August Net Asset Values
30 9월 2006 - 12:49AM
UK Regulatory
RNS Number:7349J
Dexion Alpha Strategies Limited
29 September 2006
Dexion Alpha Strategies Limited (the "Company")
August Net Asset Values
Ordinary Shares
The net asset values of the Company's Ordinary Shares as of 31 August 2006 are
as follows:-
# Shares
94.85 pence
EUR Shares
EUR 1.3610
US$ Shares
US$ 1.6686
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 the case of 7 of the Company's 60
investments, where no such formal valuation has been received by today's date,
an estimated valuation prepared by the Company's investment advisor or by the
manager or administrator of the underlying funds has been used. 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
August Performance
YTD Performance
# Shares
-0.89%
-3.46%
EUR Shares
-1.05%
-4.21%
US$ Shares
-0.81%
-3.06%
Global stock markets posted solid gains in August, in the range of 2-3%. These
were mainly driven by a mid-month relief rally on the heels of economic data
that increased the likelihood that markets may have seen the end of US interest
rate increases for the time being. Earnings continue to meet or exceed
expectations and within sectors we saw large cap and growth outperforming. In
the currency markets, there were gains against the dollar across many of the
Emerging markets currencies - the Turkish Lira, the Brazilian Real and the
Philippine Peso were the best performers. The Energy and commodities markets saw
continued volatility. The dramatic fall in natural gas (-26%) and the associated
losses at some funds have been widely reported. Sugar also fell (-20%), while
Nickel was up 16%.
Asia - Following on from turbulence within Asian markets over the summer, almost
all managers in the Asian section of the portfolio were positioned cautiously.
This proved somewhat detrimental to the performance of the portfolio, with the
managers unable to benefit from the rise in Asian equity markets. One Japanese
focused manager was able to post decent returns but these returns were not
enough to offset losses incurred by the other managers. Healthcare - A rise in
equity markets during the month aided the recovery of healthcare managers in
August with all but one manager delivering strong returns. As with the overall
equity market in the US, growth stocks and large caps did well and outperformed
the market moderately. This proved particularly beneficial to one manager who
had recently increased allocations to growth stocks within the sector. Gains
generated on the back of the rise in healthcare equities were amplified by
several positive clinical events during the month. The likelihood that a new FDA
commissioner will be confirmed shortly has positive implications for the sector,
as drug approval rates have been at a near historic low since the departure of
the former commissioner nearly a year ago. Emerging Markets - Most managers in
this sector remained lightly positioned throughout the month. Despite this,
August proved to be a profitable month. Profits can largely be attributed to the
rise in equity markets across emerging markets with both Mexico and Turkey
presenting gains in the area of 5%. The appreciation of the Brazilian and the
Turkish currency against the US Dollar also contributed to the performance of
this sector. Special Situations - Our special situations managers were fairly
flat over the period. Profits were made from consolidation within the Italian
banking sector and elsewhere from continued M&A activity in the commodity
sector. These gains were offset by small losses from hedging and the impact of
falling oil prices on one manager's position in a Korean stock. Energy - August
was another challenging month for energy commodities resulting in the sector
sustaining disappointing losses. A sharp decline in crude oil prices coupled
with large volatility in natural gas markets proved damaging, particularly as
regards one manager. On a positive note our power and emissions trader enjoyed
an excellent month and was able to erode some of the losses incurred by other
managers in the portfolio. Commodities - Returns for commodity managers were
close to flat for the month. Key contributors to performance were a base metals
trader who, despite huge intraday volatility in industrial metals posted
positive returns and a precious metals trader who profited from the merger
activity that occurred in the precious metals market. A short position in wheat
for the first half of the month also contributed to performance. On the negative
side losses were sustained by one manager whose gold positions suffered as a
result of the increased volatility in the final two weeks of the month as one of
the European central banks aggressively sold gold on a daily basis. European
Loans - The month of August was characterised by a slowdown in terms of new
issuances, which was driven by the summer break. The prepayment rates during the
month were very low compared to the levels experienced during the first half of
the year. August performance was driven by fully invested portfolio of
performing loans.
Strategy
Allocation as of 1 September
%
Number of Funds as of 1 September
Performance by
Strategy
%
August
YTD
Asian Opportunities
19
7
-1.05
-4.72
Healthcare Opportunities
11
10
3.41
-3.93
Special Situations
20
9
0.07
-0.13
Emerging Markets Macro
9
8
1.11
-2.18
Commodity Strategies
13
15
1.23
9.85
Energy and Emissions
18
10
-5.81
-12.10
European Loan Opportunities
10
1
1.13
3.94
Total
100
60
Strategy returns are net of underlying manager fees only and not inclusive of
Dexion Alpha Strategies' fees and expenses.
Outlook
An air of calm may have returned to many markets in August although looking
beneath the surface there is still need for caution. The slightest bit of
negative news or weak economic sentiment has the potential to put markets under
further pressure over the course of the next two months. Commodities and Energy
markets remain volatile, with many markets retracing significantly from their
highs and long only indices coming under pressure. Those managers in the
portfolio who have the flexibility to adjust their trading style to suit the
environment should provide protection in these challenging times.
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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