Daman funds post good growth
Dubai, March 22, 2009
Daman Investments, a leading Dubai-based investment management company, said its key funds - Daman Second Emirates Fund, and Daman Islamic Fund - had put up a good show this February.
Announcing the results, the company said the Daman Second Emirates Fund, a UAE-registered open-ended fund regulated by the UAE Central Bank and focused on Emirati equity markets, closed the month of February at a net asset value (NAV) of Dh41.70 ($11.3) per unit, spelling a growth of 0.99 per cent as against three per cent witnessed in the NBAD General Index.
The Daman Islamic Fund, the company’s Shari’ah-compliant offering, posted a gain in net asset value of 1.40 per cent thus ending at Dh42.51 this February.
However, the Daman Speculator Fund, ended the month of February at a NAV of Dh102.65, a drop of 1.47 per cent for the month.
However, since inception of the Fund in July 2008, the fund has generated total returns of 4.15 per cent as against the broader UAE market decline of -58.56 per cent.
For year to date 2009, the fund is down by 0.11 per cent while the UAE markets were down by -2.56 per cent, the company added.-TradeArabia News Service