Daman funds announces 5.5% dividend

Daman Investments, one of the leading UAE-based regional investment management companies, has announced a record 9th consecutive quarterly dividend for the Daman Second Emirates Fund. The fund paid out a dividend for the 1st quarter of 2012 of Dh1.50, translating into a very healthy annualized yield of 5.5 per cent versus its benchmark - NBAD yield of 4.98 per cent as at the end of March 31, 2012. The NAV of the fund was Dh108.26 Daman Fifth Fund also paid out its first maiden dividend of Dh1 for the 1st quarter of 2012 which equates to an annualized dividend yield of 3.9 per cent. Commenting on the announcement, Shehab Gargash, Chief Executive Officer of Daman Investments said: “We believe it is important to pay out investors that are within the fund. The fund continues to deliver strong income and capital growth with lower volatility than the broader market.” Shehzad Janab, Daman Investments’ Head of Asset Management and Advisory, also added that, “we are very encouraged by the activity in the market in the first quarter. We feel we are currently in the midst of a virtuous cycle of more cash inflows into the market buoyed by strong corporate results, which we believe are sustainable and have further upside. Hence, rewards will be reaped by the early investors”