Daman Investments PSC, the leading Dubai-based investment management company, has announced the performance results of three of its funds: the Daman Speculator Fund, the Daman Second Emirates Fund, and the Daman Islamic Fund, for the month of March 2009. The newest Daman offering, the Daman Speculator Fund, launched in July 1, 2008, has declared a dividend distribution of AED 0.75 per unit for the first quarter of 2009, effectively raising the total value of dividends since inception to AED 2.25 per share.
Meanwhile, the Daman Second Emirates and Islamic Funds performed steadily in a fluctuating market. Both funds finished the month of March with month-on-month gains, with the Second Emirates Fund surpassing the NBAD General Index of 2.16%. Overall, all three of Daman’s investment funds have indicated a stable growth in Net Asset Value (NAV).
DAMAN SPECULATOR FUND ENDS MARCH 2009 WITH NAV OF AED 104.70
The Daman Speculator Fund, apart from distributing dividends of AED 0.75 per share, has reported an increase in NAV per unit, rising by 1.97% to AED 104.70 as of March 31, 2009. Ex-divided NAV is now pegged at AED 103.66 as of April 2, 2009, bringing the annualised dividend yield for 2009 to 2.89%.
The Fund, which was specifically structured to withstand tumultuous economic conditions, has recorded a total performance of 6.20% since its inception, indicating a considerable rise from last month’s 4.15%.
DAMAN SECOND EMIRATES FUND – CLOSES MONTH UP 3.25%
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, closed the month of March at a Net Asset Value (NAV) of AED 43.22 per unit, up 3.25% over last month while outperforming the NBAD General Index pegged at 2.16%.
The annualised dividend yield for the fund currently stands at 9.25%, as against the NBAD General Index’s 3.34%.
DAMAN ISLAMIC FUND - RISES 1.84%
The Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund closed the month at a Net Asset Value of AED 43.36 per unit as of March 31, 2009, signifying a month-to-date rise of 1.84%. The current annualized dividend yield stands at 9.23% as against the NBAD Islamic Index at 1.13%.
