Daman Second Emirates Fund Declares Q4 Dividends As 2010 Ends

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 December 31, 2010. Daman Second Emirates Fund also declared fourth quarter dividends of AED 0.75 per share, wrapping up the year 2010 on a positive note. All four funds exhibited stable performance during 2010; relative to their respective benchmarks.

DAMAN SECOND EMIRATESThe 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 December 2010 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.The fund wrapped up the year at a Net Asset Value (NAV) of AED 106.63 per unit, posting a month-on-month decline of 0.88%, as against NBAD General Index drop of 1.79%. This performance results register an annualized dividend yield of 2.60% for the Second Emirates Fund post Q4 payouts, as compared to the benchmark’s 3.33% for the same period.DAMAN ISLAMIC FUND
The Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund, cruised steadily through to the end of December 2010 with a slight decline of 0.49%, as against a drop of 1.28% witnessed in the NBAD Islamic Index, recording a NAV of AED 99.21 per unit.At the end of 31 December 2010, the fund’s annualized dividend yield stood at 2.35% as against the benchmark’s 1.13%. Total dividends since the Daman Islamic Fund’s inception is now pegged at AED 11.13, with AED 1.75 distributed during the course of the 2010 year.

DAMAN SPECULATOR FUND

The Daman Speculator Fund, launched in July 1, 2008, clocked in a month-on-month percentage change of -1.72% as against the ESCA Index drop of 0.85% during the same period, closing the year at a NAV of AED 88.27. These results spell an annualized dividend yield of 0.75% as of 31 December 2010 . Total performance since inception is -8.98% for the fund compared against the broader UAE markets (ESCA Index) drop of 55.76%. 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 month of December 2010 at a NAV of AED 96.55, registering a monthly percentage change of -0.48% from the previous month’s Net Asset Value. Since its inception in April 2010, the fund’s total performance stood at -3.45% as of December 31, 2010.//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.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 DETAILSDaman Second Emirates Fund

(As of December 31, 2010)Highlights:

  • The Fund closed the month of December at a Net Asset Value (NAV) of AED 106.63 per unit as of December 31, 2010, a drop of -0.88%, as against NBAD General Index drop of -1.79%.
  • The Fund declared Q4 dividend of AED 0.75 per unit (Ex-dividend date January 9, 2011). Based on the fourth quarter payout, current annualized dividend yield for 2010 stands at 2.60%.
  • With this the total dividend paid since inception will be AED 15.25.

Daman Second Emirates Fund

(As of December 31, 2010)     PRESS RELEASE DATA (As of December 31, 2010)

Parameters Daman SecondEmirates Fund FUND BenchmarkNBAD Gen Index
NAV, December 31, 2010 106.63 6755.47
Q4 2010 Dividends AED 0.75* N/A
Percentage Change, December 2010 -0.88% -1.79%
Year To Date growth, 2010 -1.40% 1.39%
Since inception Total Performance(Ex- dividend ; since April 2007) -51.55% -29.96%
Dividend distributed during 2010 AED 2.75* N/A
Dividends since Inception AED 15.25* N/A
Annualized Dividend Yield, 2010 2.60%* 3.33%

* Ex-dividend date Jan. 9, 2011

  • The Fund closed the month of December at a Net Asset Value (NAV) of AED 99.21 per unit as of December 31, 2010, a month to date drop of -0.49%, as compared to NBAD Islamic Index drop of -1.28% for the corresponding period.
 PRESS RELEASE DATA (As of December 31, 2010)

Parameters Daman Islamic Fund Fund BenchmarkNBAD Islamic Index
NAV, December 31, 2010 99.21 4675.45
Percentage Change, December 2010 -0.49% -1.28%
Year To Date growth, 2010 -5.35% -0.79%
Since inception Total Performance(Ex-Div ; since June 2007) -55.86% -50.13%
Dividend distributed during 2010 AED 1.75 NA
Dividends since Inception AED 11.13 NA
Annualized Dividend Yield, 2010 2.35% 1.13%
  • The Fund closed the month of December at a Net Asset Value (NAV) of AED

88.27 per unit as of December 31 2010, a month to date drop of -1.72%, as against the broader UAE markets (ESCA Index) drop of -0.85% for the sameperiod.

 PRESS RELEASE DATA (As of December 31, 2010)

Parameters Daman Speculator Fund
NAV, December 31, 2010 88.27
Percentage Change, December 2010 -1.72%
Year To Date growth, 2010 -10.92%
Since inception Total Performance(since July 2008) -8.98%
Dividend distributed during 2010 AED 0.50
Dividends since Inception AED 2.75
Annualized Dividend Yield, 2010 0.75%
  • The Fund closed the month of December at a Net Asset Value (NAV) of AED 96.55 per unit as of December 31 2010, a month to date drop of -0.48%.

PRESS RELEASE DATA (As of December 31, 2010)

Parameters Daman Fifth Fund
NAV, December 31, 2010 96.55
Percentage Change, December 2010 -0.48%
Year To Date growth, 2010 -3.45%
Since inception Total Performance(since April 2010) -3.45%
Dividend distributed during 2010 NIL
Dividends since Inception NIL
Annualized Dividend Yield, 2010 N/A