vision asset management co. (s.a.o.c)...sensex 6.16% 10.42% 24.40 shanghai 1.02% -13.03% 13.96 gcc...

CONTENTS

Market Update…..……………………………………………………………………................2

Funds Snapshot..………………………………………………………………………………4

Equity Funds

Diversified

Vision Emerging GCC Fund………………………………………………...…….…….5

Country Specific

Vision Emerging Oman Fund…………………………………………….………...…...6

Thematic

Vision Real Economy GCC Fund……………………….……………………..………..7

Vision Focused Fund………………………………………………..…………………..8

Shariah

Vision Al Khair GCC Fund…………………………………………………...….....…...9

Vision Asset Management Co. (S.A.O.C)

Factsheets – July 2018

Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/

MTD YTD P/E (x)

Commodities

Brent spot -6.53% 11.04% -

Gold -2.32% -6.06% -

Leading Benchmarks

S&P Global BMI 2.57% 1.27% 18.45

S&P Developed BMI 2.66% 2.04% 18.96

S&P Emerging BMI 2.14% -5.29% 14.83

S&P GCC Comp Index 2.23% 12.26% 10.94

S&P GCC Shariah Index 1.25% 11.34% 9.80

MSCI World 3.05% 2.36% 18.61

MSCI Emerging 1.68% -6.13% 13.51

MSCI GCC 3.30% 15.33% 14.04

Developed Equities

Dow Jones 4.71% 2.82% 18.15

S&P 500 3.60% 5.34% 20.49

FTSE 1.46% 0.79% 17.24

DAX 4.06% -0.87% 14.38

CAC 3.53% 3.74% 17.00

Emerging Equities

Nikkei 1.12% -0.93% 16.27

Sensex 6.16% 10.42% 24.40

Shanghai 1.02% -13.03% 13.96

GCC Equities & Egypt

Saudi Arabia -0.23% 14.79% 18.01

Abu Dhabi 6.57% 10.48% 12.78

Dubai 4.78% -12.29% 9.38

Oman -5.14% -14.96% 8.78

Kuwait 5.67% 3.52% 14.61

Doha 8.88% 15.27% 14.83

Bahrain 3.61% 3.61% 1.39

Egypt -4.70% -4.70% 12.51

Global Markets

Global growth remains robust and many emerging market countries are better prepared to face crises, but risks to the world economy have increased, finance chiefs from the G20 group of nations said at their summit in Buenos Aires in July.

The US equity market ended June in positive territory, buoyed by robust second quarter economic growth and relief over the agreement reached by the US and the EU on defusing trade tensions. While the US economy recorded its strongest pace of growth since 2014 at 4.1% and trade progress included reports of efforts by the US and China to also come to an agreement, optimism was tempered.

UK equity markets rose during July, a month dominated by Brexit headlines, mixed economic data and continued sterling weakness. Weaker than expected retail sales data released for the previous month added to downward pressure on sterling, as the World Cup and extended hot weather kept consumers at home. Economic data released mid-month showed that despite record employment levels, UK wage growth dipped to a six-month low in June.

European equity markets made solid gains in July as second quarter earnings season proved to be reasonably strong. All sectors posted positive returns with relative strength coming from healthcare, financials, energy and telecoms, while consumer staples, information technology and real estate were the relative laggards over the month.

Asian equity market performance was mixed over July. There was divergence in performance with the ASEAN, Indian and Taiwanese markets being notable outperformers, while China and South Korea lagged. China’s economic activity data remained soft over the month which points to a negative impact from continuous deleveraging efforts. Japan’s equity market ended the month higher in local currency due to a positive earnings season with companies delivering high single digit earnings growth.

Emerging equity markets drew support from encouraging macroeconomic data release and upbeat corporate earnings. Latin America was the best performing region, led by strong performances from Brazil and Mexico. The EMEA (Europe, Middle East & Africa) region also generated positive returns. Equity performance in emerging Asia was more dispersed, with the Philippines leading the gains.

The S&P Emerging BMI gained by 2.14% while the S&P Developed BMI gained by 2.66%.

Market Update

GCC Markets

International trade concerns once again came to the fore after reports that the US could impose tariffs on additional Chinese goods worth USD 200 Bn with an expected reciprocal reaction from China. The news affected markets across the globe, including Europe and Asia. Oil prices also receded, as a result, as an international trade dispute between two of the largest economies could depress oil demand. In addition, Libya’s oil production, which was suffering from a force majeure at several ports that halved the country’s output, was reportedly back online.

The second quarter results of GCC corporate earnings season was on a positive note with most banks reporting strong earnings across the GCC, thereby boosting investor sentiment in most of the GCC markets during the month. This pushed the aggregate GCC index up by more than 3% in July-18. Petrochemical stocks also reported gains largely due to elevated oil prices that resulted in better product prices. Global Markets also had a positive show with the MSCI World Index up 2.8% highlighting strong US market performance on the back of solid improvement in quarterly earnings. However, the ongoing trade war concerns between US and China did limit growth in some of the indices.

Boursa Kuwait indices posted positive performance during July-18, however, gains were primarily skewed towards large-cap stocks. Gains for the Premier Market index came after investors started accumulating large-cap stocks before the expected MSCI decision to upgrade to the Emerging Market status next year.

JPMorgan has launched a consultation that could bring the GCC countries into its EM benchmark, resulting in inflows of up to c.USD 45bn (2.8% of GDP). Decision is set for September and inclusion could be phased over 6 months. Meanwhile IMF estimates Saudi Arabia’s GDP growth for 2018 to be higher by 20 bps at 1.9%. GDP growth forecast for 2019 (1.9%) was left unchanged. However, this is subject to revision for 2019 as the oil GDP forecast depends on the nature of the OPEC+ agreement in 2019, and global trade.

Meanwhile in M&A, in Oman, Bank Dhofar has initiated merger talks with the National Bank of Oman. The merger talks are still at a very preliminary stage. This is the second attempt for Bank Dhofar to merge with a domestic bank after protracted negotiations with Bank Sohar, which lasted over three years, came to an end in October 2016. If successful, the merged entity would become the second largest bank in Oman on key balance sheet metrics. The merged entity would have an asset and loan market share of 25%. In Kuwait, Kuwait Finance House KSCP wants to hold renewed talks with Bahrain’s Ahli United Bank BSC for a potential acquisition/ merger which if successful would create an entity with about $92 billion of assets.

Vision Funds

Doha led the gains for the GCC markets followed by Abu Dhabi, Kuwait, Dubai & Bahrain. Oman declined the most in July while Saudi Arabia was also down for the month. The Vision Emerging GCC Fund advanced by 0.06% while the Vision Real Economy GCC Fund advanced by 0.87%.

The Sharia focused Vision Al Khair GCC Fund gained 0.77% for the month. Vision Focused Fund gained 2.50% for the month with its concentrated portfolio strategy.

The Vision Emerging Oman Fund ended 4.04% down for the month.

Outlook

The backdrop of current oil prices gives GCC countries ample flexibility in terms of their ongoing fiscal consolidation plans and managing their current accounts balances. However, more protectionist global trade policies and mounting trade tensions could impact the region through lower global oil demand and volatility in oil prices. This should push GCC countries to expedite their diversification plans, and their individual fiscal consolidation plans targeting both additional revenues and expense optimization going forward.

Jul-18 YTD 2017 3 Year 5 YearSince

Inception

Ann.

Return

May, 2005 Vision Emerging GCC Fund * 14.61 37.93 0.06% 5.80% -3.25% -12.64% 27.51% 124.80% 6.38%

August, 2007 Vision Emerging Oman Fund * 1.95 5.05 -4.04% -6.78% -4.50% -10.20% -9.40% 16.43% 1.41%

April, 2010 Vision Real Economy GCC Fund * 8.82 22.90 0.87% 7.39% -4.07% -9.63% 26.99% 80.66% 7.54%

May, 2013 Vision Al Khair GCC Fund * 8.86 22.99 0.02% 4.14% -5.41% -17.69% 7.18% 6.20% 1.20%

January, 2017 Vision Focused Fund 2.42 6.28 0.77% 1.74% -10.71% NA NA -9.10% NA

May, 2005 Vision Emerging GCC Fund * 16.02% 0.20

August, 2007 Vision Emerging Oman Fund * 13.85% -0.12

April, 2010 Vision Real Economy GCC Fund * 11.06% 0.54 NA NA NA NA NA 55 44

May, 2013 Vision Al Khair GCC Fund * 10.98% -0.15 27

1.08%

Sharpe

Ratio

(0.47)

78%0.94

Active

Return

Tracking

Error

Year of

Inception

4.13%

35

Mutual Fund

0.91

Returns Matrix

Losing

Months

Risk Matrix

AUM

(OMR mn)

AUM

(USD mn)

1.10 82%

(* Adjusted for dividends, assuming dividends are reinvested)

Inception

70 87 7.63% 0.14

Std.

Deviation

Informatio

n Ratio

Mutual Fund

Performance (Return)

-3.63% 7.66%

5.25% 1.27 57

Winning

MonthsBeta

95% 74

R Squared


Funds Snapshot

4

NAV (per unit)

Performance Chart*

Bloomberg ID VSEMGCC OM

Investment Manager Vision Asset Management Co. SAOC

Custodian National Bank Of Oman

(* Adjusted for dividends, assuming dividends are reinvested) Administrator Vision Investment Services Co. SAOC

Country Allocation Auditors Moore Stephens LLC

Fund Type Open Ended

Ann. Standard Deviation

High/(Low) Monthly Return 12.80% (July 2013), -24.75% (October 2008)

Latest Dividend Paid 60 baiza (2016)

Total Div. & Bonus Paid 370 baiza (Dividend), 60% (Bonus)

Top 5 Holdings

Allocation

Al Rajhi Bank 10.41%

Sector Allocation Agility Logistics 6.60%

Samba Bank 6.40%

NCB Bank 6.33%

Yansab 5.91%

Fund Performance*

Jul-18 YTD 5 Years Since Inception

0.06% 27.51% 124.80%

Monthly Returns

Country

Fund Objective

Fund Information

Date of Inception

Lipper ID

Kuwait

KSA

5.80%

RO. 1.060 (USD. 2.750)

65044199

May 19, 2005

The primary objective of Vision Emerging GCC Fund (VEGF) is to maximize the risk

adjusted returns, as measured by Sharpe Ratio. It follows a flexible asset allocation policy

with investments spread across a diversified range of investment options including

alternative investments.


KSA

KSA

16.02%

Scrip

KSA


FACT SHEETJuly 2018

NAV

Performance Chart*

* Adjusted for dividends, assuming dividends are reinvested

Sector Allocation - VEOF

YTD Since Incep

Fund -6.78% 16.43%

MSM30 Index -14.96% -33.09%

Monthly Returns

* Adjusted for dividends, assuming dividends are reinvested

Fund Information

Fund Performance*

7.16%

5 Years

-4.04%

Fund Objective

-9.40%

-5.14% -34.72%

RO. 0.951 (USD. 2.467)


The primary objective of the Fund is to achieve growth through capital appreciation and

dividend income by investing in equities listed and/or to be listed on the Muscat

Securities Market (“MSM”)

Oman Telecommunication (Omr)

Vision Asset Management Co. SAOC

Ooredoo (Omr)

Scrip

Jul-18

7.33%

7.43%

Oman United Insurance (Omr) 8.33%

PricewaterhouseCoopers LLP

National Bank Of Oman (Omr)

Bank Muscat (Omr)

Investment Manager

Custodian

Total Dividend & Bonus Paid

Administrator

Auditors

High/(Low) Monthly Return

Top 5 Holdings

Lipper ID

245 baiza

13.13% (Oct 2007); -26.58% (Oct 2008)

11.24%

Allocation

Annualized Standard Deviation

Vision Investment Services Co. SAOC

Open Ended Fund

13.85%

Fund Type

Sector Allocation - MSM Index

6-Aug-07

VISOMAN OM

Date of Inception

Bloomberg ID

65107048

National bank Of Oman

Banks40%

Bonds0%

Capital Goods2%

Cash3%

Services0%Leasing

2%Energy

3%

Food & Beverage

3%

Materials8%

Telecommunication Services

14%

FACT SHEETJuly 2018


0.400

0.600

0.800

1.000

1.200

1.400

1.600

1.800

2.000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

6

YearYearly

Return

Total

ReturnJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2007 32.36% 32.36% 4.45% 13.13% 4.92% 7.49%

2008 -37.42% -17.16% 1.40% 12.79% -0.02% 12.56% 2.35% -1.95% -6.01% -11.91% -9.80% -26.58% 0.21% -11.83%

2009 22.92% 1.82% -9.52% -0.11% 1.71% 10.45% 6.64% 3.28% 2.99% 8.23% 2.55% -3.24% -0.51% -0.12%

2010 10.05% 12.05% 2.94% 2.56% 2.51% 2.33% -8.07% -2.35% 3.26% -0.98% 3.13% 1.81% 0.61% 2.48%

2011 -10.22% 0.60% 1.71% -11.20% 0.00% 7.11% -5.26% 0.00% -2.73% 0.07% -2.67% 0.62% -2.96% 5.89%

2012 4.47% 5.10% -1.79% 4.45% -0.19% 2.91% 0.00% -3.30% -5.95% 2.49% 1.42% 2.10% -1.76% 4.57%

2013 29.76% 36.37% 1.05% 3.90% 3.95% 1.97% 5.89% -1.94% 5.82% 0.62% 0.52% 2.04% 1.29% 1.52%

2014 -4.46% 30.29% 6.24% 0.46% -0.84% -1.15% 0.22% 1.52% 1.41% 2.25% 0.88% -6.97% -4.60% -3.31%

2015 -7.92% 19.97% 3.10% 0.26% -3.32% 2.37% 0.96% 1.84% 1.93% -7.83% -0.01% 1.41% -6.45% -1.76%

2016 9.01% 30.78% -3.89% 3.07% 2.90% 7.43% -2.39% -0.66% 1.77% -1.73% -0.23% -2.66% 0.37% 5.31%

2017 -4.50% 24.90% -0.09% 1.32% -0.64% 1.26% -0.29% -4.40% -2.50% 0.50% 1.33% -3.18% 2.33% -0.01%

2018 -6.78% 16.43% -0.88% -0.35% -1.55% 0.84% -0.35% -0.59% -4.04%

Banks58%

Materials5%

Utilities5%

Capital Goods2%

Insurance1%

Com & Prof Serv1%

Div Fins2%

Telecom18%

Energy8%

Performance Chart * Fund Objective

Fund Information

Date of Inception April 14, 2010

Lipper ID 68053041

Bloomberg ID VIREGCC OM


Custodian National Bank of Oman

Administrator Vision Investment Services Co. SAOC

Auditors Moore Stephens LLC

Fund type Open Ended

Annualized Standard Deviation 11.06%

High/(Low) Monthly Return 10.32% (March 2011), -11.55% (August 2015)


Total Dividend Paid 490 baiza

Top 5 Holdings

Scrip Country Allocation

Aramex Dubai 9.95%

Yansab KSA 9.20%

Agility Kuwait 7.26%

Emaar Prop Dubai 7.20%

Jarir Mktg KSA 7.12%

Fund Performance *

Jul-18 YTD Since Incep.

0.87% 7.39% 80.66%

Monthly Returns

26.99%

RO. 1.268 (USD. 3.292)NAV (per unit)

The objective of the Fund is to achieve capital appreciation and income generation by providing its

investors the opportunity to participate in the growth of Real Economy Sectors of GCC.

Sector Allocation


5 Years


Country Allocation

FACT SHEETJuly 2018

Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/ 7

Performance Chart Fund Objective

Fund Information

Date of Inception 12-Jan-17

Lipper ID 68404006

Bloomberg ID -


Custodian National Bank of Oman

Administrator Vision Investment Services Co. SAOC

Auditors Moore Stephens LLC


Annualized Standard Deviation -

High/(Low) Monthly Return 3.29% (July '17)/-4.32% (Nov '17)

Latest Dividend Paid -

Total Dividend Paid -

Top 5 Holdings

Jul-18 YTD Since Incep.

0.77% 1.74% NA

Monthly Returns

Country

11.36%

Country Allocation

Aramex

RO. 0.908 (USD. 2.358)NAV (per unit)

The objective of the Fund is to pursue long-term capital growth by investing in a concentrated set of select

stocks in the middle east equity market sphere.

ScripSector Allocation

Kuwait

Dubai

11.05%

Allocation

NBK

NA

5 Years

Al Rajhi

DIB

Saudi

Fund Performance

9.35%

9.99%

7.80%Budget Dubai

Dubai

FACT SHEETJuly 2018

Investment Manager –Vision Asset Management Co. SAOC; +968 24726000; + 968 24726010; http://www.investvis.co.om/ 8

KSA50.0%

Dubai34.8%

Kuwait11.1%

Cash4.2%

consumer discretionary

5.3%

financials46.2%

healthcare3.9%

industrials19.6%

materials13.8%

real estate7.5%

cash4.2%

NAV (per unit)

Performance Chart* Fund Objective

Fund Information

Date of Inception May 15, 2013

Lipper ID 68212188

Bloomberg ID VISAKGC OM


(* Adjusted for bonus, dividend) Custodian National Bank of Oman

Countrywise Allocation Administrator Vision Investment Services Co. SAOC

Auditors PricewaterhouseCoopers LLP


Ann. Standard Deviation 10.98%

High / (Low) Monthly Return 8.53% (April 2015), -12.18% (August 2015)

Latest Dividend Paid -

Total Dividend & Bonus Paid 50 baiza (Dividend), 5% (Bonus)

Top 5 Holdings

Allocation

Sector Allocation 11.47%

9.20%

7.62%

5.94%

5.88%

Fund Performance*

Jul-18 YTD 5 Years Since Inception

0.02% 4.14% 7.18% 6.20%

(* Adjusted for bonus, dividend)

Monthly Returns

DIB

Agility Kuwait

KSA

KSAJarir

Al Rajhi Bank

RO. 0.969 (USD. 2.515)

The objective of the Fund is to achieve capital appreciation and income generation by providing its unit

holders an opportunity to invest in the listed securities in the GCC economies that are compliant to

Shariah principles. The Fund will follow a dynamic allocation policy with investments spread across a

diversified range of industries in the GCC.

Country

Dubai

Dubai

Scrip

Aramex

FACT SHEETJuly 2018

9

vision asset management co. (s.a.o.c)...sensex 6.16% 10.42% 24.40 shanghai 1.02% -13.03% 13.96 gcc...

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