Final NAVs September 2008

    RNS Number : 0319H
  Dexion Alpha Strategies Limited
  30 October 2008
   

    Dexion Alpha Strategies Limited (the "Company")

    September Net Asset Values

    Ordinary Shares

    The net asset values of the Company's Ordinary Shares as of 30 September 2008 are as follows:-

 � Shares     101.06 pence
 EUR Shares     EUR 1.4157
 US$ Shares     US$ 1.7341

    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 8 of the Company's 63 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  September Performance  YTD Performance
  � Shares           -4.62%              -10.03%
 EUR Shares          -5.11%              -11.25%
 US$ Shares          -5.39%              -12.62%

    In September, markets were dominated by the turmoil in the financial system which led to unprecedented levels of intervention by central
banks. Lehman Brothers filing for bankruptcy triggered frantic price movements and caused the credit markets to seize up. As investors
de-leveraged from risky assets, equities, emerging markets and commodities recorded extraordinary price falls in a flight to quality where
cash became the asset of choice. The impact extended globally and a number of countries implemented mid-month short selling bans, ranging
from absolute bans of all short sales (Australia, Korea) to banning shorting in specific sectors. These restrictions exacerbated the
difficulties faced by the hedge fund industry from running properly hedged portfolios.  

    Asian Opportunities - While the short selling ban created challenges for long/short funds, especially in Taiwan and Australia, managers
have quickly been adapting to the new environment, finding alternative methods of expressing bearish views on specific sectors. Losses
stemmed from managers with long exposure to Asian banks and short exposure to Korea. Healthcare Opportunities - Technical factors and
sentiment continued to cause difficulties for many fundamental stock pickers. Losses were predominantly from the long side of portfolios,
while profits were generated from shorts in companies with weak clinical data and those experiencing disappointing news with regard to
regulatory approvals. Despite the difficult markets, earnings stability remained high and as the industry is largely self-financed there is
little reliance on external financing. Special Situations - The strategy was only slightly negative, despite the dramatic widening of credit
and event equity spreads. Overall M&A volumes were high, but mainly driven by rescue takeovers in the financial sector, often as share deals, thus unsuitable for hedge funds given the restrictions on
short selling. Energy & Emissions - Extreme volatility across various energy markets benefited one manager, who realised gains from spread
strategies in gasoline and crude oil. US oil demand has dropped approximately -5% year-on-year, back to 2003 levels. However, the US
represents less than 25% of global demand and non-US demand remains fairly strong, providing some support to prices. Commodity Strategies -
Equity traders with a long bias were negatively impacted by declining commodity prices. Funds trading precious metals posted lacklustre
returns, with flat to negative performance. Gold equities suffered as forced liquidations caused indiscriminate selling. Losses were limited
thanks to good performance from diversified managers holding a short bias, as they were well-positioned for declines in base metal and
energy prices. Environmental Strategies - Our Asia-focused clean water manager was punished by the collapse in the region's equity valuations during the month; the availability of single name stock
borrowing was much reduced and managers were forced to rely on index futures, with the attendant basis risk that implies. On the positive
side, a carbon manager enjoyed excellent performance during the month, stemming from their hedging program and active trading style. The
strategy also benefited from an improved outlook for CER volumes. Emerging Markets - Emerging markets were flooded with withdrawals, as a
flight to quality and evaporating liquidity dominated the environment. One manager focused on Asia benefited significantly from the decision
to simplify their strategies and to concentrate risk on the short side in local currency and equity markets. Short-Term Managed Futures -
The strategy posted a strong gain during the month, continuing to provide excellent diversification within the portfolio. The extreme
intra-day volatility levels created an ideal environment for short-term traders, especially those managers whose models turned short on commodities and equities. European Loans - Leveraged loans
posted a large loss this month, as banks continued to mark down prices. Unlike recent months, during which secondary market activity has
been weak, there was an improvement in volumes this month. However, this was driven by forced selling, as Lehman Brothers liquidated a large
bank loan portfolio in a market devoid of buyers.

 Strategy                          Allocation as of 1    Number of Funds as of 1 October   Performance by
                                        October                                               Strategy
                                           %                                                      %
                                                                                          September   YTD
 Asian Opportunities                       24                           7                   -3.45    -9.61
 Healthcare Opportunities                  12                           5                   -8.29    -16.19
 Special Situations                        15                           7                   -0.15    -3.72
 Emerging Markets Macro                    5                            4                   -8.74    -13.60
 Commodity Strategies                      9                           14                   -4.31    -0.07
 Energy and Emissions                      12                          12                   -4.96    -4.02
 Environmental Strategies                  6                            8                  -10.91    -19.16
 Short-Term Managed Futures                8                            4                   9.18     10.24
 European Loan Opportunities               9                            1                  -13.90    -42.70
 EUR
 Total                                    100                          62

    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

    There is little change to the view that economic and corporate earnings fundamentals will continue to deteriorate in the months ahead.
We maintain significant long volatility exposure and believe we hold a high quality portfolio of hedge funds capable of generating
meaningful returns going forward.

    Ten Largest Investments

    The ten largest investments of the Company as at 30 September 2008 were as follows:

 Name of investment              Strategy               Market Value  % of net assets
                                                             �
 RMF Commodity Strategies        Commodity Strategies    19,241,820        19.09
 Limited
 Pemba European Loan             European Loan           9,439,833         9.37
 Opportunities                   Opportunities
 RMF Environmental Trading       Environmental           7,629,845         7.57
 Strategies Limited              Strategies
 Tiger Asia Overseas Fund        Asian Opportunities     5,758,919         5.71
 Artradis Barracuda Non-US       Asian Opportunities     4,732,613         4.70
 Feeder Fund
 Arnott Opportunities Fund       Asian Opportunities     4,686,350         4.65
 Paulson Advantage Plus Limited  Special Situations      4,632,475         4.60
 Roy G. Niederhoffer Negative    Short-Term Managed      4,618,659         4.58
 Correlation Fund Limited        Futures
 Tryphon Capital                 Healthcare              4,561,539         4.53
                                 Opportunities
 Brevan Howard Asia Fund         Asian Opportunities     4,417,175         4.38
 Limited

    Voting Rights and Capital

    The Company's capital consists of 76,682,517 � Shares (excluding treasury shares), 17,620,166 EUR Shares (excluding treasury shares) and
1,839,008 US$ Shares (excluding treasury shares) with voting rights. Therefore, the total number of voting rights in the Company is
76,682,517 in respect of the � Shares, 17,620,166 in respect of the EUR Shares and 1,839,008 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 96,141,691 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
 
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