The Foreign & Colonial Emerging Middle East Fund has reported a 7.6 per cent increase in net asset value (NAV) a unit in the first six months of 1996. NAV reached a high of $14.49 in early June, but dropped to $13.93 on 30 June. Overall, NAV has lost 0.78 per cent since the fund’s inception in October 1994.

The fund, capitalised at $41,725 million, has increased Morocco’s asset allocation, which stood at 40.2 per cent on 30 June 1996, compared with 26.3 per cent on 31 December 1995. The fund continues to focus on Morocco, Egypt, Israel and Turkey, which together account for nearly 88 per cent of assets. Holdings in Turkey and Israel were sold down in March this year.

The fund’s share price was $11.75 on 30 June, but has lost ground and is trading at around $11.12 in mid-August (MEED 23:2:96).