In July, the DFM Index fell 24% since hitting a peak of 1,131 points on June 27. During the same period the Abu Dhabi market has fallen 22% since its June 19 peak of 6,091 points.
In contrast, the Daman UAE Value Fund's ex-dividend NAV stood at AED 422.03 on August 1, 2005 against AED 517.47 on July 1, 2005, an 18.44% drop in value. The relative limitation of the drop in the fund's NAV comes pursuant to a more conservative and prudent approach to the market that the fund's managers have adopted following an unparalleled period of rapid growth over the past three and a half years.
During the first quarter, Daman UAE Value Fund paid a solid AED 6 per share dividend. The second quarter performance was even better when a record dividend of AED 8 per share was announced, marking an annualized dividend yield of 6.63% ytd in 2005. The Daman UAE Value Fund has paid investors dividends amounting to AED 53 per share since its inception.
Meanwhile, Daman's first alternate fund, designed and tailored for the GCC market, the Arabian Programmed Trading Fund (APTF) launched in February 2005, yielded a negative return of -7.82% for July 2005 compared to the benchmark GIC Composite Index which registered a negative growth of - 8.46% during this period.
The NAV of APTF stood at US$106.68 on July 28, 2005, against a NAV of US$115.73 on June 23, 2005. The year-to-date growth for this Fund currently stands at 6.68%.
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Daman's UAE Value Fund's year-to-date growth touches 68.78 per cent; beats Index
- United Arab Emirates: Saturday, August 13 - 2005 at 08:17
- PRESS RELEASE
The Daman UAE Value Fund (DUV) has achieved a year-to-date growth of 68.78 per cent despite a severe downturn in the markets during the month of July.
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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. 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 53 per share since inception, the most recent being AED 8.00 per share for the second 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 Arabian Programmed Trading Fund (Facet Arabia): Arabian Programmed Trading Fund (APTF) Facet Arabia was launched in February 2005. This is the first computer model aided stock analysis fund, launched in conjunction with Facet Funds plc, an offshore funds platform regulated by Cayman Islands Monetary Authority and Commander Asset Management Ltd, authorized and regulated by the UK's Financial Services Authority (FSA).
The fund is specifically designed with the ability to hold shares (equity) or cash. Individual positions are sold when conditions dictate and cash is held until a reinvestment opportunity arises in that particular stock. Currently the portfolio consists of 72 stocks from GCC, out of 450+ that have been evaluated.
Minimum investment in this Fund is US$1 million. Redemptions will be quarterly.
For further details please contact:
Daman Corporate Communications
Tel: 971 4 332 41 43
Fax: 971 4 332 42 40
Or, Arabia PR FZ LLC
Tel: + 971 4 391 12 00
Fax: + 9714 390 45 11
Posted by Anne-Birte Stensgaard, Senior News EditorSaturday, August 13 - 2005 at 08:17 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Sun Sep 25 2005.
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