Daman Speculator Fund Ends Year On Positive Note And Distributes Dividends

Daman Speculator and Islamic funds continue to outperform benchmark market indices

DUBAI: United Arab Emirates: Daman Investments PSC, the leading Dubai-based investment management company, has announced the performance results of three of its funds:- Daman Speculator Fund, the Daman Second Emirates Fund, and the Daman Islamic Fund, for the month of December 2008. The newest Daman offering, the Daman Speculator Fund, launched in July 1, 2008, has presented a noteworthy performance in comparison with today’s volatile markets, posting positive total returns of 4.26% including a second dividend distribution since inception.

 

DAMAN SPECULATOR FUND DISTRIBUTES AED 0.50 PER UNIT IN DIVIDENDS

The Daman Speculator Fund has declared AED 0.50 per unit as dividends, the annualized dividend yield for 2008 stands at 3.50%. Since inception the fund has distributed total dividends of AED1.50 per unit.

The Fund has closed the month at an ex-dividend Net Asset Value (NAV) of AED 102.76 per unit as of December 31, 2008, a month to date decline of 1.15%. Since its inception in August 2008, the Daman Speculator fund has outperformed the index month on month.

During 2008, the Fund ended on a positive note with total returns of 4.26% as against a broader market decline of over 57%.

When asked about the unusual positive performance of the fund which is currently contrary to local trends, Mr. Shehab Gargash CEO of Daman said:  “Although the market situation is still volatile, we believe that the Speculator Fund performance indicates that it is a good time to go back into the market for early opportunities.  He continued:  The Daman Speculator fund is an opportunistic fund exactly designed for turbulent times like these”

 

DAMAN SECOND EMIRATES FUND CLOSES THE YEAR 2008 AT AED 43.39 PER UNIT

The Daman Second Emirates Fund, a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank and focused on the UAE equity markets, closed the month of December at a Net Asset Value (NAV) of AED 43.39 per unit.

For the month of December, the Fund recorded a decline of 18.00%, as against the NBAD General Index drop of 14.78%.  Since inception, the Fund has paid total dividends of AED 5.00 per unit and its annualised dividend yield currently stands at 9.21%, above the year to date benchmark NBAD General Index yield of 4.30%).

 

DAMAN ISLAMIC FUND ENDS YEAR WITH A NET ASSET VALUE OF AED 42.35 PER UNIT

The Daman Islamic Fund, a Shari’ah principle based, UAE-registered open-ended mutual fund closed the month of December at a Net Asset Value (NAV) of AED 42.35 per unit as of December 31, 2008, posting a month to date decline of 13.00%.  While recording a decline at its close for the month of December, the fund performed favourably compared to the NBAD Islamic Index drop of 17.75% for the corresponding period.

The Fund has declared total dividends of AED 3.75 per unit since inception, and has reported an annualised dividend yield of 9.44% for 2008 well over the benchmark NBAD Islamic Index yield of 1.13% for this year.

 

//ENDS

 

About Daman Investments PSC 

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 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 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 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.

 

For further details please contact:

Daman Corporate Communications        OR                  Arabia PR FZ LLC 

Michele Smith Motiwalla                                                                Yasser Fathy / Walid El-Tigi
Tel:    +971 4 332 41 43                                                                    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                                                                     info@arabiapr.com
www.daman.ae                                                                                  www.arabiapr.com

 

 

 DAMAN FUNDS – PERFORMANCE DETAILS

Daman Speculator Fund
(As of December 31, 2008)
Year beginning information:

 

NAV at Inception  ( 31 July 2008)

AED   100.00

 

DATA (As of December 31, 2008)

Parameters Daman Speculator Fund
NAV, December 31, 2008

102.76

Percentage   Change, December 2008

-1.15%

Year   To Date growth, 2008

4.26%

Since   inception Total Performance
(since   July 2008)

4.26%

Dividend   distributed during 2008

AED 1.50

Dividends   since Inception

AED 1.50

Annualized   Dividend Yield, 2008

3.50%

 


Daman Second Emirates Fund
(As of December 31, 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 December 31, 2008)

Parameters

Daman Second Emirates Fund

FUND   Benchmark NBAD
Gen Index
NAV, December 31, 2008

43.39

5955.02

Percentage   Change, December 2008

-18.00%

-14.78%

Year   To Date growth, 2008

-62.54%

-56.64%

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

-51.61%

-38.31%

Dividend   distributed during 2008

AED 2.00

NA

Dividends   since Inception

AED 5.00

NA

Annualized   Dividend Yield, 2008

9.21%

4.30%

 

Daman Islamic Fund
(As of December 31, 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 December 31, 2008)

Parameters Daman Islamic Fund Fund   Benchmark  NBAD Islamic Index
NAV, December 31, 2008

42.35

4100.00

Percentage   Change, December 2008

-13.00%

-17.75%

Year   To Date growth, 2008

-60.02%

-63.62%

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

-53.90%

-56.27%

Dividend   distributed during 2008

AED 2.00

NA

Dividends   since Inception

AED 3.75

NA

Annualized   Dividend Yield, 2008

9.44%

1.13%