AIDP Aida FD Gbp

 

TIDMAIDP TIDMAIDU TIDMAIDE 
 
RNS Number : 0252U 
Aida Fund Limited 
17 June 2009 
 

The Aida Fund Limited ("Aida") 
 
 
April 2009 Final Net Asset Values 
 
 
The Net Asset Values of Aida's Shares as of 30 April 2009 are as follows: 
 
 
+------------------+------------------+------------------+------------------+ 
|                  |    US Dollar     |      Euro        |Sterling (pence)  | 
+------------------+------------------+------------------+------------------+ 
| NAV              |      1.5973      |      1.5226      |      131.58      | 
+------------------+------------------+------------------+------------------+ 
 
 
+------------------+------------------+------------------+------------------+ 
|                  |    US Dollar     |      Euro        |    Sterling      | 
+------------------+------------------+------------------+------------------+ 
| Performance      |                  |                  |                  | 
+------------------+------------------+------------------+------------------+ 
| MTD              |     (0.97)%      |     (0.97)%      |     (0.90)%      | 
+------------------+------------------+------------------+------------------+ 
| YTD              |     (2.83)%      |     (1.18)%      |     (1.27)%      | 
+------------------+------------------+------------------+------------------+ 
| Rolling 12-month |    (40.63)%      |    (41.48)%      |    (41.42)%      | 
+------------------+------------------+------------------+------------------+ 
| 5-Year           |    (14.41)%      |    (18.94)%      |  (12.28)% (1)    | 
+------------------+------------------+------------------+------------------+ 
| 5-Year           |     (3.07)%      |     (4.12)%      |   (2.69)% (1)    | 
| Annualised       |                  |                  |                  | 
+------------------+------------------+------------------+------------------+ 
 
 
 (1) since inception in July 2004 
 
 
These valuations, which have been prepared in good faith by Aida, are based 
principally on formal valuations supplied to Aida by the administrators of 
Aida's underlying investments. In the case where no such formal valuation has 
been received, an estimated valuation prepared by the manager or administrator 
of the underlying investments has been used. Valuations or estimates are 
unaudited and may not comply with generally accepted accounting or valuation 
principles. Other risk factors which may be relevant to this valuation are set 
out in Aida's prospectus dated 4th March 2008. 
 
 
Investment Manager Comment 
During April 2009 the Aida Fund US$ class decreased by (0.97)%, the underlying 
portfolio before leverage and costs decreased by (0.08)%, the S&P 500 increased 
by 9.39% and the FTSE 100 increased by 8.09%. 
 
 
Since inception until the end of April 2009 the Aida Fund US$ class has risen by 
6.48%. Over the same period the S&P 500 has fallen (23.00)% and the FTSE 100 has 
fallen (20.60)%. 
 
 
Of the underlying funds that Aida fund invests in 9 of our funds who 
have reported have declined during April whilst 12 of the funds that have 
reported have increased. 
 
 
On the 24th October 2008 the Aida Fund announced a change in its investment 
strategy whereby it will reduce or completely eliminate leverage at the Aida 
fund level. On 17th December 2008 shareholders approved the new strategy at an 
EGM. 
 
 
Considerable progress has been made to date in eliminating leverage. Redemption 
proceeds of $92m have been received since the announcement of the change in 
investment strategy on 24th October 2008 to date and net debt is estimated today 
to be circa 18% of NAV. However, like a number of other fund of funds, certain 
funds in which Aida invests have imposed gating restrictions which has resulted 
in the need to reduce some other investments. In addition the hedging of the GBP 
and Euro classes has resulted in a cash outflow of circa $4.9m over the period 
from 24th October 2008 to date. As a consequence it is now anticipated that the 
fund will cease to employ leverage for investment purposes with effect from the 
end of June 2009. 
The Aida Fund board is aware of the level of discount to NAV at which the 
company's shares are currently trading and is working on proposals to address 
this in parallel with the deleveraging timetable outlined above. It is 
anticipated that further information on such proposals will be provided within 
the next 7 days. 
 
 
On 30 April 2009 side pockets accounted for 4.99% of the total assets 
of Aida Fund and 5.77% of invested assets. 
 
 
Aida Capital, the investment manager, remains available at all times to discuss 
the fund and markets in general. 
 
 
Aida Capital 
+44 20 7600 7500 
invest@aidacapital.com 
 
 
 
 
 
 
Disclaimer 
This announcement does not constitute an offer to sell, exchange or transfer any 
securities of The Aida Fund Limited and is not soliciting an offer to purchase, 
exchange or transfer such securities in any jurisdiction where the offer, sale, 
exchange or transfer is not permitted or to any person or entity to whom it is 
unlawful to make that offer, sale, exchange or transfer. 
 
 
The registration document published on 4 March 2008 of The Aida Fund Limited 
contains further details of the selling restrictions in such jurisdictions. 
 
 
This announcement is not an offer of securities for sale in the United States. 
The shares referred to herein have not been and will not be registered under the 
United States Securities Act of 1933, as amended (the "Securities Act") or with 
any securities regulatory authority of any state or other jurisdiction of the 
United States and may not be offered or sold within the United States or to, or 
for the account or benefit of, US Persons (as defined in Regulation S under the 
Securities Act) except in accordance with the Securities Act or an exemption 
therefrom. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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