Altin AG Holding(s) in Company
21 January 2014 - 4:30AM
UK Regulatory
TIDMAIA
ALTIN market review and portfolio holdings as of 1st January
2014
Baar, 20 January 2014 - ALTIN AG (SIX: ALTN, LSE: AIA), the
Swiss alternative investment company listed on the London and Swiss
stock exchanges, today discloses its entire hedge fund portfolio
holdings as part of its policy of full transparency to investors.
The portfolio, featuring more than 40 underlying hedge funds and
representing over 10 investment strategies, is particularly well
diversified and has a NAV performance of +191.36%1 since its
inception in December 1996.
Portfolio as at 1st January 2014 Total Portfolio (%)
Global Macro Strategy 20.81%
ABD Managers plc - Tactical Discretionary 1.99%
Macro UCITS Fund
CCP Quantitative Fund ARISTARCHUS 0.92%
Civic Capital Currency Offshore Fund Ltd 1.46%
Fortress Macro Fund Ltd 2.92%
Hayman Capital Offshore Partners LP 3.06%
Merrill Lynch Investment Solutions 0.99%
- Fulcrum Alpha Macro UCITS
Stone Milliner Macro Fund Inc 1.97%
The Tudor BVI Global Fund Ltd 3.83%
Two Sigma Compass Enhanced Cayman Fund Ltd 3.67%
Commodity Trading Strategy 4.24%
Atreaus Overseas Fund Ltd 0.98%
Goldfinch Capital Management Offshore Ltd 1.80%
Old Hickory Trading Partners Ltd 1.46%
Managed Futures Strategy 1.80%
BlueTrend Fund Limited 1.80%
Equity Long/Short Strategy 21.01%
CF Odey Absolute Return Fund 1.70%
Clearline Capital Partners Offshore Ltd 3.11%
Coatue Offshore Fund Ltd 5.49%
Perceptive Life Sciences Offshore Fund Ltd 1.90%
Pinpoint China Fund 2.45%
Verrazzano European Focus Fund PLC 3.66%
Zeal China Fund Limited 2.70%
Equity Long Bias Strategy 8.80%
Arrow Offshore Ltd 3.08%
Golden China Fund 2.78%
NPJ Global Opportunities Fund 2.94%
Event-Driven Strategy 26.82%
Aristeia International Ltd 3.99%
Castlerigg Ucits Funds plc - Castlerigg 0.98%
Merger Arbitrage UCITS Fund
Jana Nirvana Offshore Fund Ltd 5.33%
LLSOF LP 4.09%
Marathon Special Opportunity Fund Ltd 5.48%
R3 (C) Ltd 1.99%
York European Focus Unit Trust 4.96%
Credit Long/Short Strategy 3.48%
Claren Road Credit Fund Ltd 2.47%
PAMLI Global Credit Strategies Offshore Ltd 1.01%
Convertible Bond Strategy 3.13%
LAMP Fds (Ire) 3 plc - Lazard 3.13%
Rathmore Multi-Strategy Fund
Equity Market Neutral Strategy 10.35%
Atlas Enhanced Fund Ltd 3.14%
Tradeworx Ultra Select Offshore Fund Ltd 0.98%
Two Sigma Absolute Return Enhanced Cayman Fund Ltd 2.06%
ZP Offshore Utility Fund Ltd 4.17%
Interest Rate Strategy 5.70%
EMF Fixed Income Fund Ltd 1.83%
Providence MBS Offshore Fund Ltd 3.87%
Protection Strategies 1.63%
LAMP Fds (Ire) 1 plc - LAMP Conquest 1.63%
Customised Macro Master Fund
Multi-Strategy Funds 12.15%
Millennium International 3.92%
Stratus Feeder Ltd 3.21%
The Segantii Asia-Pacific Equity Multi-Strategy Fund 2.96%
Visium Global Offshore Fund Ltd 2.06%
Private Equity 0.32%
Cerberus Asia Partners LP 0.32%
ALTIN AG 4.67%
Others 1.81%
Total 126.72%2
ALTIN: Q4 2013 commentary
The last quarter of 2013 saw most assets perform in a similar
fashion as for the whole year, with developed equities strongly up
(Japan and the United States leading the way), emerging equities
generally flattish to down, emerging currencies mostly down, gold
strongly down, the US Dollar down and rates up across the developed
world (although Japanese rates did go slightly down over the year
as Shinzo Abe's first arrow was shot). In other words, and to
caricature a bit, markets acknowledged the end of the crisis in the
developed world and started anticipating the beginning of monetary
policy normalisation, but in contrast were unsure about the
implementation and effectiveness of much-needed structural reforms
in emerging markets. The main events that marked the quarter were
the US government shutdown at the beginning of October (with no
lasting impact), the unexpected rate cut by the European Central
Bank, a large coalition deal in Germany, which should restart the
crisis management and reform processes in Europe, the plenary
session of the Communist Party of China Central Committee, which
set a new era of structural reforms, and finally, just before the
holiday season started, the announcement by the US Federal Reserve
of the beginning of the tapering of its quantitative easing
programme.
In this environment hedge funds generally performed positively
with three positive months in a row for the global index. This was
obviously supported by rising risk assets but also by the fact that
the quarter more or less unfolded as expected by consensus
forecasts and by the fact that stock dispersion remained high.
Equity Long/Short and Event Driven funds were yet again amongst the
best performers over the period, but this time Equity Market
Neutral funds were the best performers, especially those in the
ALTIN portfolio, which generated 7.2% on average over the quarter.
Macro managers, both systematic and discretionary, were in general
also able to produce positive returns, although with a lower
amplitude and with more dispersion of returns. Finally, Relative
Value strategies in the fixed income space had a harder time and
ended the quarter only slightly up.
Changes in the portfolio slowed down in the last quarter, but
were still aimed at increasing the risk and the expected return of
the portfolio. In particular, Macro and Equity Long/Short managers
were added, whereas the weight of the Protection and Managed
Futures silos was reduced.
Top contributors YTD as 31.12.2013 (estimated data)
-- Arrow Offshore Ltd +1.03%
-- ZP Offshore Utility Fund Ltd +0.97%
-- Two Sigma Compass Enhanced Cayman Fund Ltd +0.95%
Top detractors YTD as 31.12.2013 (estimated data)
-- LAMP Funds (Ire) 1 plc - Capstone Convexity Fund -0.47%
-- Goldfinch Capital Management Offshore Ltd -0.34%
-- BlueTrend Fund Limited -0.29%
ALTIN: The bulk of the portfolio allocation shift has been
completed
As of today it is fair to say that the bulk of the allocation
shift, which began just over a year ago and was aimed at increasing
expected returns in recognition that the environment had improved,
has been completed. Although there are still planned changes ahead,
they will be of a lesser magnitude and will not dramatically change
the profile of the portfolio. It is to be emphasised that a
significant portion of the portfolio is still liquid enough to
quickly take advantage of new investment opportunities should they
arise during the course of the year.
Asset Allocation according to redemption frequency (including
remaining lock-ups)
as 1 January 2014
Daily 8.00%
Weekly 3.96%
Monthly 52.94%
Quarterly 39.67%
Longer than Quarterly 22.15%
Total 126.72%2
ALTIN: not affected by redemption issues
ALTIN is a closed-ended and fixed capital fund and as such it is
not faced with redemption requests. This provides the investment
manager with the opportunity to select the best risk/reward
opportunities in the hedge fund universe. Investors can freely buy
and sell ALTIN shares on a daily basis on the London or Swiss stock
exchanges, without the need to redeem at fixed redemption
dates.
For further information, please contact:
Tony Morrongiello - Chief Executive Officer Kinlan Communications
José Galeano - Investor Relations Manager David Hothersall
Tel. +41 (0)41 760 62 60 Tel. +44 (0)20 7638 3435
info@altin.ch davidh@kinlan.net
Note to Editors
About ALTIN AG
ALTIN AG was launched in 1996 and is listed on the SIX Swiss
Exchange as well as on the London Stock Exchange. It ranks among
Switzerland's leading alternative investment companies. Currently,
ALTIN is invested in more than 40 hedge funds representing diverse
investment strategies. Its objective is to generate an absolute
compound annual return in USD terms with lower volatility than
equity markets. Thanks to these characteristics and a low
correlation with equity markets, ALTIN shares provide an ideal
complement to all diversified portfolios.
www.altin.ch
1 Estimated NAV performance as at 31 December 2013
2 ALTIN's gross exposure stands at 126.72% as at 1 January 2014,
vs. 115.96% as 1 October 2013.
This information is provided by Business Wire
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