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15 April 2024

Daman Second Emirates Fund announces Q4 dividend

By Staff

Daman Investments, a Dubai-based investment management company, said its Daman Second Emirates Fund had declared fourth quarter dividends of Dh0.75 per share.

The Daman Second Emirates Fund, a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank and focused on UAE equity markets, concluded the month of December 2010 by declaring fourth quarter dividends of Dh0.75 per share, bringing its 2010 dividend payout up to Dh2.75 and total dividends paid since its inception up to Dh15.25.

The fund wrapped up the year at a Net Asset Value (NAV) of Dh106.63 per unit, posting a month-on-month decline of 0.88 per cent, as against NBAD General Index drop of 1.79 per cent. This performance results register an annualized dividend yield of 2.60 per cent for the Second Emirates Fund post Q4 payouts, as compared to the benchmark’s 3.33 per cent for the same period.

The Daman Islamic Fund, a Shariah principle-based, UAE-registered open-ended mutual fund, cruised steadily through to the end of December 2010 with a slight decline of 0.49 per cent, as against a drop of 1.28 per cent witnessed in the NBAD Islamic Index, recording a NAV of AED 99.21 per unit.

At the end of 31 December 2010, the fund’s annualised dividend yield stood at 2.35 per cent as against the benchmark’s 1.13 per cent. Total dividends since the Daman Islamic Fund’s inception is now pegged at Dh11.13, with Dh1.75 distributed during the course of the 2010 year.

The Daman Speculator Fund, launched in July 1, 2008, clocked in a month-on-month fall of -1.72 per cent as against the ESCA Index drop of 0.85 per cent during the same period, closing the year at a NAV of Dh88.27. These results spell an annualised dividend yield of 0.75 per cent as of December 31, 2010 .

Total performance since inception is -8.98 per cent for the fund compared against the broader UAE markets (ESCA Index) drop of 55.76 per cent.  The Daman Speculator fund announced dividends of Dh0.50 per share during 2010.

The Daman Fifth Fund, an Dh200 million closed-ended fund focused on investments within the GCC markets, concluded the month of December 2010 at a NAV of Dh96.55, registering a monthly percentage change of -0.48 per cent from the previous month’s Net Asset Value. Since its inception in April 2010, the fund’s total performance stood at -3.45 per cent as of December 31, 2010.