April Net Asset Values

RNS Number:9425D
Dexion Alpha Strategies Limited
01 June 2006

Dexion Alpha Strategies Limited (the "Company")


April Net Asset Values

Ordinary Shares


The net asset values of the Company's Ordinary Shares as of 28 April 2006 are as
follows:-




                                    # Shares


                                  99.69 pence


                                   EUR Shares


                                   EUR 1.4396


                                   US$ Shares


                                   US$ 1.7479


For the purposes of calculating these valuations, investments in underlying
funds have been valued at the values provided by such entities or their
administrators or otherwise at fair market value. These values may be unaudited
or may themselves be estimates and neither the Administrator nor the Investment
Adviser has any means of independently verifying this information. Such
valuations may not be considered "independent" or may be subject to potential
conflicts of interest. In addition, these entities or their administrators may
not provide values at all or in a timely manner and, to the extent that values
are not available, the valuations will be prepared on the basis of estimates
made by the Investment Adviser. In respect of the valuations, 10 of the
Company's 59 investments have not been valued within 7 days of the above date.
Other risk factors which may be relevant to these valuations are set out in the
Company's prospectus dated 10 March 2006.


Manager's Report


Performance Review




                                  Share Class


                               April Performance


                                    # Shares


                                     +1.47%


                                   EUR Shares


                                     +1.32%


                                   US$ Shares


                                     +1.55%


There were significant moves in the majority of asset classes during April. The
US dollar weakened severely against all major currencies over the month as a
number of factors weighed heavily on the greenback. Mounting expectations of an
end to rate increases by the Fed in May had already placed the US dollar under
pressure. Activity in parts of the commodity market was frenetic as metals shot
up rapidly. Production concerns and low stockpiles pushed copper to record price
levels as it gained over 34%. Increases in zinc and nickel of over 20% followed
strong continuing demand. Energies also rose strongly, if less spectacularly, as
oil added 8%. There were decisive moves in fixed income markets, as rising
trends in the interest rate spectrum extended further. Apart from emerging
markets, equities were fairly quiet in April. The MSCI Asia Pacific Index rose
by 4.6% and reached a new 16 year high during the month.


The various sectors in the portfolio performed as follows. Asia - The largest
index gains came in Asia where Indonesian stocks added in excess of 11% and
Taiwanese stocks rose over 8%. While Asian managers took advantage of these
moves, it was far from a smooth ride for most Japanese managers who suffered as
equity indices ended down in April. Managers were affected as the Nikkei
fluctuated heavily during the month and had a peak-to-trough move of almost 4%.
Healthcare - Our Healthcare managers felt some pain as the sector came under
pressure in April. In particular, the biotech sector suffered as a result of
investors' worries that there is a major overhang of new pipeline drugs, as well
as weak acquisition activity by larger pharmaceuticals. Special Situations - The
main reason behind this month's good performance was the continued high level of
M&A activity which aided most special situations managers. This month's
activities included more developments amongst the exchanges, e.g. Euronext,
NASDAQ and the LSE, with the market generally expecting a reaction from the
NYSE, and ongoing discussions between Mittal and Arcelor. Commodities - Given
some of the huge moves in metals, it is perhaps unsurprising that there were
some extremely strong performances within this segment. The majority of metals
recorded double digit gains in April and gold hit a 25 year high. Energy -
Managers were tested by a major collapse in European carbon prices which led to
huge losses in the power markets. The sharp fall in emission prices, as well as
a drop of 25% in Scandinavian power prices, had a negative impact on our energy
portfolio. Emerging Markets - Emerging market managers contributed in April as
stock markets in both Asia and Latin America rallied strongly. Chinese stocks
rose 11% while Brazil's Bovespa index gained over 6%. Asian currencies
appreciated against the dollar to provide further opportunities. European Loans
- The European loan portfolio performed well, despite heavy new issuance, as
spreads continue to grind tighter. Default rates continue to be low and most
company fundamentals are generally strong.




                                    Strategy


                             Allocation as of 1 May


                                       %


                          Number of Funds as of 1 May


                                 Performance by


                                    Strategy


                                       %










                                     April


                                      YTD


                              Asian Opportunities


                                       20


                                       7


                                      0.62


                                      0.62


                            Healthcare Opportunities


                                       11


                                       10


                                     -1.98


                                     -1.98


                               Special Situations


                                       19


                                       9


                                      1.72


                                      1.72


                             Emerging Markets Macro


                                       9


                                       7


                                      3.20


                                      3.20


                              Commodity Strategies


                                       12


                                       16


                                      8.50


                                      8.50


                              Energy and Emissions


                                       20


                                       11


                                      1.63


                                      1.63


                          European Loan Opportunities


                                       9


                                       1


                                      1.16


                                      1.16


                                     Total


                                      100


                                       61






Strategy returns are net of underlying manager fees only and not inclusive of
Dexion Absolute's fees and expenses.


Outlook


Large financial imbalances, such as the US trade and budget deficits, have
started to impact world markets, with the US dollar declining despite higher US
interest rates. This, combined with higher energy and commodity prices, has
raised fears about the risk of inflation. As a result, the near-term impact on
the portfolio is likely to be negative as stops are hit and positions covered,
particularly in emerging markets and Asia. However, looking beyond the initial
reversal, the pick up in volatility means increased opportunities. Our managers
in commodities and energy will benefit from this increase in volatility, just as
our managers in Special Situations will benefit from continued strong corporate
activity.


Investment Policy


The Company will seek to achieve its investment objective through investment in
an actively managed diversified portfolio of underlying funds across a range of
alternative investment strategies which target emerging and/or under-exploited
sources of alpha. The Company does not invest in other UK listed investment
companies (including UK listed investment trusts).


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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