The Daman UAE Value Fund recorded a 0.11 percent Net Asset Value (NAV) in October. The Fund has paid its fifth quarterly dividend of 2.25 Emirati dirhams ($.61) per share for the third quarter of 2002, maintaining its uninterrupted quarterly dividend payments since inception.
The Fund declared its October NAV of Dh 120.78 per share share, up slightly from the ex-dividend NAV of Dh 120.64 the previous month. October had been a cautious month in the United Arab Emirates (UAE), with volume down and prices stagnant.
Commenting on market conditions, Senior Portfolio Manager Mustafa Farid, stated that the oversold condition in September 2002 was followed by a technical recovery in October with the benchmark National Bank of Abu Dhabi (NBAD) Index up for the month, retracting some of its losses in the previous month.
Daman UAE Value Fund is a Mauritius-registered public company. The Fund’s governance structure is designed to ensure maximum transparency and accountability to shareholders. It is a closed-ended, offshore mutual fund focused on the UAE stock market.
The Fund was launched in 2001 with shares valued at a par value of Dh 100. The Fund commissions an independent audit of its NAV at the end of each month, and releases monthly NAV statements. The Fund has announced five quarterly dividends totaling Dh 11.00 per share over five quarters. — (menareport.com)
© 2002 Mena Report (www.menareport.com )