Alternative Invest. Strategies Ld Investment Update June 2013 (2428K)
26 Luglio 2013 - 1:00PM
UK Regulatory
TIDMAIS
RNS Number : 2428K
Alternative Invest. Strategies Ld
26 July 2013
ALTERNATIVE INVESTMENT STRATEGIES LIMITED
June Investment Manager's Review
Objective
Alternative Investment Strategies Limited invests in a
diversified portfolio of hedge funds on a worldwide basis with the
aim of achieving superior absolute returns with low volatility.
Investment Manager's Review
Market movements were significant in June following comments
made by the Fed on the tapering down of their monthly bond purchase
program. Most government bond yields meaningfully rose while
equities moved sharply lower in the first three weeks of the month
before some recovery in the latter part of the month. Volatility
rose across all asset classes and many hedge fund strategies
produced negative returns. In this environment, Alternative
Investment Strategies Limited returned -0.89% over the month and
protected against much of the adverse movements.
While all the significant equity markets fell, the size of the
movements ranged from relatively slight in the US through to
mid-single digit losses across much of Europe but these became
double digits in the cases of China, Brazil and Italy. Given the
magnitude of these headwinds, it was noteworthy that many
Long/Short Equity managers produced gains - particularly so in the
case of the more directional managers. Overall, the contribution to
returns was slightly negative from this strategy. The best
performances were generally provided by European managers who
typically performed extremely well given the extent of the falls in
their underlying markets. In cases such as for the Chinese
specialist, gains were driven by a greater contribution from their
short positions than the losses suffered on their long holdings.
However, the positive returns of some managers were driven by both
long and short positions. One of the US Long/Short Equity managers
provided a positive return as a result of the strength in their
long positions. These gains were thus slightly offset by the losses
made across the remaining managers.
In the credit markets, most investment grade, high yield and
structured credit securities fell and so short positions drove the
performance of those Credit managers that produced positive
returns. Gains were also sourced from credit arbitrage, capital
structure arbitrage and hedges while losses were experienced by one
of the managers in some of the more idiosyncratic holdings that
gave up some of their outperformance achieved previously in the
year to date. Most Event Driven managers suffered from the setbacks
in equity and credit markets except for those with a particularly
specialist focus on areas such as TARP related securities.
The sharp correction in government bond markets was exacerbated
by large outflows from US fixed income mutual funds and led to
losses for many Macro managers with directional positions in these
markets. Macro managers with a focus on commodities also
experienced losses. Returns were mixed in the Fixed Income Relative
Value strategy partly depending on positioning along yield curves.
One manager produced gains from their front end exposure while the
other suffered.
The worst performing strategy this month was the Trend
Followers/CTAs strategy where managers suffered from many of the
reversals in longer-term trends. However, the portfolio has no
exposure to this strategy and therefore this did not detract from
returns.
At month end, a large number of positions have subsequently been
sold out of the portfolio in line with the managed wind-down
objective of the Company and so the portfolio is no longer fully
diversified. However, the investment manager believes the prospects
for the remaining managers in the portfolio are strong as they are
predominantly in their most favoured strategic areas.
Performance Summary
The net asset value performance for the month of June 2013 was
-0.89%.
The net asset value performance since inception in December 1996
to 30 June 2013 is 172.27%, equivalent to an annualised rate of
6.23%.
Strategy Allocation
The strategy allocation as at 30 June 2013 was as follows:
Strategy %
Long/Short Equity 34.0
Event Driven 20.3
-----
Credit 13.6
-----
Macro 12.3
-----
Cash & Receivables 10.5
-----
Fixed Income Rel Val 7.1
-----
Multi-Strategy 2.2
-----
Source of data: International Asset Management Limited
Top 10 Holdings
The top 10 holdings as at 30 June 2013 were as follows:
Fund %
Brevan Howard Credit Catalysts 8.05
Greenlight Capital Offshore 7.95
-----
Pelham Long Short 7.17
-----
Dragon Billion China 6.03
-----
Lakewood 5.62
-----
WCG Offshore 5.54
-----
Halcyon Offshore Asset-Backed
Value 5.08
-----
Claren Road Credit 4.83
-----
Prologue 4.63
-----
PAMLI Global Credit Strategies
Offshore 4.59
-----
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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