DCG IRIS Limited DCG IRIS Limited July 2013 Monthly Report (1772O)
September 17 2013 - 3:30AM
UK Regulatory
TIDMIRIS
RNS Number : 1772O
DCG IRIS Limited
17 September 2013
DCG IRIS Limited (the "Company")
July Net Asset Values
As at 31 July 2013, the final net asset value of the Company's
ordinary shares is as follows:-
Ordinary Shares
Share class Final NAV MTD Performance YTD Performance
31 July (Total Return) (Total Return)
------------- ------------- ---------------- ----------------
Sterling
shares 99.24p (XD) +0.37% +3.10%
------------- ------------- ---------------- ----------------
This valuation, which has been prepared in good faith by the
Company's administrator, is for information purposes only and is
based on the unaudited final valuation supplied by the
administrators of the Company's underlying investment. Both a
weekly estimate and a monthly valuation of the underlying
investment may be produced as at valuation dates which do not
coincide with valuation dates for the Company, may be based on a
valuation provided as of a significantly earlier date, may differ
materially from the actual value of the Company's portfolio and is
unaudited or may be subject to little verification or other due
diligence and may not comply with generally accepted accounting
practices or other generally accepted valuation principles. The
Company's administrator may not have sufficient information to
confirm or review the completeness or accuracy of information
provided by the administrators of the Company's investments.
Other risk factors which may be relevant to this valuation are
set out in the Company's prospectus dated 12 November 2012.
Monthly Portfolio Review
Portfolio Commentary (provided by Credit Suisse AG, the manager
of the Master Fund)(1)
Performance: The Company returned 0.37% (total return, net of
fees) in July. Performance driven by our swap positions. From a
trading perspective there was limited activity in relation to the
IRIS Low Volatility Plus Fund. Cat bond issuance in the primary
market continued to be steady with five deals closing over the
course of the month. On 23 July 2013, Property Claim Service (PCS)
also came out with its final loss estimate on super storm Sandy
that left the overall industry loss number unchanged at $18.75bn.
As per our expectations, there was no significant impact from this
event on the performance of this fund.
Large Catastrophic Events: Strong thunderstorms brought record
rainfall in Canada with the Toronto area experiencing significant
flooding during the course of July. The estimated economic loss
from the flooding is in the range of $1.65bn making this the second
billion-dollar natural disaster event to occur in Canada this year.
A 5.9 magnitude earthquake struck China's Gansu province, killing
at least 95 people and injuring a further 2,840 on 22 July 2013.
The economic losses are estimated by the Ministry of Civil Affairs
to be around $3.25bn. New Zealand also experienced a magnitude 6.1
earthquake in the Cook Strait on 21 July 2013. Damage was
relatively minor with the New Zealand Earthquake Commission
estimating that insured losses could approach $40m. While these
numbers are early estimates, we do not expect to see any impact on
fund performance from these events.
Trading: July was a quiet month in terms of trading for the IRIS
Low Volatility Plus Fund. The fund strategically moved out of a few
cat bond positions to lock in mark-to-market profits. These sales
were timed so that the fund could take positions in ILW trades with
exposure to the US as well as Europe. IRIS Low Volatility Plus has
also taken a small position on a remote top layer of an Australian
program that we found to be well priced and diversifying.
Outlook: Cat bond issuance in 2013 is expected to continue at a
slightly slower pace going into the peak of the US hurricane
season. After the publication of the final PCS loss estimate on
super storm Sandy, we now have a final valuation on the remaining
contracts in the side-pocket of this fund. As we previously advised
investors, this unchanged PCS number leaves the fund subject to no
further significant impact from the event. Given that we are now in
the US hurricane season, we will constantly monitor the weather and
keep you updated on any meaningful hurricane activity. Overall, the
fund continues to be well invested and on target to meet its
performance expectations.
(1)Portfolio commentary compiled at the end of the month being
reported on.
Supplementary Information
Click on, or paste the following link into your web browser, to
view a full review of the DCG Iris portfolio.
http://www.rns-pdf.londonstockexchange.com/rns/1772O_-2013-9-17.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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