October Net Asset Values

RNS Number:0382N
Dexion Alpha Strategies Limited
30 November 2006

Dexion Alpha Strategies Limited (the "Company")



October Net Asset Values



Ordinary Shares



The net asset values of the Company's Ordinary Shares as of 31 October 2006 are
as follows:-


      # Shares                          96.16 pence
      EUR Shares                        EUR 1.3759
      US$ Shares                        US$ 1.6930



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 5 of the Company's 62
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        October Performance      YTD Performance
             # Shares                +1.74%                 -2.13%
            EUR Shares               +1.62%                 -3.16%
            US$ Shares               +1.79%                 -1.64%



The month was characterised by some powerful trends which had a positive impact
on performance and all strategies delivered profits. The most prominent move
came in equities, which saw continued strength across many markets, helping to
lift returns for Asian long/short and emerging market managers. Commodity
markets also proved to be a key performance driver following big moves in
agriculturals, particularly in corn, wheat and soybeans.  In addition, gold,
silver and zinc prices recovered significantly. Corporate activity remained
strong during the month with highlights including Tata's USD8B bid for Corus,
Harrah's USD25B LBO and further consolidation in the Italian banking sector.
This, coupled with strong equity markets, provided a positive environment for
special situations strategies.



Asian Opportunities - Asian equity markets rallied in October as risk appetite
strengthened in the region. Japanese markets were the slight laggard,
maintaining a well-established trend in 2006. Most of our managers performed
well, with two pan-Asian managers performing particularly strongly due to gains
from long positions in Australia, China and Singapore. Two Japanese managers
under-performed, as did an Australia-focused fund whose low net exposure led to
low participation in the rally seen in Australian stocks. Healthcare - October
was a strong month for our healthcare managers, a notable achievement given the
mixed returns of healthcare stocks, with small caps outperforming large caps.
Increased M&A activity in the sector significantly boosted returns for one of
the biotech-focused funds. One concentrated, aggressive manager returned to
profitability after several months of disappointing performance, due to
individual stock moves. The best performance, however, came from a manager
holding a core position in a pharmaceutical company which saw its share price
increase by 61% arising from positive drug development news. Special Situations
- Continued high levels of deal activity combined with buoyant equity markets
provided plenty of opportunities for special situations managers, most of which
were positive for the month. Long-biased funds generated the strongest returns
as positions in mining and energy stocks rose on the back of favourable
corporate news and positive investor sentiment. A significant long position in
SportingBet undermined the performance of one manager, however. Emerging Markets
- October was an excellent month for all emerging market managers in the
portfolio as investor risk appetite grew across the sector. Equity trading was
responsible for a large proportion of the advances as long positions in Asia,
Latin America and Eastern Europe provided strong gains. Long positions in
Brazilian, Mexican, Turkish and Indonesian rates combined with short positions
in South African bonds also contributed to profits. Commodities & Energy -
Managers with long positions in agricultural markets reaped handsome gains due
to a drought in Australia, which affected grain exports, and historically low US
wheat stocks. The base metals complex was mixed, driven by supply and demand
issues. One relative value base metal manager generated good gains from zinc and
aluminium spread trades. Energy was once again the poorest performing commodity
sector, arising partly from large downward moves in the price of oil, but
manager performance was nonetheless pleasing. Performance was underpinned by
good returns from two of the managers, specifically from long positions in
shipping companies and shorts in Nordic power and emissions. European Loans - A
solid gain was achieved in what was a quiet month for credit markets. Returns
were generated from coupon clipping and some new issues were added to the
portfolio for further diversification. After some recent weakness in the
secondary markets, prices recovered a little and this boosted performance.


Strategy                              Allocation as  Number of Funds Performance by
                                      of 1 November      as of 1
                                                        November     Strategy
                                            %
                                                                     %

                                                                         October            YTD
Asian Opportunities                        21               9             1.66             -3.09
Healthcare Opportunities                   11              10             1.68             -2.42
Special Situations                         18               9             1.20             1.66
Emerging Markets Macro                      9               8             3.29             0.28
Commodity Strategies                       13              16             4.66             11.48
Energy and Emissions                       18              12             1.46            -10.83
European Loan Opportunities                10               1             1.19             6.25
Total                                      100             65



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



Outlook



2006 started with geopolitical problems and rising commodity prices dominating
the headlines. After a relatively benign environment in recent months, it seems
as if these factors could once again be at the forefront of investors' minds.
Tension in the Middle East is on the rise once again and with oil and gold
prices looking to have bottomed, the upward momentum we have seen in recent
weeks may well continue into year end.



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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