Daman Funds Countiune To Show Steady Performance As 2011 Begins

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 ending January 31, 2010.

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 January 2011 with a Net Asset Value of AED 105.18, posting a decline of 0.58% from December 2010’s figures, as against a General Index drop of 3.97%. The fund’s total performance since its inception is now pegged at -51.83%. The fund concluded the previous year by declaring fourth quarter dividends of AED 0.75 per share, bringing its 2010 dividend payout up to AED 2.75 and total dividends paid since its inception up to AED 15.25.DAMAN ISLAMIC FUNDThe Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund, started the year with a drop of 0.89% from the previous month’s NAV, which stood at AED 98.23 as of January 31, 2011. The fund’s benchmark, NBAD Islamic Index, meanwhile saw a decline of 5.08% in the corresponding period.Total performance since inception, reflects a decline from -51.55% in December 2010 to -56.26% this month. During the course of the previous year, the Daman Islamic Fund distributed a total  of AED 1.75 per share in dividends.

DAMAN SPECULATOR FUND

The Daman Speculator Fund, launched in July 1, 2008, clocked in a month-on-month percentage change of -4.08% as against the ESCA Index movement of -4.82% during the same period,  closing the first month of the year at a NAV of AED 84.56. Total performance since the fund’s inception is now gauged at -12.69%. The Daman Speculator fund announced dividends of AED 1.50  per share during 2010.

DAMAN FIFTH FUND

The Daman Fifth Fund, an AED 200 million closed-ended fund focused on investments within the GCC markets, entered the year 2011 at a NAV of AED 95.77, indicating a month on month percentage change of -0.81% from the December 2010 closing results. As of the end of January 2011, the fund clocked in a year-to-date growth of -0.81%

//ENDS

About Daman Investments PSC

Daman Investments PSC is a private joint stock company based in Dubai. 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 the Arab World.

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 intends to become a public corporation in 2012.

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 redemption  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 January 31, 2011)

Highlights:

  • The Fund closed the month of January at a Net Asset Value (NAV) of AED 105.18 per unit as of January 31, 2011, a drop of -0.58%, as against NBAD General Index drop of -3.97%.

 

Daman Second Emirates Fund

(As of January 31, 2011)

PRESS RELEASE DATA (As of January 31, 2011)

 

Parameters Daman Second Emirates Fund FUND Benchmark NBAD Gen Index
NAV, January 31, 2011

105.18

6487.02

Percentage Change, January 2011 -0.58%

-3.97%

Year To Date growth, 2011 -0.58%

-3.97%

Since inception Total Performance (Ex- dividend ; since April 2007) -51.83% -32.75%
Dividend distributed during 2011

N/A

N/A

Dividends since Inception AED 15.25

N/A

Annualized Dividend Yield, 2011

N/A

N/A

 

  • The Fund closed the month of January at a Net Asset Value (NAV) of AED 98.23 per unit as of January 31, 2011, a month to date drop of -0.89%, as compared to NBAD Islamic Index drop of -5.08% for the corresponding period.

 

PRESS RELEASE DATA (As of January 31, 2011) 

Parameters Daman Islamic Fund Fund Benchmark NBAD Islamic Index
NAV, January 31, 2011

98.23

4437.935
Percentage Change, January 2011

-0.89 %

-5.08 %

Year To Date growth, 2011

-0.89 %

-5.08 %

Since inception Total Performance(Ex-Div ; since June 2007) -56.26 % -52.66 %
Dividend distributed during 2011

N/A

N/A

Dividends since Inception AED 11.13

N/A

Annualized Dividend Yield, 2011

N/A

N/A

 

  • The Fund closed the month of January at a Net Asset Value (NAV) of AED 84.56 per unit as of January 31 2011, a month to date drop of -4.08%, as against the broader UAE markets (ESCA Index) drop of -4.82% for the same period.

 

PRESS RELEASE DATA (As of January 31, 2011)

Parameters Daman Speculator Fund
NAV, January 31, 2011

84.56

Percentage Change, January 2011

-4.08%

Year To Date growth, 2011

-4.08%

Since inception Total Performance(since July 2008) -12.69%
Dividend distributed during 2011

N/A

Dividends since Inception AED 2.75
Annualized Dividend Yield, 2011

N/A

 

  • The Fund closed the month of January at a Net Asset Value (NAV) of AED 95.77 per unit as of January 31 2011, a month to date drop of -0.81%.

PRESS RELEASE DATA (As of January 31, 2011)

Parameters Daman Fifth Fund
NAV, January 31, 2011

95.77

Percentage Change, January 2011

-0.81%

Year To Date growth, 2011

-0.81%

Since inception Total Performance(since April 2011)

-4.23%

Dividend distributed during 2011

NIL

Dividends since Inception

NIL

Annualized Dividend Yield, 2011

N/A