Altin AG Annual Financial Report
March 27 2014 - 12:30PM
UK Regulatory
TIDMAIA
ALTIN: 2013 Results and Annual Report
-- +24.65%1 share price performance in 2013
-- +10.37%2 NAV performance in 2013
-- Positive outlook for 2014: share price is up +4% YTD3,
NAV is up +2.76% YTD4
Baar, 27 March 2014 - ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss
alternative investment company, published its 2013 audited annual
results today5. As market conditions improved in 2013, ALTIN
progressively increased its market exposure and recorded a share
price rise of +24.65%1 and an NAV increase of +10.37%2 in 2013.
This positive trend has continued in 2014 (share price +4% YTD3,
NAV +2.76% YTD4). As announced on 15 January 2014, the Board of
Directors has linked further share buybacks to share price
performance, with a clear commitment to conduct further buybacks
should the shares fail to achieve a 10% to 12% return over the
calendar year. The Company has also announced that it will no
longer pay a dividend out of tax-free reserves, which will improve
the long-term value of its capital structure.
2013 annual results
2013 was a good year for hedge funds and ALTIN's NAV increased
by +10.37% in 2013 (including dividend), compared to the HFRX index
and the HFRI FoF index, which were up by +6.72% and +8.72%
respectively. A stronger performance of the share price (+24.65% in
2013) meant the discount of the SIX share price to NAV narrowed
from 32.64% at the end of 2012 to 23.93% at the end of 2013. As the
market environment improved significantly, ALTIN's portfolio
profile also changed rather substantially during the course of the
year, as the allocation to Protection Strategies was reduced and
risk levels were raised. Weightings to risk-seeking strategies were
increased and investments in more aggressive uncorrelated
strategies were also implemented, in order to balance the equity
beta and allow for less correlated returns. There was also a
measured shift towards less liquid strategies to take full
advantage of ALTIN's stable and permanent capital base. This
favourable trend has continued during the first months of 2014 with
a YTD NAV performance of +2.76%4 and the share price rising by +4%3
leading to a further narrowing of the discount. The positive NAV
performance of January (+0.68%) in a difficult month is also
noteworthy. The discount of share price (SIX) to NAV stood at
20.58% as of 26 March 2014.
ALTIN AG ALTIN AG HFRI FoF
NAV Share Price (SIX) Index
YTD as at 28 February 2014 +2.76% +4.00% +1.29%
2013 +10.37% +24.65% +8.72%
Cumulative since Dec. 1996 +191.90% +140.31% +135.60%
Annualized since Dec. 1996 +6.47% +5.27% +5.14%
No dividend distribution in 2014
As announced on 15 January 2014, the Board has concluded that
distributing dividends out of tax-free reserves is not in the best
long-term interests of investors. Consequently, the Company does
not intend to distribute capital in the form of a tax-free
dividend/repayment of nominal value in 2014. Capital reductions
will be limited to years when the share price increase fails to
meet the 10%-12% range which, whilst a high discount prevails, the
Board of Directors deems to be an appropriate return target in all
but the most adverse market environments. Eventual capital
reductions would be conducted exclusively through the repurchase of
own shares, either via the issuance of put options or via second
line buybacks. By boosting NAV and in the case of repurchases via
put options, transferring intrinsic value to shareholders, these
capital reductions should prove an effective compensatory measure
in case of disappointing share price performance, whilst avoiding
to undermine the Company's capital base.
No changes in the Board of Directors
No new Board members will be proposed at the AGM and
shareholders will be invited to re-elect the current directors.
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
IMPORTANT NOTICE FOR THE MEDIA
ALTIN AG is an investment company that functions like a
closed-end fund of funds. As a consequence, the analysis of its
annual financial statements cannot be conducted in the same way as
with most companies that produce goods or services (i.e. balance
sheet, income statement, net profit, etc...). In particular, the
performance of the company cannot be accurately measured through
the change in net profit, which does not reflect the portfolio's
investment performance. The results of the company should thus
preferably be assessed through the evolution of the NAV and the
analysis of the investment portfolio, as found in the "Business
activity" section of the annual report. A detailed list of the
holdings is also available in Note 4 of the report.
In order to avoid any possible misinterpretation, please contact
us if you have any questions regarding these results.
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 Based on SIX share price performance as at 31 December
2013
2 2013 audited NAV performance including dividend (CHF 2.35)
3 SIX share price performance as at 28.02.2014
4 NAV performance as at 28.02.2013 (final, YTD)
5 The annual report is available on the company's web site
www.altin.ch ("About ALTIN / Reports & Publications", "Annual
Reports" page) or by using the following link
https://www.altin.ch/n/CNTP_452710_EN.
This information is provided by Business Wire
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