FINAL NAVs 31DEC2007
31 1월 2008 - 12:42AM
UK Regulatory
RNS Number:8962M
Dexion Alpha Strategies Limited
30 January 2008
Dexion Alpha Strategies Limited (the "Company")
December Net Asset Values
Ordinary Shares
The net asset values of the Company's Ordinary Shares as of 31 December 2007 are
as follows:-
� Shares 112.33 pence
EUR Shares EUR 1.5952
US$ Shares US$ 1.9845
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 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 December Performance YTD Performance
� Shares +0.99% +11.94%
EUR Shares +0.88% +11.27%
US$ Shares +0.96% +12.21%
Volatility in Asian markets continued in December with the MSCI AC Asia Pacific
index finishing the month around -2.5% lower, completing a give back of around
-8% in the final two months of 2007. The S&P 500 and the NASDAQ also fell,
resulting in the first negative fourth quarter since 2000. Fears spread that
continued weakness in the housing market and rising oil and gas prices would
combine to weaken consumer demand while at the same time drive inflation higher.
Asian Opportunities - Profits accrued from longs in India, Asia's top-performing
market for the month, property-related plays in Hong Kong and individual long
positions in Malaysia. Gains on the short side included Chinese financials,
Australian property and Japanese shipping companies. Significant detractors
included long exposure to China-related plays in Hong Kong, cyclicals and
Australian resource names. Long equity exposure in Japan across a variety of
sectors was also a significant detractor from returns. Healthcare Opportunities
- Managers generated a positive return, outpacing the broader market averages
and the healthcare sector overall. On the long side, a number of factors
contributed to relative and absolute performance, including the overall tilt of
the portfolio towards small and mid-cap biotechnology companies and some
company-specific events that also helped drive returns. Special Situations -
Managers did well in a volatile environment and finished the month in positive
territory, rounding off an impressive year for the strategy. Asian focused
managers were negative for the month, but US and Europe funds generally
performed well. Deal activity and rumours within the mining sector saw positive
gains from well established positions in this industry. Further bad news in the
financial sector regarding write-offs benefitted managers with short exposure
through individual stock shorts and credit default swaps. Energy & Emissions -
December was a strong month as the energy sector proved to be resilient with
respect to the general concerns over the global economy. Colder than normal
weather in the US and Europe drove physical fuel demand, pushing up the front
end contracts for natural gas and heating oil. Geopolitical tensions in Nigeria
and Pakistan, coupled with the rapid deterioration of the OECD stocks of crude,
forced oil prices higher. Commodity Strategies - Managers benefited from a sharp
rally in corn and soybeans prices, and additional profits came from derivative
positions with a long volatility bias, as well as spread trades in Minnesota
versus Chicago wheat. Other positive contributions to returns came from
positions in precious metals and equities. Environmental Strategies - All
managers posted positive returns and environmental equities were boosted by a
variety of legislative measures from the US and Chinese governments.
Additionally, both the clean equities and the carbon futures markets were
supported by crude oil's flirtation with US$100/bbl pricing. The renewable
energy and water themes were particularly strong return drivers. Emerging
Markets - The first days of the month saw supportive data coming out of the US
and Europe, which generally supported EM asset values. However, sentiment
changed in the latter half of the month as concerns over credit and inflation
weighed on the market. In general, allocations to the Middle East and selected
Asian markets helped to protect gains. Our active global emerging market
managers were able to shift exposures quickly across asset classes, which also
contributed handsomely to overall gains. European Loans - The portfolio suffered
from unrealised mark to market losses arising from the dramatic re-pricing of
risk. As highlighted in recent months, the credit quality of the portfolio
remains strong, with recent earnings releases in line or better than
expectations.
Strategy Allocation as Number of Funds Performance by
of 1 January as of 1 January
Strategy
%
%
December YTD
Asian Opportunities 19 9 0.06 19.89
Healthcare Opportunities 11 6 3.73 13.75
Special Situations 21 9 0.28 28.41
Emerging Markets Macro 8 7 1.42 27.81
Commodity Strategies 11 15 1.88 4.97
Energy and Emissions 16 12 1.41 10.64
Environmental Strategies 6 7 7.39 7.98
European Loan Opportunities Euro 8 1 -1.61 -10.75
Total 100 66
Strategy returns are in US$ (except where annotated) and net of underlying
manager fees only, and not inclusive of Dexion Alpha Strategies' fees and
expenses.
Outlook
Over the latter half of 2007, we became increasingly concerned about the outlook
for economic and corporate earnings growth and we took some measures to reduce
equity risk in the portfolio. Heading into 2008, we have taken further steps to
protect the portfolio by cutting exposure to directional Asian long/short
managers and increasing exposure to hedged healthcare managers. Across all
strategies, we have seen managers take steps to reduce risk and we believe the
portfolio is focused on compelling medium-term investment themes which offer
strong alpha opportunities.
Ten Largest Investments
Listing Rule 15.4.11R(2) requires an investment company to notify to a
Regulatory Information Service, within two business days of the end of each
quarter, a list of all investments with a value greater than 5% of the company's
total assets and at least the 10 largest investments as at the last business day
of that quarter. As set out in the Company's prospectus dated 10 March 2006, in
normal circumstances, the final month-end net asset value of the Company is
calculated and announced through a Regulatory Information Service approximately
28 calendar days following the month-end. Accordingly, the Company will provide
the information required by Listing Rule 15.4.11R(2) on a quarterly basis at the
same time as it releases its month-end final net asset value.
The ten largest investments of the Company as at 31 December 2007 were as
follows:
Name of investment Strategy Market Value % of net
assets
�
RMF Special Opportunities Limited Commodity Strategies 25,613,361 18.61
RMF European Loan Opportunities European Loan 11,361,625 8.26
Opportunities
Paulson Advantage Plus Limited Special Situations 8,329,131 6.05
RMF Environmental Trading Strategies Limited Environmental 5,441,829 3.95
Strategies
Penta Asia MAC 91 Limited Asian Opportunities 4,370,650 3.18
Tantallon (Non US Feeder) Fund Asian Opportunities 4,311,831 3.13
Tiger Asia Overseas Fund Asian Opportunities 4,152,032 3.02
Atticus Global Limited Special Situations 4,063,222 2.95
Tryphon Capital Healthcare 3,918,020 2.85
Opportunities
Everest Capital China Opportunity Limited Mac 71 Asian Opportunities 3,542,505 2.57
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 24,680,276 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 24,680,276 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 121,879,548 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
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