Alternative Invest. Strategies Ld Investment Update November 2013 (0890W)
20 Dezembro 2013 - 8:30AM
UK Regulatory
TIDMAIS
RNS Number : 0890W
Alternative Invest. Strategies Ld
20 December 2013
ALTERNATIVE INVESTMENT STRATEGIES LIMITED
November 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 the
illiquids without standard redemption frequencies with a current
weighting in the portfolio of 5.1%. The investment manager 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. November
provided another constructive month for most hedge fund managers
with the highest gains being produced by our managers in the
Long/Short Equity and Event Driven strategies. In this environment,
the net asset value of Alternative Investment Strategies Limited
returned 1.20% over the month.
The economic background in the US, with rises reported in home
prices and auto sales together with ongoing positive ISM data,
continued to help maintain investor interest in risk assets.
Furthermore, the supportive accommodative monetary policy stance of
central banks in the developed world was underlined this month by
the confirmation in the US of the dovish Janet Yellen and by the
interest rate cut in Europe from the ECB, who were concerned over
deflationary pressures. Equity market performance varied across
geographies with good rises in China, the US and a particularly
strong upward move in Japan compared with more mixed returns in
Europe and wider spread losses in Developing Markets such as
Russia, India and Brazil. The Long/Short Equity managers performed
well in these market conditions as clear alpha generation was
observable across the long books with a further small contribution,
in aggregate, from short books.
Positive returns were produced across the Event Driven strategy.
Specialist Credit managers continued to source gains from
structured credits while one of the managers sourced gains from
more differentiated security selection and exposures to higher
yields. The return provided by the equity special situations
managers was also positive albeit not as high. However, the Fixed
Income Relative Value manager suffered from fixed income and money
market curve positions and produced a small loss.
Performance Summary
The net asset value performance for the month of November 2013
was 1.20%.
The net asset value performance since inception in December 1996
to 30 November 2013 is 176.94%, equivalent to an annualised rate of
6.18%.
Strategy Allocation
The strategy allocation as at 30 November 2013 was as
follows:
Strategy %
Event Driven 35.3
---------------------- -----
Long/Short Equity 28.5
---------------------- -----
Cash & Receivables 26.8
---------------------- -----
Fixed Income Rel Val 4.6
---------------------- -----
Multi-Strategy 4.4
---------------------- -----
Macro 0.3
---------------------- -----
Credit 0.1
---------------------- -----
Source of data: International Asset Management Limited
Investments
The investments held as at 30 November 2013 were as follows:
Investments %
Cash and Receivables 26.7
------------------------------------ -----
Brevan Howard Credit Catalysts 16.7
------------------------------------ -----
Stelliam 15.3
------------------------------------ -----
RimRock High Income 13.2
------------------------------------ -----
Malta MLC 12.9
------------------------------------ -----
ECF Value 5.4
------------------------------------ -----
Illiquid holdings without standard
redemption frequencies 5.1
------------------------------------ -----
Prologue 4.7
------------------------------------ -----
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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