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)	1.8%	7.9%	2.5%	6.5%	16.2%	306.3%
Index¹	5.1%	3.0%	-16.9%	4.6%	5.3%	61.6%

Calendar Year Performance

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

Data presented is as of 30^th April 2023. (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.