EFG-Hermes Telecom fund announced on Sunday that it has seen positive gains in Match of 2.5 per cent. The fund attributed the rise to stronger macroeconomic data and a general recovery in corporate earnings. Within the region, the markets shrugged off an internal GCC spat as investors continued to bid prices higher. The fund said that continued strength in Egypt and South Africa helped buoy returns. It also said that in the coming months, it would redeploy cash raised from portfolio rebalancing to target new investments.