London, UK, 23 February 2017

Edison issues review on Qatar Investment Fund (QIF)

Qatar Investment Fund (QIF) aims to generate long-term capital growth from a relatively concentrated portfolio of c 25 holdings. The majority of the fund is invested in companies listed in Qatar, but up to 15% may be listed in other Gulf Cooperation Council (GCC) countries. Qatar has favourable economic growth led by infrastructure spending and population growth, as the Qatari government actively moves away from its traditional reliance on hydrocarbon-based revenues. QIF is benchmarked against the Qatar Exchange index - its NAV total return has outperformed over one, three and five years.

QIF's current 18.8% discount to NAV is wider than the averages of the last one, three and five years (13.9%, 13.7% and 13.5% respectively). The board actively manages the discount via regular share repurchases and tender offers. Given QIF's record of outperformance versus the benchmark, there is scope for the discount to narrow if investor appetite for the region increases. Although aiming for capital growth, QIF has a progressive dividend policy; the annual dividend has increased in five of the last six financial years. The current dividend yield is 3.8%.

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