The Fund's November performance is the highest ever one month growth rate posted by the Fund in its three and a half year history. During 2004, the Fund has posted growth of 58.92 per cent.
"The Fund has been able to take advantage of market growth that has been driven by strong corporate performance across the past few months," said Mr. Shehab M Gargash, Director. "As prices continue to rise in the market, we will continue to monitor corporate performance in order to ensure that price increases are reasonable in that context."
The benchmark National Bank of Abu Dhabi Index increased 14.96 per cent during November. On the year, the Index has grown 61.13 per cent.
Another offering from Daman is the IFA Khaleeji Fund, which was launched in association with IFA and Univest groups of Kuwait on 3rd March, 2004. The NAV of the IFA Khaleeji Fund as of 30th November, 2004 was US$ 109.96 per share, an increase of 6.42% per cent during the month. The regional Fund provides a single entry vehicle for regional and international investors into the six GCC markets and Iraq.
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Daman UAE value fund posts record 16.29 per cent gain in one month
- United Arab Emirates: Tuesday, December 14 - 2004 at 11:44
- PRESS RELEASE
The Net Asset Value (NAV) of the Daman UAE Value Fund as of November 30, 2004 was AED 226.13 per share, an increase of 16.29 per cent during November.
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About Daman UAE Value Fund:Daman UAE Value Fund is a closed-ended, 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 100.00. 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 never missed quarterly dividends, the most recent being AED 4.00 per share for the Third Quarter of 2004. Since its inception, the Daman UAE Value Fund has distributed dividends of AED 34 per share.
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.
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, December 14 - 2004 at 11:44 UAE local time (GMT+4)
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