DCG IRIS Limited DCG IRIS May 2014 Monthly Report (6354M)
17 7월 2014 - 10:30PM
UK Regulatory
TIDMIRIS
RNS Number : 6354M
DCG IRIS Limited
17 July 2014
DCG IRIS Limited (the "Company")
May Net Asset Values
As at 30 May 2014, the final net asset value of the Company's
ordinary shares is as follows:-
Ordinary Shares
Share class Final NAV MTD Performance YTD Performance
30 May (Total Return) (Total Return)
------------- ---------- ---------------- ----------------
Sterling
shares 98.33p +0.12% +1.11%
------------- ---------- ---------------- ----------------
This valuation, which has been prepared in good faith by the
Company's administrator, is for information purposes only and is
based on the unaudited final valuation supplied by the
administrators of the Company's underlying investment. Both a
weekly estimate and a monthly valuation of the underlying
investment may be produced as at valuation dates which do not
coincide with valuation dates for the Company, may be based on a
valuation provided as of a significantly earlier date, may differ
materially from the actual value of the Company's portfolio and is
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 administrator may not have sufficient information to
confirm or review the completeness or accuracy of information
provided by the administrators of the Company's investments.
Other risk factors which may be relevant to this valuation are
set out in the Company's prospectus dated 12 November 2012.
Monthly Portfolio Review
Portfolio Commentary (provided by Credit Suisse AG, the manager
of the Master Fund)(1)
Performance: The Company returned 0.12% (net of fees) in May,
driven by the private transactions and cat bond positions. The cat
bond portfolio showed larger mark-to-market losses during May
mainly due to seasonal pricing patterns. These mark-to-market
losses are typically recovered towards the end of the US hurricane
season. As anticipated in last month's report, May was the month
where several of the Florida cedents decided to bring deals to the
cat bond market. Seven deals with around $3.2bn of notional closed
over the course of the month. The team's focus for May was on the
execution of the US renewal with the US hurricane season officially
starting on 1 June 2014. We saw year-on-year price reductions of
15-20% in some sectors of the Florida market, primarily as a result
of the lack of large loss events in the region as well as the
abundant capacity being offered. As our investment strategy is less
US-centric, we were able to participate more selectively in the
renewal compared to other market participants.
Large Catastrophic Events: The continental US saw a series of
severe hail and thunderstorms with aggregate insured losses
estimated to exceed GBP2.2bn. The Balkans saw some of the heaviest
rain in a century leading to extensive flooding in Serbia and
Bosnia. Economic losses are expected to reach EUR3bn but insurance
penetration in the area is very low. China also experienced heavy
rain that led to flooding in southern parts of the country. The
Ministry of Civil Affairs estimated economic losses at $1.2bn.
While the full impact of these loss events is still uncertain, we
do not anticipate an impact on fund performance at current industry
loss levels. We will continue to monitor the impact of these events
and keep investors advised of significant changes in insured losses
in future reports.
Trading: There was some trading in both the cat bond primary and
secondary markets with the net holding of cat bonds increasing. We
also added some US exposure to the fund that we found to be well
priced on an ILW basis, in addition to private indemnity
transactions with US insurance and reinsurance companies.
Outlook: The team will be busy during June finalising the US
renewal. We have noticed a slight uptick in the pricing in ILW
markets and expect this trend to continue into July as US wind
capacity becomes tight. The pace of issuance in the primary cat
bond market should begin to taper over the next few months. 1 July
is another important renewal date for Australia and New Zealand and
the team is currently exploring opportunities in these markets.
There will be significant trading activity for the fund in June and
July to deploy free capacity towards attractive transactions. This
should increase the portfolio yield to around 6.2% and position the
fund well for the second half of the year.
(1)Portfolio commentary compiled at the end of the month being
reported on.
Supplementary Information
Click on, or paste the following link into your web browser, to
view a full review of the DCG Iris portfolio.
http://www.rns-pdf.londonstockexchange.com/rns/6354M_-2014-7-17.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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