Final NAVs 31MAR2008
01 5월 2008 - 1:17AM
UK Regulatory
RNS Number:4969T
Dexion Alpha Strategies Limited
30 April 2008
Dexion Alpha Strategies Limited (the "Company")
March Net Asset Values
Ordinary Shares
The net asset values of the Company's Ordinary Shares as of 31 March 2008 are as
follows:-
# Shares 104.49 pence
EUR Shares EUR 1.4855
US$ Shares US$ 1.8345
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 10 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 March Performance YTD Performance
# Shares -2.29% -6.98%
EUR Shares -2.22% -6.88%
US$ Shares -2.61% -7.56%
March was a difficult month, and there was significant unwinding of risk across
all asset classes and regions. The health of the global banking system was
questioned following Bear Stearn's bail-out. In order to prevent widespread
panic the Fed slashed interest rates by another 75bp and introduced lending
measures to stimulate market liquidity. Equity markets were extremely volatile,
and credit spreads also mirrored the sense of fear in the markets. Many
agricultural commodities climbed to unusually high levels only to snap back
mid-month. Precious metal prices reached record levels before correcting
violently and energy prices remained elevated despite mid-month corrections.
Asian Opportunities - While posting losses on an absolute basis is never
pleasing, the fact that the downside was limited when the MSCI Asia Pacific (ex
Japan) Index fell -6% was a source of some satisfaction. On the positive side,
strong gains accrued from short positions in China and Hong Kong with one of
manager generating a +8.5% return. Negatives came from long positions in India,
where inflation fears and a sudden aversion to smaller companies sparked a major
sell-off. Healthcare Opportunities - The healthcare sector was the worst
performing sector with the S&P 1500 Healthcare Index losing -4.73% and the
Russell 2000 Healthcare Index shedding -3.70%. To put the losses into
perspective, the healthcare sector was down almost twice as much as financials,
with emerging markets healthcare especially impacted. With no change in the
fundamentals of these companies and valuations closing in on record lows,
managers believe this segment offers excellent opportunities going forward.
Special Situations - Shorts in equity and credit markets were unable to offset
weakness in event equity positions and bank loans. Ongoing selling of bank loans
negatively affected two of our distressed managers, while our special situations
managers suffered amid falls in commodity and financial exchange names. Losses
were limited thanks to good gains from our Asian managers and a US manager with
a short bias to financials. Energy & Emissions - Our managers profited strongly
from the bullish sentiment in natural gas and also from spread trading in this
market with a short bias to summer contracts. Elsewhere, gains were derived from
a position in the long gas oil Europe / short heating oil US spread, while
declines in German power prices led to losses for one of our power traders.
Commodity Strategies - The strategy was marginally down, which is pleasing as
commodity markets endured a torrid month, with the CRB Commodity Price Index
down -6.3%. After good gains in the first part of the month, there were sharp
reversals in many markets. Base metals managers suffered early losses in the
month, only to rebound aggressively, outperforming precious metals in the fourth
week. Elsewhere, the diversification offered by our relative value managers
worked well as the high levels of volatility created excellent profit
opportunities for spread trading strategies. Environmental Strategies -
Strategies in mainstream renewables suffered while specialty strategies did
well. Solar and wind, though recovering by the end of the month, fell sharply,
while waste remediation/energy rallied. Diversified clean technology strategies
finished marginally lower. Within carbon markets, prices rallied at the end of
the month after trading in a wide price band, and this benefited one manager in
particular. Emerging Markets - Emerging market assets were particularly hit by
the deepening credit crisis. Commodity-linked markets, including Brazil and
South Africa, outperformed service and producer countries like India and China.
Middle Eastern equity markets, which in the past had been little affected by the
change of general risk appetite, also came under pressure. European Loans -
After further sharp falls at the beginning of the month, the leveraged loan
market stabilised and then made back losses during the final part of the month.
The portfolio will continue to be impacted by mark-to-market moves in prices,
but has not suffered any defaults to date. Given the absolute level of loan
prices, we feel the market is discounting higher default rates than should be
expected over the next few years, and this offers investors attractive long-term
opportunities in the asset class.
Strategy Allocation as Number of Funds Performance by
of 1 April as of 1 April
Strategy
%
%
March YTD
Asian Opportunities 21 9 -0.79 -1.97
Healthcare Opportunities 10 6 -7.23 -15.71
Special Situations 21 8 -0.95 -4.32
Emerging Markets Macro 8 7 -5.39 -5.30
Commodity Strategies 13 15 -3.95 5.48
Energy and Emissions 15 12 -0.51 -4.16
Environmental Strategies 6 7 -2.19 -8.63
European Loan Opportunities Euro 6 1 -1.11 -34.11
Total 100 65
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
While we are disappointed by the loss suffered by the portfolio in the early
part of 2008, an interesting set of opportunities are emerging for those funds
able to weather the liquidity storm. In particular the behaviour of the senior
loan market, which has caused us much pain in recent months, is attracting the
attention of many funds that see huge opportunities in the indiscriminate
pricing of this high ranking debt. We have also seen the beginning of pain for
those businesses that cannot support the high levels of indebtedness taken on in
the good times, and we believe this will present increasing opportunities for
distressed debt managers later on this year and next.
Ten Largest Investments
While we are disappointed by the loss suffered by the portfolio in the early
part of 2008, an interesting set of opportunities are emerging for those funds
able to weather the liquidity storm. In particular, the behaviour of the senior
loan market, which has caused us much pain in recent months, is attracting the
attention of many funds that see huge opportunities in the indiscriminate
pricing of this high ranking debt. We have also seen the beginning of pain for
those businesses that cannot support the high levels of indebtedness taken on in
the good times, and we believe this will present increasing opportunities for
distressed debt managers later on this year and next.
The ten largest investments of the Company as at 31 March 2008 were as follows:
Name of investment Strategy Market Value % of net
assets
#
RMF Special Opportunities Limited Commodity Strategies 24,828,219 19.74
RMF European Loan Opportunities European Loan 8,108,394 6.45
Opportunities
RMF Environmental Trading Strategies Limited Environmental 7,724,571 6.14
Strategies
Paulson Advantage Plus Limited Special Situations 7,387,909 5.87
Tiger Asia Overseas Fund Asian Opportunities 4,709,980 3.75
Penta Asia MAC 91 Limited Asian Opportunities 4,182,038 3.33
Tantallon (Non US Feeder) Fund Asian Opportunities 4,155,013 3.30
Tryphon Capital Healthcare 3,948,857 3.14
Opportunities
Bennelong Asia Pacific Multistrategy Fund Special Situations 3,661,637 2.91
Limited
Atticus Global Limited Special Situations 3,258,203 2.59
Voting Rights and Capital
The Company's capital consists of 87,193,538 # Shares (excluding treasury
shares), 19,956,223 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 87,193,538 in respect of the # Shares,
19,956,223 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 118,056,383 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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