Altin AG Holding(s) in Company
July 11 2013 - 11:30AM
UK Regulatory
TIDMAIA
ALTIN market review and portfolio holdings as of 1st July
2013
Baar, 11 July 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 +174.79%1 since its
inception in December 1996.
Portfolio as at 1st July 2013 Total Portfolio (%)
Global Macro Strategy 16.24%
AlphaMosaic SPC - SP 127 Episteme Capital 1.05%
Partners LLP Systematic Quest Fund 3X
CCP Quantitative Fund Aristarchus 1.16%
Hayman Capital Offshore Partners LP 3.10%
Stone Milliner Macro Fund Inc 2.50%
The Tudor BVI Glob Fund Ltd 4.54%
Two Sigma Compass Enhanced Cayman Fund Ltd 3.89%
Commodity Trading Strategy 5.17%
AlphaMosaic SPC - SP 23 Rosetta 1.44%
- Composite Program 2.5X
Goldfinch Capital Management Offshore Ltd 2.71%
LD Commodities Alpha 2X Fund Ltd 1.02%
Managed Futures Strategy 5.39%
AlphaMosaic SPC - SP 10 Welton 0.61%
Global Directional 2X
AlphaMosaic SPC - SP 11 Quantica Capital AG 0.72%
- Quantica Managed Futures Program 2.5X
Bluetrend Fund Limited 1.76%
LAMP Funds (Ire) 1 plc - LAMP NuWave 1.07%
Combined Futures Master Fund
LAMP Funds (Ire) 1 plc - QIM Global Fund 0.91%
LAMP Funds (Ire) 1 plc - Welton Global 0.32%
Directional Portfolio GDP Master Fund
Equity Long/Short Strategy 18.70%
BlackRock UK Emerging Companies Hedge Fund Ltd 3.55%
CF Odey UK Absolute Return Fund 1.37%
Coatue Offshore Fund Ltd 4.75%
LAMP UCITS Funds (Ire) 2 plc 2.49%
- LAMP Visium Global Fund
Pinpoint China Fund 2.32%
Verrazzano European Focus Fund PLC 1.94%
Zeal China Fund Limited 2.28%
Equity Long Bias Strategy 7.92%
Arrow Offshore Ltd 3.37%
Golden China Fund 2.49%
NPJ Global Opportunities Fund 2.06%
Event-Driven Strategy 22.72%
Castlerigg Ucits Funds plc - Castlerigg 3.06%
Merger Arbitrage UCITS Fund
Jana Nirvana Offshore Fund Ltd 5.04%
LLSOF LP 1.55%
Marathon Credit Opportunity Fund 5.04%
R3 (C) Ltd 3.78%
York European Focus Unit Trust 4.25%
Credit Long/Short Strategy 3.03%
Claren Road Credit Fund Ltd 3.03%
Convertible Bond Strategy 9.77%
Aristeia International Ltd 4.99%
LAMP Funds (Ire) 3 plc - Lazard 4.78%
Rathmore Multi-Strategy Fund
Equity Market Neutral Strategy 7.40%
Atlas Leveraged Fund Ltd 3.12%
Two Sigma Absolute Return 0.97%
Enhanced Cayman Fund Ltd
ZP Offshore Utility Fund Ltd 3.31%
Interest Rate Strategy 6.01%
EMF Fixed Income Fund Ltd 2.10%
Providence MBS Offshore Fund Ltd 3.91%
Volatility Strategy 1.94%
Two Sigma Horizon Cayman Fund, Ltd. 1.94%
Protection Strategies 3.38%
LAMP Funds (Ire) 1 plc - Capstone Convexity Fund 2.40%
LAMP Funds (Ire) 1 plc - LAMP Conquest 0.98%
Customised Macro Master Fund
Multi-Strategy Funds 11.88%
Brevan Howard Fund Ltd 0.36%
Millennium International Ltd 4.21%
Stratus Feeder Ltd 1.5 Leverage 4.23%
The Segantii Asia-Pacific Equity 3.08%
Multi-Strategy Fund
Private Equity 0.29%
MPM Bio Ventures II 0.29%
ALTIN AG 3.93%
Others 2.15%
Total 125.9%2
ALTIN: Q2 2013 commentary
The second quarter of 2013 was split in two halves: the general
upward trends of the last twelve months lasted until the middle of
May but were then brought to a halt followed by a reversal as the
US Federal Reserve started hinting at the tapering of its asset
purchase program. This led to a sharp correction across all asset
classes that accelerated towards the end of the quarter as some
investors raced to unwind positions. The fall was most dramatic in
those higher yielding, and possibly more speculative assets, that
were particularly sought after in the prevailing low rate
environment, such as emerging markets or high-yield bonds. It is
very interesting to note that US Treasuries acted as a leading
indicator in this regard, with 10-year rates already starting to
move upwards at the beginning of May. This led some managers to
reduce risk ahead of the correction and allowed them to better
protect their year-to-date gains. A first ripple indicator also
appeared in April when gold suffered its largest two-day decline in
30 years.
Overall, hedge funds ended the quarter in positive territory,
with Event Driven, Discretionary Macro and Credit Long/Short
managers leading the way. When compared to market movements, the
positive performance of hedge funds in May and the limited losses
in June are quite remarkable and show that hedge funds can add
value when political uncertainties recede. Most managers will find
an even better environment going forward thanks to higher levels of
dispersion and volatility, as was seen in rates which had been
trending down, eventually reaching historically low levels, before
spiking up to their long-term average at the end of the
quarter.
The rebalancing of ALTIN's portfolio continued during the second
quarter. Risk was increased across strategies with an emphasis on
Event Driven and Macro managers. As previously announced,
longer-term investments with 1 to 3 year lock-ups and higher
expected returns were also carried out. Nevertheless, the ALTIN
portfolio will keep a substantial amount of its assets in liquid
funds that can be liquidated in less than two months, in order to
be able to face any short-term liquidity needs. As a result,
longer-term investments will be kept below 20% of the net asset
value of the Fund to keep a high level of flexibility in terms of
portfolio allocation.
Top contributors YTD as 30.06.2013 (estimated data)
-- LAMP Funds (Ire) 1 plc - LAMP Hayman Capital Fund +0.81%
-- Two Sigma Compass Enhanced Cayman Fund Ltd +0.80%
-- Arrow Offshore Ltd +0.65%
Top detractors YTD as 30.06.2013 (estimated data)
-- Bluetrend Fund Limited -0.27%
-- LAMP Funds (Ire) 1 plc - QIM Global Fund -0.25%
-- Zeal China Fund Limited -0.21%
ALTIN: Continuing to gradually move 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 is continuing to take advantage of its stable capital
base and invest in less liquid strategies with higher expected
returns. This allocation shift continues to be implemented
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:
Tony Morrongiello - Chief Executive Officer Kinlan Communications
José Galeano - Investor Relations Manager David Hothersall
Tel. +41 (0) 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 2013
2 ALTIN's gross exposure stands at 125.9% as at 1 July 2013.
Previously it stood at 122.8% as 1 April 2013.
This information is provided by Business Wire
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