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Daman remains bullish on funds outlook

Dubai, January 20, 2008

Daman Investments, a leading UAE-based fund manager, has given robust economic outlook for its three funds for the coming months.

The company’s three funds - Daman Second Emirates Fund, the Daman Islamic Fund and the Arabian Programmed Trading Fund (APTF) – have performed well for the month of December 2007, said a top company official.

Shehab Gargash, Daman managing director, said: “We are pleased to announce that December and 2007 ended with positive performance for our UAE funds. The Daman Second Emirates Fund and Daman Islamic Fund have both continued to show overall positive results including consistent quarterly dividend payouts since their launch.”

“Our APTF risk managed fund has continued to play its part as a strong counter-weight against market fluctuations and achieved 30.75% gains year to date in 2007, “ he added. 

He said the year had ended in both the UAE and GCC markets on a strong, upbeat note and predicted that market performance would remain positive for the coming months. “Our outlook remains bullish for the New Year and early 2008,” Gargash noted.

Daman Second Emirates Fund closed the month of December 2007 with a net asset value of Dh127.18 ($34.7) per unit, reflecting a monthly gain of 5.62 per cent.

“For the fourth quarter of FY 2007, the fund declared a dividend of Dh1 per unit . With this, the Fund’s ex-dividend on January 1, 2008 stands at Dh126.18,” he added.

The Daman Islamic Fund has yielded gross returns of 15.32 per cent over seven months since inception. The Fund closed on December 2007 with an asset value of Dh114.57 making a gain of 4.24 per cent.-TradeArabia News Service




Tags: Outlook | Daman | funds | Islamic | bullish | robust |

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