Lyxor Focus Fund (GBP) Ltd Interim Management Statement (1293X)
November 14 2014 - 10:59AM
UK Regulatory
TIDMLYXF
RNS Number : 1293X
Lyxor Focus Fund (GBP) Ltd
14 November 2014
LYXOR FOCUS FUND (GBP) LIMITED
Interim Management Statement
For the period from 25 June 2014 to 14 November 2014
Market Commentary
The third quarter and the early fourth quarter of 2014 proved to
be a challenging period for the Hedge Fund industry, especially
during the months of September and October.
From 24 June 2014 to 4 November 2014 the LYXOR FOCUS FUND (GBP)
LIMITED lost 2.26%, which was similar to industry returns. As a
comparison, over the same period HFRX yielded -2.18%.
The months of July and August were marked by rising geopolitical
stress. Relations between Russia and the West continued to worsen,
while tensions escalated in Iraq and Syria. The situation
stabilised in late August/September, which fuelled a short market
rally.
In addition we saw some negative economic figures in Europe and
Emerging Markets that further worsened market sentiment and weighed
on risky assets as investors started to factor in weaker economic
growth across the globe. The negative economic news flow, together
with rising Ebola fears, sent equity markets sharply down in late
September and early October. Markets did recover in late October
and early November.
Central Bankers did not stay out of the picture. The Federal
Reserve continued with the reduction of quantitative easing during
the summer and it ended its new purchases in October. The European
Central Bank announced plans to start a European version of
quantitative easing in September with more details announced in
October and November, while the Bank of Japan unexpectedly
increased its quantitative easing in late October. Generally
markets appreciated the various efforts made by the Central Banks
to stimulate the global economy and their policies were supportive
for market sentiment.
Over the period interest rates and forex exposures were
generally supportive for hedge fund performances. CTA funds and
Fixed Income Arbitrage were thus among the top contributors. Market
Neutral and Variable Bias managers managed to monetise dispersion
in the Equity space and also performed well. On the contrary, funds
with structural long equity exposures suffered: Long/Short Equity
Long Bias and Special Situations were among the worst performers.
For the latter idiosyncratic situations in the Credit and
International M&A space worsened losses.
Material Events and Transactions during the Period
There were no material events or transactions since 24 June
2014, nor was there any material change in the business of the
Company's operations. The Company's investment objectives as set
out in the prospectus dated 14 July 2008 remained unchanged.
Financial Position and Performance
The table below sets out the most recent NAV per share
information (in GBP):
Date Net Asset Monthly performance JPM GGB MSCI World
Value per Hedge USD
share (GBP)
-------------- ------------- -------------------- ----------- -----------
29 April 1.0828 N/A N/A N/A
2014
-------------- ------------- -------------------- ----------- -----------
27 May 2014 1.0906 0.72% 0.81% 1.74%
-------------- ------------- -------------------- ----------- -----------
24 June
2014 1.0982 0.70% 0.17% 1.61%
-------------- ------------- -------------------- ----------- -----------
29 July
2014 1.0983 0.01% 0.98% 0.67%
-------------- ------------- -------------------- ----------- -----------
26 August
2014 1.0959 -0.22% 0.86% 0.96%
-------------- ------------- -------------------- ----------- -----------
30 September
2014 1.0881 -0.71% -0.01% -1.23%
-------------- ------------- -------------------- ----------- -----------
28 October
2014 1.063 -2.31% 0.71% -1.07%
-------------- ------------- -------------------- ----------- -----------
04 November
2014 1.0734 0.98% 0.19% 1.66%
-------------- ------------- -------------------- ----------- -----------
This announcement has been issued through the Companies
Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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