August 14, 2003
Daman UAE Value Fund Posts Record Growth During July
Fund continues to out-perform benchmark indexand all other UAE-focused mutual funds during 2003
Daman UAE Value Fund’s NAV/share grew by AED 9.84 from AED 129.29 to AED 139.13 during July, 2003, representing the Fund’s highest ever one-month growth rate of 7.61%. During the first seven months of 2003, the Fund has grown by 17.99%, which represents annualized growth of 30.84% on the year. This growth rate is higher than all other UAE-focused mutual funds and the benchmark National Bank of Abu Dhabi Index. “The Fund has benefited from strong growth during the summer months in the UAE capital market, and the Fund has therefore far exceeded its targeted growth rate of 10-15% growth per annum within the first seven months of 2003. The Fund is also exceeding its core goal of out-performing the benchmark National Bank of Abu Dhabi General Index and all other UAE focused mutual funds during 2003,” said Mr. Shehab M Gargash, Director, Daman UAE Value Fund. “Beyond the obvious benefits of capital appreciation for investors, this growth is important to the Fund’s long-term ability to continue its uninterrupted record of quarterly dividend distributions since inception.” During the first six months of 2003, the Fund has distributed two quarterly dividends totaling AED 4.75/share, which represents an annualized dividend yield of 7.79% based on the January 1, 2003 NAV/share of AED 121.94/share. This yield compares very favorably with the UAE capital market average yield of 3.19% (as of August 9, 2003).
Since inception on July 1, 2001, the Fund has posted growth of 57.13%, which represents annualized growth of 27.42%. The total dividend payout since inception is AED 18/share on a par value of AED 100.00/share, which represents a dividend yield of 9.00% since inception.
During its first two years, the Daman UAE Value Fund has been the best performing mutual fund that is focused on the UAE capital market. UAE Mutual Fund Comparative Performance Through July 31, 2003
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 eight quarterly dividend distributions totaling AED 18.00/share, the most recent being AED 2.50/share for the Second 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]