AIS Alt.Inv.Strat

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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