Armenia is increasingly attracting the attention of investors looking beyond established markets for new sources of growth. Over the past decade, the country has developed a more dynamic private sector, supported by growth in technology, financial services, construction, tourism, and other areas of the economy. At the same time, Armenia’s relatively small market creates characteristics that can be particularly relevant to active investors: businesses are often less extensivel

Armenia and the Gulf Cooperation Council markets represent very different investment environments. For a regional portfolio, that difference can be an advantage. Armenia is a relatively small economy where local knowledge and access can play a significant role in identifying opportunities. GCC markets, by contrast, provide access to larger capital markets, major financial institutions, sovereign issuers, and some of the region’s most significant corporations. Together, they c

Financial markets continuously produce new narratives. Artificial intelligence, cryptocurrencies, emerging markets, real estate, commodities, and individual sectors can quickly become dominant investment themes. Capital follows performance, valuations rise, and investors often enter precisely when expectations are highest. At MMI Fund, we believe investment decisions should begin somewhere else: fundamentals. Conviction requires evidence A compelling story does not necessaril

Traditional portfolios are often built primarily around listed equities and bonds. However, private markets can provide another source of investment opportunities when approached with appropriate discipline. Two areas are particularly relevant to MMI Fund’s strategy: private credit and strategic investments. Private credit Private credit involves providing financing directly to businesses outside traditional public bond markets. For borrowers, this can provide greater flexibi