Oryx Fund up 24 percent during the year: outperforms all GCC market indices

The fund's NAV rose by 14.8% in the second quarter alone, as the stocks in the portfolio continued to outperform the markets. The GCC markets, which saw an overall weakening in the second half of last year, have been steadily recovering during 2007. This has been reflected in growing investor sentiment that the markets have been witnessing.

The Oryx fund, which seeks to provide long-term capital appreciation opportunities to investors through maintaining a diversified portfolio in stocks listed on GCC stock markets, is in process of identifying attractive earnings growth opportunities and will move its exposure into such companies so as to improve the overall performance over the medium to long term horizon.

Manned by a team of seasoned professionals, the BankMuscat Asset Management division enjoys an outstanding track record on the back of disciplined investment processes, sound operational systems and controls and its commitment to meeting stringent ethical practices. During past 11 years of its operations, the asset management division has been instrumental in launching a range of investment products focused on local and regional markets and also various asset classes. The funds currently managed by the division include the Muscat fund, the Oryx Fund and BankMuscat MSCI® Kuwait Fund.