Fund grows 5.73% during September 2003; Grows 15.61% in strong third quarter showing; Declares AED 2.50 dividend per share
Daman UAE Value Fund declared a dividend of AED 2.50 per share for the third quarter of 2003 today, continuing its record of uninterrupted quarterly dividend distribution since its inception more than two year ago on July 1, 2001.
The Fund also announced strong results for the month of September 2003, growing 5.73% during the month, and ending a strong overall third quarter at a growth rate of 15.61%.
Announcing the results, Mr. Shehab M Gargash, Fund Director, stated: “We are pleased to announce one of our strongest quarters since our inception. These results have been achieved on the back of a buoyant local market scene, without compromising the conservative stance that we have insisted upon ever since day one.”
Daman announced its new NAV for September 30, 2003 at AED 149.86 before dividend distribution, which translates into and ex-dividend NAV of AED 147.36 upon disbursement of the AED 2.50 dividend during October.
The Fund grew 5.73% during September, which brings the year-to-date performance during 2003 to 26.79%. The Fund has grown by an overall 67.86% since its inception on July 1, 2001.
The Fund’s uninterrupted payment of a quarterly dividend has been one of its most distinguished features from day one. Commenting on continued future dividend prospects, Mr. Gargash adds: “We are comfortable of our ability to continue paying quarterly dividends to our investors. Our run of strong results has enabled us to consolidate our Dividend Reserve Account, which currently holds about four future dividend payments, at current levels, for the year ahead. This puts us in a very comfortable liquidity situation as we head towards 2004.” The Dividend Reserve Account is a special account that the Fund had previously established in which it books a portion of retained earnings for its future dividend payouts.
Some Comparative Figures
Performance of UAE Mutual Funds and Benchmark Index July 1, 2001 – September 30, 2003
|Daman||Emirates Equity Fund||NBAD Fund||NBAD Index|
|Since July 1, 2001||67.86%||
|Year to date||26.79%||
Daman UAE Value Fund Data
Ex-dividend NAV Price (October 1, 2003) AED 147.36/share
Total Dividend Declared Since Inception AED 20.50/share
Dividend Distributed, 2003 AED 7.25/share
|Performance since inception (July 1, 2001 – September 30, 2003)||67.86 %|
|Performance, 2003 Year to Date||26.79 %|
|Performance, National Bank of Abu Dhabi Gen. Index, 2003||28.07 %|
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 nine quarterly dividend distributions totaling AED 20.50/share, the most recent being AED 2.50/share for the Third Quarter of 2003.
Daman UAE Value Fund is a Mauritius-registered public company. The Fund’s governance structure is designed to ensure transparency and accountability to shareholders.
– For more information, please contact Ahmed Al Saidi or Keith Reid, Daman Securities Tel: + 971.4.332.4140 Fax: + 971.4.332.4240 Email: [email protected]