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Daman fund posts NAV rise in Feb

Dubai, March 26, 2011

The Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund, has posted an increase of 0.42 per cent increase in net asset value (NAV) during February.

The fund, a unit of Daman Investments, the leading Dubai-based investment management company, has wrapped up the month with a NAV of Dh98.69 ($26.86) as compared to a drop of -1.58 per cent in the NBAD Islamic Index in the corresponding period.

The Daman Islamic Fund posted a month-to-date change of -0.89 per cent against the Index’s -5.08 per cent as of January 31. Year to date the fund is off -0.47 per cent versus the NBAD UAE Islamic Index off -6.58 per cent.

Daman Second Emirates

The Daman Second Emirates Fund, also a UAE-registered open-ended fund of Daman Investments and regulated by the United Arab Emirates Central Bank, concluded the month of February  with an NAV of Dh103.84, recording a decline of -1.11 per cent from January’s figures, as against a movement of -0.01 per cent in the NBAD General Index during the same period.

The fund’s total performance since its inception is now pegged at -52.36 per cent.

Despite geopolitical tension currently dominating investor psyche, the fund’s conservative strategy of maintaining a heavy cash bias from an allocation perspective allows it to maintain a solid performance throughout the month of February, a statement said.

Year to date the fund is off -1.68 per cent versus the NBAD UAE General Index of -3.98 per cent.

Daman Speculator Fund

The Daman Speculator Fundclocked in a month-on-month percentage change of -3.28 per cent in NAV, concluding February with an ex-dividend NAV of Dh81.70.

Meanwhile, the ESCA Index posted a decline of -1.84 per cent in February 2011. Total performance since the fund’s inception is now gauged at -15.55 per cent as against Index figures of -58.67 per cent. The Daman Speculator fund announced dividends of Dh0.50 per share during 2010.

Daman Fifth Fund

The Daman Fifth Fund, an Dh200 million closed-ended fund focused on investments within the GCC markets, concluded February with an NAV of Dh94.75, reflecting a monthly percentage change of -1.07 per cent from the January closing results.

As of the end of February 2011, the fund has clocked in a year-to-date growth of -1.86 per cent and a total performance of -5.25 per cent since the inception of the Daman Fifth Fund. – TradeArabia News Service




Tags: Dubai | investments | Daman Islamic Fund | February | Net asset value | NAV |

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