Evermore Strategies
Evermore MENA Select Fund
Taking expressions of interest
Quality listed businesses across the Middle East and North Africa, with selective global exposure.
- Approach
- Quality at a reasonable price
- Model allocation
- 70% MENA / 30% global
- Review
- Quarterly
- Established
- 30 June 2026
The approach
We assess business quality, valuation and balance-sheet strength, then build a concentrated portfolio through bottom-up stock selection. Valuation has genuine veto power. Each position competes for capital on investment merit, with no fixed country allocations; high active share is acceptable.
The portfolio
The MENA sleeve spans digital services, telecommunications and data infrastructure, banking, healthcare, property, industrials and essential infrastructure. The global sleeve complements these exposures with selected businesses in semiconductors, medical technology, software, pharmaceuticals, entertainment, premium consumer brands, travel and payments.
Largest model holdings
Target weights effective 1 October 2026. The top 10 account for 53.0% of the portfolio.
| Company | Market | Target weight |
|---|---|---|
| Ooredoo | Qatar | 7.0% |
| Elm | Saudi Arabia | 6.0% |
| Emaar Properties | UAE | 5.5% |
| Al Rajhi Bank | Saudi Arabia | 5.0% |
| Abu Dhabi Commercial Bank | UAE | 5.0% |
| QNB | Qatar | 5.0% |
| TSMC | Taiwan | 5.0% |
| ResMed | Australia | 5.0% |
| Microsoft | United States | 5.0% |
| Aldar Properties | UAE | 4.5% |
Selected model holdings only, not the complete portfolio. Holdings and weights may change and are not a recommendation.
Performance
1 July–30 September 2026 · Model gross total returns in US dollars.
Performance methodology
The benchmark is 70% S&P Pan Arab Investable Total Return USD and 30% MSCI ACWI Net Return USD. Returns include dividend entitlements and are before management fees, transaction costs, withholding tax, investor tax and implementation slippage.
Q1 performance applies the final 25-stock model portfolio across the quarter. This is an internal model-performance reconstruction, not an administrator-certified NAV or an external investor’s return. Past performance is not a reliable indicator of future performance.
Related research
Quarterly letters
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Register interestAsk a questionCapital is at risk. Model portfolios are illustrative and do not represent returns received by an external investor.
Investment framework and important information
Portfolio discipline
The model portfolio has a maximum sector exposure of 25% and a maximum single-stock position of 7%. Geographic and sector allocations reflect bottom-up stock selection and may change. Risks include concentration, liquidity, currency movements and country-specific regulatory and economic conditions.
This information is general in nature and does not take account of your objectives, financial situation or needs. No financial product is currently available through this website. Any future offer is subject to appropriate legal, regulatory and offer documentation.