TIDMAIA
ALTIN market review and portfolio holdings
as of 1st January 2016
Baar, 21 January 2016 - ALTIN AG (SIX: ALTN, LSE: AIA), the
Swiss alternative investment company listed on the London and Swiss
stock exchanges, discloses its entire hedge fund portfolio holdings
as part of its policy of full transparency to investors. The
portfolio, which is well diversified across 40 underlying hedge
funds, has achieved an NAV performance of +215.22%1 since its
inception in December 1996.
ALTIN continues to deliver solid outperformance
The ALTIN share price was up +11.42% and +12.04% on the Swiss
(SIX) and London (LSE) exchanges respectively in 2015. Over the
past year, the share price discount to NAV has fallen significantly
since the end of 2014, reducing from 21.8% to 14.8%, based on the
latest estimates. Thanks to the permanent capital base provided by
its structure, the ALTIN portfolio can be allocated to funds that
require a slightly longer lock-up but offer potentially higher
returns, without incurring any liquidity mismatch. The portfolio
remains however highly liquid, with 65.20% of assets invested in
funds with monthly or better liquidity, allowing the manager to
make allocation shifts when deemed necessary.
Portfolio as at 1st Total Portfolio (%)
January 2016
Macro 28.38%
Cumulus Fund Leveraged 2.81%
Finisterre Global 3.24%
Opportunity Fund
Goldfinch Capital Management 2.07%
Offshore Ltd
H2O Vivace 3.43%
Quantica Managed 2.61%
Futures Fund Inc
Stone Milliner 3.67%
Macro Fund Inc
The Tudor BVI Global 2.96%
Fund Ltd
Two Sigma Compass Enhanced 7.59%
Cayman Fund Ltd
Equity Hedge 23.57%
Arrow Offshore Ltd 1.97%
Clearline Capital Partners 3.21%
Offshore Ltd
Coatue Offshore Fund Ltd 4.12%
DB Platinum Ivory 1.63%
Optimal Fund
NPJ Global Opportunities 3.00%
Fund
Passport Long Short Fund 2.16%
Verrazzano European 4.21%
Focus Fund PLC
Zeal China Fund Limited 3.27%
Event Driven 27.38%
Aristeia International Ltd 3.66%
Contrarian Emerging Markets 3.99%
Offshore Fund Ltd
Jana Nirvana Offshore 4.84%
Fund Ltd
LLSOF LP 2.07%
Merrill Lynch Investment Solutions - Castlerigg 1.26%
Equity Event and Arbitrage UCITS Fund
Marathon Special Opportunity 4.54%
Fund Ltd
Paulson Enhanced Ltd 2.49%
York European Focus 4.53%
Unit Trust
Relative Value 42.13%
Acadian Global Leveraged Market 3.03%
Neutral Equity UCITS
Atlas Enhanced Fund Ltd 2.99%
Capstone Vol Offshore Ltd 3.04%
Citadel Kensington Global 6.54%
Strategies Fund Ltd
Claren Road Credit Fund Ltd 0.88%
Concordia Fixed Income 1.52%
Relative Value Ltd
Millennium International 4.56%
Providence MBS Fund Ltd 3.54%
Stratus Feeder Ltd 4.58%
Two Sigma Absolute Return Equity 3.26%
Enhanced Cayman Fund Ltd
Visium Balanced Offshore 2.89%
Fund Ltd
ZP Offshore Utility 5.30%
Fund Ltd
Protection 4.61%
Conquest Macro Fund Ltd 0.65%
Fortress Convex 2.03%
Asia Fund Ltd
TailProtect Ltd 1.93%
Special Investments 1.04%
ALTIN AG 1.40%
Total 128.51%2
ALTIN: Q4 2015 commentary
The ALTIN portfolio was up during the last quarter of 2015, a
period which witnessed relatively high levels of volatility,
primarily driven by central banks' actions in the developed world
and by the economic situation in emerging markets. It is noteworthy
that, when observing monthly returns, ALTIN's performance turned
out to be rather different from that of traditional asset classes,
as well as that of the average hedge fund. In particular, ALTIN was
slightly down in October when equities, bonds and hedge funds
posted positive returns, whereas it was up in December when all
these asset classes were down. It is worth mentioning that this
happened despite the ALTIN's overall positive, albeit limited, beta
to equities. This underlines the diversified nature of ALTIN's
sources of return. Over the fourth quarter, most strategies in the
portfolio were up with the notable exception of Credit, Protection
and Trend-Following strategies. Finally, it is noteworthy that
ALTIN ended the year in positive territory (+2.20% YTD, based on
the latest estimates), 2% to 3% ahead of hedge fund and fund of
fund indices, which were on average negative in 2015: the HFRI FoF
Index and the MSCI World Net Return Index recorded -0.34% and
-0.87% over the same period.
The Macro silo was ALTIN's best performance contributor, with
most funds up over the quarter. The notable exceptions were a pure
medium-term trend-following manager that was impacted by
agricultural commodity positions as well as detrimental trading of
equity indices and a US natural gas trader that lost some ground
following a warmer-than-usual winter. The bulk of the performance
came from the short-term systematic macro allocation and to a
lesser extent from discretionary managers, which succeeded in
capturing the US dollar up-trend with additional returns from long
GIIPS sovereign bond exposure. It is also worth pointing out the
good performance of a power and energy trader, which ended up being
one of the best contributors for the quarter despite its relatively
small sizing.
The overall positive trend in equity markets was supportive for
the Equity Hedge allocation, which was the second largest
contributor for the quarter. Regardless of region, sector or style
focus, almost all managers were up. However, some fared better than
others with major contributors being a Chinese and a European
manager as well as a technology specialist. On a risk-adjusted
basis these three funds substantially outperformed their respective
markets. What is even more rewarding is that in 2015 the Equity
Hedge allocation actually performed substantially better than
global equities in absolute terms.
The Event Driven allocation was broadly negative with credit
managers losing ground on the continuation of the energy complex
sell-off and its impact on distressed and long high yield
allocations. Additional negative performance was generated from two
concentrated merger arbitrage and special situations specialists,
with a few losses in healthcare and energy idiosyncratic positions
significantly detracting performance in what was otherwise a mildly
supportive environment for equities. There were however three
positive contributors over the quarter: an emerging markets
distressed fund, a European multi-event-driven manager and an
equity activist.
The Relative Value silo was mostly positive, with the main
contributor being a high-volatility quasi equity-market-neutral
specialist in utility and midstream companies, which posted three
positive monthly returns in a row following the violent disruptions
that impacted that sector during the summer and early autumn.
Generally speaking, equity market neutral and multi-strategy funds
performed positively during a period that was particularly volatile
for equity market neutral factors, with ultimately a positive
outcome for momentum and quality, but a negative one for size and
value. The only significant losses in that space came from
sub-sector relative value bets in healthcare in October, mainly
long specialty pharmaceuticals companies vs. the market, and
relative value trades in emerging markets. It is also worth
pointing out that interest rate and volatility arbitrage funds were
also positive for the quarter and in particular in December, which
supports the view that the end of ultra-loose monetary policies
should support these strategies.
The sharp risk-on rally in October and, to a lesser extent,
seesaw markets in December, were detrimental to the Protection
allocation, which has been the worst contributor over the quarter.
However, this style remains a positive contributor in 2015 thanks
to the rebalancing that was implemented during the year.
From an allocation perspective, the portfolio remained
relatively stable over the quarter, with changes mainly stemming
from performance differences amongst managers. A macro-driven
equity long-short manager entered the portfolio, while a
trading-oriented macro manager was removed.
Top contributors YTD as of 31.12.2015 (estimated data)
-- Two Sigma Compass Enhanced Cayman Fund Ltd +1.82%
-- Perceptive Life Sciences Offshore Fund Ltd +0.80%
-- Citadel Kensington Global Strategies Fund Ltd +0.77%
Top detractors YTD as of 31.12.2015 (estimated data)
-- Quantica Managed Futures Fund Inc -0.85%
-- Marathon Special Opportunity Fund Ltd -0.57%
-- Fortress Macro Fund Ltd -0.50%
ALTIN: Portfolio profile to remain stable
January 21, 2016 12:30 ET (17:30 GMT)
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 coming months.
Asset Allocation according to redemption frequency (including
remaining lock-ups)
as at 1 January 2016
Daily 6.10%
Weekly 7.28%
Monthly 51.82%
Quarterly 53.18%
Longer than Quarterly 10.13%
Total 128.51%2ALTIN's gross exposure
stands at 128.51% as
at 1 January 2016, vs. 128.45% as 1 October 2015
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
Tel. +41 (0)41 760 62 60 David Hothersall
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 December 2015
2
View source version on businesswire.com:
http://www.businesswire.com/news/home/20160121005483/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
January 21, 2016 12:30 ET (17:30 GMT)
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