Daman funds show healthy gains as markets pick up momentum

All three funds showed steady upward gains over the previous month's performance.

Mr. Shehab Gargash, Daman's Managing Director, said: "The recent market movement reflected positively on our funds. We are pleased to see that our overall returns are healthy; our strategy for the funds remains focused as we are confident that our current positions will enhance future growth during the coming months".

Daman Second Emirates Fund reflects healthy gain of 7.32%
The Daman Second Emirates Fund, a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank and focussed on the UAE equities markets, closed the month of April 2008 at a NAV of Dhs127.98 per unit, reflecting a healthy monthly gain of 7.32% over previous month.

With markets exhibiting a positive tone throughout the month of April, the fund took advantage of its cash position as well as its existing low cost entries to further enhance the value and match the NBAD Index in its monthly performance.

It is worthy to note that the Daman Second Emirates Fund finished its first full year of operation at the end of March 2008 with gross returns of 23.66%; along with making consistent quarterly dividend payouts since inception, the fund is now up a total of 30.98% in its lifetime.

On the dividend front the fund had declared its 2008 first quarter dividend of Dhs1 per unit for investors as of March 31 2008.

With this, the fund has made total dividend payouts of Dhs4 per unit since inception.

Daman Islamic Fund shows positive gross returns of 13.53%
On the other hand, the Daman Islamic Fund, a Shari'ah based, open ended UAE-registered mutual fund closed the month of April 2008 at a NAV of Dhs111.787 per unit, posting a gain of 2.5% over the previous month.

The fund maintained its cautious approach given the unique makeup of the Islamic investment universe but actively participated in order to benefit from the month's rally.

For the near term, the fund will keep assessing 2008 first quarter earnings impact and build positions accordingly within the fund.

Since its inception in June 2007, the Daman Islamic Fund has yielded gross returns of 13.53% over a period of 11 months and the corresponding performance of benchmark NBAD Islamic Index for the same comparable period was 13.82%.

During the first quarter of 2008 The Daman Islamic fund declared an Dhs1 per unit dividend for investors as of March 31 2008.

With this, the Fund has made total dividend payouts of Dhs2.75 per unit since inception and the ex-dividend NAV as of April 30, 2008 stands at Dhs111.78 per unit.

Daman Arabian Programmed Trading Fund (APTF) gains 3.25%
Daman's first risk managed fund, the Arabian Programmed Trading Fund (APTF) designed and tailored for the GCC markets also showed a healthy gain of 3.25% for the month.