Daman Funds announce Q1 cash dividends
Dubai, April 20, 2013
Daman Investments, a leading UAE-based regional investment management company, has announced a record 13th consecutive quarterly dividend for its flagship Daman Second Emirates Fund.
The fund paid out Dh1.25 as dividend for the first quarter of 2013, translating into an annualized dividend yield of 4.52 per cent as at the end of March 31, 2013. The NAV of the fund was Dh110.53.
Daman Fifth Fund also paid out a dividend of Dh1 for the first quarter which equates to an annualized dividend yield of 3.78 per cent.
Commenting on the move, Daman Investments CEO Shehab Gargash said, “It is our strategy to continuously pay out investors that are within the fund. The fund continues to build an impressive track record of strong income and capital growth buoyed by increased optimism in the UAE stock markets.”
Shehzad Janab, the head of asset management and advisory, said Daman had been impressed with the activity in the market during the first quarter.
"From a broader perspective, we feel we are currently in the midst of a strong long term trend predicated on improving macro and micro conditions," he added.-TradeArabia News Service