Daman Asset Management Funds Continue To Outperform Benchmarks

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 August 2010.

DAMAN SECOND EMIRATES FUND.

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, remains the top performing Daman fund year to date as of August 2010. The fund exhibited steady performance as it closed the month of August with a Net Asset Value of AED 104.90 per share, decreasing 0.49% compared to its July 2010 NAV. The fund’s benchmark, the NBAD Index, saw a decline of 0.88% for the same period.

Last month, the Daman Second Emirates Fund declared a second quarter dividend of AED 0.50 per unit, bringing up the fund’s total dividend to AED 14 since inception and its annualized dividend yield to 2.86% vs. the NBAD Index’s 3.63%.

DAMAN ISLAMIC FUNDThe Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund, continues to beat its benchmark, the NBAD Islamic Index, by a wide margin as of year to date August 2010. The fund’s year-to-date performance stood at -4.51% against the benchmark’s – 10.21%. Wrapping up August 2010 with a NAV of AED 100.44, fund shares held their value with a nominal decrease of 0.43%, outperforming the index which dropped by 1.29%. The fund declared a second quarter dividend of AED 0.50 per unit, and remains ahead of the Index in terms of annualized dividend yield. As of the end of August 2010, the fund registered an annualized dividend yield of 2.99% against 1.13% seen on the NBAD Islamic Index.

DAMAN SPECULATOR FUND

The Daman Speculator Fund, launched in July 1, 2008, also beat the ESCA Index for month-to- date and year-to-date returns as of the end of August 2010. The fund’s NAV per share dipped 1.01% in comparison to unit value at the end of July 2010, while the ESCA Index showed a drop of 1.70% for the corresponding period. Net Asset Value per unit for the Daman Speculator Fund stood at AED 90.27 as of August 31, bringing its year-to-date returns to -8.96%. The ESCA Index YTD returns were at -12.15% during the same period. The Daman Speculator Fund truly surpasses the ESCA Index as total performance since inception is figured in. The fund decreased 6.98% while the ESCA Index plunged 59.43%.

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 August 2010 at a NAV of AED 97.47, relatively flat with a modest decline of 0.12% as compared to July 2010 figures. The fund’s three-month performance is down 0.46%, while total performance since inception in April 2010 now stands at -2.53%.

 

//ENDS

 

About Daman Investments PSC (www.daman.ae)

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.

For further details please contact:

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: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 FUNDS – PERFORMANCE DETAILS

Daman Second Emirates Fund

(As of August 31, 2010)

Parameters Daman Second Emirates Fund FUND Benchmark NBADGen Index
NAV, August 31, 2010

104.90

6208.71

Percentage Change, August 2010

0.49%

-0.88%

Year To Date growth, 2010

3.22%

-6.81%

Since inception Total Performance(Ex- dividend ; since April 2007)

52.44%

-35.63%

Dividend distributed during 2010

AED 1.50

N/A

Dividends since Inception AED 14.00

N/A

Annualized Dividend Yield, 2010

2.86%

3.63%

Daman Islamic Fund

(As of August 31, 2010)

Parameters Daman Islamic Fund Fund Benchmark NBADIslamic Index
NAV, August 31, 2010

100.44

4231.74

Percentage Change, August 2010

0.43%

-1.29%

Year To Date growth, 2010

4.51%

-10.21%

Since inception Total Performance(Ex-Div ; since June 2007)

55.47%

-54.86%

Dividend distributed during 2010

AED 1.50

NA

Dividends since Inception AED 10.88

NA

Annualized Dividend Yield, 2010

2.99%

1.13%

Daman Speculator Fund

(As of August 31, 2010) 

Parameters Daman Speculator Fund
NAV, August 31, 2010

90.27

Percentage Change, August 2010

-1.01%

Year To Date growth, 2010

-8.96%

Since inception Total Performance(since July 2008)

-6.98%

Dividend distributed during 2010

AED 0.50

Dividends since Inception

AED 2.75

Annualized Dividend Yield, 2010

1.11%

Daman Fifth Fund

(As of August 31, 2010)  

Parameters Daman Fifth Fund
NAV, August 31, 2010

97.47

Percentage Change, August 2010

-0.12%

Year To Date growth, 2010

-2.53%

Since inception Total Performance(since April 2010)

-2.53%

Dividend distributed during 2010

NIL

Dividends since Inception

NIL

Annualized Dividend Yield, 2010

N/A