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One Daman fund rises, two decline

By Staff Writer

Daman Investments, an investment management company, yesterday said two of its funds recorded decline while one posted gains in January.

The Daman Speculator Fund recorded a rise of 1.38 per cent in net asset value (NAV) from Dh102.76 per unit in December 2008, and ended the first month of the year at a NAV of Dh104.20 per unit. The fund's growth brings its total performance since inception to 5.70 per cent and its annualised dividend yield to 3.45 per cent.

The Daman Islamic Fund, an open-ended mutual fund, closed last month at a NAV of Dh41.87 per unit, spelling a month-to-date decline of 1.04 per cent. However, despite the decline, the fund displayed encouraging performance in comparison with the NBAD Islamic Index drop of 5.82 per cent for the corresponding period. The fund's annualised dividend yield currently stands at 9.55 per cent for the year 2009, significantly outperforming the NBAD Islamic Index of 1.13 per cent.

The Daman Second Emirates Fund, also an open-ended fund focused on UAE equity markets, closed the month of January at a NAV of Dh41.24 per unit. It recorded a decline of 4.44 per cent, as against the NBAD General Index drop of 4.22 per cent. Since inception, the fund has paid total dividends of Dh5.00 per unit with an annualised dividend yield currently stands at 9.70 per cent.