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Name | Symbol | Market | Type |
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Hsbc Icav Gl Su | LSE:HSGU | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.021 | 0.20% | 10.457 | 10.45 | 10.464 | 0 | 16:35:15 |
RNS Number:3109O HSBC Global Absolute Limited 30 June 2005 HSBC GLOBAL ABSOLUTE LIMITED INTERIM UNAUDITED REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2005 TABLE OF CONTENTS Page General Information 1 Investment Advisers' Report 3 Statement of Total Return 4 Statement of Movement in Equity Shareholders Funds 4 Balance Sheet 5 Cash Flow Statement 6 Notes to the Financial Statements 7 Schedule of Investments 15 Significant Portfolio Changes 16 GENERAL INFORMATION Manager, Company Secretary HSBC Management (Guernsey) Limited and Registered Office HSBC Private Bank Building Rue du Pre St Peter Port Guernsey GY1 1LU Directors Mr Raymond Philip Apsey (Chairman) Mr Stuart Francis Carnegie Mr Ian Charles Domaille Mr Paul Fraser Dunning Mr Stuart Walter Mitchell Banker HSBC Private Bank (Guernsey) Limited HSBC Private Bank Building Rue du Pre St Peter Port Guernsey GY1 1LU Investment Adviser HSBC Republic Investments Limited 5TH Floor, 78 St James's Street London SW1A 1JB Sponsor and Placing Agent HSBC Bank plc 8 Canada Square London E14 5HQ Solicitors to the Company Linklaters & Alliance in England One Silk Street London EC2Y 8HQ Legal Advisers to the Company Carey Olsen in Guernsey 7 New Street St Peter Port Guernsey GY1 4BZ Channel Islands Sponsor HSBC Management (Guernsey) Limited HSBC Republic Building Rue Du Pre St Peter Port Guernsey GY1 1LU Independent Auditors KPMG Channel Islands Limited 2 Grange Place PO Box 235 St Peter Port Guernsey GY1 4LD Registrar and Receiving Banker Capita IRG (CI) Limited PO Box 328 Landes du Marche Vale Guernsey, GY1 3TY GENERAL INFORMATION - (CONTINUED) Custodian Investors Trust & Custodial Services (Ireland) Limited Block D Iveagh Court Harcourt Road Dublin 2 The Fund HSBC Global Absolute Limited (the "Company") is a Guernsey registered closed-ended investment company. The Company was incorporated and registered in Guernsey on 14 August 2001, under the Companies (Guernsey) Laws 1994 to 1996 (as amended) with registered number 38660. The initial Shares in the Company were offered at a price of 100p each by HSBC and were also available in US Dollar denominated form Global Depositary Receipts. As of 30 November 2004, the Company introduced currency hedging on the Sterling class to protect from fluctuations in the US Dollar/ Sterling exchange rate. This was carried out by reclassifying Sterling class shares previously held directly by Shareholders, i.e. not in the form of GDRs, into new Sterling Hedged Shares. At the same time, all shares previously represented by GDRs, were reclassified as new US Dollar Shares. Shareholders automatically received new US Dollar Shares if they held GDRs and/or Sterling Hedged Shares if they held their Shares directly. Shareholders may, however, elect to receive shares of the other class. The Company is listed on the Channel Islands Stock Exchange and the London Stock Exchange. Objective The Company's objective is to seek to achieve equity like returns with lower levels of volatility. Its policy is to achieve this by investing in a diversified portfolio of hedge funds and managed accounts investing in global markets which are managed to seek to provide investors with an absolute total return and with a lower volatility than equities generally. Net Asset Value The Net Asset Value (NAV") of the Company is calculated monthly with the relevant valuation point being 5.00 pm (Guernsey time) on the last Business Day of each month. A further two estimated NAVs are calculated and published each month. INVESTMENT ADVISERS' REPORT Over the period 30 September 2004 to 31 March 2005, the portfolio rose 5.0% in US Dollar terms. Following Shareholder approval, effective 30 November 2004, the Sterling Company shares were reclassified into Sterling Hedged Shares. The Sterling portfolio fell 2.7% for the period 30 September 2004 to 30 November 2004 and rose 3.37% for the period 30 November 2004 to 31 March 2005). The difference being due to the strengthening of Sterling over the period. Assets in the portfolio decreased from US$93.1 million to US$80.7 million. Equity markets rose by 11% over the period (MSCI World Index - Gross in USD). During the second and third quarter of 2004, both equity and fixed income markets presented difficult trading conditions, that was evident from the managers' returns. The conclusion of the US elections saw a turning point in equity markets as they broke out to the upside with lower volatility. Equity long/short managers increased their gross exposure to take advantage of these conditions. Fixed iIncome markets were trapped in a trading range over several periods during the year. In this challenging environment performance became largely a function of positioning prior to the US non-farm pay roll numbers. The credit markets, supported by both fundamental and technical factors, remained favourable for most part of the year. Managed futures positions benefited from the rising oil price and the falling US Dollar, however, positions in equity and fixed income markets proved less profitable. Over the period, the allocation to the market neutral and macro managers was decreased along with small changes to allocation in the other strategies. The portfolio continues to be diversified over a range of strategies and managers. HSBC REPUBLIC INVESTMENTS LIMITED 29 June 2005 STATEMENT OF TOTAL RETURN FOR THE SIX MONTHS ENDED 31 MARCH 2005 31 March 2005 31 March 2004 Note US$'000 US$'000 GBP'000 GBP'000 Net gains/(losses) on investments 2 14,336 (1,917) Other losses 3 (14,151) (672) Gross income 4 114 12 Expenses 5 (932) (1,150) Net expenses (818) (1,138) Net decrease in Equity Shareholders' funds from investment activities (633) (3,727) STATEMENT OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS FOR THE SIX MONTHS ENDED 31 MARCH 2005 31 March 2005 31 March 2004 US$'000 US$'000 GBP'000 GBP'000 Equity Shareholders' funds at the start of the period 98,182 101,074 Movement due to issue and redemption of shares Less: amounts payable on redemptions (16,869) (28,829) (16,869) (28,829) Net decrease in Equity Shareholders' funds from investment activities (633) (3,727) Equity Shareholders' funds at the end of the period 80,680 68,518 * The Fund converted from British Pounds Sterling to United States Dollars as at 30 November 2004. Net Asset Value per Equity Share US$ 1.60 GBP 0.84 GBP 0.85 The notes on page 7 to 14 form part of these financial statements. BALANCE SHEET AS AT 31 MARCH 2005 31 March 2005 31 March 2004 Note US$'000 US$'000 GBP'000 GBP'000 Portfolio of investments Long Positions 80,672 73,419 Current assets Debtors 6 6,934 1,946 Cash and bank balances 7 69 222 7,003 2,168 Less Creditors 8 (5,137) (6,393) (5,137) (6,393) Net current assets/(liabilities) 1,866 (4,225) Net assets 82,538 69,194 Shareholders' funds 82,538 69,194 Non equity share capital 1,858 676 Equity shareholders' funds 13 80,680 68,518 Total equity shareholders' funds 82,538 69,194 The notes on page 7 to 14 form part of these financial statements. CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2005 31 March 2005 31 March 2004 Notes US$'000 US$'000 GBP'000 GBP'000 Net cash (outflow)/inflow from operating activities 14 (793) 7,090 Capital expenditure and financial investments Purchase of investments (15,675) (62,425) Sale of investments 29,592 84,860 13,917 22,435 Net cash inflow before 13,124 29,525 financing Financing Repayment of loans (3,111) - New loans taken out 3,347 - Cost of net shares redeemed (16,869) (28,829) Net cash outflow from financing (16,633) (28,829) (Decrease)/increase in cash in the period (3,509) 696 The notes on page 7 to 14 form part of these financial statements. NOTES TO THE FINANCIAL STATEMENTS 1 PRINCIPAL ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Company's financial statements: Basis of accounting The financial statements have been prepared under the historical cost convention adjusted by the revaluation of investments and in accordance with UK applicable accounting standards. Investments Investments in investment funds are valued at the closing net asset value per share for the underlying investments that the Company holds at the Balance Sheet date. Realised and unrealised surpluses and deficits on investments are included in the Statement of Total Return. Accounting for Investments Purchases and sales of securities are accounted for on a trade date plus one basis. Revenue Investment income and bank interest is included on an accruals basis. Distributions received from the underlying funds are recorded as investment income when declared by the administrator of the underlying funds. Expenses Expenses are included on an accruals basis. Foreign currency transactions Foreign currency transactions are translated at the rate of exchange ruling at the date of the transaction. The Company reports the realised exchange gain or loss as well as the unrealised exchange appreciation or depreciation on non-US$ denominated investments in the Statement of Total Return. Any realised exchange gains or losses as well as unrealised appreciation or depreciation arising from non-US$ denominated payables and receivables and on foreign currency transactions are reflected in the Statement of Total Return. Forward foreign exchange contracts The unrealised appreciation or depreciation on open forward foreign exchange contracts is calculated by reference to the difference between the contracted rate and the rate to close out the contract. Unrealised appreciation is reported as an asset and unrealised depreciation is reported as a liability in the Statement of Net Assets. 2 NET GAINS/(LOSSES) ON INVESTMENTS The net gains/(losses) on investments during the period comprise: 2005 2004 US$'000 GBP'000 Proceeds from sales of 34,592 84,860 investments Original cost of investments (30,677) (88,792) sold Gains/(losses) realised on 3,915 (3,932) investments sold Net unrealised appreciation for the 10,421 2,015 period Net gains/(losses) on investments 14,336 (1,917) NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED) 3 OTHER LOSSES 2005 2004 US$'000 GBP'000 Other currency losses (14,151) (672) (14,151) (672) 4 GROSS INCOME 2005 2004 US$'000 GBP'000 Interest income 98 10 Bank interest 16 2 114 12 5 EXPENSES 2005 2004 US$'000 GBP'000 Payable to the manager and its associates Management fee (662) (740) Performance fee (202) (325) (864) (1,065) Other expenses Audit fees (4) (4) Directors fees (29) (23) and expenses Interest - (19) expenses Other sundry (35) (39) expenses (68) (85) Total (932) (1,150) expenses 6 DEBTORS 2005 2004 US$'000 GBP'000 Amounts 5,000 1,269 receivable on securities sold Unrealised gain on forward 57 - contracts Amounts due from Manager 1,858 676 Other debtors 19 1 6,934 1,946 7 CASH AND BANK BALANCES 2005 2004 US$'000 GBP'000 Cash and bank 69 222 balances NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED) 8 CREDITORS 2005 2004 US$'000 GBP'000 Accrued directors fees (8) (12) Purchases awaiting settlement (1,448) - Loans payable (3,347) (1,853) Amounts payable for redemption of shares - (4,087) Accrued performance fee (202) (324) Accrued expenses due to management (116) (109) Other accrued expenses (16) (8) (5,137) (6,393) 9 SHARE CAPITAL The authorised share capital of the Company as at 31 March 2005 was: 2005 GBP 100 Founder Shares of GBP1 each 100 400,000,000 Shares of GBP0.01 4,000,000 100,000,000 Unclassified Shares of GBP0.01 1,000,000 5,000,100 On incorporation, 2 Founder Shares were allotted to the subscribers to the Memorandum of Association. Founder Shares are not participating shares of the Fund and do not form part of the Net Asset Value of the Fund. The Unclassified Shares may be allotted and issued as Shares or Nominal Shares. The movement in shares during the period is shown below: Nominal Participating Number of shares at 1 October 2004 88,007,153.00 61,281,804.00 Transfer to Class A 50,921,244.00 Transfer to Class B 10,360,560.00 Number of shares issued/(redeemed) during the period Class A 10,477,600.00 (10,477,600.00) Class B 272,081.00 (272,081.00) Number of shares at 31 March 2005 Class A 40,443,644.00 Class B 10,088,479.00 98,756,834.00 50,532,123.00 NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED) 9 SHARE CAPITAL - (CONTINUED) Nominal Participating 2004 2004 Number of shares at 1 October 2003 32,424,846 116,864,111 Number of shares issued 35,202,985 - Number of shares redeemed - (35,202,985) Number of shares at 31 March 2004 67,627,831 81,661,126 During the period ended 31 March 2005, there was a redenomination of the share capital of the Company from GBP Sterling to US Dollar as of 30 November 2004. This was done to protect shareholders from fluctuations in the US Dollar/Sterling exchange rate. This was carried out by reclassifying Sterling class shares previously held directly by Shareholders, i.e. not in the form of GDRs, into new Sterling Hedged Shares. At the same time, all shares previously represented by GDRs, were reclassified as new US Dollar Shares. Shareholders automatically received new US Dollar Shares if they held GDRs and/or Sterling Hedged Shares if they held their Shares directly. Shareholders could, however, elect to receive shares of the other class. If no option was exercised, the shares were automatically transferred within the same currency. Rights attaching to shares Unclassified Shares - The Directors may issue any of the Unclassified Shares of GBP0.01 each in the capital of the Company as one or more classes of Shares or as non-participating redeemable shares of GBP0.01 each (Nominal Shares). The Shares may be issued as separate classes of redeemable participating preference shares. Nominal Shares - The Manager may only issue Nominal Shares at par and for the purpose of providing funds for the redemption of Shares. Nominal Shares do not carry voting rights. Nominal Shares do not carry any general right to dividends. However, a fixed dividend of GBP100 in aggregate shall be payable to the holders of Nominal Shares pro rata to their holdings in each year. In the event of liquidation they rank pari passu inter se but only for a return of the nominal amount paid up on them. The Company may redeem at par all or any of the Nominal Shares for the time being issued and outstanding. Nominal Shares are not participating shares of the Fund and do not form part of the Net Asset Value of the Fund. Rights as to income - Subject to the rights of the holders (if any) of the Founder Shares, the Shares carry the right to receive all the revenue profits of the Company available for distribution. The Founder Shares carry the right to receive out of the profits of the Company available for distribution a fixed cumulative preferential dividend at the annual rate of 0.01 per cent on the nominal amount of each share. For so long as there are Shares in issue, the Founder Shares do not confer any further right to participate in the Company's profits. Issued and fully paid share capital Non equity shares 2005 2005 Number of shares US$'000 Founder shares 2 - Nominal shares 98,756,834 1,858 Total non equity shares 98,756,836 1,858 Equity shares US Dollar shares 40,443,644 404 Sterling Hedged shares 10,088,479 141 Total shares in issue 149,288,959 2,403 NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED) 9 SHARE CAPITAL - (CONTINUED) Issued and fully paid share capital (continued) Non equity shares 2004 2004 Number of shares GBP'000 Founder shares 2 - Nominal shares 67,627,831 676 Total non equity shares 67,627,833 676 Equity shares Redeemable participating preference shares 81,661,126 817 Total shares in issue 149,288,959 1,493 10 RELATED PARTY TRANSACTIONS Financial Reporting Standard 8 - Related Party Transactions requires the disclosure of information relating to material transactions with parties who are deemed to be related to the reporting entity. Management Agreement Pursuant to the Management Agreement dated 21 September 2001, the Company has appointed HSBC Republic Management (Guernsey) Limited as the Manager of the Company. On 1 January 2004 the Manager changed its name to HSBC Management (Guernsey) Limited. The Manager will be paid periodic fees and (if applicable) performance fees. The periodic fees will be paid monthly at a rate equivalent to 1.7% per annum of the value of the Company's net assets and will be paid in arrears. Such fees will be paid by the Company to the Manager, out of which the Manager will discharge the fees to the Investment Adviser and Custodian. The performance fee (if applicable) will be equal to 10% of the excess of the growth in the Net Asset Value of the Company in the Performance Period over the Performance Hurdle. Any performance fee payable will be subject to a cap equal to 4% of the Net Asset Value of the Company in any one year. The performance fee outstanding at the period end was US$201,773 (2004: GBP324,160). The management fee outstanding at the period end was US$117,046 (2004: GBP108,966). Investment Adviser Agreement Pursuant to the Investment Advisory Agreement dated 21 September 2001 the Company has appointed HSBC Republic Investments Limited as the Investment Adviser of the Company. The Investment Adviser fee is included in the management fee. Directors' Interests None of the Directors has a service contract with the Company. Mr Stuart Walter Mitchell is also a manager of or adviser to various investment funds and it is possible that the Company may invest in one or more funds whose portfolio is managed or advised by Mr Mitchell. Mr Ian Charles Domaille is a non-executive director of the manager of various investment funds and a director of various investment funds and it is possible that the Company may invest in one or more funds of which Mr Domaille is a director, or non-executive director of the fund manager. Mr Paul Dunning is a director of the Manager and the Investment Adviser. He does not draw a fee for his services as a director to the Fund. Loan HSBC Private Bank (Guernsey) Limited provided a loan to the Company. At the period end US$3,347,369 was outstanding. NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED) 11 CUSTODY AGREEMENTS Pursuant to the Custodian Agreement dated 21 September 2001 the Company has appointed Investors Trust & Custodial Services (Ireland) Limited as the Custodian of the Company. The Custodian fee is included in the management fee. 12 TAXATION STATUS The Company is exempt from Guernsey income tax under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged an annual exemption fee of GBP600 per annum (2004: GBP600). 13 EQUITY SHAREHOLDERS' FUNDS 2005 2004 US$'000 GBP'000 At 1 October 2004 98,182 101,074 Share premium received on net redemption of equity shares (16,869) (28,829) Net decrease in Shareholders' funds from investment activities (633) (3,727) At 31 March 2005 80,680 68,518 14 RECONCILIATION OF OPERATING ACTIVITIES TO NET CASH OPERATING (OUTFLOW)/INFLOW 2005 2004 US$'000 GBP'000 Net operating expenses (818) (1,138) Decrease in debtors 11 9,443 Increase/(decrease) in creditors 14 (1,215) Net cash (outflow)/inflow from operating activities (793) 7,090 Reconciliation of net cash flow to movement in net cash Opening cash balance 360 198 (Decrease)/increase in cash for the period (3,509) 696 Foreign exchange gain/(loss) 1,236 (672) Closing cash balance 69 222 15 FINANCIAL INSTRUMENTS The investment techniques used expose the Company to risks such as market risk, foreign currency risk and credit risk as follows: (a) Market price risk Market risk arises mainly from uncertainty about future prices of the financial instruments held. It represents the potential loss the Company might suffer through holding market positions that fluctuate in market value. The Investment Adviser considers the diversification of the portfolio in order to minimise the risk associated with particular countries or industry sectors while continuing to follow the Company's investment objective. NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED) 15 FINANCIAL INSTRUMENTS - (CONTINUED) (b) Credit risk The Company is exposed to a credit risk on parties with whom it trades and also bears the risk of settlement default. The Company minimises concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognised and reputable exchanges (c) Foreign currency risk A portion of the financial assets of the Fund are denominated in currencies other than the base currency with the effect that the Statement of Net Assets can be significantly affected by currency movements. The following table sets out the Fund's total exposure to foreign currency risk. 31 March 2005 Currency Total Forward Fx Net US$'000 US$'000 US$'000 British Pound Sterling - 16,150 16,150 US Dollar 80,680 (16,150) 64,530 Total 80,680 - 80,680 (d) Fair values of financial assets and financial liabilities There is no material difference between the value of the financial assets and liabilities, as shown in the balance sheet, and their fair value. (e) Interest rate risk The majority of the Company's financial assets are equity shares and other investments which neither pay interest nor have a maturity date. (f) Liquidity risk The Company's assets comprise mainly readily realisable securities, which can be readily sold. The main liability of the Company is the redemption of any shares that investors may wish to sell. 16 SHAREHOLDERS' INTEREST Bank of New York (Nominees) Limited held 55,906,519 (2004: 72,117,344) shares in the Fund at 31 March 2005. This represented 91.72% (2004: 83.09%) of the shares outstanding at the period end. 17 DIRECTORS' FEES The Directors are paid the following fees. Raymond Philip Apsey GBP15,000 per annum Stuart Francis Carnegie GBP10,000 per annum Ian Charles Domaille GBP10,000 per annum Stuart Walter Mitchell GBP10,000 per annum The Directors' fees outstanding at the period end was US$8,416 (2003: GBP12,133). Paul Dunning has waived his entitlement to fees. NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED) 18 SIGNIFICANT EVENTS DURING THE PERIOD Mainly due to investor demand, as of 30 November 2004 the structure of the fund was re-organised. Previously the fund was denominated in GBP while its underlying securities were US dollar based. There was a redenomination of the share capital of the Company from GBP Sterling to US Dollar as of 30 November 2004. At 31 March 2005, there are US$ Shares and Sterling hedged shares in issue For further details, please see "Share Capital" (note 9) page 10. 19 FORWARD FOREIGN EXCHANGE CONTRACTS The following forward exchange contracts were unsettled at 31 March 2005. Maturity Date Amount Bought Amount Sold Unrealised gain US$'000 29-Apr-05 GBP 8,627,000 US$ 16,149,744 57 57 20 COMPARATIVES The prior period comparatives are denominated in GBP, while the current period figures are illustrated in USD. Prior period comparatives, translated using the exchange rate available at 31 March 2005 are available on request. PORTFOLIO STATEMENT AS AT 31 MARCH 2005 Security Description Holding Market value % of total '000 net assets Investment Funds 32 Capital Fund (The), Ltd. 1,192 1,538 1.91% AG Super Fund International, Ltd. 7,606 2,973 3.68% Arx Global High Yield Securities Overseas Fund, Ltd. 1,347 2,176 2.70% Beach Discretionary Fund 8,736 714 0.88% Caduceus Capital, Ltd. - Class B, Series 1/02 1,211 1,151 1.43% Castlerigg International, Ltd. - Class A, Series 22 7,141 1,937 2.40% Caxton Equity Growth (BVI), Ltd. - Class B, Series 29 2,238 3,768 4.67% Contrarian Capital Senior Secured Offshore, Ltd. 7,627 1,092 1.35% Contrarian Equity Offshore Fund, Ltd. 7,299 1,359 1.68% Crabel Futures Fund, Ltd. - Class A, Series XXV 547 1,546 1.92% Crescendo European Fund, Ltd. 12,609 1,793 2.22% CSFB Convertible and Quantitative Strategies Fund 1,401 2,990 3.71% Eminence Fund, Ltd. - Class B 9,910 3,324 4.12% Farallon Capital Offshore Investors, Inc. - Class E, Series D 175,075 2,595 3.22% Feingold O'Keeffe Capital I Offshore, Ltd. - Class B, Series 10 668 885 1.10% Gamut Investments, Ltd. 815 4,505 5.58% Glenrock Global Partners 11,321 2,056 2.55% Gruss Offshore Arbitrage Fund, Ltd. 1,754 1,974 2.45% Highbridge Capital Corp. - Class A 75 4,083 5.06% Incremental Fund, Inc. 15,520 1,717 2.13% Lansdowne UK Equity Fund, Ltd. 19,853 3,280 4.06% Marathon Vertex Fund 1,528 2,478 3.07% Melchior Japan Fund, Ltd. 17,652 2,402 2.98% Nylon Flagship Fund, Ltd. 14,888 1,485 1.84% Plexus Fund, Ltd. 21,701 2,568 3.18% Raptor Global Fund, Ltd. - Class A 1,181 4,424 5.48% Sirios Overseas Fund, Ltd. - Class B, Series 6R 1,512 2,492 3.09% SR Global Fund Emerging Markets Portfolio - Class G 3,777 2,275 2.82% SR Global Fund Emerging Markets Portfolio - Feb 2027 22 13 0.02% Sunova Offshore, Ltd. Class B-1 1,667 2,998 3.72% Tewksbury Investment Fund 495 3,463 4.29% Tomahawk Fund (The), Ltd. 6,814 2,613 3.24% Tudor BVI Global Fund - Class B 54 3,455 4.28% WF Asia Fund, Ltd. - Class S, Series 3 12,842 2,550 3.16% Portfolio of Investments 80,672 99.99% Net current assets 8 0.01% Total net assets 80,680 100.00% Net asset value per share As at 31 March 2005: US Dollar Share US$ 1.60 Sterling Hedged Share GBP 0.85 As at 31 March 2004: Participating Share GBP 0.64 Portfolio Classification % of Portfolio - Securities with an official stock exchange listing 47.40% - unapproved securities 52.60% 100.00% SUMMARY OF SIGNIFICANT PORTFOLIO CHANGES FOR THE SIX MONTHS ENDED 31 MARCH 2005* Purchases Description Nominal Cost US$' 000 Caxton Equity Growth (BVI), Ltd. - Class B, Series 29 3,019 5,074 Jandakot Fund 2,500,000 2,500 Tower K1 Fund 2,500,000 2,500 ACI US Market Neutral 2,108 2,218 32 Capital Fund (The), Ltd. 1,681 2,064 Nylon Flagship Fund, Ltd. 14,888 1,500 SR Global Fund Emerging Markets Portfolio - Feb 2027 102 54 Total Purchases 15,910 Sales Description Nominal Proceeds US$' 000 Caxton Equity Growth (BVI), Ltd. - Class B, Series 29 4,577 6,374 ACI US Market Neutral 5,008 5,182 Nexus DKR Global Macro Fund, Ltd. - Class A 3,166 2,822 32 Capital Fund (The), Ltd. 2,399 2,664 Sirios Overseas Fund, Ltd. - Class B, Series 6R 1,512 2,506 Melchior Japan Fund, Ltd. 17,652 2,340 Highbridge Capital Corp. - Class A 22 1,200 Eminence Fund, Ltd. - Class B 3,066 1,000 Sunova Offshore, Ltd. - Class B-1 558 1,000 Tewksbury Investment Fund 146 1,000 Glenrock Global Partners 5,346 900 Lansdowne UK Equity Fund, Ltd. 5,734 900 CSFB Convertible and Quantitative Strategies Fund 383 800 Tomahawk Fund (The), Ltd. 2,123 800 AG Super Fund International, Ltd. 1,955 750 Castlerigg International, Ltd. - Class A, Series 22 2,627 700 Crescendo European Fund, Ltd. 5,024 700 Incremental Fund, Inc. 5,565 600 Crabel Futures Fund, Ltd. - Class A, Series XXV 179 500 Other Sales 1,854 Total Sales Proceeds 34,592 * Significant portfolio changes are defined as the value of purchases or sales of a security exceeding 2% of the net assets of the fund at the start of the period. In any event, at a minimum, the 20 largest purchases and 20 largest sales must be shown. This information is provided by RNS The company news service from the London Stock Exchange END IR FMMFTMMIJBRA
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