Pakistan Venture Capital Limited, the management company of Dawood Money Market Fund (DMMF), has announced earnings of Rs 93.42 million (Rs 7.62 per unit on face value of Rs 100) for the year ended on June 30, 2004.
The Board of Directors of the company has declared bonus dividend of 7 percent for the unit holders, which amounts to Rs 85.95 million.
The fund was launched on May 20, 2003 with a record seed capital of Rs 300 million. Over a period of one year the fund has got a very positive response from corporate, provident funds, insurance companies, financial institutions and individuals which is evident by the growth of the fund size which has swollen to over Rs 1.3 billion.
The DMMF is an open-end fixed income fund listed on Karachi Stock Exchange. According to the management of the fund, it is extremely conservative and risk-averse fund which invests in only 'A' rated term finance certificate (TFCs), bonds, corporate debenture, government securities and other money market instruments.
The prime objective of the fund is to provide consistent and better return to unit holders as compared to other short-term investment options available in the market like bank deposits, certificates of investment and national saving schemes etc.
Comments
Comments are closed.