Alternative Invest. Strategies Ld Investment Update December 2013 (5925Y)
27 Janeiro 2014 - 12:30PM
UK Regulatory
TIDMAIS
RNS Number : 5925Y
Alternative Invest. Strategies Ld
27 January 2014
ALTERNATIVE INVESTMENT STRATEGIES LIMITED
December 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 2013 with further sales made subsequently in line
with the ongoing managed wind-down objective of the Company such
that there were five core holdings in the portfolio left in the
month of December. These five core holdings were spread across
three strategies such that there is one Fixed Income Relative Value
manager, two 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
4.6%. The investment manager is in the process of receiving 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. December
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. These gains were
impacted by a cash drag over this period as cash was accumulated
prior to the next redemption of shares. In this environment, the
net asset value of Alternative Investment Strategies Limited
returned 0.84% over the month.
Economic figures, particularly in the US, continued to be
supportive to risk assets as economic growth prospects were revised
up, auto and housing data were positive, the service and
manufacturing global PMI figures maintained their high levels and
the unemployment statistics were positive. However, perhaps of more
importance to investors this month was the decision by the Fed to
reduce their monthly purchases by $10bn as it was well-received by
markets with forward guidance indicating that base rates would be
expected to stay low well past the time that the unemployment rate
declined below 6.5%.
Equity markets generally bounced strongly in the second two
weeks of the month to produce positive figures across most
developed markets with the US and Japan being at the higher end of
the range. The Long/Short Equity managers performed well and
produced positive returns. Gains were driven by strong stock
selection on their long books while short positions generally
proved to be costly. Market conditions remained fundamentally
positive but with low levels of corporate activity in the
traditionally quieter month of December.
Gains were widespread across the Event Driven strategy and the
two managers held in this portfolio were no exception. The
Specialist credit manager sourced gains from structured credits and
income related positions. The best performing manager in this area
though was ECF Value who benefitted from their focus on equity
special situations.
Performance Summary
The net asset value performance for the month of December 2013
was 0.84%.
The net asset value performance since inception in December 1996
to 31 December 2013 is 179.26%, equivalent to an annualised rate of
6.20%.
Strategy Allocation
The strategy allocation as at 31 December 2013 was as
follows:
Strategy %
Cash & Receivables 40.06
---------------------- ------
Long/Short Equity 28.40
---------------------- ------
Event Driven 22.00
---------------------- ------
Fixed Income Rel Val 4.60
---------------------- ------
Multi-Strategy 4.00
---------------------- ------
Macro 0.30
---------------------- ------
Credit 0.10
---------------------- ------
Source of data: International Asset Management Limited
Investments
The investments held as at 31 December 2013 were as follows:
Investments %
Cash and receivables 40.60
----------------------------------------------- ------
Brevan Howard Credit Catalysts 16.60
----------------------------------------------- ------
Stelliam 15.40
----------------------------------------------- ------
Malta MLC 12.80
----------------------------------------------- ------
ECF Value 5.40
----------------------------------------------- ------
Illiquid Holdings without standard redemption
frequencies 4.60
----------------------------------------------- ------
Prologue 4.60
----------------------------------------------- ------
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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