Azimut launches its Egypt-focused equity fund: Italy-based asset manager Azimut has launched AZ Equity-Egypt, a fund that will invest in Egyptian equities headquartered in Luxembourg, according to a press release. Managing Director Ahmed Aboul Saad said last year that the fund would launch with USD 10 mn in capital. AZ Equity-Egypt is looking to secure USD 50 mn in AUM “as a first stage,” with a portfolio of 20-30 “high-conviction” Egyptian stocks. The fund is targeting Egyptian expats and investors in the GCC, as well as European investors.

The fund’s launch comes as Egypt’s economic reforms have made the country “one of the most attractive stories in the emerging markets universe,” particularly as Egypt is widely expected to be the only country in the MENA region to register positive GDP growth this year amid the covid-19 pandemic, Aboul Saad said. “Despite this backdrop, Egypt’s stock market is yet to capture the benefits of the transformation, reflected in attractive valuations for publicly-listed equities” compared to emerging market peers, he said.