ASSET MANAGEMENT

Navigator Fund Presentation

July 2020

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Table of contents
Page No Topic “The investment world is complex with thousands
of choices available, with a dizzying array of
3 Introduction
developments in financial markets, and the global
4 Rasameel’s Edge in Investment Management economy. Making sense of all this and building a
5 Rasameel’s investment objectives across strategies portfolio of suitable investments can leave even
experienced investors confused. The Navigator
6 Investors are facing multiple risks..
Fund has been specifically designed to shoulder
7-8 Introducing the “Navigator Fund” this burden”.
9 - 11 Investment Process

12 Asset Allocation Process

13 – 15 Multi-Asset exposure to improve risk adjusted returns

16 Investing opportunistically to capture the next strong cycle

17 The Navigator Fund meets many client objectives

18 – 23 COVID-19’s impact on the Global Economy

24 – 26 Monetary & Fiscal Policy response

27 – 31 Investing in “Gold” as an asset class

32 – 39 Opportunity Set – “Pockets of value”

40 - 41 Meet the Team

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Introduction

Rasameel is a leading investment company in Kuwait, offering

clients a host of investment solutions, including local & international
portfolio/fund management and real estate investment products. It
is regulated by the Capital Markets Authority and is focused on
meeting the financial and investment targets of clients.

Proud of our professional investment team, technological

infrastructure and strong track record at Rasameel, we are well
positioned within the ever-growing regional Sharia - compliant
investment banking and wealth-management domain.

Rasameel has a focused team of portfolio managers and analysts

who are accountable and motivated to maximize returns with the
consideration of capital preservation. We currently manage a
variety of Sharia compliant strategies - Global Equities, Disruptive
Technologies, GCC and now the Navigator Fund.

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Rasameel’s Edge in Investment Management
Well defined process
Our investment process is driven by a mixture of bottom up research, with a top down macro
overlay. We undertake detailed macro and valuation analysis to gain an understanding of
potential asset class returns and risks, as well as expected asset class performance in the
anticipated macro environment. Our Bottom-up fundamental research leverages proprietary
screening and modelling tools, to identify opportunities at the company level.

Global focus across all asset classes

We analyze and asses the major global markets - equities, bonds, sukuk, precious metals – as
well as all the key indicators in our search for opportunity. This helps us identify trends early.

Experienced team
The team is led by Robert Aspin who has over 25 years of experience investing through
volatile markets. He is supported by a team of research analysts who focus on sector and
regional & global research.

Proven value add

At Rasameel, we manage a host of different as of 31st July 2020 Portfolio Benchmark
strategies namely Global Equities, Disruptive Startegy YTD% ITD% YTD% ITD%
Global Equities 8.1% 43.5% -6.2% 27.4%
Technologies and GCC equities. Our Disruptive Technologies 14.9% 31.9% -6.2% 7.1%
strategies have generally outperformed, GCC Equities -7.6% 7.1% -4.9% 4.4%
both on an absolute and risk adjusted basis. Balanced (Model Portfolio) 9.0% 35.6% 0.8% 19.9%

Disclaimer - This document does not constitute a solicitation, an offer, or a recommendation to buy or sell any investment instruments, to effec t any transactions, or to
conclude any legal act of any kind whatsoever. When making a decision about your investments, you should seek the advice of a professional financial advisor. No 4
representation or warranty of any kind, either express or implied, with respect to the content is made. Reported performance is as of 31 st July 2020.
Rasameel’s Investment Objectives across strategies

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Long-term capital ➢ Focussed on selecting and investing in those areas of the market that offer the best
appreciation upside, on a risk adjusted basis
➢ Opportunistic unconstrained approach – we take significant exposure when excellent
opportunities present themselves

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Improved risk ➢ Control drawdowns by aggressively cutting market exposure should the fundamentals
adjusted returns or the opportunity set change
➢ Invest with ‘margin of safety’ – Growth at an attractive price
➢ Prefer to take exposure to uncorrelated opportunities

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Absolute and ➢ Identifying early trends/themes and exploiting market inefficiencies
relative ➢ Exploit the narrow ‘cubicle’ approach of most investment managers.
Outperformance ➢ No structural biases in terms of sector or country. Not tied to any one business cycle
over the cycle

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Investors are facing multiple risks….and excellent opportunities
We are entering a very exciting time in the markets. Significant dislocations and threats, but at the same
time numerous opportunity to profit.

COVID 19 Threat: Will there be a second wave and further lockdowns?

Opportunity: Work from Home and Play from Home beneficiaries

Central Bank QE Threat: How much more can World Central Banks do? We think they will print a LOT more…so
inflation could be a risk
Opportunity: Precious metals perform fantastically during periods of negative rates and inflation

Threat: Uncertainty around the elections will create volatility and a Democratic win may result in
US elections
corporate higher taxes
Opportunity : We like areas that should benefit from increased domestic spend such as Healthcare

Threat: Will there be a corporate credit/debt crisis?

Debt crisis
Opportunity: High quality Sovereign bonds/sukuk may still offer some upside

Threat: Markets sell off due to end of cycle

Opportunity: Selective allocation to equities and allocate to hedges

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Introducing the Rasameel Navigator Fund ….
• Rasameel believes that taking exposure to multiple asset classes will improve returns. Not only that but certain asset classes
offer exceptional return prospects.

• We aim to be strategically aligned to those assets that offer the most upside on a risk adjusted basis

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Rasameel’s Navigator Fund terms

Terms:
Navigator Fund Objective
The fund, a multi-asset investment product, has been specifically Target Return 8%+
designed to invest opportunistically across sectors and asset classes
Target Volatility 8%
that we believe provide the greatest upside. The Navigator fund is
expected to maximize risk-adjusted returns while limiting Performance Fee 10% over hurdle (300bps +
drawdowns and volatility. 10Year US Treasury)

Management Fee 1%

Initial Lockup period First year of Fund

Asset allocation ranges:
Early Redemption Fee 1%
0% 25% 50% 75% 100% (within first year of fund)
Fund Liquidity Weekly
Equities 30 – 80%
Subscription Fee:
Precious Metals 5 – 50%
USD 100,000 – 499,000 2%
Fixed Income Sukuk 5 – 50%
USD 500,000 – 999,000 1.5%
Cash <10% USD 1,000,000 + 1%

Disclaimer: The portfolio cash balance may be higher than 10% during periods of stress and market drawdown.
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Investment Process
The Navigator Fund uses an exhaustive three-stage process. First, we conduct in depth macro research, which defines our big
picture outlook, and then assess the opportunity set across the various asset classes and sectors. Lastly, we use proprietary
screening and modelling tools, to identify opportunities at the company level. The process is very valuation driven, with a bias to
value or growth at a reasonable price. We constantly monitor risk to check potential variances in the portfolio’s investment
returns and where appropriate, adjust the allocation made in accordance with our outlook for the market.
Portfolio Construction
Research Strategy & Risk Management

Monitor the asset, sector

Macro Roadmap Identify investment regime allocation and security
selection against the risk
parameters of the
Assess valuations Navigator Fund on an
ongoing basis
Asset Class, Sector &
Identify our key differentiators
Thematic Research
to street consensus
Rebalance
Security selection – Highest opportunistically &
Bottom-Up Security periodically
conviction picks of our analysts
Selection
Investment Process

A Top down/Macro
overlay approach is
taken to identify value
opportunities across
different geographies

Stock picks are based

on solid fundamentals
and valuation

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Company & Peer group analysis
Company
cash flow
analysis

SWOT
analysis &
Industry
overview
Valuation
analysis

• Peer group
comparison
• Ratio analysis

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Asset Allocation Process
Asset class exposures
are determined based
on their risk-reward
profile & Macro
Environment.

Portfolio
Optimization is
achieved through
an optimal
allocation that
maximizes return
Capturing the for a given rate of
best across risk.
asset classes

Risk is controlled by
investing across low to
preferably negatively
correlated asset classes.

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Exposure to multiple asset classes improves risk adjusted returns
Performance ▪ A Multi Asset Strategy provides the ideal mix between
Multi_-Asset
long term growth & capital preservation while Offering
$171,468,686 superior risk adjusted returns over varied economic
CAGR - 8.85% cycles.
$136,100,673 ▪ This is achieved primarily via equity exposure in bull
CAGR - 8.11% markets, protecting capital during bear markets or market
selloffs as witnessed in 2001 Dotcom crash via fixed
$72,182,149 income and precious metals exposure.
CAGR - 6.08%

10,000,000 Metric Multi-Asset Equity Fixed Income

Standard Deviation 9.21% 15.21% 3.42%
Best Year 26.54% 35.40% 18.72%
Worst Year -16.18% -40.22% -4.29%
Max. Drawdown -29.09% -54.41% -9.46%
Sharpe Ratio 0.64 0.39 0.85
Sortino Ratio 0.93 0.54 1.31
Portfolio Allocations Returns (Annualized) 9.32% 9.38% 6.14%
Returns are based on the allocation shown re-balanced on an annual basis.

Stress Period Start End Multi-Asset Equity Fixed Income

Black Monday Sep-87 Nov-87 -16.03% -21.66% -1.90%
Asian Crisis Jul-97 Jan-98 -3.67% -6.15% -0.35%
Russian Debt Default Jul-98 Oct-98 -8.68% -15.42% -0.83%
Dotcom Crash Mar-00 Oct-02 -9.65% -44.83% -0.76%
Subprime Crisis Nov-07 Mar-09 -29.55% -54.41% -9.46%
Multi-Asset Equity Fixed Income
Confidential Document – The Strategy Performance is unaudited and is subject to change without prior notice. This is not an offer to sell or the solicitation of an offer to purchase any
interest in the Special Purpose Vehicle and is intended as supplemental information only. The strategies are rebalanced annually and the performance above is indicative of a model
multi-asset strategy’s (equity + fixed income + precious metals) performance in the given time frame. Past results are not indicative of future performance.
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Tactically allocate to those asset classes expected to perform well

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H'20

REIT EM Stock US Sov EM Stock Gold US Sov EM Stock Sml Cap REIT REIT Sml Cap EM Stock US Sov Lag Cap US Sov
35.93% 39.70% 33.92% 78.91% 29.27% 33.95% 18.62% 38.82% 30.39% 2.52% 21.27% 37.78% (1.60%) 31.47% 21.86%

EM Stock Gold Gold HY Bond REIT Gold Intl Stock Lag Cap US Sov Lag Cap HY Bond Intl Stock Gold REIT Gold
32.51% 30.45% 4.92% 58.20% 28.35% 9.56% 17.95% 32.37% 27.29% 1.37% 17.12% 25.69% (1.94%) 25.88% 17.12%

Intl Stock Intl Stock Sukuk Intl Stock Sml Cap REIT REIT Intl Stock Lag Cap Intl Stock Lag Cap Lag Cap HY Bond Sml Cap Sukuk
26.96% 11.71% (22.57%) 32.63% 26.81% 8.70% 17.85% 23.44% 13.67% (0.27%) 11.95% 21.82% (2.08%) 25.48% 1.45%

Gold US Sov HY Bond REIT EM Stock HY Bond Sml Cap HY Bond Sml Cap US Sov EM Stock Sml Cap Sukuk Intl Stock Lag Cap
22.54% 10.29% (26.15%) 27.61% 19.24% 4.97% 16.38% 7.44% 4.89% (1.78%) 11.74% 14.62% (3.40%) 22.77% (3.08%)

Sml Cap Lag Cap Sml Cap Sml Cap HY Bond Lag Cap Lag Cap Sukuk Sukuk REIT Gold Lag Cap EM Stock HY Bond
REIT 2.50%
18.32% 5.57% (33.81%) 27.08% 15.12% 2.10% 15.99% 2.63% (2.26%) 8.61% 12.80% (4.39%) 18.82% (3.79%)

Lag Cap HY Bond Lag Cap Lag Cap Lag Cap Sukuk HY Bond EM Stock - HY Bond Sml Cap Gold US Sov REIT Gold EM Stock
15.77% 1.87% (36.99%) 26.44% 15.05% 1.50% 15.81% 2.26% 2.45% (4.41%) 8.03% 9.18% (4.50%) 17.85% (9.69%)

HY Bond Sml Cap REIT Gold US Sov Sml Cap Gold Sukuk EM Stock HY Bond Intl Stock HY Bond Sml Cap HY Bond Intl Stock
11.84% (1.58%) (38.01%) 24.02% 9.04% (4.17%) 6.59% (3.40%) (1.96%) (4.46%) 1.59% 7.50% (11.02%) 14.31% (11.02%)

US Sov Sukuk Intl Stock Sukuk Intl Stock Intl Stock Sukuk US Sov Gold Gold US Sov REIT Intl Stock US Sov Sml Cap
0.71% (1.94%) (42.99%) 22.47% 8.34% (11.68%) 3.68% (13.37%) (2.18%) (10.67%) 1.17% 5.13% (13.31%) 14.12% (12.98%)

Sukuk REIT EM Stock US Sov Sukuk EM Stock US Sov Gold Intl Stock EM Stock Sukuk Sukuk EM Stock Sukuk REIT
0.28% (16.25%) (53.17%) (21.80%) 5.85% (18.15%) 2.63% (28.33%) (4.31%) (14.60%) 0.81% 0.89% (14.28%) 6.86% (18.43%)

Assets at the top of the chart one year could be at the bottom the next, and vice versa. The chart shows annual returns for
eight key asset classes against a diversified portfolio. Diversification works to smooth out those big swings in the short-term.
While you’ll never get the biggest gains of any year, you avoid significant drawdowns.

Asset classes: Lag Cap - S&P 500, Sml Cap - Russell 2000, Intl Stock - MSCI EAFE index, EM Stock - MSCI EM index, REIT - MSCI US REIT INDEX,
US Sov – TLT, Sukuk - Dow Jones Sukuk Index, HY Bond - Bloomberg Barclays High Yield, Gold – GDL ETF. 14
Asset class performance is impacted by two key drivers:
Economic Growth and Inflation
The graphic reflects the sensitivity of the
various asset classes to the two key macro
variables: Economic Growth and Inflation

As one would expect, cash shows little

sensitivity to either and delivers stable but
RA to put in list low returns.

In a high growth environment, asset

classes such as equities and real estate
perform well.

Similarly, in a low/slowing growth but

rising inflation environment, equities and
fixed income do relatively poorly; while
Gold and other commodities perform
extremely well.

Indeed, we find that Gold performs well in

various environments, yet most investors
remain significantly underweight.

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…and invest opportunistically to capture next strong cycle

….critical given the uncertainties in the market

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The Navigator Fund meets many client objectives
1 2
Higher Risk Adjusted returns
Aim to deliver high risk-adjusted returns by
investing opportunistically in those areas of the
market that we believe to provide the most
upside, as well as low levels of correlation.
3 4
Multiple sources of Alpha
The Navigator Fund will actively invest across
multiple asset classes to capture multiple sources
of return.
Lower Volatility and Drawdown
Reduce volatility through holding assets that
demonstrate low correlation to one another.
Drawdowns are controlled through dynamic asset
allocation and aggressive reduction in market
exposure, driven by technical indicators.
Wealth Preservation & Liquidity
No single asset class works well all the time.
Wealth preservation is all about building a
portfolio that will deliver more stable returns
across a variety of different business and
economic cycles.
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Current Market
Environment

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COVID and lockdowns have had a massive impact on global economies

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…and many economies were already in the late stages of business cycle

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Not only is the global economy weak but valuations in some markets are
unattractive
50 S&P 500 Cyclically Adjusted PE Ratio
Dotcom Bubble
45
Everything Bubble '20
40 Great Depression Begins

35 Real Estate Bubble '08

+1 Standard Deviation
30
20 Year Average
25

20
-1 Standard Deviation
15

10 Flash Crash of '62

5 Peak Stagflation
0

High market valuations and an expensive USD imply an unfavorable risk/reward profile for the S&P 500

PE10 Average for the last 20 years = 26X, and Average for last 50 years is 20X. Source: Robert Shiller's "Irrational Exuberance"
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Published 2000
….particularly US Technology which has massively outperformed….

….and there is increased concentration of few names

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…which is in part driven by massive speculation by retail investors

..all of which is reflective of being close to the end of the cycle.

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Centrals Banks have responded aggressively to economic weakness….

CB balance sheet for Fed, ECB, BOJ and Chin

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…and we expect the Governments will now step in with higher Fiscal spend

Same markets but fiscal spend targets

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…all of which has driven money supply higher

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Rasameel expects Precious Metals to perform well, driven by low real yields

Since 2006, Gold has closely tracked the inverse of real rates and we expect this trend to continue going forward…

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..with Gold being an excellent hedge for inflation or fiat currency
debasement…

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..and is still cheap against the Dow Jones Industrial Average

Chart shows how many ounces

required to buy the Dow

It takes 15 ounces of gold to buy

1 share of every company in the
Dow Jones. History suggests it
should take considerably less
ounces of gold to equal the index
in times of uncertainty. It appears
that this ratio may have just
started to correct.

Source: Macrotrends.com
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…though the real opportunity will be in Silver

Gold/Silver ratio

Gold has rallied to become

very expensive relative to
Silver. We expect the
Gold/Silver ratio to decline
as Silver prices rise.

Source: Macrotrends.com
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..and in the miners which have lagged (but lots of further upside)..

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There are also good opportunities in some parts of the equity market …

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Online gaming is also an exciting growth market..

Gaming and particularly Mobile gaming has been an area that we have been
bullish upon since 2019 and we are actively invested in companies across North
America, China, Europe and Japan that benefit from growth within this segment.

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Global 5G adoption is set to take off…

5G network investment opportunities are starting to take shape. Global adoption of 5G technology presents increased
economic opportunity in IOT, vehicle automation, education, mobility, energy, and healthcare.

With global 5G penetration rates still very low, we see an opportunity for multi year growth, which would support 5G
network OEMs within the supply chain. Big data and work-from-home themes should help sustain this strong demand
beyond the short term.

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We expect increase Fiscal spend and growth in ESG & Green Energy space

▪ The cost of production of solar and

wind energy is cost competitive with
coal and natural gas due to advances
in technology and manufacturing. As
a result, the share of renewables
within the energy pie is growing
massively
▪ We can expect renewables to come
into focus as the EU, China, and US
increase investments towards
renewables, while pulling investment
from coal mines

We see some excellent opportunities

in this space and expect to increase
our allocation when the opportunity
set improves.

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Healthcare will benefit from current pandemic and increased future spending

▪ The pandemic outbreak has put enormous pressure

on our healthcare system forcing it to embrace
change in order to spur growth and innovation. We
believe that growth opportunities in the space will
pivot around three key themes:
▪ Digital transformation of products and services
▪ Value-based care
▪ Patient-centricity
▪ We expect the focus of the healthcare industry to
shift from a volume-to-value-based care mode which
will demand drug and device manufacturers to
elevate their existing business models beyond
products to customer-centric intelligent platforms
and solutions.

We believe that the healthcare sector will be a key

beneficiary from the increased government spend in
a post-covid world. We are actively invested across
companies that are leading the race in the
development of the Covid-Vaccine.

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Sukuk offer a better Risk/Return profile compared to EM and Global Bonds

Source: Sourced from Franklin Templeton, S&P and JP Morgan. Global Sukuk are represented by Dow Jones Index. Global Bonds are represented by JP Morgan GBI index, EM Bonds by the EMBI index.
Global equities are represented by the MSCI All Country World Index. Confidential Document – The Strategy Performance is unaudited and is subject to change without prior notice. This is not an offer to
sell or the solicitation of an offer to purchase any interest in the Special Purpose Vehicle and is intended as supplemental information only. The strategies are rebalanced annually and the performance 37
above is indicative of a model balanced strategy’s performance in the given time frame. Past results are not indicative or a guarantee of future performance.
The Sukuk-Bond spread has also normalized following a sharp drop

• Covid-19’s effect on capital markets was far-

reaching, as emerging markets suffered
capital outflows since March, which led to a
sharp widening in the Sukuk-Bond spread.

• This has since normalized, and we are seeing

Sukuk issuance activity picking up
considerably.

• A sustained period of low oil prices and fiscal

policy in response to Covid-19 should help
keep the sukuk market strong.

• Central bank decisions over banking liquidity

has also been accommodative, which will
allow the banking sector to keep demand
high for issuances.

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Sukuk has shown resilience to low oil prices and economic growth

• It is clear to see the consistent

outperformance of the Dow Jones Sukuk
index against the Asian bond index and S&P
Treasury bond index

• It is important to note that GCC Sukuk

accounted for the majority of Dow Jones
Sukuk performance, showing resilience even
during the period of 2015-2016, which
witnessed a sharp drop in oil price

• USD denominated GCC Sukuk continue to

show an attractive risk-reward profile

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Meet the Team

Robert Aspin brings over two decades of investment experience across multiple markets and asset classes. He started his career
at JP Morgan Asset Management, based in London and Singapore. He then joined Deutsche Securities as co-Head EM Telecoms,
after which he joined Investcorp as PM and Member of the Investment Committee. He later joined Standard Chartered in 2011
as Head of Equity Strategy and, after seeing the opportunity to offer better service to accredited clients, established MWCM in
2016. He holds a Masters degree and is a CFA Charter holder.

Abdulmehsen Al Gharaballi joined Rasameel as part of the initial staff to set-up the Funds & Portfolios Management in
Rasameel in 2015. Abdulmehsen is the portfolio manager responsible for the Local and GCC strategies within the department.
Also, Abdulmehsen is part of the team managing the global equity mandate and is the lead analyst within the healthcare sector
globally. Previously, Abdulmehsen served as a portfolio manager in Dimah Capital from 2012-2015. Having worked his way up
from analyst to portfolio manager, He was responsible for the out-of-index picks that proved to add alpha to the mandate.

Abdulaziz Al Muraikhi joined the Asset Management Department at Rasameel in February 2016 after gaining significant
experience in the corporate banking sector. A graduate of Bentley University with Bachelor of Science in Finance and MBA with
concentration in Finance, Abdulaziz has gained an in depth understanding in financial analysis starting with his time at National
Bank of Kuwait - Corporate Banking Division, where he co-managed and maintained corporate clients and accounts. Abdulaziz
is registered with the CMA for fund and portfolio management and has a total of 6 years experience in the financial services
field. Abdulaziz’s focus in the equities markets has earned him the skills of stock selection and valuation in managing the
various portfolio strategies within the company.

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Meet the Team

Abdullah Al Shalan has five years’ experience in the investment management industry. He graduated from Northeastern
University in Boston, earning a Bachelors of Science in Business Administration with a dual concentration in Finance and New
Venture Management. Abdullah joined the Kuwait Investment Authority’s academy, where he averaged a score of 96% as
per the evaluation from instructors in a 32-week course. As part of the program, he opted to take a 3-month internship at
Asiya Investment Company in Hong Kong where he covered the Chinese Engineering and Construction industry. Abdullah
then joined Rasameel Investment Company on October 25th 2015 in pursuit of managing equity portfolios with a Global
mandate. Abdullah passed the Level II CFA exam in June 2018.

Surin Gandhi joined Rasameel Investment Co as an Officer in the Asset Management division where he is part of a team which
seeks to generate Alpha by investing in fundamentally undervalued equities in Global markets. Surin has a bachelor’s degree in
commerce (Economics & Accounts) from Narsee Monjee College of Commerce and Economics, Mumbai. He is also a qualified
Chartered Accountant from the Institute of Chartered Accountants of India and has completed all three levels of the CFA
Program, awaiting his charter. Prior to joining Rasameel, Surin worked with Alghanim Industries as a Financial Analyst in the
Automotive Division (General Motors) where he was a part of the Finance team.

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Disclaimer

This document is not directed at or intended for use by any person resident or located in any jurisdiction where the distribution
of such information is contrary to the laws of such jurisdiction, or such distribution is prohibited without obtaining the
necessary licenses or authorizations. No representation or warranty, either express or implied, is provided in relation to the
accuracy, completeness or reliability of the content. The information contained in this document is for informational purposes
only and should not be regarded by recipients as a substitute for the exercise of their own judgment. This document does not
constitute a solicitation, an offer, or a recommendation to buy or sell any investment instruments, to effect any transactions, or
to conclude any legal act of any kind whatsoever. When making a decision about your investments, you should seek the advice
of a professional financial advisor. No representation or warranty of any kind, either express or implied, with respect to the
content is made. This document is provided on a confidential basis to invited parties and may not be copied or distributed
without prior written consent. Subject to contract. This document is prepared for promotional purposes and it may not be
presented or distributed in State of Kuwait except to the “Professional Clients” only according to the definitions contained in
the first book of the Executive Bylaws of Kuwait Capital Markets Authority. Rasameel Investment Company hereby undertakes
that it does not disguise, diminish or obscure important items from the investment subject of promotion.

Warning:
The past performance of any investment or a product is not a reliable indicator of future results and it cannot be relied upon for
investment decision making.

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