The March 2005 performance is the highest-ever one month growth rate posted by the Fund in its nearly four-year history. The fund registered a record single month growth of 32.18% from AED 295.66 per share on March 1, 2005 to AED384.79 per share ex-dividend on April 1, 2005.
Since inception the Fund has yielded a remarkable return of 329.79 %.
The record AED6.00 dividend for the quarter works out to an annualized 6.23% on the ex-dividend NAV contrasted against 2.45% dividend yield for the benchmark NBAD Index for the same period. The previous record dividend of AED 5.00 was paid for the fourth quarter of 2004.
With this, dividends announced so far on the fund have jumped to AED 45.00 a share. The Daman UAE Value Fund closed the first quarter of 2005 with a NAV of AED390.79 a share cum-dividend.
So far, the Daman UAE Value Fund has registered 41 months of positive gains over its 45-month life compared to only 34 months of positive gains made by the benchmark NBAD Index during this period.
"The UAE Value Fund has maintained its strong upward performance streak since inception. The first quarter of 2005 is no exception as evidenced from its growth and dividend payout. The stock markets have been performing extremely well and we look forward to the coming months with optimism," said Mr. Shehab M. Gargash, Director, Daman Securities.
Since inception, the Daman UAE Value Fund has recorded remarkable growth and consistent dividend distributions that have risen from AED 2.00 per share for the first quarter of operations in mid- 2001 to AED 15.75 per share for the whole of 2004.
The IFA Khaleeji Fund - 12.38% increase
Another Daman offering -The IFA Khaleeji Fund - posted a growth of 12.38% during March 2005 with the year-to-date growth of 24.42%. The NAV for this fund stood at US$151.43 on April 1, 2005.
The IFA Khaleeji Fund, launched on 3rd March, 2004 in association with IFA and Univest groups of Kuwait, has given investors 51.43% returns since inception.
In January this year, Daman launched the Arabian Program Trading Fund (Facet CGF Arabia), the first-ever Gulf managed hedge fund designed and tailored for the GCC market.
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Daman UAE Value Fund registers a record single-biggest monthly increase in NAV during March 2005
- United Arab Emirates: Saturday, April 16 - 2005 at 11:11
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On the back of a sizzling performance, Daman (managers of the Daman UAE Value Fund), has announced a record dividend payout of AED6.00 a share for the first quarter of 2005.
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Posted by Lara Lynn Golden, News EditorSaturday, April 16 - 2005 at 11:11 UAE local time (GMT+4)
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Notes and Media Contacts »
About Daman UAE Value Fund:
Daman UAE Value Fund is a closed-end, 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 announced dividends totaling AED 45.00 per share since inception, the most recent being AED 6.00 per share for the first quarter of 2005.
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.
About IFA Khaleeji Fund
The open-ended IFA Khaleeji Fund, registered in the Cayman Islands, targets institutional and high net worth investors. It was launched on 3rd of March 2004 with a $100 per unit price and minimum subscription set at US$500,000. The initial offer period ended on 31st March 2004. Subscriptions are accepted twice a month at NAV. Redemptions will be once every quarter. The fund invests in the equities of the Arab Gulf markets. The fund aims to pay dividends of up to half the realised gains every quarter.
For further details please contact:
Daman Corporate Communications
Tel: 971 4 332 41 40
Fax: 971 4 332 42 40
Or Yasser Fathy/Clarence Michael
Arabia PR FZ LLC;
Tel: + 971 4 391 12 00/ 971 4 391093
Fax: + 9714 390 45 11
Daman UAE Value Fund is a closed-end, 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 announced dividends totaling AED 45.00 per share since inception, the most recent being AED 6.00 per share for the first quarter of 2005.
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.
About IFA Khaleeji Fund
The open-ended IFA Khaleeji Fund, registered in the Cayman Islands, targets institutional and high net worth investors. It was launched on 3rd of March 2004 with a $100 per unit price and minimum subscription set at US$500,000. The initial offer period ended on 31st March 2004. Subscriptions are accepted twice a month at NAV. Redemptions will be once every quarter. The fund invests in the equities of the Arab Gulf markets. The fund aims to pay dividends of up to half the realised gains every quarter.
For further details please contact:
Daman Corporate Communications
Tel: 971 4 332 41 40
Fax: 971 4 332 42 40
Or Yasser Fathy/Clarence Michael
Arabia PR FZ LLC;
Tel: + 971 4 391 12 00/ 971 4 391093
Fax: + 9714 390 45 11
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