MENA-focused listed equities
Quality businesses in a changing region.
The Evermore MENA Select Fund is designed to invest in high-quality listed businesses across the Middle East and North Africa, with selective global exposure where it improves portfolio quality, resilience or access to structural growth.
The strategy applies a quality-at-a-reasonable-price discipline to markets undergoing significant economic, demographic and capital-market change. Country representation is earned through company quality and expected return rather than benchmark weight or geographic quotas.
01
Current portfolio
Portfolio snapshot
Current portfolio.
Evermore has constructed the initial model portfolio for the MENA Select strategy, applying its quality-at-a-reasonable-price framework across regional and global listed equities.
The portfolio is MENA-led rather than quota-driven. Geographic and sector exposures are outcomes of bottom-up stock selection and portfolio construction.
02
Selected holdings
Portfolio examples
Selected major holdings.
The portfolio combines established regional compounders with businesses benefiting from structural change across technology, communications, financial services, infrastructure and other areas of the MENA economy.
| Company | Market | Current model weight |
|---|---|---|
| Elm | Saudi Arabia | 7.0% |
| Ooredoo | Qatar | 6.5% |
| Al Rajhi Bank | Saudi Arabia | 5.0% |
| Aldar Properties | UAE | 5.0% |
| OQ Gas Networks | Oman | 5.0% |
Selected holdings are shown for illustrative purposes only. They do not represent the complete portfolio and holdings and weights may change over time.
03
Why MENA
A broader listed market than the headlines suggest.
Hydrocarbons remain economically important across the region, but the listed-equity opportunity extends well beyond oil. Evermore’s research considers digital government and technology, banking and financial deepening, telecommunications and digital infrastructure, data centres, cloud infrastructure, logistics, ports, property, urban development, healthcare, industrials, consumer growth and infrastructure.
Different markets, different risks.
MENA is not a homogeneous market. Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, Oman, Egypt and Morocco have different economic structures, currency regimes, liquidity profiles, governance environments, capital-market structures and investment opportunities.
Research before representation.
Evermore researches these differences rather than treating MENA as a single macro trade. Country exposure should be the result of bottom-up company selection, not a mechanical attempt to represent every market.
04
Investment philosophy
Investment philosophy
Quality first. Valuation with veto power.
Evermore seeks businesses with durable competitive positions, attractive economics, sensible balance sheets, credible governance and the ability to compound shareholder value over time.
Quality alone is not sufficient. Valuation is assessed as part of the investment case rather than as an afterthought. A strong company can still be a poor investment when expectations embedded in its share price leave insufficient prospective return.
Business quality
Durable competitive position, attractive economics and defensible earnings.
Financial strength
Cash generation, balance-sheet resilience and sensible use of capital.
Management and governance
Alignment, capital allocation and treatment of minority shareholders.
Structural growth
Exposure to durable economic change rather than short-term narratives.
Valuation discipline
Expected return must justify the risks and capital committed.
05
MENA at the core
Portfolio geography
MENA at the core.
The current portfolio invests 70% of capital in MENA-listed businesses and 30% in selected global companies. Global positions must compete for capital on investment merit and are included where they can improve portfolio quality, resilience or prospective long-term returns.
MENA component currently includes companies listed in:
Saudi Arabia
United Arab Emirates
Qatar
Oman
Egypt
Morocco
06
Sources of return
Portfolio exposure
Diversified sources of return.
The current portfolio has exposure across a range of economic activities rather than relying on a single regional theme.
Financials
Communications
Technology
Real estate
Industrials
Infrastructure
Healthcare
Consumer businesses
Sector categories are shown qualitatively. Exact sector weights are not published.
07
From research
Every position has to earn its place.
The initial portfolio is the result of company-by-company research across MENA and global markets. Investments compete for capital based on business quality, financial strength, management and governance, structural growth, valuation, expected return and portfolio fit.
No automatic admission.
Index weight does not guarantee inclusion. Nor does country representation, government backing, thematic popularity or a low headline valuation.
Portfolio as output.
The result is a concentrated 26-company portfolio led by MENA-listed businesses and supplemented by a smaller group of global companies selected to strengthen the overall portfolio.
08
Research process
Bottom-up selection within a top-down risk framework.
Prospective investments are assessed systematically across business quality, competitive advantage, financial strength, management and governance, structural growth, valuation, expected return, liquidity, currency exposure, country and regulatory risk, and portfolio fit.
No shortcuts into the portfolio.
Strong narratives do not receive automatic admission to the portfolio. Index weight, government backing, thematic popularity or a low headline valuation are not substitutes for a complete investment case.
Portfolio fit matters.
Each position must be considered not only as a standalone company, but also for how it contributes to overall portfolio quality, concentration, liquidity, currency exposure and risk balance.
09
Portfolio design
Portfolio design
MENA at the core. Global where it earns its place.
Evermore’s objective is not to maximise regional purity. It is to construct the strongest portfolio consistent with the strategy’s mandate.
Selected global companies may be included where they offer superior quality, strengthen portfolio resilience, improve liquidity or provide exposure to structural growth that complements the MENA holdings.
Global positions must compete for capital on investment merit. They are not intended to dilute the fund’s MENA identity.
10
Selective by design
What the fund is not
Selective by design.
The strategy is not a MENA index proxy, a country-allocation exercise or a thematic basket built around regional investment announcements.
Not benchmark-led
Index size does not determine portfolio weight.
Not quota-driven
Countries and sectors do not receive allocations simply for representation.
Not growth at any price
Structural growth must be accompanied by an acceptable prospective return.
11
Research connection
Research before capital
Research before capital.
Evermore’s MENA work is built from company-level research, market analysis and direct study of the economic and capital-market structures shaping the region.
Read Ooredoo research note ↗ Read Elm research note ↗ Explore MENA research ↗Foundation investor discussions
Foundation investor discussions.
Evermore is speaking with eligible wholesale, professional, family office and institutional investors as the strategy, operating framework and fund structure progress.
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