Daman funds maintain positive momentum

Mr. Shehab Gargash, Daman's Managing Director, said: "I am pleased to say that despite the extremely volatile period we saw during the last period, our Funds have remained positive in contrast to the market. Our vision remains clear and focused for our funds and we expect better times ahead with increased profit returns."


Daman Second Emirates Fund posts a monthly gain of 2.76%

The Daman Second Emirates Fund closed the month of February 2008 at a NAV of Dhs128.42 per unit, reflecting a monthly gain of 2.76% over previous month as against NBAD General Index returns of 3.32%.

Since Inception of the Fund in April 2007, achieved total returns of 31.42%; after making a dividend payout of Dhs3 per unit.

Through the latter half of the month of February, the Fund approached the market cautiously due to increased turbulence in the regional/global equity markets. The Fund will maintain this approach until the markets show strength in terms of liquidity and performance and will also evaluate the first quarter earnings of the current year before concluding the near term outlook.


Daman Islamic Fund gains 3.29%

The Fund closed the month of February 2008 at a NAV of Dhs114.74 per unit, compared to an NAV of Dhs111.09 in January marking a gain of 3.29% over previous month as against a NBAD Islamic Index gain of 5.96% for the same period.

Since its inception in June 2007, the Daman Islamic Fund has yielded gross returns of 16.49% over a period of 9 months with Dhs1.75 per unit as dividends paid out.

The fund maintained its cautious approach throughout the month but actively participated in short term trading opportunities thereby enhancing the value of the Fund.

For the near term, the Fund will take a directional support after assessing the 2008 first quarter earnings and accordingly will build positions within the Fund.


Daman Arabian Programmed Trading Fund (APTF) gains 2.54% in February 2008

Daman's first risk managed fund, the Arabian Programmed Trading Fund (APTF) designed and tailored for the GCC markets, served as a strong balance for the month of February 2008; the APTF Fund gained 2.54% as against a gain 2.77% made by the GIC GCC Index.