Saturday 26 May 2018

NBAD fund to distribute 4.47pc dividend

Abu Dhabi, April 10, 2013

The National Bank of Abu Dhabi’s (NBAD) said its cautious income fund will distribute 4.47 per cent annualised dividends to the shareholders  fllowing the fund's impressive performance.

The Cautious Income Fund, launched to meet the market’s demand for low risk investment products, invests in Mena region fixed income instruments, said a statement from the Abu Dhabi bank.

The NBAD fund had made a semi-annual distribution of 2.21 per cent of the net asset value (NAV) of $5.4925 NAV as of March 28, 2013.

Accordingly, the fund distributed to the investors $0.12143 for each issued unit as of that date on the back of strong performance and robust asset growth.

The total dividend amount of around $6 million covers the period from September 27, 2012 to March 28, 2013, it added.

In its first year, the fund enjoyed successful growth to become one of the largest of its kind in the UAE in terms of assets by reaching $268.22 million. Its performance since inception on March 1, 2012 had been strong with the return to March 28, 2013 standing at 12.02 per cent, an annualized return of11.12 per cent.

“The Cautious Income Fund has been a successful investment tool, satisfying investors’ demand for a low risk product,” said Mark Watts, the head of Fixed Income at NBAD’s Asset Management Group.

“The fund allows investors access to our bond expertise that up until now was only available to corporate and institutional clients. Alongside its sister fund, the NBAD Sukuk Income Fund, which invests purely in Shari’a compliant investments, the Cautious Income Fund gives our clients full access to the regional bond market in a simple and attractive package with subscription on a weekly basis,” he added.-TradeArabia News Service

Tags: abu dhabi | NBAD | fund | dividend |

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