The Daman Second Emirates Fund, a UAE-registered open-ended fund focused on UAE equity markets, has declared a second quarter dividend of Dh0.50 per unit, bringing up the fund's total dividend to Dh14 since its inception.
Though a top performing fund from Dubai-based Daman Investments, it was decreased by 2.75 per cent for the year while the NBAD General Index was off around 6 per cent in 2010.
This is the second consecutive quarter the fund has paid out a dividend and the dividend yield for the fund as of 2010 stands at an annualized 2.84 per cent.
Daman has announced the performance results of its other funds: the Daman Islamic Fund, the Daman Speculator Fund, and the Daman Fifth Fund for July 2010.
The Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund, continues to beat its benchmark by a wide margin as of year to date July 2010. The fund was down 4 per cent while the NBAD Islamic index was down 9.5 per cent. The fund declared a second quarter dividend of Dh0.50 per unit, giving it an annualized dividend yield of 2.97 per cent.
The Daman Speculator Fund, launched on July 1, 2008, also beat its benchmark index as of year to date end of July 2010.
The fund was down 8.03 per cent, outperforming its benchmark ESCA index which is down 10.63 per cent. Since its inception in 2008 the fund has recorded a decline of 6.03 per cent against the ESCA index which is down 58.73 per cent.
The Daman Fifth Fund, a Dh200-million closed-ended fund focused on investments within the GCC markets, concluded July at a NAV of Dh 97.59, relatively flat with a modest decline of 0.06 per cent as compared to June 2010 figures.