Holding(s) in Company
April 23 2012 - 11:30AM
UK Regulatory
TIDMAIA
ALTIN market review and portfolio holdings as 1st April 2012
Baar, 23 April 2012 - ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss
alternative investment company listed on the London and Swiss stock
exchanges, today discloses its entire hedge fund portfolio holdings
as part of its policy of full transparency to investors. The
portfolio, featuring more than 35 underlying hedge funds and
representing over 10 investment strategies, is particularly well
diversified and has a NAV performance of +166.10%1 since its
inception in December 1996.
Portfolio as at 1stApril 2012 Total Portfolio (%)
Macro Strategy 24.29%
AlphaMosaic SP127 Episteme Cap Ptr 1.30%
LLP Systematic Quest Fund 3X
Banyan Capital Fund Ltd 4.00%
Blenheim Global Markets Fund Ltd 3.02%
Comac Global Macro Fund Ltd 3.59%
Goldfinch Capital Management Offshore Ltd 3.01%
LD Commodities Alpha Fund Ltd 1.49%
The Clive Fund Ltd 5.19%
Two Sigma Compass Enhanced Cayman Fund Ltd 2.69%
Equity Long Bias Strategy 1.61%
Firebird Global Fund Ltd 1.61%
Managed Futures Strategy 2.07%
AlphaMosaic SP10 Welton Global Directional 2X 0.70%
AlphaMosaic SP73 Blackwater Capital 0.64%
Management LLC Glob Progr 2X
Vegasoul 2X Fund Ltd 0.73%
Credit Strategy 8.47%
Claren Road Credit Fund Ltd 3.70%
Marathon Special Opportunities Fund Ltd 0.65%
R3 Capital Partners Ltd 4.12%
Convertible Bond Strategy 5.01%
Lazard Rathmore Fund Ltd 5.01%
Equity Long/Short Strategy 24.05%
7H Absolute 3.09%
Arrow Offshore Ltd 4.96%
BlackRock UK Emerging Companies Holding Fund Ltd 5.46%
Coatue Offshore Fund Ltd 3.93%
Scopus Fund Ltd 4.30%
Scopus Vista Fund Ltd 2.31%
Interest Rate Strategy 4.83%
Providence MBS Offshore Fund Ltd 4.83%
Protection Strategies 5.51%
LAMP Capstone Convexity Fund 5.02%
LAMP Conquest Customised Macro Master Fund 2X 0.49%
Equity Market Neutral Strategy 3.91%
ZLP Offshore Utility Fund Ltd 3.91%
Event-Driven Strategy 3.25%
Omni Global Fund Ltd 3.25%
Multi-Strategy Funds 16.49%
Brevan Howard Fund Ltd 2.51%
Hayman Capital Offshore Partners LP 6.06%
Millennium International Ltd 5.44%
QVT Overseas Ltd 2.48%
Private Equity 0.56%
MPM Bio Ventures II 0.56%
ALTIN AG 3.82%
Others 1.82%
TOTAL 105.7%
ALTIN: Q1 2012 commentary
After a year end in 2011 marked by the escalation of tensions in
Europe, the first quarter of 2012 was an opportunity for a strong
rebound of "risky" assets. The massive injections of liquidity by
the European Central Bank have allayed the short-term concerns
about the European financial sector. The continued growth of the US
economy and the stabilisation of activity in emerging economies
has, for the most part, helped to reassure investors on the outlook
for global growth. The portfolio fared well over this period. The
portfolio continued to reduce leverage, which fell from 115% to
105.7% over the first quarter 2012. It remains well diversified
both on a strategy and geographical level, as well as liquid.
The majority of the change in leverage stemmed from a reduction
in the Event Driven silo, from 11.76% to 3.25%. This reduction was
partially due to poor performance and the removal of one manager,
Paulson Advantage Plus Fund Ltd, and on the other hand, an
anticipated rotation to another fund managed by the same manager,
Jana Offshore Partners Ltd. The Macro silo was reduced from 25.92%
to 24.29% as one manager was redeemed. The Managed Futures silo was
also reduced from 2.97% to 2.07%. A new Protection Strategy was
implemented over the period and LAMP Capstone Convexity Fund and
LAMP Conquest Customised Macro Master Fund 2X now sit under this
new classification. The allocation to this strategy is 5.51%.
Top contributors YTD as 31.03.2012 (estimated data)
-- Arrow Offshore Ltd +0.6%
-- Scopus Fund Ltd +0.6%
-- Jana Offshore Partners Ltd +0.5%
-- Scopus Vista Fund Ltd +0.4%
-- Coatue Offshore Fund Ltd +0.4%
Top detractors YTD as 31.03.2012 (estimated data)
-- LAMP Capstone Convexity Fund -0.4%
-- LAMP Conquest Customised Macro Master Fund 2X -0.2%
-- Comac Global Macro Fund -0.2%
ALTIN: high level of liquidity allows for investment
flexibility
ALTIN's portfolio continues to have a majority of investments
with a redemption frequency term of 3 months or less. This high
level of liquidity means ALTIN is in a strong position to take
advantage of attractive opportunities when they arise. Exposure to
a particular investment theme can also be increased via the level
of leverage allowed. This high level of flexibility means the
portfolio can be reorganized in a nimble way if required and
dependent on market opportunities and threats.
ALTIN: not affected by redemption issues
ALTIN is a closed-ended and fixed capital fund and as such it is
not faced with redemption requests. This provides the investment
manager with the opportunity to select the best risk/reward
opportunities in the hedge fund universe. Investors can freely buy
and sell ALTIN shares on a daily basis on the London or Swiss stock
exchanges, without the need to redeem at fixed redemption
dates.
For further information, please contact:
Investor Relations Manager Kinlan Communications
Marc T. Clapasson David Hothersall
Tel. +41 41 760 62 60 Tel. +44 (0)20 7638 3435
info@altin.ch davidh@kinlan.net
Note to Editors
About ALTIN AG
ALTIN AG was launched in 1996 and is listed on the SIX Swiss
Exchange as well as on the London Stock Exchange. It ranks among
Switzerland's leading alternative investment companies. Currently,
ALTIN is invested in more than 35 hedge funds representing diverse
investment strategies. Its objective is to generate an absolute
compound annual return in USD terms with lower volatility than
equity markets. Owing to these characteristics and a low
correlation with equity markets, ALTIN shares provide an ideal
complement for all diversified portfolios.
ALTIN is managed by Alternative Asset Advisors SA, a management
firm specializing in alternative investments and a member of the
SYZ & CO Group.
www.altin.ch
1 Estimated NAV performance as at 31 March 2012
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