Charlemagne Capital unveils MENA fund

Emerging markets firm Charlemagne Capital has launched the Magna MENA fund, which will invest up to 90% in Gulf Co-operation Council regions to play higher oil prices.

The fund focuses on 30 to 40 holdings, with a high allocation to Saudi Arabia, Qatar and Abu Dhabi, and is structured as a sub-fund of the Magna Umbrella Ucits III vehicle, domiciled in Ireland. Mark Krombas is lead portfolio adviser of the fund and believes there are significant investment opportunities in the Middle East and North Africa region. “MENA is growing faster than the rest of the world, has falling public debt and budget surpluses, a good dividend culture and a low tax regime all of which make the macro-economic picture a strong one,” says Krombas. The firm will watch ...