Dubai – Mubasher: Shuaa Capital's Nujoom funds have announced 1% cash dividends for their investors for the fourth quarter (Q4) of 2020.

The Nujoom Aggressive Fund and Nujoom Balanced Fund will provide their first dividend three months following their establishment in October 2020, according to a press release on Sunday.

The Sharia-compliant funds' dividend accounts for a 6.4% annualised yield for the investors.

The Nujoom Aggressive Fund and Nujoom Balanced Fund have witnessed a strong performance during their first three months, recording an annualised rate of return of 9% and 11.9% respectively.

With an initial commitment of $75 million, the funds have attracted many investors since their launch on the Abu Dhabi Global Market (ADGM).

Following the establishment of the Nujoom funds, SHUAA’s ICC funds and discretionary portfolios under management have exceeded $100 million as of 31 December 2020.

The Group CEO of Shuaa Capital, Jassim Alseddiqi, said: "We launched these funds as part of our strategic drive to increase our permanent capital vehicles and grow our recurring revenues."

The Head of Public and Private markets at Shuaa Capital, Ajit Joshi, remarked: "Our new funds and managed portfolios have performed very well within the first three months of launch and the increased commitments signal strong investor confidence in SHUAA’s managed portfolios and fund offering."