Final NAVs February 2008

RNS Number:0955R
Dexion Alpha Strategies Limited
28 March 2008

Dexion Alpha Strategies Limited (the "Company")



February Net Asset Values



Ordinary Shares



The net asset values of the Company's Ordinary Shares as of 29 February 2008 are
as follows:-


      � Shares                          106.94 pence
      EUR Shares                        EUR 1.5193
      US$ Shares                        US$ 1.8836



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 11 of the Company's 67
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        February Performance     YTD Performance
             � Shares                -0.27%                 -4.80%
            EUR Shares               -0.26%                 -4.76%
            US$ Shares               -0.45%                 -5.08%



A difficult start to the year for all asset classes continued into February.
Global equity markets continued to be influenced by bearish US macro data,
surging oil prices and a weakening US Dollar. Despite this relatively fragile
environment, prices reacted more rationally in February in contrast to the
indiscriminate panic selling in January. Equity market volatility, as measured
by the VIX Index, increased during the month, ending at 26.54. During the month,
the US Dollar fell to a record low against the Euro and to a three-year low
versus the Yen after Fed officials signalled that they will keep cutting
interest rates to support the economy.



Asian Opportunities - Asian markets gained amid lower market volatility.
However, stock prices continued to demonstrate choppiness in response to the
negative news regarding credit and the US economy. Most long-short funds reduced
overall leverage after a mixed January and so gains in February were a little
subdued. Positive performance was derived from exposure to H-shares, which
rebounded, and short positions in Australian equities. Healthcare Opportunities
- Several company-specific developments contributed to losses and despite weak
economic news, and with valuations continuing to come under pressure, we do see
a number of signs within healthcare that point to brighter prospects later in
the year. Special Situations - Roller coaster equity markets made life very
difficult for most equity-based strategies. Despite this, the majority of
managers posted positive returns derived from a mixture of shorts, trading
volatility and low exposure to deal breaks. Short exposure in the credit and
equity of financial institutions once again proved to be an effective hedge in
the current climate. Energy & Emissions - The largest losses, as well as the
highest profits, were derived from positions in natural gas. One manager
suffered losses in their short winter versus long summer spreads along the curve
and decided to liquidate their natural gas book, closing down over -20%. On a
positive note, another manager held the opposite positions and was able to
profit from the run-up in prices, finishing up close to +15%. Environmental
Strategies - The alternative energy markets continued to exhibit significant
volatility. Water managers were adversely affected by Asian exposure but gained
through continued focus on core positions within the US. Other positives
included returns from the diversified clean technology portfolios, utilities in
Southeast Asia and companies invested in wind energy. On the short side,
managers continued to profit from the dramatic sell-off in the solar energy
sector, where draw-downs in many stocks reached over -50%. Emerging Markets -
Emerging markets performed relatively well compared to the G7. Two developments
have complicated the outlook for emerging markets: the worsening financial
stress in the US and continued inflation shocks in food and energy. In contrast
to the negative views, there are positive developments, such as strong domestic
demand as well as sizable infrastructure investments. European Loans - Leveraged
loans have been negatively impacted since the beginning of the year by market
value declines. These declines are due primarily to the unwinding of leverage
directly related to market value CLOs, portfolios financed with total return
swaps, or dealers' sales of inventory. The illiquid nature of the current
environment and the lack of "natural" senior loan buyers in Europe have created
a pricing vacuum. Many participants have halted NAV calculations, redemptions or
both, in an attempt to preserve value for investors. While mark to market pain
has been severe, the portfolio has not suffered any defaults to date and all of
the underlying loans investments continue to perform. We are considering various
proposals with regard to the leveraged loans portfolio in order to protect
shareholder value in the long term, and will communicate the outcome once the
review process is complete.


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

                                                                         February            YTD
Asian Opportunities                          19              8             0.82             -1.18
Healthcare Opportunities                     11              6             -3.01            -9.14
Special Situations                           21              9             0.73             -3.41
Emerging Markets Macro                       8               7             1.85             0.09
Commodity Strategies                         13             16             6.70             9.82
Energy and Emissions                         16             12             -0.49            -3.66
Environmental Strategies                     6               7             0.62             -6.58
European Loan Opportunities Euro                6               1            -16.41           -33.36
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



As discussed above, the overriding impact upon the portfolio has come from the
severe mark to market losses in the leveraged loan portfolio. Against a
difficult background for markets and tightening liquidity, the remainder of the
portfolio held up in the first two months of the year. While this is clearly a
difficult time, we consider that there are grounds for optimism, in Healthcare
and the other strategies that are invested in this portfolio. We continue to
actively manage the portfolio, both with respect to the mix of strategies and
the underlying managers, and are confident with respect to the opportunity set
and outlook for the portfolio.



Voting Rights and Capital



The Company's capital consists of 87,993,538 � Shares (excluding treasury
shares), 20,056,223 Euro Shares (excluding treasury shares) and 10,906,622 US$
Shares (excluding treasury shares) with voting rights. Therefore, the total
number of voting rights in the Company is 87,993,538 in respect of the � Shares,
20,056,223 in respect of the Euro Shares and 10,906,622 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 118,956,383 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

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