TIDMGSDO TIDMTTM
RNS Number : 6787D
Goldman Sachs Dynamic Opportunities
18 May 2012
18 May 2012
Goldman Sachs Dynamic Opportunities Limited
(the "Company")
Interim Management Statement
This interim management statement relates to the period from 1
January 2012 to the date of this statement and has been prepared
solely to provide additional information in order to meet the
relevant requirements of the UK Listing Authority's Disclosure and
Transparency Rules, and should not be relied on by Shareholders, or
any other party, for any other purpose. In particular, this interim
management statement does not form part of any contemporaneous or
other offer of or for Shares in the Company and must not be relied
upon for such purpose.
Overview
Goldman Sachs Dynamic Opportunities Limited is a Guernsey
registered, closed-ended investment company listed on the London
Stock Exchange. On 13 December 2011, pursuant to a Shareholder
resolution, the Company's investment objective and policy was
amended so that the Company is now managed with a view to realising
its existing investments comprised in the Continuing Portfolio in
an orderly and timely manner (such realisations to be effected in
such manner as the Investment Manager (in its absolute discretion)
may determine) and returning the proceeds of such realisations to
Shareholders (in accordance with their rights to the distributions
on a winding up as set out in the Articles) at such times and from
time to time and in such manner as the Directors may (in their
absolute discretion) determine. The Company will not make any new
investments (other than cash and near cash equivalent
securities).
NAV Performance to 31 March 2012(1)
NAV Inception
per MTD QTD YTD Cum Ann Vol Date
Share ITD ITD(2) ITD
--------- -------- ---------
Goldman Sachs Dynamic Opportunities
Limited - (USD) Net(1) 2.0243 0.23% 2.99% 2.99% 12.34% 2.08% 6.71% Aug-06
3 Month USD
LIBOR N/A 0.05% 0.14% 0.14% 13.37% 2.24% 0.61% Aug-06
------------------- ---------------------------- ------ ------- ------- ------- -------- ------ ----------
Goldman Sachs Dynamic Opportunities
Limited - (GBP) Net(1) 1.0457 0.21% -1.18% -1.18% 6.43% 1.11% 8.23% Aug-06
3 Month GBP
LIBOR N/A 0.09% 0.27% 0.27k% 18.36% 3.02% 0.68% Aug-06
------------------- ---------------------------- ------ ------- ------- ------- -------- ------ ----------
(1) Performance for the Continuing Portfolio are final and
unaudited. The figures published here are final as of 30/03/2012,
calculated as of 30/04/2012, but are potentially subject to
revision. Returns are presented in the currency displayed.
References to market or composite indices, benchmarks or other
measures of relative market performance over a specified period of
time (each, an "index") are provided for your information only.
References to the indices do not imply that the portfolio will
achieve returns, volatility or other results similar to the
indices. The composition of the indices may not reflect the manner
in which a portfolio is constructed in relation to expected or
achieved returns, portfolio guidelines, restrictions, sectors,
correlations, concentrations, volatility or tracking error targets,
all of which are subject to change over time. Information regarding
the Fund's investment objectives is contained in the Fund's latest
report and accounts, but is subject to amendment. Source for index
data: Bloomberg.
(2) Returns less than 12 months are cumulative, not
annualized.
Please note the Company's GBP Share and EUR Share NAV were
hedged from U.S.$ to GBP and EUR in the period from inception to 25
November 2008 and the NAV returns on such Shares include the
effects of such currency hedging. The effect of the currency
hedging arrangements, which were reinstated in full for the GBP
share class only on 30 March 2010 and were terminated with effect
from 17 January 2012, are included in the NAV returns on the GBP
shares. There have never been any currency hedging arrangements in
respect of the U.S.$ Shares. The statistics shown in the table
above are for illustrative purposes only and do not represent
forecasts of returns or
volatility. Past performance is not indicative of future results, which may vary.
Strategy Allocation(3)
The strategy allocation as at 31 March 2012 (excluding cash) was
as follows:
Strategy Portfolio weight
%
------------------- --------------------
Event Driven 52.74
Equity Long/Short 27.79
Tactical Trading 13.20
Relative Value 6.27
Portfolio weight
%
------------------- --------------------
Core 68.09
Niche 31.91
Source of data: Investment Manager.
(3) Allocations as of 31/03/2012. The Investment Manager may
change the allocations over time. The allocations noted should not
be deemed representative of allocations in the future and exclude
the cash balance in the portfolio. All the allocations were done
using the Portfolio's valuations at month-end.
As at March 2012, approximately 32% per cent of the Company's
NAV was represented by cash received from the realisation of
investments in accordance with the winding down of the Company.
Investment Manager's review: January - March 2012
This information discusses general market activity, industry or
sector trends, or other broad-based economic, market or political
conditions and should not be construed as research or investment
advice or a recommendation to buy, sell or redeem investments in
the Company or any other investments mentioned in this report or to
follow any investment strategy. Furthermore, this report should not
be construed as an invitation or inducement to engage in investment
activity in the Company or its Shares.
The Company's GBP Share class returned -1.18% and U.S.$ Share
class returned 2.99% net of fees and expenses for the first quarter
of 2012. Allocations are shown as a percentage of non-cash (or cash
equivalent) investments.
Event Driven Allocation: 52.74%
The Company's Event Driven managers generated positive returns
over the first quarter of 2012. January was the strongest month in
the quarter as managers benefited from "risk-on" sentiment, with
long positions in both equities and credit contributing to
performance. While most managers generated positive performance,
managers typically did not capture the full upside performance of
broad markets due to more conservative positioning at the end of
2011 after the heightened volatility of the second half of 2011.
Positive performance was maintained in February as equity exposure
generally contributed gains, particularly in certain special
situations equity positions where prices rebounded sharply from
depressed levels in late 2011. Similarly, credit markets
experienced spread compression and positive returns across both the
high yield and loan space, which may have been further supported by
positive sentiment arising from the successful sale of certain
Maiden Lane II assets in late January and early February. Across
both credit and multi-strategy managers, hedges and short exposure
offset positive returns as prices of risk assets generally rose
during February. Continuing from January and February, special
situations equity positions also contributed positive performance
in March as markets were typically supportive of these
idiosyncratic event positions. In addition, positive developments
in merger arbitrage positions and a general tightening trend across
arbitrage spreads resulted in positive performance for some
managers. Credit performance broadly was more muted, due partly to
rising rates as well as widening credit spreads in some instances.
Across both credit and multi-strategy managers, hedges and short
exposure generally detracted and somewhat offset positive
returns.
Equity Long/Short Allocation: 27.79%
The Company's Equity Long/Short managers generated positive
performance in each month of the first quarter of 2012 with strong
returns particularly in January and February. In January,
performance benefited from an aggressive broad sector rotation
effect that caused the weakest sectors of 2011 to rally
significantly and outperform the markets during January, including
financials, materials, industrials, consumer discretionary and
technology. Managers with long exposure to these sectors as well as
small capitalisation investments generally outperformed peers and
kept pace with the market rally. Managers with greater short
exposure to those sectors that rallied and greater long exposure to
more defensive sectors generally underperformed in January. Many of
the same trends continued into February. Cyclical sectors, such as
technology, financials, consumer discretionary and energy, which
lagged equity markets in 2011, continued to lead the rally in
February. Managers with long exposure to these sectors as well as
higher net exposure to emerging market equities generally
outperformed peers and kept pace with the market rally. Managers
with greater short exposure to those sectors that rallied and
greater long exposure to more defensive sectors generally continued
to underperform. While there was more dispersion in March,
performance remained positive overall. Top performing strategies
benefited from long exposure to
the information technology, consumer discretionary, consumer
staples, and financials sectors. Underperforming managers generated
losses from long exposure to the emerging markets, the energy and
materials sectors, and idiosyncratic company-specific events. Short
exposure broadly detracted across sectors.
Tactical Trading Allocation: 13.20%
The Company's Tactical Trading managers generated positive
performance over the first quarter of 2012. In January, macro
managers generated the largest gains in fixed income trading
through long positioning. Performance in commodities was also
positive due to long positioning, although exposure was limited.
Performance in currencies was mixed, with divided U.S. Dollar
positioning. In February, macro managers generated gains in
aggregate across all major asset classes. Gains in fixed income
primarily came from yield curve steepeners in the U.S. and long
corporate credit positioning. In currencies, a short U.S. Dollar
bias versus commodity-related and emerging market currencies led to
gains. Risk in equities and commodities was more limited, but long
positioning in global equities, gold and energy commodities
resulted in gains. Performance in March was mixed as managers
traded tactically in response to mixed economic data, but remained
positive overall. Fixed income trading was a modest contributor,
with gains driven by yield curve steepeners. In currencies, long
positions in cyclical currencies detracted from performance. Risk
in commodities and equities remained low, with long positions in
certain commodities resulting in modest losses for some
managers.
Relative Value Allocation: 6.27%
The Company's Relative Value manager generated positive
performance in the first quarter as gains in January and February
were not offset by losses in March. In January and February, gains
on the manager's long portfolio more than offset losses on short
positions. Geographically, the Middle East was the region with the
largest positive performance while returns in Asia and Latin
America were more mixed. In March, losses on the long portfolio
more than offset gains from short positions. Performance was
negative across regions with Asia, Latin America and also the
Middle East detracting.
Material Events since 31 December 2011
Hedging for GBP shares was terminated with effect from 17
January 2012.
In accordance with the update provided by the Company on 23
March 2012, the Company still believes that the below table which
relates to the scheduled redemptions from the Underlying Managers
is still accurate:
-- Proceeds of realisations can take up to 90 days to be
received by the Company and payments to shareholders may be made at
different dates to those referred to below.
31/12/2011 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Side
Continuing Pocket
Portfolio
Value
------------ ------- ------- ------- ------- ------- -------------
Side Pocket/
Illiquids
= 7% of
Company
value at
$199.7mm 51% 63% 86% 91% 93% 12/31/2011
------------ ------- ------- ------- ------- ------- -------------
-- By Q2 2013, the Company expects to have received redemption
proceeds of approximately 93% of the 31 December 2011 value of the
Continuing Portfolio.
-- The remaining value of the Continuing Portfolio (i.e. 7%)
will be in side pocket/illiquid positions.
Investor Information
Further information on the Company, including the interim and
annual report and accounts, can be accessed by eligible
Shareholders via www.gs.com/gsdo.
By order of the Board
Goldman Sachs Dynamic Opportunities Limited
Enquiries:
Robin Amer Tel: +44 (0)1481 744 000
RBC Offshore Fund Managers Limited
Niklas Ekholm Tel: +44 (0)20 7051 9270
Head of International Public Relations
Goldman Sachs Asset Management
Anisha Patel Tel: +44 (0)20 7774 2523
Media Relations
Goldman Sachs Asset Management
Stuart Klein Tel: +44 (0)20 7029 8703
Jefferies Hoare Govett
Disclosures
Past performance is not indicative of future results, which may
vary. The value of investments and the income derived from
investments can go down as well as up. Future returns are not
guaranteed, and a loss of principal may occur.
Goldman Sachs Hedge Fund Strategies LLC is a U.S. registered
investment adviser, is part of Goldman Sachs Asset Management and
is a wholly owned subsidiary of The Goldman Sachs Group, Inc.
THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN
ANY JURISDICTION.
The calculation of GSDO's NAV is derived from estimates provided
by underlying investment funds or their managers or administrators
which are likely to be unaudited, stale or subject to little
verification. Such estimates may not be considered "independent" or
may be subject to potential conflicts of interest.
Opinions and views expressed are current opinions as of the date
appearing in this material only.
Supplemental Risk Disclosure for All Potential Investors in
Hedge Funds and other private investment funds (collectively,
"Alternative Investments")
In connection with your consideration of a direct or indirect
investment in any Alternative Investment, you should be aware of
the following risks:
Alternative Investments are not subject to the same regulatory
requirements or governmental oversight as mutual funds. The sponsor
or manager of any Alternative Investment may not be registered with
any governmental agency.
Alternative Investments often engage in leverage and other
investment practices that are extremely speculative and involve a
high degree of risk. Such practices may increase the volatility of
performance and the risk of investment loss, including the loss of
the entire amount that is invested.
Alternative Investments may purchase instruments that are traded
on exchanges located outside the United States that are "principal
markets" and are subject to the risk that the counterparty will not
perform with respect to contracts. Furthermore, since there is
generally less government supervision and regulation of foreign
exchanges, Alternative Investments are also subject to the risk of
the failure of the exchanges and there may be a higher risk of
financial irregularities and/or lack of appropriate risk monitoring
and controls.
Alternative Investments may impose significant fees, including
incentive fees that are based upon a percentage of the realized and
unrealized gains, and such fees may offset all or a significant
portion of such Alternative Investment's profits.
Alternative Investments are offered in reliance upon an
exemption from registration under the Securities Act of 1933, as
amended, for offers and sales of securities that do not involve a
public offer in the United States.
Alternative Investments may themselves invest in instruments
that may be highly illiquid and extremely difficult to value. This
also may limit your ability to transfer your investment.
Alternative Investments generally are not required to provide
their investors with periodic pricing or valuation information.
There may be conflicts of interest between the Alternative
Investment and other service providers, including the investment
manager and sponsor of the Alternative Investment.
Alternative Investments may involve complex tax and legal
structures. Investment in any particular Alternative Investment, or
Alternative Investments generally, is only suitable for
sophisticated investors for whom such an investment does not
constitute a complete investment program and who fully understand
and are willing to assume the risks involved in such Alternative
Investment. You are urged to consult with your own tax, accounting
and legal advisers regarding any investment in any Alternative
Investment.
Investors are also urged to take appropriate advice regarding
any applicable legal requirements and any applicable taxation and
exchange control regulations in the country of their citizenship,
residence or domicile which may be relevant to the subscription,
purchase, holding, exchange, redemption or disposal of any
Alternative Investment.
You are referred to the Company's prospectus for a more complete
discussion of the risks relating to an investment in the Company.
You are urged to read all applicable offering materials, including
the entire prospectus, prior to any investment in any Alternative
Investment. Investment Restrictions apply to many of Goldman Sachs'
Alternative Investments. Goldman Sachs Hedge Fund Strategies LLC
(HFS) is the Investment Manager to the Fund referenced herein. HFS,
a US registered investment adviser, is part of Goldman Sachs Asset
Management and is a wholly owned subsidiary of The Goldman Sachs
Group, Inc.
There may be conflicts of interest relating to the Company and
its service providers, including Goldman Sachs and its affiliates,
who are engaged in businesses and have interests other than that of
managing, distributing and otherwise providing services to the
Fund. These activities and interests include potential multiple
advisory, transactional and financial and other interests in
securities and instruments that may be purchased or sold by the
Company, or in other investment vehicles that may purchase or sell
such securities and instruments. These are considerations of which
investors in the Company should be aware. Additional information
relating to these conflicts is set forth in the latest prospectus
for the Company.
Prospective investors should inform themselves as to any
applicable legal requirements and taxation and exchange control
regulations in the countries of their citizenship, residence or
domicile which might be relevant.
Investors should consider that the returns that they will
receive if they sell their shares in the market will be a function
of the share price of the Company. Investors should consider that
the traded status of the Company could lead it to have a
significantly higher volatility and correlation to equities and
that the Company's Shares may trade at a considerable discount to
their NAV.
Investors should consider that the liquidity of their investment
will be a function of the market demand for the shares of the
Company. There is the potential for the Shares to trade at a
discount to NAV and lack of market demand may lead to their being a
less liquid market. The Company is currently in a managed winding
down. At some stage during that winding down the Company will no
longer have an adequate spread of investment risk and hence the
Company will not be in compliance with the Listing Rules. At that
stage trading in the Shares may be suspended and subsequently
discontinued. Such cessation of trading may occur at any earlier
stage with the necessary approval of Shareholders.
(c) 2012 Goldman Sachs. All rights reserved.
73420.HFS.MED.OTU
This information is provided by RNS
The company news service from the London Stock Exchange
END
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