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Daman’s fund registers 2.35pc growth in Jan. ’06
DUBAI — Daman’s Arabian Programmed Trading Fund (APTF), designed and tailored to suit a more volatile GCC market, registered a positive 2.35 per cent growth during January 2006.
Despite the fall of the UAE market by 8.43 per cent, the APTF rose to touch a net asset value (NAV) of $124.83 on January 26, 2006 as against an NAV of $121.96 on December 29, 2005.
Commenting on the positive performance of APTF in an overall downward market, Shehab Gargash, Managing Director of Daman said: “We are very pleased that APTF has once again performed positively in a volatile market situation. This is exactly what the fund is designed to do and its track record since inception has justified our confidence in its intelligent indexing structure.”
Daman’s flagship UAE Value Fund (DUV) recorded a decline of 7.87 per cent for the first month of this year in its ex-dividend NAV which fell to Dh420.16 on February 1, 2006, from Dh456.06 on January 1, 2006.
For the same period, the benchmark NBAD Index fell 8.43 per cent to 15,666.49 points on February 1, 2006 from 17,108.45 on January 1, 2006.
“The market’s underlying negative sentiment during the month pulled values down but our portfolio managers were able to minimise the impact given the circumstances,” said Gargash.
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