Alternative Invest. Strategies Ld Investment Update September 2013 (3290R)
24 Ottobre 2013 - 5:00PM
UK Regulatory
TIDMAIS
RNS Number : 3290R
Alternative Invest. Strategies Ld
24 October 2013
ALTERNATIVE INVESTMENT STRATEGIES LIMITED
September 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. The next
payment is expected to be made by mid-November and should be
broadly in line with the forecasts detailed in the circular of 15
May 2013.
A large number of positions were sold out of the portfolio at
the end of June in line with the ongoing managed wind-down
objective of the Company and there are now six core holdings in the
portfolio. These six core holdings are spread across three
strategies such that there is one Fixed Income Relative Value
manager, three Event Driven managers and two Long/Short Equity
managers. The remaining holdings are illiquids without standard
redemption frequencies. Payments received from these illiquids have
continued to reduce the size of the holdings in this area such that
the current weighting in the portfolio is now down to 3.6%. Indeed,
the investment manager expects to receive further payments from
these holdings during the wind-down period.
The following review commentary refers to the general
environment and how it impacted the remaining holdings. Investor
sentiment was considerably buoyed in September following the
avoidance of military action in Syria and as the Fed delayed the
tapering down of their monthly asset purchase program. Equity
markets around the world rose in response and government bond
yields generally declined. This environment proved most
constructive for managers within the Long/Short Equity and Event
Driven strategies. The net asset value of Alternative Investment
Strategies Limited returned 0.53% over the month.
Market conditions were constructive across global equity markets
with gains in the underlying markets being led by continental
European and some of the Developing countries while equity market
volatility further subsided this month. Correlations within equity
markets also came down towards the low end of the range in Europe
and the US. Furthermore, we have continued to see the influence of
fundamental drivers behind equity movements and divergence across
stock and sector performances. In this environment, positive
returns were widespread across the Long/Short Equity strategy.
Gains were predominantly led by long positions which were partly
offset by losses from short books as one would expect in a month
when equities bounced sharply. In this fund, gains were achieved by
one manager but were partly offset by a small loss produced by the
other manager.
Positive returns were widespread across the Event Driven
strategy and the allocation to this area drove the gain in the net
asset value this month. Managers continued to chiefly source gains
from stressed investments, equity special situations and structured
credits. However, the highest return was produced this month by the
manager focused on equity special situations.
In contrast, the contribution to returns was closer to being
flat in the Fixed Income Relative Value strategy. In the case of
the fixed income focused manager, gains sourced from government
bond markets were offset by losses from positions in other asset
classes such as long US dollar trades.
Performance Summary
The net asset value performance for the month of September 2013
was 0.53%.
The net asset value performance since inception in December 1996
to 30 September 2013 is 172.95%, equivalent to an annualised rate
of 6.15%.
Strategy Allocation
The strategy allocation as at 30 September 2013 was as
follows:
Strategy %
Event Driven 36.3
---------------------- -----
Cash & Receivables 28.6
---------------------- -----
Long/Short Equity 19.0
---------------------- -----
Fixed Income Rel Val 12.8
---------------------- -----
Multi-Strategy 3.0
---------------------- -----
Macro 0.2
---------------------- -----
Credit 0.1
---------------------- -----
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
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