Italy-based asset manager, 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.

The fund would launch with $10 million in capital. AZ Equity-Egypt is looking to secure $50 million 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.

“Egypt is one of the most attractive stories in the emerging markets universe,” Managing Director of Azimut Egypt Ahmed Abou El Saad said. “Moreover, and despite the coronavirus repercussions, Egypt’s economy is likely to be the only one in the MENA region to record positive GDP growth in 2020, as per IMF projections.”