The Fund is an absolute return, long/short strategy that invests in Middle East and North Africa (MENA) listed equities.

The Waha MENA Equity Fund invests in a diversified portfolio of publicly-listed companies across the Middle East and North Africa (MENA) regional equity markets. The selection of equities involves in-house fundamental research and a rigorous risk governance framework, as well as sell-side research.

The Fund launched in January 2014, has consistently generated absolute returns for our investors. The Fund is actively managed by a stable, seasoned investment team based in the region with decades of cumulative experience. The Fund follows an absolute return strategy employing a fundamental bottom-up approach with a macro and technical overlay. The Fund has a long bias but has the ability to invest on the short side to generate returns.

Total Return Performance

Returns	1 M	3 M	1 Yr	YTD	Annualized SI²	Cumulative SI²
Fund (Net)	1.3%	9.7%	27.6%	1.3%	16.8%	374.1%
Index¹	-0.3%	10.8%	8.6%	-0.3%	5.4%	70.4%

Calendar Year Performance

Returns	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Fund (Net)	27.2%	7.9%	14.0%	11.7%	6.6%	19.7%	14.1%	32.8%	12.8%	24.3%
Index¹	1.7%	-14.4%	7.9%	4.4%	10.4%	12.5%	1.2%	32.7%	-5.7%	10.6%

Data presented is as of 31 January 2024. (1) Please note the reference index not to be used as a benchmark for performance as it is not a direct comparison, source: Bloomberg LLP. (2) Inception date of Fund is 1st Jan 2014.