Final NAVs January 2008

RNS Number:9937O
Dexion Alpha Strategies Limited
28 February 2008

Dexion Alpha Strategies Limited (the "Company")



January Net Asset Values



Ordinary Shares



The net asset values of the Company's Ordinary Shares as of 31 January 2008 are
as follows:-


      � Shares                          107.23 pence
      EUR Shares                        EUR 1.5233
      US$ Shares                        US$ 1.8921



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 66
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        January Performance      YTD Performance
             � Shares                -4.54%                 -4.54%
            EUR Shares               -4.51%                 -4.51%
            US$ Shares               -4.66%                 -4.66%



It was a very turbulent month for financial markets, as the threat of a US
recession and concerns over the health of bond insurers weighed on market
sentiment. Equity markets witnessed an aggressive sell-off, and credit spreads
widened across both investment and non-investment grade securities. Volatility,
as measured by the VIX Index, increased significantly. In commodities, gold
enjoyed a strong month as investors fled the turmoil in equity markets to safe
haven assets. Wheat and other grains hit record price levels amid shortage
concerns.



Asian Opportunities - Although the strategy posted a loss, the relative
performance of the portfolio is pleasing, given the MSCI Asia Pacific dropped
close to -10%. Two managers were able to generate profits, one was aggressively
net short with large short stock positions in HK/China financials and the other,
our Asian volatility manager, was able to profit from the elevated levels of
realised & implied volatility. Healthcare Opportunities - The healthcare sector
was unable to escape the turmoil affecting global markets and managers'
performance suffered despite managers' significant short exposure. Although
losses are painful to bear, such market dislocations tend to create
opportunities that may often result in greater gains in the future. We believe
this is especially true for healthcare stocks whose fundamentals remain largely
unchanged. Special Situations - Managers experienced a difficult month on the
back of tumbling equity markets. Negatives came from long exposures in natural
resources, utilities and mining stocks. Amid the turmoil, three managers
performed positively, thanks to dynamic trading in Asian markets and a large
short exposure to US financials. Energy & Emissions - Performance from this
strategy was hindered by a flattening of the natural gas time curve and by
sudden selling in emission markets. Positives came from the European power
funds, one manager profiting from the bearish stance in Nordic power markets,
while another benefited from near-term German power positions and defensive
emissions options. Commodity Strategies - Managers benefited from the rally in
soft and agricultural commodities prices due to expectations of increased non-US
demand resulting from the weaker dollar. Cocoa, coffee and sugar prices also
increased on supply concerns. Further profits were also derived by tactically
and opportunistically trading these markets from the short side, and from the
ongoing appreciation in precious metals. Environmental Strategies - Managers
experienced a very difficult start to the month as the sector experienced a
free-fall, which given the rapid gains in 2007 and the global market conditions
is not totally unexpected. Losses were limited somewhat through the use of
shorts in solar stocks. Emerging Markets - Macro funds managed the volatile
month relatively well and portfolio hedges, combined with fast risk reduction,
protected managers with a broader asset allocation. One manager posted profits
gained from hedges on US and Asian stock exchanges, long positions in the
Renminbi and Sol, as well as a short position in the Peso. European Loans - The
technical picture remains poor in the European Loan market which is currently
experiencing a "risk flush". While the losses are extremely disappointing, we
should highlight that all loans are performing and that we remain very
comfortable with the quality of the loan portfolio. The team managing the
portfolio has not experienced a loan default since they began managing loan
portfolios in 2000, and with financing secured, there is no forced selling of
positions, although risk has been scaled back in a prudent fashion.


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

                                                                          January            YTD
Asian Opportunities                          20              9             -1.99            -1.99
Healthcare Opportunities                     11              6             -6.31            -6.31
Special Situations                           21              9             -4.11            -4.11
Emerging Markets Macro                       8               7             -1.72            -1.72
Commodity Strategies                         12             16             2.92             2.92
Energy and Emissions                         15             12             -3.19            -3.19
Environmental Strategies                     6               7             -7.16            -7.16
European Loan Opportunities Euro                7               1            -20.28           -20.28
Total                                       100             67



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



We have positioned the portfolio to limit the downside in the event of further
selling of risky assets, but we believe managers are well placed to profit
strongly should market sentiment recover. Within leveraged loans, we are clearly
in un-chartered territory given the unprecedented nature of the mark-to-market
declines. The current loan portfolio offers outstanding upside potential, but we
recognise that further weakness is possible in the near-term and we continue to
monitor the allocation closely.



Voting Rights and Capital



The Company's capital consists of 90,393,538 � Shares (excluding treasury
shares), 21,206,223 Euro Shares (excluding treasury shares) and 11,006,622 US$
Shares (excluding treasury shares) with voting rights. Therefore, the total
number of voting rights in the Company is 90,393,538 in respect of the � Shares,
21,206,223 in respect of the Euro Shares and 11,006,622 in respect of the US$
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 122,606,383 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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