The Daman United Arab Emirates (UAE) Value Fund, a mutual fund vehicle that invests in UAE stocks, has shown a record rise of 40.9 percent for its third financial year.
Riding on the success of its investment strategy, the managers of the fund have declared a first quarter dividend of 3.25 Emirati dirhams ($.88) a share, up 50 fils from its last dividend paid out for the fourth quarter of 2003. This is a record dividend payout during three years of uninterrupted quarterly dividends during the life of the fund.
Daman's flagship fund closed its third financial year on March 31, 2004 showing a total growth since inception of 86.54 percent, which is equivalent to an annualized growth rate of 31.47 percent during the life of the fund.
Daman UAE Value Fund is a closed-ended Mauritius-registered, offshore mutual fund focused on the UAE stock market. It was launched in 2001 with shares valued at a par value of Dh 100. The Fund commissions an independent audit of its Net Asset Value (NAV) at the end of each month, and releases monthly NAV statements. — (menareport.com)
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