Morocco, Egypt, Israel top fund allocation

23 February 1996

Morocco, Egypt and Israel accounted for almost 75 per cent of the asset allocation for the Foreign & Colonial Emerging Middle East Fund at the end of 1995.

Turkey's allocation was almost 17 per cent on 31 December 1995, a lower weighting than in October, when the country accounted for almost 21 per cent.

The five largest holdings, with their allocations, were: Koor Industries of Israel (3.9 per cent), ONA in Morocco (3.6 per cent), Egypt's Commercial International Bank (3.3 per cent), Societe Nationale d'Investissement in Morocco (3.1 per cent), and Israel's Super Sol (3.1 per cent).

The share price has fallen since Foreign & Colonial launched the fund in November 1994 when it was $15 a share. On 31 December 1995, the share price was $10.625. However, since the start of 1996 the share price has gained ground and in mid-February was trading at around $11.75.

The net asset value at the end of 1995 was $12.95, compared with a high in June of $14.49 and a low in November of $12.83.

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