Fund declines slightly in month of market consolidation, YTD up 25.82%
Daman UAE Value Fund announced today a new Net Asset Value (NAV) for 31 October 2003 at AED 146.17, down by 0.81% from a post-dividend NAV of AED 147.36 the previous month. Year-to-date the Fund’s performance is up by 25.82%.
October had been a month of consolidation in the UAE, with volume down and prices static as the market appeared to steady itself in advance of the release of quarterly earnings reports.
During the month, the Fund paid investors their quarterly dividend cheques. The Fund had previously declared a dividend of AED 2.50/share for the Third Quarter of 2003, bringing the total dividend distributed over nine quarters of operations to AED 20.50/share.
The positive growth in results reported across each sector of the market appears to indicate that valuations continue to be sound. The Fund remains fundamentally optimistic about the solid foundations and inherent quality of the UAE and GCC markets in the medium term.
October was the third month that the Fund has declined over a life of twenty-eight months versus the tenth month for the benchmark NBAD General Index during the same period.
Some Comparative Figures
Performance of UAE Mutual Funds and Benchmark Index 1 July 2001 – 31 October 2003
|Daman||Emirates Equity Fund||NBAD Fund||NBAD Index|
|Since 1 July 2001||
|Year to date||
Daman UAE Value Fund Data
Ex-dividend NAV Price (1 November 2003) AED 146.17/share
Total Dividend Declared Since Inception AED 20.50/share
Dividend Distributed, 2003 AED 7.25/share
Performance since inception (1 July 2001 – 31 October 2003) 66.67 %
Performance, 2003 Year to Date 25.82 %
Performance, National Bank of Abu Dhabi Gen. Index, 2003 27.98 %
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 1 July 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 nine quarterly dividend distributions totaling AED 20.50/share, the most recent being AED 2.50/share for the Third Quarter of 2003.
Daman UAE Value Fund is a Mauritius-registered public company. The Fund’s governance structure is designed to ensure transparency and accountability to shareholders.
For more information, please contact Ahmed Al Saidi or Keith Reid, Daman Securities Tel: +971.4.332.4140 Fax: + 971.4.332.4240 Email: [email protected]