Asset Management Updates from ADCB MARCH 2011 · 2013. 9. 22. · NYMEX Crude OPEC Natural Gas Gold...

Asset Management Updates from ADCBMARCH 2011

GLOBAL MARKETPERFORMANCE

WELCOME MACRO ECONOMIC

TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW

Asset Management Updates from ADCB

PAGE 1

MARCH 2011



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW

Global Market Performancefor the Month

Macro Trends

A look at global market performance over the last month which was broadly positive for developed markets on the back of improving global growth expectations. Emerging markets, particularly regional middle eastern market, remained under pressure with elevated risk premia stemming from socio-economic factors.

We discuss two important macro trends driving global market moves beginning with a look at the recent spate of regional political volatility and unrest and the ensuing market impact followed by an overview of Eurozone economic growth expectation for 2011.

Product Spotlight

We introduce the Amundi Islamic Global Resources Fund, the latest addition to our WealthDesign platform and an extension of our growing Shari’ah compliant fund universe.

Hot topics for the month

During February, most global equity markets became increasingly optimistic about the global economic recovery following Federal Reserve expectations of stronger economic growth in the world’s largest economy and better than expected blue-chip corporate earnings results. US markets rose, supported by robust manufacturing sector activity, increased consumer confidence and the resignation of Egyptian President Hosni Mubarak. Consequently, the S&P 500, NASDAQ and Dow Jones rose 3.20%, 3.04% and 2.81%, respectively. The Nikkei increased 3.77% due to the improved outlook for corporate earnings supported by a smaller than expected decline in Japanese GDP. Similarly, the FTSE 100 edged up 2.24% on higher UK retail sales, lower US unemployment, and increasing confidence in the global economic

recovery. The Hang Seng lost 0.47% after China’s central bank raised its reserve requirements, and on increased fuel prices resulting from unrest in the Middle East. In Asia, the Sensex slumped 2.75% with higher inflation seen as representing a serious threat to growth momentum and on concerns that economic activity would slow.

Six of the seven GCC markets ended the month lower due to political unrest throughout the region. The MSM 30 plunged 10.18% on across-the-board-selling, while the DSM closed down 9.29% with all four sectors weaker. Similarly, the DFM declined 8.06% following a lackluster performance by the Utilities and Real Estate & Construction sectors. Only the ADX closed higher, up 0.08% led by gains in the Telecommunication sector.

Concerning commodities, Gold jumped 5.66% in February due to escalating violence in Libya and increasing protests throughout the Middle East. However, Sugar declined 13.31% on speculation that production will increase in Brazil and India.

OPEC prices jumped 15.10% in response to the recent political crisis in Egypt and Libya. Similarly, corn prices rose sharply by 9.55% as global supplies of Corn remained tight.

Dubai’s 5-year USD-denominated government bond spread increased by ~15 bps m-o-m in February due to ongoing political unrest in the Middle East.

Global Market Performance


PAGE 2

CONTINUE

MARCH 2011



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW

Global Market Performance


PAGE 3

MARCH 2011

Index Snapshot (World Indices) Commodities, Yields and Currencies

Commodity

Yields and Currencies

Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD

Insured Age

$ 500,000

$1,000,000

$2,000,000

$5,000,000

30

62

118

231

528

35

85

165

325

763

40

129

252

499

1200

45

211

416

826

2015

50

368

730

1455

3589

Life

Cov

er

Participating Investmet and Insurance Products

Any mutual fundsInternational Wealth Account from Zurich Intl.

Sun Secured Advantage (with CDSC option only)VISTA Lumpsum option from Zurich Intl.

Starting from AED 100,000 or USD equivalent

AED 100,000 or USD equivalent

12 months tenorAED at 6% p.a.


Minimum Investment amount

Minimum FD amount - USD

Minimum FD amount - AED

Index Latest 1M Change 1Yr Change YTD

Source: IMF, October 2010


Source: IMF, January 2011


Unemployment in North Africa in 2010

0%

5%

10%

15%

Tunisia Jordon Morocco Egypt

In�ation in MENA region in 2010

0%

3%

6%

9%

12%

15%

Egyp

t

Suda

n

Yem

en

Jord

on

Alg

eria

KSA

Tuni

sia

Liby

a

Om

an

Kuw

ait

Bah

rain

UA

E

Qat

ar

GDP Growth in the Eurozone

-4.1%

1.80% 1.50% 1.70%

-4.5%

-3.0%

-1.5%

0.0%

1.5%

3.0%

4.5%

20

09

20

10

20

11

20

12

Recovering GDP growth in the GCC

5.4%7.0%

0.4%

4.5%5.9%

0%

3%

6%

9%

12%

15%

2007 2008 2009 2010 2011

Source: IMF, Global Stability report

Government and Bank debt due % of GDP

0.0%

5.0%

10.0%

15.0%

Greece Portugal Spain Ireland

2007 2011

0

100

200

300

400

500

600

Gold Vs MSCI World Index

Gold Price Morgan Stanley World Index

Feb-

01

Aug

-01

Feb-

02

Aug

-02

Feb-

03

Aug

-03

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Feb-

11

Aug

-10

30

60

90

120

3/1

4/0

8

4/2

8/0

8

6/1

2/0

8

7/2

7/0

8

9/1

0/0

8

10

/25

/08

12

/9/0

8

1/2

3/0

9

3/9

/09

4/2

3/0

9

6/7

/09

7/2

2/0

9

9/5

/09

10

/20

/09

12

/4/0

9

1/1

8/1

0

3/4

/10

4/1

8/1

0

6/2

/10

7/1

7/1

0

8/3

1/1

0

10

/15

/10

11

/29

/10

1/1

3/1

1

GSCI Commodity Total Return Ind Conventional GLOBAL RESOURCES

1/1

9/1

0

2/1

8/1

0

3/2

0/1

0

4/1

9/1

0

5/1

9/1

0

6/1

8/1

0

7/1

8/1

0

8/1

7/1

0

9/1

6/1

0

10

/16

/10

11

/15

/10

12

/15

/10

1/1

4/1

1

2/1

3/1

1

80.00

90.00

100.00

110.00

120.00

130.00

Amundi Islamic Global Resources vs. benchmark since inception

Conventional Global Resources vs. physical commodities

AMUNDI ISLAMIC GLOBAL RESOURCES

50% DJ ISLAMIC MARKET OIL & GAS + 50% DJ ISLAMIC MARKET BASIC MATERIALS

Other & cash7%Gold Mining

6%

General Mining11%

Coal 1%

Iron & Steel7%

Nonferrous Metals8%

Aluminum0.43%

Specialty Chemicals4%

Commodity Chemicals3%

Oil Equipment & Services14%

Integrated Oil & Gas22%

Exploration & Production17%

S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,327.22

12,226.34

2,782.27

23,338.02

10,624.09

5,994.01

17,823.40

1,351.65

1,107.77

5,941.63

1,410.70

2,588.90

6,481.10

1,430.77

6,142.42

7,932.84

3.20%

2.81%

3.04%

(0.47%)

3.77%

2.24%

(2.75%)

3.33%

(1.01%)

(6.55%)

(8.06%)

0.08%

(5.51%)

(1.25%)

(10.18%)

(9.29%)

20.17%

18.41%

24.31%

13.24%

4.92%

11.94%

8.48%

19.26%

18.36%

(7.70%)

(11.44%)

(4.24%)

(12.17%)

(5.75%)

(8.18%)

15.42%

5.53%

5.60%

4.88%

1.31%

3.86%

1.59%

(13.10%)

5.59%

(3.79%)

(10.26%)

(13.48%)

(4.82%)

(6.82%)

(0.10%)

(9.07%)

(8.63%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

96.97

108.31

4.04

1,409.30

1,809.20

9,857.50

29.45

1,357.20

722.40

782.40

13.85

5.18%

15.10%

(8.67%)

5.66%

0.65%

1.41%

(13.31%)

(3.95%)

9.55%

(6.92%)

(10.70%)

21.73%

43.53%

(16.07%)

26.02%

17.63%

39.39%

24.79%

42.71%

91.11%

54.50%

3.13%

6.12%

20.05%

(8.35%)

(0.83%)

2.02%

1.21%

(8.31%)

(2.61%)

14.85%

(1.49%)

(1.04%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.72

3.42

1.3793

1.6247

81.94

0.14

0.00

0.59%

1.32%

(0.04%)

(0.09)

(0.19)

1.29%

6.56%

(7.80%)

0.06

0.04

2.92%

4.09%

1.02%



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW

Present political volatility in the MENA regionPolitical uncertainty is increasing throughout the Middle East and North Africa (MENA) following the recent events in Egypt and Tunisia. Popular protests and mass demonstrations are taking place in Libya, Algeria, Syria, Sudan, Jordan, Yemen, and Morocco. Nevertheless, the oil-rich GCC region is unlikely to be significantly affected as its oil reserves enable governments to address current unrest based on increasing levels of economic activity, modest inflation and low unemployment.

To date, civil unrest has resulted in regime change both Egypt and Tunisia. Popular demonstrations are being driven by political issues including corruption, lack of reforms, human rights violations and economic reasons including substantial unemployment and high inflation in North Africa. According to the IMF, over the past 20 years unemployment in North African

economies (including Egypt, Jordan, Lebanon, Morocco, Syria, and Tunisia) has been around 12%. Of similar concern is the fact that joblessness disproportionately affects young people, with over 20% of educated young adults out of work, one of the highest rates worldwide. Given such high unemployment and an increasingly young population, these countries combined will need to create over 18.5 million full-time jobs over the next decade. Further, the region faces inflationary pressures. For example, Egypt reported continued high inflation of 10.8% in January 2011 due to rising food prices.

With civil unrest spreading throughout the region, political risk in MENA has increased resulting in higher CDS spreads, tightening financing conditions for both sovereign states and corporate in general. In addition, oil prices have moved sharply higher on fears of supply

disruptions. Currently, the main concern of both markets and government is the continued availability of safe unimpeded transport through the Suez Canal and the pipeline linking the Red Sea with the Mediterranean. Approximately 2.1 million barrels of crude oil and refined products pass through both the canal and pipeline, representing around 2.4% of global oil supplies as

per IEA estimates. Also, violent uprising in Libya, which produces ~1.5 million boepd, is a worry.

Following recent events in Tunisia and Egypt, reform processes have been accelerated across the region with many countries announcing major social and political changes together with

Macro Economic Trends


PAGE 4

CONTINUE


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD

Insured Age

$ 500,000

$1,000,000

$2,000,000

$5,000,000

30

62

118

231

528

35

85

165

325

763

40

129

252

499

1200

45

211

416

826

2015

50

368

730

1455

3589

Life

Cov

er

















0%

5%

10%

15%



0%

3%

6%

9%

12%

15%Eg

ypt

Suda

n

Yem

en

Jord

on

Alg

eria

KSA

Tuni

sia

Liby

a

Om

an

Kuw

ait

Bah

rain

UA

E

Qat

ar


-4.1%

1.80%1.50% 1.70%

-4.5%

-3.0%

-1.5%

0.0%

1.5%

3.0%

4.5%

20

09

20

10

20

11

20

12


5.4%7.0%

0.4%

4.5%5.9%

0%

3%

6%

9%

12%

15%

2007 2008 2009 2010 2011



0.0%

5.0%

10.0%

15.0%


2007 2011

0

100

200

300

400

500

600



Feb-

01

Aug

-01

Feb-

02

Aug

-02

Feb-

03

Aug

-03

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Feb-

11

Aug

-10

30

60

90

120

3/1

4/0

8

4/2

8/0

8

6/1

2/0

8

7/2

7/0

8

9/1

0/0

8

10

/25

/08

12

/9/0

8

1/2

3/0

9

3/9

/09

4/2

3/0

9

6/7

/09

7/2

2/0

9

9/5

/09

10

/20

/09

12

/4/0

9

1/1

8/1

0

3/4

/10

4/1

8/1

0

6/2

/10

7/1

7/1

0

8/3

1/1

0

10

/15

/10

11

/29

/10

1/1

3/1

1


1/1

9/1

0

2/1

8/1

0

3/2

0/1

0

4/1

9/1

0

5/1

9/1

0

6/1

8/1

0

7/1

8/1

0

8/1

7/1

0

9/1

6/1

0

10

/16

/10

11

/15

/10

12

/15

/10

1/1

4/1

1

2/1

3/1

1

80.00

90.00

100.00

110.00

120.00

130.00






6%

General Mining11%

Coal 1%

Iron & Steel7%

Nonferrous Metals8%

Aluminum0.43%






S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,327.22

12,226.34

2,782.27

23,338.02

10,624.09

5,994.01

17,823.40

1,351.65

1,107.77

5,941.63

1,410.70

2,588.90

6,481.10

1,430.77

6,142.42

7,932.84

3.20%

2.81%

3.04%

(0.47%)

3.77%

2.24%

(2.75%)

3.33%

(1.01%)

(6.55%)

(8.06%)

0.08%

(5.51%)

(1.25%)

(10.18%)

(9.29%)

20.17%

18.41%

24.31%

13.24%

4.92%

11.94%

8.48%

19.26%

18.36%

(7.70%)

(11.44%)

(4.24%)

(12.17%)

(5.75%)

(8.18%)

15.42%

5.53%

5.60%

4.88%

1.31%

3.86%

1.59%

(13.10%)

5.59%

(3.79%)

(10.26%)

(13.48%)

(4.82%)

(6.82%)

(0.10%)

(9.07%)

(8.63%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

96.97

108.31

4.04

1,409.30

1,809.20

9,857.50

29.45

1,357.20

722.40

782.40

13.85

5.18%

15.10%

(8.67%)

5.66%

0.65%

1.41%

(13.31%)

(3.95%)

9.55%

(6.92%)

(10.70%)

21.73%

43.53%

(16.07%)

26.02%

17.63%

39.39%

24.79%

42.71%

91.11%

54.50%

3.13%

6.12%

20.05%

(8.35%)

(0.83%)

2.02%

1.21%

(8.31%)

(2.61%)

14.85%

(1.49%)

(1.04%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.72

3.42

1.3793

1.6247

81.94

0.14

0.00

0.59%

1.32%

(0.04%)

(0.09)

(0.19)

1.29%

6.56%

(7.80%)

0.06

0.04

2.92%

4.09%

1.02%

MARCH 2011



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW

economic incentives and benefits to ensure more inclusive growth. For example, the Yemeni President, Ali Abdullah Saleh, has ordered government institutions to absorb 25% of college students in governmental institution, exempted students from paying outstanding university fees, established a fund to create jobs for university graduates, expanded the social security network, and increased salaries for the armed forces and government employees. He has also announced he will not contest the next presidential election in 2013. Elsewhere, in Jordan King Abdullah II recently appointed a new Prime Minister and swore in a fresh cabinet to expedite the country’s reform process while the Algerian government has announced plans to end the country’s nineteen year old state of emergency.

Despite current civil unrest throughout MENA, Gulf states are better placed to make necessary

macroeconomic adjustments in response to popular unrest than their North African counterparts as Gulf states enjoy significant economic flexibility due to their smaller populations, increasing oil revenues, low inflation, modest unemployment and the benefits of

both a domestic and global economic recovery. Also, there have been recent announcements to tackle unrest. In Saudi Arabia, King Abdullah unveiled a series of benefits worth USD 37bn intended to offset high food prices, help the young unemployed and enable families to access

affordable housing. Finally, Kuwait has approved a USD 4bn increase in food subsidies to March 2012. We note that the GCC may benefit positively from the political unrest, which stems mainly from



PAGE 5

CONTINUE


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD

Insured Age

$ 500,000

$1,000,000

$2,000,000

$5,000,000

30

62

118

231

528

35

85

165

325

763

40

129

252

499

1200

45

211

416

826

2015

50

368

730

1455

3589

Life

Cov

er

















0%

5%

10%

15%



0%

3%

6%

9%

12%

15%

Egyp

t

Suda

n

Yem

en

Jord

on

Alg

eria

KSA

Tuni

sia

Liby

a

Om

an

Kuw

ait

Bah

rain

UA

E

Qat

ar


-4.1%

1.80%1.50% 1.70%

-4.5%

-3.0%

-1.5%

0.0%

1.5%

3.0%

4.5%

20

09

20

10

20

11

20

12


5.4%7.0%

0.4%

4.5%5.9%

0%

3%

6%

9%

12%

15%

2007 2008 2009 2010 2011



0.0%

5.0%

10.0%

15.0%


2007 2011

0

100

200

300

400

500

600



Feb-

01

Aug

-01

Feb-

02

Aug

-02

Feb-

03

Aug

-03

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Feb-

11

Aug

-10

30

60

90

120

3/1

4/0

8

4/2

8/0

8

6/1

2/0

8

7/2

7/0

8

9/1

0/0

8

10

/25

/08

12

/9/0

8

1/2

3/0

9

3/9

/09

4/2

3/0

9

6/7

/09

7/2

2/0

9

9/5

/09

10

/20

/09

12

/4/0

9

1/1

8/1

0

3/4

/10

4/1

8/1

0

6/2

/10

7/1

7/1

0

8/3

1/1

0

10

/15

/10

11

/29

/10

1/1

3/1

1


1/1

9/1

0

2/1

8/1

0

3/2

0/1

0

4/1

9/1

0

5/1

9/1

0

6/1

8/1

0

7/1

8/1

0

8/1

7/1

0

9/1

6/1

0

10

/16

/10

11

/15

/10

12

/15

/10

1/1

4/1

1

2/1

3/1

1

80.00

90.00

100.00

110.00

120.00

130.00






6%

General Mining11%

Coal 1%

Iron & Steel7%

Nonferrous Metals8%

Aluminum0.43%






S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,327.22

12,226.34

2,782.27

23,338.02

10,624.09

5,994.01

17,823.40

1,351.65

1,107.77

5,941.63

1,410.70

2,588.90

6,481.10

1,430.77

6,142.42

7,932.84

3.20%

2.81%

3.04%

(0.47%)

3.77%

2.24%

(2.75%)

3.33%

(1.01%)

(6.55%)

(8.06%)

0.08%

(5.51%)

(1.25%)

(10.18%)

(9.29%)

20.17%

18.41%

24.31%

13.24%

4.92%

11.94%

8.48%

19.26%

18.36%

(7.70%)

(11.44%)

(4.24%)

(12.17%)

(5.75%)

(8.18%)

15.42%

5.53%

5.60%

4.88%

1.31%

3.86%

1.59%

(13.10%)

5.59%

(3.79%)

(10.26%)

(13.48%)

(4.82%)

(6.82%)

(0.10%)

(9.07%)

(8.63%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

96.97

108.31

4.04

1,409.30

1,809.20

9,857.50

29.45

1,357.20

722.40

782.40

13.85

5.18%

15.10%

(8.67%)

5.66%

0.65%

1.41%

(13.31%)

(3.95%)

9.55%

(6.92%)

(10.70%)

21.73%

43.53%

(16.07%)

26.02%

17.63%

39.39%

24.79%

42.71%

91.11%

54.50%

3.13%

6.12%

20.05%

(8.35%)

(0.83%)

2.02%

1.21%

(8.31%)

(2.61%)

14.85%

(1.49%)

(1.04%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.72

3.42

1.3793

1.6247

81.94

0.14

0.00

0.59%

1.32%

(0.04%)

(0.09)

(0.19)

1.29%

6.56%

(7.80%)

0.06

0.04

2.92%

4.09%

1.02%

MARCH 2011



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW

North Africa. Saudi Arabia has around 4 million bpd of spare oil capacity and has increased oil production to 9 million bpd to compensate for the disruption of Libyan output. The increased

production is sold at elevated oil prices, which has risen on concerns of supply disruptions in the MENA region. This adds an extra boost to Saudi oil revenues, as well as that of the oil-rich GCC.

The UAE stands to benefit from tourism as tourists divert trips from Egypt, and other popular destinations impacted by the political unrest, to the politically stable tourism hub.

UAE and Qatari equity market declines have been exaggerated by political turmoil in the region. UAE and Qatar are, however, very stable economies and have not experienced any political or civil unrest. Current valuations represent an opportunity for investors to exploit current price levels.

Slow Eurozone growth expected in 2011The emergence of a sovereign debt crisis in several Eurozone countries in early 2010 shook investor confidence worldwide. The region will continue to face many challenges over the next few years significantly restricting its economic growth. Despite showing early signs of stabilisation, we expected the Eurozone to suffer continued high financial stress due to its massive sovereign debt burden and still unstable banking system, potentially obstructing the achievement



PAGE 6

CONTINUE

MARCH 2011


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD

Insured Age

$ 500,000

$1,000,000

$2,000,000

$5,000,000

30

62

118

231

528

35

85

165

325

763

40

129

252

499

1200

45

211

416

826

2015

50

368

730

1455

3589

Life

Cov

er

















0%

5%

10%

15%



0%

3%

6%

9%

12%

15%

Egyp

t

Suda

n

Yem

en

Jord

on

Alg

eria

KSA

Tuni

sia

Liby

a

Om

an

Kuw

ait

Bah

rain

UA

E

Qat

ar


-4.1%

1.80%1.50% 1.70%

-4.5%

-3.0%

-1.5%

0.0%

1.5%

3.0%

4.5%

20

09

20

10

20

11

20

12


5.4%7.0%

0.4%

4.5%5.9%

0%

3%

6%

9%

12%

15%

2007 2008 2009 2010 2011



0.0%

5.0%

10.0%

15.0%


2007 2011

0

100

200

300

400

500

600



Feb-

01

Aug

-01

Feb-

02

Aug

-02

Feb-

03

Aug

-03

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Feb-

11

Aug

-10

30

60

90

120

3/1

4/0

8

4/2

8/0

8

6/1

2/0

8

7/2

7/0

8

9/1

0/0

8

10

/25

/08

12

/9/0

8

1/2

3/0

9

3/9

/09

4/2

3/0

9

6/7

/09

7/2

2/0

9

9/5

/09

10

/20

/09

12

/4/0

9

1/1

8/1

0

3/4

/10

4/1

8/1

0

6/2

/10

7/1

7/1

0

8/3

1/1

0

10

/15

/10

11

/29

/10

1/1

3/1

1


1/1

9/1

0

2/1

8/1

0

3/2

0/1

0

4/1

9/1

0

5/1

9/1

0

6/1

8/1

0

7/1

8/1

0

8/1

7/1

0

9/1

6/1

0

10

/16

/10

11

/15

/10

12

/15

/10

1/1

4/1

1

2/1

3/1

1

80.00

90.00

100.00

110.00

120.00

130.00






6%

General Mining11%

Coal 1%

Iron & Steel7%

Nonferrous Metals8%

Aluminum0.43%






S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,327.22

12,226.34

2,782.27

23,338.02

10,624.09

5,994.01

17,823.40

1,351.65

1,107.77

5,941.63

1,410.70

2,588.90

6,481.10

1,430.77

6,142.42

7,932.84

3.20%

2.81%

3.04%

(0.47%)

3.77%

2.24%

(2.75%)

3.33%

(1.01%)

(6.55%)

(8.06%)

0.08%

(5.51%)

(1.25%)

(10.18%)

(9.29%)

20.17%

18.41%

24.31%

13.24%

4.92%

11.94%

8.48%

19.26%

18.36%

(7.70%)

(11.44%)

(4.24%)

(12.17%)

(5.75%)

(8.18%)

15.42%

5.53%

5.60%

4.88%

1.31%

3.86%

1.59%

(13.10%)

5.59%

(3.79%)

(10.26%)

(13.48%)

(4.82%)

(6.82%)

(0.10%)

(9.07%)

(8.63%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

96.97

108.31

4.04

1,409.30

1,809.20

9,857.50

29.45

1,357.20

722.40

782.40

13.85

5.18%

15.10%

(8.67%)

5.66%

0.65%

1.41%

(13.31%)

(3.95%)

9.55%

(6.92%)

(10.70%)

21.73%

43.53%

(16.07%)

26.02%

17.63%

39.39%

24.79%

42.71%

91.11%

54.50%

3.13%

6.12%

20.05%

(8.35%)

(0.83%)

2.02%

1.21%

(8.31%)

(2.61%)

14.85%

(1.49%)

(1.04%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.72

3.42

1.3793

1.6247

81.94

0.14

0.00

0.59%

1.32%

(0.04%)

(0.09)

(0.19)

1.29%

6.56%

(7.80%)

0.06

0.04

2.92%

4.09%

1.02%



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW



PAGE 7

of long term sustainable growth. In response to such concerns, countries affected are currently implementing extensive and politically challenging austerity measures. In addition, the European Central Bank (ECB) is maintaining an extremely accommodative monetary stance to ensure adequate liquidity for the banking sector.

There are several early signs suggesting an improvement in economic sentiment within the Eurozone. For example, the European Commission’s monthly sentiment indicator rose to 107.8 in February, a 41-month high, from a revised 106.8 in January while the Market Flash Eurozone Composite output Index rose from 57.0 in January to 58.4 in February, its strongest monthly improvement since July 2006.

Nevertheless, the IMF still estimates that Eurozone economic growth will slow from 1.8% in 2010 to 1.5% in 2011 due to continued major uncertainty regarding excessive sovereign debt particularly in Greece, Ireland, Spain and Portugal, and the region’s rigid labour market. With bank and sovereign debt due to GDP ratios increasing rapidly in recent years, these countries and their respective banking sectors have substantial financing requirements in 2011.

For example, between 2007 and 2011, Greece and Portugal reported corresponding increases in bank and sovereign debt to GDP ratios from ~6% to ~13% and ~5% to ~10%, respectively. With economies facing increased funding pressure, massive austerity measures will be implemented to reduce current high debt accumulated over the past 10 years to more sustainable levels. In

particular, Greece has announced various measures including public sector wage cuts, pension reforms such as raising the retirement age, and higher taxes. Similarly, Portugal is implementing a 5% reduction in public sector salaries and cutting social spending and public investments.

Separately, these economies continue to face lower economic growth in 2011 due to their inability to improve competitiveness through currency depreciation. Consequently, improved competitiveness will depend on wage discipline.

With limited fiscal resources, monetary policies remain a vital component in restoring Eurozone growth. The ECB has taken various steps during the past nine months to improve liquidity throughout the region. The central bank maintains interest rates at 1% and has introduced

the Securities Markets Program which, since May 2010, has enabled it to buy private and public securities in secondary markets. Despite continued high Eurozone consumer price inflation of 2.4% in January due to increasing commodities prices, exceeding the ECB target of “below 2%”, we believe the bank may need to continue to purchase securities to provide liquidity, support financial stability and maintain low interest rates.

Contrary to the IMF forecast, gross domestic product in the Euro region may increase to 1.6% from the previous November forecast of 1.5% according to a report published by the European commission. However, inflation is expected to average 2.2% in 2011 up from a November estimate of 1.8%.

MARCH 2011

CONTINUE



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW



PAGE 8


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD

Insured Age

$ 500,000

$1,000,000

$2,000,000

$5,000,000

30

62

118

231

528

35

85

165

325

763

40

129

252

499

1200

45

211

416

826

2015

50

368

730

1455

3589

Life

Cov

er

















0%

5%

10%

15%



0%

3%

6%

9%

12%

15%

Egyp

t

Suda

n

Yem

en

Jord

on

Alg

eria

KSA

Tuni

sia

Liby

a

Om

an

Kuw

ait

Bah

rain

UA

E

Qat

ar


-4.1%

1.80% 1.50% 1.70%

-4.5%

-3.0%

-1.5%

0.0%

1.5%

3.0%

4.5%

20

09

20

10

20

11

20

12


5.4%7.0%

0.4%

4.5%5.9%

0%

3%

6%

9%

12%

15%

2007 2008 2009 2010 2011



0.0%

5.0%

10.0%

15.0%


2007 2011

0

100

200

300

400

500

600



Feb-

01

Aug

-01

Feb-

02

Aug

-02

Feb-

03

Aug

-03

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Feb-

11

Aug

-10

30

60

90

120

3/1

4/0

8

4/2

8/0

8

6/1

2/0

8

7/2

7/0

8

9/1

0/0

8

10

/25

/08

12

/9/0

8

1/2

3/0

9

3/9

/09

4/2

3/0

9

6/7

/09

7/2

2/0

9

9/5

/09

10

/20

/09

12

/4/0

9

1/1

8/1

0

3/4

/10

4/1

8/1

0

6/2

/10

7/1

7/1

0

8/3

1/1

0

10

/15

/10

11

/29

/10

1/1

3/1

1


1/1

9/1

0

2/1

8/1

0

3/2

0/1

0

4/1

9/1

0

5/1

9/1

0

6/1

8/1

0

7/1

8/1

0

8/1

7/1

0

9/1

6/1

0

10

/16

/10

11

/15

/10

12

/15

/10

1/1

4/1

1

2/1

3/1

1

80.00

90.00

100.00

110.00

120.00

130.00






6%

General Mining11%

Coal 1%

Iron & Steel7%

Nonferrous Metals8%

Aluminum0.43%






S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,327.22

12,226.34

2,782.27

23,338.02

10,624.09

5,994.01

17,823.40

1,351.65

1,107.77

5,941.63

1,410.70

2,588.90

6,481.10

1,430.77

6,142.42

7,932.84

3.20%

2.81%

3.04%

(0.47%)

3.77%

2.24%

(2.75%)

3.33%

(1.01%)

(6.55%)

(8.06%)

0.08%

(5.51%)

(1.25%)

(10.18%)

(9.29%)

20.17%

18.41%

24.31%

13.24%

4.92%

11.94%

8.48%

19.26%

18.36%

(7.70%)

(11.44%)

(4.24%)

(12.17%)

(5.75%)

(8.18%)

15.42%

5.53%

5.60%

4.88%

1.31%

3.86%

1.59%

(13.10%)

5.59%

(3.79%)

(10.26%)

(13.48%)

(4.82%)

(6.82%)

(0.10%)

(9.07%)

(8.63%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

96.97

108.31

4.04

1,409.30

1,809.20

9,857.50

29.45

1,357.20

722.40

782.40

13.85

5.18%

15.10%

(8.67%)

5.66%

0.65%

1.41%

(13.31%)

(3.95%)

9.55%

(6.92%)

(10.70%)

21.73%

43.53%

(16.07%)

26.02%

17.63%

39.39%

24.79%

42.71%

91.11%

54.50%

3.13%

6.12%

20.05%

(8.35%)

(0.83%)

2.02%

1.21%

(8.31%)

(2.61%)

14.85%

(1.49%)

(1.04%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.72

3.42

1.3793

1.6247

81.94

0.14

0.00

0.59%

1.32%

(0.04%)

(0.09)

(0.19)

1.29%

6.56%

(7.80%)

0.06

0.04

2.92%

4.09%

1.02%


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD

Insured Age

$ 500,000

$1,000,000

$2,000,000

$5,000,000

30

62

118

231

528

35

85

165

325

763

40

129

252

499

1200

45

211

416

826

2015

50

368

730

1455

3589

Life

Cov

er

















0%

5%

10%

15%



0%

3%

6%

9%

12%

15%

Egyp

t

Suda

n

Yem

en

Jord

on

Alg

eria

KSA

Tuni

sia

Liby

a

Om

an

Kuw

ait

Bah

rain

UA

E

Qat

ar


-4.1%

1.80%1.50% 1.70%

-4.5%

-3.0%

-1.5%

0.0%

1.5%

3.0%

4.5%

20

09

20

10

20

11

20

12


5.4%7.0%

0.4%

4.5%5.9%

0%

3%

6%

9%

12%

15%

2007 2008 2009 2010 2011



0.0%

5.0%

10.0%

15.0%


2007 2011

0

100

200

300

400

500

600



Feb-

01

Aug

-01

Feb-

02

Aug

-02

Feb-

03

Aug

-03

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Feb-

11

Aug

-10

30

60

90

120

3/1

4/0

8

4/2

8/0

8

6/1

2/0

8

7/2

7/0

8

9/1

0/0

8

10

/25

/08

12

/9/0

8

1/2

3/0

9

3/9

/09

4/2

3/0

9

6/7

/09

7/2

2/0

9

9/5

/09

10

/20

/09

12

/4/0

9

1/1

8/1

0

3/4

/10

4/1

8/1

0

6/2

/10

7/1

7/1

0

8/3

1/1

0

10

/15

/10

11

/29

/10

1/1

3/1

1


1/1

9/1

0

2/1

8/1

0

3/2

0/1

0

4/1

9/1

0

5/1

9/1

0

6/1

8/1

0

7/1

8/1

0

8/1

7/1

0

9/1

6/1

0

10

/16

/10

11

/15

/10

12

/15

/10

1/1

4/1

1

2/1

3/1

1

80.00

90.00

100.00

110.00

120.00

130.00






6%

General Mining11%

Coal 1%

Iron & Steel7%

Nonferrous Metals8%

Aluminum0.43%






S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,327.22

12,226.34

2,782.27

23,338.02

10,624.09

5,994.01

17,823.40

1,351.65

1,107.77

5,941.63

1,410.70

2,588.90

6,481.10

1,430.77

6,142.42

7,932.84

3.20%

2.81%

3.04%

(0.47%)

3.77%

2.24%

(2.75%)

3.33%

(1.01%)

(6.55%)

(8.06%)

0.08%

(5.51%)

(1.25%)

(10.18%)

(9.29%)

20.17%

18.41%

24.31%

13.24%

4.92%

11.94%

8.48%

19.26%

18.36%

(7.70%)

(11.44%)

(4.24%)

(12.17%)

(5.75%)

(8.18%)

15.42%

5.53%

5.60%

4.88%

1.31%

3.86%

1.59%

(13.10%)

5.59%

(3.79%)

(10.26%)

(13.48%)

(4.82%)

(6.82%)

(0.10%)

(9.07%)

(8.63%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

96.97

108.31

4.04

1,409.30

1,809.20

9,857.50

29.45

1,357.20

722.40

782.40

13.85

5.18%

15.10%

(8.67%)

5.66%

0.65%

1.41%

(13.31%)

(3.95%)

9.55%

(6.92%)

(10.70%)

21.73%

43.53%

(16.07%)

26.02%

17.63%

39.39%

24.79%

42.71%

91.11%

54.50%

3.13%

6.12%

20.05%

(8.35%)

(0.83%)

2.02%

1.21%

(8.31%)

(2.61%)

14.85%

(1.49%)

(1.04%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.72

3.42

1.3793

1.6247

81.94

0.14

0.00

0.59%

1.32%

(0.04%)

(0.09)

(0.19)

1.29%

6.56%

(7.80%)

0.06

0.04

2.92%

4.09%

1.02%

MARCH 2011



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW

Amundi Islamic Global Resources

Investment Objective: Invest in commodity-producing companies to capture the growth potential of two main hard commodity sectors -energy and mining within a Shariah-compliant investment universe.The fund benefits from: - the structural imbalance between the globally growing demand for commodities and the limited production capacity - a better control of volatility within the portfolio by investing in production companies rather than in commodities directly- an experienced team with over 12 years track-record managing commodity-linked equities- A unique Shariah-compliant vehicle giving access to a global universe of companies involved in the production and exploitation of hard commodities

Historical Performance as of February 20101 Month 5,73%3 Months 16.78%6 Months 36.01%1 Year 33.09%


PAGE 9

Product Spotlight

CONTINUE

MARCH 2011


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD

Insured Age

$ 500,000

$1,000,000

$2,000,000

$5,000,000

30

62

118

231

528

35

85

165

325

763

40

129

252

499

1200

45

211

416

826

2015

50

368

730

1455

3589

Life

Cov

er

















0%

5%

10%

15%



0%

3%

6%

9%

12%

15%

Egyp

t

Suda

n

Yem

en

Jord

on

Alg

eria

KSA

Tuni

sia

Liby

a

Om

an

Kuw

ait

Bah

rain

UA

E

Qat

ar


-4.1%

1.80% 1.50% 1.70%

-4.5%

-3.0%

-1.5%

0.0%

1.5%

3.0%

4.5%

20

09

20

10

20

11

20

12


5.4%7.0%

0.4%

4.5%5.9%

0%

3%

6%

9%

12%

15%

2007 2008 2009 2010 2011



0.0%

5.0%

10.0%

15.0%


2007 2011

0

100

200

300

400

500

600



Feb-

01

Aug

-01

Feb-

02

Aug

-02

Feb-

03

Aug

-03

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Feb-

11

Aug

-10

30

60

90

120

3/1

4/0

8

4/2

8/0

8

6/1

2/0

8

7/2

7/0

8

9/1

0/0

8

10

/25

/08

12

/9/0

8

1/2

3/0

9

3/9

/09

4/2

3/0

9

6/7

/09

7/2

2/0

9

9/5

/09

10

/20

/09

12

/4/0

9

1/1

8/1

0

3/4

/10

4/1

8/1

0

6/2

/10

7/1

7/1

0

8/3

1/1

0

10

/15

/10

11

/29

/10

1/1

3/1

1


1/1

9/1

0

2/1

8/1

0

3/2

0/1

0

4/1

9/1

0

5/1

9/1

0

6/1

8/1

0

7/1

8/1

0

8/1

7/1

0

9/1

6/1

0

10

/16

/10

11

/15

/10

12

/15

/10

1/1

4/1

1

2/1

3/1

1

80.00

90.00

100.00

110.00

120.00

130.00






6%

General Mining11%

Coal 1%

Iron & Steel7%

Nonferrous Metals8%

Aluminum0.43%






S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,327.22

12,226.34

2,782.27

23,338.02

10,624.09

5,994.01

17,823.40

1,351.65

1,107.77

5,941.63

1,410.70

2,588.90

6,481.10

1,430.77

6,142.42

7,932.84

3.20%

2.81%

3.04%

(0.47%)

3.77%

2.24%

(2.75%)

3.33%

(1.01%)

(6.55%)

(8.06%)

0.08%

(5.51%)

(1.25%)

(10.18%)

(9.29%)

20.17%

18.41%

24.31%

13.24%

4.92%

11.94%

8.48%

19.26%

18.36%

(7.70%)

(11.44%)

(4.24%)

(12.17%)

(5.75%)

(8.18%)

15.42%

5.53%

5.60%

4.88%

1.31%

3.86%

1.59%

(13.10%)

5.59%

(3.79%)

(10.26%)

(13.48%)

(4.82%)

(6.82%)

(0.10%)

(9.07%)

(8.63%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

96.97

108.31

4.04

1,409.30

1,809.20

9,857.50

29.45

1,357.20

722.40

782.40

13.85

5.18%

15.10%

(8.67%)

5.66%

0.65%

1.41%

(13.31%)

(3.95%)

9.55%

(6.92%)

(10.70%)

21.73%

43.53%

(16.07%)

26.02%

17.63%

39.39%

24.79%

42.71%

91.11%

54.50%

3.13%

6.12%

20.05%

(8.35%)

(0.83%)

2.02%

1.21%

(8.31%)

(2.61%)

14.85%

(1.49%)

(1.04%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.72

3.42

1.3793

1.6247

81.94

0.14

0.00

0.59%

1.32%

(0.04%)

(0.09)

(0.19)

1.29%

6.56%

(7.80%)

0.06

0.04

2.92%

4.09%

1.02%

You can invest in this Islamic Fund with a minimum USD 10,000, or through ADCB Systematic Investment Plans.



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW


PAGE 10

Product Spotlight

MARCH 2011


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD

Insured Age

$ 500,000

$1,000,000

$2,000,000

$5,000,000

30

62

118

231

528

35

85

165

325

763

40

129

252

499

1200

45

211

416

826

2015

50

368

730

1455

3589

Life

Cov

er

















0%

5%

10%

15%



0%

3%

6%

9%

12%

15%

Egyp

t

Suda

n

Yem

en

Jord

on

Alg

eria

KSA

Tuni

sia

Liby

a

Om

an

Kuw

ait

Bah

rain

UA

E

Qat

ar


-4.1%

1.80% 1.50% 1.70%

-4.5%

-3.0%

-1.5%

0.0%

1.5%

3.0%

4.5%

20

09

20

10

20

11

20

12


5.4%7.0%

0.4%

4.5%5.9%

0%

3%

6%

9%

12%

15%

2007 2008 2009 2010 2011



0.0%

5.0%

10.0%

15.0%


2007 2011

0

100

200

300

400

500

600


Gold Price Morgan Stanley World IndexFe

b-0

1

Aug

-01

Feb-

02

Aug

-02

Feb-

03

Aug

-03

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Feb-

11

Aug

-10

30

60

90

120

3/1

4/0

8

4/2

8/0

8

6/1

2/0

8

7/2

7/0

8

9/1

0/0

8

10

/25

/08

12

/9/0

8

1/2

3/0

9

3/9

/09

4/2

3/0

9

6/7

/09

7/2

2/0

9

9/5

/09

10

/20

/09

12

/4/0

9

1/1

8/1

0

3/4

/10

4/1

8/1

0

6/2

/10

7/1

7/1

0

8/3

1/1

0

10

/15

/10

11

/29

/10

1/1

3/1

1


1/1

9/1

0

2/1

8/1

0

3/2

0/1

0

4/1

9/1

0

5/1

9/1

0

6/1

8/1

0

7/1

8/1

0

8/1

7/1

0

9/1

6/1

0

10

/16

/10

11

/15

/10

12

/15

/10

1/1

4/1

1

2/1

3/1

180.00

90.00

100.00

110.00

120.00

130.00






6%

General Mining11%

Coal 1%

Iron & Steel7%

Nonferrous Metals8%

Aluminum0.43%






S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,327.22

12,226.34

2,782.27

23,338.02

10,624.09

5,994.01

17,823.40

1,351.65

1,107.77

5,941.63

1,410.70

2,588.90

6,481.10

1,430.77

6,142.42

7,932.84

3.20%

2.81%

3.04%

(0.47%)

3.77%

2.24%

(2.75%)

3.33%

(1.01%)

(6.55%)

(8.06%)

0.08%

(5.51%)

(1.25%)

(10.18%)

(9.29%)

20.17%

18.41%

24.31%

13.24%

4.92%

11.94%

8.48%

19.26%

18.36%

(7.70%)

(11.44%)

(4.24%)

(12.17%)

(5.75%)

(8.18%)

15.42%

5.53%

5.60%

4.88%

1.31%

3.86%

1.59%

(13.10%)

5.59%

(3.79%)

(10.26%)

(13.48%)

(4.82%)

(6.82%)

(0.10%)

(9.07%)

(8.63%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

96.97

108.31

4.04

1,409.30

1,809.20

9,857.50

29.45

1,357.20

722.40

782.40

13.85

5.18%

15.10%

(8.67%)

5.66%

0.65%

1.41%

(13.31%)

(3.95%)

9.55%

(6.92%)

(10.70%)

21.73%

43.53%

(16.07%)

26.02%

17.63%

39.39%

24.79%

42.71%

91.11%

54.50%

3.13%

6.12%

20.05%

(8.35%)

(0.83%)

2.02%

1.21%

(8.31%)

(2.61%)

14.85%

(1.49%)

(1.04%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.72

3.42

1.3793

1.6247

81.94

0.14

0.00

0.59%

1.32%

(0.04%)

(0.09)

(0.19)

1.29%

6.56%

(7.80%)

0.06

0.04

2.92%

4.09%

1.02%


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD

Insured Age

$ 500,000

$1,000,000

$2,000,000

$5,000,000

30

62

118

231

528

35

85

165

325

763

40

129

252

499

1200

45

211

416

826

2015

50

368

730

1455

3589

Life

Cov

er

















0%

5%

10%

15%



0%

3%

6%

9%

12%

15%

Egyp

t

Suda

n

Yem

en

Jord

on

Alg

eria

KSA

Tuni

sia

Liby

a

Om

an

Kuw

ait

Bah

rain

UA

E

Qat

ar


-4.1%

1.80% 1.50% 1.70%

-4.5%

-3.0%

-1.5%

0.0%

1.5%

3.0%

4.5%2

00

9

20

10

20

11

20

12


5.4%7.0%

0.4%

4.5%5.9%

0%

3%

6%

9%

12%

15%

2007 2008 2009 2010 2011



0.0%

5.0%

10.0%

15.0%


2007 2011

0

100

200

300

400

500

600



Feb-

01

Aug

-01

Feb-

02

Aug

-02

Feb-

03

Aug

-03

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Feb-

11

Aug

-10

30

60

90

120

3/1

4/0

8

4/2

8/0

8

6/1

2/0

8

7/2

7/0

8

9/1

0/0

8

10

/25

/08

12

/9/0

8

1/2

3/0

9

3/9

/09

4/2

3/0

9

6/7

/09

7/2

2/0

9

9/5

/09

10

/20

/09

12

/4/0

9

1/1

8/1

0

3/4

/10

4/1

8/1

0

6/2

/10

7/1

7/1

0

8/3

1/1

0

10

/15

/10

11

/29

/10

1/1

3/1

1


1/1

9/1

0

2/1

8/1

0

3/2

0/1

0

4/1

9/1

0

5/1

9/1

0

6/1

8/1

0

7/1

8/1

0

8/1

7/1

0

9/1

6/1

0

10

/16

/10

11

/15

/10

12

/15

/10

1/1

4/1

1

2/1

3/1

1

80.00

90.00

100.00

110.00

120.00

130.00






6%

General Mining11%

Coal 1%

Iron & Steel7%

Nonferrous Metals8%

Aluminum0.43%






S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,327.22

12,226.34

2,782.27

23,338.02

10,624.09

5,994.01

17,823.40

1,351.65

1,107.77

5,941.63

1,410.70

2,588.90

6,481.10

1,430.77

6,142.42

7,932.84

3.20%

2.81%

3.04%

(0.47%)

3.77%

2.24%

(2.75%)

3.33%

(1.01%)

(6.55%)

(8.06%)

0.08%

(5.51%)

(1.25%)

(10.18%)

(9.29%)

20.17%

18.41%

24.31%

13.24%

4.92%

11.94%

8.48%

19.26%

18.36%

(7.70%)

(11.44%)

(4.24%)

(12.17%)

(5.75%)

(8.18%)

15.42%

5.53%

5.60%

4.88%

1.31%

3.86%

1.59%

(13.10%)

5.59%

(3.79%)

(10.26%)

(13.48%)

(4.82%)

(6.82%)

(0.10%)

(9.07%)

(8.63%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

96.97

108.31

4.04

1,409.30

1,809.20

9,857.50

29.45

1,357.20

722.40

782.40

13.85

5.18%

15.10%

(8.67%)

5.66%

0.65%

1.41%

(13.31%)

(3.95%)

9.55%

(6.92%)

(10.70%)

21.73%

43.53%

(16.07%)

26.02%

17.63%

39.39%

24.79%

42.71%

91.11%

54.50%

3.13%

6.12%

20.05%

(8.35%)

(0.83%)

2.02%

1.21%

(8.31%)

(2.61%)

14.85%

(1.49%)

(1.04%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.72

3.42

1.3793

1.6247

81.94

0.14

0.00

0.59%

1.32%

(0.04%)

(0.09)

(0.19)

1.29%

6.56%

(7.80%)

0.06

0.04

2.92%

4.09%

1.02%



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW


PAGE 11

Performance Review

Shari’ah Compliant

Fund House Performances

Funds Currency ISIN NAV 1M 3M 6M 12M 36M 12M VolatilityEquity Funds M&G GLOBAL LEADERS-$-A-ACC USD GB00B1RXYW84 9.08 3.08% 12.01% 26.52% 21.35% (11.96%) 21.01% SCHRODER INTL EMERG MKTS-$-A-ACC USD LU0106252389 13.17 (1.05%) 3.95% 14.22% 17.07% (4.98%) 21.17% M&G AMERICAN FUND-$-A-ACC USD GB00B1RXYR32 10.06 3.53% 10.98% 28.32% 21.37% 1.85% 20.41% SCHRODER INTL EURO EQT-A ACC EUR LU0106235293 21.62 2.46% 13.19% 20.31% 16.55% (9.39%) 16.85% JPMORGAN F-JF PAC EQ-A-A$ USD LU0210528096 14.23 (0.14%) 6.11% 20.19% 19.28% (2.33%) 17.90% SCHRODER INTL BRIC-$-A-ACC USD LU0228659784 207.73 1.16% 2.31% 12.93% 13.13% (13.87%) 18.75% CAAM ISLAMIC BRIC QUANT FUND-$-C-ACC USD LU0399639573 215.29 3.78% 8.58% 16.94% 16.69% N/A 19.12% AL-NOKHITHA FUND-ACC AED NA 3.45 (7.41%) (16.46%) (7.30%) (11.61%) (72.82%) 30.90% ADCB-MSCI UAE INDEX FUND-ACC AED NA 3.66 (8.43%) (15.73%) (5.84%) (5.89%) (69.69%) 35.46% ADCB-MSCI ARABIAN MKT $-ID-ACC USD NA 5.18 (5.82%) (5.54%) (0.50%) (3.44%) N/A 17.40% FRANKLIN INDIA FUND-$-A-ACC USD LU0231203728 24.76 (1.75%) (8.09%) 2.02% 13.27% 5.72% 24.11% FIDELITY LATIN AMERICA FUND-$-A USD LU0050427557 46.99 0.51% (1.28%) 12.96% 19.99% 11.69% 20.49% TEMPLETON EM MARKETS SMALLER CO-$-A-ACC USD LU0300738514 8.54 (4.04%) (5.01%) 10.77% 19.11% (6.05%) 21.42% TEMPLETON FRONTIER MARKETS FUND-$-A-ACC USD LU0390136736 16.76 (4.17%) 1.33% 10.34% 11.58% N/A 16.36% GLOBAL THEMATIC REASEARCH PORTFOLIO-$-A-ACC USD LU0069063385 17.88 3.35% 9.09% 29.19% 26.36% 20.49% 20.38% BGF WORLD TECHNOLOGY-$-A2 USD LU0056508442 13.61 3.18% 12.67% 30.49% 27.20% 25.44% 21.68% CRESCENT GLOBAL EQUITY FUND USD IE0032587655 21.36 2.21% 11.36% 21.49% 14.44% (6.40%) 19.28% SIIF ISLAMIC EMERGING MARKETS EQUITY FUND USD IE00B2N6GB10 10.17 (0.29%) 6.38% NA NA NA NAJPM JF ASEAN EQUITY-AA$ USD LU0441851309 15.13 (1.82%) (0.85%) 12.32% 36.43% NA 18.46% INTERNATIONAL OPP-DRAGON P-A USD LU0259732245 19.79 (2.62%) (6.02%) 6.39% 12.72% 0.04% 19.10% Fixed Income BNY MELLON GL-GLOBAL BOND-$A USD IE0003924739 2.13 0.84% 1.95% 0.83% 7.33% 11.78% 7.16% ING (L) RENTA-EM MK DB LC-XC USD LU0118288173 57.99 0.82% 3.31% 5.51% 7.13% 5.55% 9.84% SCHRODER INTL GL CORP BD-AAC USD LU0106258311 8.63 0.47% 0.47% (0.46%) 4.99% 21.55% 3.10% TEMPLETON GLOBAL BOND FUND-$-A-ACC USD LU0252652382 25.30 1.28% 2.93% 5.50% 10.05% 35.22% 7.74% Commodities DB PLATINUM-COMMODITY $-I1C USD LU0216466952 21,543.66 (1.57%) 10.61% 17.16% 7.34% (11.53%) 16.53% JPMORGAN F-GLB NAT RE-$-A-ACC USD LU0266512127 21.69 4.38% 11.86% 40.12% 47.25% (5.20%) 24.99% BLACKROCK WORLD GOLD FUND-$-A USD LU0055631609 63.90 7.59% 1.01% 15.43% 38.01% 6.31% 22.47% SCHRODERS INTL GLOBAL ENERGY FUND-$-A-ACC USD LU0256331488 43.79 6.86% 21.50% 41.03% 36.42% (1.15%) 23.33% BGF WORLD MINING FUND-$-A2 USD LU0075056555 84.48 2.70% 10.34% 36.54% 34.65% (16.66%) 29.46% DWS NOOR PRECIOUS METALS FUND USD IE00B1FQCN68 1.42 5.94% 2.57% 12.55% 31.88% (1.59%) 22.75% DWS GLOBAL AGRIBUSINESS FUND USD LU0273164847 135.21 3.21% 11.93% 27.62% 23.42% (0.74%) 21.54% AMUNDI ISLAMIC GLOBAL RESOURCES FUND USD LU0399640407 119.72 5.55% 16.12% 34.40% 29.92% NA 22.33% Real Estate HENDERSON HOR-G PROP EQTY $-A2 USD LU0209137388 14.31 2.07% 7.19% 19.05% 27.77% (1.72%) 19.52%

CONTINUE

MARCH 2011



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW


PAGE 12

Performance ReviewFund House Performances

Funds Currency ISIN NAV 1M 3M 6M 12M 36M 12M VolatilityHedge JPM INV-HIGH STAT MAR N-A$H USD LU0323455575 153.56 (0.44%) 0.36% 1.57% (3.10%) N/A 2.57% NATIXIS GATEWAY US EQTYS-RA$ USD LU0411265316 112.39 0.80% 3.36% 7.89% 5.17% (4.88%) 7.61% Balanced Fidelity Multi-Asset Navigator Fund $-A-ACC USD LU0286670517 10.94 1.11% 5.60% 9.40% 10.85% 3.60% 11.61% Index MSCI WORLD USD 1,351.65 3.33% 13.25% 25.07% 19.26% (7.14%) 19.93% MSCI EM USD 1,107.77 (1.01%) 2.97% 14.20% 18.36% (5.13%) 20.36% S&P Global REIT Index USD 141.51 4.05% 11.99% 19.10% 27.88% (14.51%) 18.32% S&P GSCI Official Close Index USD 5,285.08 3.75% 16.96% 31.55% 19.89% (36.36%) 21.01% US Cash Indices LIBOR Total Return USD 175.76 0.02% 0.08% 0.15% 0.35% 3.89% 0.04% MSCI UAE USD 270.81 (8.15%) (15.65%) (4.90%) (8.03%) (64.76%) 32.60%

MARCH 2011



TRENDS

PRODUCTSPOTLIGHT

PERFORMANCE REVIEW

Disclosures:

This document is for information and illustrative purposes only; it is in no way an offer or solicitation to buy or sell any investment products, but only information being provided. ADCB will not be held liable for any information provided in this document which is stated to have been obtained from third party sources. This information may be based on assumptions or market conditions and may change without notice.

The information in this report was prepared by employees of ADCB and is current as of the date of the report. The information contained herein has been obtained from sources that they believe to be reliable, but ADCB does not guarantee its accuracy, adequacy, completeness, reliability, or timeliness, and will not be held liable for any investment decisions made based on this information. Moreover, ADCB is not responsible for any errors or omissions or for the results obtained from the use of such information. All information and estimates included in this report are subject to change without notice. ADCB will furnish, upon request, available

investment information supporting this recommendation. This report is intended for qualified customers of ADCB.

The information provided in this document should be read in conjunction with the Fund Prospectus, Term Sheet and Subscription Agreement, potential investors must ensure that they read and understand the terms, conditions and information contained in the same. Past performance does not guarantee future results. Investment products are not bank deposits and are not guaranteed by ADCB. They are subject to investment risks, including possible loss of principal amount invested. Please refer to ADCB Terms and Conditions for Investment Services.

You may not redistribute this report without explicit permission from ADCB.

Asset Management Updates from ADCB MARCH 2011 · 2013. 9. 22. · NYMEX Crude OPEC Natural Gas Gold...

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