TOPU Mwtops Usd

 
TIDMTOPU 
 
MW TOPS Limited 
 
                    Interim Management Statement 
 
This interim management statement relates to the period from 1 April 
2009 to the date of publication of this statement and has been 
prepared solely to provide additional information in order to meet 
the relevant requirement of the Transparency Directive, and should 
not be relied on by shareholders, or any other party, for any other 
purpose. 
 
Overview 
 
MW TOPS Limited (the "Company") is a Guernsey registered, 
closed-ended limited liability investment company listed on the main 
market of the London Stock Exchange. The Company's shares are 
denominated in Sterling, Euro and US$. The investment objective of MW 
TOPS Limited is to provide consistent absolute returns primarily 
derived through trading in equities of companies incorporated in or 
whose principal operations are in Europe (including Eastern Europe). 
 
NAV Performance as at 31 July 2009 
 
                                                              31 July 
                 Final NAV                     Return since      2009 
                   31 July Apr - Jul    YTD       inception     Share 
                      2009    return return        (net)[1]     Price 
Euro Share NAV        9.78     6.25%  8.16%          -2.25%      8.70 
US$ Share NAV         9.65     6.24%  8.12%          -3.53%      8.60 
Sterling Share 
NAV                   9.89     6.25%  8.06%          -1.09%      8.90 
MSCI AC Daily 
TR Net 
Europe Local 
Index                  N/A    26.88% 12.64%         -27.05%       N/A 
 
 
Note 1: Trading in the fund began on the Euronext Amsterdam Exchange 
on 13 December 2006, with an opening NAV of 10.00 and includes 
issuance costs of approximately 1% of NAV. 
 
Source: Morgan Stanley Capital International ("MSCI") 
 
Investment Review by Marshall Wace LLP (the "Investment Manager") 
 
While the fundamentals of the global economy continued to hamper 
belief in a sustained recovery of the cycle, market participants 
became more optimistic that the attempts by various governments to 
inject liquidity into the financial system through monetary policy 
and fiscal stimuli may be sufficient in staving off deeper global 
recession.  However, continued fragility of financial institutions in 
combination with asset managers' own efforts to deleverage combined 
to contribute to equity market uncertainty from 1 April-31 July 
2009. 
 
As at 31 July 2009, the total assets of the Company were 
EUR150,830,139.  From 1 April-31 July 2009, the risk-return profile of 
the Company remained attractive, with the Euro NAV returning +6.25% 
with a volatility of 3.77%.  This compares favourably to the European 
equity market, which rose +26.88% over the same period but at the 
expense of a volatility of 22.65%.   The share price performance of 
the three Share Classes of MW TOPS Limited from 1 April-31 July 2009 
was also pleasing, with the Euro, US$ and GBP Share Classes returning 
+11.54%, +13.91% and +11.54% respectively.  The discount to NAV of 
the London-listed shares averaged -13.41% in the Euro line, -12.87% 
in the US$ line and -13.28% in the GBP line across the 4 month period 
under review and as such remained considerably narrower than the 
average discount across the listed hedge fund space (-19.00%) and in 
line with the better single-managed quoted hedge funds. 
 
Contributors to the MW TOPS system were defensively positioned from 1 
April-31 July 2009, maintaining conservative levels of net and gross 
market exposure. In addition, the holding periods of positions 
declined across the applications in which the Company invests as 
contributors sought to opportunistically capture short term upside 
within the market and lock in profits. 
 
Considerable resource continues to be deployed by Marshall Wace LLP 
to further improve optimisation techniques. The MW TOPS portfolio 
construction process explicitly recognises that patterns of alpha 
generation differ on the long and short side across various time 
horizons. The Investment Manager's research effort embodies this 
distinction and worked over the review period to develop different 
methods of optimising the contributor dataset. Certain investment 
sub-strategies focus on individuals and their characteristics, a 
second group analyses patterns of behaviour within the networks of 
contributors, while a third group of models are targeted to analyse 
behaviour and trading costs at the single stock level. Although the 
investment horizon within MW TOPS is typically 20-100 days per idea, 
the optimisation process also uses shorter-term pattern recognition 
techniques to extract value from themes and changes in sentiment as 
they are detected. A further module seeks to aid the avoidance of 
crowded trades to ensure low correlation with other long/short equity 
strategies. 
 
Investment Allocation 
 
Up to 1 June 2009, the Company's assets were allocated in the 
following approximate 
proportions to the relevant sub-trusts of Marshall Wace TOPS Trust: 
 
 
                                      % 
Sub-Trust C (Opportunistic - hedged) 45 
Sub-Trust D (Fundamental - hedged)   45 
Sub-Trust N (Market Neutral)         10 
 
 
 
For the period 1 June-31 July 2009, the Company's assets were 
allocated in the following approximate 
proportions to the relevant sub-trusts of Marshall Wace TOPS Trust: 
 
 
                               % 
Sub-Trust A (Opportunistic)   35 
Sub-Trust B (Fundamental)     35 
Sub-Trust H (Balanced Europe) 10 
Sub-Trust N (Market Neutral)  20 
 
 
 
With effect from 1 August 2009, the Company's assets have been 
allocated in the following approximate 
proportions to the relevant sub-trusts of Marshall Wace TOPS Trust: 
 
 
                               % 
Sub-Trust H (Balanced Europe) 10 
Sub-Trust European TOPS       70 
Sub-Trust N (Market Neutral)  20 
 
 
Material events 
 
The Company delisted from Euronext Amsterdam with effect from 1 July 
2009. 
 
Other than set out above, the Board is not aware of any material 
events during the period from 1 April 2009 to the date of this 
announcement, which would have had a material impact on the financial 
position of the Company. 
 
Investor Information 
 
The latest available information on the Company can be accessed via 
www.mwtops.eu. 
 
By order of the Board 
MW TOPS Limited 
 
Enquiries: 
Anson Fund Managers Limited - Tel +44 (0) 1481 722260 
 
18 August 2009 
 
This announcement is for information purposes only and is not an 
offer to invest. The Company is registered with the Dutch Authority 
for the Financial Markets as a collective investment scheme which may 
offer participations in The Netherlands pursuant to article 2:66 of 
the Financial Markets Supervision Act (Wet op het financieel 
toezicht).  All investments are subject to risk.  Past performance is 
no guarantee of future returns.  Prospective investors are advised to 
seek expert legal, financial, tax and other professional advice 
before making any investment decision.  The value of investments may 
fluctuate.  Results achieved in the past are no guarantee of future 
results. 
 
E&OE - In Transmission 
 
END OF ANNOUNCEMENT 
 
=--END OF MESSAGE--- 
 
 
http://hugin.info/139475/R/1335653/317490.pdf 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

Mwtops Usd (LSE:TOPU)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024

Mwtops Usd (LSE:TOPU)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024