AIA Altin Reg

 
TIDMAIA 
 
 

ALTIN market review and portfolio holdings as of 1st January 2013

Baar, 18 January 2013 - ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss alternative investment company listed on the London and Swiss stock exchanges, today discloses its entire hedge fund portfolio holdings as part of its policy of full transparency to investors. The portfolio, featuring more than 30 underlying hedge funds and representing over 10 investment strategies, is particularly well diversified and has a NAV performance of +163.34%1 since its inception in December 1996.

 
Portfolio as at 1st January 2013                    Total Portfolio (%) 
Macro Strategy                                      22.12% 
AlphaMosaic SPC - SP 127 Episteme Capital           1.11% 
Partners LLP Systematic  Quest Fund 3X 
AlphaMosaic SPC - SP 23 Rosetta                     0.53% 
Capital Management, 
LLC - Composite  Program 2.5X 
Comac Global Macro Fund Ltd                         3.71% 
Goldfinch Capital Management Offshore Ltd           2.04% 
LD Commodities Alpha Fund Ltd                       1.70% 
Omni Macro Fund I Ltd                               2.29% 
The Clive Fund Ltd                                  3.53% 
The Tudor BVI Global Fund Ltd                       3.91% 
Two Sigma Compass Enhanced Cayman Fund Ltd          3.30% 
Managed Futures Strategy                            3.05% 
AlphaMosaic SPC - SP 10 Welton                      0.64% 
Global Directional 2X 
LAMP Funds (Ire) 1 plc - LAMP NuWave                1.13% 
Combined Futures Master Fund 
LAMP Funds (Ire) 1 plc - QIM Global Fund            0.82% 
LAMP Funds (Ire) 1 plc - Welton Global              0.46% 
Directional Portfolio GDP  Master Fund 
Credit Strategy                                     13.47% 
Claren Road Credit Fund Ltd                         3.47% 
LAMP Funds (Ire) 1 plc - Marathon                   6.26% 
Opportunistic Credit Fund 
Marathon Special Opportunities Fund Ltd             0.45% 
R3 (C), Ltd                                         3.29% 
Convertible Bond Strategy                           10.33% 
Aristeia International Ltd                          4.22% 
LAMP Funds (Ire) 3 plc - Lazard                     6.11% 
Rathmore Multi-Strategy Fund 
Equity Long/Short Strategy                          12.08% 
BlackRock UK Emerging Companies Hedge Fund Ltd      3.62% 
Coatue Offshore Fund Ltd                            4.52% 
LAMP UCITS Funds (Ire) 2 plc                        3.94% 
- LAMP Visium Global Fund 
Equity Long Bias Strategy                           6.15% 
Arrow Offshore Ltd                                  4.04% 
Golden China Fund                                   1.04% 
Value Partners China Greenchip Fund Ltd             1.07% 
Interest Rate Strategy                              6.41% 
EMF Fixed Income Fund Ltd                           3.30% 
Providence MBS Offshore Fund Ltd                    3.11% 
Protection Strategies                               4.68% 
LAMP Funds (Ire) 1 plc - Capstone Convexity Fund    3.80% 
LAMP Funds (Ire) 1 plc - LAMP Conquest              0.88% 
Customised Macro Master Fund 
Equity Market Neutral Strategy                      4.74% 
Atlas Leveraged Fund Ltd                            2.44% 
ZLP Offshore Utility Fund Ltd                       2.30% 
Event-Driven Strategy                               13.80% 
LAMP Funds (Ire) 1 plc - LAMP JANA Partners Fund    7.83% 
Omni Global Fund Ltd                                3.59% 
York European Opportunities Unit Trust              2.38% 
Multi-Strategy Funds                                18.82% 
Brevan Howard Fund Ltd                              1.40% 
Millennium International Ltd                        4.47% 
LAMP Funds (Ire) 1 plc - LAMP Hayman Capital Fund   6.41% 
QVT Overseas Liquidating Ltd                        0.27% 
QVT SLV Offshore Ltd                                0.73% 
QVT Special Investment Offshore Fund Ltd            0.27% 
Stratus Feeder Ltd 1.5 Leverage                     3.63% 
The Segantii Asia-Pacific Equity                    1.64% 
Multi-Strategy Fund 
Private Equity                                      0.85% 
MPM Bio Ventures II                                 0.85% 
ALTIN AG                                            3.53% 
Others                                              1.28% 
Total                                               121.3% 
 
 

ALTIN: Q4 2012 commentary

The last quarter of 2012 saw political issues continuing as the main market driver, much as in the previous three quarters. The year even ended in a dramatic fashion with a last minute agreement on the so-called US fiscal cliff. However, with the result of the US election, the political transition in China now complete and the stabilisation of the Eurozone's situation, many political uncertainties are now behind and markets have gradually started to re-focus on what should be at the core of the markets' dynamic: the state of the global economy and the myriad of forces determining the valuation of each security. As a result, volatility stabilised at close-to-normal levels and correlations declined as the prevalent risk-on/risk-off trade started to break down into a number of more idiosyncratic trades. This is good news for active investment management in general and hedge funds in particular as they can start (and have started) allocating capital in a more normal manner and to use their skills and resources to take informed risks, long or short. Without claiming that troubles are behind us, it can be said that, after remaining most of the year in capital preservation mode, managers are now looking to generate performance in line with what investors are rightfully expecting. In that context hedge funds ended the year on a positive note.

As a result of the above, ALTIN's allocation is gradually shifting back to deploy capital more closely in line with its overall mandate. More specifically, the exposure to Protection Strategies is being reduced, overall risk is being increased whilst at the same time re-allocating to less liquid strategies where expected returns are higher. There are very interesting opportunities in Credit Long/Short and Event-Driven, especially in Europe where corporate activity is expected to increase and banks will be required to deliver.

Top contributors YTD as 31.12.2012 (estimated data)

 
 
    -- BTR Global Opportunity Trading Ltd +1.28% 
 
    -- LAMP Funds (Ire) 1 plc - LAMP JANA Partners Fund +0.86% 
 
    -- Arrow Offshore Ltd +0.73% 
 

Top detractors YTD as 31.12.2012 (estimated data)

 
 
    -- LAMP Funds (Ire) 1 plc - Capstone Convexity Fund -1.52% 
 
    -- Rig III Fund Ltd -0.40% 
 
    -- Comac Global Macro Fund Ltd -0.39% 
 

ALTIN: Gradually moving down the liquidity curve

The improvement in market dynamics and the reduction of tail-risk, coupled with a very appealing opportunity set, means that ALTIN can start taking advantage of its stable capital base to invest in less liquid strategies with higher expected returns. This allocation shift has already started to take place gradually.

ALTIN: not affected by redemption issues

ALTIN is a closed-ended and fixed capital fund and as such it is not faced with redemption requests. This provides the investment manager with the opportunity to select the best risk/reward opportunities in the hedge fund universe. Investors can freely buy and sell ALTIN shares on a daily basis on the London or Swiss stock exchanges, without the need to redeem at fixed redemption dates.

For further information, please contact:

 
José Galeano - Head Investor Relations Manager   Kinlan Communications 
Marc T. Clapasson - Investor Relations Manager   David Hothersall 
Tel. +41 41 760 62 60                            Tel. +44 (0)20 7638 3435 
info@altin.ch                                    davidh@kinlan.net 
 
 

Note to Editors

About ALTIN AG

ALTIN AG was launched in 1996 and is listed on the SIX Swiss Exchange as well as on the London Stock Exchange. It ranks among Switzerland's leading alternative investment companies. Currently, ALTIN is invested in more than 30 hedge funds representing diverse investment strategies. Its objective is to generate an absolute compound annual return in USD terms with lower volatility than equity markets. Owing to these characteristics and a low correlation with equity markets, ALTIN shares provide an ideal complement for all diversified portfolios.

ALTIN is managed by Alternative Asset Advisors SA, a management firm specializing in alternative investments and a member of the SYZ & CO Group.

www.altin.ch

1 Estimated NAV performance as at 31 December 2012

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