Babylon Fund, an open-ended investment fund investing into large-cap Iraqi-dependant securities, has its best-performing month in May with a rise of 14.2 per cent from the previous mont
Babylon Fund, an open-ended investment fund investing into large-cap Iraqi-dependant securities, has its best-performing month in May with a rise of 14.2 per cent from the previous month.
This amounts to an increase of 36.9 per cent this year in US dollar terms.
The fund’s manager, Godvig Capital, says the monthly rise could be related to the Iraqi stock market that drifted south in May.
Of its direct Iraqi holdings, bond prices steered higher upon a combination of improved flow and risk willingness, partly based upon the perceived stronger Iraqi state.
The largest contributor to the portfolio was Mansour Hotel, which had previously lagged the sector’s rise.
The fund has raised positions in Ishtar hotel, Ashour bank and Mansour bank.
Babylon Fun’s aim is to provide long-term capital growth from an investment portfolio consisting of both Iraqi and Iraqi-dependant securities.
