DASL Dexion Alp.

 

TIDMDASL 
 
RNS Number : 4962R 
Dexion Alpha Strategies Limited 
30 April 2009 
 

Dexion Alpha Strategies Limited (the "Company") 
 
 
March Net Asset Values 
 
 
Ordinary Shares 
 
 
The net asset values of the Company's Ordinary Shares as of 31 March 2009 are as 
follows:- 
 
 
+--------------+--------------+-------------+-------------+ 
| Share Class  |     NAV      |   March     |    YTD      | 
|              |              |Performance  |Performance  | 
+--------------+--------------+-------------+-------------+ 
| GBP Shares   |  90.73 pence |   -0.04%    |   -0.46%    | 
+--------------+--------------+-------------+-------------+ 
| EUR Shares   |   EUR 1.1145 |   -0.66%    |   -1.21%    | 
+--------------+--------------+-------------+-------------+ 
| US$ Shares   |   US$ 1.5664 |   -0.43%    |   -0.95%    | 
+--------------+--------------+-------------+-------------+ 
 
 
These valuations, which have been prepared in good faith by the Company's 
administrator, are for information purposes only and are based on the unaudited 
estimated valuations supplied to the Company's investment adviser by the 
administrators or managers of the Company's underlying investments and such 
valuations may not be considered independent or may be subject to potential 
conflicts of interest. Both weekly manager estimates and monthly valuations may 
be produced as at valuation dates which do not co-incide with valuation dates 
for the Company, may be based on valuations provided as of a significantly 
earlier date, may differ materially from the actual value of the Company's 
portfolio and are unaudited or may be subject to little verification or other 
due diligence and may not comply with generally accepted accounting practices or 
other generally accepted valuation principles. The Company's investment adviser, 
investment manager and administrator may not have sufficient information to 
confirm or review the completeness or accuracy of information provided by those 
managers or administrators of the Company's investments. In addition, those 
entities may not provide estimates of the value of the underlying funds in which 
the Company invests on a regular or timely basis or at all with the result that 
the values of such investments may be estimated by the investment manager. In 
the case of 5 of the Company's 50 investments, where no such formal valuation 
has been received by today's date, an estimated valuation prepared by the 
Company's investment adviser or by the manager or administrator of the 
underlying funds has been used. Certain other risk factors which may be relevant 
to these valuations are set out in the Company's prospectus dated 10 March 2006. 
 
 
Monthly Portfolio Review 
 
 
Investment Adviser Portfolio Outlook 
 
 
The performance of the Company was relatively flat over the month as the 
Short-Term Managed Futures strategy finally returned some of the profits it has 
contributed over the last few months. Strong rebounds in the Healthcare 
Opportunities and Environmental sectors provided excellent opportunities for the 
Portfolio's underlying managers in these strategies. 
 
 
Looking ahead, little has changed in how the Investment Adviser is managing the 
portfolio. The Company focuses on niche strategies, and within this the 
Investment Adviser is focusing on managers for which a higher proportion of 
their returns accrue from volatility and short exposure. While there has been a 
strong rebound from the March lows, little in the macro-economic data suggests 
that there will be sustained economic and corporate earnings growth in the 
coming months. 
 
 
Market Overview 
 
 
Asian Opportunities: -0.43%. Asian markets participated in the global stock 
market rally, which made trading difficult for managers who recently moved 
towards having net short exposure on their books. One multi-strategy manager 
manoeuvred through the market, from short positioning at the beginning of the 
month and then actively switching exposures through the use of derivatives. A 
long/short manager profited from long Japan and Korea exposure, although these 
gains were off-set by short exposure to Chinese financials, which rallied 
strongly. Another long/short manager benefited from the financials and real 
estate rallies, yet lost from stock specific Japanese exposures. 
 
 
Healthcare Opportunities: +3.91%. The strategy staged a comeback this month as 
the healthcare sector behaved largely in line with other rallying markets. The 
largest holding in the strategy maintained an aggressive net long position and 
benefitted significantly from the improved sentiment. Much of the month's 
contribution for the manager came outside of the manager's top 3 holdings, 
indicating strong stock selection, with especially strong returns (+26.5%) from 
a biotech company that aims to treat hereditary diseases. 
 
 
Special Situations: -0.12%. M&A activity returned to marketplace to the benefit 
of the strategy, although some negative performance from a distressed manager 
left the portfolio flat. Dow Chemical finally closed its acquisition of Rohm & 
Haas at the original price, providing a large upside for one manager who held a 
well established position in the trade. Losses were realised from a distressed 
manager, whose illiquid equity holding in a metals company dragged down returns, 
coupled with a position in a casino operator defaulting on its credit facility. 
 
 
Emerging Markets Macro: +1.60%. The strategy was up as emerging markets 
experienced a significant return of investor risk appetite. The Portfolio's 
manager which holds illiquid assets recovered this month, benefiting primarily 
from a rebound in emerging market credit, as well as long Latin American FX 
exposure and short local rate positions. Elsewhere, a manager reinstated its 
diversified currency strategy on the back of decreasing volatility and 
correlations among emerging market currencies, which contributed positively to 
performance. 
 
 
Commodity Strategies: +1.55%. The performance was positive as commodity prices 
generally rallied across the board. Cocoa prices rebounded after February's 
lows, driving up performance of the Portfolio's managers with a significant long 
position. Supply is expected to fall short of demand, leaving declining 
consumption as a secondary consideration for market participants. Base metal 
equities finished the month positively on the back of bullish sentiment from 
rallying equity markets. A manager who focuses on the sector generated strong 
performance from three names that were either taken over or rumoured to be on 
the brink of being bought. 
 
 
Energy & Emissions: +1.61%. The strategy posted a profit on the back of long and 
short directional trades across the energy complex. One manager's strong 
contribution stemmed from shipping and transportation exposure, driven by good 
stock selection in these sectors. Further gains came from a manager who 
continues to take advantage of the declines in natural gas prices (down 
approximately 10% in March), cashing in on its short position at the front end 
of the natural gas curve. The Portfolio's manager who focuses on Scandinavia 
generated gains from long positions in various energy companies in the region. 
 
 
Environmental Strategies: +1.92%. The positive impact of government stimulus 
packages provided a favourable trading environment for the Portfolio's managers, 
who finished the month up in aggregate. A renewable energy manager had an 
excellent month, with core positions in the solar sector contributing from both 
the long and short side. The manager has also begun to introduce short exposure 
to metering companies, based on the views that larger conglomerates will begin 
to pressurise smaller companies as more government capital is directed into 
smaller grids. Carbon also staged a rebound this month, with EUAs and CERs up 
15% and 18% respectively, providing a good backdrop for the Portfolio's carbon 
focused manager. 
 
 
Short-Term Managed Futures: -5.56%. It was a difficult month for short term 
trading strategies and the style reported a large loss, driven by unfavourable 
price action in stock indices, long term bonds and currencies. Performance was 
dragged down for one manager's short equity positions amid a surge in global 
share values, while another was wrongly positioned and lost out due to the 
reversals in the bond and currency markets. 
 
 
European Loan Opportunities: +0.61%. Despite a month which saw ongoing credit 
downgrades and rising defaults, the portfolio posted a modest gain on the back 
of upward revaluations in some holdings. The portfolio has been fully delevered 
as of 31 March 2009. 
 
 
+-------------------------+------------+----------+-----------+-------------+ 
| Strategy                |Allocation  |  Number  |     Performance by      | 
|                         |  as of 1   |of Funds  |        Strategy         | 
|                         |   April    | as of 1  |            %            | 
|                         |     %      |  April   |                         | 
+-------------------------+------------+----------+-------------------------+ 
|                         |            |          |  March    |    YTD      | 
+-------------------------+------------+----------+-----------+-------------+ 
| Asian Opportunities     |    25      |    6     |  -0.43    |    -0.76    | 
+-------------------------+------------+----------+-----------+-------------+ 
| Healthcare              |     4      |    3     |   3.91    |    -6.63    | 
| Opportunities           |            |          |           |             | 
+-------------------------+------------+----------+-----------+-------------+ 
| Special Situations      |    19      |    6     |  -0.12    |    1.61     | 
+-------------------------+------------+----------+-----------+-------------+ 
| Emerging Markets Macro  |     4      |    3     |   1.60    |    3.83     | 
+-------------------------+------------+----------+-----------+-------------+ 
| Commodity Strategies    |     6      |    10    |   1.55    |    2.95     | 
+-------------------------+------------+----------+-----------+-------------+ 
| Energy and Emissions    |    12      |    10    |   1.61    |    2.89     | 
+-------------------------+------------+----------+-----------+-------------+ 
| Environmental           |     8      |    7     |   1.92    |    2.13     | 
| Strategies              |            |          |           |             | 
+-------------------------+------------+----------+-----------+-------------+ 
| Short-Term Managed      |    15      |    3     |  -5.56    |    0.25     | 
| Futures                 |            |          |           |             | 
+-------------------------+------------+----------+-----------+-------------+ 
| European Loan           |     7      |    1     |   0.61    |    -8.80    | 
| Opportunities EUR         |            |          |           |             | 
+-------------------------+------------+----------+-----------+-------------+ 
| Total                   |    100     |    49    |           |             | 
+-------------------------+------------+----------+-----------+-------------+ 
 
 
Strategy returns are in US$ (except where annotated) and net of underlying 
manager fees only, and not inclusive of Dexion Alpha Strategies' fees and 
expenses. 
 
 
Voting Rights and Capital 
 
 
The Company's share capital consists of 70,255,941 GBP shares (excluding 
treasury shares) with voting rights, 15,275,627 EUR Shares (excluding treasury 
shares) and 1,368,667 US$ Shares (excluding treasury shares) with voting rights. 
All Shareholders have equal voting rights based on the number of Shares held. 
Accordingly, the total number of voting rights in the Company is 86,900,235 and 
this figure may be used by shareholders as the denominator for the calculations 
by which they will determine if they are required to notify their interest in, 
or a change to their interest in the Company under the FSA's Disclosure and 
Transparency Rules. 
 
 
Supplementary Information 
 
 
Click on, or paste the following link into your web browser, to view a full 
review of the Dexion Alpha Strategies Limited portfolio. 
 
http://www.rns-pdf.londonstockexchange.com/rns/4962R_-2009-4-30.pdf 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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