3 listed MFs managed by RACE declared cash dividend

FE REPORT
Three closed-end mutual funds, managed by RACE Management, have declared cash dividends amounting to Tk 583 million for FY23.
RACE Management leads the closed-end mutual fund sector, managing 10 such funds with combined asset under management (AUM) of Tk 32.29 billion.
The MFs controlled by RACE account for around 52 per cent of the total AUM of listed MFs, according to EBL Securities.
Of the 10 closed-end mutual funds, the trustee committee of three funds approved dividends on Sunday. The funds are First Bangladesh Fixed Income Fund, Trust Bank First Mutual Fund, and Exim Bank 1st Mutual Fund.
Unit holders of these funds will get cash dividends worth Tk 583 million in total for FY23, said an official of RACE Asset Management.
First Bangladesh Fixed Income Fund has approved 5 per cent cash dividend for FY23, which is equivalent to Tk 388 million.
The unit price of the mutual fund has remained stuck at Tk 5 each since September last year. As a result, dividend yield stood at 10 per cent.
The Fund has reported net asset value (NAV) of Tk 10.62 per unit on the basis of current market price and Tk 11.51 per unit on the basis of cost price against face value of Tk 10, as of August 10 this year.
The total NAV of the Fund stood at Tk 8.24 billion on the basis of market price and Tk 8.93 billion on the basis of cost price after considering all assets and liabilities.
Trust Bank 1st Mutual Fund has also declared 5 per cent cash dividend for FY23, which will amount to Tk 152 million.
The unit price of mutual funds remained stuck at Tk 5.60 each since September last year. Hence, dividend yield stood at 8.93 per cent.
The Fund has reported net asset value (NAV) of Tk 10.59 per unit on the basis of current market price and Tk 11.72 per unit on the basis of cost price against face value of Tk 10 as of August 10 this year.
Exim Bank 1st Mutual Fund has declared 3 per cent cash dividend for FY23.
The unit price has remained stagnant at Tk 5.80 each since September last year. So, the dividend yield comes to 5.17 per cent.
The Fund has reported net asset value (NAV) of Tk 10.36 per unit on the basis of current market price and Tk 11.47 per unit on the basis of cost price against face value of Tk. 10, as of August 10 this year.
Moreover, Race Special Opportunities Unit Fund, an open-ended mutual fund, managed by RACE, declared 5.50 per cent cash dividend for FY23.
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