NEF declares higher dividends for CY14

Wednesday, 1 April 2015 00:41 - - {{hitsCtrl.values.hits}}

Namal Executive Director/Chief Investment Officer Avancka Heart National Asset Management Ltd. (NAMAL) paid a dividend of Rs.1.50 per unit to the unit holders of the flagship National Equity Fund (NEF) for the year ended 31 March. Namal Executive Director/Chief Investment Officer Avancka Herat stated: “NEF generated a total return of 33.3% in CY14, outperforming the CSE All Share Price Index (ASPI) by 9.93%. The equity market benefited from sound economic fundamentals, political stability, strong corporate earnings and positive direct inflow by foreign Institutional funds and enabled NAMAL equity funds to deliver superior returns to its investors.” He further stated that the fund has now achieved an impressive long term track record in the last 23 years with a CARG of 15.44% (on a dividend reinvestment basis) since its inception in December 1991. NEF currently has Rs. 2.4 billion Assets Under Management (AUM) and the fund has paid dividends annually since inception, at a historical average of Rs. 1.21. NAMAL is Sri Lanka’s first unit trust management company, having commenced operations in 1991, with a 23-year track record of successfully investing in the Sri Lankan equity and debt markets. NAMAL currently operates nine unit trusts including the flagship National Equity Fund and the only listed unit trust. Principal shareholders of NAMAL are Union Bank of Colombo PLC and DFCC Bank PLC.