Daman Investments PSC, a leading UAE based fund manager today announced the performance details of the Daman Second Emirates Fund, the open-ended AED 200 million fund which focuses on the UAE equities markets, the Arabian Programmed Trading Fund (APTF) and the Daman Islamic Fund, a Shari’ah based, Open Ended UAE-registered Mutual Fund.
The Daman Islamic Fund, an open-ended, Shari’ah compliant mutual fund that focuses on the UAE equities markets, closed the month of August at an NAV of AED 99.16, a marginal drop of -0.22% as compared to benchmark NBAD Islamic Index drop of -1.46% during the same period.
The Daman Second Emirates Fund ex-dividend net asset value (NAV) reached AED106.88 on August 31, 2007 compared to AED108.03 during the month of July, 2007, marking a decline of -1.06% as against benchmark NBAD index drop of -0.96%.
Daman's first risk managed fund, the Arabian Programmed Trading Fund (APTF) designed and tailored for the GCC markets, fell slightly in August posting a decline of 1.94%. The APTF NAV is now at US$79.81 compared to US$ 81.39 on July 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. 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 18.39% so far.
Minimum investment in this Fund is US$1 million. Redemptions will be quarterly.
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.
