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| Name | Symbol | Market | Type |
|---|---|---|---|
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.021 | 0.20% | 10.457 | 10.45 | 10.464 | 0 | 16:35:15 |
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RNS Number : 5954V
HSBC Global Absolute Limited
30 May 2008
HSBC GLOBAL ABSOLUTE LIMITED
HALF-YEARLY AND CONDENSED ACCOUNTS
(UNAUDITED)
FOR THE SIX MONTHS ENDED
31 MARCH 2008
Page (s)
General Information 1-2
Directors' Responsibility Statement 3
Investment Adviser's Report 4
Condensed Financial Statements:
- Condensed Income Statement 5
- Condensed Statement of Changes in Shareholders' Equity 6
- Condensed Balance Sheet 7
- Condensed Statement of Cash Flows 8
- Notes to the Condensed Financial Statements 9-16
Schedule of Investments 18-20
Manager, Company Secretary
and Registered Office
HSBC Management (Guernsey) Limited
St. Martin's House
Le Bordage
St. Peter Port
Guernsey GY1 4AU
Directors
Mr Raymond Philip Apsey (Chairman)
Mr Stuart Francis Carnegie
Mr Paul Wrench
Mr Keith Dorrian
Banker
HSBC Private Bank (Guernsey) Limited
Park Place
Park Street
St. Peter Port
Guernsey GY1 1EE
Investment Adviser
HSBC Alternative 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
and to the Issue in England
Linklaters & Alliance
One Silk Street
London EC2Y 8HQ
Legal Advisers to the Company
and to the Issue in Guernsey
Carey Olsen
7 New Street
St. Peter Port
Guernsey GY1 4BZ
Channel Islands Sponsor
HSBC Management (Guernsey) Limited
St. Martin's House
Le Bordage
St. Peter Port
Guernsey GY1 4AU
Independent Auditors
KPMG Channel Islands Limited
20 New Street
St. Peter Port
Guernsey GY1 4AN
Registrar
Capita IRG (CI) Limited
PO Box 328
Landes du March
Vale
Guernsey GY1 3TY
Custodian
Investors Trust & Custodial Services (Ireland) Limited
(A State Street Company)
Block D
Iveagh Court
Harcourt Road
Dublin 2
The Fund
HSBC Global Absolute Limited (the "Company") is a Guernsey registered, closed-end 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 Global
Depositary Receipts ("GDRs"). 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 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 5.00pm (Guernsey time) on the
last Business Day of each month. A further two estimated NAVs are calculated and published each month.
We confirm that to the best of our knowledge:
* The condensed set of financial statements, which has been prepared in accordance with IAS 34 'Interim Financial Reporting', gives
a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, or the undertakings included in the
consolidation as a whole as required by Disclosure and Transparency Rules ("DTR") 4.1.12R;
* the interim Investment Advisers Report includes a fair review of the information required by DTR 4.2.7 R; (indication of important
events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
* the interim Investment Advisers Report includes a fair review of the information required by DTR 4.2.8 R, in the case of an issuer
of shares(disclosure of related parties' transactions and changes therein).
By order of the Board
____________________ __________________
Raymond Apsey Paul Wrench
Director Director
Date: 27th May 2008
For the period 28 September 2007 to 31 March 2008, the Fund rose 0.84% in the US Dollar Class, which compares favourably to a fall of
4.37% of its target benchmark of 50% US Dollar 3-month LIBOR + 50% MSCI World Index, which fell 4.37%. The assets in the Fund rose from
US$136.3m to US$141.6m at the end of the period.
During the period, the MSCI World Index (unhedged in US Dollar) fell 12.0%, the S&P 500 Index fell 13.4% and the MSCI Europe Index in
local currency fell 16.0%. October was the only positive month for the MSCI World Index during the entire period as the credit crunch took
hold of global financial markets. Volatility, as measured by the VIX Index, peaked in November and remained high throughout the period. In
January, all markets fell sharply around the globe with US markets experiencing their worst start in 25 years; the S&P 500 was down 6.1%.
The problems encountered by US and European banks with major write-downs due to last summer sub-prime crisis had a significant negative
impact on global capital markets. Credit markets were hit hard and fears of recession grew in the US, putting further pressure on the equity
markets. This forced the Federal Reserve to cut headline interest rates 6 times to 2.25% in March from 4.75% at the beginning of the period.
Weakness in the US Dollar also pushed commodities prices higher, with crude oil up roughly 31% over the past 6 months.
Over the period, high yield/distressed strategy delivered high returns, still benefiting from its short sub-prime exposure. The
dedicated merger arbitrage manager also benefited from its sub-prime related mortgage trade and from being net short across all credit
books. Against this background, macro and managed futures managers also contributed highly to the performance, benefiting from volatility
and fixed income trading. Short term trend followers were particularly high contributors. The convertible arbitrage strategy detracted as a
manager struggled in March to sell in an illiquid market. Equity long/short managers were hurt by their long books and suffered from
volatility, detracting slightly over the period. Weak earnings in consumer non-cyclicals, industrials and basic materials contributed to
losses.
Throughout the period, the dedicated merger arbitrage position was redeemed and the allocation to the market neutral strategy was
reduced. Throughout the period, rotations were performed amongst equity long/short and multi-strategy/event driven managers. A new managed
futures manager was added to the portfolio. Macro and high yield/distressed weight increased due to good performance. The fund remains
well-diversified in terms of managers and sub-strategies.
On a strategic basis this year the manager has sought to reduce the overall equity long/ short allocation while slightly increasing the
managed futures and high-yield/ distressed allocations. Going forwards we believe that with the end of the credit bubble in the West,
starting last summer, markets will more closely differentiate the value of different assets and that this should offer a good environment
for managers to generate alpha. We also believe that volatility will remain elevated above the prior low levels and that overall the
opportunity set is good for hedge fund investments.
Within the mandate the portfolio continues to be invested in a range of high-quality managers pursuing a range of sub-strategies on a
global basis.
The manager continues to have a confident long-term outlook for the portfolio.
HSBC Alternative Investments Limited
April 2008
CONDENSED INCOME STATEMENT FOR THE PERIOD ENDED 31 MARCH 2008
31 March 2008 31 March 2007
Note US$'000 US$'000
Other net (losses)/gains 2 (283) 1,575
Interest income 3 17 14
Other net changes in fair 5 1,710 12,082
value on financial assets at
fair value through profit or
loss
Total net income 1,444 13,671
Management fee 9 (1,075) (1,181)
Performance fee 9 275 (557)
Directors fees and expenses 9 (52) (43)
Audit fees (12) (7)
Other operating expenses (180) (122)
Operating expenses before (1,044) (1,910)
finance costs
Net income from operations 400 11,761
before finance costs
Interest expense 4 (56) (180)
Profit for the period 344 11,581
The items in the above statement are derived from continuing
operations
The notes on pages 9 to 16 form an integral part of these financial statements.
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE PERIOD ENDED 31 MARCH 2008
Redeemable Preference Shares
Nominal Share capital Share Retained earnings Total
shares premium
US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 30 September 2006 1,619 1,121 129,907 (18,620) 114,027
Profit for the period - - - 11,581 11,581
Total recognised income and - - - 11,581 11,581
expenses for the period
Issue of shares - 267 25,003 - 25,270
Redemption of shares (79) (113) (10,295) - (10,487)
Balance at 31 March 2007 1,540 1,275 144,615 (7,039) 140,391
Balance at 30 September 2007 1,690 1,188 134,410 667 137,955
Profit for the period - - - 344 344
Total recognised income and - - - 344 344
expenses for the period
Issue of shares - 107 11,428 - 11,535
Redemption of shares (77) (65) (6,534) - (6,676)
Balance at 31 March 2008 1,613 1,230 139,304 1,011 143,158
The notes on pages 9 to 16 form an integral part of these financial statements.
CONDENSED BALANCE SHEET AS AT 31 MARCH 2008
31 March 2008 30 September 2007
Note US$'000 US$'000
Assets
Financial assets at fair value 5 140,500 133,816
through profit or loss
Cash and cash equivalents 188 4
Other receivables 6 3,123 12,257
Total assets 143,811 146,077
Liabilities
Financial liabilities at fair (437) -
value through profit or loss
Loans payable 10 - (7,131)
Accounts payable 7 (216) (991)
Total liabilities (653) (8,122)
Net assets 143,158 137,955
Equity:
Share capital 8 1,230 1,188
Share premium 8 139,304 134,410
Nominal shares 8 1,613 1,690
Retained earnings 1,011 667
143,158 137,955
US$ redeemable participating preference shares - net assets value per share based on 48,076,993 US$2.0369 US$2.0199
(2007: 49,161,576) shares outstanding
GBP Hedged redeemable participating shares - net assets value per share based on 20,068,497 £1.0939 £1.0789
(2007: 16,886,828) shares outstanding
The financial statements on pages 5 to 16 were approved by the Board of Directors on 27th May2008 and were signed on its behalf by:
R. Apsey
Director
P. Wrench
Director
The notes on pages 9 to 16 form an integral part of these financial statements.
CONDENSED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2008
31 March 2008 31 March 2007
US$'000 US$'000 US$'000 US$'000
Operating Activities:
Profit for the period 344 11,581
Adjustments for:
Net realised gain on investments (2,848) (2,429)
Net unrealised loss/(gain) on 443 (9,588)
investments
Net movement in unrealised 695 (65)
loss/(gain) on forward foreign
currency contracts
(Increase)/decrease in debtors (81) 6
(Decrease)/increase in creditors (775) 281
Net cash outflow from operating (2,222) (214)
activities
Investing activities:
Purchase of financial assets at (29,497) (55,835)
fair value through profit or loss
Sale of financial assets at fair 34,098 33,263
value through profit or loss
Net cash inflow/(outflow) from 4,601 (22,572)
investing activities
Financing activities:
Repayment of loans (14,158) -
New loans advanced 7,027 7,947
Proceeds from issue of redeemable 11,535 25,270
participating preference shares
Amounts paid on redemption of (6,599) (10,408)
redeemable participating
preference shares
Net cash (outflow)/inflow from (2,195) 22,809
financing activities
Net increase in cash and cash 184 23
equivalents
Cash and Cash equivalents at 4 65
start of period
Cash and Cash equivalents at end 188 88
of period
Supplementary Information:
Interest received 17 14
Interest paid (56) (180)
The notes on pages 9 to 16 form an integral part of these financial statements.
1 SIGNIFICANT ACCOUNTING POLICIES
HSBC Global Absolute Limited (the "Company") is a close-ended investment fund incorporated as a limited liability company under the
Companies (Guernsey) Laws 1994 to 1996 of Guernsey on 14 August 2001. The Company's shares are listed on the London Stock Exchange.
The objective of the Company is to provide shareholders with an absolute total return and with a lower volatility than equities in
general through a simple structure and diversified portfolio managed by an experienced investment team. The Company's investment policy is
to invest in hedge funds and hedge fund strategies managed by a number of different investment managers which invest globally. The
Investment Adviser will seek to achieve this by investing in a diversified portfolio of holdings in hedge funds and managed accounts exposed
to long/short strategies investing in global markets.
The financial statements were authorised for issue by the Board of Directors on 27 May 2008.
Basis of preparation
The financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in
accordance with International Financial Reporting Standards (IFRS) 34 - 'Interim Financial Reporting', as adopted by the International
Accounting Standards Board (IASB), and interpretations issued by the International Reporting Interpretations Committee of the IASB (IFRIC).
There has been no effect in the financial position, financial performance and cashflows of the company from the transition from previous
GAAP (UK accounting standards) to IFRS other than to modify the layout and presentation in certain items.
2 OTHER NET (LOSSES)/ GAINS
31 March 2008 31 March 2007
US$'000 US$'000
Realised currency gains (283) 1,575
(283) 1,575
3 INTEREST INCOME
2008 2007
EUR'000 EUR'000
Interest income from debt securities designated at * *
fair value through profit or loss
Interest income from financial assets that are not at
fair value through profit or loss:
- Cash and cash equivalents 17 14
Total interest income 17 14
4 INTEREST EXPENSE
2008 2007
EUR'000 EUR'000
Interest income from financial assets/liabilities that
are not at fair value through profit or loss:
- Cash and cash equivalents (56) (180)
Total interest expense (56) (180)
5 FINANCIAL ASSETS AT
FAIR VALUE THROUGH
PROFIT OR LOSS
2008 2007
EUR'000 EUR'000
Held for trading:
- Derivatives * 258
Total held for * 258
trading
Designated at fair
value through profit
or loss:
- Mutual funds 140,500 133,558
Total designated at 140,500 133,558
fair value through
profit or loss
Total financial 140,500 133,816
assets at fair value
through profit or
loss
Other net changes in
fair value on
financial assets at
fair value through
profit or loss:
- Realised 2,848 2,429
- Unrealised (1,138) 9,653
Total gains 1,710 12,082
Other net changes in
fair value on assets
held for trading:
- Mutual funds 2,405 12,017
- Derivatives (695) 65
Net (losses)/gains 1,710 12,082
on financial assets
and financial
liabilities
designated as held
for trading
Total net gains 1,710 12,082
Gains and losses presented above excludes interest income, dividend income and
interest expense
6 OTHER RECEIVABLES
31 March 2008 30 September
2007
US$'000 US$'000
Amounts paid in advance of securities 1,000 10,455
purchased
Amounts receivable on securities sold 354 75
Amounts due from Investment Manager 1,613 1,689
Equalisation paid on investments - 37
Other debtors 156 1
3,123 12,257
7 ACCOUNTS PAYABLE
31 March 2008 30 September
2007
US$'000 US$'000
Accrued directors' fees (1) (31)
Accrued expenses due to Manager (185) (153)
Accrued performance fee - (794)
Other accrued expenses (30) (13)
(216) (991)
8 SHARE CAPITAL
The Company's capital is represented by the redeemable shares outstanding.
The Company strives to invest the subscriptions of redeemable shares in investments that meet the Company's investment objectives while
maintaining sufficient liquidity to meet operating requirements.
The Company does not have any externally imposed capital requirements.
The authorised shares of the Company as at 30 September 2007 were:
2008 2007
GBP GBP
100 Founder Shares of GBP1 each 100 100
400,000,000 Shares of GBP0.01 4,000,000 4,000,000
100,000,000 Unclassified Shares of GBP0.01 1,000,000 1,000,000
5,000,100 5,000,100
On incorporation, 2 Founder Shares were allotted to the subscribers to the Memorandum of Association. As Founder Shares are not
participating shares of the Company and do not form part of the Net Asset Value of the Company, they are disclosed in the financial
statements by way of this note only. The Unclassified Shares may be allotted and issued as Shares or Nominal Shares.
Issued and fully paid share capital
31 March 2008 31 March 2008
Number of shares US$'000
Founder and Nominal shares at 31 March 2008
Founder shares 2 -
Nominal shares 81,143,467 1,613
Redeemable participating preference shares
at 31 March 2008
US$ redeemable participating preference 48,076,993 866
shares
GBP Hedged redeemable participating shares 20,068,497 364
Total redeemable participating preference 68,145,490 1,230
shares in issue
30 September 2007 30 September 2007
Number of shares US$'000
Founder and Nominal shares at 30
September 2007
Founder shares 2 -
Nominal shares 83,240,553 1,690
Redeemable participating preference
shares at 30 September 2007
US$ redeemable participating preference 49,161,576 888
shares
GBP Hedged redeemable participating 16,886,828 300
shares
Total redeemable participating 66,048,404 1,188
preference shares in issue
The movement in shares during the period to 31 March 2008 is shown below:
Redeemable Redeemable Participating
Participating Preference Shares
Preference Shares
Nominal Shares US$ Class Sterling Hedged Class
Number of shares at 30 83,240,553 49,161,576 16,886,828
September 2007
Number of shares issued 3,265,929 2,171,102 3,191,913
Number of shares redeemed (5,363,015) (3,255,685) (10,244)
Number of shares at 31 March 81,143,467 48,076,993 20,068,497
2008
8 SHARE CAPITAL - (CONTINUED)
The movement in shares during the period to 31 March 2007 is shown below:
Redeemable Redeemable Participating
Participating Preference Shares
Preference Shares
Nominal Shares US$ Class Sterling Hedged Class
Number of shares at 30 86,575,906 42,351,149 20,361,902
September 2006
Number of shares issued 5,750,000 11,272,503 2,354,663
Number of shares redeemed (13,627,166) (5,750,000) -
Number of shares at 31 March 78,698,740 47,873,652 22,716,565
2007
The movement in share capital and share premium of redeemable participating preference shares during the period to 31 March 2008 is
shown below:
US$ class Sterling Hedged Total
US$'000 US$'000 US$'000
Share capital
Balance at 30 September 2007 888 300 1,188
Issued during the period 43 64 107
Redeemed during the period (65) - (65)
Balance at 31 March 2008 866 364 1,230
US$ class Sterling Hedged Total
US$'000 US$'000 US$'000
Share premium
Balance at 30 September 2007 103,070 31,340 134,410
Issued during the period 4,480 6,948 11,428
Redeemed during the period (6,511) (23) (6,534)
Balance at 31 March 2008 101,039 38,265 139,304
The movement in share capital and share premium of redeemable participating preference shares during
the period to 31 March 2007 is shown below:
US$ class Sterling Hedged Total
US$'000 US$'000 US$'000
Share capital
Balance at 30 September 2006 750 371 1,121
Issued during the period 221 46 267
Redeemed during the period (113) - (113)
Balance at 31 March 2007 858 417 1,275
US$ class Sterling Hedged Total
US$'000 US$'000 US$'000
Share premium
Balance at 30 September 2006 90,264 39,643 129,907
Issued during the period 20,435 4,568 25,003
Redeemed during the period (10,295) - (10,295)
Balance at 31 March 2007 100,404 44,211 144,615
8 SHARE CAPITAL - (CONTINUED)
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 Company and do not form part of
the Net Asset Value of the Company.
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.
The Redemption Facility
In order to assist further the narrowing of any discount to Net Asset Value at which the Shares of the relevant class may be trading,
the Company has a twice yearly redemption facility under which, subject to certain limitations and the Directors exercising their discretion
to operate the facility, Shareholders may request the redemption of all or part of their holdings of Shares of the relevant class for cash
by giving notice to the Company not less than 60 days' prior to the Redemption Date, 30 June and/or 31 December of each year.
Redemptions on any Redemption Date will be restricted to up to 25 per cent. (or such lesser amount as the Directors, in their
discretion, resolve) of each class of Share in issue, with any excess redemption requests being scaled back pro-rata.
Issue of shares
Subject to any resolution of the Company in general meeting, the Company's unissued shares shall be at the disposal of the Board which
may offer, allot, grant options over, or otherwise dispose of them to such persons, for such consideration, on such terms and conditions and
at such times as the Board determines but so that no share shall be issued at a discount and so that the amount payable on application on
each share shall be fixed by the Board.
9 RELATED PARTY TRANSACTIONS
IAS 24, Related Party Disclosures requires the disclosure of information relating to material transactions with parties who are deemed
to be related to the reporting entity. Parties are considered to be related if one party has the ability to control the other party or
exercise significant influence over the other party in making financial or operational decisions.
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 1.5% (1.7% up to 31 March
2007) 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 for
the period was US$Nil (March 2007: US$556,970) outstanding at period/year end was US$Nil ( September 2007: US$794,494). The management fee for the period was US$1,074,584 (March 2007:
US$1,180,913) of which US$185,082 (September 2007: US$153,172) was outstanding at the period/year end (September 2007: US$153,172).
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. With effect from 1 January 2007, the Investment Adviser changed its name to HSBC Alternative Investments
Limited. The Investment Adviser fee is included in the management fee.
Directors' Interests
None of the Directors have a service contract with the Company. Mr Stuart Carnegie is a non-executive director of various investment
funds and it is possible that the Company may invest in one or more funds of which Mr Carnegie is a non-executive Director. Mr Raymond Apsey
is a non-executive Director of various investment funds and it is possible that the Company may invest in one or more funds of which Mr
Apsey is a non-executive Director. Mr Keith Dorrian is a non-executive Director of various investment funds and it is possible that the
Company may invest in one or more funds of which Mr Dorrian is a non-executive Director. Mr Paul Wrench is a Director of the Manager. He
does not draw a fee for his services as a Director of the Company.
The Directors are paid the
following fees:
2007 2006
Raymond Philip Apsey GBP25,000 per annum GBP25,000 per annum
Stuart Francis Carnegie GBP10,000 per annum GBP10,000 per annum
Paul Wrench GBP nil per annum GBP nil per annum
Keith Dorrian GBP15,000 per annum GBP15,000 per annum
The Directors' fees outstanding at the period/year end were US$1,474 (September 2007: US$31,375). Paul Wrench has waived his entitlement
to fees.
10 LOANS
The Company will have the ability to borrow up to 20% of its adjusted total of capital and reserves for short-term or temporary purposes
as may be necessary for settlement of transactions, to facilitate redemption (where applicable) or to meet ongoing expenses. It is not
intended for the Company to have any structural gearing.
At 31 March 2008 the loan outstanding in respect of the credit facilities extended to HSBC Global Absolute Limited by HSBC Private Bank
(Guernsey) Limited was US$Nil (September 2007: US$7,130,954). This is an unsecured loan repayable within 1 month.
For the period ended 31 March 2008 the interest expense was US$55,696 (March 2007: US$180,018) and the interest rate range was a low of
4.40% (2006: 6.55%) and a high of 6.20% (2006: 6.59%).
11 NET ASSETS ATTRIBUTABLE TO PREFERENCE SHAREHOLDERS
At 31 March At 30 September
2008 2007
US$'000 US$'000
US$ Class 97,925 99,300
Sterling Hedged Class 43,620 36,965
Total 141,545 136,265
Net asset value
The net asset value of each EUR and £ share is determined by dividing the net assets of the Company attributed to the EUR and £shares by
the number of EUR and £shares in issue at the
year end as follows:
Net assets Shares in
issue Net Assets Per Share
attributable to each
share class
As at 31 March 2008
US$ Share 97,925,970
48,076,993 US$2.0369
£ Share 21,952,660
20,068,497 £1.0939
As at 30 September 2007
US$ Share 99,299,485
49,161,576 US$2.0199
£ Share 18,218,152
16,886,828 £1.0789
Profits available for distribution
The total income earned by the Company from its investments, less the ongoing costs and expenses of the Company other than
management fees and bank interest expense, is available for distribution. For the period to 31 March 2008 the expenses exceeded income
available for distribution; the total net expenses excluding amounts payable to manager and its associates and interest expense were
US$473,324. For the year to 30 September 2007 expenses exceeded income available for distribution; the total net expenses excluding amounts
payable to manager and its associates and interest expense were US$204,261.
12 SHAREHOLDERS' INTERESTS
The following Shareholders had significant holdings in the Company at 31 March 2008:
Redeemable Participating Redeemable Participating
Preference Shares Preference Shares
Shareholder US Dollar Class Sterling Hedged Class
Euroclear Nominees Limited 40.00% -
HSBC Global Custody Nominee 40.06% 13.42%
(UK) Limited
Capita Registrars Limited 0.01% 32.93%
The Bank of New York Nominees - 2.81%
Limited
James Capel (Nominees) Limited 2.69% 3.73%
BNY (OCS) Nominees Limited 19.64%
9.00%
Pershing Keen Nominees Limited 0.49% 3.94%
Rathbone Nominees Limited - 9.84%
Transact Nominees Limited - 2.99%
12 SHAREHOLDERS' INTERESTS * (CONTINUED)
The following Shareholders had significant holdings in the Company at 30 September 2007:
Redeemable Participating Redeemable Participating
Preference Shares Preference Shares
Shareholder US Dollar Class Sterling Hedged Class
Euroclear Nominees Limited 39.58% 0.30%
HSBC Global Custody Nominee 39.42% 17.40%
(UK) Limited
Capita Registrars Limited 6.62% 0.06%
The Bank of New York Nominees 6.01% 6.31%
Limited
James Capel (Nominees) Limited 1.73% 3.41%
BNY (OCS) Nominees Limited 37.40%
0.33%
Pershing Keen Nominees Limited 0.19% 11.11%
Rathbone Nominees Limited 0.05% 11.93%
Transact Nominees Limited - 3.36%
13 SUBSEQUENT EVENTS
As of the date of approval there are no significant events subsequent to the balance sheet date.
The following pages are not an integral part of these financial statements and are presented for information purposes only.
Security Description Holding Fair value % of total
US$'000 net assets
Mutual Funds
U.S. Dollar
AG Super Fund International, Ltd. 3,247 3,783 2.64 %
Brevan Howard 27,205 4,294 3.00 %
Cantillon World, Ltd. 16,684 2,896 2.02 %
Castlerigg International, Ltd. - 3,454 1,237 0.86 %
Class A, Series 22
Castlerigg International, Ltd. - 5,930 2,142 1.50 %
Class B, Series 1
Caxton Equity Growth (BVI), Ltd. 3,285 6,524 4.56 %
- Class B, Series 29
CSFB Convertible & Quantitative 467 1,265 0.88 %
Strategies Fund
CSFB Convertible and Quantitative 934 2,529 1.77 %
Strategies Feeder Fund
Delta US Partners 17,000 1,415 0.99 %
Diamondback Offshore Fund Ltd. 3,694 5,093 3.56 %
Eminence Fund, Ltd. - Class B 8,495 4,047 2.83 %
Episode Inc. 30,000 2,929 2.04 %
Farallon Capital Offshore 531,335 6,499 4.54 %
Investors, Inc. - Class E, Series
D
Forden Fund Ltd. 217 336 0.23 %
Gamut Investments, Ltd. 384 2,582 1.80 %
GLG Emerging Markets Fund 19,817 6,001 4.19 %
Harbinger Capital Partners - 18,076 8,502 5.94 %
Class B, Series 1
Highbridge Capital Corp. - Class 55 4,100 2.86 %
A
Jandakot Fund (The) 32,204 4,050 2.83 %
Lansdowne UK Equity Fund, Ltd. 15,969 5,173 3.61 %
Marathon Vertex Fund 2,171 3,973 2.78 %
Marathon Vertex Japan Fund Ltd. 1 0 0 %
Meditor European Hedge - Class B 6,555 3,002 2.10 %
Mpc Samsara Fund - Class B 29,848 3,065 2.14 %
Oz Europa Accumulation Fund 814 844 0.59 %
Oz Europe Overseas F II, Ltd. - 16 0 0 %
Class M, Series 112
Oz Europe Overseas Fund - Class 1 0 0 %
M, Series 110
Oz Europe Overseas Fund - Class 4 0 0 %
M, Series 113
Oz Europe Overseas Fund II, Ltd. 5,270 6,148 4.29 %
Oz Europe Overseas Fund II, Ltd. 11 0 0 %
- Class M, Prime 71
Oz Europe Overseas Fund II, Ltd. 20 0 0 %
- Class M, Prime 73
Oz Europe Overseas Fund II, Ltd. 7 0 0 %
- Class M, Series 118
Oz Europe Overseas Fund II, Ltd. 1 0 0 %
- Class M, Series 120
Oz Europe Overseas Fund II, Ltd. 11 0 0 %
- Class M, Series 122
Oz Europe Overseas Fund II, Ltd. 20 0 0 %
- Class M, Series 124
Oz Europe Overseas Fund II, Ltd. 5 0 0 %
- Class M, Series 41
Oz Europe Overseas Fund II, Ltd. 19 0 0 %
- Class M, Series 43
Oz Europe Overseas Fund II, Ltd. 11 0 0 %
- Class M, Series 44
Oz Europe Overseas Fund II, Ltd. 7 0 0 %
- Class M, Series 45
Oz Europe Overseas Fund II, Ltd. 5 0 0 %
- Class M, Series 46
Oz Europe Overseas Fund II, Ltd. 8 0 0 %
- Class M, Series 47
Oz Europe Overseas Fund II, Ltd. 14 0 0 %
- Class M, Series 88
Oz Europe Overseas Fund II, Ltd. 6 0 0 %
- Class M, Series 92
Oz Europe Overseas Fund II, Ltd. 32 0 0 %
- Class M, Series 98
Security Description Holding Fair value % of total
US$'000 net assets
Oz Europe Overseas Fund II, 16 0 0 %
Ltd. - Class M, Series 99
Oz Europe Overseas Fund, Ltd. - 16 0 0 %
Class C, Series 100
Oz Europe Overseas Fund, Ltd. - 14 0 0 %
Class C, Series 102
Oz Europe Overseas Fund, Ltd. - 1 0 0 %
Class C, Series 103
Oz Europe Overseas Fund, Ltd. - 5 0 0 %
Class M, Series 49
Oz Europe Overseas Fund, Ltd. - 6 0 0 %
Class M, Series 50
Oz Europe Overseas Fund, Ltd. - 1 0 0 %
Class M, Series 51
Oz Europe Overseas Fund, Ltd. - 9 0 0 %
Class M, Series 52
Oz Europe Overseas Fund, Ltd. - 32 0 0 %
Class M, Series 53
Oz Europe Overseas Fund, Ltd. - 2 0 0 %
Class M, Series 56
Oz Europe Overseas Fund, Ltd. - 2 0 0 %
Class M, Series 57
Oz Europe Overseas Fund, Ltd. - 59 0 0 %
Class M, Series 58
Oz Europe Overseas Fund, Ltd. - 6 0 0 %
Class M, Series 60
Oz Europe Overseas Fund, Ltd. - 2 0 0 %
Class M, Series 61
Oz Europe Overseas Fund, Ltd. - 1 0 0 %
Class M, Series 61
Oz Europe Overseas Fund, Ltd. - 8 0 0 %
Class M, Series 63
Oz Europe Overseas Fund, Ltd. - 57 0 0 %
Class M, Series 69
Oz Europe Overseas Fund, Ltd. - 50 0 0 %
Class M, Series 70
Oz Europe Overseas Fund, Ltd. - 9 0 0 %
Class M, Series 72
Oz Europe Overseas Fund, Ltd. - 1 0 0 %
Class M, Series 74
Oz Europe Overseas Fund, Ltd. - 76 0 0 %
Class M, Series 76
Oz Europe Overseas Fund, Ltd. - 2 0 0 %
Class M, Series 80
Oz Europe Overseas Fund, Ltd. - 1 0 0 %
Class M, Series 81
Oz Europe Overseas Fund, Ltd. - 7 0 0 %
Class M, Series 82
Oz Europe Overseas Fund, Ltd. - 7 0 0 %
Class M, Series 83
Oz Europe Overseas Fund, Ltd. - 5 0 0 %
Class M, Series 84
Oz Europe Overseas Fund, Ltd. - 14 0 0 %
Class M, Series 85
Oz Europe Overseas Fund, Ltd. - 2 0 0 %
Class M, Series 86
Oz Europe Overseas Fund, Ltd. - 9 0 0 %
Class M, Series 93
Oz Europe Overseas Fund, Ltd. - 14 0 0 %
Class M, Series 95
Oz Europe Overseas Fund, Ltd. - 9 0 0 %
Class M, Series 96
Oz Europe Overseas Fund, Ltd. - 19 0 0 %
Class M, Series 97
Oz Europe Overseas Fund II, 102 0 0 %
Ltd.
Paulson Advantage Ltd. - Class 23,325 6,415 4.48 %
A
Penwater Event Fund Ltd. 3,000 2,657 1.86 %
Plexus Fund, Ltd. 7,447 499 0.35 %
Plexus Fund, Ltd. 10,561 992 0.69 %
Raptor Global Fund, Ltd. - 1,181 4,915 3.43 %
Class A
Renaissance Institutional 1,500,000 1,385 0.97 %
Equity Fund
Renaissance Institutional 3,607,619 3,415 2.39 %
Equity Fund
SR Global Fund Emerging Markets 3,822 4,420 3.09 %
Portfolio - Class G
Steel Partners Japan Unit Trust 2,000 1,642 1.15 %
Fund
Tewksbury Investment Fund 495 5,637 3.94 %
Third Point Offshore Fund, Ltd. 25,087 3,848 2.69 %
- Class E, Series 2
Third Point Offshore Fund, Ltd. 3,510 350 0.24 %
- Class S, Series 3
Tudor BVI Global Fund - Class B 54 4,693 3.28 %
Two Sigma Cayman Partners, Ltd. 2,222 2,981 2.08 %
Security Description Holding Fair value % of total
US$'000 net assets
Two Sigma Eclipse Cayman Fund - 1,145 2,284 1.60 %
Class A2
WF Asia Fund, Ltd. - Class S, 6,007 1,938 1.35 %
Series 3
140,500 98.14 %
Total value of financial assets at 140,500 98.14 %
fair value through profit or loss
Net current assets 2,658 1.86 %
Total net assets attributable to
the holders of redeemable
participating preference shares 143,158 100.00 %
Net asset value per share: 31 March 2008 30 September 2007
HSBC Global Absolute Limited - US US$2.0369 US$2.0199
Dollar Share
HSBC Global Absolute Limited - GBP1.0939 GBP1.0789
Sterling Hedged Share
Portfolio Classification 2007 2007
% of Portfolio % of Portfolio
Securities with an official stock 34.36% 33.74%
exchange listing
Unlisted securities 65.64% 66.26%
100.00% 100.00%
This information is provided by RNS
The company news service from the London Stock Exchange
END
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