AIA Altin Reg

 
TIDMAIA 
 
 

ALTIN market review and portfolio holdings as 1st July 2012

Baar, 23 July 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 30 underlying hedge funds and representing over 10 investment strategies, is particularly well diversified and has a NAV performance of +162.85%1 since its inception in December 1996.

 
Portfolio as at                                     Total Portfolio (%) 
1stJuly 2012 
Macro Strategy                                        20.30% 
AlphaMosaic SPC - SP 127 Episteme Capital             1.43% 
Partners LLP Systematic  Quest Fund 3X 
Blenheim Global Markets                               2.98% 
Fund Ltd 
Comac Global Macro                                    3.91% 
Fund Ltd 
Goldfinch Capital Management                          3.11% 
Offshore Ltd 
LD Commodities                                        1.65% 
Alpha Fund Ltd 
The Clive Fund Ltd                                    4.15% 
Two Sigma Compass Enhanced                            3.07% 
Cayman Fund Ltd 
Managed Futures                                       1.27% 
Strategy 
AlphaMosaic SPC - SP 10 Welton                        0.71% 
Global Directional 2X 
AlphaMosaic SPC - SP 73 Blackwater Capital            0.56% 
Management LLC Global  Program 2X 
Credit Strategy                                       7.89% 
Claren Road Credit                                    4.10% 
Fund Ltd 
Marathon Special Opportunities                        0.70% 
Fund Ltd 
R3 (C), Ltd                                           3.09% 
Convertible Bond                                      8.57% 
Strategy 
Aristeia International                                3.28% 
Ltd 
Lazard Rathmore                                       5.29% 
Fund Ltd 
Equity Long/Short                                     27.35% 
Strategy 
7H Absolute                                           1.28% 
Arrow Offshore Ltd                                    7.10% 
BlackRock UK Emerging Companies                       4.64% 
Hedge Fund Ltd 
Coatue Offshore                                       4.39% 
Fund Ltd 
Scopus Fund Ltd                                       4.53% 
Scopus Vista Fund Ltd                                 2.50% 
Sprott Offshore                                       2.91% 
Fund Ltd 
Interest Rate Strategy                                8.68% 
EMF Fixed Income                                      3.31% 
Fund Ltd 
Providence MBS Offshore                               5.37% 
Fund Ltd 
Protection Strategies                                 5.36% 
LAMP Funds (Ire) 1 plc -                              4.86% 
Capstone Convexity Fund 
LAMP Funds (Ire) 1 plc - LAMP Conquest Customised     0.50% 
Macro Master Fund  Trading Level 2X 
Equity Market Neutral                                 4.09% 
Strategy 
ZLP Offshore Utility                                  4.09% 
Fund Ltd 
Event-Driven Strategy                                 11.45% 
LAMP Funds (Ire) 1 plc -                              7.87% 
LAMP JANA Partners Fund 
Omni Global Fund Ltd                                  3.58% 
Multi-Strategy Funds                                  7.60% 
Brevan Howard Fund Ltd                                1.30% 
Millennium International                              4.33% 
Ltd 
QVT Overseas Liquidating                              1.97% 
Ltd 
Private Equity                                        0.68% 
MPM Bio Ventures II                                   0.68% 
ALTIN AG                                              3.70% 
Others                                                1.42% 
Total                                                 108.4% 
 
 

ALTIN: Q2 2012 commentary

After a period of "risk on" in the first quarter of 2012, the second quarter of 2012 proved to be the complete opposite. The future of the Euro and even the solvency of certain banks were again questioned by the markets throughout the volatile quarter. As a result, fears regarding solvency issues in Europe spread and resulted in downward pressure on growth prospects globally.

The Event Driven silo saw the completion of the rotation of managers initiated at the end of the first quarter. The allocation to Event Driven managers was increased back up to 11.45% from 3.25%, as a core position in LAMP Funds (Ire) 1 plc - LAMP JANA Partners Fund was completed. The Macro silo was reduced from 24.29% to 20.30% as one manager, Banyan Capital Fund Ltd, was redeemed.

The Managed Futures silo was also reduced from 2.07% to 1.27%. The relatively new allocation to Interest Rate Strategies was increased from 4.83% to 8.68%. A 3.31% position was implemented in EMF Fixed Income Fund Ltd. This fund takes no duration risk and arbitrates various interest rate related securities.

The allocation to Convertible Bond Strategies was increased to 8.57% as a 3.28% position in Aristeia International Ltd was implemented. The additional manager is currently focused on the special situations space within the fixed income space as the fund sees significant catalysts in the short to mid-term within this credit sub-strategy.

The Multi-Strategy silo was temporarily reduced as Hayman Capital Offshore Partners LP was redeemed to rotate into LAMP Funds (Ire) 1 plc LAMP Hayman Capital Fund in July.

Top contributors YTD as 30.06.2012 (estimated data)

 
 
    -- BTR Global Opportunity Trading Ltd +1.3% 
 
    -- Arrow Offshore Ltd +0.7% 
 
    -- Jana Offshore Partners Ltd +0.5% 
 

Top detractors YTD as 30.06.2012 (estimated data)

 
 
    -- LAMP Funds (Ire) 1 plc - Capstone Convexity Fund -0.9% 
 
    -- Sprott Offshore Fund Ltd -0.4% 
 
    -- Banyan Capital Fund Ltd -0.4% 
 

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 30 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 30 June 2012

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