Four more closed-end mutual funds, managed by RACE Management, declared cash dividends amounting to Tk 407.70 million for FY23 on Monday.
The average cash dividends for the four MFs are 4.13 per cent, said an official of RACE Asset Management.
With this, Race Management will disburse nearly Tk 1 billion in cash dividends to unit holders of seven close-ended mutual funds and an open-ended mutual fund 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 close-ended MFs, the trustee committee of four funds approved dividends on Monday. The funds are EBL NRB First Mutual Fund, AB Bank 1st Mutual Fund, Popular Life First Mutual Fund and PHP First Mutual Fund.
The trustee committee of EBL NRB First Mutual Fund has approved 7 per cent cash dividend for FY23. The unit price of the mutual fund has remained stuck at Tk 6.50 each since September last year. As a result, the dividend yield is 10.77 per cent.
AB Bank 1st Mutual Fund has declared 5 per cent cash dividend for the year. The unit price has remained unmoved at Tk 5.20 each since September last year. Hence, the dividend yield stands at 9.62 per cent.
Popular Life First Mutual Fund has declared 2.50 per cent cash dividend for FY23. The dividend yield is 4.90 per cent with the unit price stuck at Tk 5.10 since September.
PHP EBL First Mutual Fund has approved 2 per cent cash dividend for FY23. Its dividend yield is the lowest among the four MFs at 3.85 per cent.
Earlier on August 13 this year, three close-ended MFs--- Bangladesh Fixed Income Fund, Trust Bank First Mutual Fund, and Exim Bank 1st Mutual Fund, managed by RACE Management, declared cash dividends amounting to Tk 583 million for FY23.
Moreover, Race Special Opportunities Unit Fund, an open-ended MF, declared 5.50 per cent cash dividend for FY23.
However, Race Management declared no dividend for three other close-ended MFs --1st Janata Bank Mutual Fund, IFIC 1st Mutual Fund and EBL First Mutual Fund.
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