Banque Misr First Mutual Fund - First Issue - Quarterly periodic income

Fund Name

Banque Misr First Mutual Fund - First Issuance - Quarterly periodic income

Fund Category

Periodic return 

Fund Objective

Achieve and distribute quarterly the maximum possible investment return , also to minimize the risk through portfolio diversification including the listed shares, governmental shares and bonds and nongovernmental listed shares in the Egyptian Stock Exchange or other stock exchange subjected to governmental supervisory authority outdoors similar to the capital market Authority, also the deposits, treasury bills and investment certificates of other funds according to the provisions of the Law 95 year 1992 and its implementing regulation

Distributions

Quarterly

Inception Date

1 February 1995

Subscription & Redemption

Daily until 1 PM from any of BM branches, implementation is on the next day by the price of the end of the day of submitting the application

NAV Publishing

Weekly at Al-Ahram Newspaper

Fund Manager

CI Asset Management

Custodian

Arab African International Bank (AAIB)

Auditors

Khaled  El Dahaway

Financial Data

Financial Data

Fund Size at Inception

(*) EGP 300 million

Seed Capital by Banque Misr

EGP 15 million , the value of 15000 certificates not refundable except at the end of the term of the fund.

Initial NAV per Certificate

(**)EGP100

Minimum Subscription

1 Certificate

Fund manager fees

The fees are settled according to the following segments:

1-Management Fees

LE 100 mm:0.03% of NAV

LE 100 - 200 mm:0.25% of NAV

Above LE 200 mm:0.02% of NAV

Calculated and saved daily and paid every 3 months

2-Performance Fees

6% annually from Net profit above 91 day T-bills yield+3%

Bank Fees

1% annually of Net Asset Value (NAV)

Subscription Fees

none

Redemption Fees

0.75% of the redeemed amount

Assets Allocation

Assets Allocation

Allocation Equities %

Max. Allocation:30% - 60% of total assets

Allocation Fixed Income(%)of Assets

Max. Allocation: 50% of total assets

Securities Per Issuer

Max. Allocation: (10% of total assets) & (20% of issue)

Funds Issued by other banks

Max. Allocation: (20% of total assets) & (5% of issue)

*There was an increase in the fund size at April 1997 from LE 300 mm to LE 400mm then to LE 500 mm in September 1997

**1000 Egyptian pounds (and the certificates was divided into 10 documents so that the nominal value of the certificate is 100 Egyptian pounds since November 23, 1997)