TIDMAIA

ALTIN: 2014 Results and Annual Report

 
 
    -- Good 2014 performance (+8.60%1 share price, +5.66%2

NAV performance)

 
    -- Strong relative outperformance (HFRX Index: -0.58%, HFRI FoF

Index: +3.37%)

 
    -- Share price to NAV Discount significantly reduced 
 
    -- 9.78% capital reduction to be submitted to AGM 
 
    -- Positive outlook for 2015: share price +15.84% YTD3,

NAV +4.24% YTD4

Baar, 2 April 2015 - ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss alternative investment company, published its 2014 audited annual results today5. Despite a complex and volatile environment, ALTIN delivered a solid 2014 performance both in terms of share price increase (+8.60%) and of investment portfolio returns (+5.66%). This represents a solid outperformance to both reference benchmarks: the HFRX and HFRI FoF indices, which in 2014 were down -0.58% and up +3.37% respectively.This outperformance was achieved thanks a broadly diversified set of return drivers. The discount to NAV ended the year at 21.81%, compared with 23.93% at end 2013. Despite this improvement, the Board remains firmly committed to further reducing the discount and, in accordance to the mechanism that was introduced in January 2014, on 27 February 2015 launched a further capital buyback via the issuance of tradable put options. The operation was successful and the discount has shrunk to 13.11% at the time of writing. The buyback programme will result in a 9.78% capital reduction and the formal cancellation of the bought back shares to be approved by the Annual General Meeting on 11 May 2015. The outlook remains positive for 2015, with the share price up +15.84% YTD, while the NAV has increased by +4.24% over the same period.

2014 annual results

2014 was a positive but difficult year for hedge funds, with contrasting macroeconomic signals, heightened geopolitical tensions and a dramatic fall in oil prices. Thanks to an appropriate strategy allocation, ALTIN's NAV finished the year up +5.66% in 2014, compared to the HFRX index and the HFRI FoF index, which recorded -0.58% and +3.37% respectively. ALTIN's portfolio turnover was much lower in 2014 as the major allocation shifts had mostly been completed by the beginning of 2014. The result was a portfolio that combined a diverse set of strong return drivers and the significant outperformance realised confirms the value of this strategy. The best contribution to performance came from the Macro strategy, followed by Relative Value and Equity Hedge. The favourable trend recorded in 2014 continued during the first months of 2015, with a YTD NAV increase of +4.24% (as 31 March 2015).

Reduced discount

As a result of the strong performance and of the different measures put in place by the Board, the share price/NAV discount ended the year at 21.81%, compared with 23.93% at end 2013. The average discount for 2014 was 20.89%, the lowest yearly average discount since 2008. The Board underlined its strong commitment to further reducing the discount by launching a share buyback via the issuance of tradable put options on 27 February 2015 and the discount has now shrunk to 13.11%. In addition to the immediate cash benefit received by shareholders, either by selling their put options or by tendering their shares at a premium, investors will also see the YTD NAV performance rise as a result of the capital reduction, as shares were bought at a discount to NAV. The repurchased shares will be cancelled after approval at the Annual General Meeting on 11 May 2015 and the capital will thus be reduced by 9.78%. The invitation to the Annual General Meeting will be made available at a later stage.

Once publicised it will also be available at the Company's website at www.altin.ch.

 
                                  ALTIN AG  ALTIN AG           HFRI FoF 
                                  NAV       Share Price (SIX)  Index 
YTD as 28 February 2015 (latest   +2.50%    +6.81%             +1.90% 
available final figures) 
2014                              +5.66%    +8.60%             +3.37% 
Cumulative since Dec. 1996        +208.42%  +160.98%           +144.07% 
Annualized since Dec. 1996        +6.43%    +5.45%             +5.06%

For further information, please contact:

 
Tony Morrongiello - Chief Executive Officer   Kinlan Communications 
Tel. +41 (0)41 760 62 60                      David Hothersall 
                                              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. Owing to these characteristics and a low correlation with equity markets, ALTIN shares provide an ideal complement for all diversified portfolios.

www.altin.ch

1 Based on SIX share price performance as at 31 December 2014

2 2014 audited NAV performance

3 SIX share price performance as at 01.04.2015

4 NAV performance as at 31.03.2015 (YTD, estimated)

5 The annual report is available on the company's website www.altin.ch ("About ALTIN / Reports & Publication", "Annual Report") or by using the following link: https://www.altin.ch/n/CNTP_552304_EN

 
 
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