3.14% growth during August brings total 14-month growth to 37.35%
The Net Asset Value of the Daman UAE Value Fund grew by 3.14% during August 2002, bringing the Fund’s growth since inception to 37.35%, Shehab M. Gargash, Director, announced today. The Fund has posted 14 consecutive months of growth since its inception on July 1, 2001, making it the only consistently growing mutual fund in the UAE.
Commenting on the continued growth of the Fund, Mr. Gargash, said: “Favorable market conditions have contributed to our record of uninterrupted growth since inception, as have our active management and strict enforcement of our investment guidelines. We have applied some of the best global demonstrated practices in fund management, while also ensuring that we maintain constant contact with and knowledge of local markets.”
In the 14 month period since the Fund’s inception, the Fund has not had a negative month, whereas the National Bank of Abu Dhabi Index has posted declines in 5 of the last 14 months, and the EMNEX index has declined twice during that period.
The Fund’s ex-dividend Net Asset Value (NAV) per share is AED 128.60/share, up from the July, 2002 close of 124.42/share. The total dividend distributed by the Fund in its first 12 months of activity is AED 8.75/share, including its most recent distribution of AED 2.25 per share for the Second Quarter of 2002.
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 July 1, 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 four quarterly dividends totaling AED 8.75/share in the past year, the most recent being AED 2.25/share for the Second Quarter of 2002.
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.
For more information, please contact Mohammed Sulaiman, Daman Securities
Tel: +971.4.332.4140 Fax:+ 971.4.332.4240 Email: [email protected]