CASA Castle Asia

 
TIDMCASA 
 
CASTLE ASIA ALTERNATIVE PCC LIMITED 
(Registered in Guernsey - Number 43789) 
 
Registered Office: 
Martello Court, Admiral Park, St Peter Port, Guernsey, GY1 3HB 
 
Telephone:+44 1481 211 000 
Facsimile:+44 1481 211 001 
Email:fundscosec@intertrustgroup.com 
 
 
 
 
CASTLE ASIA ALTERNATIVE PCC LIMITED - STERLING CLASS (GBP) 
 
(a closed-ended protected cell company incorporated in Guernsey with 
registration number 43789) 
 
Interim Management Statement - 3 months to 30 September 2010 (unaudited) 
 
This statement has been prepared to provide additional information to 
shareholders as a body to meet the relevant requirements of the UK Listing 
Authority's Disclosure and Transparency Rules. It should not be relied upon by 
any party for any purpose other than as stated above. 
 
The Company is subject to the Companies (Guernsey) Law 2008 and is classified 
as an Authorised Fund. The Company complies with the requirements of the 
Authorised Collective Investment Schemes Rules 2008 (the "Authorised Rules"). 
 
Investment Objective 
 
The Company's objective is to seek long term capital appreciation through 
investment in a diversified multi-manager, multi-strategy portfolio of hedge 
funds investing in Asia. 
 
Performance 
 
Over the three month period, the Company's net asset value per share increased 
by 2.17%, net of all fees. The closing net asset value as at 30 September 2010 
was GBP50.04 million or 103.99 pence per share. At the close of business on 30 
September 2010 (the last business day of the quarter), the mid market price of 
Castle Asia Alternative PCC Limited's shares on the London Stock Exchange was 
88.50 pence, a decrease of 0.56% over the quarter, representing a discount of 
14.9% to net asset value per share. 
 
The performance of Castle Asia Alternative PCC Limited's NAV per share for the 
three months to 30 September 2010 was as follows: 
 
       Month           Performance 
 
July 2010                 -0.06% 
 
August 2010               +0.35% 
 
September 2010            +1.87% 
 
Strategy Contribution (Gross Returns) 
 
      Strategy            3Q2010 
 
Diversified               +0.21% 
 
Event Driven              +0.03% 
 
Long/Short                +2.60% 
 
Relative Value            -0.26% 
 
The net asset value per share of Castle Asia Alternative PCC in GBP increased 
by 2.17% in the third quarter of 2010. The cumulative net asset value return 
since inception now stands at 5.82% with an annualized standard deviation of 
8.14%. At the end of September the portfolio was invested in 21 different 
funds. 
 
Top 10 Holdings (shown as % of NAV) 
 
                Fund                    Strategy    As at 30 September 2010 
 
Clairvoyance Asia Fund Ltd.           Long/Short             7.37% 
 
Indus Pacific Opportunities Fund Ltd  Long/Short             7.34% 
 
Alphadyne Investment Strategies Fund  Relative               7.05% 
Ltd.                                  Value 
 
Real Return Asian Fund                Long/Short             6.90% 
 
EB Asia Absolute Return Fund Limited  Long/Short             6.23% 
 
Artradis Barracuda (Non-US Feeder)    Relative               5.61% 
Fund                                  Value 
 
Horizon Portfolio I Limited           Long/Short             5.51% 
 
Crown/Amazon Segregated Portfolio     Long/Short             5.09% 
 
Crown/Nezu Segregated Portfolio       Long/Short             5.08% 
 
Rockhampton Fund                      Long/Short             4.94% 
 
Material Events 
 
During the quarter the Company purchased 100,000 shares at an average price of 
89.00 pence per share. These will be held in Treasury and if not subsequently 
reissued, cancelled after one year. In accordance with this policy, the Company 
cancelled 465,000 shares previously held in Treasury during the quarter. 
 
Under the Redemption Facility governed by the Company's Articles of 
Association, 5,405,565 shares were redeemed during the period. All shares 
redeemed by the Company pursuant to the Redemption Facility were cancelled. 
 
This interim management statement is available on the Castle Asia / LGT Capital 
Partners website: www.castleaa.com. 
 
For further information contact: 
 
Pia Skogstrom, 
LGT Capital Partners (U.K.) Limited 
Tel: 0207 529 0960 
 
Intertrust Fund Services (Guernsey) Limited 
Company Secretary 
Tel: 01481 211 000 
 
 
 
END 
 

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