RNS Number:3109O
HSBC Global Absolute Limited
30 June 2005
HSBC GLOBAL ABSOLUTE LIMITED
INTERIM UNAUDITED REPORT
FOR THE SIX MONTHS ENDED
31 MARCH 2005
TABLE OF CONTENTS
Page
General Information 1
Investment Advisers' Report 3
Statement of Total Return 4
Statement of Movement in Equity Shareholders Funds 4
Balance Sheet 5
Cash Flow Statement 6
Notes to the Financial Statements 7
Schedule of Investments 15
Significant Portfolio Changes 16
GENERAL INFORMATION
Manager, Company Secretary HSBC Management (Guernsey) Limited
and Registered Office HSBC Private Bank Building
Rue du Pre
St Peter Port
Guernsey GY1 1LU
Directors Mr Raymond Philip Apsey (Chairman)
Mr Stuart Francis Carnegie
Mr Ian Charles Domaille
Mr Paul Fraser Dunning
Mr Stuart Walter Mitchell
Banker HSBC Private Bank (Guernsey) Limited
HSBC Private Bank Building
Rue du Pre
St Peter Port
Guernsey GY1 1LU
Investment Adviser HSBC Republic Investments Limited
5TH Floor, 78 St James's Street
London SW1A 1JB
Sponsor and Placing Agent HSBC Bank plc
8 Canada Square
London E14 5HQ
Solicitors to the Company Linklaters & Alliance
in England One Silk Street
London EC2Y 8HQ
Legal Advisers to the Company Carey Olsen
in Guernsey 7 New Street
St Peter Port
Guernsey GY1 4BZ
Channel Islands Sponsor HSBC Management (Guernsey) Limited
HSBC Republic Building
Rue Du Pre
St Peter Port
Guernsey GY1 1LU
Independent Auditors KPMG Channel Islands Limited
2 Grange Place
PO Box 235
St Peter Port
Guernsey GY1 4LD
Registrar and Receiving Banker Capita IRG (CI) Limited
PO Box 328
Landes du Marche
Vale
Guernsey, GY1 3TY
GENERAL INFORMATION - (CONTINUED)
Custodian Investors Trust & 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-ended 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 form
Global Depositary Receipts. 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 and 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 5.00 pm
(Guernsey time) on the last Business Day
of each month. A further two estimated
NAVs are calculated and published each
month.
INVESTMENT ADVISERS' REPORT
Over the period 30 September 2004 to 31 March 2005, the portfolio rose 5.0% in
US Dollar terms. Following Shareholder approval, effective 30 November 2004, the
Sterling Company shares were reclassified into Sterling Hedged Shares. The
Sterling portfolio fell 2.7% for the period 30 September 2004 to 30 November
2004 and rose 3.37% for the period 30 November 2004 to 31 March 2005). The
difference being due to the strengthening of Sterling over the period. Assets in
the portfolio decreased from US$93.1 million to US$80.7 million.
Equity markets rose by 11% over the period (MSCI World Index - Gross in USD).
During the second and third quarter of 2004, both equity and fixed income
markets presented difficult trading conditions, that was evident from the
managers' returns. The conclusion of the US elections saw a turning point in
equity markets as they broke out to the upside with lower volatility. Equity
long/short managers increased their gross exposure to take advantage of these
conditions. Fixed iIncome markets were trapped in a trading range over several
periods during the year. In this challenging environment performance became
largely a function of positioning prior to the US non-farm pay roll numbers. The
credit markets, supported by both fundamental and technical factors, remained
favourable for most part of the year. Managed futures positions benefited from
the rising oil price and the falling US Dollar, however, positions in equity and
fixed income markets proved less profitable.
Over the period, the allocation to the market neutral and macro managers was
decreased along with small changes to allocation in the other strategies. The
portfolio continues to be diversified over a range of strategies and managers.
HSBC REPUBLIC INVESTMENTS LIMITED
29 June 2005
STATEMENT OF TOTAL RETURN FOR THE SIX MONTHS ENDED 31 MARCH 2005
31 March 2005 31 March 2004
Note US$'000 US$'000 GBP'000 GBP'000
Net gains/(losses)
on investments 2 14,336 (1,917)
Other losses 3 (14,151) (672)
Gross income 4 114 12
Expenses 5 (932) (1,150)
Net expenses (818) (1,138)
Net decrease in Equity
Shareholders' funds
from investment
activities (633) (3,727)
STATEMENT OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS FOR THE SIX MONTHS ENDED 31 MARCH 2005
31 March 2005 31 March 2004
US$'000 US$'000 GBP'000 GBP'000
Equity Shareholders' funds at the start of the
period 98,182 101,074
Movement due to issue and redemption of shares
Less: amounts payable on redemptions (16,869) (28,829)
(16,869) (28,829)
Net decrease in Equity Shareholders' funds from
investment activities (633) (3,727)
Equity Shareholders' funds at the end of the period 80,680 68,518
* The Fund converted from British Pounds Sterling to United States Dollars as at
30 November 2004.
Net Asset Value per Equity Share US$ 1.60 GBP 0.84
GBP 0.85
The notes on page 7 to 14 form part of these financial statements.
BALANCE SHEET AS AT 31 MARCH 2005
31 March 2005 31 March 2004
Note US$'000 US$'000 GBP'000 GBP'000
Portfolio of investments
Long Positions 80,672 73,419
Current assets
Debtors 6 6,934 1,946
Cash and bank
balances 7 69 222
7,003 2,168
Less
Creditors 8 (5,137) (6,393)
(5,137) (6,393)
Net current assets/(liabilities) 1,866 (4,225)
Net assets 82,538 69,194
Shareholders' funds 82,538 69,194
Non equity share capital 1,858 676
Equity shareholders' funds 13 80,680 68,518
Total equity shareholders' funds 82,538 69,194
The notes on page 7 to 14 form part of these financial statements.
CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2005
31 March 2005 31 March 2004
Notes US$'000 US$'000 GBP'000 GBP'000
Net cash (outflow)/inflow
from operating
activities 14 (793) 7,090
Capital expenditure and
financial investments
Purchase of
investments (15,675) (62,425)
Sale of
investments 29,592 84,860
13,917 22,435
Net cash inflow before 13,124 29,525
financing
Financing
Repayment of loans (3,111) -
New loans taken out 3,347 -
Cost of net
shares redeemed (16,869) (28,829)
Net cash outflow
from financing (16,633) (28,829)
(Decrease)/increase
in cash in the
period (3,509) 696
The notes on page 7 to 14 form part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
1 PRINCIPAL ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing
with items which are considered material in relation to the Company's
financial statements:
Basis of accounting
The financial statements have been prepared under the historical cost
convention adjusted by the revaluation of investments and in accordance
with UK applicable accounting standards.
Investments
Investments in investment funds are valued at the closing net asset value
per share for the underlying investments that the Company holds at the
Balance Sheet date. Realised and unrealised surpluses and deficits on
investments are included in the Statement of Total Return.
Accounting for Investments
Purchases and sales of securities are accounted for on a trade date plus
one basis.
Revenue
Investment income and bank interest is included on an accruals basis.
Distributions received from the underlying funds are recorded as investment
income when declared by the administrator of the underlying funds.
Expenses
Expenses are included on an accruals basis.
Foreign currency transactions
Foreign currency transactions are translated at the rate of exchange
ruling at the date of the transaction. The Company reports the realised
exchange gain or loss as well as the unrealised exchange appreciation or
depreciation on non-US$ denominated investments in the Statement of Total
Return. Any realised exchange gains or losses as well as unrealised
appreciation or depreciation arising from non-US$ denominated payables and
receivables and on foreign currency transactions are reflected in the
Statement of Total Return.
Forward foreign exchange contracts
The unrealised appreciation or depreciation on open forward foreign
exchange contracts is calculated by reference to the difference between the
contracted rate and the rate to close out the contract. Unrealised
appreciation is reported as an asset and unrealised depreciation is
reported as a liability in the Statement of Net Assets.
2 NET GAINS/(LOSSES) ON INVESTMENTS
The net gains/(losses) on investments during the period comprise:
2005 2004
US$'000 GBP'000
Proceeds from sales of 34,592 84,860
investments
Original cost of investments (30,677) (88,792)
sold
Gains/(losses) realised on 3,915 (3,932)
investments sold
Net unrealised appreciation for the 10,421 2,015
period
Net gains/(losses) on investments 14,336 (1,917)
NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED)
3 OTHER LOSSES
2005 2004
US$'000 GBP'000
Other currency losses (14,151) (672)
(14,151) (672)
4 GROSS INCOME
2005 2004
US$'000 GBP'000
Interest income 98 10
Bank interest 16 2
114 12
5 EXPENSES
2005 2004
US$'000 GBP'000
Payable to the manager and its associates
Management fee (662) (740)
Performance fee (202) (325)
(864) (1,065)
Other
expenses
Audit fees (4) (4)
Directors fees (29) (23)
and expenses
Interest - (19)
expenses
Other sundry (35) (39)
expenses
(68) (85)
Total (932) (1,150)
expenses
6 DEBTORS
2005 2004
US$'000 GBP'000
Amounts 5,000 1,269
receivable on
securities
sold
Unrealised gain on forward 57 -
contracts
Amounts due from Manager 1,858 676
Other debtors 19 1
6,934 1,946
7 CASH AND BANK BALANCES
2005 2004
US$'000 GBP'000
Cash and bank 69 222
balances
NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED)
8 CREDITORS
2005 2004
US$'000 GBP'000
Accrued directors fees (8) (12)
Purchases awaiting settlement (1,448) -
Loans payable (3,347) (1,853)
Amounts payable for redemption of shares - (4,087)
Accrued performance fee (202) (324)
Accrued expenses due to management (116) (109)
Other accrued expenses (16) (8)
(5,137) (6,393)
9 SHARE CAPITAL
The authorised share capital of the Company as at 31 March 2005 was:
2005
GBP
100 Founder Shares of GBP1 each 100
400,000,000 Shares of GBP0.01 4,000,000
100,000,000 Unclassified Shares of GBP0.01 1,000,000
5,000,100
On incorporation, 2 Founder Shares were allotted to the subscribers to the
Memorandum of Association. Founder Shares are not participating shares of
the Fund and do not form part of the Net Asset Value of the Fund.
The Unclassified Shares may be allotted and issued as Shares or Nominal
Shares.
The movement in shares during the period is shown below:
Nominal Participating
Number of shares at 1 October 2004 88,007,153.00 61,281,804.00
Transfer to Class A 50,921,244.00
Transfer to Class B 10,360,560.00
Number of shares issued/(redeemed) during the period
Class A 10,477,600.00 (10,477,600.00)
Class B 272,081.00 (272,081.00)
Number of shares at 31 March 2005
Class A 40,443,644.00
Class B 10,088,479.00
98,756,834.00 50,532,123.00
NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED)
9 SHARE CAPITAL - (CONTINUED)
Nominal Participating
2004 2004
Number of shares at 1 October 2003 32,424,846 116,864,111
Number of shares issued 35,202,985 -
Number of shares redeemed - (35,202,985)
Number of shares at 31 March 2004 67,627,831 81,661,126
During the period ended 31 March 2005, there was a redenomination of the
share capital of the Company from GBP Sterling to US Dollar as of 30
November 2004. This was done to protect shareholders 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 could, however, elect to receive shares of the other class. If
no option was exercised, the shares were automatically transferred within
the same currency.
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 Manager may only issue Nominal Shares 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. Nominal Shares are not participating shares of the Fund and do
not form part of the Net Asset Value of the Fund.
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.
Issued and fully paid share capital
Non equity shares 2005 2005
Number of shares US$'000
Founder shares 2 -
Nominal shares 98,756,834 1,858
Total non equity shares 98,756,836 1,858
Equity shares
US Dollar shares 40,443,644 404
Sterling Hedged shares 10,088,479 141
Total shares in issue 149,288,959 2,403
NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED)
9 SHARE CAPITAL - (CONTINUED)
Issued and fully paid share capital (continued)
Non equity shares 2004 2004
Number of shares GBP'000
Founder shares 2 -
Nominal shares 67,627,831 676
Total non equity shares 67,627,833 676
Equity shares
Redeemable participating preference shares 81,661,126 817
Total shares in issue 149,288,959 1,493
10 RELATED PARTY TRANSACTIONS
Financial Reporting Standard 8 - Related Party Transactions requires the
disclosure of information relating to material transactions with parties
who are deemed to be related to the reporting entity.
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 1.7% 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 outstanding
at the period end was US$201,773 (2004: GBP324,160). The management fee
outstanding at the period end was US$117,046 (2004: GBP108,966).
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. The Investment Adviser fee is included
in the management fee.
Directors' Interests
None of the Directors has a service contract with the Company. Mr Stuart
Walter Mitchell is also a manager of or adviser to various investment
funds and it is possible that the Company may invest in one or more funds
whose portfolio is managed or advised by Mr Mitchell. Mr Ian Charles
Domaille is a non-executive director of the manager of various investment
funds and a 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
director, or non-executive director of the fund manager. Mr Paul Dunning is
a director of the Manager and the Investment Adviser. He does not draw a
fee for his services as a director to the Fund.
Loan
HSBC Private Bank (Guernsey) Limited provided a loan to the Company. At
the period end US$3,347,369 was outstanding.
NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED)
11 CUSTODY AGREEMENTS
Pursuant to the Custodian Agreement dated 21 September 2001 the Company
has appointed Investors Trust & Custodial Services (Ireland) Limited as the
Custodian of the Company. The Custodian fee is included in the management
fee.
12 TAXATION STATUS
The Company is exempt from Guernsey income tax under the Income Tax
(Exempt Bodies) (Guernsey) Ordinance 1989 and is charged an annual
exemption fee of GBP600 per annum (2004: GBP600).
13 EQUITY SHAREHOLDERS' FUNDS
2005 2004
US$'000 GBP'000
At 1 October 2004 98,182 101,074
Share premium received on net redemption of equity
shares (16,869) (28,829)
Net decrease in Shareholders' funds from investment
activities (633) (3,727)
At 31 March 2005 80,680 68,518
14 RECONCILIATION OF OPERATING ACTIVITIES TO NET CASH OPERATING (OUTFLOW)/INFLOW
2005 2004
US$'000 GBP'000
Net operating expenses (818) (1,138)
Decrease in debtors 11 9,443
Increase/(decrease) in creditors 14 (1,215)
Net cash (outflow)/inflow from operating activities (793) 7,090
Reconciliation of net cash flow to movement in net cash
Opening cash balance 360 198
(Decrease)/increase in cash for the period (3,509) 696
Foreign exchange gain/(loss) 1,236 (672)
Closing cash balance 69 222
15 FINANCIAL INSTRUMENTS
The investment techniques used expose the Company to risks such as market
risk, foreign currency risk and credit risk as follows:
(a) Market price risk
Market risk arises mainly from uncertainty about future prices of the
financial instruments held. It represents the potential loss the
Company might suffer through holding market positions that fluctuate
in market value. The Investment Adviser considers the diversification
of the portfolio in order to minimise the risk associated with
particular countries or industry sectors while continuing to follow
the Company's investment objective.
NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED)
15 FINANCIAL INSTRUMENTS - (CONTINUED)
(b) Credit risk
The Company is exposed to a credit risk on parties with whom it trades
and also bears the risk of settlement default. The Company minimises
concentrations of credit risk by undertaking transactions with a large
number of customers and counterparties on recognised and reputable
exchanges
(c) Foreign currency risk
A portion of the financial assets of the Fund are denominated in
currencies other than the base currency with the effect that the
Statement of Net Assets can be significantly affected by currency
movements.
The following table sets out the Fund's total exposure to foreign
currency risk.
31 March 2005
Currency Total Forward Fx Net
US$'000 US$'000 US$'000
British Pound Sterling - 16,150 16,150
US Dollar 80,680 (16,150) 64,530
Total 80,680 - 80,680
(d) Fair values of financial assets and financial liabilities
There is no material difference between the value of the financial
assets and liabilities, as shown in the balance sheet, and their fair
value.
(e) Interest rate risk
The majority of the Company's financial assets are equity shares and
other investments which neither pay interest nor have a maturity date.
(f) Liquidity risk
The Company's assets comprise mainly readily realisable securities,
which can be readily sold. The main liability of the Company is the
redemption of any shares that investors may wish to sell.
16 SHAREHOLDERS' INTEREST
Bank of New York (Nominees) Limited held 55,906,519 (2004: 72,117,344)
shares in the Fund at 31 March 2005. This represented 91.72% (2004: 83.09%)
of the shares outstanding at the period end.
17 DIRECTORS' FEES
The Directors are paid the following fees.
Raymond Philip Apsey GBP15,000 per annum
Stuart Francis Carnegie GBP10,000 per annum
Ian Charles Domaille GBP10,000 per annum
Stuart Walter Mitchell GBP10,000 per annum
The Directors' fees outstanding at the period end was US$8,416 (2003:
GBP12,133). Paul Dunning has waived his entitlement to fees.
NOTES TO THE FINANCIAL STATEMENTS - (CONTINUED)
18 SIGNIFICANT EVENTS DURING THE PERIOD
Mainly due to investor demand, as of 30 November 2004 the structure of
the fund was re-organised. Previously the fund was denominated in GBP while
its underlying securities were US dollar based. There was a redenomination
of the share capital of the Company from GBP Sterling to US Dollar as of 30
November 2004. At 31 March 2005, there are US$ Shares and Sterling hedged
shares in issue
For further details, please see "Share Capital" (note 9) page 10.
19 FORWARD FOREIGN EXCHANGE CONTRACTS
The following forward exchange contracts were unsettled at 31 March 2005.
Maturity Date Amount Bought Amount Sold Unrealised
gain
US$'000
29-Apr-05 GBP 8,627,000 US$ 16,149,744 57
57
20 COMPARATIVES
The prior period comparatives are denominated in GBP, while the current
period figures are illustrated in USD.
Prior period comparatives, translated using the exchange rate available at
31 March 2005 are available on request.
PORTFOLIO STATEMENT AS AT 31 MARCH 2005
Security Description Holding Market value % of total
'000 net assets
Investment Funds
32 Capital Fund (The), Ltd. 1,192 1,538 1.91%
AG Super Fund International, Ltd. 7,606 2,973 3.68%
Arx Global High Yield Securities Overseas Fund, Ltd. 1,347 2,176 2.70%
Beach Discretionary Fund 8,736 714 0.88%
Caduceus Capital, Ltd. - Class B, Series 1/02 1,211 1,151 1.43%
Castlerigg International, Ltd. - Class A, Series 22 7,141 1,937 2.40%
Caxton Equity Growth (BVI), Ltd. - Class B, Series 29 2,238 3,768 4.67%
Contrarian Capital Senior Secured Offshore, Ltd. 7,627 1,092 1.35%
Contrarian Equity Offshore Fund, Ltd. 7,299 1,359 1.68%
Crabel Futures Fund, Ltd. - Class A, Series XXV 547 1,546 1.92%
Crescendo European Fund, Ltd. 12,609 1,793 2.22%
CSFB Convertible and Quantitative Strategies Fund 1,401 2,990 3.71%
Eminence Fund, Ltd. - Class B 9,910 3,324 4.12%
Farallon Capital Offshore Investors, Inc. - Class E, Series D 175,075 2,595 3.22%
Feingold O'Keeffe Capital I Offshore, Ltd. - Class B, Series 10 668 885 1.10%
Gamut Investments, Ltd. 815 4,505 5.58%
Glenrock Global Partners 11,321 2,056 2.55%
Gruss Offshore Arbitrage Fund, Ltd. 1,754 1,974 2.45%
Highbridge Capital Corp. - Class A 75 4,083 5.06%
Incremental Fund, Inc. 15,520 1,717 2.13%
Lansdowne UK Equity Fund, Ltd. 19,853 3,280 4.06%
Marathon Vertex Fund 1,528 2,478 3.07%
Melchior Japan Fund, Ltd. 17,652 2,402 2.98%
Nylon Flagship Fund, Ltd. 14,888 1,485 1.84%
Plexus Fund, Ltd. 21,701 2,568 3.18%
Raptor Global Fund, Ltd. - Class A 1,181 4,424 5.48%
Sirios Overseas Fund, Ltd. - Class B, Series 6R 1,512 2,492 3.09%
SR Global Fund Emerging Markets Portfolio - Class G 3,777 2,275 2.82%
SR Global Fund Emerging Markets Portfolio - Feb 2027 22 13 0.02%
Sunova Offshore, Ltd. Class B-1 1,667 2,998 3.72%
Tewksbury Investment Fund 495 3,463 4.29%
Tomahawk Fund (The), Ltd. 6,814 2,613 3.24%
Tudor BVI Global Fund - Class B 54 3,455 4.28%
WF Asia Fund, Ltd. - Class S, Series 3 12,842 2,550 3.16%
Portfolio of Investments 80,672 99.99%
Net current assets 8 0.01%
Total net assets 80,680 100.00%
Net asset value per share
As at 31 March 2005:
US Dollar Share US$ 1.60
Sterling Hedged Share GBP 0.85
As at 31 March 2004:
Participating Share GBP 0.64
Portfolio Classification % of Portfolio
- Securities with an official stock exchange listing 47.40%
- unapproved securities 52.60%
100.00%
SUMMARY OF SIGNIFICANT PORTFOLIO CHANGES FOR THE SIX MONTHS ENDED 31 MARCH 2005*
Purchases
Description Nominal Cost
US$' 000
Caxton Equity Growth (BVI), Ltd. - Class B,
Series 29 3,019 5,074
Jandakot Fund 2,500,000 2,500
Tower K1 Fund 2,500,000 2,500
ACI US Market Neutral 2,108 2,218
32 Capital Fund (The), Ltd. 1,681 2,064
Nylon Flagship Fund, Ltd. 14,888 1,500
SR Global Fund Emerging Markets Portfolio - Feb
2027 102 54
Total Purchases 15,910
Sales
Description Nominal Proceeds
US$' 000
Caxton Equity Growth (BVI), Ltd. - Class B, Series 29 4,577 6,374
ACI US Market Neutral 5,008 5,182
Nexus DKR Global Macro Fund, Ltd. - Class A 3,166 2,822
32 Capital Fund (The), Ltd. 2,399 2,664
Sirios Overseas Fund, Ltd. - Class B, Series 6R 1,512 2,506
Melchior Japan Fund, Ltd. 17,652 2,340
Highbridge Capital Corp. - Class A 22 1,200
Eminence Fund, Ltd. - Class B 3,066 1,000
Sunova Offshore, Ltd. - Class B-1 558 1,000
Tewksbury Investment Fund 146 1,000
Glenrock Global Partners 5,346 900
Lansdowne UK Equity Fund, Ltd. 5,734 900
CSFB Convertible and Quantitative Strategies Fund 383 800
Tomahawk Fund (The), Ltd. 2,123 800
AG Super Fund International, Ltd. 1,955 750
Castlerigg International, Ltd. - Class A, Series 22 2,627 700
Crescendo European Fund, Ltd. 5,024 700
Incremental Fund, Inc. 5,565 600
Crabel Futures Fund, Ltd. - Class A, Series XXV 179 500
Other Sales 1,854
Total Sales Proceeds 34,592
* Significant portfolio changes are defined as the value of purchases or sales
of a security exceeding 2% of the net assets of the fund at the start of the
period. In any event, at a minimum, the 20 largest purchases and 20 largest
sales must be shown.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FMMFTMMIJBRA
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