CMAS Cma GL. GBP

 

TIDMCMAE TIDMCMAU TIDMCMAS 
 
RNS Number : 1796M 
CMA Global Hedge PCC Ltd 
19 May 2010 
 

CMA Global Hedge PCC Ltd ("The Company") - Interim Management Statement May 2010 
 
 
Performance Review 
 
The first quarter of 2010, was overall flat to slightly positive for the 
Company's portfolio at the same time as it continued to raise liquidity across 
the portfolio. This tells us that the illiquid assets that have so far been 
realized, have done so on average at values close to NAV. i.e. the liquidation 
of the illiquid assets so far this year has not been made with a significant 
haircut or at a discount. 
 
The Company's USD NAV was positive 0.86% in January, negative -0.48% in 
February, and negative -0.24% in March. 
 
Leverage and FX Hedging 
 
The Company at the end of March of 2009 fully repaid its leverage and will not 
deploy any leverage again. The FX hedging program of the Company was stopped in 
December 2009 according to the resolutions passed at the EGM held in December. 
The Company will not be currency hedging going forward. This means that the 
value of the EUR and GBP classes who are linked to the same USD denominated 
portfolio will fluctuate, in addition to the performance of the portfolio, 
according to the USD/EUR and USD/GBP exchange rates. 
 
As the USD appreciated significantly in the first quarter of 2010 the EUR and 
GBP classes performed much better than the USD class. The EUR class was up 4.03% 
in January, 1.13% in February, and 0.87% in March. The GBP class was up 1.79% in 
January, 4.52% in February, and 0.12% in March. 
 
Portfolio Update 
 
We have been focused on liquidating the portfolio and will continue to do so. An 
indicative expected liquidation schedule for the remaining portfolio is below. 
 
The remainder of the portfolio which has not been yet liquidated represents 
illiquid assets invested into Equity, Arbitrage and Trading managers. 
 
We expect the majority of these holdings to be liquidated in the next 2-3 years. 
The below schedule is indicative, based on available information at the time as 
well as subjective expectations. 
 
 
 
 
 
 
 
Expected Liquidation Schedule of Remaining Portfolio 
 
+--------------------+---------+ 
| Current cash       | 26%     | 
+--------------------+---------+ 
| Summer 2010        | 11%     | 
+--------------------+---------+ 
| December 2010      | 8%      | 
+--------------------+---------+ 
| December 2011      | 15%     | 
+--------------------+---------+ 
| 2012 or later      | 40%     | 
+--------------------+---------+ 
| TOTAL              | 100.00% | 
+--------------------+---------+ 
 
 
 
Liquidation Update 
 
So far in 2010 we have received several cash distributions from underlying funds 
which brought our cash level to approximately 26%. This has been relatively 
close to our expectations and we have not had any significant unpleasant 
surprises. We will continue to focus our efforts so that the orderly liquidation 
of the portfolio continues as expected. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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