For the third straight year Samba Al-Fareed Fund distributes 2.5% earnings for the first half of 2006
Once again, Al-Fareed Fund, a Samba growth and income fund, underlines its impressive market performance and growing returns. Samba Asset Management Department approved the distribution of dividends against the first half of 2006 amounting to 2.5% of the fund's unit price based on July 1,2006 evaluation.
Mr. Eisa Al-Eisa, Samba Managing Director and CEO, noted the strong attraction and great trust that Samba funds enjoy among investors. He said: "Samba has built an impressive track record of superior performance in these types of investments. Our local equity funds always outperform their benchmarks. However, what truly distinguishes Al-Fareed Fund from other banks' investment funds is the distribution of semi-annual dividends for investors. This signifies the fund's impressive performance which has translated into a 242.97% growth in the fund's profitability so far since inception late in 2003. Indeed, Samba's expertise and leadership in local funds remain unmatched. Samba is the first bank to launch funds that invest in local stocks like Al-Musahem and Al-Saif funds. Samba also offers Al-Raed Fund which invests in Shariah-compliant stocks."
Samba Al-Fareed Fund was launched toward the end of 2003. It is an open-ended fund denominated in Saudi Riyals that invests in shares of companies and financial institutions listed in the Saudi Stock Market. It is the only investment fund in the Kingdom that distributes mid-year dividends and invests in Saudi stocks. Investors can choose to put their dividends into their Samba account or reinvest them into the fund.