AIDP Aida FD Gbp

 

TIDMAIDP TIDMAIDU TIDMAIDE 
 
RNS Number : 1210P 
Aida Fund Limited 
19 March 2009 
 

The Aida Fund Limited ("Aida") 
 
 
February Estimated Net Asset Values 
 
 
The estimated Net Asset Values of Aida's Shares as of 28th February 2009 are as 
follows: 
 
 
+------------------+------------------+------------------+------------------+ 
|                  |    US Dollar     |      Euro        |Sterling (pence)  | 
+------------------+------------------+------------------+------------------+ 
| NAV              |      1.6523      |      1.5676      |      136.02      | 
+------------------+------------------+------------------+------------------+ 
 
 
+------------------+------------------+------------------+------------------+ 
|                  |    US Dollar     |      Euro        |    Sterling      | 
+------------------+------------------+------------------+------------------+ 
| Performance      |                  |                  |                  | 
+------------------+------------------+------------------+------------------+ 
| MTD              |     (1.81)%      |     (1.83)%      |     (1.93)%      | 
+------------------+------------------+------------------+------------------+ 
| YTD              |     (0.68)%      |     (0.39)%      |     (0.63)%      | 
+------------------+------------------+------------------+------------------+ 
| 5-Year           |    (10.87)%      |    (15.82)%      |   (9.32)% (1)    | 
+------------------+------------------+------------------+------------------+ 
 
 
(1) since inception in July 2004 
 
 
These valuations, which have been prepared in good faith by Aida, are based 
principally on estimated valuations prepared generally by the investment manager 
of Aida's underlying investments. Such estimates may be subject to little 
verification or other due diligence, are un-audited and may not comply with 
generally accepted accounting or valuation principles. Other risk factors which 
may be relevant to this valuation are set out in Aida's prospectus dated 4th 
March 2008. 
 
 
Investment Manager Comment 
During February 2009 the Aida Fund $ class decreased by 1.81%, the underlying 
portfolio before leverage and expenses decreased by an estimated 0.06%, the S&P 
500 decreased by 10.99% and the FTSE 100 decreased by 7.70%. 
Since inception in September 2001 until the end of February 2009 the Aida Fund $ 
class has risen by 10.15%. Over the same period the S&P 500 has fallen 35.15% 
and the FTSE 100 has fallen 28.34%. 
Estimates were not provided by the underlying funds for the value of the side 
pockets within the fund.  For the purpose of this February NAV estimate a 
reduction in value of 5% in the month has been assumed for each side pocket. 
Side pockets at the end of February are estimated to be 4.45% of the overall 
value of the portfolio. 
Of the underlying funds that Aida invests in 11 of the funds who have reported 
declined whilst 13 of the funds who have reported increased. 
The deleveraging approved by the shareholders on 17th December 2008 is 
progressing well. Redemption proceeds of $74m have been received since the 
announcement of the change in investment strategy on 24th October 2008 to date 
and net debt is estimated today to be circa 52% of NAV. However, like a number 
of other fund of funds, certain funds in which Aida invests have imposed gating 
restrictions which has resulted in the need to reduce some other investments. In 
addition the hedging of the GBP and Euro classes has resulted in a cash outflow 
of circa $8m over the period from 24th October 2008 to date. As a consequence it 
is now anticipated that the fund will be fully delevered in four months time. 
The Aida Fund board is aware of the level of discount to NAV at which the 
company's shares are currently trading and is working on proposals to address 
this in parallel with the deleveraging timetable outlined above. 
Aida Capital, the investment manager, remains available at all times to discuss 
the fund and markets in general. 
 
 
Aida Capital 
+44 20 7600 7500 
 
 
Disclaimer 
This announcement does not constitute an offer to sell, exchange or transfer any 
securities of The Aida Fund Limited and is not soliciting an offer to purchase, 
exchange or transfer such securities in any jurisdiction where the offer, sale, 
exchange or transfer is not permitted or to any person or entity to whom it is 
unlawful to make that offer, sale, exchange or transfer. 
 
 
The registration document published on 4th March 2008 contains further details 
of the selling restrictions in such jurisdictions. 
 
 
This announcement is not an offer of securities for sale in the United States. 
The shares referred to herein have not been and will not be registered under the 
United States Securities Act of 1933, as amended (the "Securities Act") or with 
any securities regulatory authority of any state or other jurisdiction of the 
United States and may not be offered or sold within the United States or to, or 
for the account or benefit of, US Persons (as defined in Regulation S under the 
Securities Act) except in accordance with the Securities Act or an exemption 
therefrom. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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