Acumen Asset Management · Open-Ended Fund
Acumen IQtinasan equity fund in Egyptian pounds, distributing dividends in USD
Egyptian equities and fixed income held together in one document, managed actively against a single question: where is the return worth the risk today. Licensed by the Financial Regulatory Authority under licence no. 132 of 07/09/2026, and managed by Acumen Asset Management under Capital Market Law 95 of 1992.
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.
The objective
Growth and income, from one holding.
The fund sets out to build an investment portfolio that achieves the greatest growth it reasonably can for the money entrusted to it, exercising the care of a prudent man and diversifying across local equities, global depositary receipts issued by Egyptian companies, and other domestic investments. Alongside that growth it aims to make periodic distributions — in cash or in bonus documents — whenever profits are realised, striking a balance between capital growth and periodic income.
Investment policy
Flexible by design, bounded by rule.
The fund is run on an asset-allocation discipline rather than a fixed split: the manager may move decisively between equities and fixed income as conditions change, inside limits the memorandum sets and the supervisory committee monitors.
Of net assets. 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 is what meets redemptions without forcing a sale.
A credit floor on everything but government paper
Bonds and sukuk the fund buys must carry a credit rating no lower than BBB–, or its equivalent, and the manager discloses the annual rating refresh to holders.
No lending, and borrowing only to pay redemptions
The fund may not lend or finance, directly or indirectly, and may not borrow securities to sell or buy on margin. It may borrow in one case only — to meet redemption requests — for no more than twelve months, for no more than 10% of the value of the documents outstanding when the loan is requested, and only after a technical study is put to the supervisory committee.
Diversification before concentration
No more than 15% of net assets in the securities of a single company, and no more than 20% of that company’s securities. No more than 20% of net assets in another fund, and no more than 5% of that fund’s documents. No more than 20% in securities issued by one related group. A breach is reported to the Authority at once and corrected within a week.
Dealing
Buy any business day. Redeem twice a week.
Purchase — daily
Requests are received every banking business day during official hours, with a cut-off at 1:00 pm; anything later rolls to the next business day. The amount is deposited with the receiving entity, and the number of documents is settled on the document value at the close of the request day. There is no purchase commission.
Redemption — Sundays and Wednesdays
Requests are collected through the week and must be lodged before 1:00 pm on the business day preceding the redemption day. Requests held to 1:00 pm Thursday are executed on Sunday; those held to 1:00 pm Tuesday are executed on Wednesday, each at the document value computed on that day’s close. There is no redemption fee.
Valuation and reporting
The administrator values the document daily and publishes the number outstanding at the end of every business day. Holders receive a report every three months carrying net asset value, their document count and its indicative value, and any distribution made since the last one. Annual statements reach the Authority within 90 days of the year end, the half-year limited review within 45 days.
Where the price is published
The document price is announced daily at each receiving entity, on the basis of the last valuation day’s close. It is also published on this site — acumen-iqtinas.com — which the memorandum names as the fund’s official website, and can be had by telephone on +20 2 3865 3336/7.
When redemption can be suspended
In exceptional circumstances — 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 supervisory committee may order partial payment or a temporary suspension, effective only after the Authority approves it.
Financial charges
What the fund pays, and to whom.
Nothing is charged on the way in or on the way out. The running charges below accrue daily against net assets and are settled monthly, half-yearly or annually as noted.
| Charge | Rate | Basis |
|---|---|---|
| Subscription & redemption | None | The fund carries no purchase or redemption fee |
| 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 |
| Performance fee | 15% p.a. | Of returns above the average net yield on 91-day Egyptian treasury bills after tax; none at all while the document sits below its nominal value |
| Custodian | 0.01% p.a. | Of the standing equity balance, minimum EGP 15,000 a year, plus 0.05% on trades (minimum EGP 10 an invoice) |
| Administration services | 0.02% p.a. | Of net assets, minimum EGP 50,000 a year |
| Receiving entities | Up to 0.1% p.a. | Of net assets, by each entity’s share of the documents on its records |
| Auditor | Up to EGP 100,000 p.a. | Annual audit and periodic review of financial position |
| Tax advisor | Up to EGP 11,000 p.a. | Reviewed by the auditor in the periodic review |
| Administrative expenses | Up to 3% p.a. | Of net assets, paid against actual invoices |
| Supervisory committee | Up to EGP 100,000 p.a. | Allowances and remuneration for the committee as a whole |
Distributions
Decided each December.
On the manager’s study, a share of distributable profits determined under Egyptian accounting standards may be distributed at the end of December each year — in cash, or as bonus documents, according to the liquidity available to the fund and never at the expense of its ability to meet its obligations. The administrator records every cash and bonus distribution and discloses it to holders.
Who stands behind it
The parties to the fund.
Every role below is appointed by the supervisory committee under the executive regulations, and each is independent of the others in the ways 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. Open from 6 October 2026 and closing on 5 November 2026, or earlier if every offered document is covered. The nominal value of a document is EGP 1.00 and is paid in full, in cash, in Egyptian pounds at subscription; a subscriber receives an electronic subscription certificate stamped and signed by the receiving entity.
Acumen Securities Brokerage
Mubasher for Trading Securities & Bonds
Thunder Securities
Tilda Securities
Risk
What can go wrong, stated plainly.
Subscribing to or buying a document in this fund is an acceptance of the risks the memorandum discloses. These are the principal ones.
Market risk
Systematic risk: the prices of the securities the fund holds move with the market as a whole — with corporate results, growth rates and the economic and political conditions around them — and the document value moves with them.
Unsystematic risk
An unexpected event in one sector, or in one security, rather than in the market at large. Diversification across sectors and unrelated companies is what limits it.
Credit risk
An issuer may fail to redeem at maturity or to 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 the purchasing power of the assets invested bears directly on the real return.
Currency risk
Instruments denominated in foreign currency are revalued as exchange rates move, raising or lowering the fund’s return.
Liquidity risk
An asset may not be sellable at the moment the fund needs the cash, whether for want of a bid or through force majeure. The answer is the liquidity floor.
Concentration risk
Holding few positions ties the return tightly to them. Exposure limits per issuer and per related group contain it.
Information risk
Where the market does not disclose enough for a clear view of what lies ahead, outcomes are harder to anticipate. The fund invests in the Egyptian market, which discloses to a high standard.
Operational risk
An error in executing, settling or linking an order, through a counterparty’s failure or a network’s, may delay what the fund owes or is owed. Delivery-versus-payment settlement limits it, except on subscriptions, which are paid first.
Political risk
A change in the system of government where the fund invests can turn that country’s investment and economic policy, and with it the market. All of this fund’s investments are inside Egypt, so Egyptian conditions bear on it directly.
Regulatory risk
A change in law or regulation can bear adversely on the fund’s investments. The manager follows legislation in prospect and works to avoid the harm and take the benefit.
Valuation risk
Investments are valued at market value. Where an instrument is not liquid, market value and fair value can diverge, and the holder can lose by the difference. Such instruments are valued under Egyptian accounting standards, as the auditor approves.
Force majeure
Earthquakes, volcanoes and storms; or unrest, strikes and demonstrations severe enough to halt trading on the exchange and the debt market. This is the kind of risk that lifts only when its cause does, and it can force a partial suspension of redemptions.
Technology risk
Trading at a distance over the internet carries risks to the security of the investor’s data and login. An outage at a service provider can interrupt instructions and orders, in which case the manager discloses it and offers paper redemption or another route.
This page is not an offer, a solicitation or investment advice. It summarises the fund’s information memorandum for convenience; the memorandum approved by the Financial Regulatory Authority is the only binding document, and in any difference it governs. Past performance of any fund managed by Acumen Asset Management is not a guarantee of future results, and the value of a document 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.
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