Alternative Invest. Strategies Ld Investment Update January 2014 (6490A)
21 Febbraio 2014 - 1:00PM
UK Regulatory
TIDMAIS
RNS Number : 6490A
Alternative Invest. Strategies Ld
21 February 2014
ALTERNATIVE INVESTMENT STRATEGIES LIMITED
January 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 third payment was administered on the 14 February and
shareholders received a redemption price of 142.66p on 68% of their
remaining shares. This now means that around 93% of the issued
share capital has been so far compulsory redeemed during this
wind-down process. It is expected that the Company will be put into
liquidation in May 2014, with a circular being despatched to
shareholders in due course in order to convene the necessary
general meeting to implement the liquidation. It is anticipated
that a further distribution will be made to shareholders in May
2014 in the form of a first liquidation distribution shortly after
the Company has been placed in liquidation.
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 is now only one core holding in the portfolio left for
the month of January. This was the Event Driven manager, Brevan
Howard Credit Catalysts who sourced gains from exposure to
structured credits. There are also the illiquids without standard
redemption frequencies with a current weighting in the portfolio of
4.1%. The investment manager is in the process of selling the
remaining illiquid holdings during the wind-down period. The
remaining other holdings were either cash or cash receivables.
The following review commentary refers to the general
environment and how it impacted the remaining holdings. January
provided a relatively dramatic start to the year in which our
favoured Event Driven managers provided capital protection against
the equity market weakness. These gains were impacted by a cash
drag over this period as cash was accumulated prior to the February
redemption of shares. In this environment, the net asset value of
Alternative Investment Strategies Limited returned 0.10% over the
month.
The decision by the Fed to continue to taper down their
quantitative easing program helped to put the spotlight on the
ongoing concerns over the reversal of flows out of Emerging Markets
that had formerly benefitted from their policies. Countries with
current account deficits such as Turkey and South Africa saw
notable weakness in their currencies and sentiment surrounding
Emerging Markets was further undermined by concerns over future
growth in China and their control of the shadow banking system. In
these market conditions, government bond yields moved down
meaningfully and corporate bonds also performed well while most
equity markets fell with heightened levels of volatility. Returns
were widely positive across the Event Driven strategy with managers
exposed to our favoured theme of specialist credit providing gains.
The more idiosyncratic nature of the returns and reduced level of
correlations to the impact of macroeconomic events proved helpful
in the market conditions of January.
Performance Summary
The net asset value performance for the month of January 2014
was 0.10%.
The net asset value performance since inception in December 1996
to 31 January 2014 is 179.54%, equivalent to an annualised rate of
6.17%.
Investments
The investments held as at 31 January 2014 were as follows:
Investments %
Cash and receivables 87.40
----------------------------------------------- ------
Brevan Howard Credit Catalysts 8.50
----------------------------------------------- ------
Illiquid Holdings without standard redemption
frequencies 4.10
----------------------------------------------- ------
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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