Atlas Income Fund (AIF), managed by the Atlas Asset Management Company limited (AAMCL), has announced a dividend of Rs 18.75 per unit of the par value of Rs 500 each for the period September 15, 2003 to June 30, 2004.
Atlas Income Fund was launched for public subscription on March 22, 2004, with a seed capital of Rs 300 million. The seed capital was subscribed on September 15, 2003. During the period under review, the Fund earned an income of Rs 13.9 million, which works out to Rs 18.78 per unit.
The Fund was launched at a time when interest rates were already under pressure, thus the investment strategy of the fund has been to invest in instruments with short maturity. Consequently, the investment portfolio has been mainly concentrated in floating rate corporate papers, and carry over transactions (COT).
This investment strategy has enabled the Fund to post a comparatively better result during the period March 22, 2004 (date of public issue) to June 30, 2004 with an annualised appreciation of 6.2 percent in the net asset value (NAV).
The board of directors of the management company has declared a dividend of Rs 18.75 per unit for the period under review. The NAV of the fund which stood at Rs 510.34 on March 22, 2004 had risen to Rs 518.96 as at June 30, 2004 before appropriation of dividend.
Atlas Asset Management Company Limited, the management company of AIF, has collaboration with ING Institutional & Government Advisory Services, BV (IGA). ING is represented on the board of directors of AAMCL. ING, the Netherlands based international financial services group is one of the largest financial service providers in the world with a direct presence in 58 countries through its network of branches and joint ventures.
AIF is the first fund launched by AAMCL, and is soon to be followed by an open-ended equity fund, the Atlas Static Market Fund, and a closed-end bind, the Atlas Fund of Funds. Both these funds are expected to be launched by end-August 2004.