Fund grows 3.72%; significantly outperforms index
Daman UAE Value announced that it recorded a month of strong growth during November 2003, significantly outperforming its benchmark National Bank of Abu Dhabi General Index. The Fund posted a gain of 3.72% during the month compared to the Index, which posted an increase of 1.91% for the same period.
Announcing the results, Mr. Shehab M Gargash, Fund Director, stated: “We are pleased to announce the continued positive growth of the Fund. These results have been achieved despite decreased market activity in the UAE running up to the recent holiday season and without compromising the conservative stance that we have insisted upon since inception.”
Daman announced its new NAV for 30 November 2003 at AED 151.61 before dividend distribution, up from AED 146.17 the previous month.
The Fund’s growth during November brings the year-to-date performance during 2003 to 30.28%. The Fund has grown by an overall 72.11% since its inception on 1 July 2001.
Mr. Shehab Gargash commented, “In accordance with the Fund’s investment objectives, we have been able to benefit from the positive performance in the regional markets during the course of the month, which has witnessed Qatar growing by 9.10% and Kuwait by 3.07%. Although the
UAE market did under perform some of its neighbours, we remain confident that UAE securities will continue to represent good growth potential for investors moving into 2004”.
Some Comparative Figures
Performance of UAE Mutual Funds and Benchmark Index 1 July 2001 –30 November 2003
|Daman||Emirates Equity Fund||NBAD Fund||NBAD Index|
|Since July 1, 2001||
|Year to date||
Daman UAE Value Fund Data
Ex-dividend NAV Price (1 December 2003) AED 151.61/share
Total Dividend Declared Since Inception AED 20.50/share
Dividend Distributed, 2003 AED 7.25/share
|Performance since inception (1 July 2001 – 30 November 2003)||72.11 %|
|Performance, 2003 Year to Date||30.28 %|
|Performance, National Bank of Abu Dhabi Gen. Index, 2003||30.42 %|
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 1 July 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]