Altin AG Holding(s) in Company
October 11 2013 - 11:30AM
UK Regulatory
TIDMAIA
ALTIN market review and portfolio holdings
as of 1st October 2013
Baar, 11 October 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 40 underlying hedge funds and
representing over 10 investment strategies, is particularly well
diversified and has a NAV performance of +181.74%1 since its
inception in December 1996.
Portfolio as at 1st October 2013 Total Portfolio (%)
Global Macro Strategy 16.98%
AlphaMosaic SPC - SP 127 Episteme Capital 0.79%
Partners LLP Systematic Quest Fund 3X
CCP Quantitative Fund 1.04%
Fortress Macro Fund Ltd 2.65%
Hayman Capital Offshore Partners LP 2.90%
Stone Milliner Macro Fund Inc 2.36%
The Tudor BVI Global Fund Ltd 3.75%
Two Sigma Compass Enhanced 3.49%
Cayman Fund Ltd
Commodity Trading Strategy 5.15%
AlphaMosaic SPC - SP 23 Rosetta 1.84%
- Composite Program 2.5X
Edesia Alpha 2X Fund Ltd 1.05%
Goldfinch Capital Management Offshore Ltd 2.26%
Managed Futures Strategy 4.58%
AlphaMosaic SPC - SP 10 Welton 0.51%
Global Directional 2X
AlphaMosaic SPC - SP 11 0.78%
Quantica Capital AG
- Quantica Managed Futures Program 2.5X
Bluetrend Fund Limited 1.71%
LAMP Funds (Ire) 1 plc - LAMP NuWave 0.70%
Combined Futures Master Fund
LAMP Funds (Ire) 1 plc - QIM Global Fund 0.88%
Equity Long/Short Strategy 15.09%
CF Odey UK Absolute Return Fund 1.49%
Coatue Offshore Fund Ltd 4.98%
LAMP UCITS Fds (Ire) 2 plc 1.84%
- LAMP Visium Global Fund
Pinpoint China Fund 2.26%
Verrazzano European Focus Fund PLC 2.07%
Zeal China Fund Limited 2.45%
Equity Long Bias Strategy 7.27%
Arrow Offshore Ltd 2.73%
Golden China Fund 2.53%
NPJ Global Opportunities Fund 2.01%
Event-Driven Strategy 27.26%
Aristeia International Ltd 4.48%
Castlerigg Ucits Funds plc - Castlerigg 2.24%
Merger Arbitrage UCITS Fund
Jana Nirvana Offshore Fund Ltd 4.65%
LLSOF LP 3.80%
Marathon Special Opportunity Fund Ltd 5.02%
R3 (C) Ltd 2.70%
York European Focus Unit Trust 4.37%
Credit Long/Short Strategy 2.87%
Claren Road Credit Fund Ltd 2.87%
Convertible Bond Strategy 3.65%
LAMP Fds (Ire) 3 plc - Lazard 3.65%
Rathmore Multi-Strategy Fund
Equity Market Neutral Strategy 8.01%
Atlas Leveraged Fund Ltd 3.09%
Two Sigma Absolute Return 1.37%
Enhanced Cayman Fund Ltd
ZP Offshore Utility Fund Ltd 3.55%
Interest Rate Strategy 5.63%
EMF Fixed Income Fund Ltd 2.03%
Providence MBS Offshore Fund Ltd 3.60%
Protection Strategies 2.81%
LAMP Fds (Ire) 1 plc - Capstone 1.77%
Convexity Fund
LAMP Fds (Ire) 1 plc - LAMP Conquest 1.04%
Customised Macro Master Fund
Multi-Strategy Funds 10.23%
Millennium International Ltd 4.28%
Stratus Feeder Ltd 2.98%
The Segantii Asia-Pacific Equity 2.97%
Multi-Strategy Fund
Private Equity 0.31%
Cerberus Asia Partners LP 0.31%
ALTIN AG 4.09%
Others 2.03%
Total 115.96%2ALTIN's gross exposure
stands at 115.96%
as at 1 October 2013, vs.
125.9% as 1 July 2013.
ALTIN: Q3 2013 commentary
Hedge funds ended the quarter in positive territory although
returns differed significantly by strategy. Equity related
strategies such as Equity Long/Short, Event Driven and Equity
Market Neutral (which was the best performing strategy) performed
particularly well. A stock picking approach supported by a strong
dispersion of returns between good and bad companies and more
generally a positive, albeit volatile equity market, all
contributed to deliver strong alpha. Convertible Bond strategies
also performed very well, just shy of the performance of Equity
Market Neutral, thanks to an overall supportive credit and equity
market environment, but also thanks to additional gamma trading
performance. On the other side of the spectrum, Managed Futures,
Commodity Trading and Global Macro had a difficult quarter, mostly
driven by unresolved political issues, leading to increased noise
around fundamental prices.
During the third quarter, ALTIN continued to cautiously increase
the risk of the portfolio by reducing the Managed Futures,
Protection Strategies and Multi Strategy allocations, while in
parallel marginally increasing the allocation to risk-seeking
strategies. At 115.96% vs. 125.9% at the previous quarter's end,
leverage was slightly reduced during the quarter.
Top contributors YTD as 30.09.2013 (estimated data)
-- Two Sigma Compass Enhanced Cayman Fund Ltd +1.11%
-- Arrow Offshore Ltd +0.85%
-- LAMP Funds (Ire) 1 plc - LAMP Hayman Capital Fund +0.79%
Top detractors YTD as 30.09.2013 (estimated data)
-- LAMP Funds (Ire) 1 plc - Capstone Convexity Fund -0.37%
-- Stratus Feeder Ltd -0.35%
-- Bluetrend Fund Limited -0.27%
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, allow
ALTIN to continue to take advantage of its stable capital base to
invest in less liquid strategies with higher expected returns. This
allocation shift continues to be implemented gradually.
Asset Allocation according to redemption frequency as 1st
October 2013
Daily 8.20%
Weekly 6.63%
Semi-Monthly 3.14%
Monthly 40.99%
Quarterly 45.84%
Longer than Quarterly 11.16%
Total 115.96%2
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.
Positive effect of share buyback on NAV
At the end of September 2013, ALTIN completed the announced 10%
capital reduction via the repurchase of its own shares through the
issuance of put options. The buyback added liquidity to the shares
and provided a welcome boost to the share price. The repurchased
shares, which were acquired at a discount to NAV, will be cancelled
at the next AGM, thereby boosting YTD performance to 6.66%3.
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 40 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. Thanks to these characteristics and a low
correlation with equity markets, ALTIN shares provide an ideal
complement to all diversified portfolios.
www.altin.ch
1 Estimated NAV performance as at 30 September 2013
2
3 Estimated NAV performance as 4 October 2013 (based on NAV
computed on 10 October 2013).
This information is provided by Business Wire
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