Gulf Investment Fund withstands challenging quarter for region

NAV down 3.8%

The Gulf Investment Fund, an investment trust that invests in the Gulf Cooperation Council region, reported a 3.8% fall in its net asset value in the three months to the end of December, as the region struggled.

The GCC region is made up of Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait and Oman. The S&P GCC index was down 6.1% during the three months, with Qatar and Saudi Arabia suffering one of their worst quarters in the past ten years. During the quarter, the investment manager increased the company's exposure to consumer discretionary, industrials and communication services, it said in its fourth quarter results.   Consumer discretionary grew to make up 15.4% of the portfolio, up from 8.5% in the previous quarter, while industrials increased to 22.8% compared to 17.5%. UK ...