Daman Islamic Fund Report - May 2017

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1. Monthly Fact Sheet - May 25 , 2017 Market Commentary Fund Objective • To achieve a combination of capital growth and dividend income. • To achieve annual performance growth rate of 1215% p.a. • To distribute quarterly dividends based on performance. NAV per Unit (AED) 73.49 Month to Date % Dividends till Date (AED) Returns Since Inception % Returns Since Inception % (Including Div) Dividend Yield -4.21% 49.63 -58.02% -50.75% Oil prices continued to see a decline with WTI crude oil closing at $48.32, down 2.05% for the month and Brent crude oil closing at $50.31, down 2.75% for the month. The slide in oil prices could be attributed to the less than expected supply cut that was agreed by OPEC and non-OPEC countries for an additional nine months until March 2018. Moody’s raised their ratings outlook for the UAE from negative to stable (Aa2), attributing their upgrade to the nation’s fast-tracked reform agenda, projected improvement in fiscal & current account balances and the economy’s drive towards increased diversification. With the advent of the Holy month of Ramadan, we see the GCC markets moving back in positive territory with a slight increase in value traded. For the last 6 years, the trading period during the Holy month of Ramadan has yielded positive returns for both the DFM and ADSM indices. We have positioned our portfolios accordingly for some short-term trading gains. NA FUND INFORMATION Inception Date Type Subscriptions Redemptions Fund Manager Administrator Legal Advisors Regulator Auditors Subscription Fee Performance Fee June 1, 2007 Sharia Based, Open Ended UAE Focused Weekly Monthly Daman Investments PSC Daman Assets LLC Ali Al Aidarous UAE Central Bank Dahman & Co. RSM 2% of the value of the subscription amount 15% above Hurdle Rate of 10% p.a. Management Fee 1.50% p.a. of the Funds NAV Administration & Custody Fee 0.20% p.a. & 0.30% p.a. respectively, of NAV Bloomberg Thomson Reuters GCC equity markets closed in negative territory for the month of May’17 as investors sought to book profits ahead of the summer holiday period. As a result, the Dubai Financial Market General Index (DFMGI) fell by 2.21%, the Abu Dhabi Securities Market General Index (ADX) was down 2.11%, the Saudi Tadawul Index fell by 2.03%, the Qatar Exchange Index was down 1.62% and the MSCI GCC Countries Index dropped by 1.26%. Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Full Year 2013 5.64% 0.64% -5.56% 10.88% 10.52% -2.62% 7.29% -6.22% 4.29% 5.48% -1.20% 9.86% 43.95% 2014 12.86% 5.19% 5.01% 17.42% 2.23% -18.22% 3.57% 5.47% -1.68% -7.20% -2.58% -8.69% 8.49% 2015 -6.58% 5.59% -4.65% 15.94% -4.19% -7.48% 0.77% -10.61% -0.64% -5.22% -7.02% -1.72% -25.07% 2016 -3.39% 7.40% 2.47% 2.76% -5.12% 0.51% 1.86% 1.04% -0.27% -3.18% -0.14% 2.32% 5.79% 2017 0.51% -1.79% -6.04% -2.28% -4.21% -13.18% Top Holdings 2017 YTD Performance Fund Allocation 3% 0% DAMNISL UH LP65122945 -3% -5% DFM DEYAAR ETISALAT -8% 15.5% 13.4% 11.4% -10% Real Estate 21.6% Cash 30.8% Non UAE 7.6% Telecom 11.4% -13% Banks 7.6% 31-May-17 30-Apr-17 31-Mar-17 28-Feb-17 31-Jan-17 31-Dec-16 -15% Email: amc@daman.ae Call: +971-4-4080333 Fax: +971-4-3324240 Cash 30.8% Diversified Financials 28.6% UAE 61.6%