Daman Investments PSC, the leading Dubai-based investment management company, has announced the performance results of its funds: the Daman Second Emirates Fund, the Daman Islamic Fund, the Daman Speculator Fund, and the Daman Fifth Fund for the month of August 2010.
DAMAN SECOND EMIRATES FUND.
The Daman Second Emirates Fund, a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank and focused on UAE equity markets, remains the top performing Daman fund year to date as of August 2010. The fund exhibited steady performance as it closed the month of August with a Net Asset Value of AED 104.90 per share, decreasing 0.49% compared to its July 2010 NAV. The fund's benchmark, the NBAD Index, saw a decline of 0.88% for the same period.
Last month, the Daman Second Emirates Fund declared a second quarter dividend of AED 0.50 per unit, bringing up the fund's total dividend to AED 14 since inception and its annualized dividend yield to 2.86% vs. the NBAD Index's 3.63%.
DAMAN ISLAMIC FUND
The Daman Islamic Fund, a Shari'ah principle-based, UAE-registered open-ended mutual fund, continues to beat its benchmark, the NBAD Islamic Index, by a wide margin as of year to date August 2010. The fund's year-to-date performance stood at -4.51% against the benchmark's -10.21%. Wrapping up August 2010 with a NAV of AED 100.44, fund shares held their value with a nominal decrease of 0.43%, outperforming the index which dropped by 1.29%. The fund declared a second quarter dividend of AED 0.50 per unit, and remains ahead of the Index in terms of annualized dividend yield. As of the end of August 2010, the fund registered an annualized dividend yield of 2.99% against 1.13% seen on the NBAD Islamic Index.
DAMAN SPECULATOR FUND
The Daman Speculator Fund, launched in July 1, 2008, also beat the ESCA Index for month-to-date and year-to-date returns as of the end of August 2010. The fund's NAV per share dipped 1.01% in comparison to unit value at the end of July 2010, while the ESCA Index showed a drop of 1.70% for the corresponding period. Net Asset Value per unit for the Daman Speculator Fund stood at AED 90.27 as of August 31, bringing its year-to-date returns to -8.96%. The ESCA Index YTD returns were at -12.15% during the same period. The Daman Speculator Fund truly surpasses the ESCA Index as total performance since inception is figured in. The fund decreased 6.98% while the ESCA Index plunged 59.43%.
DAMAN FIFTH FUND
The Daman Fifth Fund, an AED 200 million closed-ended fund focused on investments within the GCC markets, concluded the month of August 2010 at a NAV of AED 97.47, relatively flat with a modest decline of 0.12% as compared to July 2010 figures. The fund's three-month performance is down 0.46%, while total performance since inception in April 2010 now stands at -2.53%.
