Dawood Capital Management (DCM), the management company of Dawood Money Market Fund (DMMF), has declared an impressive bonus dividend of Rs 9.70 per unit ie 9.70 percent for the year ended June 30, 2005. DMMF is an open-end money market fund listed on the Karachi Stock Exchange and is extremely conservative and risk-averse.
DCM continued its tradition for stellar performance and declared a dividend within the first week of the year-end. The declaration was made in a board meeting held on July 6, 2005, on the basis of review report issued by the auditors.
The fund made a total profit of Rs 171.29 million resulting earnings of Rs 10.24 per unit on face value of Rs 100, an increase of 83.34 percent over the preceding year. The net asset value of DMMF as at June 30, 2005 was Rs 1,835 million, an increase of 39.65 percent from the previous year.
The fund was launched in May 2003 with a seed capital of Rs 300 million. With its leading performance, tax benefits and continued support from corporate, provident funds, insurance companies, financial institutions and individuals, the fund size has increased by 511.67 percent to over Rs 1.8 billion.
Further, DMMF has always been a fund for the people of Pakistan by investing only in investments that are not significantly altered by fluctuations in the equity to protect the interest of investors and by waiving all commission and load fees for women, children, charities, disadvantaged (those with income less than Rs 5,000 a month), disabled and elderly persons (those over 65 years of age). With the introduction of its INSTASAVE savings programme and its DMMF Loyalty Card, DMMF has proven to be a favoured choice among investors.
So far DMMF has been the best performing money market fund beating Pakistan Income Fund and United Money Market Fund.-PR