March Final Net Asset Values
30 Aprile 2009 - 2:12PM
UK Regulatory
TIDMDASL
RNS Number : 4962R
Dexion Alpha Strategies Limited
30 April 2009
Dexion Alpha Strategies Limited (the "Company")
March Net Asset Values
Ordinary Shares
The net asset values of the Company's Ordinary Shares as of 31 March 2009 are as
follows:-
+--------------+--------------+-------------+-------------+
| Share Class | NAV | March | YTD |
| | |Performance |Performance |
+--------------+--------------+-------------+-------------+
| GBP Shares | 90.73 pence | -0.04% | -0.46% |
+--------------+--------------+-------------+-------------+
| EUR Shares | EUR 1.1145 | -0.66% | -1.21% |
+--------------+--------------+-------------+-------------+
| US$ Shares | US$ 1.5664 | -0.43% | -0.95% |
+--------------+--------------+-------------+-------------+
These valuations, which have been prepared in good faith by the Company's
administrator, are for information purposes only and are based on the unaudited
estimated valuations supplied to the Company's investment adviser by the
administrators or managers of the Company's underlying investments and such
valuations may not be considered independent or may be subject to potential
conflicts of interest. Both weekly manager estimates and monthly valuations may
be produced as at valuation dates which do not co-incide with valuation dates
for the Company, may be based on valuations provided as of a significantly
earlier date, may differ materially from the actual value of the Company's
portfolio and are unaudited or 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. The Company's investment adviser,
investment manager and administrator may not have sufficient information to
confirm or review the completeness or accuracy of information provided by those
managers or administrators of the Company's investments. In addition, those
entities may not provide estimates of the value of the underlying funds in which
the Company invests on a regular or timely basis or at all with the result that
the values of such investments may be estimated by the investment manager. In
the case of 5 of the Company's 50 investments, where no such formal valuation
has been received by today's date, an estimated valuation prepared by the
Company's investment adviser or by the manager or administrator of the
underlying funds has been used. Certain other risk factors which may be relevant
to these valuations are set out in the Company's prospectus dated 10 March 2006.
Monthly Portfolio Review
Investment Adviser Portfolio Outlook
The performance of the Company was relatively flat over the month as the
Short-Term Managed Futures strategy finally returned some of the profits it has
contributed over the last few months. Strong rebounds in the Healthcare
Opportunities and Environmental sectors provided excellent opportunities for the
Portfolio's underlying managers in these strategies.
Looking ahead, little has changed in how the Investment Adviser is managing the
portfolio. The Company focuses on niche strategies, and within this the
Investment Adviser is focusing on managers for which a higher proportion of
their returns accrue from volatility and short exposure. While there has been a
strong rebound from the March lows, little in the macro-economic data suggests
that there will be sustained economic and corporate earnings growth in the
coming months.
Market Overview
Asian Opportunities: -0.43%. Asian markets participated in the global stock
market rally, which made trading difficult for managers who recently moved
towards having net short exposure on their books. One multi-strategy manager
manoeuvred through the market, from short positioning at the beginning of the
month and then actively switching exposures through the use of derivatives. A
long/short manager profited from long Japan and Korea exposure, although these
gains were off-set by short exposure to Chinese financials, which rallied
strongly. Another long/short manager benefited from the financials and real
estate rallies, yet lost from stock specific Japanese exposures.
Healthcare Opportunities: +3.91%. The strategy staged a comeback this month as
the healthcare sector behaved largely in line with other rallying markets. The
largest holding in the strategy maintained an aggressive net long position and
benefitted significantly from the improved sentiment. Much of the month's
contribution for the manager came outside of the manager's top 3 holdings,
indicating strong stock selection, with especially strong returns (+26.5%) from
a biotech company that aims to treat hereditary diseases.
Special Situations: -0.12%. M&A activity returned to marketplace to the benefit
of the strategy, although some negative performance from a distressed manager
left the portfolio flat. Dow Chemical finally closed its acquisition of Rohm &
Haas at the original price, providing a large upside for one manager who held a
well established position in the trade. Losses were realised from a distressed
manager, whose illiquid equity holding in a metals company dragged down returns,
coupled with a position in a casino operator defaulting on its credit facility.
Emerging Markets Macro: +1.60%. The strategy was up as emerging markets
experienced a significant return of investor risk appetite. The Portfolio's
manager which holds illiquid assets recovered this month, benefiting primarily
from a rebound in emerging market credit, as well as long Latin American FX
exposure and short local rate positions. Elsewhere, a manager reinstated its
diversified currency strategy on the back of decreasing volatility and
correlations among emerging market currencies, which contributed positively to
performance.
Commodity Strategies: +1.55%. The performance was positive as commodity prices
generally rallied across the board. Cocoa prices rebounded after February's
lows, driving up performance of the Portfolio's managers with a significant long
position. Supply is expected to fall short of demand, leaving declining
consumption as a secondary consideration for market participants. Base metal
equities finished the month positively on the back of bullish sentiment from
rallying equity markets. A manager who focuses on the sector generated strong
performance from three names that were either taken over or rumoured to be on
the brink of being bought.
Energy & Emissions: +1.61%. The strategy posted a profit on the back of long and
short directional trades across the energy complex. One manager's strong
contribution stemmed from shipping and transportation exposure, driven by good
stock selection in these sectors. Further gains came from a manager who
continues to take advantage of the declines in natural gas prices (down
approximately 10% in March), cashing in on its short position at the front end
of the natural gas curve. The Portfolio's manager who focuses on Scandinavia
generated gains from long positions in various energy companies in the region.
Environmental Strategies: +1.92%. The positive impact of government stimulus
packages provided a favourable trading environment for the Portfolio's managers,
who finished the month up in aggregate. A renewable energy manager had an
excellent month, with core positions in the solar sector contributing from both
the long and short side. The manager has also begun to introduce short exposure
to metering companies, based on the views that larger conglomerates will begin
to pressurise smaller companies as more government capital is directed into
smaller grids. Carbon also staged a rebound this month, with EUAs and CERs up
15% and 18% respectively, providing a good backdrop for the Portfolio's carbon
focused manager.
Short-Term Managed Futures: -5.56%. It was a difficult month for short term
trading strategies and the style reported a large loss, driven by unfavourable
price action in stock indices, long term bonds and currencies. Performance was
dragged down for one manager's short equity positions amid a surge in global
share values, while another was wrongly positioned and lost out due to the
reversals in the bond and currency markets.
European Loan Opportunities: +0.61%. Despite a month which saw ongoing credit
downgrades and rising defaults, the portfolio posted a modest gain on the back
of upward revaluations in some holdings. The portfolio has been fully delevered
as of 31 March 2009.
+-------------------------+------------+----------+-----------+-------------+
| Strategy |Allocation | Number | Performance by |
| | as of 1 |of Funds | Strategy |
| | April | as of 1 | % |
| | % | April | |
+-------------------------+------------+----------+-------------------------+
| | | | March | YTD |
+-------------------------+------------+----------+-----------+-------------+
| Asian Opportunities | 25 | 6 | -0.43 | -0.76 |
+-------------------------+------------+----------+-----------+-------------+
| Healthcare | 4 | 3 | 3.91 | -6.63 |
| Opportunities | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Special Situations | 19 | 6 | -0.12 | 1.61 |
+-------------------------+------------+----------+-----------+-------------+
| Emerging Markets Macro | 4 | 3 | 1.60 | 3.83 |
+-------------------------+------------+----------+-----------+-------------+
| Commodity Strategies | 6 | 10 | 1.55 | 2.95 |
+-------------------------+------------+----------+-----------+-------------+
| Energy and Emissions | 12 | 10 | 1.61 | 2.89 |
+-------------------------+------------+----------+-----------+-------------+
| Environmental | 8 | 7 | 1.92 | 2.13 |
| Strategies | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Short-Term Managed | 15 | 3 | -5.56 | 0.25 |
| Futures | | | | |
+-------------------------+------------+----------+-----------+-------------+
| European Loan | 7 | 1 | 0.61 | -8.80 |
| Opportunities EUR | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Total | 100 | 49 | | |
+-------------------------+------------+----------+-----------+-------------+
Strategy returns are in US$ (except where annotated) and net of underlying
manager fees only, and not inclusive of Dexion Alpha Strategies' fees and
expenses.
Voting Rights and Capital
The Company's share capital consists of 70,255,941 GBP shares (excluding
treasury shares) with voting rights, 15,275,627 EUR Shares (excluding treasury
shares) and 1,368,667 US$ Shares (excluding treasury shares) with voting rights.
All Shareholders have equal voting rights based on the number of Shares held.
Accordingly, the total number of voting rights in the Company is 86,900,235 and
this figure may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their interest in,
or a change to their interest in the Company under the FSA's Disclosure and
Transparency Rules.
Supplementary Information
Click on, or paste the following link into your web browser, to view a full
review of the Dexion Alpha Strategies Limited portfolio.
http://www.rns-pdf.londonstockexchange.com/rns/4962R_-2009-4-30.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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