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ALTIN market review and portfolio holdings

as of 1st July 2016

Baar, 14 July 2016 - 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, which is well diversified across 35 underlying hedge funds, has achieved an NAV performance of +204.26%1 since its inception in December 1996.

Since the end of 2015, the ALTIN share price was up +2.31% and +0.83% on the Swiss (SIX) and London (LSE) exchanges respectively at the end of June 2016. Over the same period, the share price discount to NAV continued to fall, reducing to 9.65%, based on the latest estimates. 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 60.50% of assets invested in funds with monthly or better liquidity, allowing the manager to make allocation shifts when deemed necessary.

 
Portfolio as at 1st July 2016                          Total Portfolio% 
Long Only                                              1.44% 
FP Argonaut European Alpha Fund                        1.44% 
Macro                                                  28.21% 
Cumulus Fund Leveraged                                 2.52% 
Finisterre Global Opportunity Fund                     3.46% 
Goldfinch Capital Management Offshore Ltd              2.24% 
H2O Vivace                                             2.72% 
Quantica Managed Futures Fund Inc                      2.59% 
Stone Milliner Macro Fund Inc                          3.76% 
The Tudor BVI Global Fund Ltd                          2.99% 
Two Sigma Compass Enhanced Cayman Fund Ltd             7.93% 
Equity Hedge                                           17.17% 
Clearline Capital Partners Offshore Ltd                1.55% 
Coatue Offshore Fund Ltd                               1.53% 
DB Platinum Ivory Optimal Fund                         1.57% 
NPJ Global Opportunities Fund                          2.62% 
Passport Long Short Fund                               2.56% 
Verrazzano European Focus Fund PLC                     3.93% 
Zeal China Fund Limited                                3.41% 
Event-Driven                                           23.45% 
Aristeia International Ltd                             3.95% 
Contrarian Emerging Markets Offshore Fund Ltd          3.72% 
Jana Nirvana Offshore Fund Ltd                         4.56% 
LLSOF LP                                               1.51% 
Marathon Special Opportunity Fund Ltd                  3.58% 
Paulson Enhanced Ltd                                   1.53% 
SFP Value Realization Fund Ltd                         2.52% 
York European Focus Unit Trust                         2.08% 
Relative Value                                         34.52% 
Acadian Global Leveraged Market Neutral Equity UCITS   2.92% 
Atlas Enhanced Fund Ltd                                1.49% 
Capstone Vol Offshore Ltd                              3.27% 
Citadel Kensington Global Strategies Fund Ltd          4.35% 
Claren Road Credit Fund Ltd                            0.66% 
Concordia Fixed Income Relative Value Ltd              2.70% 
Millennium International                               4.65% 
Providence MBS Fund Ltd                                1.85% 
Stratus Feeder Ltd                                     4.60% 
Two Sigma Absolute Return Equity                       3.32% 
Enhanced Cayman Fund Ltd 
ZP Offshore Utility Fund Ltd                           4.71% 
Protection                                             4.07% 
Fortress Convex Asia Fund Ltd                          2.11% 
TailProtect Ltd                                        1.96% 
Special Investments                                    1.06% 
Total                                                  109.92%2 
 
 

ALTIN: Q2 2016 commentary

The portfolio was down for the quarter in a market environment driven by macro factors and political uncertainty.

With regards to strategies, risk-seeking styles such as Macro and Equity Hedge detracted from performance while Event-Driven, Relative Value and Protection strategies offset part of the losses.

From a position specific perspective, equity managers with a low net exposure have performed the best amidst a risk on/risk off environment. In addition, systematic macro funds took advantage of their long fixed income trades while shorter-term traders profited from the whipsawing markets. Credit focused Event-Driven managers also provided positive returns after having suffered losses since the mid-2014 sell off in the risky credit and energy sector.

Managers exposed to European equities had the worse performance during the quarter, as a strong risk-off trend starting in May spread out until the Brexit vote. This affected systematic market neutral funds as well, as market regimes shifted during the quarter. Protection strategies did provide some relief, as the VIX peaked towards the end of June. Given the difficult environment encountered in Q2, performance was stable and the portfolio's volatility levels remained within expectations.

Top contributors YTD as of 30.06.2016 (estimated data)

 
 
    -- Two Sigma Compass Enhanced Cayman Fund Ltd +1.07% 
 
    -- ZP Offshore Utility Fund Ltd +0.63% 
 
    -- Quantica Managed Futures Fund Inc +0.54% 
 

Top detractors YTD as of 30.06.2016 (estimated data)

 
 
    -- Paulson Enhanced Ltd -1.00% 
 
    -- H2O Vivace -0.82% 
 
    -- NPJ Global Opportunities Fund -0.46% 
 

Asset Allocation according to redemption frequency (including remaining lock-ups)

as at 1 July 2016

 
Daily                   4.82% 
Weekly                  7.08% 
Monthly                 48.60% 
Quarterly               39.22% 
Longer than Quarterly   10.20% 
Total                   109.92%2 
 
 

For further information, please contact:

Thomas AmstutzTel. +41 (0)41 760 62 60info@altin.ch

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 35 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 30 June 2016

2 ALTIN's gross exposure stands at 109.92% as at 1 July 2016, vs. 127.62% as 1 April 2016

View source version on businesswire.com: http://www.businesswire.com/news/home/20160714005406/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

July 14, 2016 12:30 ET (16:30 GMT)

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