Daman Islamic and Second Emirates Funds grow 1.40% and 0.99% in February NAV
Daman Investments PSC, the leading Dubai-based investment management company, has announced the performance results of three of its funds: the Daman Speculator Fund, the Daman Second Emirates Fund, and the Daman Islamic Fund, for the month of February 2009. The Daman Second Emirates Fund recorded a growth of 0.99%, and the Daman Islamic Fund, the company’s Shari’ah-compliant offering, posted a gain in Net Asset Value of 1.40%, ending at AED 42.51 for February 2009.
DAMAN SPECULATOR FUND REPORTS GROWTH OF 4.15% SINCE INCEPTION
The Daman Speculator Fund, ended the month of February at a NAV of AED102.65, a drop of 1.47% for the month. However, since inception of the Fund in July 2008, the fund has generated total returns of 4.15% as against the broader UAE market decline of -58.56%. For year to date 2009, the fund is down by 0.11% while the UAE markets were down by -2.56%.
DAMAN SECOND EMIRATES FUND SHOWS STEADY GAINS – GROWS 0.99% IN FEBRUARY
The Daman Second Emirates Fund, a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank and focused on UAE equity markets, closed the month of February at a Net Asset Value (NAV) of AED 41.70 per unit, spelling a commendable growth of 0.99% as against 3.00% witnessed in the NBAD General Index.
DAMAN ISLAMIC FUND POSTS 1.40% GROWTH
The Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund closed the month of February at a significantly increased Net Asset Value (NAV) of AED 42.51 per unit, signifying a month-to-date growth of 1.40%. The Fund’s year-to-date growth is now rated at 0.35%, faintly underperforming against the NBAD Islamic Index’s 0.41%. However, the Fund’s total performance since inception, now quoted at -53.74%, has steadily outperformed the movement of -56.09% observed in the Islamic Index.