The best-performing South African Shariah global equity fund has outperformed its two local competitors over all periods longer than a year and is banking on information technology and healthcare stocks to beat its benchmark in future.
The Old Mutual Global Islamic Equity portfolio, with $188.5m (R3.3bn) under management at the end of December, had Meta Platforms, Novo Nordisk and Alphabet Inc, the owner of Google, as its three largest holdings.
At the end of July, the fund only counted information technology and healthcare-related stocks among its 10 largest holdings at the end of July. This choice is a function of the fund’s compliance with Shariah regulations.