June 14, 2003
Daman UAE Value Fund declines slightly during May 2003; continues to outperform benchmark index
Daman UAE Value Fund continues to outperform the benchmark National Bank of Abu Dhabi General Index as well as all other UAE focused mutual funds during 2003, despite posting a slight decline of 0.26% percent during May, 2003, Shehab M. Gargash, Director, announced today. The Index posted a decline of 0.88% during the month.
Commenting on the Fund’s performance, Mr. Gargash said: “Following our record performance during April, 2003, the Fund stabilized as markets dipped slightly during May. We are pleased that our 2003 performance has exceeded our benchmark index by more than 3 percent.” For 2003, the Daman UAE Value Fund has grown 8.45%, while the NBAD General Index has grown by 5.09%. The Fund’s Net Asset Value Per Share (NAV/Share) was AED 129.99 as of the close of business on May 31, 2003, which represents a slight decline of 0.26% on the NAV/share as of April 30, 2003, which was AED 130.33/share.
Daman UAE Value Fund Data Current NAV Price (May 31, 2003) AED 129.99/share Cumulative Dividend Distributed Since Inception AED 15.50/share Dividend Distributed, 2002 AED 9.00/share Annualized Dividend Yield, 2002 7.38%
Performance since inception (July 1, 2001) 45.49%
Performance, 2002 14.53%
Performance, 2003 YTD 8.45%
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 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 issues monthly NAV statements. The Fund has announced seven quarterly dividends totaling AED 15.50/share, the most recent being AED 2.25/share for the First Quarter of 2003.
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]