TIDMGSDO TIDMTTM
RNS Number : 3700R
Goldman Sachs Dynamic Opportunities
16 November 2012
16 Nov 2012
Goldman Sachs Dynamic Opportunities Limited
(the "Company")
Interim Management Statement
This interim management statement relates to the period from 1
July 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 30 September 2012
NAV Inception
per MTD QTD YTD Cum Ann Vol Date
Share ITD ITD(2) ITD
--------- -------- ---------
Goldman Sachs Dynamic Opportunities
Limited - (USD) Net(1) 2.0232 0.67% 1.56% 2.94% 12.28% 1.90% 6.46% Aug-06
3 Month USD
LIBOR N/A 0.04% 0.12% 0.38% 13.63% 2.09% 0.60% Aug-06
Goldman Sachs Dynamic Opportunities
Limited - (GBP) Net(1) 1.0341 -0.98% -1.35% -2.28% 5.25% 0.83% 8.25% Aug-06
3 Month GBP
LIBOR N/A 0.07% 0.22% 0.75% 18.93% 2.85% 0.67% Aug-06
(1) Performance is final and unaudited. The figures published
here are final as of 30/09/2012, calculated as of 31/10/2012, 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 continuing
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
annualised.
Please note the Company's GBP Share and EUR Share NAV were
hedged from U.S.$ to GBP 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 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 for the Continuing Portfolio as at 30
September 2012 was as follows:
Strategy Portfolio weight
%
Event Driven 87.74
Relative Value 7.71
Equity Long/Short 4.55
Tactical Trading -
Portfolio weight
%
------------------- --------------------
Core 60.90
Niche 39.10
(3) Allocations as of 30/09/2012. The Investment Manager may
change the allocations over time. The allocations noted should not
be deemed representative of allocations in the future. All the
allocations were done using the Continuing Portfolio's valuations
at month-end. Source of data: Investment Manager.
Investment Manager's review: July - September 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 NAV of the Company's GBP Share class fell by 1.35% largely
as a result of FX movements whilst the NAV of the U.S.$ Share class
rose by 1.56% net of fees and expenses between July 2012 and
September 2012.
Event Driven Allocation: 87.74%
The value of the Company's investments in the Event Driven
sector rose by 3.20% between July 2012 and September 2012.
The Company's Event Driven Advisors generated positive returns
over the third quarter of 2012. In July, long credit exposure was
generally a contributor to performance for Event Driven Advisors,
with a rally in rates, spread compression in corporate credit,
idiosyncratic developments in certain liquidation investments and
positive performance in structured credit. Equity special
situations were generally a positive contributor to performance as
well, and merger arbitrage exposure was generally a modest
contributor to performance. Performance from hedges was mixed, with
equity market hedges generally detracting but peripheral European
sovereign hedges generally contributing positively, although
partially reversing as markets rallied into month-end. Through
August, credit market activity slowed into month-end, with limited
new issuance activity and lower secondary trading volumes.
Nonetheless, performance was positive in leveraged credit. However,
structured credit attribution during August was generally muted
following two strong months of performance in June and July. Equity
exposure, in both merger arbitrage as well as equity special
situations, was generally a source of positive returns. Performance
from hedges, including equity market hedges and peripheral European
sovereign hedges, was largely negative in August. In September,
with stimulative monetary responses propelling markets and limited
near term catalysts that might cause a market sell-off, many Event
Driven Advisors benefited from having been positioned for positive
market performance with long credit and equity exposures.
Equity Long/Short Allocation: 4.55%
The value of the Company's investments in the Equity Long/Short
sector fell by 2.06% between July 2012 and September 2012.
At the end of the second quarter, the Company had fully redeemed
its liquid investments in Equity Long/Short Advisors and the only
remaining exposure to the sector over the third quarter was to a
liquidating side pocket.
Tactical Trading Allocation: 0%
The value of the Company's investments in the Tactical Trading
sector rose by 1.16% between July 2012 and August 2012. The Company
fully redeemed from this investment at the end of August 2012.
The Company's Tactical Trading Advisor generated positive
performance over the third quarter. Performance in July was
positive across the board with gains led by interest rate and
currency positions. In interest rates, gains were generated from
long and short positions across the Eurozone interest rate curve
whereas gains in currencies were primarily generated in developed
market cross currency positions. Gains were partially offset in
August when losses from currencies and cross-asset positions offset
gains in commodities and equities.
Relative Value Allocation: 7.71%
The value of the Company's investments in the Relative Value
sector rose by 1.29% between July 2012 and September 2012.
The Company's Relative Value Advisor generated positive
performance over the third quarter as performance was flat or
positive every month. After a flat start to the quarter, the
Advisor generated positive performance in August as gains in MENA
and Latin America were not fully offset by losses from positions in
North America and Asia. In September, positions in MENA were again
the most notable positive contributors to performance, including
long positions in the telecommunication and financials sectors.
Positive performance was partially offset by losses in Asia and
Latin America, primarily in the consumer sector.
Material Events since 1 July 2012
There are no material events to report between 1 July 2012 and
the date of publication of this statement.
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
Jeffries 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. No part of this material may be i)
copied, photocopied or duplicated in any form, by any means without
the prior written consent of Goldman Sachs Hedge Fund Strategies
LLC.
The Investment Manager's review has been prepared by Goldman
Sachs Asset Management (GSAM) and/or Goldman Sachs International
(GSI) and is not a product of the Goldman Sachs Global Investment
Research (GIR) Department. The views and opinions expressed may
differ from those of the GIR Department or other departments or
divisions of Goldman Sachs and its affiliates. Investors are urged
to consult with their financial advisors before buying or selling
any securities. This information may not be current and none of the
company, GSAM or GSI has an obligation to provide any updates or
changes.
Indices are unmanaged. The figures for the index reflect the
reinvestment of dividends but do not reflect the deduction of any
fees or expenses which would reduce returns. Investors cannot
invest directly in indices.
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 will be a function of the share price of the Company. While
it is expected that the Company would trade substantially in line
with its underlying NAV, 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.
Copyright 2012 Goldman, Sachs & Co. All Rights Reserved.
52822.HFS.OTU
This information is provided by RNS
The company news service from the London Stock Exchange
END
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