Altin AG Holding(s) in Company
21 April 2015 - 2:30AM
UK Regulatory
TIDMAIA
ALTIN market review and portfolio holdings
as of 1st April 2015
Baar, 20 April 2015 - 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, is
particularly well diversified and has a NAV performance of
+221.49%1 since its inception in December 1996.
ALTIN continues to deliver solid outperformance
Since the end of 2014, the ALTIN share price was up +14.64% and
+16.67% on the Swiss (SIX) and London (LSE) exchanges respectively
at the end of March 2015. The NAV performance for the same period
is +4.24% (estimated). Thanks to the permanent capital base
provided by its structure, the ALTIN portfolio can be allocated to
funds that require a slightly longer lock-up but offer potentially
higher returns, without incurring any liquidity mismatch. The
portfolio remains however highly liquid, with 59.16% of assets
invested in funds with monthly or better liquidity, allowing the
manager to make allocation shifts when deemed necessary.
Portfolio as at 1st April 2015 Total Portfolio (%)
Macro 28.19%
Civic Capital Currency Offshore Fund Ltd 1.94%
Cumulus Energy Fund 2.45%
Fortress Macro Fund Ltd 2.72%
Fulcrum Alpha Macro Fund 2.01%
Goldfinch Capital Management Offshore Ltd 1.97%
H2O Vivace 3.07%
Quantica Managed Futures Fund Inc 2.78%
Stone Milliner Macro Fund Inc 3.17%
The Tudor BVI Global Fund Ltd 2.97%
Two Sigma Compass Enhanced Cayman Fund Ltd 5.11%
Equity Hedge 24.62%
Arrow Offshore Ltd 3.18%
Clearline Capital Partners Offshore Ltd 3.45%
Coatue Offshore Fund Ltd 3.89%
DB Platinum Ivory Optimal Fund 1.74%
NPJ Global Opportunities Fund 3.22%
Perceptive Life Sciences Offshore Fund Ltd 2.23%
Verrazzano European Focus Fund PLC 3.84%
Zeal China Fund Limited 3.07%
Event Driven 30.19%
Aristeia International Ltd 3.81%
Contrarian Emerging Markets Offshore Fund Ltd 3.46%
Jana Nirvana Offshore Fund Ltd 5.29%
LLSOF LP 3.44%
Merrill Lynch Investment Solutions - Castlerigg 1.56%
Equity Event and Arbitrage UCITS Fund
Marathon Special Opportunity Fund Ltd 5.15%
Paulson Enhanced Ltd 2.98%
York European Focus Unit Trust 4.50%
Relative Value 33.21%
Atlas Enhanced Fund Ltd 2.80%
Capstone Vol Offshore Ltd 2.92%
Citadel Kensington Global Strategies Fund Ltd 6.06%
Claren Road Credit Fund Ltd 2.25%
Millennium International 3.80%
Providence MBS Fund Ltd 3.81%
Stratus Feeder Ltd 3.68%
Two Sigma Absolute Return Equity 2.58%
Enhanced Cayman Fund Ltd
ZP Offshore Utility Fund Ltd 5.31%
Protection 2.20%
Conquest Macro Fund Ltd 2.20%
Special Investments 1.39%
ALTIN AG 4.32%
Total 124.122%
ALTIN: Q1 2015 commentary
ALTIN's portfolio had a good start to the year with positive
performances every month so far, including in January and March
when world equities were negative on average. Once again, central
banks played a major role in driving markets, with the Swiss
National Bank's surprising end to its currency floor, the European
Central Banks' much anticipated launch of its quantitative easing
programme and the US Federal Reserve's unexpected dovish comments
all leading to the major price moves witnessed over the quarter. In
general, most hedge funds across most strategies managed to perform
positively over the period. Notably, the HFRI Fund Weighted
Composite Index outperformed the MSCI World Net Return Index during
a positive quarter for the first time in 8 years.
ALTIN's overall return was very good, ending the quarter well
ahead of hedge fund indices. ALTIN's NAV has returned +4.24% since
the end of 2014 (based on estimates as 31.03.2015), against the
HFRI FoF Index and the HFRX Index which recorded +2.51% and +2.06%
over the same period. In terms of strategies, trend following was
clearly the best performer, capitalising on strong trends in fixed
income and currencies. It was followed by all equity-related
strategies, regardless of their net exposure, demonstrating the
capacity of the managers to produce value thanks to their
stock-picking skills. Beyond pure trend following, the Macro bucket
saw a wide dispersion of returns, especially related to currency
exposures. Commodity managers were all negative over the period. In
the Event Driven space leaders were to be found in equity special
situations, activism and merger arbitrage, whereas credit
strategies contributed slightly negatively to performance. Finally,
in the Relative Value silo, it is worth mentioning that volatility
arbitrage and credit long/short contributed positively, possibly
indicating that the opportunity set for these strategies is
gradually improving.
The top contributor for the quarter was a Protection fund that
managed to perform extremely well in January when markets corrected
whilst protecting capital when markets subsequently rallied. It is
worth mentioning that this manager has been a positive contributor
to the portfolio during the dramatic equity market rise of the last
five years, whilst at the same time providing protection in periods
of market corrections. The second contributor for the quarter is
the portion of Treasury shares bought by ALTIN when the price
discount to NAV was very large and that strongly rallied this year.
The four following contributors each belong to one of the four
major styles represented in the portfolio, underscoring the
diversified composition of the drivers in the portfolio. By order
of importance these are: a discretionary macro manager with a value
bias, a multi-strategy multi-manager platform, an equity
event-driven fund and a biotechnology equity long short fund. On
the downside, the major negative contributor is a systematic macro
fund that produced its worse performance so far in January due to a
short CHF exposure and a short fixed US Treasury positioning. It
subsequently recovered part of its losses in the February reversal,
but ended the quarter in negative territory. The following 5
negative contributors also belong to the Macro bucket, with losses
mainly stemming from currency and commodity exposures.
Top contributors YTD as of 31.03.2015 (estimated data)
Conquest Macro Fund Ltd +0.62%
ALTIN AG +0.53%
H2O Vivace +0.40%
Top detractors YTD as of 31.03.2015 (estimated data)
Two Sigma Compass Enhanced Cayman Fund Ltd -0.61%
Civic Capital Currency Offshore Fund Ltd -0.24%
Cumulus Energy Fund -0.18%
ALTIN: Portfolio profile to remain stable
For the time being the portfolio is expected to remain fairly
stable and at this stage anticipated hedge fund reallocations
should not dramatically change the profile of the Fund. It is to be
emphasised that a significant portion of the portfolio is liquid
enough to quickly take advantage of new investment opportunities
should they arise during the course of the coming months.
Asset Allocation according to redemption frequency (including
remaining lock-ups)
as at 1 April 2015
Daily 7.39%
Weekly 8.09%
Monthly 43.68%
Quarterly 48.11%
Longer than Quarterly 16.85%
Total 124.12%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
Tel. +41 (0)41 760 62 60 David Hothersall
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 March 2015
2ALTIN's gross exposure stands at 124.12% as at 1 April 2015,
vs. 123.76% as 1 January 2015
This information is provided by Business Wire
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