The Net Asset Value (NAV) of the Daman UAE Value Fund grew by 4.49% per cent during January, from AED 258.34 per share to AED 269.95 per share, and the IFA Khaleeji Fund posted growth of 3.08% during the month. Since inception, the Daman UAE Value Fund has registered impressive growth and consistent dividend distributions that have risen from AED 2.00 per share for the first quarter of operations to AED 5.00 per share for the fourth Quarter of 2004. Over its life, the total dividend since inception is AED39.00 per share.
The Daman UAE Value Fund has registered 39 months of positive gains over its 43-month life compared to only 32 months of positive gains made by the benchmark NBAD Index during the period.
Another Daman offering, the IFA Khaleeji Fund, registered a 3.08% increase in its NAV during January to reach an NAV of US$125.45 per share on February 1, 2005, up from US$121.70 per share on January 1, 2005. The IFA Khaleeji Fund, launched in association with IFA and Univest groups of Kuwait on 3rd March, 2004, has grown 25.45% since inception.
Daman Asset Management Ltd along with Facet Funds Ltd and Commander Asset Management Ltd recently launched The Arabian Programmed Trading Fund, the first-ever Gulf-managed hedge fund designed and tailored for the GCC market.
The Arabian Programmed Trading Fund, the first computer model aided stock investment fund to be launched in the region has an anticipated initial fund size of US$40 million. Redemptions will be quarterly and the initial dealing date is the 24th February 2005.