The Net Asset Value (NAV) of the Daman UAE Value Fund grew by an exciting 25.33% during April 2005 from AED 384.79 per share to AED 482.24 per share on May 1, 2005.
So far the Daman UAE Value Fund has registered 88.99% growth during 2005. The annualized dividend yield for the fund stands at 4.97% on the ex-dividend NAV as against 1.02% dividend yield for the Benchmark NBAD Index for the same period.
In March 2005 the fund posted an impressive performance with the highest-ever one month growth rate in its nearly four-year history. The fund registered a record single month growth of 32.18% from AED 295.66 per share on March 1, 2005 to AED384.79 per share ex-dividend on April 1, 2005.
Following this, Daman (managers of the Daman UAE Value Fund), announced a record dividend payout of AED6.00 a share for the first quarter of 2005. Since inception the Fund has yielded a remarkable return of 427.24 %.
Since inception, the Daman UAE Value Fund has recorded outstanding growth and consistent dividend distributions that have risen from AED 2.00 per share for the first quarter of operations in mid- 2001 to AED 6 per share for the first quarter of 2005.
The Daman UAE Value Fund has registered 42 months of positive gains over its 46-month life compared to only 35 months of positive gains made by the benchmark NBAD Index during this period.
Facet Arabia Fund
Meanwhile, Daman's first Gulf managed fund, designed and tailored for the GCC market, the Arabian Programmed Trading Fund (APTF) Facet Arabia, launched in February 2005, gradually built up its portfolio during April and yielded a positive return of 2.9%.
"The GCC capital markets are still liquidity-driven with a background of good underlying regional and corporate fundamentals. The UAE market was particularly strong during April. The Fund ended April with all its holdings invested but is keeping a high proportion in cash as some individual companies are showing signs of increased volatility," said Mr. Shehab Gargash, Managing Director, Daman.
About Daman UAE Value Fund:
Daman UAE Value Fund is a closed-end, offshore mutual fund focused on the UAE stock market. It was launched on 1st July 2001 with shares valued at a par value of AED 100. The Fund commissions an independent audit of its Net Asset Value (NAV) at the end of each month, and releases monthly NAV statements. The Fund has announced dividends totaling AED 45 per share since inception, the most recent being AED 6.00 per share for the first quarter of 2005.
Daman UAE Value Fund is a Mauritius-registered public company. The Fund's governance structure is designed to ensure maximum transparency and accountability to shareholders.
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.
