RDR Capital’s MENA portfolio is up +16.0% in 4Q16 and since inception (the portfolio was incepted on the 1st of October 2016).
The MENA portfolio performed exceptionally well during 4Q16
The Middle East and North Africa (MENA) portfolio performed exceptionally well during the last quarter of 2016. A positive macro environment driven primarily by a rebound in oil prices during the quarter helped MENA markets recover from heavy losses earlier in the year.
Al Hokair Group (AATD AB) was the best performer during the quarter as consumer sentiment improved in Saudi Arabia. The shares were up 84.0% during the quarter, and as noted in our post dated 6 December 2016, we felt it was prudent to take advantage of the strong run and reduce our position accordingly.