Acumen Asset Management · Open-Ended Fund
Acumen IQtinasAn actively managed Egyptian equity fund that decides when to step aside, so you don’t have to
When the market rewards risk, the fund can hold up to 90% in Egyptian equities. When it doesn’t, the manager can cut equities to as little as 10% and move the rest into treasury bills, bonds and deposits. You stay invested in one fund while the manager handles the exit. Licensed by the Financial Regulatory Authority under licence no. 1032 of 28/09/2026, and managed by Acumen Asset Management under Capital Market Law 95 of 1992.
Where to subscribe
Subscribe through any of these four.
Opens 6 October 2026 for two months · minimum 10 certificates (EGP 10) · fund size up to EGP 250m
Acumen Securities
Mubasher
Thndr
Telda
Private placement to clients of these receiving entities. Not a client yet? Open an account with any of them, or speak with Acumen. Full subscription steps
Certificate price
Today’s price, published here daily.
The information memorandum names this website as one of the places the certificate price is announced. It is also announced daily at each receiving entity.
Issue price
1.00EGP per certificate
Daily valuation begins once the subscription period closes. Until then, certificates are issued at their nominal value.
- Valuation date
- —
- Net asset value
- Certificates outstanding
- —
- Change since inception
- —
- By telephone
- +20 2 3865 3336/7
At a glance
The terms, in one screen.
Every figure on this page is drawn from the fund’s information memorandum as approved by the Financial Regulatory Authority. Where the two differ, the memorandum governs.
Key dates
From licence to first distribution.
- 28 Sep 2026Licence granted
FRA licence no. 1032.
- 6 Oct 2026Subscription opens
Through the four receiving entities.
- 5 Dec 2026Subscription closes
Two months after opening, or earlier once fully subscribed (minimum 5 days open).
- End Dec 2026First distribution decision
Cash or bonus certificates, if profits allow.
- 15 May 2035End of term
Extendable to 25 years from licence.
How the fund is run
Fully invested when it pays. Defensive when it doesn’t.
Most equity funds stay fully invested whatever the market does, which leaves the decision to get out with you. IQtinas puts that decision with the manager.
Offence
Up to 90% in EGX-listed equities and GDRs of Egyptian issuers, with the rest in liquidity.
In between
The manager adjusts the mix as valuations, rates and conditions change. There is no fixed split.
Defence
Equities cut to as little as 10%. The rest goes to treasury bills and bonds, corporate and securitisation bonds, and bank deposits.
The fund aims for the greatest growth it reasonably can, with the care of a prudent manager, investing in local equities, GDRs of Egyptian companies and other domestic investments. When profits are realised it aims to distribute them, in cash or bonus certificates, to balance growth with periodic income.
All of this happens inside limits set by the memorandum and monitored by the supervisory committee.
Small and mid-cap companies are capped at 20% of net assets within that allowance.
Treasury bonds and bills, corporate bonds, securitisation bonds, deposits and bank certificates.
A floor, not a target. It meets redemptions without forcing a sale.
A credit floor on bonds and sukuk
Bonds and sukuk the fund buys must carry a credit rating no lower than BBB–, or its equivalent. The manager discloses the annual rating update to holders.
No lending, and borrowing only to pay redemptions
The fund may not lend or finance, directly or indirectly, or borrow securities to sell or buy on margin. It may borrow only to meet redemption requests: for up to twelve months, up to 10% of the value of certificates outstanding when the loan is requested, and only after a technical study goes to the supervisory committee.
Diversification before concentration
At most 15% of net assets in one company’s securities, and at most 20% of that company’s securities. At most 20% of net assets in another fund, and at most 5% of that fund’s certificates. At most 20% in securities of one related group. Any breach is reported to the Authority at once and corrected within a week.
Dealing
Buy any business day. Redeem twice a week.
Applies once the subscription period has closed. The cut-off for both purchases and redemptions is 1:00 pm Cairo time.
Purchase: daily
Requests are accepted every banking business day during official hours, with a 1:00 pm cut-off. Later requests roll to the next business day. The number of certificates is set on the certificate value at the close of the request day. There is no purchase commission.
Redemption: Sundays and Wednesdays
Requests lodged by 1:00 pm Thursday are executed on Sunday. Requests lodged by 1:00 pm Tuesday are executed on Wednesday. Each is priced at the certificate value on that day’s close. There is no redemption fee.
Valuation and reporting
The administrator values the certificate daily and publishes the number outstanding at the end of every business day. Every three months holders receive a report with net asset value, their certificate count and its indicative value, and any distribution since the last report. Annual statements go to the Authority within 90 days of year end; the half-year limited review within 45 days.
When redemption can be suspended
In exceptional circumstances the supervisory committee may order partial payment or a temporary suspension: a concentration of redemption requests the manager cannot meet, an inability to convert holdings to cash for reasons outside its control, or force majeure. The decision takes effect only after the Authority approves it.
Financial charges
What the fund pays, and to whom.
Nothing is charged on the way in or the way out. Running charges accrue daily against net assets. Percentage fees are paid monthly; fixed annual fees are paid as invoiced. Rates are the maximums in the memorandum and actual charges may be lower.
| Charge | Rate | Basis |
|---|---|---|
| Subscription & redemption | None | No purchase or redemption fee |
| Percentage of net assets | ||
| Fund sponsor | Up to 0.5% p.a. | Of net asset value, accrued daily, paid monthly |
| Investment management | Up to 0.5% p.a. | Of net asset value, accrued daily, paid monthly |
| Receiving entities | Up to 0.1% p.a. | Of net assets, by each entity’s share of the certificates on its records |
| Administration services | 0.02% p.a. | Of net assets, minimum EGP 50,000 a year |
| Custodian | 0.01% p.a. | Of the standing equity balance, minimum EGP 15, plus 0.05% on trades (minimum EGP 10 an invoice) |
| Administrative expenses | Up to 3% p.a. | Of net assets, paid against actual invoices |
| Performance | ||
| Performance fee | 15% | Of returns above the average after-tax yield on 91-day Egyptian treasury bills. Not charged while the certificate is below its nominal value. |
| Fixed annual amounts | ||
| Auditor | Up to EGP 100,000 | Annual audit and periodic review of financial position |
| Supervisory committee | Up to EGP 100,000 | Allowances and remuneration for the committee as a whole |
| Tax advisor | Up to EGP 11,000 | Reviewed by the auditor in the periodic review |
Distributions
Decided each December.
On the manager’s study, a share of distributable profits under Egyptian accounting standards may be distributed at the end of December each year, in cash or as bonus certificates. The amount depends on the liquidity available and never comes at the expense of the fund’s ability to meet its obligations. The administrator records every distribution and discloses it to holders.
Who stands behind it
The parties to the fund.
Each role is appointed by the supervisory committee under the executive regulations, and each is independent of the others as the Authority requires.
Fund sponsor
Acumen Holding for Financial Investments S.A.E.
Investment manager
Acumen Asset Management S.A.E.
Custodian
Arab African International Bank
Administration services
Catalyst for Administration Services
Auditor
Hussein Ahmed Hassanein El Adawy, Chartered Accountants & Consultants
Tax advisor
Mostafa Ahmed Metwally El Fawala
Supervisory committee
Rana Mohamed Ali Taha Adawy, chair
Investment committee
Nader Nabil Amin Aqdawy, chair
How to subscribe
Through one of four receiving entities.
Subscription is by private placement to clients of the entities below, opening 6 October 2026 for two months, to 5 December 2026. It can close early once fully subscribed, after a minimum of 5 days.
- Be a client of a receiving entity
Open an account with one of the four entities below, or use the one you already have.
- Read the memorandum
Subscribing means accepting the risks it discloses. Copies are available from any receiving entity.
- Lodge your subscription
Minimum 10 certificates (EGP 10), no maximum. Pay 100% of the nominal value in cash, in Egyptian pounds.
- Receive your subscription certificate
An electronic certificate confirming your subscription, stamped and signed by the receiving entity.
Acumen Securities
Mubasher
Thndr
Telda
Risk
What can go wrong, stated plainly.
Subscribing to or buying a certificate is an acceptance of the risks the memorandum discloses. These are the main ones.
Market risk
Prices of the securities the fund holds move with the market as a whole, with corporate results and economic and political conditions. The certificate value moves with them.
Unsystematic risk
An unexpected event in one sector or one security. Diversification across sectors and unrelated companies limits it.
Credit risk
An issuer may fail to repay at maturity or pay a coupon when due. The manager answers it with issuer selection, sector spread, exposure caps and a rating floor.
Interest-rate risk
A change in rates revalues fixed-income holdings and changes what new money can earn.
Inflation risk
A fall in purchasing power bears directly on the real return.
Currency risk
Any instrument in a foreign currency is revalued as exchange rates move.
Liquidity risk
An asset may not be sellable when the fund needs cash. The 10% liquidity floor is the answer.
Concentration risk
Few positions tie the return tightly to them. Per-issuer and per-group limits contain it.
Information risk
Where disclosure is thin, outcomes are harder to anticipate. The fund invests only in Egypt, whose market discloses to a high standard.
Operational risk
An execution, settlement or network failure may delay what the fund owes or is owed. Delivery-versus-payment settlement limits it, except on subscriptions, which are paid first.
Political risk
All investments are in Egypt, so a change in its economic or investment policy bears on the fund directly.
Regulatory risk
A change in law or regulation can harm the fund’s investments. The manager tracks legislation in prospect.
Valuation risk
Where an instrument is illiquid, market value and fair value can diverge. Such instruments are valued under Egyptian accounting standards as the auditor approves.
Force majeure
Natural disaster or unrest severe enough to halt trading can force a partial suspension of redemptions until the cause lifts.
Technology risk
Online dealing carries data and login security risks. If a provider’s service fails, the fund offers paper redemption or another route.
This page is not an offer, a solicitation or investment advice. It summarises the fund’s information memorandum. The memorandum approved by the Financial Regulatory Authority is the only binding document and governs in any difference. Past performance of any fund managed by Acumen Asset Management does not guarantee future results, and the value of a certificate may fall as well as rise. The fund offers no capital guarantee. Subscription is by private placement to clients of the receiving entities named above. Read the memorandum in full before you subscribe.
Questions
Before you subscribe.
What is an “Investment Certificate”?
An Investment Certificate (وثيقة) is one unit of the fund. Each has a nominal value of EGP 1.00 at subscription. After the subscription period, its value is the fund’s net asset value divided by the number of certificates outstanding, calculated daily.
What is the least I can invest?
10 certificates (EGP 10) during the subscription period. After it closes, you can buy or redeem as little as one certificate.
Is this an equity fund?
Yes, an actively managed one. In normal conditions it is built to own Egyptian equities, up to 90% of net assets. When the manager judges the risk is no longer worth the return, it can bring equities down to as little as 10% and hold fixed income instead, then rebuild the equity position when conditions improve.
Do I need to time when to sell?
You can stay in the fund through the cycle. Deciding when to reduce and when to rebuild equity exposure is the manager’s job. That does not guarantee protection from losses: the certificate value can still fall, including while the fund is moving out of equities.
In what currency do I invest and get paid?
Egyptian pounds. Subscriptions are paid in EGP, redemptions are paid in EGP, and distributions are made in cash or as bonus certificates.
Are there entry or exit fees?
No. There is no subscription, purchase or redemption fee. Running charges are deducted from the fund’s assets, as listed under Fees.
How quickly can I get my money back?
Redemptions are executed twice a week, on Sunday and Wednesday, at that day’s closing value. Lodge your request by 1:00 pm on the business day before: Thursday for Sunday, Tuesday for Wednesday.
Is my capital guaranteed?
No. The value of a certificate can fall as well as rise.
Where can I check the price?
On this page, at any receiving entity, or by telephone on +20 2 3865 3336/7.
Contact
Ask before you subscribe.
Fund contact
Ahmed Ali Abdel Razek
+20 111 533 9738
Investment manager
Acumen Asset Management S.A.E.
+20 2 3865 3336/7 ext. 419
Fax +20 2 3536 5836
Address
Building 3, 5th floor, Polygon
Sodic West, Km 38 Cairo–Alexandria Desert Road
Sheikh Zayed, 6th of October City, Giza, Egypt