Here's the April press release, you'll understand my confusion:
First Persia Equity Fund Ltd today announced the re-opening of the First Persia Equity Fund from April 13 to June 18, 2008. The First Persia Equity Fund is the World's only Iran country fund authorized for foreign investment in Tehran's booming (+3.9% year-to-date) stock market by the Iranian Government. Set up in July 2007 with an initial capital of 34 million Euros, the First Persia Equity Fund has established an enviable track record, rising by 2.5% since inception, one of the few long only equity funds launched anywhere last summer to still be in positive territory. The First Persia Equity Fund portfolio has also outperformed the main Tehran index, the TEPIX, in every month since it started trading.
Mr Fazlollah Moazzami, Chief Investment Officer of the Fund, commented "Based on current year multiples of 4 or 5 times, dividend yields of 12-14% and earnings growth of 15-17%, the Tehran stock market offers some of the most compelling valuations in the Emerging Market space"....
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