Alternative Invest. Strategies Ld Investment Update August 2013 (6347P)
03 Outubro 2013 - 5:30AM
UK Regulatory
TIDMAIS
RNS Number : 6347P
Alternative Invest. Strategies Ld
03 October 2013
ALTERNATIVE INVESTMENT STRATEGIES LIMITED
August Investment Manager's Review
Objective
The objective of the Company was to invest in a diversified
portfolio of hedge funds on a worldwide basis with the aim of
achieving superior absolute returns with low volatility. On the 12
June 2013, the Company's shareholders approved the Managed
Wind-down of the Company and since this date, the revised
investment objective and policy of the Company has been to seek to
realise all existing assets in the portfolio with a view to
maximising the return of invested capital to shareholders in an
orderly manner.
Investment Manager's Review
The portfolio is in the process of being wound-down and the
first of a series of compulsory redemptions of shares was
administered on the 14 August and shareholders received a
redemption price of 139.09p on 65% of their shares. The next
payment is expected to be made by mid-November and should be
broadly in line with the forecasts detailed in the circular of 15
May 2013.
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 and this has left seven core holdings in the portfolio.
These seven core holdings are spread across three strategies such
that two are Fixed Income Relative Value managers, three are Event
Driven managers and two are Long/Short Equity managers. The
remaining holdings are illiquids without standard redemption
frequencies. Payments received from these illiquids have continued
to reduce the size of the holdings in this area such that their
weighting in the portfolio, after the first compulsory redemption,
is now down to 3.7%. Indeed, the investment manager expects to
receive further payments from these holdings during the wind-down
period.
The following review commentary refers to the general
environment and how it impacted the remaining holdings. Despite
better than expected survey data and some positive economic
surprises in developed countries, most equity, government and
corporate bond markets fell in August as investor concern over the
timing and extent of the tapering down by the Fed of their monthly
bond purchase program together with increased geopolitical tensions
over Syria led to reduced appetite for risk assets. Hedge fund
managers with a bearish posture thus tended to benefit from these
market movements while the directional Long/Short Equity manager
suffered. In this rather lack-lustre market environment, more funds
were down than up but overall losses were relatively contained and
the net asset value of Alternative Investment Strategies Limited
returned -0.28% over the month.
While most equity markets in developed countries fell, there was
a greater dispersion of returns amongst Emerging Markets.
Interestingly, correlations within Emerging Market areas fell
towards the bottom end of the range in contrast to the higher
maintained levels in the US and European markets. In the Long/Short
Equity strategy, the directional Long/Short Equity manager focused
on the US equity markets produced a negative return. Encouragingly,
across the strategy, long positions performed better than index
movements and managers typically benefitted from having reduced net
positions while maintaining or increasing gross positions.
In the Event Driven strategy, the largest core holding continued
to source gains from their exposures to structured credits.
Furthermore, the other credit focused Event Driven manager
benefitted from the long structured credit and short corporate
credit construct of their portfolio. However, the return of the
equity special situations manager was flat. Both of the Fixed
Income Relative Value managers produced losses which were caused by
curve trades with steepening biases and front end carry trades.
Performance Summary
The net asset value performance for the month of August 2013 was
-0.28%.
The net asset value performance since inception in December 1996
to 31 August 2013 is 171.51%, equivalent to an annualised rate of
6.14%.
Strategy Allocation
The strategy allocation as at 31 August 2013 was as follows:
Strategy %
Event Driven 37.4
---------------------- -----
Fixed Income Rel Val 20.1
---------------------- -----
Long/Short Equity 19.8
---------------------- -----
Cash & Receivables 19.4
---------------------- -----
Multi-Strategy 3.0
---------------------- -----
Macro 0.2
---------------------- -----
Credit 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
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