Altin AG Holding(s) in Company
January 18 2013 - 11:30AM
UK Regulatory
TIDMAIA
ALTIN market review and portfolio holdings as of 1st January
2013
Baar, 18 January 2013 - 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 +163.34%1 since its
inception in December 1996.
Portfolio as at 1st January 2013 Total Portfolio (%)
Macro Strategy 22.12%
AlphaMosaic SPC - SP 127 Episteme Capital 1.11%
Partners LLP Systematic Quest Fund 3X
AlphaMosaic SPC - SP 23 Rosetta 0.53%
Capital Management,
LLC - Composite Program 2.5X
Comac Global Macro Fund Ltd 3.71%
Goldfinch Capital Management Offshore Ltd 2.04%
LD Commodities Alpha Fund Ltd 1.70%
Omni Macro Fund I Ltd 2.29%
The Clive Fund Ltd 3.53%
The Tudor BVI Global Fund Ltd 3.91%
Two Sigma Compass Enhanced Cayman Fund Ltd 3.30%
Managed Futures Strategy 3.05%
AlphaMosaic SPC - SP 10 Welton 0.64%
Global Directional 2X
LAMP Funds (Ire) 1 plc - LAMP NuWave 1.13%
Combined Futures Master Fund
LAMP Funds (Ire) 1 plc - QIM Global Fund 0.82%
LAMP Funds (Ire) 1 plc - Welton Global 0.46%
Directional Portfolio GDP Master Fund
Credit Strategy 13.47%
Claren Road Credit Fund Ltd 3.47%
LAMP Funds (Ire) 1 plc - Marathon 6.26%
Opportunistic Credit Fund
Marathon Special Opportunities Fund Ltd 0.45%
R3 (C), Ltd 3.29%
Convertible Bond Strategy 10.33%
Aristeia International Ltd 4.22%
LAMP Funds (Ire) 3 plc - Lazard 6.11%
Rathmore Multi-Strategy Fund
Equity Long/Short Strategy 12.08%
BlackRock UK Emerging Companies Hedge Fund Ltd 3.62%
Coatue Offshore Fund Ltd 4.52%
LAMP UCITS Funds (Ire) 2 plc 3.94%
- LAMP Visium Global Fund
Equity Long Bias Strategy 6.15%
Arrow Offshore Ltd 4.04%
Golden China Fund 1.04%
Value Partners China Greenchip Fund Ltd 1.07%
Interest Rate Strategy 6.41%
EMF Fixed Income Fund Ltd 3.30%
Providence MBS Offshore Fund Ltd 3.11%
Protection Strategies 4.68%
LAMP Funds (Ire) 1 plc - Capstone Convexity Fund 3.80%
LAMP Funds (Ire) 1 plc - LAMP Conquest 0.88%
Customised Macro Master Fund
Equity Market Neutral Strategy 4.74%
Atlas Leveraged Fund Ltd 2.44%
ZLP Offshore Utility Fund Ltd 2.30%
Event-Driven Strategy 13.80%
LAMP Funds (Ire) 1 plc - LAMP JANA Partners Fund 7.83%
Omni Global Fund Ltd 3.59%
York European Opportunities Unit Trust 2.38%
Multi-Strategy Funds 18.82%
Brevan Howard Fund Ltd 1.40%
Millennium International Ltd 4.47%
LAMP Funds (Ire) 1 plc - LAMP Hayman Capital Fund 6.41%
QVT Overseas Liquidating Ltd 0.27%
QVT SLV Offshore Ltd 0.73%
QVT Special Investment Offshore Fund Ltd 0.27%
Stratus Feeder Ltd 1.5 Leverage 3.63%
The Segantii Asia-Pacific Equity 1.64%
Multi-Strategy Fund
Private Equity 0.85%
MPM Bio Ventures II 0.85%
ALTIN AG 3.53%
Others 1.28%
Total 121.3%
ALTIN: Q4 2012 commentary
The last quarter of 2012 saw political issues continuing as the
main market driver, much as in the previous three quarters. The
year even ended in a dramatic fashion with a last minute agreement
on the so-called US fiscal cliff. However, with the result of the
US election, the political transition in China now complete and the
stabilisation of the Eurozone's situation, many political
uncertainties are now behind and markets have gradually started to
re-focus on what should be at the core of the markets' dynamic: the
state of the global economy and the myriad of forces determining
the valuation of each security. As a result, volatility stabilised
at close-to-normal levels and correlations declined as the
prevalent risk-on/risk-off trade started to break down into a
number of more idiosyncratic trades. This is good news for active
investment management in general and hedge funds in particular as
they can start (and have started) allocating capital in a more
normal manner and to use their skills and resources to take
informed risks, long or short. Without claiming that troubles are
behind us, it can be said that, after remaining most of the year in
capital preservation mode, managers are now looking to generate
performance in line with what investors are rightfully expecting.
In that context hedge funds ended the year on a positive note.
As a result of the above, ALTIN's allocation is gradually
shifting back to deploy capital more closely in line with its
overall mandate. More specifically, the exposure to Protection
Strategies is being reduced, overall risk is being increased whilst
at the same time re-allocating to less liquid strategies where
expected returns are higher. There are very interesting
opportunities in Credit Long/Short and Event-Driven, especially in
Europe where corporate activity is expected to increase and banks
will be required to deliver.
Top contributors YTD as 31.12.2012 (estimated data)
-- BTR Global Opportunity Trading Ltd +1.28%
-- LAMP Funds (Ire) 1 plc - LAMP JANA Partners Fund +0.86%
-- Arrow Offshore Ltd +0.73%
Top detractors YTD as 31.12.2012 (estimated data)
-- LAMP Funds (Ire) 1 plc - Capstone Convexity Fund -1.52%
-- Rig III Fund Ltd -0.40%
-- Comac Global Macro Fund Ltd -0.39%
ALTIN: Gradually moving down the liquidity curve
The improvement in market dynamics and the reduction of
tail-risk, coupled with a very appealing opportunity set, means
that ALTIN can start taking advantage of its stable capital base to
invest in less liquid strategies with higher expected returns. This
allocation shift has already started to take place gradually.
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:
José Galeano - Head Investor Relations Manager Kinlan Communications
Marc T. Clapasson - Investor Relations Manager 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 31 December 2012
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