November 2009 Final Net Asset Values


 
TIDMAIDU 
 
The Aida Closed-Ended Fund Limited 
 
November Final Net Asset Values 
 
The Net Asset Values of Aida Closed-Ended Fund's Ordinary Shares as of 30 
November 2009 is as follows: 
 
                 US Dollar 
 
NAV per Ordinary 1.4236 
Share 
 
Performance      US Dollar        US Dollar 
                                  Illustrative 
                                  Unlevered 
                                  returns (2) 
 
MTD              2.13%            2.51% 
 
YTD              5.16%            12.39% 
 
Rolling 12-month (1.03)%          10.64% 
(1) 
 
5-Year(1)        (11.87)%         28.25% 
 
5-Year           (2.49)%          5.10% 
Annualised(1) 
 
Since Inception  15.23%           60.34% 
(1) 
 
Since Inception  1.73%            5.89% 
Annualised(1) 
 
(1) The Aida Fund restructured on 25 November 2009. The Aida Fund changed its 
name to the Aida Closed Ended Fund, transferred its investment assets to the 
Aida Open-Ended Fund and became a feeder fund for the Aida Open-Ended Fund. In 
addition the assets which did not meet the revised investment criteria of the 
Aida Open-Ended Fund were placed in a Side Pocket. Approximately 18% of the 
assets of the Aida Fund were placed into the side pocket. In order to give 
investors an understanding of the performance of the Aida Closed-Ended Fund 
investments, the performance of the Aida Closed-Ended Fund prior to the 
restructuring has been included in the statistics given in the table above. The 
Aida Closed-Ended Fund inception was September 2001. 
 
(2) For illustrative purposes in addition to the actual returns, the Investment 
Manager has calculated an estimate of the return of the underlying portfolio 
which is the return that would have been achieved if the Aida Open-Ended Fund 
and Aida Closed-Ended Fund had operated without expenses and the costs of 
leverage. These are included as "illustrative unlevered returns". 
 
These valuations, which have been prepared in good faith by Aida Closed-Ended 
Fund, are based principally on formal valuations supplied to Aida Closed-Ended 
Fund by the administrators of Aida Closed-Ended Fund's underlying investments. 
In the case where no such formal valuation has been received, an estimated 
valuation prepared by the manager or administrator of the underlying 
investments has been used. Valuations or estimates are unaudited and may not 
comply with generally accepted accounting or valuation principles. Other risk 
factors which may be relevant to this valuation are set out in the Aida 
Closed-Ended Fund prospectus dated 25 November 2009. 
 
Investment Manager Comment 
 
During November 2009 the Aida Closed-Ended Fund US$ Ordinary Share class NAV 
achieved a performance of +2.13%, the underlying portfolio before expenses and 
the costs of leverage achieved a performance of +2.51%. 
 
Since inception of the Aida Closed-Ended Fund in September 2001 until the end 
of November 2009 the Aida US$ Ordinary Share class NAV has achieved a 
performance of +15.23%, the underlying portfolio before leverage and expenses 
achieved a performance of +60.34%. Over the same period the S&P 500 has 
decreased (3.35)% and the FTSE 100 has decreased (2.89)%. 
 
Of the underlying funds that Aida Open-Ended Fund invests in 18 of the funds 
that reported increased during the month whilst 1 of the funds that reported 
have decreased. 
 
Restructuring of the Aida Fund 
 
A reconstruction of the Aida Fund took place on 25 November 2009. 
 
The Aida Fund changed its name to the Aida Closed Ended Fund, transferred its 
investment assets to the Aida Open-Ended Fund and became a feeder fund for the 
Aida Open-Ended Fund. In addition the assets which did not meet the revised 
investment criteria of the Aida Open-Ended Fund were placed in a Side Pocket. 
Approximately 18% of the assets of the Aida Fund were placed into the side 
pocket. 
 
In order to give investors an understanding of the performance of the Aida 
Open-Ended Fund investments, the performance of the Aida Closed-Ended Fund 
prior to the restructuring has been included in the statistics given in the 
tables regarding the November NAV performance above. 
 
The Final NAV's of Aida Closed-Ended Fund US Dollar Shares as of 31 October 
2009 were published on 16th December as follows: 
 
Published NAV for 30 October 2009   US Dollar 
 
NAV                                   1.6925 
 
In order to assist shareholders with understanding the performance of the Aida 
Open-Ended Fund Ordinary shares illustrated below is the split of the 31 
October 2009 the net asset values per share as of the restructuring had taken 
place: 
 
Illustrative NAV per share          US Dollar 
assuming that the reconstruction 
had taken place as at 31 October 
2009 
 
The Aida Closed-Ended Fund NAV per    1.3939 
US Dollar ordinary share 
 
The Aida Closed-Ended Fund NAV per    0.2986 
side-pocket share 
 
The Aida Open-Ended Fund NAV per      1.3939 
ordinary share 
 
The Aida Open-Ended Fund NAV per      0.2986 
side-pocket share 
 
December 2009 NAV 
 
An estimate of the December NAV for the Aida Closed-Ended Fund is expected to 
be published by 22 January 2010 with the unaudited final NAV for December 
expected to be published by 29 January 2010. 
 
Aida Capital, the investment manager, remains available at all times to discuss 
the fund and markets in general. 
 
Contacts: 
 
Colin Clark 
Peter Haspel 
Nicholas Oppenheim 
 
Aida Capital 
+44 20 7600 7500 
invest@aidacapital.com 
 
Disclaimer 
 
The information in this announcement should be read in conjunction with the 
full text of the registration document, securities note and summary document 
all dated 25 November 2009 and any subsequent announcements. Capitalised terms 
used in this announcement shall, unless the context otherwise requires, bear 
the meaning given to them in the registration document, securities note and 
summary document. 
 
This announcement does not constitute an offer to sell, exchange or transfer 
any securities of The Aida Fund Limited and is not soliciting an offer to 
purchase, exchange or transfer such securities in any jurisdiction where the 
offer, sale, exchange or transfer is not permitted or to any person or entity 
to whom it is unlawful to make that offer, sale, exchange or transfer. 
 
The registration document published on 25 November 2009 of The Aida 
Closed-Ended Fund Limited contains further details of the selling restrictions 
in such jurisdictions. 
 
This announcement is not an offer of securities for sale in the United States. 
The shares referred to herein have not been and will not be registered under 
the United States Securities Act of 1933, as amended (the "Securities Act") or 
with any securities regulatory authority of any state or other jurisdiction of 
the United States and may not be offered or sold within the United States or 
to, or for the account or benefit of, US Persons (as defined in Regulation S 
under the Securities Act) except in accordance with the Securities Act or an 
exemption therefrom. 
 
                            AIDA CLOSED-ENDED FUND 
 
                                    LIMITED 
 
                      The Aida Closed Ended Fund Limited 
 
          Canada Court, Upland Road, St Peter Port, Guernsey, GY1 3QE 
 
                           Registered Number: 45968 
 
 
END
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