Daman funds announce Q1 2013 cash dividends

Daman Investments PSC, one of the leading UAE-based regional investment management companies, has announced a record 13th consecutive quarterly dividend for the flagship Daman Second Emirates Fund. The fund paid out a dividend for the 1st quarter of 2013 of AED 1.25, translating into an annualized dividend yield of 4.52% as at the end of March 31, 2013. The NAV of the fund was AED 110.53Daman Fifth Fund also paid out a dividend of AED 1 for the 1st quarter of 2013 which equates to an annualized dividend yield of 3.78%.Commenting on the announcement, Mr. Shehab Gargash, Chief Executive Officer of Daman Investments PSC 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. ”Mr. 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. 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.”