Alternative Invest. Strategies Ld The Second Interim Management Statement 2013 (4320M)
23 Agosto 2013 - 5:20PM
UK Regulatory
TIDMAIS
RNS Number : 4320M
Alternative Invest. Strategies Ld
23 August 2013
Alternative Investment Strategies Limited
(the "Company")
Interim Management Statement
23 August 2013
This interim management statement relates to the period from 1
May 2013 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 UK Listing Authority's Disclosure
and Transparency Rules, and should not be relied on by
Shareholders, or any other party, for any other purpose.
Investment 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.
Financial position and performance
In the period from 1 May 2013 to 16 August 2013 (the date of the
latest available estimated weekly net asset value), the Company's
net asset value increased by 0.08% to 138.64 pence. As at 23 August
2012, the shares were trading at a 3.3% discount to net asset
value.
The net asset value performance since inception in December 1996
to 16 August 2013 is 170.55%, equivalent to an annualised rate of
6.14%.
Investment Manager's review
The Investment Manager's review covers the period from 1 May to
31 July 2013. During this period, the portfolio was diversified
across six hedge fund strategies until the end of June and focused
on the favoured strategic themes and high conviction managers
identified by the investment manager.
In May, market conditions were relatively constructive and gains
were led by the performance of the managers focused on favoured
strategic themes in the Long/Short Equity, Event Driven and Credit
strategies. The relatively high weighting to these themes in the
portfolio and the zero exposure to the Trend Followers/CTAs
strategy benefitted returns as managers in the Trend Followers/CTAs
strategy all suffered from the significant reversals in the market
direction of some asset classes. All of the managers in the
Long/Short Equity, Event Driven and Credit strategies held in the
portfolio produced gains. In contrast, the returns from the Macro
managers were more mixed depending on positioning.
However, many markets moved 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. The portfolio protected
against much of the adverse movements but the loss in June offset
much of the gains achieved in May.
At the June month end, a large number of positions were sold out
of the portfolio in line with the Managed Wind-down objective of
the Company. Cash was built up during July and on the 14 August,
the first of a series of compulsory redemptions of shares was
administered and shareholders received a redemption price of
139.09p on 65% of their shares. In the latter part of the period,
the remaining managers in the portfolio produced a small loss.
Strategy allocation
The strategy allocation as at 31 July 2013 was as follows:
Strategy %
Cash & Receivables 70.3
Event Driven 13.2
Long/Short Equity 7.2
Fixed Income Relative
Value 7.1
Multi-Strategy 2.0
Credit 0.1
Macro 0.1
Source of data: International Asset Management Limited
Results of General Meeting
A circular to shareholders was published on 15 May 2013
outlining proposals for the Managed Wind-down of the Company and at
the Extraordinary General Meeting held on 12 June 2013, the
Company's shareholders approved the Managed Wind-down of the
Company.
Compulsory Partial Redemption of Shares
On 29 July, it was announced that GBP97,795,826.00 (equivalent
to 90.4085p per share) would be returned to holders of shares on 13
August 2013 by way of a compulsory partial redemption of shares.
This represented 65.0% of the Company's issued share capital.
Compulsory Redemption and Total Voting rights
On 14 August, the Board confirmed that 70,311,086 shares were
redeemed at a redemption price of 139.09p and that the total number
of shares in issue is now 37,859,966.
The Board continues to expect that projected cashflows from
redemptions will be in line with the forecasts detailed in the
circular of 15 May 2013.
The remaining portfolio at the end of July had 7 core holdings
of which the top three funds represented 14.5% of the assets at
month end.
Other than described above, the Board is not aware of any
material events during the period from 1 May 2013 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.aisinvest.com.
By order of the Board
Alternative Investment Strategies Limited
Enquiries:
Sean Molony Tel: 020 7734 8488
International Asset Management Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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