April 2008 has been a rocking month for the GCC (9.2%) especially Qatar (23.4%) and Saudi Arabia (12.3%). Among our universe of 121 equity funds tracked by Markaz, the top 5 funds all belong to Qatar. This is an exceptional turnaround for a market that declined by 10% during the previous month. Confidence is returning to the market after international markets seem to settle down. Also, GCC companies have been posting strong earnings keeping the market in balance. GCC equity fund managers increased their allocation to Saudi Arabia (28%) as Saudi Arabia also recorded strong gains during the month.