Daman Investments, a UAE-based fund manager, yesterday said the Daman Second Emirates Fund and the Daman Islamic Fund witnessed decline in net asset value (NAV) while Arabian Programmed Trading Fund (APTF) posted gains for the month of May.
The Daman Second Emirates Fund, a UAE-registered open-ended fund, closed the month at a NAV of Dh125.23 per unit as of May 31, posting a decline of 2.14 pr cent, as against NBAD General Index drop of 1.24 per cent.
With markets staying in a consolidation mode with emphasis on sideways movement throughout May, the fund reduced its level of activity in order to preserve value and cash. The near-term outlook reveals that the fund will maintain a dynamic management approach towards market movement and use cash levels to hedge against market volatility.
On the dividend front, the fund had declared its 2008 first quarter dividend of Dh1 per unit for investors as of March 31. With this, the fund has made total dividend payouts of Dh4 per unit since inception and the annualised dividend yield for 2008 now stands at 1.91 per cent.
The Daman Islamic Fund, a Shariah-based, open-ended UAE-registered mutual fund, closed May at a NAV of Dh109.72, a decline of 1.84 per cent over the previous month, as compared to NBAD Islamic Index drop of 2.99 per cent for the corresponding period.
During the first quarter of 2008, the fund declared an Dh1 per unit dividend for investors as of March 31. With this, the fund has made total dividend payouts of Dh2.75 per unit since inception.
Daman's first risk-managed APTF, designed for the GCC markets, showed a gain of 0.63 per cent as against a 0.68 per cent decline witnessed by the GIC GCC Index. The funds NAV stands at $91.47 for May compared to $90.90 for April.