Alternative Invest. Strategies Ld Investment Update July 2013 (3720M)
23 Agosto 2013 - 5:30AM
UK Regulatory
TIDMAIS
RNS Number : 3720M
Alternative Invest. Strategies Ld
23 August 2013
ALTERNATIVE INVESTMENT STRATEGIES LIMITED
July Investment Manager's Review
Objective
Alternative Investment Strategies Limited invests in a
diversified portfolio of hedge funds on a worldwide basis with the
aim of achieving superior absolute returns with low volatility.
Investment Manager's Review
The net asset value of Alternative Investment Strategies Limited
produced 0.0% over the month of July. A large number of positions
were sold out of the portfolio at the end of June in line with the
managed wind-down objective of the Company. Cash was built up
during the month and, after the month end, on the 14 August, the
first of a series of compulsory redemptions of shares was
administered and shareholders received a redemption price of
139.09p on 65% of their shares.
The market environment during July was constructive for the
majority of the managers formerly held in the Long/Short Equity and
Event Driven strategies and they would have contributed positively
to the portfolio had they still been held. This review thus refers
to the general environment and how it impacted the remaining
holdings. The portfolio is therefore no longer so finely balanced
and future returns maybe more volatile than when the portfolio was
fully diversified. However, the investment manager believes the
prospects for the remaining managers in the portfolio have the
potential to be reasonably strong over the period until they are
all redeemed.
Most equity markets recovered significantly in July. The
strongest bounces were provided by the US and European equity
markets as the central bankers in these regions honed their
messages to industry participants on the future levels of interest
rates. Furthermore, faith in the economic recovery was supported by
encouraging data on manufacturing, home prices and consumer
spending. The strongest returns within the Long/Short Equity
strategy tended to be provided by those managers with higher levels
of net exposure, the most conviction or by some of the sector
specialists. There was clear evidence of strong stock selection,
particularly on the long side of books and amongst the largest
holdings. Unsurprisingly, with the strong upward movements in
developed markets, shorts tended to partly offset these gains.
However, losses from short positions cost the US manager and this
offset the gains produced by the other remaining manager in this
strategy.
In the Event Driven strategy, gains were widespread. Stronger
returns were sourced by managers from exposure to equity special
situations and the recovery in the valuations of stressed and
distressed investments. In comparison, structured credits
experienced less of a recovery and so returns from the Specialist
Credit managers within the strategy were lower within the range.
The best performance in this area was produced by the equity
special situations specialist.
Government bond yields generally fell along most yield curves.
In the Fixed Income Relative Value strategy, gains were modest but
positive and depending on the manager were sourced from curve and
relative value trades, MBS positions and some directional trades.
There was a small negative overall contribution from the remaining
multi-strategy holdings.
Performance Summary
The net asset value performance for the month of July 2013 was
0.0%.
The net asset value performance since inception in December 1996
to 31 July 2013 is 172.26%, equivalent to an annualised rate of
6.19%.
Strategy Allocation
The strategy allocation as at 31 July 2013 was as follows:
Strategy %
Cash & Receivables 70.3
---------------------- -----
Event Driven 13.2
---------------------- -----
Long/Short Equity 7.2
---------------------- -----
Fixed Income Rel Val 7.1
---------------------- -----
Multi-Strategy 2.0
---------------------- -----
Credit 0.1
---------------------- -----
Macro 0.1
---------------------- -----
Source of data: International Asset Management Limited
General Information
Investment Manager: International Asset Management Limited
Website: www.aisinvest.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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