Alternative Invest. Strategies Ld Investment Update October 2013 (7513T)
22 Novembro 2013 - 11:30AM
UK Regulatory
TIDMAIS
RNS Number : 7513T
Alternative Invest. Strategies Ld
22 November 2013
ALTERNATIVE INVESTMENT STRATEGIES LIMITED
October 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. A second
payment was administered on the 14 November and shareholders
received a redemption price of 139.44p on 33% of their remaining
shares. The next payment is expected to be made by mid-February and
should be broadly in line with the forecasts detailed in the
circular of 15 May 2013. This payment will be a significant part of
the remaining assets.
A large number of positions were sold out of the portfolio at
the end of June with further sales made subsequently in line with
the ongoing managed wind-down objective of the Company such that
there are now six core holdings in the portfolio. These six core
holdings are spread across three strategies such that there is one
Fixed Income Relative Value manager, three Event Driven managers
and two Long/Short Equity managers. The remaining holdings are
predominantly illiquids without standard redemption frequencies
with a current weighting in the portfolio of 3.7%. The investment
manager also expects to receive further payments from these
illiquid holdings during the wind-down period.
The following review commentary refers to the general
environment and how it impacted the remaining holdings. Risk assets
remained in demand during October as economic newsflow was
generally encouraging and investor confidence continued to be
supported by the accommodative monetary policy stance of central
banks in the developed world. This created a constructive
environment for managers in the Long/Short Equity and Event Driven
strategies. The net asset value of Alternative Investment
Strategies Limited returned 0.26% over the month. Significant
levels of cash held during the month prior to the 14 November
payment naturally acted as drag on this return.
In the US, a strong third quarter GDP figure was boosted by
inventory growth while leading indicators and ISM data continued to
show positive signals. Most equities and high yield securities thus
rose relatively strongly while government bond yields declined.
Equity market rises were consistently strong across developed
countries while there was more variation from developing countries.
Long/Short Equity managers captured gains in this environment.
Returns were driven by long positions and, as one would expect in
these conditions, directional managers provided higher returns than
variable bias managers. However, there was some variation in the
contribution from short positions across the strategy. Some
managers profited from their shorts but most experienced relatively
small losses which partly offset their gains from longs.
Positive returns were widespread across the Event Driven
strategy and were responsible for most of the net asset value gains
this month. The Specialist Credit managers continued to source
gains from structured credit markets which generally rose while the
equity special situations manager also produced a positive return.
However, the Fixed Income Relative Value manager suffered from
fixed income and money market curve positions.
Performance Summary
The net asset value performance for the month of October 2013
was 0.26%.
The net asset value performance since inception in December 1996
to 31 October 2013 is 173.65%, equivalent to an annualised rate of
6.13%.
Strategy Allocation
The strategy allocation as at 31 October 2013 was as
follows:
Strategy %
Cash & Receivables 49.7
Event Driven 24.2
-----
Long/Short Equity 19.2
-----
Fixed Income Rel Val 3.6
-----
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
END
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