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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Altin Reg | LSE:AIA | London | Ordinary Share | CH0014424524 | REG SHS CHF17 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 51.225 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAIA
ALTIN market review and portfolio holdings
as of 1st October 2013
Baar, 11 October 2013 - ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss alternative investment company listed on the London and Swiss stock exchanges, today discloses its entire hedge fund portfolio holdings as part of its policy of full transparency to investors. The portfolio, featuring more than 40 underlying hedge funds and representing over 10 investment strategies, is particularly well diversified and has a NAV performance of +181.74%1 since its inception in December 1996.
Portfolio as at 1st October 2013 Total Portfolio (%) Global Macro Strategy 16.98% AlphaMosaic SPC - SP 127 Episteme Capital 0.79% Partners LLP Systematic Quest Fund 3X CCP Quantitative Fund 1.04% Fortress Macro Fund Ltd 2.65% Hayman Capital Offshore Partners LP 2.90% Stone Milliner Macro Fund Inc 2.36% The Tudor BVI Global Fund Ltd 3.75% Two Sigma Compass Enhanced 3.49% Cayman Fund Ltd Commodity Trading Strategy 5.15% AlphaMosaic SPC - SP 23 Rosetta 1.84% - Composite Program 2.5X Edesia Alpha 2X Fund Ltd 1.05% Goldfinch Capital Management Offshore Ltd 2.26% Managed Futures Strategy 4.58% AlphaMosaic SPC - SP 10 Welton 0.51% Global Directional 2X AlphaMosaic SPC - SP 11 0.78% Quantica Capital AG - Quantica Managed Futures Program 2.5X Bluetrend Fund Limited 1.71% LAMP Funds (Ire) 1 plc - LAMP NuWave 0.70% Combined Futures Master Fund LAMP Funds (Ire) 1 plc - QIM Global Fund 0.88% Equity Long/Short Strategy 15.09% CF Odey UK Absolute Return Fund 1.49% Coatue Offshore Fund Ltd 4.98% LAMP UCITS Fds (Ire) 2 plc 1.84% - LAMP Visium Global Fund Pinpoint China Fund 2.26% Verrazzano European Focus Fund PLC 2.07% Zeal China Fund Limited 2.45% Equity Long Bias Strategy 7.27% Arrow Offshore Ltd 2.73% Golden China Fund 2.53% NPJ Global Opportunities Fund 2.01% Event-Driven Strategy 27.26% Aristeia International Ltd 4.48% Castlerigg Ucits Funds plc - Castlerigg 2.24% Merger Arbitrage UCITS Fund Jana Nirvana Offshore Fund Ltd 4.65% LLSOF LP 3.80% Marathon Special Opportunity Fund Ltd 5.02% R3 (C) Ltd 2.70% York European Focus Unit Trust 4.37% Credit Long/Short Strategy 2.87% Claren Road Credit Fund Ltd 2.87% Convertible Bond Strategy 3.65% LAMP Fds (Ire) 3 plc - Lazard 3.65% Rathmore Multi-Strategy Fund Equity Market Neutral Strategy 8.01% Atlas Leveraged Fund Ltd 3.09% Two Sigma Absolute Return 1.37% Enhanced Cayman Fund Ltd ZP Offshore Utility Fund Ltd 3.55% Interest Rate Strategy 5.63% EMF Fixed Income Fund Ltd 2.03% Providence MBS Offshore Fund Ltd 3.60% Protection Strategies 2.81% LAMP Fds (Ire) 1 plc - Capstone 1.77% Convexity Fund LAMP Fds (Ire) 1 plc - LAMP Conquest 1.04% Customised Macro Master Fund Multi-Strategy Funds 10.23% Millennium International Ltd 4.28% Stratus Feeder Ltd 2.98% The Segantii Asia-Pacific Equity 2.97% Multi-Strategy Fund Private Equity 0.31% Cerberus Asia Partners LP 0.31% ALTIN AG 4.09% Others 2.03% Total 115.96%2ALTIN's gross exposure stands at 115.96% as at 1 October 2013, vs. 125.9% as 1 July 2013.
ALTIN: Q3 2013 commentary
Hedge funds ended the quarter in positive territory although returns differed significantly by strategy. Equity related strategies such as Equity Long/Short, Event Driven and Equity Market Neutral (which was the best performing strategy) performed particularly well. A stock picking approach supported by a strong dispersion of returns between good and bad companies and more generally a positive, albeit volatile equity market, all contributed to deliver strong alpha. Convertible Bond strategies also performed very well, just shy of the performance of Equity Market Neutral, thanks to an overall supportive credit and equity market environment, but also thanks to additional gamma trading performance. On the other side of the spectrum, Managed Futures, Commodity Trading and Global Macro had a difficult quarter, mostly driven by unresolved political issues, leading to increased noise around fundamental prices.
During the third quarter, ALTIN continued to cautiously increase the risk of the portfolio by reducing the Managed Futures, Protection Strategies and Multi Strategy allocations, while in parallel marginally increasing the allocation to risk-seeking strategies. At 115.96% vs. 125.9% at the previous quarter's end, leverage was slightly reduced during the quarter.
Top contributors YTD as 30.09.2013 (estimated data)
-- Two Sigma Compass Enhanced Cayman Fund Ltd +1.11% -- Arrow Offshore Ltd +0.85% -- LAMP Funds (Ire) 1 plc - LAMP Hayman Capital Fund +0.79%
Top detractors YTD as 30.09.2013 (estimated data)
-- LAMP Funds (Ire) 1 plc - Capstone Convexity Fund -0.37% -- Stratus Feeder Ltd -0.35% -- Bluetrend Fund Limited -0.27%
ALTIN: Continuing to gradually move down the liquidity curve
The improvement in market dynamics and the reduction of tail-risk, coupled with a very appealing opportunity set, allow ALTIN to continue to take advantage of its stable capital base to invest in less liquid strategies with higher expected returns. This allocation shift continues to be implemented gradually.
Asset Allocation according to redemption frequency as 1st October 2013
Daily 8.20% Weekly 6.63% Semi-Monthly 3.14% Monthly 40.99% Quarterly 45.84% Longer than Quarterly 11.16% Total 115.96%2
ALTIN: not affected by redemption issues
ALTIN is a closed-ended and fixed capital fund and as such it is not faced with redemption requests. This provides the investment manager with the opportunity to select the best risk/reward opportunities in the hedge fund universe. Investors can freely buy and sell ALTIN shares on a daily basis on the London or Swiss stock exchanges, without the need to redeem at fixed redemption dates.
Positive effect of share buyback on NAV
At the end of September 2013, ALTIN completed the announced 10% capital reduction via the repurchase of its own shares through the issuance of put options. The buyback added liquidity to the shares and provided a welcome boost to the share price. The repurchased shares, which were acquired at a discount to NAV, will be cancelled at the next AGM, thereby boosting YTD performance to 6.66%3.
For further information, please contact:
Tony Morrongiello - Chief Executive Officer Kinlan Communications José Galeano - Investor Relations Manager David Hothersall Tel. +41 (0)41 760 62 60 Tel. +44 (0)20 7638 3435 info@altin.ch davidh@kinlan.net
Note to Editors
About ALTIN AG
ALTIN AG was launched in 1996 and is listed on the SIX Swiss Exchange as well as on the London Stock Exchange. It ranks among Switzerland's leading alternative investment companies. Currently, ALTIN is invested in more than 40 hedge funds representing diverse investment strategies. Its objective is to generate an absolute compound annual return in USD terms with lower volatility than equity markets. Thanks to these characteristics and a low correlation with equity markets, ALTIN shares provide an ideal complement to all diversified portfolios.
www.altin.ch
1 Estimated NAV performance as at 30 September 2013
2
3 Estimated NAV performance as 4 October 2013 (based on NAV computed on 10 October 2013).
This information is provided by Business Wire
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