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Lebanon Income Fund (USD)

NAV - A 09/30/2017 104.1212
NAV - B   09/30/2017   104.0586

Fund Strategy
The investment objective of the fund is to provide a fixed income stream while seeking to enhance returns through capital appreciation and the use of leverage. The fund is focused on the Lebanese debt markets and invests mostly in Lebanese Republic Eurobonds but also benefits from BDL Certificates of Deposit, T-Bills in LBP, notes in both USD and local currency and debt instruments issued by local financial institutions. 

The fund will be managed based on a prudent investment approach. It will be a non-diversified fund, focusing on fixed income instruments issued by Lebanese entities and the bulk of holdings will be sovereign bonds. 
The fund will benefit from the high carry environment that Lebanon enjoys. The manager will seek to enhance total return through active trading of mispriced securities, new issue premiums, technical momentum and other pricing anomalies.

Up to 100% of the Net Asset Value can be invested in fixed income instruments with no constraints regarding their rating (investment grade or not), some securities may also not be rated The fund will allow a maximum allocation of 15% of the Net Asset Value to LBP denominated securities. The fund may also hold cash or cash equivalent through Local Bank Deposits.

Why Lebanon Income Fund (USD)?
Transparency
  • Transparency of investment approach and strategy.
  • Direct access to the Fund Manager for inquiries and investment justifications.
Access to Markets
  • Access to certain Lebanese Fixed Income instruments which are otherwise inaccessible to private investors.
  • Better access to certain prices.
  • Dynamic Portfolio management to benefit from market opportunities.
Credibility
  • Over 6 years of strong audited track record of the Fixed Income Desk.
  • Over 3 years of proven track record of the Fund (AUM > 48 million).
  • BLF Group is a co-investor in the Fund, providing seed money.
  • BLF is a known and trusted name acting as an investment manager.
  • Thorough expertise and professionalism of the Fund management team.
Excess return
  • Potential higher returns with capital preservation, a key objective. 
  • Prudent and disciplined investment strategy.
  • Structured decision making process, coupled with the expertise of the Fund manager.
  • Tactical trading approach to generate excess returns.

Fund Description
Target Return 7-10%
Investment Style Absolute Total Return
Geographic Focus Lebanon
Base Currency USD
Inception Date June 2016
Fund Type Open-ended
NAV Calculation Monthly
Sub/Red Monthly
Leverage Up to 1.5x NAV
Sub/Red Notice 10 working days prior to NAV
Fiscal Year 31 Dec
Payment Settlement T+3
Legal Structure Offshore-Cayman
Dividend 50% of net profits paid semi-annually
Auditors Deloitte
Administrator/Custodian Midclear SAL
Investment Manager Banque Libano-Française SAL
Legal Advisors Abousleiman & Partners

Fees

Class A Class B
Minimum Piece USD 200,000 USD 10,000
Incremental USD 10,000 USD 5,000
Minimum Holding USD 200,000 USD 10,000
Management Fees 1% 1.25%
Subscription Fees 0.5% 0.5%
Exit Fees 0.5% in year 1
0.25% in year 2
1% in year 1
0.5% in year 2
Performance Fees 15% 15%
Hurdle Rate 3% 3%

Management
Jamil Koudim, CFA
Portfolio Manager


Contact
Your Private Banker, tel: + 961 364 850
Email: lffunds@eblf.com


Type: Year: Month:
IDParent IDFolderTitleFile NameThumbnailTypeOrderCustom NumCustom StrCustom DateThumb WidthThumb Height
2017, October
2017, August
2017, July
2017, June
2017, April
2017, March
2017, February
2017, January
2016, December
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