Daman Investments PSC, a leading UAE based fund manager today announced the performance results details during the month of December 2007 for three funds-the Daman Second Emirates Fund, the Daman Islamic Fund and the Arabian Programmed Trading Fund (APTF).
Mr. Shehab Gargash, Daman Managing Director, said: “We are pleased to announce that December and 2007 ended with positive performance for our UAE funds. The Daman Second Emirates Fund and Daman Islamic Fund have both continued to show overall positive results including consistent quarterly dividend payouts since their launch. Our APTF risk managed fund has continued to play its part as a strong counter-weight against market fluctuations and achieved 30.75% gains year to date in 2007. As expected, the year has ended in both the UAE and GCC markets on a strong, upbeat note and we foresee that market performance will remain positive for the coming months. Our outlook remains bullish for the New Year and early 2008”.
Daman Second Emirates Fund - total 2007 dividend payout of AED 3 per unit
The Daman Second Emirates Fund closed the month of December 2007 at a Net asset value (NAV) of AED 127.18 per unit, reflecting a monthly gain of 5.62%.
For the 4th quarter of FY 2007, The Fund declared a dividend of AED 1 per unit . With this, the Fund’s ex-dividend NAV as on Jan 1st 2008 stands at AED 126.18
Since the Inception of the Fund in April 2007, the Fund has achieved total return of 29.18% and has made a total dividend payout of AED 3 per unit. The annualized dividend yield for the Fund now stands at 3.16% as against benchmark yield of 1.87%.
Daman Islamic Fund posts monthly gain of 4.24%
For the year to date 2007; the Daman Islamic Fund has yielded gross returns of 15.32% over
7 months since inception.
The Fund closed December 2007 at a Net asset value (NAV) of AED 114.57, reflecting a monthly gain of 4.24%. Declaring a dividend of AED 1 per unit for the 4th quarter of FY 2007, the fund’s ex-dividend NAV as of Jan 1st 2008 stands at AED 113.57
Since Inception, the Fund has so far made a total dividend payout of AED 1.75 per unit, making the Fund’s ex-dividend annualized yield stand at 2.64% as against benchmark NBAD Islamic Index yield of 1.13%.
Daman Arabian Programmed Trading Fund (APTF) Posts 4.55% Monthly Gain
On a further note, Daman's first risk managed fund, the Arabian Programmed Trading Fund (APTF) designed and tailored for the GCC markets, has gained 4.55% for the month of December achieving 30.75% returns for the year 2007 to date. The fund’s NAV now stands at $89.84 as compared to $85.93 on November 2007.
About Daman Investments PSC (www.daman.ae)
Daman Investments PSC is a private joint stock company based in Dubai and capitalized at AED 200 million. From its early beginnings in 1998, the group has grown rapidly into a non-bank financial services company now widely recognized as an authority in its core markets, the Gulf Cooperation Council and Iraq.
Known for offering innovative investment products and services to both regional and international clients, Daman provides investment management and development capital investment opportunities as well as domestic and regional brokerage operations through its subsidiaries. Daman is committed to the principles of ethical business practice and operational transparency. All Daman’s various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Services Authority (DFSA). Daman is well positioned for its clients as their gateway to the new Arab World economy.
About the Daman Second Emirates Fund
The Daman Second Emirates Fund is a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank and focussed on the UAE equities markets. The fund has an initial offered unit price of AED100 and a targeted size of AED 200 million. Subscriptions will be monthly and redemptions will be quarterly. The Net Asset Value will be calculated monthly. The fund is open to all nationalities as well as non-UAE residents and will seek to achieve a combination of capital growth and regular dividend income.
About the Daman Islamic Fund
The Daman Islamic Fund is a Shari’ah based, Open ended UAE-registered Mutual Fund regulated by the United Arab Emirates Central Bank. The Fund will invest primarily in Shari’ah Compliant securities listed on the UAE financial exchanges. The Fund will have an initial offered unit price of AED100 and a targeted size of AED 200 million. Subscriptions will be monthly and redemptions will be quarterly. The Net Asset Value will be calculated monthly. The fund is open to all nationalities as well as non-UAE residents and will seek to achieve a combination of capital growth and regular dividend income.
About Arabian Programmed Trading Fund (Facet Arabia)
Arabian Programmed Trading Fund (APTF) Facet Arabia was launched in February 2005. This is the first computer model aided stock analysis fund, launched in conjunction with Facet Funds plc, an offshore funds platform regulated by Cayman Islands Monetary Authority and Commander Asset Management Ltd, authorized and regulated by the UK's Financial Services Authority (FSA).
The fund is specifically designed with the ability to hold shares (equity) or cash. Individual positions are sold when conditions dictate and cash is held until a reinvestment opportunity arises in that particular stock. Currently the portfolio consists of 72 stocks from GCC, out of 450+ that have been evaluated. The fund has registered a year-to-date growth of 30.75% so far. Minimum investment in this Fund is US$1 million. Redemptions will be quarterly.
