Final NAVs 31OCT2007

RNS Number:8590I
Dexion Alpha Strategies Limited
30 November 2007

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 2007 are
as follows:-

# Shares 112.53 pence
EUR Shares EUR 1.6030
US$ Shares US$ 1.9918

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 68
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 +3.14% +12.14%
EUR Shares +3.23% +11.82%
US$ Shares +3.55% +12.62%

October saw equity markets continue to rally from their August lows and the MSCI
World Index added +2.06%. Once again, Asia led the way, followed by European, US
and Japanese markets. Asian equities soared as investors poured money into
emerging markets to escape both a slowing US economy and a falling US Dollar.
Investors widely anticipated supportive central bank policy, pricing in
additional rate cuts following weak US economic data. The Fed subsequently
obliged, cutting rates by 25bps. This move added further momentum to already
well developed trends. Commodities, in particular crude oil and gold, posted
some of the largest moves over the month.

Asian Opportunities - The Asian managers enjoyed an excellent month of
performance with most managers well positioned to profit from the upward moves.
Long positions in Chinese H-Shares, Hong Kong, South Korea and Singapore were
central to the performance of the best performing managers, while a number of
other sectors and countries also contributed positively. Returns were not
limited solely to long positions: a sizeable gain derived from a manager with
short positions in the Korean auto sector and an Australian food company.
Healthcare Opportunities - A European manager performed well with a short
position in a company developing a prostrate drug underpinning performance, the
FDA delaying its decision to approve the drug. A US manager benefited from core
long positions in three mid-cap companies. Losses came from exposures to Indian
healthcare stocks and a US manager with a small-cap biotechnology bias. Special
Situations - Two managers achieved double digit returns and all others posted
gains. The US manager with significant short positions in the sub-prime mortgage
market - and in special situations - profited once again. Other gains included
those from a global special situations manager's long term holdings in financial
exchanges, utilities and mining stocks. Energy & Emissions - The rise in natural
gas prices was detrimental to one manager who was short this market. An equity
biased manager generated an excellent gain, profiting from the rally in small
and mid-cap stocks and increased levels of M&A activity. A power trader was
another key performer with strong gains accruing from their long positions in
European power markets. Commodity Strategies - Commodity prices surged higher,
largely as a consequence of the decline in the US Dollar and continued fears
over the US economy. Exposure to precious metals was central to the gains made
in October, across a range of asset classes. Elsewhere, a multi-strategy trader
registered solid returns from agriculture positions. Environmental Strategies -
This strategy, added to the portfolio on October 1st, generated an impressive
return with all managers contributing positively. The core water and energy
infrastructure holdings of the best performing manager were central to their
strong performance. Further gains were derived from a long bias to solar power,
while bio-fuel positions generated profits as a consequence of surging crude oil
prices. Emerging Markets - All managers posted strong returns derived from a
wide diversity of trades, including Brazilian equities, currency and real
estate, Middle Eastern equities and real estate in India and Hong Kong. European
Loans - The loan market continued to show signs of improvement. Liquidity
improved, driven by increased cash availability at the manager level and
secondary prices rose as a result. Primary pipeline deals for European loans
also picked up.

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

October YTD
Asian Opportunities 20 10 4.97 21.29
Healthcare Opportunities 10 6 2.21 10.19
Special Situations 22 9 5.85 28.23
Emerging Markets Macro 8 7 6.46 28.85
Commodity Strategies 12 17 1.85 6.09
Energy and Emissions 16 12 0.45 9.01
Environmental Strategies 4 6 4.14 4.14
European Loan Opportunities Euro 8 1 3.46 -5.54
Total 100 68

Strategy returns are in US$ (except where annotated) and net of underlying
manager fees only, and not inclusive of Dexion Alpha Strategies' fees and
expenses.

Outlook

October saw the strongest monthly performance for the fund since inception,
which serves to illustrate the wide opportunity set available to the managers in
which the Company invests. The debt crunch continues, with the losers in the
sub-prime crisis slowly revealing their losses and funds raising significant
assets in anticipation of distressed debt opportunities. Equity markets are
experiencing high volatility and spot commodity prices racing ever upward. While
there will be some setbacks, the opportunity set for hedge fund managers remains
good and we are focused on building upon the strong returns achieved in the past
twelve months.

Voting Rights and Capital

The Company's capital consists of 91,904,379 # Shares (excluding treasury
shares), 5,294,893 US$ Shares (excluding treasury shares) and 24,780,276 Euro
Shares (excluding treasury shares) with voting rights. Therefore, the total
number of voting rights in the Company is 91,904,379 in respect of the # Shares,
5,294,893 in respect of the US$ Shares and 24,780,276 in respect of the Euro
Shares.

All Shareholders have equal voting rights based on the number of Shares held.
Accordingly, the total number of voting rights in the Company is 121,979,548 and
this figure may be used by Shareholders as the denominator for the calculations
by which they will determine if they are required to notify their interest in,
or a change to their interest in the Company under the FSA's Disclosure and
Transparency Rules.

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

NAVBMBLTMMIJMRR

Dexion Alpha Strategies (LSE:DASL)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024