We are selling half of our positions in Jarir Marketing Co (Jarir) and National Commercial Bank (NCB) after the share prices of both companies appreciated significantly over the past few months. Jarir’s share price is up 105.9% and NCB’s is up 90.9% since we initiated our positions, hence it is our view that share prices reflect full valuation at current levels.
However, we have retained half of our positions in both companies as our fundamental view of both businesses remains positive, as well as our long term view of the Saudi economy in general.
The above raises our cash levels to a significantly high 40.7%, reflecting our cautious view over the short term.
As of today, the RDR MENA portfolio is up 3.9% year to date (YTD) and 19.4% since inception (the portfolio was incepted on the 1st of October 2016).