Daman Islamic Fund Records Gain In February 2011

Daman funds post stable results in volatile markets

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 February 28, 2011.

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 February 2011 with a Net Asset Value of AED 103.84, recording a decline of -1.11% from January 2011’s figures, as against a movement of -0.01% in the NBAD General Index during the same period. The fund’s total performance since its inception is now pegged at -52.36%.

Despite geopolitical tension currently dominating investor psyche, the fund’s conservative strategy of maintaining a heavy cash bias from an allocation perspective allows it to maintain a solid performance throughout the month of February. Year to date the fund is off -1.68% versus the NBAD UAE General Index of -3.98%.

DAMAN ISLAMIC FUND

The Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund, ramps up in February with a 0.42% increase in Net Asset Value, wrapping up the month with a NAV of AED 98.69 as compared to a drop of -1.58% in the NBAD Islamic Index in the corresponding period.

This month’s results build on the fund’s favourable performance at the beginning of 2011, which saw the Daman Islamic Fund post a month-to-date change of -0.89% against the Index’s -5.08% as of January 31, 2011. Year to date the fund is off -0.47% versus the NBAD UAE Islamic Index off -6.58%.

DAMAN SPECULATOR FUND

The Daman Speculator Fund, launched in July 1, 2008, clocked in a month-on-month percentage change of -3.28% in Net Asset Value, concluding February with an ex-dividend NAV of AED 81.70. Meanwhile, the ESCA Index posted a decline of -1.84% in February 2011. Total performance since the fund’s inception is now gauged at -15.55% as against Index figures of -58.67%. The Daman Speculator fund announced dividends of AED 0.50 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, concluded the second month of the year 2011 with a NAV of AED 94.75, reflecting a monthly percentage change of -1.07% from the January 2011 closing results. As of the end of February 2011, the fund has clocked in a year-to-date growth of -1.86% and a total performance of -5.25% since the inception of the Daman Fifth Fund.

 

//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 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 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.

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 February 28, 2011)

 

Highlights:

  • The Fund closed the month of February at a Net Asset Value (NAV) of AED 103.84 per unit as of February 28, 2011, a drop of -1.11%, as against NBAD General Index drop of -0.01%.

 

DATA (As of February 28, 2011)

Parameters Daman Second Emirates Fund FUND Benchmark NBAD Gen Index
NAV, February 28, 2011

103.84

6486.48

Percentage Change, February 2011

-1.11%

-0.01%

Year To Date growth, 2011

-1.68%

-3.98%

Since inception Total Performance(Ex- dividend ; since April 2007)

-52.36%

-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

 

Daman Islamic Fund

(As of February 28, 2011)

Highlights:

 

  • The Fund closed the month of February at a Net Asset Value (NAV) of AED 98.69 per unit as of February 28, 2011, a month to date rise of 0.42%, as compared to NBAD Islamic Index drop of -1.58% for the corresponding period.

 

DATA (As of February 28, 2011)

Parameters Daman Islamic Fund Fund Benchmark  NBAD Islamic Index
NAV, February 28, 2011

98.69

4367.7

Percentage Change, February 2011

0.42 %

-1.58%

Year To Date growth, 2011

-0.47 %

-6.58 %

Since inception Total Performance(Ex-Div ; since June 2007)

-56.07 %

-53.41 %

Dividend distributed during 2011

N/A

N/A

Dividends since Inception

AED 11.13

N/A

Annualized Dividend Yield, 2011

N/A

N/A

 

 

 

Daman Speculator Fund

(As of February 28, 2011)

 

Highlights:

 

  • The Fund closed the month of February at a Net Asset Value (NAV) of AED 81.70 per unit as of February 28 2011, a month to date drop of -3.28%, as against the broader UAE markets (ESCA Index) drop of -1.84% for the same period.

 

DATA (As of February 28, 2011)

Parameters Daman Speculator Fund
NAV, February 28, 2011

81.70

Percentage Change, February 2011

-3.28%

Year To Date growth, 2011

-7.22%

Since inception Total Performance(since July 2008)

-15.55%

Dividend distributed during 2011

N/A

Dividends since Inception

AED 2.75

Annualized Dividend Yield, 2011

N/A

 

 

Daman Fifth Fund

(As of February 28, 2011)

Highlights:

 

  • The Fund closed the month of February at a Net Asset Value (NAV) of AED 94.75 per unit as of February 28 2011, a month to date drop of -1.07%.

 

DATA (As of February 28, 2011)

Parameters Daman Fifth Fund
NAV, February 28, 2011

94.75

Percentage Change, February 2011

-1.07%

Year To Date growth, 2011

-1.86%

Since inception Total Performance(since April 2011)

-5.25%

Dividend distributed during 2011

NIL

Dividends since Inception

NIL

Annualized Dividend Yield, 2011

N/A