Business & Finance Club - JEDDAH - Global Investment House GIH) said on Thursday that the total size of its two equity funds, Global Saudi Equity Fund and Global Al Noor Saudi Equity Fund, have reached SR386 million ($103 million) in June 2010.

Despite the uncertainties and volatility accompanying the Saudi equity market performance, the Saudi funds managed by Global Investment House in Saudi Arabia were among the best performing funds investing in Saudi equities. The outstanding accomplishment was based on the extensive experience and development studies prepared by the Asset Management team.

As of June 28, the Global Saudi Equity Fund recorded a year to date return of 7.4 percent compared to 2.95 percent recorded by the Saudi market Tadawul All Share Index (TASI). In addition, the Shariah-compliant Global Al Noor Saudi Equity Fund recorded 5.8 percent during the same period compared to 3.4 percent to the funds benchmark the MSCI Saudi Arabia Shariah-compliant index.

Zeyad Awad, head of Asset Management at GIH, said "we are proud of this achievement and the exceptional performance of the Saudi funds we manage. Despite the current situation in the financial markets and the relatively short period since we have launched the two funds 18 month back, we were able to raise over $103 million and outperform the funds respective benchmarks."

He added that "despite the challenges presented by the market's continued volatility, the careful market analysis conducted by the asset management team at Global in Saudi Arabia led to this sustained excellence compared to funds managed by our peers investing in Saudi equities. In addition, the implementation of the investment plan set by the Funds' administrative bodies enabled us to overcome the market's most difficult phases, and take advantage of the market's volatility, which presented some carefully selected opportunities."

The results were achieved by diversifying the investment sources and carefully monitoring the market conditions to take advantage of the best available opportunities.