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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acmh Ltd | LSE:ACMH | London | Ordinary Share | KYG006011079 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 8165F Absolute Capital Mgmt Holdings Ltd 14 October 2008 Absolute Capital Management Holdings Limited ("ACMH" or the "Company") Funds Update ACMH announces an update on its funds' trading performance, assets under management and its future fund product offering. Background In October 2007, following the sudden resignation of former Chief Investment Officer Florian Homm, ACMH implemented a restructuring plan applicable to four of the Company's eight equity funds - Absolute Octane Fund, Absolute East West Fund, Absolute Catalyst Fund and the Absolute Return Europe Fund - to deal with those funds' illiquid assets. The restructuring plan entailed the creation of side pocket portfolios within the funds and the imposition of a 12 month lock-in on the funds' main portfolios. In January 2008 ACMH closed the Absolute India Fund, which, despite excellent performance, had become too small to continue trading. More recently, ACMH took the decision to close the Absolute Activist Value Fund effective 31 October 2008. New Trading Strategies Over the past 10 months, ACMH has completed the transition of the Absolute European Catalyst Fund, Absolute Return Europe Fund and Absolute Germany Fund to European mid to large cap trading strategies. The year to date performance of these funds under their new trading strategies is as follows: Jan - Sept 08 performance AUM at 30 Sept EURm Absolute Germany Fund 18.19% 20.4 Absolute Large Cap Fund 10.57% 9.5 Absolute European Catalyst Fund -3.85% 77.6 (A class) Absolute Return Europe Fund (A -10.81% 110.8 class) As set out above, on a year to date basis, the trading performance of two funds in particular, the Absolute Germany Fund and the Absolute Large Cap Fund, has been very strong returning 18.19% and 10.57% respectively, during a period which has proven extremely challenging for hedge funds. It should be noted that performance of the A class portfolio of the Absolute European Catalyst Fund and Absolute Return Europe Fund was adversely affected during this period by pre-September 2007 legacy positions, which these funds have since disposed of or are in the process of disposing. ACMH is pleased to report that its funds' October month to date trading performance will be broadly flat, after having taken the decision on 26 September 2008 to move substantially all of the funds' A class portfolios to cash and thereby avoiding losses from the precipitous decline in equity values in the first two weeks of October. Assets Under Management With the lock-in period on the A class portfolios of the Absolute Return Europe Fund, Absolute European Catalyst Fund, Absolute East West Fund and Absolute Octane Fund about to end, ACMH has reviewed its fund product offering in the context of the level of redemption requests received from investors in those funds. As a result, ACMH has taken the decision to discontinue the trading strategies pursued by the Absolute East West Fund and the Absolute Octane Fund and to close those funds as of 31 October 2008. ACMH estimates that its continuing funds will have the following levels of assets under management as at November 2008: November 2008 AUM EURm (est.) % of September 2008 AUM (est.) Absolute Germany Fund 20.1 99% Absolute Large Cap Fund 9.0 95% Absolute European Catalyst 23.1 30% Fund (A class) Absolute Return Europe Fund (A 45.0 41% class) Corporate Strategy Under the restructuring plan initiated in 2007, ACMH had anticipated a reduction in assets under management post the lock-in period, so many of the changes necessary to operate under the business's reduced size have already been taken. ACMH believes the business can operate profitably and, in time, attract new investors under its revised trading strategies. This belief is in part based on the strength of the investment management team and the strong commitment it has received from its new service providers. The Company's funds will reopen to new subscriptions in November 2008 as their net asset value reporting is expected to have been brought up to date by the end of this month. Going forward, ACMH will strive to rebuild its business by focusing on managing absolute return investment funds with European mid to large cap trading strategies. To this end, ACMH is currently working towards re-branding and re-launching its four continuing equity funds in anticipation of demand from investors seeking to re-enter European equity markets through conservative, risk-controlled equity strategies after the recent unprecedented period of extreme market volatility and declining equity values. Enquiries: ACMH Tel: +41 41 560 9660 Glenn Kennedy Jonathan Treacher Panmure Gordon Tel: +44 (0) 20 7459 3600 Dominic Morley Callum Stewart Cardew Group Tel: +44 (0) 20 7930 0777 Tim Robertson Shan Shan Willenbrock David Roach This information is provided by RNS The company news service from the London Stock Exchange END MSCFKQKBNBDDAKD
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