May Estimated Net Asset Values

 

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RNS Number : 0254U 
Aida Fund Limited 
17 June 2009 
 

The Aida Fund Limited ("Aida") 
 
 
May Estimated Net Asset Values 
 
 
The estimated Net Asset Values of Aida's Shares as of 31 May 2009 are as 
follows: 
 
 
+------------------+------------------+------------------+------------------+ 
|                  |    US Dollar     |      Euro        |Sterling (pence)  | 
+------------------+------------------+------------------+------------------+ 
| NAV              |      1.6420      |      1.5702      |      136.13      | 
+------------------+------------------+------------------+------------------+ 
 
 
+------------------+------------------+------------------+------------------+ 
|                  |    US Dollar     |      Euro        |    Sterling      | 
+------------------+------------------+------------------+------------------+ 
| Performance      |                  |                  |                  | 
+------------------+------------------+------------------+------------------+ 
| MTD              |      2.80%       |      3.13%       |      3.46%       | 
+------------------+------------------+------------------+------------------+ 
| YTD              |     (0.10)%      |      1.91%       |      2.14%       | 
+------------------+------------------+------------------+------------------+ 
| 5-Year           |     (9.75)%      |    (14.40)%      |   (9.25)% (1)    | 
+------------------+------------------+------------------+------------------+ 
 
 
(1) since inception in July 2004 
 
 
These valuations, which have been prepared in good faith by Aida, are based 
principally on estimated valuations prepared generally by the investment manager 
of Aida's underlying investments. Such estimates may be subject to little 
verification or other due diligence, are un-audited and may not comply with 
generally accepted accounting or valuation principles. Other risk factors which 
may be relevant to this valuation are set out in Aida's prospectus dated 4th 
March 2008. 
 
 
Estimates were not provided by the underlying funds for the value of a number of 
the side pockets held by the fund. Side pockets at the end of May are estimated 
to be 5.31% of the total assets of the fund (5.77% of the invested assets). 
Investment Manager Comment 
During May 2009 the Aida Fund US$ class increased by 2.80%, the underlying 
portfolio before leverage and expenses increased by an estimated 2.93%, the S&P 
500 increased by 5.31% and the FTSE 100 increased by 4.11%. 
Since inception in September 2001 until the end of May 2009 the Aida Fund US$ 
class has risen by 9.47%. Over the same period the S&P 500 has fallen (18.92)% 
and the FTSE 100 has fallen (17.34)%. 
Of the underlying funds that Aida invests in 2 of the funds who have reported 
declined whilst 19 of the funds who have reported increased. 
On the 24th October 2008 the Aida Fund announced a change in its investment 
strategy whereby it will reduce or completely eliminate leverage at the Aida 
fund level. On 17th December 2008 shareholders approved the new strategy at an 
EGM. 
 
 
Considerable progress has been made to date in eliminating leverage. Redemption 
proceeds of $92m have been received since the announcement of the change in 
investment strategy on 24th October 2008 to date and net debt is estimated today 
to be circa 18% of NAV. However, like a number of other fund of funds, certain 
funds in which Aida invests have imposed gating restrictions which has resulted 
in the need to reduce some other investments. In addition the hedging of the GBP 
and Euro classes has resulted in a cash outflow of circa $4.9m over the period 
from 24th October 2008 to date. As a consequence it is now anticipated that the 
fund will cease to employ leverage for investment purposes with effect from the 
end of June 2009. 
The Aida Fund board is aware of the level of discount to NAV at which the 
company's shares are currently trading and is working on proposals to address 
this in parallel with the deleveraging timetable outlined above.It is 
anticipated that further information on such proposals will be provided within 
the next 7 days. 
 
 
Aida Capital, the investment manager, remains available at all times to discuss 
the fund and markets in general. 
 
 
 
 
Aida Capital 
[phone] 
 
 
 
 
Disclaimer 
This announcement does not constitute an offer to sell, exchange or transfer any 
securities of The Aida Fund Limited and is not soliciting an offer to purchase, 
exchange or transfer such securities in any jurisdiction where the offer, sale, 
exchange or transfer is not permitted or to any person or entity to whom it is 
unlawful to make that offer, sale, exchange or transfer. 
 
 
The registration document published on 4th March 2008 contains further details 
of the selling restrictions in such jurisdictions. 
 
 
This announcement is not an offer of securities for sale in the United States. 
The shares referred to herein have not been and will not be registered under the 
United States Securities Act of 1933, as amended (the "Securities Act") or with 
any securities regulatory authority of any state or other jurisdiction of the 
United States and may not be offered or sold within the United States or to, or 
for the account or benefit of, US Persons (as defined in Regulation S under the 
Securities Act) except in accordance with the Securities Act or an exemption 
therefrom. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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