While many asset managers in Iran have sought to apply various investment strategies to mitigate the impact of high inflation and currency depreciation due to foreign economic sanctions, Vista Asset Management is taking a back to basics approach with its latest fund offering.
Chief Investment Officer Pouria Rafiei explained that, unlike many other sectors, food is not only an investment market but also a perennial human need – maintaining its position even during crises, recessions and inflation.
As this fund is focused on an economic sector that is both domestically-sourced, marketed and serviced, returns are hardly impacted by foreign currency fluctuations. Stiff local competition also keeps inflationary pressures largely in check, noted Pouria.
“In recent years, the food sector’s net profit increased 3.1 times. A US$1,000 investment in 2015 would now be worth approximately US$3,400, representing 3.4 times growth in US dollar terms and about 70 times in rial terms, demonstrating that the food industry acts as an inflation hedge.”
With Central Bank of Iran’s statistics showing Iran’s per capita annual food expenditure is currently under US$1,000, Pouria expressed confidence that higher income levels could directly increase food consumption and spending – presenting a golden opportunity for investments.
“Despite food expenses making up 25% of Iranian household consumption, only about 2% of market capitalization on the Tehran Stock Exchange (TSE) is allocated to the sector, indicating untapped investment potential.”
Pouria said the Vista Chashni Fund could invest in up to 53 food and beverage companies listed on the TSE. As Iran’s Securities and Exchange Organization guidelines specify, this sector fund must invest at least 70% of the NAV in the F&B sector, the remaining 30% can be allocated to related industries such as agriculture and sugar, covering 38 companies in total.
Table 1: Vista Chashni Fund industrial sector investment focus
| Industrial sector | Sample listed companies | |
| 1 | Dairy | Ghias, Ghasl, Ghighal, Ghiasomol, Ghialk, Ghialshah, Ghialn, Ghialak, Ghighal Ghialstan, etc. |
| 2 | Food ingredients and products | Beshahr, Ghimesh, Joodkafa |
| 3 | Flour and wheat | Aridineh, Ghazr, Nan, Arz Tejarat, Iran Ashiar |
| 4 | Beverages | Alis, Laddis, Ghamsun, Nemoshon, Ghalkalak |
| 5 | Oil | Behpak, Ghal, Ghazadeh, Ghione, Amari, Ghakoursh, Ghanab, Ghebra |
| 6 | Rubs, sauces and by-products | Gheshdabad, Terik, Ghamehrah |
| 7 | Confectionery and snacks | Ghione, Ghonia, Aslam, Gharji, Ghamni, Asnio, Gharz Ghoshkou |
| 8 | Other products | Ghader, Ghadest, Ghameh, Ghinal, Ghadam |
Source: Vista Asset Management
This industry is considered stable and low-volatility due to the essential nature of its products, concluded Pouria.
The Vista Chashni Fund was launched on the 10th November 2025. Established in 2020, Vista Asset Management already operates the Zarvan Gold Fund, Behinro Sector Fund, Vista Equity Fund, Sabat and Akam Fixed Income Funds as well as the Taraz Market-Making Fund.
*Disclaimer: The opinions and viewpoints expressed in this Fund Profile do not constitute as recommendations for any fund highlighted. The information presented is not investment advice and should not be treated as such.
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