NBP Islamic Energy Fund

During the month under review, NBP Islamic Energy Fund (NIEF) unit price (NAV) decreased by 6.9%, whereas the Benchmark decreased by 5.5%, thus an underperformance of 1.4% was recorded. Since inception on April 21, 2016 your Fund NAV has increased by 14.5% p.a return, versus 15.5% p.a by the Benchmark. Thus, to date the underperformance of your Fund stands at 1.0% p.a. This performance is net of management fee and all other expenses. NIEF started off the month with an allocation of around 92% in equities which was increased to around 96% towards the end of the month.