Alternative Invest. Strategies Ld AIS - Net Asset Value and Portfolio Update (6794A)
21 Fevereiro 2014 - 1:00PM
UK Regulatory
TIDMAIS
RNS Number : 6794A
Alternative Invest. Strategies Ld
21 February 2014
Alternative Investment Strategies Limited
21 February 2014
Estimated Net Asset Value
As at the close of business on 14 February 2014, the Estimated
Net Asset Value per Sterling Hedged Share was:
NAV WTD Performance MTD Performance YTD Performance
135.55 -4.79% -5.08% -4.98%
Per the announcement of 14 February and in accordance with the
proposals for the Managed Wind-down detailed in the circular to
shareholders dated 15 May 2013 (the "Circular"), the currency
hedging programme was recently terminated in time for the third
redemption on 14 February 2014. The Company's remaining underlying
investments are all denominated in US dollars apart from cash and
shareholders are thus exposed not only to the investment
performance of the Company's underlying portfolio holdings but also
to fluctuations in the US dollar/Sterling exchange rate. This is
the first weekly estimate of the Net Asset Value since the removal
of the hedging programme and the subsequent depreciation of the US
dollar against Sterling has had a meaningful impact on the NAV per
share this week. The Investment Manager is holding cash in Sterling
and will be converting cash received by the Company as part of the
Managed Wind-down into Sterling on receipt to help mitigate against
potential future fluctuations.
Portfolio update
Since the last investment update in respect of the portfolio as
at 31 January, the Investment Manager has been able to realise all
the remaining illiquid holdings (which accounted for 4.1% as at 31
January). The Company's investments now have the following
breakdown as at 14 February 2014:
14.5% Sterling cash
27.3% Brevan Howard Credit Catalysts
58.2% Cash receivables being US dollar amounts from former
portfolio holdings
This valuation, which has been prepared in good faith by the
Company's manager, is for information purposes only and is based on
the unaudited estimated valuations supplied to the Company's
manager by the administrators or managers of the Company's
underlying investments. Such estimates 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. In addition, some of those estimates may not
be supplied on a regular or timely basis with the result that the
values of such investments are based on the latest available
estimates which may be some time before the date set out above. In
the event that a valuation estimate subsequently proves to be
incorrect, no adjustment to any previously published net asset
value is expected to be made.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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