Daman Funds Show Healthy Gains As Markets Pick Up Momentum

Funds benefit from low cost entries; paving the way for better returns

DUBAI: United Arab Emirates: Daman Investments PSC, a leading UAE-based fund manager today announced the performance results for the month of April 2008 for three of its funds-the Daman Second Emirates Fund, the Daman Islamic Fund and the Arabian Programmed Trading Fund (APTF). All three funds showed steady upward gains over the previous month’s performance.

Mr. Shehab Gargash, Daman’s Managing Director, said: “The recent market movement reflected positively on our funds. We are pleased to see that our overall returns are healthy; our strategy for the funds remains focused as we are confident that our current positions will enhance future growth during the coming months.”

 

DAMAN SECOND EMIRATES FUND REFLECTS HEALTHY GAIN OF 7.32%

The Daman Second Emirates Fund, a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank and focussed on the UAE equities markets, closed the month of April 2008 at a NAV of AED 127.98 per unit, reflecting a healthy monthly gain of 7.32% over previous month. With markets exhibiting a positive tone throughout the month of April, the fund took advantage of its cash position as well as its existing low cost entries to further enhance the value and match the NBAD Index in its monthly performance.

It is worthy to note that the Daman Second Emirates Fund finished its first full year of operation at the end of March 2008 with gross returns of 23.66%; along with making consistent quarterly dividend payouts since inception, the fund is now up a total of 30.98% in its lifetime.

On the dividend front the fund had declared its 2008 first quarter dividend of AED 1 per unit for investors as of March 31 2008. With this, the fund has made total dividend payouts of AED 4 per unit since inception.

 

DAMAN ISLAMIC FUND SHOWS POSITIVE GROSS RETURNS OF 13.53%

On the other hand, the Daman Islamic Fund, a Shari’ah based, open ended UAE-registered mutual fund closed the month of April 2008 at a NAV of AED 111.787 per unit, posting a gain of 2.5% over the previous month. The fund maintained its cautious approach given the unique makeup of the Islamic investment universe but actively participated in order to benefit from the month’s rally. For the near term, the fund will keep assessing 2008 first quarter earnings impact and build positions accordingly within the fund.

Since its inception in June 2007, the Daman Islamic Fund has yielded gross returns of 13.53% over a period of 11 months and the corresponding performance of benchmark NBAD Islamic Index for the same comparable period was 13.82%.

During the first quarter of 2008 The Daman Islamic fund declared an AED 1 per unit dividend for investors as of March 31 2008. With this, the Fund has made total dividend payouts of AED 2.75 per unit since inception and the ex-dividend NAV as of April 30, 2008 stands at AED 111.78 per unit.

 

DAMAN ARABIAN PROGRAMMED TRADING FUND (APTF) GAINS 3.25%

Daman’s first risk managed fund, the Arabian Programmed Trading Fund (APTF) designed and tailored for the GCC markets also showed a healthy gain of 3.25% for the month.

 

 

//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 focussed on the UAE equities markets. The fund has an initial offered unit price of AED100 and a targeted size of AED 200 million. Subscriptions will be monthly and redemptions will be quarterly. The Net Asset Value will be calculated monthly.  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 will be monthly and redemptions will be quarterly. The Net Asset Value will be calculated monthly. 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 Arabian Programmed Trading Fund (Facet Arabia)

Arabian Programmed Trading Fund (APTF) Facet Arabia was launched in February 2005. This is the first computer model aided stock analysis fund, launched in conjunction with Facet Funds plc, an offshore funds platform regulated by Cayman Islands Monetary Authority and Commander Asset Management Ltd, authorized and regulated by the UK’s Financial Services Authority (FSA).

The fund is specifically designed with the ability to hold shares (equity) or cash. Individual positions are sold when conditions dictate and cash is held until a reinvestment opportunity arises in that particular stock. Currently the portfolio consists of 72 stocks from GCC, out of 450+ that have been evaluated. Minimum investment in this Fund is US$1 million. Redemptions will be quarterly.

 

For further details please contact:

Daman Corporate Communications

Tel: 971 4 332 41 43

Fax: 971 4 332 42 40

corpcomm@www.daman.ae.php7-27.phx1-1.websitetestlink.com

 

Or,

Yasser Fathy/ Walid El-Tigi

Arabia PR FZ LLC

Tel: + 971 4 391 12 00

Fax: + 9714 390 45 11

yasser@arabiapr.com; walid@arabiapr.com

www.arabiapr.com

DAMAN FUNDS – PERFORMANCE DETAILS

 

Daman Second Emirates Fund (As of April 30th, 2008)

Year beginning information:

 

NAV at Inception ( April 1 2007)

AED 100.00

FUND Benchmark NBAD General Index at Inception ( 01 April 2007)

9,637.46

 

 

DATA (As of April 30th, 2008)

 

Parameters Daman Second Emirates Fund FUND Benchmark NBAD Gen Index
NAV, April 30, 2008

127.98

13,140.58

Ex Div NAV, April 30 2008

127.98

13,140.58

NAV, Mar 31, 2008

120.66

14,140.58

Percentage Change, April 2008

7.32%

7.6%

Year To Date growth, 2008

2.95%

3.27%

Since inception Total Performance (Since April 2007)

30.98%

43.95%

Dividend distributed during 2008

AED 1.00

NA

Dividends since Inception

AED 4.00

NA

Annulaised Dividend Yield, 2008

3.34%

2.17%

 

 

Daman Islamic Fund (As of April 30th, 2008) Year beginning information:

 

NAV at Inception  ( 01 June 2007)

AED 100.00

Fund Benchmark NBAD Islamic Index at Inception ( 01 June 2007)

9,319

 

 

DATA (As of April 30th, 2008)

 

Parameters Daman Islamic Fund Fund Benchmark  NBAD Islamic Index
NAV, April 30, 2008

111.78

10,989

Ex Div NAV, April 30 2008

111.78

10,989

NAV, Mar 31, 2008

109.28

10,347

Percentage Change, April 2008

2.5%

6.2%

Year To Date growth, 2008

-1.28%

-4.81%

Since inception Total Performance (Since June 2007)

13.53%

13.82%

Dividend distributed during 2008

AED 1.00

NA

Dividends since Inception

AED 2.75

NA

Annualized Dividend Yield, 2008

3.69%

1.13%

 

ARABIAN PROGRAMMED TRADING FUND: APTF Year beginning information:

 

NAV at Dec 2007 US $ 89.84
GIC GCC INDEX ( Dec 2007) 7,339.52

 

 

DATA (As of April 30th, 2008)

 

Parameters APTF  (US $) GIC GCC Index
NAV, April 2008

90.90

7,519.85

NAV, March 2008

87.65

7,087.95

Percentage Change, April 2008

3.25%

6.00%

Year To Date growth, 2008

0.81%

2.98%