banking beyond borders

Beirut Income Fund Report ( USD )
for the month of February 2003

Fund Review

Beirut Income Fund benefits from a conservative allocation among various Eurobond issues from the Lebanese Government, with all maturities not to exceed the duration of the Fund, and a positive return is generated from arbitrage operations, through the leverage we are allowed to utilize in order to enhance performance. 

Lebanese sovereign bonds continued to be attractive for investors. Prices remained firm throughout  the months of January & February 2003.

1-NAV/Share at Fund Inception 1/12/2000                              USD  10,000.00
2-Dividend distribution 2001                                                     USD       700.00
3-Dividend distribution 2002                                                     USD    1,455.00
4- NAV/share as at 28/2/2003                                                 USD  10,702.79

 Performance including dividend distribution               28.58% over 27 months
(For the period from 1/12/2000 till 28/2/2003)          12.70% annualized performance

The Fund

Beirut Income Fund USD is the first Lebanese, open-ended, Common Placement vehicle, which invests in Lebanese sovereign bonds, with the objective of achieving a steady and high annual return. The Fund was launched in December 2000 and has a limited duration of 5 years until December 2005.

Subscriptions and Withdrawals take place on the last business day of each month, on the basis of the Net Asset Value.

The period ending February 2003

  •   Asset Allocation

As at February 2003, 99.42% of Beirut Income Fund USD investments were in U.S. Dollar Lebanese Government Bonds and 0.58% in other Lebanese Banks issues. The Fixed Income invested securities have an Average Yield of 11.19% and an average Duration of 20 months

  •  Fund Evaluation through NAV

DELOITTE & TOUCHE defines the Fund’s pricing procedure, and Midclear S.A.L. (custodian & Administrative agent) carries the calculation of the NAV on a daily basis, as required by the Central Bank of Lebanon and is displayed on our website www.bankofbeirut.com.lb, and through Bank of Beirut s.a.l. Reuters page BOB05.         

  •   Historical Net Asset Value
Date Net Asset Value Date Net Asset Value
31/12/2001 USD 10,835.92 31/08/2002 USD 10,400.82
31/01/2002 USD 10,256.68* 30/09/2002 USD 10,522.00
28/02/2002 USD 10,197.79 31/10/2002 USD 10,663.39
27/03/2002 USD 10,334.08 30/11/2002 USD 11,039.57
30/04/2002 USD 10,046.08 31/12/2002 USD 11,890.06
31/05/2002 USD 10,057.83 31/01/2003 USD 10,593.74*
30/06/2002 USD 10,156.62 28/02/2003 USD 10,702.79
31/07/2002 USD 10,255.49    

*Dividend of USD    700 was distributed in January 2002.
*Dividend of USD 1,455 was distributed in January 2003.
 

Bank of Beirut s.a.l.
öAsset Management Department
March 5th, 2003

Bank of Beirut s.a.l.
P.O.Box: 11-7354
Beirut - Lebanon.


Telephone Number: +961 1 983999
Fax Number: +961 1 983999

Bank Of Beirut - Head Office & Branches

Email: bankofbeirut@lebanon.com

Other banking products available to you from Bank of Beirut :

© 1995-2003 Lebanon.com Interactive- USA ,
All Rights Reserved.
Back to Lebanon.com home page