Global Capital Launches Iraq Focused Fund
by Seth Fraser, Reporter, December 6, 2010
Global Capital Investments is launching an Iraq-focused maiden fund to capitalize on the country’s stabilizing economy.
Chicago-based Kenneth Kuhn, a managing director and longtime currency trader of the Iraqi dinar, began the fund in November to provide better access to Iraq’s financial markets.
The fund primarily invests in listed equities on the Iraq Stock Exchange and has already selected about 44 of the 93 stocks on the ISX, according to Reuters.
Attractive reasons to invest in Iraq, according to Kuhn, include a dropping interest rate, rising exports, a stabilizing dinar and minimal national debt.
“The fund uses a long strategy in a diversified portfolio with an emphasis on the banking sector,” Kuhn told HedgeFund.net. “Our single largest holding is in Dar es Salaam bank which is 70% owned by HSBC.”
In addition to the banking sector, Kuhn sees vast potential in oil reserves, as well as the agriculture sector which is recovering from the oil-for-food scandal.
“Currently Iraq is a market at an historic bottom with the resources to rebuild,” he said.
The Iraq focused fund is still in its fundraising stages with a target of $10 million.
The minimum investment is $100,000 and the fee structure is 2% and 20%.
“It is the first fund of our firm and we hope to grow other sister companies,” said Kuhn.
Global Capital was co-founded by Abraham Merchant and Kenneth Kuhn in 2010 and is headquartered out of Illinois.
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Global Capital Launches Iraq Focused Fund
by Seth Fraser, Reporter
Hello Daren,
Can you find out what the symbol of Dar es Salaam is?
The symbol? Can you tell me more about what you are talking about? Symbol of what?
http://en.wikipedia.org/wiki/Dar_es_Salaam
The stock symbol for the bank on the ISX that is 70% owned by HSBC. For example the Bank of Baghdad’s ISX symbol is BBOB
If you are registered for support(at)drdinar.com I will take care of this.
It it’s not something I can answer immediately it requires an official support ticket.