Winners of Argaam Recognition Award 2023: Full list

Argaam Recognition Award is an initiative by Argaam’s team to acknowledge the professional excellence of fund managers and IPO lead managers in the Saudi stock market, especially as 2023 was exceptional from various aspects, including IPOs in the Main Market (TASI) or Nomu-Parallel Market.

The Award aims to honor investment funds with the highest returns in various terms and recognize the IPO lead managers with the highest coverage ratios.

The Award honors excellence in five categories: 

1) Top-Performing Mutual Funds for one, three and five year-term.

2) Top-Performing Shariah-Compliant Mutual Funds for one, three and five year-term.

3) Top-Performing debt Instrument and Murabaha Funds for one, three and five year-term.

4) Top IPO Lead Manager for 2023 in Tadawul and Nomu. Top Financial Advisor in Tadawul and Nomu.

5) Top Trading Platform and Top Brokerage Company (in terms of Customer Service).

Argaam readers cast their votes to select the winners.

The Argaam Recognition Award added a new category for the best-performing debt instrument and Murabaha funds for a three and five year-term. 

SNB Capital Saudi Small and Mid-Cap Equity Fund grabbed Top-Performing Mutual Fund Award for 2023, achieving an annual return of 72.8%. The fund belongs to the category of funds with assets exceeding SAR 100 million (TIER1). Riyad Small and Medium Cap Fund won Top-Performing Mutual Fund Award for 2023, in the category of funds with assets of less than SAR 100 million (TIER2). It achieved an annual return of 52%.

For the three-year performance, SNB Capital Saudi Small and Mid-Cap Equity Fund won the award, recording a return of 171.6% in the category of funds with net managed assets exceeding SAR 100 million (TIER1). Similarly, in the category of funds with assets of less than SAR 100 million (TIER2) Riyad Small and Medium Cap Fund won the award with a return of 135%.

The Top-Performing Shariah-Compliant Fund in five years was SNB Capital Saudi Small and Mid-Cap Equity Fund in the category of large funds with assets exceeding SAR 100 million (TIER1). It achieved an annual return of 326%. Osool & Bakheet Parallel Market Trading Equity Fund won the same award in the category of funds with assets of less than SAR 100 million (TIER2), achieving an annual return of 370%.

In the second category of Shariah-Compliant Saudi Equity Funds and Top Performing Funds with highest return for 2023, and over three-year and five-year terms, SNB Capital Saudi Small and Mid-Cap Equity Fund won Argaam Recognition Award for 2023, recording a return of 72.8% in the category of large funds with assets exceeding SAR 100 million (TIER1). Riyad Small and Medium Cap Fund won the award in the category of funds with assets of less than SAR 100 million (TIER2), achieving an annual return of 52%.

Over a three-year term, SNB Capital Saudi Small and Mid-Cap Equity Fund again won Argaam Recognition Award, recording an annual return of 171.6% in the category of large funds with assets exceeding SAR 100 million (TIER1). Riyad Small and Medium Cap Fund grabbed the same award in the category of funds with assets of less than SAR 100 million (TIER2), achieving an annual return of 135%.

Over a five-year term, SNB Capital Saudi Small and Mid-Cap Equity Fund again won Argaam Recognition Award, recording an annual return of 326% in the category of large funds with assets exceeding SAR 100 million (TIER1). Osool & Bakheet Parallel Market Trading Equity Fund won the same award in the category of funds with assets of less than SAR 100 million (TIER2), achieving an annual return of 370%.

In the third category of Debt Instrument and Murabaha Funds 2023 and Top Performing Fund with highest return over three-year and five-year terms, SNB Capital Al Sunbullah SAR, which is managed by SNB Capital, won Argaam Recognition Award for achieving the highest return of 6% in 2023.  

Arbah Daily Liquidity Fund, managed by Arbah Capital, was the top performer over a three-year term, with a return of 10.3%. 

Meanwhile, Itqan Fund For Murabahat And Sukuk, managed by Itqan Capital, was the top performer over a five-year term, with a return of 17.6%. 

SNB Capital was named “Top IPO Lead Manager for 2023”, as it accounted for 46.83% (SAR 5.57 billion) of total public offerings on the main market (TASI). Meanwhile, J.P. Morgan Saudi Arabia recognized as “Top Financial Advisor for 2023”, as it advised on three IPOs. 

On the Nomu-Parallel Market, Yaqeen Capital was named “Best IPO Lead Manager and Financial Advisor for 2023”, as it managed nine IPOs valued at SAR 303 million. 

Derayah Financial won the “Best Trading Platform and Best Brokerage Company for 2023” award in terms of Customer Service. 

Since its launch in 2017, Argaam Recognition Award has received strong interest from the stock market and business community in Saudi Arabia. This year’s edition builds on the success of the Award.

By launching this  Award, Argaam aims to support excellence and enhance transparency. It also encourages investment fund managers on the Saudi market to demonstrate the Top performance throughout the year.