Fund of the week: high stakes and big rewards in Iraq

Bjrn Englund, 40, is no stranger to conflict. A former warrant officer, the Swede served as a UN peacekeeper in Lebanon and Kuwait more than 20 years ago. But now he's got an even bigger fight on his hands. As manager of the $23.6m Iraqi-focused Babylon Fund, he's trying to convince people that Iraq is a plausible long-term investment.

Launched in September 2006, 30% of the Babylon Fund is invested in bonds, including Iraqi sovereign debt. He lists the 5.8% coupon, maturing in 2028, as one of his favourites. The other 70% is in equities, half of which are foreign firms with significant operations in Iraq, including several oil groups.

Contact: +352 335502

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The Babylon Fund's top ten holdings

Warka Bank

Qurain Holding

North Bank

Investment Bank of Iraq

Addax Petroleum

Iraqi Middle East Investment Bank

Bank of Baghdad

DNO AS

Commercial Bank of Iraq

Baghdad Soft Drinks

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