Daman Investments PSC, a leading UAE based fund manager today announced the performance results details during the month of February 2008 for three funds-the Daman Second Emirates Fund, the Daman Islamic Fund and the Arabian Programmed Trading Fund (APTF).
Mr. Shehab Gargash, Daman’s Managing Director, said: “I am pleased to say that despite the extremely volatile period we saw during the last period, our Funds have remained positive in contrast to the market. Our vision remains clear and focused for our funds and we expect better times ahead with increased profit returns.”
Daman Second Emirates Fund posts a monthly gain of 2.76%
The Daman Second Emirates Fund closed the month of February 2008 at a NAV of AED 128.42 per unit, reflecting a monthly gain of 2.76% over previous month as against NBAD General Index returns of 3.32%.
Since Inception of the Fund in April 2007, achieved total returns of 31.42%; after making a dividend payout of AED 3 per unit.
Through the latter half of the month of February, the Fund approached the market cautiously due to increased turbulence in the regional/global equity markets. The Fund will maintain this approach until the markets show strength in terms of liquidity and performance and will also evaluate the first quarter earnings of the current year before concluding the near term outlook.
Daman Islamic Fund gains 3.29%
The Fund closed the month of February 2008 at a NAV of AED 114.74 per unit, compared to an NAV of AED111.09 in January marking a gain of 3.29% over previous month as against a NBAD Islamic Index gain of 5.96% for the same period.
Since its inception in June 2007, the Daman Islamic Fund has yielded gross returns of 16.49% over a period of 9 months with AED 1.75 per unit as dividends paid out.
The fund maintained its cautious approach throughout the month but actively participated in short term trading opportunities thereby enhancing the value of the Fund.
For the near term, the Fund will take a directional support after assessing the 2008 first quarter earnings and accordingly will build positions within the Fund.
Daman Arabian Programmed Trading Fund (APTF) gains 2.54% in February 2008
Daman's first risk managed fund, the Arabian Programmed Trading Fund (APTF) designed and tailored for the GCC markets, served as a strong balance for the month of February 2008; the APTF Fund gained 2.54% as against a gain 2.77% made by the GIC GCC Index.
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. Minimum investment in this Fund is US$1 million. Redemptions will be quarterly.
