DASL Dexion Alp.

    RNS Number : 8317K
  Dexion Alpha Strategies Limited
  29 December 2008
   
    Dexion Alpha Strategies Limited (the "Company")

    November Net Asset Values

    Ordinary Shares

    The net asset values of the Company's Ordinary Shares as of 28 November 2008 are as follows:-

 � Shares     87.87 pence
 EUR Shares    EUR 1.2377
 US$ Shares    US$ 1.5706

    These valuations, which have been prepared in good faith by the Company's administrator, are for information purposes only and are based
on the unaudited estimated valuations supplied to the Company's investment adviser by the administrators or managers of the Company's
underlying investments and such valuations may not be considered independent or may be subject to potential conflicts of interest. Both
weekly manager estimates and monthly valuations may be produced as at valuation dates which do not co-incide with valuation dates for the
Company, may be based on valuations provided as of a significantly earlier date, may differ materially from the actual value of the
Company's portfolio and are unaudited or may be subject to little verification or other due diligence and may not comply with generally
accepted accounting practices or other generally accepted valuation principles. The Company's investment adviser, investment manager and
administrator may not have sufficient information to confirm or review the completeness or accuracy of information provided by those managers or administrators of the Company's investments. In addition, those
entities may not provide estimates of the value of the underlying funds in which the Company invests on a regular or timely basis or at all
with the result that the values of such investments may be estimated by the investment manager. In the case of 8 of the Company's 61
investments, where no such formal valuation has been received by today's date, an estimated valuation prepared by the Company's investment
adviser or by the manager or administrator of the underlying funds has been used. Certain 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  November Performance  YTD Performance
  � Shares           -5.31%             -21.78%
 EUR Shares          -4.25%             -22.41%
 US$ Shares          -3.06%             -20.86%

    The estimated impacts of foreign exchange on the net asset values of the Company's ordinary shares as of 28 November 2008, further to
the announcement of 13 November 2008 entitled "Suspension of Currency Hedging", are as follows:-




 Share Class  Since removal of currency hedge Impact*
  � Shares                    -2.30%
 EUR Shares                   -1.19%

    * Currency hedge was removed on 12 November 2008

    Following on from October's severe conditions, financial markets exhibited high levels of volatility in November. Credit and commodity
markets were weaker as concerns over the health of the global economy weighed on these sectors. Leveraged loans dropped significantly as a
result of forced selling caused by de-leveraging and hedge fund redemptions. One of the catalysts for the drop in prices of credit assets
was the announcement by US Treasury Secretary Paulson that the TARP program would not be targeted at illiquid mortgage-related assets.
Currencies were active, with the US Dollar strengthening significantly against most currencies bar the Yen. Emerging markets stabilised
following October's dramatic declines, although economic conditions across the developing world continued to deteriorate. 

    Asian Opportunities - The strategy finished only slightly down following managers' defensive positioning going into November, thereby
limiting participation in the month-end rally. Short positions in Japanese consumer and industrial stocks struggled, while one manager
profited from their long volatility exposure and the CDS swaps they held on various counterparties. Healthcare Opportunities - Only the most
cautiously positioned managers were able to post close to flat performance. The largest detractors came from managers' small and mid cap
exposures. While recent performance has been disappointing, our managers continue to believe that current valuations offer compelling
opportunities going forward. Special Situations - The strategy finished the month down as a result of weakening credit conditions and
volatile equity markets. One manager profited from the closing of the Anheuser Busch/Inbev deal, while another posted a loss following the
collapse of the Rio/BHP Billiton deal. Bank loan exposure hurt the two distressed managers. Energy & Emissions - Given the drastically falling energy prices, it was hard for the strategy to generate gains
during November. One energy trader was hurt through weakness in their small cap E&P holdings, while another manager bet correctly that
shipping rates would be trending downward. Despite the cold weather, European power markets continued to fall, providing gains for one
manager who maintained a short bias. Commodity Strategies - A late rally in commodity-related strategies helped boost the month-end
performance. Profits were generated by managers with short industrial metals exposure, as prices came under pressure due to poor economic
data in the US. Agricultural markets experienced relative stability compared to October's steep declines; cocoa prices rallied, while
managers with positions in coffee also realised profits. Environmental Strategies - Financing for projects continued to sit on the back
burner this month. Strong performance stemmed from carbon exposure, with one manager well-positioned for the sharp market fall and significant contraction in the CER and EUA spread. The biggest losses came from
our alternative energy manager, too focused on under-performing small/mid cap stocks. While most managers found solace by focusing on short
exposures, long positions in wind energy, forestry and waste management performed reasonably well. Emerging Markets - November provided
opportunities for some managers to protect capital. With central banks cutting interest rates across all regions, managers were able to
profit from their exposure to currencies. The majority of losses stemmed from equities, as managers struggled in markets driven by fear and
irrationality. Short-Term Managed Futures - Another impressive month for the strategy, with the continuation of well-established trends.
Strong drivers of performance were trades involving interest rate futures, and short exposures to equities and commodities. European Loans -
End-of-month loan prices reflected the negative sentiment towards fundamentals, the market ending down -8.5% during November. Given the current difficulties associated with being leveraged, the
portfolio is in the process of de-levering.

 Strategy                          Allocation as of 1    Number of Funds as of 1 December   Performance by
                                        December                                               Strategy
                                           %                                                      %
                                                                                           November   YTD
 Asian Opportunities                       27                           6                   -2.89    -15.77
 Healthcare Opportunities                  11                           4                   -5.07    -30.97
 Special Situations                        19                           7                   -1.56    -4.74
 Emerging Markets Macro                    6                            4                    0.59    -19.99
 Commodity Strategies                      7                            13                  -0.28    -1.08
 Energy and Emissions                      13                           11                  -0.60    -3.24
 Environmental Strategies                  7                            8                   -1.65    -33.23
 Short-Term Managed Futures                5                            3                    2.97    17.98
 European Loan Opportunities               5                            1                   -16.81   -68.43
 EUR
 Total                                    100                           57

    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 believe a further deterioration in the fundamentals of the global economy is going to manifest itself more significantly at the
corporate level. Given this, we think that there will be opportunities in the future for some of our managers in the equity space, but in
the meantime we want to ensure we have sufficient liquidity and flexibility to move relatively nimbly as opportunities emerge within
individual strategies. In the near-term, we are increasing the short-term managed futures allocation; this is a very liquid strategy that
benefits from market volatility and is thus expected to do well in early 2009.

    Voting Rights and Capital

    The Company's capital consists of 79,092,126 � Shares (excluding treasury shares), 15,758,167 EUR Shares (excluding treasury shares) and
1,482,881 US$ Shares (excluding treasury shares) with voting rights. Therefore, the total number of voting rights in the Company is
79,092,126 in respect of the � Shares, 15,758,167 in respect of the EUR Shares and 1,482,881 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 96,333,174 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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