Fund outperforming benchmark NBAD Index in 2002
Daman UAE Value Fund grew 1.35% during November as the UAE capital market rebounded to near year-high levels, Shehab M Gargash, Director, announced today. On the year, the Fund has grown by 12.97%, outperforming the National Bank of Abu
Dhabi Index, which is up 12.83% on the year.
“The market recovered almost all of the ground that it lost in the last couple of months and ended November near its year-high level set during August,” Mr. Gargash said. “We are cautiously optimistic that the underlying soundness of the UAE capital market and
returning liquidity will contribute to continued growth in the capital market.”
The New Daman UAE Value Fund Net Asset Value (NAV) per share is AED 122.41/share. The Fund has distributed dividends totaling AED 11.00/share since its inception, which represents an annualized dividend yield of 7.19% on the current Fund NAV price.
The Fund has distributed dividends at the end of each quarter since its inception, adding to shareholder value. The Dividend Reserve Account, which was established in January 2002, continues to help ensure the Fund’s ability to pay future dividends by locking in profits into an account that is off-limits for trading.
Mustafa Farid, Senior Portfolio Manager, Daman UAE Value Fund, expects the NBAD Index to remain trading in the range of 3,400-3,500 until Fourth Quarter 2002 earnings releases come, but with increased volatility due to regional uncertainty.
“The market is currently trading near its 2002 high and a major resistance level of 3,400.00 on the NBAD Index. Higher than average trading volume of AED 469 million during November and uptick volume indicate bullish investor sentiment. We feel that the market will remain around 3,400.00 until Fourth Quarter 2002 earnings are released. However, on the other hand, regional political uncertainty will continue to put pressure on the market and the index and cause higher volatility from time to time until the picture becomes clear. Overall, we are therefore cautiously optimistic about the UAE market.”
Daman UAE Value Fund Data
Current NAV Price AED 122.41/share
Total Dividend Distributed Since Inception AED 11.00/share
Dividend Distributed, 2002 Year to Date AED 6.75/share
Annualized Dividend Yield 7.19%
Year To Date Performance 12.97%
Year to date performance of benchmark NBAD Index 12.83%
About Daman UAE Value Fund
Daman UAE Value Fund is a closed-ended, offshore mutual fund focused on the UAE stock market. It was launched on July 1, 2001 with shares valued at a par value of AED 100.00. The Fund commissions an independent audit of its Net Asset Value (NAV) at the
end of each month, and releases monthly NAV statements. The Fund has announced five quarterly dividends totaling AED 11.00/share over five quarters, the most recent being AED 2.25/share for the Third Quarter of 2002.
Daman UAE Value Fund is a Mauritius-registered public company. The Fund’s governance structure is designed to ensure maximum transparency and accountability to shareholders.
For more information, please contact Mohammed Sulaiman, Daman Securities
Tel: + 971.4.332.4140 Fax:+ 971.4.332.4240 Email: [email protected]