Altin AG Holding(s) in Company
April 23 2014 - 11:30AM
UK Regulatory
TIDMAIA
ALTIN market review and portfolio holdings as of 1st April
2014
Baar, 23 April 2014 - 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 +194.76%1 since its
inception in December 1996.
ALTIN continues to deliver consistent outperformance
After a +24.65% share price performance in 2013, ALTIN continued
with this upbeat trend in 2014, posting a solid +6.00% increase
during the first quarter. The share price discount to NAV fell
significantly since the beginning of 2013, reducing from 34.5% to
20.1%2. These positive developments underline the renewed investor
interest in ALTIN, following the successful share buyback programme
implemented in September 2103 by the Board, as well as ALTIN's
compelling intrinsic strengths in terms of alternative investment
outperformance, full transparency and active fund management.
ALTIN's permanent capital base allows the portfolio to be
judiciously allocated to funds that require a slightly longer
lock-up without incurring any liquidity mismatch. The portfolio
remains sufficiently liquid, with 67.9% of assets invested in funds
with monthly or better liquidity, allowing the manager to make
allocation shifts when deemed necessary.
Portfolio as of 1st April 2014 Total Portfolio (%)
Global Macro Strategy 19.30%
ABD Managers plc Tactical Discretionary 2.42%
Macro UCITS Fund
CCP Quantitative Fund ARISTARCHUS 1.42%
Civic Capital Currency Offshore Fund Ltd 1.88%
Fortress Macro Fund Ltd 2.69%
Merrill Lynch Investment Solutions 1.30%
- Fulcrum Alpha Macro UCITS
Stone Milliner Macro Fund Inc 1.98%
The Tudor BVI Global Fund Ltd 3.68%
Two Sigma Compass Enhanced Cayman Fund Ltd 3.93%
Commodity Trading Strategy 7.51%
Atreaus Overseas Fund Ltd 1.38%
Cumulus Energy Fund 2.02%
Goldfinch Capital Management Offshore Ltd 2.11%
Old Hickory Trading Partners Ltd 2.00%
Managed Futures Strategy 3.67%
BlueTrend Fund Limited 1.68%
Quantica Managed Futures Fund Inc 1.99%
Equity Long/Short Strategy 18.25%
Clearline Capital Partners Offshore Ltd 3.11%
Coatue Offshore Fund Ltd 5.09%
Perceptive Life Sciences Offshore Fund Ltd 2.63%
Pinpoint China Fund 1.21%
Verrazzano European Focus Fund PLC 3.71%
Zeal China Fund Limited 2.50%
Equity Long Bias Strategy 9.04%
Arrow Offshore Ltd 3.17%
Golden China Fund 2.92%
NPJ Global Opportunities Fund 2.95%
Event-Driven Strategy 29.06%
Aristeia International Ltd 4.12%
Hayman Capital Offshore Partners LP 2.81%
Jana Nirvana Offshore Fund Ltd 5.34%
LLSOF LP 2.87%
Merrill Lynch Investment Solutions - Castlerigg 1.97%
Equity Event and Arbitrage UCITS Fund
Marathon Special Opportunity Fund Ltd 5.76%
R3 (C) Ltd 0.92%
York European Focus Unit Trust 5.27%
Credit Long/Short Strategy 4.03%
Claren Road Credit Fund Ltd 2.53%
PAMLI Global Credit Strategies Offshore Ltd 1.50%
Equity Market Neutral Strategy 11.07%
Atlas Enhanced Fund Ltd 3.34%
Tradeworx Ultra Select Offshore Fund Ltd 0.94%
Two Sigma Absolute Return Enhanced Cayman Fund Ltd 2.32%
ZP Offshore Utility Fund Ltd 4.47%
Interest Rate Strategy 3.75%
Providence MBS Fund Ltd 3.75%
Protection Strategies 0.95%
Conquest Macro Fund Ltd 0.95%
Multi-Strategy Funds 14.43%
Citadel Kensington Global Strategies Fund Ltd 3.00%
Millennium International 3.67%
Stratus Feeder Ltd 2.79%
The Segantii Asia-Pacific Equity 2.91%
Multi-Strategy Fund
Visium Global Offshore Fund Ltd 2.06%
Private Equity 0.27%
Cerberus Asia Partners LP 0.27%
ALTIN AG 4.88%
Others 1.62%
Total 127.83%3
ALTIN: Q1 2014 commentary
The first quarter of the year was a period of contrasting forces
and of irregular market dynamics. In the US and Europe, the
economic situation kept on improving (assuming that the cold
weather was responsible for the US slowdown), which led central
banks in their respective countries to maintain their relatively
optimistic stances. At the same time a succession of fears on the
emerging market front, both with regards to the economy and to
geo-political issues (namely the Ukrainian crisis), led to bouts of
volatility. As far as Japan is concerned, enthusiasm for Abenomics
seemed to fade as the date set to increase VAT approached and as
household and business confidence suddenly dropped. In that
context, equity markets tended to move sideways throughout the
quarter, with the US and Europe ending the period slightly up,
whereas Emerging Markets and more significantly Japan ended the
period down. On the fixed income side, rates and credit spreads
tended to go down albeit with some volatility across the quality
spectrum. There was quite a bit of dispersion across the commodity
sector with gold and agricultural products up, energy flat and
industrial metals down. Finally, it is worth mentioning that
towards the end of March equity markets went through a strong
rotation that pushed down companies that had had a strong relative
performance, such as some bio-tech stocks, and pushed up those that
had been weaker, such as some utilities. It is unclear at this
stage if this is only noise, or if it is the beginning of a
paradigm shift amongst investor preferences.
In this environment hedge funds on average posted positive
returns, with most strategies up for the quarter, but with a high
level of dispersion amongst managers. Relative Value strategies led
the way and managed to be relatively immune to the jigsaw moves of
the market. Risk-seeking strategies were also able to perform
positively over the quarter. This was particularly true for
managers in the Event Driven space and with low equity exposure, as
they were not impacted as much as some Equity Long/Short managers
by the rotation mentioned above.
On the negative side, Macro managers suffered from the reversal
of some popular themes as well as the absence of lasting trends.
Noticeably however, Commodity Traders managed to post relatively
strong performances after several years of disappointing returns.
In the specific case of ALTIN's portfolio this silo was among the
top contributors to overall performance despite a relatively low
allocation. Protection Strategies and Equity Market Neutral
strategies also contributed strongly when compared to their
respective weights in the portfolio.
Top contributors YTD as of 31.03.2014 (estimated data)
-- York European Focus Unit Trust +0.36%
-- Goldfinch Capital Management Offshore Ltd +0.34%
-- ZP Offshore Utility Fund Ltd +0.34%
Top detractors YTD as of 31.03.2014 (estimated data)
-- Coatue Offshore Fund Ltd -0.32%
-- Hayman Capital Offshore Partners LP -0.23%
-- Old Hickory Trading Partners Ltd -0.23%
ALTIN: Portfolio profile to remain stable
For the time being the portfolio is expected to remain fairly
stable and at this stage anticipated hedge fund reallocations
should not dramatically change the profile of the Fund. It is to be
emphasised that a significant portion of the portfolio is liquid
enough to quickly take advantage of new investment opportunities
should they arise during the course of the year.
Asset Allocation according to redemption frequency (including
remaining lock-ups)
as 1 April 2014
Daily 4.88%
Weekly 11.08%
Monthly 51.92%
Quarterly 44.33%
Longer than Quarterly 15.62%
Total 127.83%3
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 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 31 March 2014
2 Based on SIX share price discount to NAV as at 31.01.2013 and
31.03.2014
3 ALTIN's gross exposure stands at 127.83% as at 1 April 2014,
vs. 126.72% as 1 January 2014.
This information is provided by Business Wire
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