Daman Asset Management Continue To Pay Out Dividends

DUBAI (United Arab Emirates): Daman Investments PSC, the leading Dubai-based investment management company, has announced the performance results of its funds: the Daman Second Emirates Fund, the Daman Islamic Fund, the Daman Speculator Fund, and the Daman Fifth Fund for the month of September 2010. Two of Daman Investments’ funds announced a dividend payout following the close of this year’s third quarter, while all four exhibited a rally this month as they posted gains following upbeat market conditions as signaled by the end of the summer season.

DAMAN SECOND EMIRATES

The Daman Second Emirates Fund, a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank and focused on UAE equity markets, concluded the month of September 2010 at a Net Asset Value (NAV) of AED 107.09 per share, posting a month-on- month gain of 1.84% from August’s AED 104.90, as against NBAD General Index rise of 8.45%.

For the third quarter of 2010, the Fund also declared dividends of AED 0.50 per unit, following which the ex-dividend NAV as of October 1st has been set at AED 106.59 per share. The third quarter payout brings the fund’s annualized dividend yield for 2010 down to 2.50% and its total dividends since inception up to AED 14.50.

DAMAN ISLAMIC FUND

The Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund, announced third quarter dividends of AED 0.25 per unit and performed steadily throughout September, posting a gain of 0.65% against the NBAD Islamic Index rise of 11.29% in the corresponding period. The fund’s growth increased Net Asset Value to AED 101.16, while as of October 1st, ex-dividend NAV stood at AED 100.91.

Following the Q3 payout, the Daman Islamic Fund’s annualized dividend yield for 2010 stood at 2.31%, with total dividends since inception growing to AED 11.13.

DAMAN SPECULATOR FUND

The Daman Speculator Fund, launched in July 1, 2008, gave the best performance among all of the firm’s investment funds, clocking in a month-on-month percentage change of 2.24% as against the ESCA Index rise of 8.77% during the same period and wrapping up the month of September at a NAV of AED 92.35. These results spell an annualized dividend yield of 1.08% and total performance since inception of -4.90% for the fund.

DAMAN FIFTH FUND

The Daman Fifth Fund, an AED 200 million closed-ended fund focused on investments within the GCC markets, concluded the month of September 2010 at a NAV of AED 98.03, registering a stable growth of 0.57% from the August 2010 NAV of AED 97.47. Since its inception in April 2010, the fund’s total performance was pegged at -1.97% as of September 30th, rising considerably from the previous month’s total performance of -2.53%.

 

//ENDS

About Daman Investments PSC

Daman Investments PSC is a private joint stock company based in Dubai and capitalized at AED 200 million. From its early beginnings in 1998, the group has grown rapidly into a non-bank financial services company now widely recognized as an authority in its core markets, the Gulf Cooperation Council and Iraq.

Known for offering innovative investment products and services to both regional and international clients, Daman provides investment management and development capital investment opportunities as well as domestic and regional brokerage operations through its subsidiaries. Daman is committed to the principles of ethical business practice and operational transparency. All Daman’s various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Services Authority (DFSA). Daman is well positioned for its clients as their gateway to the new Arab World economy.

About the Daman Second Emirates Fund

The Daman Second Emirates Fund is a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank and focused on the UAE equities markets. The fund has an initial offered unit price of AED100 and a targeted size of AED 200 million. Subscriptions are weekly with monthly redemptions. The Net Asset Value will be calculated and published weekly. The fund is open to all nationalities as well as non-UAE residents and will seek to achieve a combination of capital growth and regular dividend income.

About the Daman Islamic Fund 

The Daman Islamic Fund is a Shari’ah based; Open ended UAE-registered Mutual Fund regulated by the United Arab Emirates Central Bank. The Fund will invest primarily in Shari’ah Compliant securities listed on the UAE financial exchanges. The Fund will have an initial offered unit price of AED100 and a targeted size of AED 200 million. Subscriptions are weekly with monthly redemptions. The Net Asset Value will be calculated and published weekly. The fund is open to all nationalities as well as non-UAE residents and will seek to achieve a combination of capital growth and regular dividend income.

About the Daman Speculator Fund

The Daman Speculator Fund is a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank. The fund will have an initial offered unit price of AED 100 per share and a targeted size of AED 200 million. Daman Investments seed capital in the fund is AED 5 million.

Subscriptions are weekly with monthly redemptions. The Net Asset Value will be calculated and published weekly. The fund is open to all nationalities as well as non-UAE residents and seeks to exploit the dynamic potential of the UAE and GCC equity markets.

About the Daman Fifth Fund

The Daman Fifth Fund is a GCC-focused, UAE-registered closed-ended fund regulated by the United Arab Emirates Central Bank. The fund offers a unique advantage in terms of innovative investment approaches and strategies, which target undervalued stocks of blue-chip companies within the GCC region. Launched in February 2010, the fund will have an initial offered unit price of AED 100 per share and a projected subscription size of 2,000,000 units worth AED 200 million. Daman Investments is the Manager of the fund.

For further details please contact:

For further details please contact:Daman Corporate Communications  OR  Arabia PR FZ LLC
Michele Smith Motiwalla Yasser Fathy
Tel: +971 4 332 41 40 Tel: + 971 4 391 12 00
Fax: +971 4 332 42 40 Fax: + 9714 390 45 11
corpcomm@www.daman.ae.php7-27.phx1-1.websitetestlink.com yasser@arabiapr.com
www.daman.ae www.arabiapr.com

 

Daman Second Emirates Fund

(As of September 30, 2010)

Parameters Daman SecondEmirates Fund FUND BenchmarkNBAD Gen Index
NAV, September 30, 2010 107.09

6733.59

EX Div NAV, October 1, 2010 106.59

Percentage Change, September 2010 1.84%

8.45%

Year To Date growth, 2010 -1.43%

1.07%

Since inception Total Performance(Ex- dividend ; since April 2007) -51.56% -30.19%
Dividend distributed during 2010

AED 2

N/A

Dividends since Inception (Oct. 1) AED 14.50

N/A

Annualized Dividend Yield, 2010 (Oct. 1) 2.50%

3.35%

Daman Islamic Fund

(As of September 30, 2010)

Parameters Daman Islamic Fund Fund BenchmarkNBAD Islamic Index
NAV, September 30, 2010

101.16

4709.42

Ex Div NAV, October 1, 2010

100.91

Percentage Change, September 2010

0.65%

11.29%

Year To Date growth, 2010 -3.89%

-0.07%

Since inception Total Performance(Ex-Div ; since June 2007) -55.18% -49.77%
Dividend distributed during 2010 AED 1.75

NA

Dividends since Inception (Oct. 1) AED 11.13

NA

Annualized Dividend Yield, 2010 (Oct. 1)

2.31%

1.13%

Daman Speculator Fund

(As of September 30, 2010)

Parameters Daman Speculator Fund
NAV, September 30, 2010

92.35

Percentage Change, September 2010

2.24%

Year To Date growth, 2010

-6.93%

Since inception Total Performance (since July 2008)

-4.90%

Dividend distributed during 2010 AED 0.50
Dividends since Inception AED 2.75
Annualized Dividend Yield, 2010

1.08%

 

Daman Fifth Fund

(As of September 30, 2010)

Parameters Daman Fifth Fund
NAV, September 30, 2010

98.03

Percentage Change, September 2010

0.57%

Year To Date growth, 2010

-1.97%

Since inception Total Performance(since April 2010)

-1.97%

Dividend distributed during 2010

NIL

Dividends since Inception

NIL

Annualized Dividend Yield, 2010

N/A