Daman funds post outstanding performance results in October

Mr. Shehab Gargash, Managing Director, Daman, said: "The month of October was an exceptional period during which positive growth was managed and we exceeded our announced annual investment objective for the Daman Second Emirates Fund.

On a broader scale, both the UAE Indices recorded their best ever monthly performance for 2007, with DFM index gaining 24.7% and ADSM gaining 20.5% and the UAE market capitalization increasing by 25% from Dhs601bn in 3Q 2007 to Dhs753bn as of October 2007.

"While we are generally optimistic and confident that the Dubai World IPO will also act as a stimulant for lifting overall trading and positive market sentiment, it is wise to note that we should all remain watchful about trends. Other months may not be as positive as October and the trend may not be steadily upward." Mr. Gargash observed.

Daman second Emirates fund posts 12.78% monthly gain

The Daman Second Emirates Fund, an open-ended Dhs200m fund which focuses on the UAE equities markets, closed the month of October at a net asset value of Dhs120.14 compared to Dhs106.53 in September, reflecting a monthly gain of 12.78% as against a gain of 20.21% made by benchmark NBAD General Index.

During the month, the Fund achieved its annual investment objective of 15% per annum returns to investors.

The Fund had previously declared a third quarter dividend payout of Dhs1 per unit to its unit holders as of 30th September 2007. With this, the Fund has made a total dividend distribution of Dhs2 per unit since Inception. The Fund's annualized dividend yield as of October is 3.32% as against benchmark yield of 1.97% for the NBAD Index as of October 2007.

Daman Islamic fund posts 6.78% monthly gain

The Daman Islamic Fund, an open-ended, Shari'ah compliant mutual fund that focuses on the UAE equities markets, closed the month of October at a NAV of AED 108.50, posting a monthly gain of 6.78%; compared to the benchmark NBAD Islamic Index gain of 18.11% for the corresponding period.

For the year to date, the Fund has yielded a total growth of 9.25% in 5 months of operation. The corresponding 2007 year to date performance (since June 2007) for the NBAD Islamic Index is 13.31%.

The Daman Islamic Fund had also declared a dividend of AED 0.75 per unit to all unit holders as of 30th September 2007. After October, this dividend payout returns an ex dividend annualized yield of 2.76% to the investors, as compared to Benchmark NBAD Islamic Index dividend yield of 1.13%.

Daman APTF posts 5.80% monthly gain

On a further note, Daman's first risk managed fund, the Arabian Programmed Trading Fund (APTF) designed and tailored for the GCC markets, has gained 5.80% for the month of October achieving 22.43% returns for the year to date 2007 as against 26.69% returns made by the GIC GCC Index. The funds NAV now stands at $84.12 as compared to $79.51 on September 2007.