New York-headquartered Wafra is Euromoney’s best Islamic fund manager this year in recognition of its investment expertise, range of dedicated shariah-compliant strategies and fund performance.
The alternative investment firm, owned by the Kuwaiti state pension fund, Public Institution for Social Security, provides several investment vehicles dedicated to shariah-compliant liquid and non-liquid strategies, fixed income and sukuk, and offers other funds that can be structured to be compatible with shariah investors.
Range and flexibility are strengths, supported by almost 40 years of institutional investment experience. The firm has a shariah scholar and board to ensure its shariah investor clients can invest in its strategies.
Elias Scheker Da Silva and Ron Solenske are the fund’s co-portfolio managers.
In addition, the firm has a dedicated sustainable investment group and embeds environmental, social and governance considerations throughout its investment process.
Wafra’s strategies, which sit within its portfolio solutions group, are its ultra-short Islamic income strategy and its global sukuk fund, both of which are designed to deliver shariah-compliant fixed income-like exposure.
The fund describes its investment process as quantitative, dynamic and iterative. Portfolio decisions are data-driven and tested, while proprietary models are routinely stressed and refined to ensure durability of results.
The fund describes its investment process as quantitative, dynamic and iterative
Another core strength is Wafra’s sukuk market experience and intelligence. The firm has been a key investor in the global sukuk market since 2017, supporting its growth and development, including the expansion to non-Islamic sovereign and corporate issuers.
Wafra participated in two landmark and inaugural transactions last year – the Philippines’ $1 billion sukuk and the $600 million sukuk from Air Lease Corporation, marking the first deal of its kind from a North American issuer.
In total last year, the firm was active on 47 new sukuk deals across 14 different countries.
