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Daman announces windfall cash dividend, outstanding performance

Daman announces windfall cash dividend, outstanding performance
Leading UAE-based Daman Investments recorded a successful third quarter for this year, the Company announced in a statement, highlighting its high-performing funds. Daman declared a Windfall Dividend Distribution for Q3-14.

Daman Funds recorded stellar performance amidst robust markets with the top ranking Daman Fifth Fund showing returns north of 200% since the beginning of the year, the statement revealed, adding that Daman Fifth Fund paid out an impressive dividend of AED 100 per share for the third quarter of 2014, equating an annualized dividend yield of 40.20%, as at the end of September 30, 2014, with the NAV of the fund standing at AED 431.22.

The fund continues to top the Bloomberg and Zawya Fund Rankings with the highest year-to-date (YTD) performance in the Gulf Cooperation Council (GCC) region.

Meanwhile, the flagship Daman Second Emirates Fund continues its market-beating record paying out its nineteenth consecutive quarterly dividend. The fund’s paid-out dividend for the third quarter of 2014 stood at AED 30 per share translating into an annualized dividend yield of 34.23% and a NAV of AED 179.17, as at the end of September 30, 2014.

Furthermore, the Daman Islamic and Speculator Funds also distributed dividends of AED 10 and AED 5 per share, respectively, the statement added, highlighting that Daman Funds has yet again demonstrated outstanding performance. Daman’s fund continue to be the highest dividend-yielding funds in the entire GCC vastly outperforming their peers and the market. Commenting on the announcement, Daman Investments Managing Director Mr. Shehab Gargash stated that “Daman believes in putting gains in the hands of its investors and our windfall cash dividend distribution clearly reflects the spectacular performance of our funds.”