Table 7.

Style analysis equity funds - stage 1 (January 1st - March 19).

	Malaysia		Pakistan		Saudi Arabia		Qatar		Kuwait		UAE
	Islamic	Conv.	Islamic	Conv.	Islamic	Conv.	Islamic	Conv.	Islamic	Conv.	Islamic	Conv.
Size
Large	45.10%	23.15%	38.45%	25.15%	35.13%	20.15%	31.59%	19.55%	40.13%	25.68%	43.12%	21.50%
Mid	21.20%	15.55%	35.66%	31.23%	31.25%	25.45%	42.56%	31.55%	31.25%	35.55%	21.25%	23.60%
Small	33.70%	61.30%	25.89%	43.62%	33.63%	54.41%	25.85%	48.90%	28.63%	38.77%	35.63%	54.90%
R2	0.931	0.851	0.864	0.903	0.912	0.876	0.860	0.893	0.917	0.925	0.951	0.969
Tracking Error	0.55%	0.68%	0.96%	0.67%	0.93%	0.72%	0.97%	0.38%	0.65%	0.89%	0.63%	0.96%
Factor Strategies
Growth	35.50%	55.30%	31.55%	55.15%	22.51%	52.20%	62.25%	23.15%	14.15%	44.68%	21.05%	50.12%
Value	45.10%	25.50%	52.20%	22.20%	33.10%	15.57%	22.50%	24.45%	55.61%	23.51%	29.55%	15.56%
Momentum	19.40%	19.20%	16.25%	22.65%	44.39%	32.23%	15.25%	52.40%	30.24%	31.81%	49.40%	34.32%
R2	0.923	0.892	0.881	0.943	0.873	0.921	0.867	0.948	0.958	0.870	0.923	0.918
Tracking Error	0.90%	0.46%	0.87%	0.91%	0.40%	0.44%	0.77%	0.79%	0.60%	0.79%	0.52%	0.59%
Sector
Manufacturing	40.13%	42.56%	30.25%	46.12%	29.15%	31.03%	25.23%	31.02%	21.51%	32.05%	29.15%	41.02%
Utilities	12.51%	10.25%	10.25%	9.11%	20.10%	23.15%	19.25%	18.25%	20.12%	21.05%	18.15%	15.12%
Mining, Construction and Chemicals	15.50%	23.31%	25.12%	13.51%	28.91%	20.15%	21.35%	10.21%	21.55%	12.52%	21.54%	12.54%
Wholesale and Retail	21.25%	10.23%	20.14%	12.57%	10.25%	15.32%	20.15%	21.26%	19.15%	21.25%	25.45%	23.51%
Services	10.61%	13.66%	14.24%	18.69%	11.60%	10.36%	14.02%	19.26%	17.67%	13.13%	5.71%	7.81%
R2	0.924	0.935	0.862	0.907	0.911	0.964	0.902	0.935	0.892	0.902	0.855	0.865
Tracking Error	0.31%	0.35%	0.40%	0.52%	0.91%	0.98%	0.59%	0.63%	0.79%	0.64%	0.44%	0.95%