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"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 Dhs3 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 Dhs111.09, 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 Dhs1.75 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.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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