For the current year, the fund has posted a year-to-date growth of 112.85%
The announcement comes following an improved performance by Daman's UAE Value Fund during September 2005. The DUV Fund posted a 10.33% growth, increasing its net asset value (NAV) to AED524.88 on October 1, 2005 from AED485.70 on September 1, 2005. In contrast to Daman's DUV 10.33% growth; the benchmark NBAD Index rose 7.42% during this period.
During the third quarter of 2005, DUV Fund posted a growth of 3.23% against NBAD Index's 3.45% growth.
With the third quarter dividend of AED 11 a share, a record since the fund's inception, the total dividend this year so far works out to AED25 a share at an annualized dividend yield of 6.33%. For the second quarter, a dividend payout of AED8 per share was announced by Daman, rising to AED 11 per share now distributed for quarter three.
So far during its 51 months of operation, the Daman UAE Value Fund has registered consistent growth for 45 months against the benchmark NBAD Index which has risen for only 38 months during this period.
The DUV Fund has registered a growth of 488.88% since its inception in July 2001
Meanwhile, Daman's first risk managed fund, designed and tailored for the GCC markets, Arabian Programmed Trading Fund (APTF) Facet Arabia recorded a 1.55% rise for September 2005. The APTF's NAV rose to US$118.39 on September 29, 2005 from US$116.58% on August 25, 2005. The APTF which was launched in February 2005 has so far registered a year-to-date growth of 18.39%.
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Daman UAE Value Fund grows over 10% in September and 113% year to date
- United Arab Emirates: Saturday, October 15 - 2005 at 13:30
- PRESS RELEASE
Daman UAE Value Fund, one of the region's leading funds today announced a record dividend payout of AED 11 per share for the third quarter of 2005, taking the total dividend distributed so far this year to AED25 a share.
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Notes and media contacts
About Daman UAE Value FundDaman 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 64 per share since inception, the most recent being AED 11.00 per share for the third 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. The fund has registered a year-to-date growth of 18.39% so far.
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
Posted by Lara Lynn Golden, News EditorSaturday, October 15 - 2005 at 13:30 UAE local time (GMT+4)
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