Daman Funds announce Q1 2012 cash dividends

Daman Second Emirates Fund pays out a record 9th consecutive quarterly dividend

Dubai (United Arab Emirates): Daman Investments PSC, one of the leading UAE-based regional investment management companies, has announced a record 9th consecutive quarterly dividend for the Daman Second Emirates Fund. The fund paid out a dividend for the 1st quarter of 2012 of AED1.50, translating into a very healthy annualized yield of 5.5% versus its benchmark – NBAD yield of 4.98% as at the end of March 31, 2012. The NAV of the fund was AED108.26

Daman Fifth Fund also paid out its first maiden dividend of AED 1 for the 1st quarter of 2012 which equates to an annualized dividend yield of 3.9%.

Commenting on the announcement, Mr. Shehab Gargash, Chief Executive Officer of Daman Investments PSC said, “We believe it is important to pay out investors that are within the fund. The fund continues to deliver strong income and capital growth with lower volatility than the broader market.”

Mr. Shehzad Janab, Daman Investments’ Head of Asset Management and Advisory, also added that, “we are very encouraged by the activity in the market in the first quarter. We feel we are currently in the midst of a virtuous cycle of more cash inflows into the market buoyed by strong corporate results, which we believe are sustainable and have further upside. Hence, rewards will be reaped by the early investors”

Fund Name NAV as of March31.2012 (AED)
Daman Second Emirates Fund 108.26
Daman Islamic Fund 93.68
Daman Speculator Fund 78.84
Daman Fifth Fund 102.71

About Daman Investments PSC 

Daman Investments PSC is a private joint stock company based in Dubai, UAE. 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 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).