Daman Investments PSC, a leading UAE based fund manager today announced the performance results details for the month of March 2008 for three of its funds and distributed a first quarter dividend of AED 1 for The Daman Second Emirates Fund as well as the Daman Islamic Fund. Marking its first full year of operation, the Daman Second Emirates Fund posted overall gross performance returns of 23.66%
Both funds have also distributed dividends every quarter since inception, including AED 1 for the first quarter of 2008.
DAMAN SECOND EMIRATES FUND CELEBRATES YTD GROSS PERFORMANCE RETURNS OF 23.66%
The Daman Second Emirates Fund, which was launched on April 2007, as a UAE-registered open-ended fund focusing on the UAE equities markets has celebrated the completion of its first full year of operation marking gross returns of 23.66%.
During the month of March, the fund posted a net asset value (NAV) of AED 120.66 per unit as of March 31st 2008.
Making consistent quarterly dividend payouts since inception, the Fund has declared, in the first quarter of 2008, a dividend of AED 1 per unit for investors as of March 31 2008.
With this, the Fund has made total dividend payouts of AED 4 per unit since inception and marks the ex-dividend NAV as of April 1 2008 to stand at AED 119.66 per unit
DAMAN ISLAMIC FUND DISTRIBUTES AED 1 DIVIDEND FOR Q1 08-YIELDS HIGHER THAN INDEX GROSS RETURNS OF 11.03% SINCE INCEPTION
On a further note, Daman Investments has announced the results of its Shari’ah based fund the Daman Islamic Fund which is an open ended UAE-registered mutual fund that invests primarily in Shari’ah compliant securities listed on the UAE financial exchanges.
Since inception in June 2007, the Daman Islamic Fund has yielded gross returns of 11.03%. In comparison, the performance of the benchmark NBAD Islamic Index for the same comparable period was 7.62%.
As of March 31 2008, the fund declared AED 1 per unit as the 2008 first quarter dividend payout for investors. With this, the Fund has made total dividend payments of AED 2.75 per unit since inception with an ex-dividend NAV as of April 1 2008 to stand at AED 108.28 per unit ex-dividend.
Upon the dividend distribution, the fund closed the month of March at an ex-dividend net asset value (NAV) of AED, 109.28.
DAMAN ARABIAN PROGRAMMED TRADING FUND (APTF) TOPS GIC INDEX
Daman's first risk managed fund, the Arabian Programmed Trading Fund (APTF), outperformed the GIC GCC index for the month of March 2008 with a decline of -4.85% as against a -5.64% drop made by the benchmark index. The Net asset value (NAV) of the fund now stands at USD 87.65.
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 65 stocks from GCC, out of 450+ that have been evaluated. Minimum investment in this Fund is US$1 million. Redemptions will be quarterly.
