI- traded through the Asian contagion. Strong track record in the Indian Hyderabad, India. market not just during the recent bull run but also during periods of decline and non-trending markets. Dileep has extensive on-the-ground experience of corporate fundamental research and has known many businesses and their management for a significant period of time to assess their performance over a number of business cycles. 17 Term Sheet Fund Name The Mayur Hedge Fund Initial Minimum Investment US$250,000 Subsequent Minimum Investment US$100,000 Subscription Monthly Redemption Quarterly Redemption Notice 45 Days Reporting NAV Monthly Lock-Up Period 1 year from date of investment Management Fee 2% Performance Fee 20% (High Water Mark) Subscription Fee Up to US$499,999 2.0% Up to US$999,999 1.5% Above US$1,000,000 1.0% Redemption Fee None Legal Structure Open ended expert fund domiciled in Mauritius Auditor KPMG, Mauritius 18 Appendix 19 Investment Example Dr Reddy’s Laboratories – Bloomberg Ticker: DRRD About the company 1,400 2,500,000 DRRD, headquartered in India, is a global pharmaceutical 1,200 2,000,000 company with a presence in more than 100 countries and is 1,000 800 1,500,000 second largest pharmaceuticals company in India with US$ 600 1.4 billion of sales in FY09. It started off as a pure Active 1,000,000 400 Pharmaceutical Ingredient (API) player, but graduated to 500,000 200 become a major player in the formulations market which - - accounted for ~70% of the FY09 revenue. DRRD has set itself 01-Apr-10 01-Apr-09 01-Oct-09 01-Sep-09 01-Dec-08 01-Aug-09 01-Nov-09 01-Dec-09 01-Jan-09 01-Jun-09 01-Jan-10 01-Jul-09 01-May-09 01-Feb-09 01-Mar-09 01-Feb-10 01-Mar-10 an internal target of US$ 3billion revenues and ROCE of 25% by FY13E. Total Traded Quantity Close Price Investment rationale Valuations Recovery in Indian operations, acceleration of new At the time of investment the stock was trading at 10-11x product introduction, and entering new key domestic FY10E earnings with Bloomberg consensus EPS of INR geographies to lead strong base business growth 39 (US$ 0.82) as against 14-15x for sector, remain one of Strength of product pipeline in US as a key differentiator the lowest among large-scale pharma companies from its Indian peers Since then, consensus EPS has moved up by ~20% to Few key approvals from USFDA to provide sales upside INR 48 (US$ 1.02) for FY10E on the back of strong Headwinds in Betapharm already factored in the price performance in 1HFY10 Improving capital efficiency due to rapid sales growth and Stabilization at business at Betapharm, growth picking up improving profitability in key markets aiming 25% RoCE in Indian operations and strong pipeline of filings have for FY13 also led to re-rating of the stock in terms of expansion of PE multiple 20 Investment Example HCL Technologies Limited – Bloomberg Ticker: HCLT About the company 450 8,000,000 HCLT is the India’s fifth-largest IT services company. It 400 7,000,000 provides software-led IT solutions, remote infrastructure 350 6,000,000 management, and BPO services. The company leverages its 300 5,000,000 250 extensive offshore infrastructure and global network of offices 200 4,000,000 in 16 countries to deliver solutions across select verticals, 150 3,000,000 including financial services, retail and consumer, life sciences 100 2,000,000 aerospace, automotive, semiconductors, telecom and media 50 1,000,000 publishing, and entertainment. HCLT has ~350 clients across - - 16-Mar-09 08-Mar-10 29-Mar-10 01-Dec-08 22-Dec-08 20-Jul-09 10-Aug-09 31-Aug-09 02-Nov-09 23-Nov-09 14-Dec-09 06-Apr-09 12-Oct-09 27-Apr-09 12-Jan-09 08-Jun-09 29-Jun-09 04-Jan-10 25-Jan-10 18-May-09 02-Feb-09 23-Feb-09 15-Feb-10 21-Sep-09 verticals and a workforce of more than 50,000. Total Traded Quantity Close Price Investment rationale HCLT’s transformation strategy for creating value centric Valuations sustainable business model for its clients has placed it on At the time of purchase, the stock traded at 10.5x FY09E the “vendor to watch” list of Gartner’s and 11.8 FY10E EPS consensus estimates (June year First mover advantage by moving into uncontested market ending) and was trading at ~35-40% discount to large spaces such as infrastructure management, life sciences Indian IT services company with similar business profile. vertical etc. Our estimate of earnings was significantly higher than The recent AXON acquisition helps HCLT in filling up the consensus. We believed the company would not only gap in Enterprise Application Services benefit from the higher than expected earnings but also a Indian IT services companies have seen some signs of significant PE re-rating It also offered an attractive stabilization in the form of fewer project deferrals, fewer dividend yield of 3% for FY10E at the time of purchase. pricing negotiations and visits from new clients 21 Contact Information For more information, please Hedge Funds & Fund Of Funds contact Global Tower Sharq, Al Shuhada' St. P.O.Box: 28807 Safat, 13149 Kuwait. Phone : (965) 2295 1000 Fax : (965) 2295 1005 www.globalinv.net This document has been provided to its recipient by Global Investment House (“GIH”) upon the express understanding that the information contained herein, or made available in connection with any further investigation, is strictly confidential and is intended for the exclusive use of its recipient. It shall not be photocopied, reproduced or distributed to others at any time without prior written consent. This document is neither a prospectus nor an invitation to subscribe to the Shares of The Mayur Hedge Fund (“Fund”). Prospective investors should carefully review the underlying constituent documents of Fund before making a decision to invest. In general, investment in the shares of the Fund will involve significant risks. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. The use of any information set out in this document is entirely at the recipient’s own risk. Prospective investors are advised to seek independent professional advice to understand all attendant risks attached to investments in the Fund. Also, prospective investors should have the financial ability and willingness to accept the risks and lack of liquidity, which are characteristics of the investments described herein. In making an investment decision, investors must rely on their own examination of the documents and the terms of the offering to set out in detail in the Private Placement Memorandum of the Fund, including the merits and risks involved. References to future returns are not promises or estimates of actual returns an investor in Fund may achieve. The forecasts and material contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. Past performance or experience does not give a guide for the future. The investment strategy described herein involves one or more investment management or advisory entities which are part of the GIH group of affiliated companies. Some of the functions described herein are performed by employees of affiliated companies of GIH. The portfolio characteristics and risk controls set forth are not static and may change over time. GIH does not represent that the statistics, investment guidelines, capital allocation and limits disclosed herein will remain constant over time. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, GIH makes no representation as to its accuracy or completeness. The information herein is subject to change without notice. Neither GIH nor any of its affiliates or their respective officers or employees accept any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents. The facts and figures used in this presentation reflect the latest available information and have been sourced from various reports, leading newspapers and other sources that are in public domain. 22 Global Contacts Kuwait (Head Office): (965) 2295 1000 Bahrain UAE KSA Manama: (973) 17 210011 Dubai: (971) 4 4477066 Riyadh: (966) 1 2994100 Global is pleased to serve you in through its offices Jordan Egypt network Amman: (962) 6 5005060 Cairo: (202) 24189705/6 Alexandria: (203) 5419000 Turkey Istanbul: (90) 212 2367751 23 Global Contacts Kuwait (Head Office): (965) 2295 1000 Bahrain UAE KSA Manama: (973) 17 210011 Dubai: (971) 4 4477066 Riyadh: (966) 1 2994100 Global is pleased to serve you in through its offices Jordan Egypt network Amman: (962) 6 5005060 Cairo: (202) 24189705/6 Alexandria: (203) 5419000 Turkey Istanbul: (90) 212 2367751 24
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