Daman Investments PSC, a leading UAE based fund manager today announced the performance results details during the month of January 2008 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: “Our Funds remain strong in their overall performance; The Daman Second Emirates Fund and Daman Islamic Fund have both been able to outperform the indices during a period of high volatility that we are currently witnessing. We remain focused on our overall long term strategy and expect to overcome this volatile period in the near term and remain bullish in our future outlook.”
Daman Second Emirates Fund sees a healthy growth of over 25%
The Daman Second Emirates Fund closed the month of January 2008 at a Net asset value (NAV) of AED 124.96 per unit as on January 31st 2008, reflecting a monthly drop in value of -0.96%, as against NBAD General Index drop of -1.65%
Since Inception of the Fund in April 2007, the Fund has achieved total returns of 27.96%; after making a dividend payout of AED 3 per unit.
The Fund’s dynamic strategy towards frequent realization of gains helped the Fund to ride through the volatile swings that occurred over last week of January. However, the Fund quickly got back into the markets on select, long term opportunities where the Fund believed inherent value was exposed on account of market mayhem, benefiting the Fund over long term.
On the ccorporate earnings front, the Fund has seen a robust and healthy average growth of over 25% for FY 2007 from UAE blue chip companies and the Fund expects the earnings growth rate to be sustained for the immediate horizon.
Daman Islamic Fund yields gross returns of 12.84%
The Fund closed the month of January at a Net asset value (NAV) of AED 111.09, reflecting a drop of -2.19%; as compared to drop of -3.55% by the NBAD Islamic Index for the corresponding period.
Since Inception, the Fund has yielded gross returns of 12.84% over a period of 8 months with AED 1.75 as dividends paid out per unit. The corresponding performance of NBAD Islamic Index for the comparable period was 15.95%.
On the earnings front, the Islamic Banks have witnessed full year average corporate earnings growth exceeding 45% higher than 21% achieved by the conventional Banks. For the near term, the Fund continues to remain positive and bullish backed by strong macro-economic and corporate earnings momentum.
Daman Arabian Programmed Trading Fund (APTF)
On a further note, Daman's first risk managed fund, the Arabian Programmed Trading Fund (APTF) designed and tailored for the GCC markets, For the month of January 2008; the APTF Fund dropped by -2.78% as against a drop of -4.85% 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.
