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Burgan Financial Fund Nav
Date 31st 12-2012 |
KD1.0090986 |
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Administration
Fund Manager: Burgan Bank (S.A.K.)
Custodian: Kuwait Investment Company (S.A.K.)
Auditors: Bader & Pricewaterhouse Coopers
Legal Advisor: Al Sarraf & Al Ruwayeh | Executive Summary | | | Fund’s Name: | Burgan Financial Fund | | Capital: | KWD 5 million to KWD 500 million, denominated into nominal units | | Unit Nominal Value: | KWD 1.000 | | Fund Start Date: | May 03,2001 | | Term: | 15 years open ended, renewable subject to majority approval | | Minimum Subscription: | 1,000 units | | Maximum Subscription: | 50% of total issued units | | Net Asset Value: | Calculated on a daily basis | | Subscription/Redemption: | Daily | | Fund's Manager: | Burgan Bank (S.A.K.) | | Management Fee: | 0.5% of NAV per annum, payable quarterly | | Fund's Custodian: | Kuwait Investment Company (S.A.K.) | | Custodian Fee: | 0.1% of NAV per annum, payable quarterly |
To provide a highly liquid investment opportunity to its Unit holders, and to offer a return superior to the rate of three-month deposit paid to customers by Kuwaiti banks through investing the assets of Fund in all instruments available inside and outside Kuwait. Investment Policy
- Balanced Investment Policy.
- Fund’s assets invested in government, corporate bonds and other types of bonds will not exceed 70% of the Fund’s capital.
- That assets invested in cash and credit instruments represented in government bonds and other bonds in major foreign currencies will not exceed 20% of the Fund’s capital.
- That assets invested in repurchase agreements will not exceed 25% of the Fund’s capital.
- A minimum of 5% of the Fund’s assets in the form of liquid money to meet the Fund’s obligations.
- The Fund’s asset may not be invested in any securities with a maturity exceeding 5 years.
- Investment in cash instruments issued by a single bank or entity may not exceed 15% of the Fund’s capital, except for Kuwaiti Government’s cash instruments and deposits with banks.
- The Manager may not invest the Fund’s assets in granting guarantees or warranties or for dealing in commodities or real estates, cheque discounting or lending.
- The risks involved in the subscription to the fund are presented in the relationship between investment instruments and the economic and market conditions. Therefore the value of the unit and return thereon may be effected positively or negatively by the economic and market changes.
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