Replacement - Final NAVs February 2009
01 4월 2009 - 12:34AM
UK Regulatory
TIDMDASL
RNS Number : 8526P
Dexion Alpha Strategies Limited
31 March 2009
The following announcement replaces RNS Number 8475P released at 16.11 on 31st
March 2009. The following attachment should have been included DASL-monthly
2009-02-01. All of the details remain unchanged.
Dexion Alpha Strategies Limited (the "Company")
February Net Asset Values
Ordinary Shares
The net asset values of the Company's Ordinary Shares as of 27 February 2009 are
as follows:-
+--------------+--------------+-------------+-------------+
| Share Class | NAV | February | YTD |
| | |Performance |Performance |
+--------------+--------------+-------------+-------------+
| GBP Shares | 90.77 pence | -1.36% | -0.42% |
+--------------+--------------+-------------+-------------+
| EUR Shares | EUR 1.1219 | -1.36% | -0.56% |
+--------------+--------------+-------------+-------------+
| US$ Shares | US$ 1.5732 | -1.35% | -0.52% |
+--------------+--------------+-------------+-------------+
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 6 of the Company's 52 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.
Monthly Portfolio Review
Investment Adviser Portfolio Outlook
The Investment Adviser continues to maintain significant long volatility
exposure, given weak macroeconomic fundamentals and the potential for additional
corporate earnings downgrades. Whilst the Investment Adviser recognises that
some more established strategies and hedge funds have performed well year to
date, they believe the Portfolio's focus should be on less exploited strategies
and niche alpha sources in order to deliver performance in 2009.
In February Short-Term Managed Futures, Emerging Markets Macro, Environmental
Strategies as well as Energy and Emissions all recorded modest gains. However on
the negative side poor performance from one Healthcare manager was compounded by
a disappointing return from European loans.
The Investment Adviser has already reduced the allocation to Healthcare at the
start of 2009 and will continue this trend at the end of March by significantly
cutting allocation to the manager primarily responsible for February's poor
return. This move is in keeping with the Investment Adviser's intention to
reduce exposure to directional equity or credit strategies where the investment
terms are not particularly liquid. Further changes to the Portfolio have
included a reduction to Asian Opportunities' long/short strategies with an
increase in allocation to Short-Term Managed Futures.
Market Overview
Asian Opportunities: -0.83%. Returns in the strategy were impacted by losses
from two fundamental long/short managers. Both are running low net exposures,
but poor stock picking on the long and short sides, most notably in Japan,
proved damaging. However, another long/short manager posted a gain as its short
positioning, especially in Korea, benefited from weakness in exporters and the
banking sector. Elsewhere, three multi-strategy managers delivered gains of 1 -
2%, taking advantage of equity-orientated trades with near-term catalysts and
spread trading within Asian fixed income and currency markets.
Healthcare Opportunities: -9.39%. The strategy incurred a heavy loss due to one
long biased manager who maintains the view that healthcare stocks offer
compelling value. The manager's strong growth companies fell heavily, with
positions in drug makers for epilepsy and various forms of sexual health
afflictions falling. As noted previously, the Investment Adviser recognises the
value offered by healthcare stocks at present, but feels that long biased equity
strategies will struggle in the current environment. Consequently the Investment
Adviser will continue to make reductions in the allocation to this strategy.
Special Situations: -0.74%. It was an uneventful month for special situations
strategies. Despite cautious positioning, most managers were slightly down as
volatile equity markets led to a widening in the spreads of strategic deals in
which they had exposure. In the distressed area, one manager posted a loss as
mark-to-market declines in less liquid positions outweighed gains from hedges,
while another profited from specific shorts in US publishing companies and
European sovereign credits.
Emerging Markets Macro: +0.79%. Amid ongoing weakness in emerging market assets,
some managers in the Portfolio delivered positive returns, with short positions
in Asian currencies proving to be a key driver of returns. Nervous investors
caused Asian currencies to continue their fall against the US Dollar, and shorts
in the Korean Won and Indian Rupee worked particularly well.
Commodity Strategies: -0.18%. Gains from agriculturals and hard assets this
month were erased by losses from managers with exposure to softs markets,
particularly cocoa. A number of managers were positioned to the long side in
this market, but prices fell following forecasts of lower demand and a
strengthening US Dollar. Elsewhere, short positions in corn and wheat profited
from price declines. Long holdings of gold and precious metal equities performed
well as shares in this sector continued to rally.
Energy & Emissions: +0.65%. The bulk of positive performance in this strategy
was generated by a long/short equity manager who was short oil tankers and
global refiners, and benefited as share values in these sectors fell sharply.
Additional gains accrued from a US manager who profited from spread trades in
oil and gasoline futures contracts. There was no significant contribution from
natural gas trading last month, and as prices continue to slide, the managers
see few reasons to turn bullish given the declining industrial demand, above
average underground storage levels and forecasts of higher liquefied natural gas
imports.
Environmental Strategies: +0.20%. Short selling drove performance in a month
when long only Environmental indices fell. Managers have shifted exposure away
from well-known sectors such as wind and solar and are focusing on areas
benefiting directly from policy initiatives such as energy efficiency, storage,
water and infrastructure. Exposure to water companies worked well over the
month, with shorts in US water utilities and longs in Brazilian water stocks
performing nicely. Despite carbon markets falling -15% over the month, losses
from our carbon exposure were minor.
Short-Term Managed Futures: +0.63%. The early month negative reversal in equity
markets led to good gains from the Portfolio's managers' largely contrarian
systems. These gains were partially eroded by losses in currency markets, where
the managers were not well positioned to capture the rapid declines in the
Japanese Yen.
European Loan Opportunities: -6.74%. Declines in off-the-run loan prices had a
negative impact on the performance. While the European leveraged loan market has
seen some stabilisation in recent weeks, the bulk of liquidity has centred on
larger issues, and smaller names have continued to be marked-down irrespective
of credit quality. The leverage within the portfolio has continued to be reduced
and the portfolio will be unlevered from the beginning of April 2009.
+-------------------------+------------+----------+-----------+-------------+
| Strategy |Allocation | Number | Performance by |
| | as of 1 |of Funds | Strategy |
| | March | as of 1 | % |
| | % | March | |
+-------------------------+------------+----------+-------------------------+
| | | | February | YTD |
+-------------------------+------------+----------+-----------+-------------+
| Asian Opportunities | 25 | 6 | -0.83 | -0.33 |
+-------------------------+------------+----------+-----------+-------------+
| Healthcare | 5 | 3 | -9.39 | -10.15 |
| Opportunities | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Special Situations | 18 | 6 | -0.74 | 1.73 |
+-------------------------+------------+----------+-----------+-------------+
| Emerging Markets Macro | 7 | 3 | 0.79 | 2.20 |
+-------------------------+------------+----------+-----------+-------------+
| Commodity Strategies | 6 | 10 | -0.18 | 1.38 |
+-------------------------+------------+----------+-----------+-------------+
| Energy and Emissions | 12 | 11 | 0.65 | 1.25 |
+-------------------------+------------+----------+-----------+-------------+
| Environmental | 7 | 7 | 0.20 | 0.21 |
| Strategies | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Short-Term Managed | 14 | 3 | 0.63 | 6.15 |
| Futures | | | | |
+-------------------------+------------+----------+-----------+-------------+
| European Loan | 6 | 1 | -6.74 | -9.35 |
| Opportunities EUR | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Total | 100 | 50 | | |
+-------------------------+------------+----------+-----------+-------------+
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.
Voting Rights and Capital
The Company's share capital consists of 78,840,738 GBP shares (excluding
treasury shares) with voting rights, 15,275,627 EUR Shares (excluding treasury
shares) and 1,368,667 US$ Shares (excluding treasury shares) with voting rights.
All Shareholders have equal voting rights based on the number of Shares held.
Accordingly, the total number of voting rights in the Company is 95,485,032 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.
Supplementary Information
Click on, or paste the following link into your web browser, to view a full
review of the Dexion Alpha Strategies Limited portfolio.
http://www.rns-pdf.londonstockexchange.com/rns/8526P_-2009-3-31.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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