Daman Funds declare Q2 cash dividends on back of strong quarter for UAE markets

Abu Dhabi, July 15, 2013 (WAM) - Daman Investments PSC, one of the leading UAE-based regional investment management companies, has announced a record 14th consecutive quarterly dividend for its flagship Daman Second Emirates Fund. The fund paid out a dividend for the 2nd quarter of 2013 of Dh1.5 translating into an annualised dividend yield of 4.75% as at the end of June 30, 2013. The NAV of the fund was Dh115.69 Daman Fifth Fund also paid out a dividend of Dh1.50 for the 2nd quarter of 2013 which equates to an annualised dividend yield of 4.2% and finally Daman Islamic Fund also paid out Dh1.50 equating to an annualised yield of 2.7%. Commenting on the announcement, Shehab Gargash, Chief Executive Officer of Daman Investments PSC, said, "It is our strategy to continuously reward our investors via dividends that are within the funds. As we pointed out in our recent UAE market outlook report, we continue to believe that our markets are in a multi-year bull trend and as such the funds remain well placed to benefit from this uptrend." Shehzad Janab, Head of Asset Management and Advisory of Daman Investments PSC said, "We continue to view the fundamentals of the UAE market as being very attractive and continue to build positions in solid blue chip companies on any market weaknesses." The UAE markets showed strong performance in the second quarter with the DFM up +21.5% and the ADX up +17.4% coupled with surging levels of liquidity with the average daily value traded increasing by 76.7% on the DFM to Dh 593 million and 65% on the ADX to Dh342 million. – Emirates News Agency, WAM