Net Asset Value and Performance Data (8577F)
May 03 2011 - 11:11AM
UK Regulatory
TIDMGSDO TIDMGSDE TIDMGSDU
RNS Number : 8577F
Goldman Sachs Dynamic Opportunities
03 May 2011
MONTHLY FINAL NAV
Goldman Sachs Dynamic Opportunities Limited (the "Company")
Net Asset Value and Performance Data*
As at the close of business on 31 March 2011, the net asset
value and performance of the Company's shares are as follows:
Net Asset WTD MTD YTD
Share Class Value performance performance performance
GBP Shares 113.38 pence 0.97 % 0.05 % 1.00 %
EUR Shares EUR 1.4400 0.13 % (2.62) % (4.51)%
US$ Shares US$ 2.1074 0.99 % 0.05 % 1.00 %
*IMPORTANT NOTES
1. Calculation of Net Asset Value
This valuation of the Company's net asset value, which has been
prepared in good faith by the Company's administrator, is for
information only. Save as set forth below, it is determined based
upon the latest available valuations (or estimated valuations)
provided, directly or indirectly, by the Company's underlying
investment managers ("Advisors").
Pursuant to the acceptances of the redemption proposals for the
US$ Shares and EUR Shares, the net asset values (including the
costs and expenses incurred by redeeming shareholders and assuming
no currency hedging is undertaken) of the Company's redeemed shares
are as follows: EUR Redeemed Shares EUR 1.4550 and US$ Redeemed
Shares US$ 2.1306.
2. Calculation of Performance Data
Set out above are the estimated week to date ("WTD"), final
month to date ("MTD") and final calendar year to date ("YTD")
performance figures. The WTD performance figure is calculated by
reference to the previously published estimated NAV. The MTD
performance figure is calculated by reference to the previous
month's estimated NAV as published or, if published, the previous
month's final NAV. The YTD performance figure is calculated by
reference to the NAV at the end of the last calendar year.
As announced on 22 March 2010, the Company has reinstated the
currency hedging arrangements in full for its GBP Shares only
(through the use of rolling forward foreign exchange contracts)
effective 30 March 2010. Currency hedging was suspended in November
2008 and will not be reinstated for the EUR Shares. As a result,
the EUR Shares performance figures as set out above reflect
currency movements for EUR against the US$ as well as net
performance of the underlying portfolio investments net of the
Company's fees and expenses. Changes in the value of EUR against
the US$ may result in significant differences between EUR Shares
performance figures when compared to those of the US$ and the GBP
Shares. The US$ Share performance figures reflect the Company's
underlying portfolio return net of the Company's fees and
expenses.
3. ERISA
The articles of association of the Company prohibit any purchase
or acquisition of shares by or on behalf of or for the benefit of
an ERISA plan or benefit plan investor subject to similar laws (a
"Plan Investor"), and incorporate provisions whereby purported
purchases of shares by or on behalf of or for the benefit of an
ERISA plan or Plan Investor will not operate to confer any interest
or rights whatsoever in such shares in favour of an ERISA plan or
Plan Investor, but instead will take effect as a trust for
redemption in favour of the Company and the Company will
subsequently purchase or redeem such shares, which purchase or
redemption may take place at an amount per share which is less than
the price paid by an ERISA plan or Plan Investor on the purported
acquisition.
4. For the Attention of United States Residents
The shares may not be offered or sold within the United States
or to, or for the account or benefit of, US Persons (as defined in
the Regulation S under the Securities Act of 1933 or any person who
would not be considered a Non-US person under Rule 4.7 of the
United States Commodity Exchange Act).
5. Investment Policy
In seeking to achieve its investment objective, the Company
allocates its assets (directly or indirectly) to a relatively
concentrated portfolio of Advisors (or entities managed by them)
selected by the Company's investment manager (the "Investment
Manager"). Such Advisors employ a broad range of alternative
investment strategies within the event driven, tactical trading,
equity long/short and relative value sectors. The Company seeks to
make longer term core investments whilst also allocating more
opportunistically to niche Advisors.
There can be no assurance that the Company will achieve its
investment objective or that it will be able to continue to
implement its investment policy, or that the portfolio design, risk
monitoring and hedging strategies of the Company will be
successful.
6. Notes on Valuation
Certain securities or other assets in which the Advisors invest
may not be readily realisable or have a readily ascertainable
market price or may otherwise be extremely difficult to value and
will be priced by the Advisors.
The Company may not have received valuations (or estimated
valuations) from Advisors on a timely or current basis, and may not
have received valuations at all. In order to arrive at the net
asset value, the Company will generally use the latest available
valuations (or estimated valuations) provided, directly or
indirectly, by the Advisors. Valuations (or estimated valuations)
received by the Company may be unaudited or may be subject to
little verification or other due diligence and may not comply with
generally accepted accounting practices or other valuation
principles. Such estimates and valuations may not be considered
"independent" or may be subject to potential conflicts of interest.
Further such valuations may take no account of any limited rights,
lock-ups or other restrictions attached to those investments.
In addition, neither the Company's administrator nor its
Investment Manager will generally have sufficient information to be
able to independently confirm or review the completeness,
genuineness or accuracy of the Advisors' valuations (or estimated
valuations). In certain circumstances as set out in the Company's
prospectus dated 2 May 2008, including if the Investment Manager
determines, in its sole discretion, that a valuation is inaccurate
or incomplete, the Investment Manager may, in its sole discretion,
determine the fair value of the Company's interests independently
of the Advisor's valuations based on information available to, and
factors deemed relevant (at its sole discretion) by, the Investment
Manager at the time of such valuation.
Other risk factors which may be relevant to this valuation are
set out in the Company's prospectus dated 2 May 2008.
As a result of these factors, the actual value of the Company's
assets may be materially different from this published value. In
the event that a valuation subsequently proves to be incorrect, no
adjustment to a previously published valuation is expected to be
made nor would compensation be payable.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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