Daman Investments funds achieve positive performance in a difficult year
Daman Investments PSC, one of the leading UAE-based regional investment management companies, has announced another year of exceptional performance by its local and regional equity funds during 2011. The top performing fund was the Daman Second Emirates fund which ended the year with a gain of 4.9% net of all fees, the scale of the outperformance was particularly stark when compared against the representative ESCA index which lost -12% or NBAD General index which was down -7% for the year. The fund also paid out a record eighth consecutive quarterly dividend of AED 1.00 for the fourth quarter, bringing the total dividend paid out for the year to AED 3.75.
The second best performing fund was the Daman Fifth Fund, which is a GCC centric fund, ending the year up +3.7% and again beating its respective peer group. The other two funds namely the Daman Islamic fund -4% and the Daman Speculator Fund was down -10%.
Commenting on the announcement, Mr. Shehab Gargash, Chief Executive Officer of Daman Investments PSC said, “We continue to build a proven track record in delivering strong and consistent returns in times of market instability by focusing on our core expertise in asset management.” Daman’s Funds are managed along strategic and tactical asset allocation lines to ensure optimal diversification amongst securities in order to achieve a higher risk adjusted return with relatively low volatility.
Mr. Shehzad Janab, Daman Investments’ Head of Asset Management & Advisory, also added, “We continue to believe that the GCC equity markets offer exceptional value to the patient investor. The 2nd half of 2012 could mark a recovery in investor appetite. Negative sentiments should ease following a denouement to the euro sovereign debt crises. The robust outlook for oil prices will continue to generate enough thrust to sustain the positive growth momentum within the GCC which will translate in strong earnings growth in 2012.”
Founded by a group of prominent UAE investors in 1998, Daman Investments was conceived as an enterprise in response to a growing need for in-depth financial services that are specific to the region. Asset management represented the first line of activity undertaken by Daman, and still remains at the core of our operations. Since then we have developed several initiatives and have been actively offering investment opportunities to the institutional, high net worth and retail markets in the UAE and beyond.
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