Investors had little enthusiasm for National Bank of Abu Dhabi's exchange-traded fund (ETF) last year.
High expenses and a lack of appetite for the recently introduced OneShare Dow Jones UAE 25 ETF caused the investment vehicle to report a widened full-year loss of Dh3.06 million, from a loss of Dh726,974 the previous year. The fund was launched in April 2010.
An ETF tracks a basket of stocks or commodities but trades like an individual share. In this case, the OneShare ETF includes the top 25 publicly traded companies in the UAE. "Because the ETF is still at an embryonic stage, the fixed costs for running that fund are quite high," said Saleem Khokhar, the head of equities at NBAD and a director at the ETF. "We are willing to ride out the expenses until it grows in terms of size."
One of the main attractions of ETFs in the region, in theory, is that they allow institutional traders to take larger positions without being constrained by the limits set by bourses on the number of shares investors can buy in a single day.
But most bigger investors left regional markets after the global financial crisis.
An ETF can also allow smaller investors to gain exposure to a broader index without having to buy a variety of individual shares. But for retail investors, who prefer to manage their trades by themselves, buying into the fund is more expensive than an individual share.
An investor will still have to pay a fee of 27.5 basis points to a broker, on top of the annual fee of 99 basis points for the fund.
Performance of the ETF was weak last year, after the Arab Spring and Europe's ongoing debt crisis dampened investor sentiment. The fund was down 16.7 per cent, bringing its total decline since inception to 19.7 per cent.
The Abu Dhabi Securities Exchange General Index and Dubai Financial Market General Index, the country's two main indexes, lost 11.6 per cent and 16.9 per cent, respectively, last year.
halsayegh@thenational.ae
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Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
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UAE currency: the story behind the money in your pockets
Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
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August 24
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August 27
Fourth ODI, R Premadasa Stadium
August 31
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September 3
T20, R Premadasa Stadium
September 6
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Manchester City 3 (Sterling 46', De Bruyne 65', Gundogan 70')
Aston Villa 0
Red card: Fernandinho (Manchester City)
Man of the Match: Raheem Sterling (Manchester City)
MATCH INFO
RB Leipzig 2 (Klostermann 24', Schick 68')
Hertha Berlin 2 (Grujic 9', Piatek 82' pen)
Man of the match Matheus Cunha (Hertha Berlin
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Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
