Daman funds show upward movement during April - Emirates24|7

Daman funds show upward movement during April

Daman Investments said all its three funds showed gains ranging from 3.25 to 13.53 per cent last month. The Daman Second Emirates Fund, the Daman Islamic Fund and the Arabian Programmed Trading Fund (APTF) all showed upward movement compared to March, the company said.

Managing Director Shehab Gargash said: "The recent market movement reflected positively on our funds. We are pleased to see our overall returns are healthy; our strategy for the funds remains focused as we are confident that our current positions will enhance future growth during the coming months."

The Daman Second Emirates Fund, a UAE-registered open-ended fund regulated by the UAE Central Bank and focussed on the UAE equities markets, closed the month of April 2008 at a NAV of Dh127.98 per unit, reflecting a monthly gain of 7.32 per cent over March. With markets exhibiting a positive tone throughout the month of April, the fund took advantage of its cash position as well as its existing low cost entries to further enhance the value and match the NBAD Index in its monthly performance.

The fund finished its first full year of operation at the end of March 2008 with gross returns of 23.66 per cent, along with making consistent quarterly dividend payouts since inception, the fund is now up a total of 30.98 per cent in its lifetime.

On the dividend front the fund had declared its 2008 first quarter dividend of Dh1 per unit for investors as of March 31, 2008. With this, the fund has made total dividend payouts of Dh4 per unit since inception.

The Daman Islamic Fund, a Shariah-based, open ended UAE-registered mutual fund closed the month of April 2008 at a NAV of Dh111.787 per unit, posting a gain of 2.5 per cent over the previous month. The fund maintained its cautious approach given the unique make-up of the Islamic investment universe but actively participated in order to benefit from the month's rally.

Daman's Arabian Programmed Trading Fund (APTF) designed and tailored for the GCC markets also showed a healthy gain of 3.25 per cent for the month.