For immediate release						7 Jan, 2001


TAIB’s Tech Fund returns positive for year 2000


TAIB’s American Explorer Fund (AEF) returned a positive 6% for the year 2000 in the midst of crashing global valuations of technology stocks and thus has been ranked no. 1 in December 2000 by S&P’s Micropal in terms of its one year performance. The Wall Street Journal in their article dated 27th December 2000 mentioned AEF as the best global technology Fund in the year 2000, said the Bahrain-based TAIB Bank E.C. in a statement released yesterday. 

"The year 2000 was a difficult year for equities across the world. The economic slowdown in the US resulted in many companies, particularly in the technology sector, reporting weaker than expected third quarter earnings and lower expectations for fourth quarter earnings. Various technology indices reflected this  sentiment during the past year.  Morgan Stanley Hi-Tech Index fell by  27%, Nasdaq Composite fell by 39% while the Lipper Science & Technology Index fell by 28% for the year.  Against these crashing valuations TAIB’s AEF emerged positive - giving returns of 6% for the year 2000. It is an open-ended long-short fund. Using the short strategy effectively AEF has not only been able to  minimise losses but has returned positive for the year." said Mr. Iqbal G. Mamdani, TAIB Vice Chairman and Chief Executive Officer in his statement.

Mr Mamdani noted "TAIB’s family of funds are in the areas where TAIB has a successful track record. These are managed by selected fund managers having specialized knowledge of the respective markets. TAIB’s AEF follows the tradition."

Mr. Mamdani concluded "Information regarding TAIB’s family of funds performance and NAV as well as other TAIB products is now available at www.taib.com"

TAIB Bank E.C., an international investment Bank based in Bahrain and listed on the Bahrain Stock Exchange, pursues asset management activities in U.S., Europe as well as regional markets and is also involved in private equity, real-estate and brokerage services.


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For more information, please contact:
Mr. Rajesh Iyer (Tel: 533334, Fax: 533189)
e-mail: rajesh@taib.com