Alternative Invest. Strategies Ld Investment Update March 2014 (3329F)
April 23 2014 - 6:15AM
UK Regulatory
TIDMAIS
RNS Number : 3329F
Alternative Invest. Strategies Ld
23 April 2014
ALTERNATIVE INVESTMENT STRATEGIES LIMITED
March Investment Manager's Review
Objective
The objective of the Company was to invest in a diversified
portfolio of hedge funds on a worldwide basis with the aim of
achieving superior absolute returns with low volatility. On the 12
June 2013, the Company's shareholders approved the Managed
Wind-down of the Company and since this date, the revised
investment objective and policy of the Company has been to seek to
realise all existing assets in the portfolio with a view to
maximising the return of invested capital to shareholders in an
orderly manner.
Investment Manager's Review
The portfolio is in the process of being wound-down and the
first of a series of compulsory redemptions of shares was
administered on the 14 August and shareholders received a
redemption price of 139.09p on 65% of their shares. A second
payment was administered on the 14 November and shareholders
received a redemption price of 139.44p on 33% of their remaining
shares. The third payment was administered on the 14 February and
shareholders received a redemption price of 142.66p on 68% of their
remaining shares. This now means that around 93% of the issued
share capital has been so far compulsory redeemed during this
wind-down process. It is expected that the Company will be put into
liquidation in May 2014, with a circular being despatched to
shareholders in due course in order to convene the necessary
general meeting to implement the liquidation. It is anticipated
that a further distribution will be made to shareholders around the
end of May 2014 in the form of a first liquidation distribution
shortly after the Company has been placed in liquidation.
A large number of positions were sold out of the portfolio at
the end of June 2013 with further sales made subsequently, in line
with the ongoing managed wind-down objective of the Company, such
that there is now only cash and receivables and one core holding in
the portfolio left for the month of March. This was the Event
Driven manager; Brevan Howard Credit Catalysts. The manager
produced a positive return continuing its positive contribution to
the portfolio as it benefited from positions in structured
credits.
As announced on 21 February and in accordance with the proposals
for the managed wind-down detailed in the circular to shareholders
dated 15 May 2013, the currency hedging programme was terminated in
time for the third redemption on 14 February 2014. The Investment
Manager is holding cash in Sterling and will be converting cash
received by the Company as part of the managed wind-down into
Sterling on receipt to help mitigate against the potential impact
of future US dollar fluctuations.
The Company's investments had the following breakdown as at end
March 2014:
39% Sterling cash
28% Brevan Howard Credit Catalysts (US dollar denominated)
33% Cash receivables being US dollar amounts from former
portfolio holdings.
Performance Summary
The net asset value performance for the month of March 2014 was
0.27%.
The net asset value performance since inception in December 1996
to 31 March 2014 is 166.44%, equivalent to an annualised rate of
5.82%.
Source of data: International Asset Management Limited
General Information
Investment Manager: International Asset Management Limited
Website: www.aisinvest.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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