Shuaa Capital declares the first dividend for investors in two of its Sharia-compliant funds, offering a 1 percent cash dividend for the fourth quarter of 2020. The dividend is first dividend from the funds and translates to a 6.4 percent dividend yield for the investors, it said.
In a statement to the DFM Sunday, the asset management and investment banking company, said the Nujoom Aggressive Fund and Nujoom Balanced Fund have achieved an annualized rate of return of 9 percent and 11.9 percent respectively.
Launched on the Abu Dhabi Global Market (ADGM) in October 2020, the Nujoom Aggressive Fund and the Nujoom Balanced Fund invest in a global portfolio of Sharia compliant equities, fixed income investments and money market instruments.
Having launched with initial commitments of $75 million, the funds attracted significant investor interest in their first three months of operations, the company said.
Following the launch of the Nujoom funds, Shuaa’s ICC funds and discretionary portfolios under management crossed $100 million mark as of 31 December 2020.
Commenting on the performance, Jassim Alseddiqi, Group Chief Executive Officer of Shuaa Capital, said: “We launched these funds as part of our strategic drive to increase our permanent capital vehicles and grow our recurring revenues. It is therefore pleasing that we are already paying dividends only three months after the launch of the funds and moreover, have increased our AuM across these vehicles and managed portfolios to over $100 million.”
(Writing by Brinda Darasha; editing by Daniel Luiz)
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