Fund reports a 14.92% dividend yield
DUBAI – United Arab Emirates: Daman today announced a record dividend of AED 21 per share and with it a 100% investment return in the form of dividend payouts to the original investors in their flagship DAMAN UAE Value Fund (DUV).
Mr. Shehab Gargash, Managing Director said: “We are very proud to be able to report that with the payment of the first quarter 2006 dividend of AED 21, our original investors in the DUV fund have received dividends equivalent to their full capital investment. The fund has now yielded investors the entire 100% of the capital in returns within the life of the fund in cash dividends alone.”
Mr. Gargash added: “We are equally proud that, apart from the dividend payouts, our investors will retain 368.52% value of their original capital still intact in the DUV – equivalent to over 3.5 times the initial investment.”
When asked about the overall performance of the group’s leading fund, Mr. Gargash said the dividend yield for the last 12 months told the story best. “As you can see from last month, our dividend payouts are exceptional. This record dividend payout is a dividend yield of 14.92% as against the 1.28% yield on the benchmark NBAD Index. This is consistent with the performance of the fund since its inception.”
Remarking further on the fund and the market, he continued: “Despite the market liquidity drain following the IPOs released in a more volatile market which placed a severe strain on equities during the first quarter – once again, our investment managers’ strategic allocation for the portfolio rewarded the DUV shareholders. While overall sentiment has improved recently, this may not bring in the much needed investor enthusiasm unless the market situation changes significantly.”
During the month of March, the DUV fund outperformed the benchmark NBAD index recording a
1.57% decline vs. the NBAD index, which fell by 2.04% during the same period.
The pre-dividend NAV stood at AED389.52 on March 31, 2006 against AED395.75 on March 1, 2006. When reflecting the AED 21 dividend payout, the fund’s ex-dividend NAV for March 06 is AED 368.52.
(As of March 31 2006)
Daman Value Fund ( DUV): Year beginning information:
|NAV at beginning of Year 2006||AED 456.06|
|NBAD Index at beginning of Year 2006||17,108.45|
|Parameters||Daman UAE Value Fund||Benchmark NBAD Index|
|Ex Dividend NAV,April 1st , 2006||AED 368.52||14,942.70|
|Ex Dividend NAV,March 1st , 2006||AED 395.75||15,254.59|
|Percentage Change, March 2006||(1.57%)||(2.04%)|
|Year To Date growth, 2006||(14.59 %)||(12.66 %)|
|Fund growth since inception||368.52 %||508.17 %|
|Dividend distributed during 2006||AED 21.00||–|
|Dividends since Inception||AED 100.00||–|
|Annualized Dividend Yield, 2006||14.92 %||1.28 %|
Performance of selected UAE Mutual Funds and NBAD Benchmark Index
(1st July 2001 – 31st March 2006)
|Daman UAE ValueFund||Emirates Equity Fund( EFF)||NBAD Fund||NBADIndex|
|Since Inception July 2001||368.52 %||149.59 %||406.14 %||508.17 %|
|Year To Date2006||
|-8.08 %||-15.16 %||-12.66 %|
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 1 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 100 per share since inception, the most recent being AED 21.00 per share for the first quarter of 2006. The Fund is closed to further investments.
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 further details please contact:|
|Daman Corporate Communications||Or, Arabia PR FZ LLC|
|Tel: +971 4 332 41 40||Tel: + 971 4 391 12 00|
|Fax: +971 4 332 42 40||Fax: + 971 4 390 45 11|