Positive global market boosts KAML

 THE Kina Assets Management Ltd (KAML) has benefited from a positive quarter in international markets, chief executive officer Syd Yates says.

He said this yesterday after KAML announced Monday an investment gain of K3.2 million, a return of 7.2% for the first quarter of this year. 

“Result for the first quarter is good given that the local market has been flat in the first quarter which comprises 40% of the investment portfolio. 

“KAML has benefited from a positive first quarter in international markets.

“KAML has also benefited from a depreciation of kina against the Australian dollars and US dollars in the first quarter,” Yates said.

KAML’s return in the first quarter of last year was 6.25%.

He said: “KAML’s investment portfolio is increasing as a result of this positive return.

“The first quarter report showed a strong result, now looking for greater performance in second quarter from locally listed stocks as they start to pay dividends”.

KAML chairman Sir Rabbie Namaliu said on Monday: “The increase of K3.2 million in the investment portfolio to K45.5million was due to valuation gains from listed securities and dividends.

“The KAML investment strategy guides the fund manager, Kina Fund Management Ltd, in its investment activities and it contributes towards achieving a positive rate of return for the investment portfolio,” he said.

Sir Rabbie confirmed that international equity markets were generally positive in the first quarter, although some markets experienced severe volatility such as some European markets.