- Asset manager Gulf Investment Fund topped its benchmark performance in the second half of the year as net assets rose 3.4%, though it flagged the ongoing slump in oil prices as a 'key' risk to future performance.

Net asset value rose 3.4% in the second half of 2019, compared with the fund's benchmark, the S&P GCC index, which fell 1.4%.

'During the six months GCC markets were affected by two major conflicting trends: on the positive side a continuation of the decade old global bull market led by the United States and on the negative side an increase in regional geopolitical tensions,' the company said.

'The oil price remains a key risk. Further decreases in oil prices would lead to GCC governments limiting spending. Despite this, the investment adviser remains optimistic on the regional growth prospects, buoyed by planned infrastructure projects and positive momentum in economic and social reforms,' it added.

At 9:18am: [LON:GIF] Gulf Investment Fund Plc Ord Usd0.01 share price was -0.01p at 1.3p

Story provided by