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Charlemagne Capital unveils first international Iran fund

Charlemagne Capital unveils first international Iran fund

Following the lifting of sanctions on Iran, London-based Charlemagne Capital and Iranian financial services provider, Turquoise Partners, have formally launched the Turquoise Variable Capital Investment fund.

The Cyprus-domiciled fund invests exclusively in Iranian securities and will be run by Charlemagne Capital’s Citywire A-rated Stefan Bottcher and Dominic Bokor-Ingram, alongside Turquoise’s Ramin Rabii, who is also the group's CEO, and Shervin Shahriari.

Commenting on the launch, frontier market veteran Bokor-Ingram, said: ‘With 81 million people, the largest oil and gas reserves in the world, a highly educated population, an extremely diversified economy and a very developed stock market and regulatory system Iran’s economic fundamentals underpin a very significant opportunity.’

The management team said they are expecting to see a yearly 6-8% GDP growth in the foreseeable future as a result of the lifting of sanctions which is set to greatly benefit the domestic economy.

Charlemagne first announced plans for the launch of the Turquoise Variable Capital Investment fund in July, which would come once sanctions would be lifted in order to capitalise on the opportunities created on the Iranian market.

The company said, in addition to the country’s growth potential, Iran’s diverse economy represented an interesting opportunity for investors also compared to Saudi Arabia where oil accounts for 50% of the economy. This is while Iran’s oil market represents 18% of the economy, the service industry makes up 51% and agriculture 12%.

Speaking to Citywire Selector at the beginning of January, Bokor-Ingram said he had cut exposure to Saudi Arabia over the past four months from 12% to 1% due to the lower oil prices.

Bottcher and Bokor-Ingram also co-manage the Charlemagne Magna New Frontiers fund which has returned 23.3% in US dollar terms over the three years to the end of December 2015. This compares to a rise of 16.3% by the MSCI Frontier Markets TR USD over the same period.

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Stefan Böttcher
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1/15 in Equity - Frontier Markets (Performance over 3 years) Average Total Return: 57.27%
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