Table 9.

Style analysis - stage 3 (May 12 - June 14).

	Malaysia		Pakistan		Saudi Arabia		Qatar		Kuwait		UAE
	Islamic	Conv.	Islamic	Conv.	Islamic	Conv.	Islamic	Conv.	Islamic	Conv.	Islamic	Conv.
Size
Large	67.05%	25.24%	51.31%	26.56%	60.45%	22.14%	58.11%	21.40%	72.89%	29.75%	71.21%	23.78%
Mid	18.24%	31.25%	25.66%	43.56%	26.57%	35.58%	22.34%	31.55%	12.36%	35.66%	15.33%	41.33%
Small	14.71%	43.51%	23.03%	29.88%	12.98%	42.28%	19.55%	47.05%	14.75%	34.59%	13.47%	34.90%
R2	0.903	0.851	0.857	0.926	0.919	0.896	0.908	0.872	0.946	0.873	0.912	0.865
Tracking Error	0.68%	0.44%	0.75%	0.95%	0.38%	0.81%	0.50%	0.65%	0.54%	0.47%	0.91%	0.63%
Factor Strategies
Growth	19.67%	53.32%	13.88%	56.26%	11.93%	46.39%	22.29%	23.03%	10.25%	44.25%	15.97%	49.29%
Value	63.35%	23.33%	67.13%	24.56%	59.02%	15.52%	44.17%	31.23%	78.38%	20.13%	48.75%	14.55%
Momentum	16.98%	23.35%	18.99%	19.18%	29.05%	38.09%	33.54%	45.74%	11.37%	35.62%	35.28%	36.16%
R2	0.873	0.957	0.851	0.941	0.862	0.948	0.861	0.854	0.879	0.883	0.904	0.896
Tracking Error	0.53%	0.11%	0.84%	0.81%	0.15%	0.46%	0.26%	0.14%	0.30%	0.73%	0.76%	0.89%
Sector
Manufacturing	26.29%	36.15%	18.16%	40.39%	18.19%	28.95%	10.58%	22.11%	12.56%	25.65%	20.12%	25.48%
Utilities	15.83%	12.12%	12.82%	12.51%	23.16%	20.97%	23.99%	21.64%	24.89%	23.15%	21.12%	15.38%
Mining, Construction and Chemicals	10.66%	19.86%	15.13%	10.88%	19.15%	16.15%	14.56%	8.47%	15.24%	7.72%	8.91%	6.35%
Wholesale and Retail	35.56%	16.45%	39.16%	18.84%	20.26%	25.87%	38.15%	35.21%	35.36%	35.73%	45.73%	44.12%
Services	11.66%	15.42%	14.73%	17.38%	19.24%	8.06%	12.72%	12.57%	11.95%	7.75%	4.12%	8.67%
R2	0.934	0.895	0.899	0.964	0.905	0.894	0.873	0.892	0.916	0.893	0.951	0.941
Tracking Error	0.45%	0.49%	0.36%	0.86%	0.79%	0.85%	0.65%	0.79%	0.49%	0.80%	0.51%	0.98%