TIDMDCL
RNS Number : 2209C
Dexion Commodities Limited
02 March 2011
Dexion Commodities Limited (the "Company")
January Net Asset Values
Ordinary Shares
The net asset values of the Company's Ordinary Shares as of 31
January 2011 are as follows:-
Share Class NAV MTD Performance YTD Performance
------------- ------------ ---------------- ----------------
GBP Shares 98.56 pence +0.24% +0.24%
------------- ------------ ---------------- ----------------
EUR Shares EUR 1.1889 +0.24% +0.24%
------------- ------------ ---------------- ----------------
US$ Shares US$ 1.6840 +0.23% +0.23%
------------- ------------ ---------------- ----------------
Redeemed Shares
The net asset value of the Company's Redemption Portfolio was
US$0.92M. This was attributed between Redeemed Share classes as
follows:-
Share Class NAV per Redeemed
Share
------------ -----------------
GBP Shares US$ 0.0244
------------ -----------------
EUR Shares US$ 0.0251
------------ -----------------
US$ Shares US$ 0.0249
------------ -----------------
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 2 of the
Company's 29 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.
Net asset values for Redeemed Shares include only those costs
and expenses attributable to Redeemed Shares which have been
accrued as at the relevant NAV date.
Monthly Portfolio Review
Investment Adviser Portfolio Outlook
The beginning of the year was rather subdued within the
commodities sector. However, it soon recovered to finish the month
on a similar note to that seen at the end of 2010, with strong
global growth fuelling real asset demand and markets trending
higher. Several factors combined to provide reasonable trading
opportunities for commodity hedge funds. Political events in North
Africa pushed many markets higher, notably oil, while WTI ("West
Texas Intermediate") crude oil weakness versus other oil markets
was a source of opportunity for spread trading managers. The
Portfolio posted a modest gain in this environment, with the
majority of managers managing to achieve profits.
Market Overview
Commodity Strategies:
Base Metals: -0.08%
Multi-strategy: +1.70%
Energy & Transportation: +1.03%
Agriculture & Livestock: -2.58%
As was the case in December, multi-strategy managers were the
best performers as returns were generated across all markets, with
the best contributions coming from the demand for base metals, the
surge in oil prices and the ongoing strength within the
agricultural sector. The strongest manager in this space profited
across the board, particularly in cotton and oil-related trades.
Another manager profited from long positions in oil, as well as
precious metal holdings, while another notable performer added
value through various base metal and agricultural positions. Energy
and transportation managers had a strong month, with the shifts in
oil price creating various opportunities to generate positive
returns. Most oil markets hit post-crisis highs despite mid-month
inventory increases as political tensions in North Africa raised
supply fears. In addition, weakness in WTI crude oil, an
increasingly isolated market driven by local rather than global
supply/demand dynamics, generated relative value opportunities.
Managers took advantage of this activity to extract alpha from both
directional and spread trades. The Portfolio's base metals
allocations were flat over the month, with positive performance
from one manager's long holdings being offset by other managers'
short positions. Carbon and emissions also ended January flat as
CER ("Certified Emission Reduction") markets trended sideways.
Small negative contributions came from the Portfolio's dedicated
agricultural managers. Despite grains ending January with another
positive return, heavy declines in implied volatility affected
performance from these managers' options positions, which dragged
returns into negative territory.
Environmental Strategies: -1.46%. The allocation to
environmental strategies proved detrimental to performance over the
month. Within equity strategies, a global water long/short fund
posted a slight loss, with negative contributions coming primarily
from long positions in global water utilities and one US
infrastructure company. Within carbon strategies, the Portfolio's
manager recorded a slight loss. Trading conditions proved
challenging as carbon prices moved sideways during January, and
market conditions were not helped by the suspension of carbon spot
prices in Europe due to certain government registries being
hacked.
Other Strategies*: +0.30%
Asian Opportunities: 0.00%
Healthcare Opportunities: 0.00%
Special Situations: -0.41%
Emerging Markets Macro: +0.62%
*Remaining strategies that are being wound down following the
decision to re-profile the Company in July 2009.
Allocation as Number of
of 1 February Funds as Performance by Strategy
Strategy % of 1 February %
---------------- --------------- --------------- --------------------------
January YTD
---------------- --------------- --------------- -------------- ----------
Base Metals 14.2 3 -0.08 -0.08
---------------- --------------- --------------- -------------- ----------
Multi-strategy 33.7 6 1.70 1.70
---------------- --------------- --------------- -------------- ----------
Energy &
Transportation 32.4 10 1.03 1.03
---------------- --------------- --------------- -------------- ----------
Agriculture &
Livestock 13.3 2 -2.58 -2.58
---------------- --------------- --------------- -------------- ----------
Environmental
Strategies 6.0 2 -1.46 -1.46
---------------- --------------- --------------- -------------- ----------
Other
Strategies* 0.4 6 0.30 0.30
---------------- --------------- --------------- -------------- ----------
Total 100 29
---------------- --------------- --------------- -------------- ----------
Strategy returns are in US$ (except where annotated) and net of
underlying manager fees only, and not inclusive of Dexion
Commodities' fees and expenses.
* Remaining strategies that are being wound down following the
decision to re-profile the Company in July 2009.
Voting Rights and Capital
The Company's share capital consists of 40,306,649 GBP shares
(excluding treasury shares) with voting rights, 6,431,734 EUR
Shares (excluding treasury shares) and 2,719,786 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
49,458,169 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 Commodities Limited portfolio:
http://www.rns-pdf.londonstockexchange.com/rns/2209C_-2011-3-2.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
NAVUUUNRASAORAR
Grafico Azioni Dexion Com. (LSE:DCL)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Dexion Com. (LSE:DCL)
Storico
Da Gen 2024 a Gen 2025
