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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 |
TIDMHSGU TIDMHSGS RNS Number : 0612T HSBC Global Absolute Limited 29 May 2009 HSBC GLOBAL ABSOLUTE LIMITED INTERIM REPORT AND CONDENSED FINANCIAL STATEMENTS (UNAUDITED) FOR THE SIX MONTHS ENDED 31 MARCH 2009 TABLE OF CONTENTS +--------------------------------------------------------------------------+--------------+ | | 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 | 9-20 | +--------------------------------------------------------------------------+--------------+ | | | +--------------------------------------------------------------------------+--------------+ | | | +--------------------------------------------------------------------------+--------------+ | Schedule of Investments | 21-23 | +--------------------------------------------------------------------------+--------------+ | | | +--------------------------------------------------------------------------+--------------+ | | | +--------------------------------------------------------------------------+--------------+ GENERAL INFORMATION Manager, Company Secretary HSBC Management (Guernsey) Limited and Registered Office St. Martin's House Le Bordage St. Peter Port Guernsey GY1 1BP Directors Mr Raymond Philip Apsey (Chairman) Mr Paul Wrench Mr Keith Dorrian Mr Ian Domaille Mr Stuart Carnegie Banker HSBC Private Bank (C.I.) 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 Solicitors to the Company Herbert Smith LLP in England Exchange House Primrose Street London EC2A 2HS Legal Advisers to the Company Carey Olsen in Guernsey PO Box 98 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 1BP Independent Auditors KPMG Channel Islands Limited 20 New Street St. Peter Port Guernsey GY1 4AN Registrar Capita Registrars (Guernsey) Limited Longue Hogue House St. Sampson Guernsey GY2 4JN Custodian State Street 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-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. DIRECTORS' RESPONSIBILITY STATEMENT 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 ____________________ __________________ Director Director Date: 29 May 2009 INVESTMENT ADVISER'S REPORT For the period 30 September 2008 to 31 March 2009, the portfolio fell and the assets also decreased. Over the reporting period, global central banks moved aggressively to combat the global financial and economic crisis with the major central banks cutting rates and embarking on various quantitative easing policies. During that time, equity markets tumbled, with the MSCI Global Index in USD falling over 21% in Q4-2008 and 12% in the first quarter of 2009. Towards the end of 2008, credit spreads across both investment grade and high yield instruments remained at historically wide levels, but began to gradually improve in early 2009 as new issues came to market and which were well bid. The convertible bonds space was extremely hard hit in Q4-2008 as dislocations widened sharply due to elevated sell-offs. The asset-class has, however, picked up in 2009 as investor appetite returned. Commodities markets were mixed during the period, with both oil and copper falling heavily in Q4-2008 but bouncing back in Q1-2009, while gold returned more consistent performance. In currencies, the US Dollar strengthened against the Euro, the Japanese Yen and the Pound in Q4-2008, but the Yen then strengthened against the US Dollar in Q1-2009. Against this backdrop, the portfolio fell during the reporting period, with the multi-strategy/event driven, convertible arbitrage and high yield/distressed strategies detracting from performance. All other strategies returned positive performance. The largest allocation in the portfolio was to the equity long/short strategy which was the strongest performer. Equity long/short managers with exposure to emerging markets in Q4-2008 suffered as these markets fell and liquidity remained poor. In early 2009, managers benefited from an overall short bias to equity markets, particularly to financials and healthcare stocks, however these gains were partially offset in March 2009 as equity markets rallied. Short positioning in mid-caps, commodity names and highly geared companies were especially detrimental. Managed futures strategies contributed some positive performance as they benefited from the slump in commodity prices and sustained trends in currency, bond and interest rate markets at the end of 2008 and early 2009. March 2009, however, saw some managers suffer as many long term trends in commodities and equity markets reversed sharply, thereby erasing some prior gains. The market neutral strategy was marginally positive as statistical arbitrage managers benefited from high levels of equity market volatility. The largest single contribution came from a macro manager whose gains were largely due to the fixed income directional trades especially at the short end of government bond yield curves, and partly from currency directional trades. On the down-side the multi-strategy/event driven strategies suffered in Q4-2008 as ongoing deleveraging put pressure on less liquid markets. Managers were particularly hard hit in October as bank debt sold off considerably, merger spreads widened and emerging markets fell sharply. The strategy was, however, positive in Q1-2009, benefiting from increasing merger opportunities particularly in the banking, pharmaceutical and mining space as industries were being forced to consolidate. As intimated above, the convertible arbitrage strategy also suffered heavily in the fourth quarter of 2008 from the overall deleveraging as secondary trading volume remained weak and new issuance was scarce, but the strategy has begun to recover in 2009. Moreover, high-yield/distressed managers suffered as large scale redemptions across hedge fund managers drove down asset prices specifically for bank debt and loans. During the reporting period, six new managers were added to the portfolio and two allocations were increased, while the Fund redeemed seven managers and reduced two allocations. Overall, the allocation to equity long/short managers increased notably with some reduced and redeemed managers being replaced with new ones. The allocation to the high yield/distressed strategy also increased. Meanwhile, the multi-strategy/event driven strategy allocation was reduced as other strategies remained relatively constant. HSBC Alternative Investments Limited March 2009 +-----------------+--------+--------+---------+--------+---------+ | CONDENSED INCOME STATEMENT FOR THE PERIOD ENDED 31 | | MARCH 2009 | +----------------------------------------------------------------+ | | | | | | | +-----------------+--------+--------+---------+--------+---------+ | | | | 31 | | 31 | | | | | March | | March | | | | | 2009 | | 2008 | +-----------------+--------+--------+---------+--------+---------+ | | Note | | US$'000 | | US$'000 | +-----------------+--------+--------+---------+--------+---------+ | | | | | | | +-----------------+--------+--------+---------+--------+---------+ | | | | | | | +-----------------+--------+--------+---------+--------+---------+ | Interest | | | | | | | income | | | | | | | for | | | | | | | financial | | | | | | | assets | | | | | | | that are | | | | | | | not at | | | | | | | fair | | | | | | | value | | | | | | | through | | | | | | | profit or | | | | | | | loss: | | | | | | +-----------------+--------+--------+---------+--------+---------+ | - Cash | | | 1,869 | | 17 | | and | | | | | | | cash | | | | | | | equivalents | | | | | | +-----------------+--------+--------+---------+--------+---------+ | Net (loss)/gain | 4 | | (7,026) | | 1,427 | | on financial | | | | | | | assets held at | | | | | | | fair value | | | | | | | through profit | | | | | | | or loss | | | | | | +-----------------+--------+--------+---------+--------+---------+ | | | | | | | +-----------------+--------+--------+---------+--------+---------+ | Net | | | (5,157) | | 1,444 | | investment | | | | | | | (loss)/income | | | | | | +-----------------+--------+--------+---------+--------+---------+ | | | | | | | +-----------------+--------+--------+---------+--------+---------+ | Management | 8 | | (868) | | (1,075) | | fee | | | | | | +-----------------+--------+--------+---------+--------+---------+ | Performance | 8 | | - | | 275 | | fee | | | | | | +-----------------+--------+--------+---------+--------+---------+ | Directors' | 8 | | (59) | | (52) | | fees and | | | | | | | expenses | | | | | | +-----------------+--------+--------+---------+--------+---------+ | Other | | | (228) | | (192) | | operating | | | | | | | expenses | | | | | | +-----------------+--------+--------+---------+--------+---------+ | | | | | | | +-----------------+--------+--------+---------+--------+---------+ | Total | | | (1,155) | | (1,044) | | operating | | | | | | | expenses | | | | | | | before | | | | | | | finance | | | | | | | costs | | | | | | +-----------------+--------+--------+---------+--------+---------+ | | | | | | | +-----------------+--------+--------+---------+--------+---------+ | Net | | | (6,312) | | 400 | | (loss)/income | | | | | | | from | | | | | | | operations | | | | | | | before | | | | | | | finance costs | | | | | | +-----------------+--------+--------+---------+--------+---------+ | | | | | | | +-----------------+--------+--------+---------+--------+---------+ | Interest | | | | | | | expense | | | | | | | for | | | | | | | financial | | | | | | | liabilities | | | | | | | that are | | | | | | | not at fair | | | | | | | value | | | | | | | through | | | | | | | profit or | | | | | | | loss: | | | | | | +-----------------+--------+--------+---------+--------+---------+ | - | | | (125) | | (56) | | Interest | | | | | | | expense | | | | | | | on loans | | | | | | +-----------------+--------+--------+---------+--------+---------+ | | | | | | | +-----------------+--------+--------+---------+--------+---------+ | (Loss)/profit | | | (6,437) | | 344 | | for the | | | | | | | period after | | | | | | | finance costs | | | | | | +-----------------+--------+--------+---------+--------+---------+ | | | | | | | +-----------------+--------+--------+---------+--------+---------+ | The items in the above | | | | | statement are derived | | | | | from continuing | | | | | operations | | | | +-----------------------------------+---------+--------+---------+ | | | | | | | +-----------------+--------+--------+---------+--------+---------+ The notes on pages 9 to 20 form an integral part of these financial statements. CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE PERIOD ENDED 31 MARCH 2009 +----------------------------+----+----------+----------+----------+----------+----------+ | | | | Redeemable Preference Shares | | +----------------------------+----+----------+--------------------------------+----------+ | | | Nominal | Share | Share | Retained | Total | | | | shares | capital | premium | earnings | | +----------------------------+----+----------+----------+----------+----------+----------+ | | | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | +----------------------------+----+----------+----------+----------+----------+----------+ | | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | Balance at 30 September | | 1,690 | 1,188 | 134,410 | 667 | 137,955 | | 2007 | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | Profit for the period | | - | - | - | 344 | 344 | +----------------------------+----+----------+----------+----------+----------+----------+ | | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | 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 | +----------------------------+----+----------+----------+----------+----------+----------+ | | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | Balance at 30 September | | 1,736 | 958 | 106,842 | (10,472) | 99,064 | | 2008 | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | Loss for the period | | - | - | - | (6,437) | (6,437) | +----------------------------+----+----------+----------+----------+----------+----------+ | | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | Issue of shares | | 278 | 266 | 34,032 | - | 34,576 | +----------------------------+----+----------+----------+----------+----------+----------+ | | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | Redemption of shares | | (820) | (91) | (14,639) | - | (15,550) | +----------------------------+----+----------+----------+----------+----------+----------+ | | | | | | | | +----------------------------+----+----------+----------+----------+----------+----------+ | Balance at 31 March 2009 | | 1,194 | 1,133 | 126,235 | (16,909) | 111,653 | +----------------------------+----+----------+----------+----------+----------+----------+ The notes on pages 9 to 20 form an integral part of these financial statements. +-------------+----+----+--------+--------+----+--------+----+--------+----+----+----+----+--------+ | CONDENSED BALANCE SHEET | | | | | | AS AT 31 MARCH 2009 | | | | | +--------------------------------+--------+------------------+--------+----------------------------+ | | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | | | | 31 March 2009 | | 30 September 2008 | +-------------+------------------+--------+------------------+--------+----------------------------+ | | Note | | US$'000 | | US$'000 | +-------------+------------------+--------+------------------+--------+----------------------------+ | | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Assets | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Financial | 3 | | 109,288 | | 108,224 | | assets at | | | | | | | fair | | | | | | | value | | | | | | | through | | | | | | | profit or | | | | | | | loss | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Cash | 2 | | 197 | | 2,192 | | and | | | | | | | cash | | | | | | | equivalents | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Other | 5 | | 2,446 | | 6,747 | | receivables | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Total | | | 111,931 | | 117,163 | | assets | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Liabilities | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Financial | | | - | | (167) | | liabilities | | | | | | | at fair | | | | | | | value | | | | | | | through | | | | | | | profit or | | | | | | | loss | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Loans | 9 | | - | | (15,683) | | payable | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Accounts | 6 | | (278) | | (2,249) | | payable | | | | | | | and | | | | | | | accrued | | | | | | | expenses | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Total | | | (278) | | (18,099) | | liabilities | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Net | | | 111,653 | | 99,064 | | assets | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Equity: | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Share | 7 | | 1,133 | | 958 | | capital | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Share | 7 | | 126,235 | | 106,842 | | premium | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Nominal | 7 | | 1,194 | | 1,736 | | shares | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | Retained | | | (16,909) | | (10,472) | | earnings | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | | | | 111,653 | | 99,064 | +-------------+------------------+--------+------------------+--------+----------------------------+ | | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | | | | | | | +-------------+------------------+--------+------------------+--------+----------------------------+ | US$ redeemable | | US$1.7786 | | US$1.8367 | | participating preference | | | | | | shares - net assets value | | | | | | per share based on | | | | | | 37,231,054 | | | | | | (2008: 41,365,763) shares | | | | | | outstanding | | | | | +--------------------------------+--------+------------------+--------+----------------------------+ | | | | | | | +-----------------------+--------+--------+------------------+--------+----------------------------+ | GBP Hedged redeemable | | GBP0.9509 | | GBP0.9915 | | participating preference | | | | | | shares - net assets value | | | | | | per share based on | | | | | | 16,926,624 | | | | | | (2008: 11,907,598) shares | | | | | | outstanding | | | | | +--------------------------------+--------+------------------+--------+----------------------------+ | | | | | | +--------------------------------+--------+------------------+--------+----------------------------+ | EUR redeemable | | EUR1.4019 | | - | | participating preference | | | | | | shares - net assets value | | | | | | per | | | | | | share based on 11,437,819 | | | | | | (2008: Nil) shares | | | | | | outstanding | | | | | +--------------------------------+--------+------------------+--------+----------------------------+ | | +--------------------------------------------------------------------------------------------------+ | | +--------------------------------------------------------------------------------------------------+ | The EUR Share Class launched on 31 October 2008. | +--------------------------------------------------------------------------------------------------+ | | | | | | | +------------------+---------------------------+--------+------------------+---------+-------------+ | The financial statements on pages 5 to 8 were approved by the Board of Directors on 29 May | | 2009 and were signed on its behalf by: | +--------------------------------------------------------------------------------------------------+ | | | | | | +----------------------------------------------+--------+------------------+---------+-------------+ | | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | Director | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | Director | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | | | | | | | +------------------+---------------------------+--------+-----------------------+---------+--------+ | | | | | | | +-------------+----+----+--------+--------+----+--------+----+--------+----+----+----+----+--------+ The notes on pages 9 to 20 form an integral part of these financial statements. +---------------------------------------------+---+----------+---------+--+----------+---------+ | CONDENSED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2009 | +----------------------------------------------------------------------------------------------+ | | | | | | +---------------------------------------------+---+--------------------+--+--------------------+ | | | 31 March 2009 | | 31 March 2008 | +---------------------------------------------+---+--------------------+--+--------------------+ | | | US$'000 | US$'000 | | US$'000 | US$'000 | | | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Operating Activities: | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | (Loss)/profit for the period | | (6,437) | | | 344 | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Adjustments for: | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Net realised gain on investments | | (25) | | | (2,848) | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Net unrealised loss on investments | | 4,451 | | | 443 | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Net movement in unrealised (gain)/loss on | | (417) | | | 695 | | | forward foreign currency contracts | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | (Increase) in debtors | | (31) | | | (81) | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | (Decrease) in creditors | | (212) | | | (775) | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Net cash outflow from operating activities | | | (2,671) | | | (2,222) | +---------------------------------------------+---+----------+---------+--+----------+---------+ | | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Investing activities: | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Purchase of financial assets at fair value | | (30,852) | | | (29,497) | | | through profit or loss | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Sale of financial assets at fair value | | 27,687 | | | 34,098 | | | through profit or loss | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Net cash (outflow)/inflow from investing | | | (3,165) | | | 4,601 | | activities | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Financing activities: | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Repayment of loans | | (45,604) | | | (14,158) | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | New loans advanced | | 29,876 | | | 7,027 | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Proceeds from issue of redeemable | | 34,298 | | | 11,535 | | | participating preference shares | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Amounts paid on redemption of redeemable | | (14,729) | | | (6,599) | | | participating preference shares | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Net cash inflow/(outflow) from financing | | | 3,841 | | | (2,195) | | activities | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Net (decrease)/increase in cash and cash | | | (1,995) | | | 184 | | equivalents | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Cash and Cash equivalents at start of | | | 2,192 | | | 4 | | period | | | | | | | +---------------------------------------------+---+----------+---------+--+----------+---------+ | Cash and Cash equivalents at end of period | | | 197 | | | 188 | +---------------------------------------------+---+----------+---------+--+----------+---------+ +---------------------------------------------+---+---------+---------+--+----------+---------+ | Supplementary Information: | | | | | | | +---------------------------------------------+---+---------+---------+--+----------+---------+ | Interest received | | | 1,869 | | | 17 | +---------------------------------------------+---+---------+---------+--+----------+---------+ | Interest paid | | | (125) | | | (56) | +---------------------------------------------+---+---------+---------+--+----------+---------+ The notes on pages 9 to 20 form an integral part of these financial statements. 1SIGNIFICANT 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 Channel Island Stock Exchange and 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 29 May 2009. a) Changes in Presentation The Company has decided to adopt a condensed set of financial statements for the Interim Reports. The Company prepares these financial statements in accordance with International Financial Reporting Standard IAS 34: Interim Financial Reporting ("IAS34") issued by the International Accounting Standards Board (the "IASB"), and comply with the Companies (Guernsey) Laws 1994 to 2008. As a result these financial statements, which are a condensed set of financial statements prepared in accordance with section 8 of IAS 34, do not include all the disclosures as required for the Company's annual financial statements. b) Basis of preparation The accounting policies set out below have been applied consistently to all periods presented in the financial statements. The financial statements are presented in U.S. dollars and rounded to the nearest thousand dollars. They are prepared on a fair value basis for derivative financial instruments, financial assets and financial liabilities at fair value through profit or loss. Other financial assets and financial liabilities are stated at amortised cost. The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expense. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The accounting policies have been applied consistently by the Company in dealings with items which are considered material in relation to the Company's financial statements. The financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards, subject to the above mentioned amendments in relation to the production of Interim Financial Statements, 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. Accounting policies and methods of computation followed in these interim financial statements are consistent with those applied in the most recent annual financial statements. 1 SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED) c) Foreign currency translation Presentational and functional currency Items included in the Company's financial statements are measured using the currency of the primary economic environment in which it operates (the "functional currency"). The Company's functional currency is the US Dollar (US$), and the Company has also selected the US Dollar as the currency in which it presents the financial statements. Transactions and balances Transactions in foreign currencies, other than US Dollars, are translated at the foreign currency exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to US Dollars at the foreign currency closing exchange rate ruling at the balance sheet date. Foreign currency exchange differences arising on translation and realised gains and losses on disposals or settlements of monetary assets and liabilities are recognised in the income statement. Foreign currency exchange differences relating to investments at fair value through the profit or loss and derivative financial instruments are included in net gains and losses on investments and net foreign exchange gains and losses, respectively. d) Financial instruments * Classification IAS 39 establishes specific categories into which all financial assets and liabilities must be classified. The classification of financial instruments dictates how these assets and liabilities are subsequently measured in the financial statements. There are four categories of financial assets: assets at fair value through profit or loss, available for sale, loans and receivables and held to maturity. The Company classifies its investments in debt and equity securities, and related derivatives, as financial assets or financial liabilities at fair value through profit or loss. These financial assets and financial liabilities are classified as held for trading or designated by the Board of Directors at fair value through profit or loss at inception. Classification of debt and equities * Financial assets or financial liabilities held for trading are those acquired or incurred principally for the purposes of selling or repurchasing in the short term. Derivatives are also categorised as financial assets or financial liabilities held for trading. These include forward foreign currency contracts. The Company does not classify any derivatives as hedges in a hedging relationship. All derivatives in a net receivable position (positive fair value) are reported as financial assets held for trading. All derivatives in a net payable position (negative fair value) are reported as financial liabilities held for trading. * Financial assets and financial liabilities designated at fair value through profit or loss at inception are those that are managed and their performance evaluated on a fair value basis in accordance with the Company's documented investment strategy. The Company's policy is for the Investment Manager and the Board of Directors to evaluate the information about these financial assets on a fair value basis together with other related financial information. These included investment in Investment Funds. * Financial assets that are classified as loans and receivables include accounts receivable and equalisation paid on investments. * Financial liabilities that are not at fair value through profit or loss include accounts payable. (ii) Recognition Financial assets and liabilities are recognised on the Company's balance sheet when the Company becomes a party to the contractual provisions of the instrument. 1 SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED) d) Financial instruments (continued) (ii) Recognition (continued) A regular way purchase of financial assets is recognised using trade date accounting - the date on which the Company commits to purchase or sell the investment. Investments are derecognised where the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership. From this date any gains and losses arising from changes in fair value of the financial assets or financial liabilities are recorded. (iii) Measurement Financial instruments are measured initially at fair value. Transaction costs on financial assets and financial liabilities at fair value through profit or loss are expensed immediately. Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the income statement. Financial assets classified as loans and receivables are carried at amortised cost using the effective interest rate method, less impairment losses, if any. Financial liabilities, other than those at fair value through profit or loss, are measured at amortised cost using the effective interest rate method. (iv) Fair value measurement principles The fair value of financial instruments traded in active markets is based on quoted market bid prices at the balance sheet date. The fair value of investments in investment funds is based on the net asset value per share of the underlying investment funds as at the balance sheet date as advised by the fund administrators of those funds. The Company may from time to time invest in financial instruments that are not traded on an active market. The fair value of such instruments is determined by using appropriate valuation techniques, which in the opinion of the directors, provide the best estimates of the fair value of such investments. (v) Right of offset Financial assets and liabilities are offset and the net amount presented in the Balance Sheet when, and only when, the company has a legal right to set off the amounts and intends either to settle on a net basis only when permitted by the accounting standards. (vi) Impairment Financial assets that are stated at cost or amortised cost are reviewed at each balance sheet date to determine whether there is objective evidence of impairment. If any such indication exists, an impairment loss is recognised in the income statement as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the financial asset's original effective interest rate. If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised cost decreases and the decrease can be linked objectively to an event occurring after the write down, the write down is reversed through the income statement. (vii) Specific instruments Cash and cash equivalents Cash comprises cash balances and call deposits with banks. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. 1 SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED) d) Financial instruments (continued) (vii) Specific instruments (continued) Forward contracts Forward contracts are commitments to either purchase or sell a designated financial instrument, currency or an index at a specified future date for a specified price and may be settled in cash or another financial asset. Forward contracts are valued by reference to the forward price at which a new contract of the same size and maturity could be undertaken at the valuation date. The unrealised gain or loss on open forward contracts is calculated as the difference between the contract rate and this forward price (the rate to close out the contract). Unrealised gains and losses on forward contracts are recognised in the income statement and reported in the Balance Sheet as an asset or a liability respectively. e) Revenue and expenses Interest income and expense is recognised in the income statement as it accrues, using the original effective interest rate of the instrument calculated at the acquisition or origination date. Interest income includes the amortisation of any discount or premium, transaction costs or other differences between the initial carrying amount of an interest-bearing instrument and its amount at maturity calculated on an effective interest rate basis. Expenses are accounted for on an accruals basis. f) Shares The Company has a twice yearly tender facility under which, subject to certain limitations and the Directors exercising their discretion to operate the facility, shareholders are entitled to have their shareholding, up to a maximum specified by the Board, purchased by the Company at a price equal to the net asset value per share (less any tender costs), as appropriate, calculated as at the relevant tender date. The Directors meet regularly to consider the operation of the tender facility in the light of prevailing market conditions, shareholder sentiment and legal constraints. The Company also has a twice yearly conversion facility under which, subject to certain limitations and the Directors exercising their discretion to operate the facility, investors are provided the opportunity to convert shares of either class into shares of the other class. Such conversion will be on the basis of the ratio of the last reported net asset value of the class of shares held to the last reported net asset value of the class of shares into which they will be converted and otherwise as set out in the Company's articles of association. +--------+--------+-------------+---------+--------+---------+ | 2 | | CASH | | | | | | | AND | | | | | | | CASH | | | | | | | EQUIVALENTS | | | | +--------+--------+-------------+---------+--------+---------+ | | | | 2009 | | 2008 | +--------+--------+-------------+---------+--------+---------+ | | | | US$'000 | | US$'000 | +--------+--------+-------------+---------+--------+---------+ | | | | | | | +--------+--------+-------------+---------+--------+---------+ | | | Cash | 197 | | 2,192 | | | | and | | | | | | | cash | | | | | | | equivalents | | | | +--------+--------+-------------+---------+--------+---------+ | | | | | | | +--------+--------+-------------+---------+--------+---------+ Cash and Cash Equivalents is made up of cash deposits of US$196,673. Material cash balances are held with the custodian, State Street Custodial Services (Ireland) Limited. +--------+--------+------------+---------+--------+--------------+ | 3 | | FINANCIAL | | | | | | | INSTRUMENT | | | | | | | CATEGORY | | | | +--------+--------+------------+---------+--------+--------------+ | | | | 31 | | 30 September | | | | | March | | 2008 | | | | | 2009 | | | +--------+--------+------------+---------+--------+--------------+ | | | | US$'000 | | US$'000 | +--------+--------+------------+---------+--------+--------------+ | | | | | | | +--------+--------+------------+---------+--------+--------------+ | | | Designated | | | | | | | at fair | | | | | | | value | | | | | | | through | | | | | | | profit or | | | | | | | loss: | | | | +--------+--------+------------+---------+--------+--------------+ | | | - | 109,288 | | 108,224 | | | | Hedge | | | | | | | funds | | | | +--------+--------+------------+---------+--------+--------------+ | | | Total | 109,288 | | 108,224 | | | | financial | | | | | | | assets at | | | | | | | fair | | | | | | | value | | | | | | | through | | | | | | | profit or | | | | | | | loss | | | | +--------+--------+------------+---------+--------+--------------+ +--------+--------+-------------------+---------+--------+---------+ | 4 | | NET (LOSSES)/GAINS ON FINANCIAL | | | | ASSETS HELD AT FAIR VALUE THROUGH | | | | PROFIT OR LOSS | +--------+--------+------------------------------------------------+ | | | | 31 | | 31 | | | | | March | | March | | | | | 2009 | | 2008 | +--------+--------+-------------------+---------+--------+---------+ | | | | US$'000 | | US$'000 | +--------+--------+-------------------+---------+--------+---------+ | | | | | | | +--------+--------+-------------------+---------+--------+---------+ | | | Net | | | | | | | (losses)/gains on | | | | | | | financial assets | | | | | | | at fair value | | | | | | | through profit or | | | | | | | loss: | | | | +--------+--------+-------------------+---------+--------+---------+ | | | - | 25 | | 2,848 | | | | Realised | | | | | | | gains on | | | | | | | investments | | | | +--------+--------+-------------------+---------+--------+---------+ | | | - | (3,927) | | (283) | | | | Realised | | | | | | | losses | | | | | | | on | | | | | | | currency | | | | +--------+--------+-------------------+---------+--------+---------+ | | | - | (3,541) | | (443) | | | | Net | | | | | | | unrealised | | | | | | | losses on | | | | | | | investments | | | | +--------+--------+-------------------+---------+--------+---------+ | | | - | 417 | | (695) | | | | Net | | | | | | | unrealised | | | | | | | gains/(losses) | | | | | | | on forwards | | | | +--------+--------+-------------------+---------+--------+---------+ | | | | | | | +--------+--------+-------------------+---------+--------+---------+ | | | Total | (7,026) | | 1,427 | | | | net | | | | | | | (losses)/gains | | | | +--------+--------+-------------------+---------+--------+---------+ | | | | | | | +--------+--------+-------------------+---------+--------+---------+ | | | Gains and losses presented above | | | | excludes interest income, | | | | dividend income and interest | | | | expense | +--------+--------+-------------------+---------+--------+---------+ +--------+--------+-------------+---------+--------+-----------+ | 5 | | OTHER | | | | | | | RECEIVABLES | | | | +--------+--------+-------------+---------+--------+-----------+ | | | | 31 | | 30 | | | | | March | | September | +--------+--------+-------------+---------+--------+-----------+ | | | | 2009 | | 2008 | +--------+--------+-------------+---------+--------+-----------+ | | | | US$'000 | | US$'000 | +--------+--------+-------------+---------+--------+-----------+ | | | | | | | +--------+--------+-------------+---------+--------+-----------+ | | | Amounts | - | | 5,000 | | | | paid in | | | | | | | advance | | | | | | | of | | | | | | | securities | | | | | | | purchased | | | | +--------+--------+-------------+---------+--------+-----------+ | | | Amounts | 1,221 | | 11 | | | | receivable | | | | | | | on | | | | | | | securities | | | | | | | sold | | | | +--------+--------+-------------+---------+--------+-----------+ | | | Amounts | 1,194 | | 1,736 | | | | due | | | | | | | from | | | | | | | Investment | | | | | | | Manager | | | | +--------+--------+-------------+---------+--------+-----------+ | | | Other | 31 | | - | | | | receivables | | | | +--------+--------+-------------+---------+--------+-----------+ | | | | 2,446 | | 6,747 | +--------+--------+-------------+---------+--------+-----------+ +--------+--------+-------------+---------+--------+-----------+ | 6 | | ACCOUNTS | | | | | | | PAYABLE | | | | | | | AND | | | | | | | ACCRUED | | | | | | | EXPENSES | | | | +--------+--------+-------------+---------+--------+-----------+ | | | | 31 | | 30 | | | | | March | | September | +--------+--------+-------------+---------+--------+-----------+ | | | | 2009 | | 2008 | +--------+--------+-------------+---------+--------+-----------+ | | | | US$'000 | | US$'000 | +--------+--------+-------------+---------+--------+-----------+ | | | | | | | +--------+--------+-------------+---------+--------+-----------+ | | | Amount | - | | (2,000) | | | | received | | | | | | | in | | | | | | | advance | | | | | | | of | | | | | | | securities | | | | | | | sold | | | | +--------+--------+-------------+---------+--------+-----------+ | | | Accrued | (57) | | (16) | | | | Directors' | | | | | | | fees | | | | +--------+--------+-------------+---------+--------+-----------+ | | | Accrued | (145) | | (139) | | | | expenses | | | | | | | due to | | | | | | | Manager | | | | +--------+--------+-------------+---------+--------+-----------+ | | | Accrued | - | | (30) | | | | performance | | | | | | | fee | | | | +--------+--------+-------------+---------+--------+-----------+ | | | Other | (76) | | (64) | | | | accrued | | | | | | | expenses | | | | +--------+--------+-------------+---------+--------+-----------+ | | | | (278) | | (2,249) | +--------+--------+-------------+---------+--------+-----------+ 7SHARE CAPITAL The Company's capital is represented by the nominal shares and redeemable shares outstanding. The Company does not have any externally imposed capital requirements. 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 has the authority to purchase up to 10% of the Redeemable participating preference shares in issue and hold them as Treasury Shares until a time when they are either re-issued or cancelled. As at 31 March 2009 the Company held 3,723,105 US Dollar Shares, 1,181,988 Sterling Hedged Shares and 80,000 Euro Shares in treasury (2008: 4,026,576 US Dollar Shares, 1,080,759 Sterling Hedged Shares and Nil Euro Shares). The authorised shares of the Company were: +------------------------------------------------------------+------------+------------+ | | 31 March | 30 | | | 2009 | September | | | | 2008 | +------------------------------------------------------------+------------+------------+ | | GBP | GBP | +------------------------------------------------------------+------------+------------+ | | | | +------------------------------------------------------------+------------+------------+ | 100 Founder Shares of GBP1 each ("founder shares") | 100 | 100 | +------------------------------------------------------------+------------+------------+ | 400,000,000 Redeemable Participating Shares of GBP0.01 | 4,000,000 | 4,000,000 | | each (the "shares") | | | +------------------------------------------------------------+------------+------------+ | 100,000,000 Unclassified Shares of GBP0.01 each | 1,000,000 | 1,000,000 | | ("unclassified shares") | | | +------------------------------------------------------------+------------+------------+ | | 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 of one or more classes or as non Participating Redeemable Shares of 0.01p each (Nominal Shares). The Company's Articles of Association grant discretion to the Board to issue the Shares with such preferred, deferred or other special rights or restrictions as the Board may determine. As at 31 March 2009, the Board has issued shares designated as US Dollar Shares, Sterling Hedged Shares and Euro Shares. US Dollar Shares have a nominal value of 1p per share although their share price is quoted in US Dollars. US Dollar Shares are entitled to the net asset of the Company attributable to the US Dollar Shares (based on the NAV of the US Dollar Shares) on a winding up. All distributions payable to the holders of the US Dollar Shares will be paid in US Dollars. Sterling Hedged Shares have a nominal value of 1p per share and their price will be quoted in British Pound Sterling. Sterling Hedged Shares are entitled to the net assets of the Company attributable to Sterling Hedged Shares (based on the net asset value of the Sterling Hedged Shares) on a winding up. It is the intention of the Investment Manager predominantly to continue to hedge the currency exposure of the assets of the Company attributable to the Sterling Hedged Shares into British Pounds Sterling. The costs of providing the currency hedge or any profits derived there-from are borne by the Sterling Hedged Share class and this is reflected in their net asset value. All distributions payable to the holders of the Sterling Hedged Shares will be paid in British Pounds Sterling. The EUR Share Class launched on 31 October 2008. Euro Shares have a nominal value of 1c per share although their share price is quoted in US Dollars. Euro Shares are entitled to the net asset of the Company attributable to the Euro Shares (based on the NAV of the Euro Shares) on a winding up. All distributions payable to the holders of the Euro Shares will be paid in Euros. Issued and fully paid share capital +------------------------------------------------------+---------------+------------------------+------------------------+ | | 31 March | | 30 September | | | 2009 | | 2008 | +------------------------------------------------------+---------------+------------------------+------------------------+ | | Number of | | Number of | | | shares | | shares | +------------------------------------------------------+---------------+------------------------+------------------------+ | | | | | +------------------------------------------------------+---------------+------------------------+------------------------+ | Founder shares | 2 | - | 2 | +------------------------------------------------------+---------------+------------------------+------------------------+ | Nominal shares | 83,693,460 | | 96,015,596 | +------------------------------------------------------+---------------+------------------------+------------------------+ | | | | | +------------------------------------------------------+---------------+------------------------+------------------------+ | 7SHARE CAPITAL - (CONTINUED) | | | | | Redeemable participating | | | | | preference shares | | | | +------------------------------------------------------+---------------+------------------------+------------------------+ | US$ redeemable participating preference shares | 37,231,054 | | 41,365,763 | +------------------------------------------------------+---------------+------------------------+------------------------+ | GBP Hedged redeemable participating shares | 16,926,624 | | 11,907,598 | +------------------------------------------------------+---------------+------------------------+------------------------+ | EUR redeemable participating preference shares | 11,437,819 | | - | +------------------------------------------------------+---------------+------------------------+------------------------+ | Total redeemable participating preference shares in | 65,595,497 | | 53,273,361 | | issue | | | | +------------------------------------------------------+---------------+------------------------+------------------------+ The movement in shares during the period to 31 March 2009 is shown below: +---------------------------+--------------+---------------+-----------------+-----------------+ | | | Redeemable | Redeemable | Redeemable | | | | Participating | Participating | Participating | | | | Preference | Preference | Preference | | | | Shares | Shares | Shares | +---------------------------+--------------+---------------+-----------------+-----------------+ | | Nominal | US$ Class | Sterling Hedged | EUR Class | | | Shares | | Class | | +---------------------------+--------------+---------------+-----------------+-----------------+ | Number of shares at 30 | 96,015,596 | 41,365,763 | 11,907,598 | - | | September 2008 | | | | | +---------------------------+--------------+---------------+-----------------+-----------------+ | Number of shares issued | 6,309,533 | 114,067 | 6,999,770 | 11,517,832 | +---------------------------+--------------+---------------+-----------------+-----------------+ | Number of shares redeemed | (18,631,669) | (4,248,776) | (1,980,744) | (80,013) | +---------------------------+--------------+---------------+-----------------+-----------------+ | Number of shares at 31 | 83,693,460 | 37,231,054 | 16,926,624 | 11,437,819 | | March 2009 | | | | | +---------------------------+--------------+---------------+-----------------+-----------------+ Treasury Shares are excluded from the Redeemable Participating Shares US$ Class, Sterling Hedged Class and EUR Class table above. The movement in shares during the period to 30 September 2008 is shown below: +------------------------------------+--------------+--+---------------+-+-----------------+ | | | | Redeemable | | Redeemable | | | | | Participating | | Participating | | | | | Preference | | Preference | | | | | Shares | | Shares | +------------------------------------+--------------+--+---------------+-+-----------------+ | | Nominal | | US$ Class | | Sterling Hedged | | | Shares | | | | Class | +------------------------------------+--------------+--+---------------+-+-----------------+ | Number of shares at 30 September | 83,240,553 | | 49,161,576 | | 16,886,828 | | 2007 | | | | | | +------------------------------------+--------------+--+---------------+-+-----------------+ | Number of shares issued | 25,193,490 | | 9,222,770 | | 3,195,677 | +------------------------------------+--------------+--+---------------+-+-----------------+ | Number of shares redeemed | (12,418,447) | | (17,018,583) | | (8,174,907) | +------------------------------------+--------------+--+---------------+-+-----------------+ | Number of shares at 30 September | 96,015,596 | | 41,365,763 | | 11,907,598 | | 2008 | | | | | | +------------------------------------+--------------+--+---------------+-+-----------------+ The movement in share capital and share premium of redeemable participating preference shares during the period to 31 March 2009 is shown below: +-------------------------------------+----------+-+--------------+-+-----------+--+---------+----------+ | | US$ | | Sterling | | EUR Class | | Total | | | | Class | | Hedged | | | | | | +-------------------------------------+----------+-+--------------+-+-----------+--+---------+----------+ | | US$'000 | | US$'000 | | EUR '000 | | US$'000 | | +-------------------------------------+----------+-+--------------+-+-----------+--+---------+----------+ | Share capital | | | | | | | | | +-------------------------------------+----------+-+--------------+-+-----------+--+---------+----------+ | Balance at 30 September 2008 | 747 | | 211 | | - | | 958 | | +-------------------------------------+----------+-+--------------+-+-----------+--+---------+----------+ | Issued during the period | 2 | | 100 | | 164 | | 266 | | +-------------------------------------+----------+-+--------------+-+-----------+--+---------+----------+ | Redeemed during the period | (61) | | (29) | | (1) | | (91) | | +-------------------------------------+----------+-+--------------+-+-----------+--+---------+----------+ | Balance at 31 March 2009 | 688 | | 282 | | 163 | | 1,133 | | +-------------------------------------+----------+-+--------------+-+-----------+--+---------+----------+ +-------------------------------------+----------+-+--------------+-+-----------+--+----------+-+ | | US$ | | Sterling | | EUR Class | | Total | | | | Class | | Hedged | | | | | | +-------------------------------------+----------+-+--------------+-+-----------+--+----------+-+ | | US$'000 | | US$'000 | | EUR '000 | | US$'000 | | +-------------------------------------+----------+-+--------------+-+-----------+--+----------+-+ | Share premium | | | | | | | | | +-------------------------------------+----------+-+--------------+-+-----------+--+----------+-+ | Balance at 30 September 2008 | 86,351 | | 20,491 | | - | | 106,842 | | +-------------------------------------+----------+-+--------------+-+-----------+--+----------+-+ | Issued during the period | 4,275 | | 18,630 | | 11,127 | | 34,032 | | +-------------------------------------+----------+-+--------------+-+-----------+--+----------+-+ | Redeemed during the period | (7,377) | | (103) | | (7,159) | | (14,639) | | +-------------------------------------+----------+-+--------------+-+-----------+--+----------+-+ | Balance at 31 March 2009 | 83,249 | | 39,018 | | 3,968 | | 126,235 | | +-------------------------------------+----------+-+--------------+-+-----------+--+----------+-+ 7SHARE CAPITAL - (CONTINUED) The movement in share capital and share premium of redeemable participating preference shares during the period to 30 September 2008 is shown below: +---------------------------------------------+------------+-+------------+-+-------------+-+ | | US$ Class | | Sterling | | Total | | | | | | Hedged | | | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | | US$'000 | | US$'000 | | US$'000 | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | Share capital | | | | | | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | Balance at 30 September 2007 | 888 | | 300 | | 1,188 | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | Issued during the period | 167 | | 58 | | 225 | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | Redeemed during the period | (308) | | (147) | | (455) | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | Balance at 30 September 2008 | 747 | | 211 | | 958 | | +---------------------------------------------+------------+-+------------+-+-------------+-+ +---------------------------------------------+------------+-+------------+-+-------------+-+ | | US$ Class | | Sterling | | Total | | | | | | Hedged | | | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | | US$'000 | | US$'000 | | US$'000 | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | Share premium | | | | | | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | Balance at 30 September 2007 | 103,070 | | 31,340 | | 134,410 | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | Issued during the period | 18,720 | | 6,962 | | 25,682 | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | Redeemed during the period | (35,440) | | (17,810) | | (53,250) | | +---------------------------------------------+------------+-+------------+-+-------------+-+ | Balance at 30 September 2008 | 86,350 | | 20,492 | | 106,842 | | +---------------------------------------------+------------+-+------------+-+-------------+-+ 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 Nominal Shares may only be issued to the Manager 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 out of any monies which may lawfully be applied for that purpose on at least one month's written notice. 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. Rights as to capital - On a return of capital or other return of assets of the Company on winding up or otherwise (other than conversion, redemption or purchase of Shares), the assets of the Company available for distribution to Shareholders will be applied as follows (and in each case distributed among the holders of Shares of each class rateably according to amounts paid up on such Shares held by them): (i) first there will be paid to the holders of the Founder Shares in respect of each such share the amount paid up or treated as paid up thereon; and (ii) secondly, there will be paid to the holders of the Shares all further assets of the Company to which their Shares relate subject to any specific rights attributable thereto as described in a circular or prospectus published by the Company from time to time 7SHARE CAPITAL - (CONTINUED) Rights attaching to shares (continued) Rights as to voting - The holders of the Shares will have the right to receive notice of, and to vote at, general meetings of the Company. Each holder of a Share who is present in person (or, being a corporation by representative) at a general meeting will have on a show of hands one vote and on a poll every such holder who is present in person or by proxy (or, being a corporation, by representative) will have one vote in respect of each Share held by him. For so long as there are Shares in issue, the holders of the Founder Shares will not have any right to receive notice of or vote at any general meeting of the Company. When there are no Shares in issue, the holders of the Founder Shares will have the right to receive notice of, and to vote at, general meetings of the Company. In such circumstances, each holder of a Founder Share who is present in person (or, being a corporation, by representative) at a general meeting will have on a show of hands one vote and on a poll every such holder who is present in person or by proxy (or being a corporation, by representative) will have one vote in respect of each Founder Share held by him. The Tender 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 facility under which, subject to certain limitations and the Directors exercising their discretion to operate the facility, Shareholders may complete a tender offer form for 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 relevant Tender date. In respect of any Tender offer the Company will be restricted to buy back 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 Tender 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. 8 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 2008: US$274,539(positive)). The performance fee outstanding at period/year end was US$ Nil (September 2008: US$ Nil). The management fee for the period was US$868,979 (March 2008: US$1,074,584) of which US$145,247 (September 2008: US$139,285) was outstanding at the period/year end. 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. 8 RELATED PARTY TRANSACTIONS - (CONTINUED) 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 Ian Domaille 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 Domaille 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: | | | | | | | +--------------------------------------------+--------------------+--------------------+ | | 2009 | 2008 | +--------------------------------------------+--------------------+--------------------+ | Raymond Philip Apsey | GBP 25,000 per | GBP 25,000 per | | | annum | annum | +--------------------------------------------+--------------------+--------------------+ | Paul Wrench | GBP nil per annum | GBP nil per annum | +--------------------------------------------+--------------------+--------------------+ | Keith Dorrian | GBP 15,000 per | GBP 15,000 per | | | annum | annum | +--------------------------------------------+--------------------+--------------------+ | Ian Domaille* | GBP 15,000 per | GBP nil per annum | | | annum | | +--------------------------------------------+--------------------+--------------------+ | Stuart Francis Carnegie | GBP 15,000 per | GBP 10,000 per | | | annum | annum | +--------------------------------------------+--------------------+--------------------+ The Directors' fees outstanding at the period/year end were US$57,365 (September 2008: US$16,355). Paul Wrench has waived his entitlement to fees. *Ian Domaille was appointed in January 2009 9LOANS The Company will have the ability to borrow up to 20% of its adjusted total of capital and reserves for short-term or temporary purposes as may be necessary for settlement of transactions, to facilitate redemption (where applicable) or to meet ongoing expenses. It is not intended for the Company to have any structural gearing. At 31 March 2009 the loan outstanding in respect of the credit facilities extended to HSBC Global Absolute Limited by HSBC Private Bank (C.I.) Limited was US$ Nil (30 September 2008: US$15,682,924). This is an unsecured loan repayable within 1 month. For the period ended 31 March 2009 the interest expense was US$124,847 (31 March 2008: US$55,696) and the interest rate range was a low of 1.54% (Period ended 31 March 2008: 4.40%) and a high of 5.07% (Period ended 31 March 2008: 6.20%). 10 CUSTODY AGREEMENTS Pursuant to the Custodian Agreement dated 21 September 2001 the Company has appointed Investors Trust and Custodial Services (Ireland) Limited as the Custodian of the Company. With effect from 26 November 2008 the Custodian changed its name to State Street Custodial Services (Ireland) Limited. The Custodian fee is included in the management fee. 11 TAXATION STATUS The Company is exempt from Guernsey income tax under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged an annual exemption fee of GBP600 per annum (2008: GBP600). 12 NET ASSETS ATTRIBUTABLE TO PREFERENCE SHAREHOLDERS +-----------------------------------------------+-+----------+-------------+-+-------------+ | | | | At 31 March | | At 30 | | | | | | | September | +-----------------------------------------------+-+----------+-------------+-+-------------+ | | | | 2009 | | 2008 | +-----------------------------------------------+-+----------+-------------+-+-------------+ | | | | US$'000 | | US$'000 | +-----------------------------------------------+-+----------+-------------+-+-------------+ | | | | | | | +-----------------------------------------------+-+----------+-------------+-+-------------+ | US$ Class | | | 66,216 | | 75,977 | +-----------------------------------------------+-+----------+-------------+-+-------------+ | Sterling Hedged Class | | | 22,963 | | 21,351 | +-----------------------------------------------+-+----------+-------------+-+-------------+ | EUR Class | | | 21,280 | | - | +-----------------------------------------------+-+----------+-------------+-+-------------+ | | | | | | | +-----------------------------------------------+-+----------+-------------+-+-------------+ | Total | | | 110,459 | | 97,328 | +-----------------------------------------------+-+----------+-------------+-+-------------+ +----------------+--------------------+--+--------------------+--+------------+--+-----------+ | Net asset value | +--------------------------------------------------------------------------------------------+ | The net asset value of each US$, GBP and EUR share is determined by dividing the net assets | | of the Company attributed to the US$, GBP and EUR shares by the number of US$, GBP and EUR | | shares in issue at the period end as follows: | +--------------------------------------------------------------------------------------------+ | | | | | | | | +-------------------------------------+--+--------------------+--+------------+--+-----------+ | | | Net assets | | Shares in | | Net | | | | attributable to | | issue | | Assets | | | | each share class | | | | Per Share | +-------------------------------------+--+--------------------+--+------------+--+-----------+ | | | | | | | | +-------------------------------------+--+--------------------+--+------------+--+-----------+ | As at 31 March 2009 | | | | | | | +-------------------------------------+--+--------------------+--+------------+--+-----------+ | US$ Share | | | US$ 66,215,945 | | 37,231,054 | | 1.7786 | +----------------+--------------------+--+--------------------+--+------------+--+-----------+ | GBP Share | | | GBP 16,094,811 | | 16,926,624 | | 0.9509 | +----------------+--------------------+--+--------------------+--+------------+--+-----------+ | EUR Share | | EUR 16,034,622 | | 11,437,819 | | 1.4019 | +-------------------------------------+--+--------------------+--+------------+--+-----------+ | | | | | | | | +-------------------------------------+--+--------------------+--+------------+--+-----------+ | As at 30 September 2008 | | | | | | | +-------------------------------------+--+--------------------+--+------------+--+-----------+ | US$ Share | | | US$ 75,976,280 | | 41,365,763 | | US$ | | | | | | | | | 1.8367 | +----------------+--------------------+--+--------------------+--+------------+--+-----------+ | GBP Share | | | GBP 11,806,607 | | 11,907,598 | | GBP | | | | | | | | | 0.9915 | +----------------+--------------------+--+--------------------+--+------------+--+-----------+ 13 SHAREHOLDERS' INTERESTS The following Shareholders had significant holdings in the Company at 31 March 2009: +------------------------------+------------------+------------------+-------------------+ | | Redeemable | Redeemable | Redeemable | | | Participating | Participating | Participating | +------------------------------+------------------+------------------+-------------------+ | | Preference | Preference | Preference Shares | | | Shares | Shares | | +------------------------------+------------------+------------------+-------------------+ | Shareholder | US$ Class | Sterling Hedged | EUR Class | | | | Class | | +------------------------------+------------------+------------------+-------------------+ | | | | | +------------------------------+------------------+------------------+-------------------+ | Chase Nominees Limited | 6.40% | - | - | +------------------------------+------------------+------------------+-------------------+ | Citibank Nominees (Ireland) | 2.15% | - | - | | Limited | | | | +------------------------------+------------------+------------------+-------------------+ | City of Bradford | - | - | 16.83% | | Metropolitan | | | | +------------------------------+------------------+------------------+-------------------+ | Euroclear Nominees Limited | 22.88% | - | - | +------------------------------+------------------+------------------+-------------------+ | HSBC Global Absolute Limited | 8.39% | 7.94% | - | +------------------------------+------------------+------------------+-------------------+ | HSBC Global Custody Nominee | 17.13% | 28.52% | 30.29% | | (UK) | | | | +------------------------------+------------------+------------------+-------------------+ | James Capel (Channel | 4.47% | 3.14% | 8.80% | | Islands) | | | | +------------------------------+------------------+------------------+-------------------+ | James Capel (Nominees) | - | - | 5.61% | | Limited | | | | +------------------------------+------------------+------------------+-------------------+ | Pershing Nominees Limited | - | - | 5.25% | +------------------------------+------------------+------------------+-------------------+ | Rathbone Nominees Limited | - | 6.30% | - | +------------------------------+------------------+------------------+-------------------+ | Securities Services Nominees | 20.48% | 21.71% | 22.57% | +------------------------------+------------------+------------------+-------------------+ | The Bank of New York | 8.98% | 3.11% | - | | (Nominees) | | | | +------------------------------+------------------+------------------+-------------------+ | Transact Nominees Limited | - | 3.60% | - | +------------------------------+------------------+------------------+-------------------+ | Vidacos Nominees Limited | - | 2.15% | - | +------------------------------+------------------+------------------+-------------------+ | | | | | +------------------------------+------------------+------------------+-------------------+ 13 SHAREHOLDERS' INTERESTS ? (CONTINUED) The following Shareholders had significant holdings in the Company at 30 September 2008: +---------------------------------------+----------------------+-----------------------+ | | Redeemable | Redeemable | | | Participating | Participating | +---------------------------------------+----------------------+-----------------------+ | | Preference Shares | Preference Shares | +---------------------------------------+----------------------+-----------------------+ | Shareholder | US Dollar Class | Sterling Hedged Class | +---------------------------------------+----------------------+-----------------------+ | | | | +---------------------------------------+----------------------+-----------------------+ | Euroclear Nominees Limited | 40.99% | - | +---------------------------------------+----------------------+-----------------------+ | HSBC Global Custody Nominee (UK) | 22.25% | 17.20% | +---------------------------------------+----------------------+-----------------------+ | BNY (OCS) Nominees Limited | 19.28% | 28.29% | +---------------------------------------+----------------------+-----------------------+ | The Bank Of New York (Nominees) | 5.25% | 4.51% | +---------------------------------------+----------------------+-----------------------+ | James Capel (Channel Islands) | 3.64% | 4.90% | +---------------------------------------+----------------------+-----------------------+ | Chase Nominees Limited | 3.60% | - | +---------------------------------------+----------------------+-----------------------+ | James Capel (Nominees) Limited | 0.05% | 5.14% | +---------------------------------------+----------------------+-----------------------+ | Rathbone Nominees Limited | - | 16.48% | +---------------------------------------+----------------------+-----------------------+ | Transact Nominees Limited | - | 4.89% | +---------------------------------------+----------------------+-----------------------+ | Vidacos Nominees Limited | - | 2.93% | +---------------------------------------+----------------------+-----------------------+ | Forest Nominees Limited | - | 2.25% | +---------------------------------------+----------------------+-----------------------+ 14 EXCHANGE RATES The exchange rates to USD at 31 March 2009 and 30 September 2008 were as follows: +--------------------------------------+----------------------+-------------------------+ | | 31 March 2009 | 30 September 2008 | +--------------------------------------+----------------------+-------------------------+ | EUR | 1.3272 | 1.4377 | +--------------------------------------+----------------------+-------------------------+ | GBP | 1.4268 | 1.8084 | +--------------------------------------+----------------------+-------------------------+ 15SIGNIFICANT EVENTS DURING THE PERIOD The EUR Share Class launched on 31 October 2008. 16SUBSEQUENT 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. SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2009 (UNAUDITED) +---------------+--------+---------+--------+---------+--------+--------+--------+ | Security | | Holding | | Fair | | % of | | | Description | | | | value | | total | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | | | | | US$'000 | | net | | | | | | | | | assets | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Mutual | | | | | | | | | Funds | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | U.S. | | | | | | | | | Dollar | | | | | | | | | (30 | | | | | | | | | September | | | | | | | | | 2008: | | | | | | | | | 109.25%) | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Bellman | | 5,000 | | 4,080 | | 3.69 | % | | Walter | | | | | | | | | Global | | | | | | | | | Class | | | | | | | | | A1 | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Delta | | 1,258 | | 129 | | 0.12 | % | | US | | | | | | | | | Partners | | | | | | | | | Ltd | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | GLG | | 3,603 | | 200 | | 0.18 | % | | Emerging | | | | | | | | | Markets | | | | | | | | | Special | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | GLG | | 6,935 | | 562 | | 0.51 | % | | Emerging | | | | | | | | | Markets | | | | | | | | | Special | | | | | | | | | Asset | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | HB | | 45 | | 2,036 | | 1.84 | % | | Multi | | | | | | | | | Strategy | | | | | | | | | HLD | | | | | | | | | Class B | | | | | | | | | Series 3 | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Jandakot | | 1,211 | | 37 | | 0.03 | % | | Leveraged | | | | | | | | | Fund SF | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Raptor | | 476 | | 326 | | 0.30 | % | | Private | | | | | | | | | Holding | | | | | | | | | Ltd | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Steel | | 70 | | 53 | | 0.05 | % | | Partners | | | | | | | | | Japan Fund | | | | | | | | | Class SP2 | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Steel | | 257 | | 173 | | 0.16 | % | | Partners | | | | | | | | | Japan | | | | | | | | | Fund | | | | | | | | | Class | | | | | | | | | SP1 | | | | | | | | | Series | | | | | | | | | 99 | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Tudor | | 728 | | 711 | | 0.64 | % | | BVI | | | | | | | | | Global | | | | | | | | | Fund | | | | | | | | | Ltd | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Tewksbury | | 495 | | 5,925 | | 5.36 | % | | Invest | | | | | | | | | Fund S-B | | | | | | | | | Shares | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | OZ | | 1,419 | | 1,261 | | 1.14 | % | | Europe | | | | | | | | | Overseas | | | | | | | | | Accumulation | | | | | | | | | Fund | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Two | | 1,145 | | 2,506 | | 2.27 | % | | Sigma | | | | | | | | | Eclipse | | | | | | | | | Cayman | | | | | | | | | Fund | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Eminence | | 5,987 | | 2,523 | | 2.28 | % | | Fund Ltd | | | | | | | | | Class B | | | | | | | | | USD | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Steel | | 1,272 | | 705 | | 0.64 | % | | Partners | | | | | | | | | Japan | | | | | | | | | Strategic | | | | | | | | | Fund | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Jandakot | | 19,698 | | 2,464 | | 2.23 | % | | Fund USD | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Tudor | | 22 | | 1,855 | | 1.68 | % | | BVI | | | | | | | | | Global | | | | | | | | | Fund | | | | | | | | | Class | | | | | | | | | B | | | | | | | | | Shares | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Caxton | | 2,015 | | 3,693 | | 3.34 | % | | Equity | | | | | | | | | Growth | | | | | | | | | Class | | | | | | | | | B | | | | | | | | | Series | | | | | | | | | 29 | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | AG | | 3,247 | | 3,058 | | 2.77 | % | | Super | | | | | | | | | Fund | | | | | | | | | International | | | | | | | | | Ltd USD | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Farallon | | 257,983 | | 2,225 | | 2.01 | % | | Capital | | | | | | | | | Off | | | | | | | | | Class E | | | | | | | | | Series D | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | OZ | | 3,074 | | 3,029 | | 2.74 | % | | Europe | | | | | | | | | Overseas | | | | | | | | | Fund II | | | | | | | | | Ltd | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Brevan | | 51,856 | | 9,366 | | 8.48 | % | | Howard | | | | | | | | | USD | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Gamut | | 384 | | 2,869 | | 2.60 | % | | Investments | | | | | | | | | Ltd USD | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Lansdowne | | 13,206 | | 4,213 | | 3.81 | % | | UK Equity | | | | | | | | | USD | | | | | | | | | Shares | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | CSFB | | 467 | | 897 | | 0.81 | % | | Convertible | | | | | | | | | and | | | | | | | | | Quantitative | | | | | | | | | Strategies | | | | | | | | | Feeder Fund | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | CQS | | 934 | | 1,794 | | 1.62 | % | | Convertible | | | | | | | | | & | | | | | | | | | Quantitative | | | | | | | | | Strategies | | | | | | | | | Feeder Fund | | | | | | | | | Class 1B | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Harbinger | | 2,388 | | 785 | | 0.71 | % | | Capital | | | | | | | | | Class B | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Marathon | | 2,930 | | 5,651 | | 5.13 | % | | Vertex | | | | | | | | | Aug 04 | | | | | | | | | Sub | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Pentwater | | 450 | | 222 | | 0.20 | % | | Event | | | | | | | | | Fund | | | | | | | | | Class C | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | SR | | 141 | | 117 | | 0.11 | % | | Global | | | | | | | | | Fund | | | | | | | | | Emerging | | | | | | | | | Markets | | | | | | | | | Portfolio | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Paulson | | 16,503 | | 5,598 | | 5.08 | % | | Advantage | | | | | | | | | Ltd Class | | | | | | | | | A | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Meditor | | 6,485 | | 3,520 | | 3.19 | % | | European | | | | | | | | | Hedge | | | | | | | | | Class B | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Diamondback | | 3,001 | | 4,373 | | 3.96 | % | | Offshore | | | | | | | | | Fund Ltd | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Winton | | 2,831 | | 2,058 | | 1.86 | % | | Futures | | | | | | | | | Fund | | | | | | | | | USD | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Strategic | | 40,000 | | 3,245 | | 2.94 | % | | Value | | | | | | | | | Credit | | | | | | | | | Restructuring | | | | | | | | | Fund | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Two | | 2,222 | | 3,159 | | 2.86 | % | | Sigma | | | | | | | | | Cayman | | | | | | | | | Jan | | | | | | | | | Sub | | | | | | | | | USD | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Plexus | | 3,991 | | 180 | | 0.16 | % | | Fund | | | | | | | | | Ltd | | | | | | | | | USD | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Penwater | | 2,550 | | 1,613 | | 1.46 | % | | Event | | | | | | | | | Fund Ltd | | | | | | | | | Sub | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Forden | | 217 | | 292 | | 0.26 | % | | Fund | | | | | | | | | Ltd | | | | | | | | | August | | | | | | | | | Sub | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | SR | | 3,822 | | 3,168 | | 2.87 | % | | Global | | | | | | | | | Fund | | | | | | | | | Emerging | | | | | | | | | Market | | | | | | | | | Class G | | | | | | | | | USD | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Plexus | | 5,661 | | 358 | | 0.32 | % | | Fund | | | | | | | | | Ltd | | | | | | | | | USD | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | Third | | 25,025 | | 2,799 | | 2.53 | % | | Point | | | | | | | | | Offshore | | | | | | | | | Fund Ltd | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | | | | | 93,828 | | 84.94 | % | +---------------+--------+---------+--------+---------+--------+--------+--------+ | | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ | | | | | | | | | +---------------+--------+---------+--------+---------+--------+--------+--------+ +----------------+--------+---+--------+-----+---+--------+---+--------+---+--------+--------+---+--------+ | Security | | Holding | | Fair value | | % of | | | Description | | | | | | total | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | | | | | US$'000 | | net | | | | | | | | | assets | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Euro (30 September | | | | | | | | | 2008: Nil %) | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Fortelus Class B | | 3,283 | | 4,400 | | 3.98 | % | | EUR | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Fortelus Special | | 27 | | 19 | | 0.02 | % | | Situation | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Lansdowne UK Equity | | 5,680 | | 2,421 | | 2.19 | % | | Euro | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Polar Capital EUR | | 29,547 | | 4,954 | | 4.49 | % | | Conviction | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Polar Capital EUR | | 1 | | 67 | | 0.06 | % | | Conviction | | | | | | | | | Equalisation | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Meditor European | | 8,184 | | 2,980 | | 2.70 | % | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Fortelus Special | | 14 | | 19 | | 0.02 | % | | Situation | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Fortelus Special | | 575 | | 600 | | 0.54 | % | | Situation | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | | | | | 15,460 | | 14.00 | % | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Total value of | | | | 109,288 | | 97.88 | % | | financial assets at | | | | | | | | | fair value through | | | | | | | | | profit or loss | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Net current assets | | | | 2,365 | | 2.12 | % | | (30 September 2008: | | | | | | | | | (9.25%)) | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Total net assets | | | | | | | | | attributable to the | | | | | | | | | holders of | | | | | | | | | redeemable | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | participating | | | | 111,653 | | 100.00 | % | | preference shares | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | | | | | | | | | +-----------------------------+--------+---------+--------+----------------+--------+--------+------------+ | Net | | | 31 March 2009 | 30 September 2008 | | asset | | | | | | value | | | | | | per | | | | | | share: | | | | | +----------------+--------+------------------+-------------------------+----------------------------------+ | HSBC | | | US$1.7786 | US$ 1.8367 | | Global | | | | | | Absolute | | | | | | Limited | | | | | | - US | | | | | | Dollar | | | | | | Share | | | | | +----------------+--------+------------------+----------------+----------------------------------+ | HSBC | | | GBP 0.9509 | | GBP 0.9915 | | Global | | | | | | | Absolute | | | | | | | Limited | | | | | | | - | | | | | | | Sterling | | | | | | | Hedged | | | | | | | Share | | | | | | +----------------+--------+------------------+----------------+--------+----------------------------------+ | HSBC | | | EUR 1.4019 | | - | | Global | | | | | | | Absolute | | | | | | | Limited | | | | | | | - EUR | | | | | | | Share | | | | | | +----------------+--------+------------------+----------------+--------+----------------------------------+ | | | | | | | | +----------------+--------+------------------+----------------+--------+-------------------------+--------+ | Portfolio | | | 31 March 2009 | | 30 September 2008 | | Classification | | | | | | +----------------+--------+------------------+----------------+--------+----------------------------------+ | | | | % of Portfolio | | % of Portfolio | +----------------+--------+------------------+----------------+--------+----------------------------------+ | Securities | | | 36.88% | | 26.56% | | with an | | | | | | | official | | | | | | | stock | | | | | | | exchange | | | | | | | listing | | | | | | +----------------+--------+------------------+----------------+--------+----------------------------------+ | Unlisted | | | 63.12% | | 73.44% | | securities | | | | | | +----------------+--------+------------------+----------------+--------+----------------------------------+ | | | | 100.00% | | 100.00% | +----------------+--------+---+--------+-----+---+--------+---+--------+---+--------+--------+---+--------+ This information is provided by RNS The company news service from the London Stock Exchange END IR ALMITMMITBLL
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