F&C Monthly estd Nav

    RNS Number : 9959F
  F&C Event Driven Limited
  16 October 2008
   

    F&C Event Driven Limited 
    16 October 2008 

    Estimated Monthly NAV 30 September 2008 

    F&C Event Driven Limited (the "Company") 

    As at the close of business on 30th September 2008, the estimate net asset value per share of the Company's ordinary shares (£ shares)
is 78.14 pence. 
    

    This valuation, which has been prepared in good faith by the Company's investment adviser, is for information purposes only and is based
on the unaudited estimated valuations supplied to the Company's investment adviser by the administrators or managers of the Company's
underlying investments. Such estimates 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. In addition, some of those estimates may not be supplied on
a regular or timely basis with the result that the values of such investments are based on the latest available estimates which may be some
time before the date set out above.  All of the Company's 21 managers have been valued within 7 days of the above date. Certain other risk
factors which may be relevant to these valuations are set out in the Company's prospectus. 

    Estimated top ten holdings:

 Canyon Value Realization Fund (Cayman), Ltd  8.8%

 Glenview Capital Partners (Cayman) Ltd       8.3%

 Polygon Global Opportunities Fund            7.9%
 Taconic Opportunities Offshore Fund Ltd      6.4%
 Litespeed Offshore Fund Limited              6.4%
 Shepherd Investments International Ltd       6.3%

 Amber Fund (Cayman) Limited                  6.1%
 LIM Asia Arbitrage Fund                      5.8%
 Seneca Capital International, Ltd            5.3%

 Tosca Fund Limited - USD Class               4.8%

    Data source: F&C Partners LLP; Holdings shown as a percentage of Fund Net Asset Value.


    Estimated month asset allocation and performance attribution: 

               Distressed Debt  Emerging Market and   Equity Long / Short  Merger Arbitrage /    Multi Strategy
                                Asia                                       Event Driven          Arbitrage
 Weight        12.2%            6.2%                  14.0%                48.0%                 19.7%
 No. of Funds  4                1                     2                    12                    3
 Attribution   -101bp           -23bp                 -348bp               -396bp                -187bp

    Data source: F&C Partners LLP; Allocation shown as percentage of Hedge Fund investments, Attribution based on Event Driven GBP fund
Gross Performance. 


    September comment: 

    September has been marked by unprecedented events. Indeed in a couple of days Freddie Mac, Fannie Mae, Lehman Brothers, Merrill Lynch,
HBOS, AIG and Washington Mutual all failed. After which the US Treasury's announced a US$700 billion rescue plan and a temporary
restrictions on short selling was put it place across the globe. Investors' confidence was even further hit with the part-nationalisation of
finance group Fortis, the nationalisation of the UK lender Bradford & Bingley and finally the injection of cash by Belgian, French and
Luxembourg governments in Dexia.

    It is still unclear at the time of writing when and how fast the US Treasury's revised US$700 billion rescue plan can be put into
practice. In any case the barrages of measures announced by the Fed and Treasury seem to us to be sufficient to stabilise the situation, but
unlikely to reverse it and thus liquidity remains the key feature of the market.

    The impact on markets as a result of these events has of course been profound, and over the month the FTSE 100 dropped by -13.02% (YTD
-24.07%), the Euro Stoxx 50 by -9.73% (YTD -30.95%), the SP 500 by -9.08% (YTD -20.57%) and the Hang Send by -15.27% (YTD -35.22%).   

    September has also been difficult for Hedge Funds with the Credit Suisse Investable Hedge Fund Index reporting by far its worst ever
month. Over the month the F&C Event Driven GBP lost -9.56% (YTD -17.76%). Our fund remains nonetheless in line with its volatility objective
of around 8%. Over the month, all strategies contributed negatively with event driven, equity long/short and multi-strategy being the
largest detractors. 

    As announced at the beginning of October, due to the fact that the company was unable to comply with the shares in public hands
requirement, the board has proposed that the Company be put into voluntary liquidation. We are therefore in the process of redeeming our
different holdings and hope to return cash to shareholders as soon as reasonably practical. 

    We would like to take this opportunity to thank our shareholders for their continuous understanding and support. 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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