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Alternative Liq Share Discussion Threads
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|51.61p partial redemption|
|Did you buy any more?|
|Sorry for late response - don't worry about the 46 vs 49.5p, actual value of the portfolio is closer to 60p so we just need to wait for the other investments to return capital. A purchase at 49p should do fine over the next few years.|
|First redemption hmm 46p I paid 49.5p cant win em all
|phew ok run-off in place first redemption 30th Novemeber 2012
Will the share price go through the floor as holders exit or will it spike as confident arbs snap up the discarded?|
|Yep anyone buying now could get the run-off as a safety net providing the board dont come up with any other value decreasing schemes in the meantime.|
|Looks like it. I'm tempted to try and buy some more shares at this price and participate in the runn-off|
|Decision being taken out of our hands?
|Tried to convert but there might have been an issue at my broker so waiting to see if happened. However, considering buying some more if possible - correct me if I've got the wrong end of the stick but when you buy the run off shares, according to their timetable you get back most of your intial output within a year, and then you are left with some small residual value that should redeem over time at around 20% irr. Sidepockets and holdings in the Apollo Euro NPL fund and Oaktree's Euro fund, are at approx 50% of their respective NAVs.|
|No but I'm already thinking I should have done. You?|
|Have any of you elected for the run-off shares?|
|Good point edwardt - I hadn't appreciated that.|
|they have marked the assets down aggressively so it should trade near nav, if not a premium. all to do with a better chance of a performance fee... also intend to buy side pockets at deep discounts to carrying value. auditors should be shot if you ask me for allowing fund of fund hedge funds not to apply this secondary market value to their nav calcs. discounts there are somewhat of an illuision.|
|Their plan is to invest in "illiquid hedge fund assets".
Often investment trusts which invest in illiquid assets trade at a significant discount.
ALSL is on a narrow discount currently.
I'd consider passing on these for the moment and checking back in a couple of years time. Maybe you'll be able to pick up on those illiquid assets at a decent discount then.|
|Do you believe the Australian Investment Manager when they state 20% IRR with only two year experience?|
|this looks interesting praipus - good old kitchen sinking going on - me thinks this is being done to recalibrate and preped to perform.|
|Prospectus and placing!
"-- NAV after adjustment for fair market and recovery values decreased 22.4% to 44.84p reflecting 27 per cent reduction in value attributed to investment portfolio by comparison to values reported by underlying managers "
Even value investing can be risky.|
|What you dont want to read in the results:
"28 August 2012
Prior to the application of the revised basis of valuing the investment portfolio, the net asset per share of the Company for the six months to 30 June 2012 declined 2.3 per cent to 56.47p per share (31 December 2011 57.80p), comprising a negative 1.7 per cent foreign exchange translation effect and a negative return of 0.6 per cent in local currency terms.
By comparison, during what proved to be a volatile trading period equities ended up relatively flat (MSCI Europe: 1.8 per cent ), whilst continued low levels of defaults provided strong returns for high yield credit (Bank of America Merrill Lynch Euro High Yield Master: 4.7 per cent ) but fewer opportunities for event-driven distressed managers (HFR Distressed Index: 0.7 per cent).
After taking account of adjustments to manager valuations to reflect the Revised Valuation Methodology, the net asset value per share as at 30 June 2012 has been restated to 44.83p per share, a further reduction of 20.1 per cent."
From the interim report
|Formerly Saltus European Debt Strategies SED
Weiss Asset Management have a holding here. I track their and other known value investors holdings on the WAM thread.
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