Factsheet October 2009
30 Novembre 2009 - 10:56AM
UK Regulatory
TIDMBRAL
RNS Number : 2748D
Bramdean Alternatives Limited
30 November 2009
Factsheet October 2009
Bramdean Alternatives Limited (the "Company")
This Factsheet contains commentary and news for the month ended 30 October 2009,
unless otherwise stated.
+-------------------------------------+-------------------------------------+
| Overview | October Estimated Net Asset Values |
| Bramdean Alternatives Limited is a | Sterling shares: 83.50 pence |
| Guernsey closed-ended investment | US Dollar shares: US$ 0.7997 |
| company listed on the London Stock | As described in the Company's |
| Exchange. The Company invests in a | prospectus, and as has been the |
| diversified portfolio of Private | case since its launch, the net |
| Equity Funds, Hedge Funds and other | asset value ("NAV") and the NAV |
| Specialty Funds. | per share are both calculated |
| On 19 November 2009, the | monthly by the Company's |
| appointment of Aberdeen Asset | administrator based on the latest |
| Managers Limited as the investment | published NAV for each underlying |
| manager of the Company in place of | fund. |
| Bramdean Asset Management LLP was | Investments in underlying funds |
| announced. | for the month ended 30 October |
| | 2009 are valued using the values |
| | (whether final or estimated) as |
| | advised by their managers, general |
| | partners or administrators. The |
| | Company has therefore relied on |
| | valuation and reporting methods |
| | used by the managers, general |
| | partners or administrators of the |
| | underlying funds in deriving the |
| | 30 October 2009 NAV and NAV per |
| | share. |
| | For the avoidance of doubt the |
| | Directors have not exercised their |
| | discretion to depart from the |
| | above valuation policy with regard |
| | to the October 2009 NAV. |
| | |
+-------------------------------------+-------------------------------------+
+-------------------------------------+-------------------------------------+
| KEY FACTS | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Market Capitalisation | GBP74.6 million |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Investment Manager | Aberdeen Asset Managers Limited |
| | (with effect from 19 November 2009) |
| | Bramdean Asset Management LLP (in |
| | the period to 19 November 2009) |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Annual Management Fee | 1.5% |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Performance fee | 10% subject to an 8% return and a |
| | high watermark |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Company Brokers | Matrix Corporate Capital LLP |
| | JPMorgan Cazenove |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sterling class share price on 30 | 50.75 pence |
| October 2009 | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sterling class issue price (9 July | 100.00 pence |
| 2007) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Number of Sterling shares in issue | 90,715,319 |
| | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| US Dollar class share price on 30 | US$ 0.60 |
| October 2009 | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| US Dollar class issue price (9 July | US$ 1.00 |
| 2007) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Number of US Dollar shares in issue | 78,573,876 |
| | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Minimum investment | N/A |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Dealing | Daily |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Valuation | Monthly |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| NAV publication | Monthly |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| October Sterling Estimated NAV per | 83.50 pence |
| share | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| October US Dollar Estimated NAV per | US$ 0.7997 |
| share | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Total common net assets | US$ 187,927,003.26 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Total Estimated Net Asset Value | US$ 187,692,094.51 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Half-year end | 30 September 2009 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Financial year end | 31 March 2010 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Company Secretary and Administrator | RBC Offshore Fund Managers Limited |
| | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Registrar | Capita Registrars (Guernsey) |
| | Limited |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Stock Exchange code (Sterling | BRAL |
| shares) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Stock Exchange code (U.S. Dollar | BRAU |
| shares) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sedol code (Sterling shares) | B1XCHB9 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sedol code (U.S. Dollar shares) | B1XCLF1 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| ISIN code (Sterling shares) | GG00B1XCHB94 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| ISIN code (US Dollar shares) | GG00B1XCLF11 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
OCTOBER MARKET COMMENTARY
Stock markets faltered in the middle of October. The strong and sustained rally
in global equities since March continued in the first half of the month, with
the MSCI World Index rising 6.2%, but this gain was sharply pared back and the
Index rose just 0.6% on the month in total.
The greater risk aversion of investors was signalled also by a rise in
government bond markets in the US, UK and the euro zone. Economic data, however,
were generally positive, as the US grew at 3.5% (annual rate) in the third
quarter. This rise was primarily due to strength in consumer spending and
residential investment. The Obama administration's support for the car industry
with incentives for buyers was an important factor in supporting growth. Growth
in the euro zone also supported market perceptions with signs of recovery. The
region's Purchasing Managers' Index was in positive territory for the first time
since May 2008, as the survey exceeded 50 in October. Of the major economies,
only the UK continued to languish, as recession proved stubborn. The Bank of
England persisted with its quantitative easing programme to expand the money
supply and credit.
Foreign exchange markets were volatile in October, as investors were uncertain
when the extremely easy monetary conditions might be tightened. The US dollar
was weak persistently as the quantitative easing programme remained in place
while other economies showed signs of being prepared to raise interest rates.
The Federal Reserve reiterated its stance of low rates for an "extended period".
Third-quarter GDP figures in Asia suggested that growth is recovering and is
robust, with double-digit growth rates for the third-quarter (annual rate) in
China and smaller regional economies, notably South Korea and Singapore.
Sterling continued to be under selling pressure owing to the recession and the
extremely loose monetary policy.
PORTFOLIO NEWS
General
The underlying unaudited performance in October was -0.62% for the Sterling
Share class and +2.43% for the US Dollar Share class. There were 22 holdings in
the Company's overall portfolio as at 30 October 2009.
The Company's redemption notice to Aarkad Plc ("Aarkad") remains suspended and
the Company continues to work with the manager and fellow investors to realise
value from the underlying portfolio. The Company also completed its programme of
tactically reducing its allocation to hedge funds.
The stand-out performer during October was Deephaven Global Multi-Strategy Fund
Ltd. Positive returns were also reported by D.E. Shaw Oculus International
Members Interest and King Street Capital Ltd.
The Company benefited from upward revaluations of 10 of its Private Equity &
Specialty holdings. The portfolios of underlying holdings with substantial
mark-to-market securities continued to benefit from upward revaluations driven
by the current market recovery; non-mark-to-market securities will also rise if
their listed comparables appreciate in value.
Hedging
Neither the Sterling Share class nor the US Dollar Share class currently has any
currency hedges in place. The Company's overcommitted status makes it difficult
to bear the mark-to-market volatility from passive currency hedges. Instead, the
Company continues to monitor its currency exposure to determine whether hedging
such exposure is in the Company's interests and will implement currency hedges
tactically as necessary to guard against currency volatility.
Private Equity & Specialty Funds
The Company has commitments to 17 Private Equity & Specialty Funds amounting to
approximately US$217 million; no new commitments were made during October.
The total amount that has been drawn-down on the commitments made is
approximately US$109.0 million, with seven capital calls totalling approximately
US$4.5 million having been drawn-down in October. The Company has now received
total distributions of US$5.2 million since inception, with US$1.0 million
received in October.
Revaluations were received from 12 managers and these have been incorporated
into the October NAV calculations; 10 were upward revaluations to reflect
recovering values in the underlying portfolios, while two were downwards,
reflecting falls in the values of market comparables, adverse currency movements
and the J-curve effect.
Transitional portfolio
The portfolio held one fund, Aarkad, during October. The rest of the portfolio
comprises of cash. The Transitional portfolio returned +0.01%, including cash,
but excluding currency movements, during October.
Strategic Hedge Funds portfolio
Performance was modestly down on the month, with a return of -0.60%, while
markets remained cautious on the strength and sustainability of the recovery.
Year to date the portfolio has returned +9.68%.
PORTFOLIO HIGHLIGHTS
Event Driven - The reversal in equity markets towards month end hurt the special
situations manager. The manager suffered from some of its equity names,
particularly from large positions in financials, ending the month over 10% down.
Despite these difficulties, the manager was able to profit from positive M&A
events such as the closing of the Wyeth/Pfizer deal. The distressed manager was
up with positive contribution from its long stressed and distressed names.
Global Macro - The fund posted a small loss in October, with gains in asset-back
securities and reinsurance strategies offset by losses from equity statistical
arbitrage exposure. The manager's reinsurance strategy was able to profit from
its US wind exposure as a result of an uneventful hurricane season.
Relative Value - Performance contribution for the multi-strategy manager was
concentrated in the credit book, which has significant exposure to
aircraft-backed securities. These positions rallied on technical factors during
the month.
Outlook - Positive cyclical tailwinds are continuing to drive risk assets
higher. However, significant structural headwinds are possible heading into
2010. Given uncertainty over the timing of renewed market difficulties and the
actions of policy makers, significant exposure to those managers with good
trading capabilities is being maintained.
Portfolio Highlights
Geographical Allocation
+--------------------------------+
| North America74.49% |
+--------------------------------+
| Europe14.87% |
+--------------------------------+
| Global 7.84% |
+--------------------------------+
| Asia & Other 2.81% |
+--------------------------------+
Portfolio Holdings Asset Allocation
+--------------------------------+
| Cash 40.50% |
+--------------------------------+
| Private Equity Funds27.04% |
+--------------------------------+
| Specialty Funds19.24% |
+--------------------------------+
| Strategic Hedge Funds 10.26% |
+--------------------------------+
| Transitional Portfolio2.96% |
+--------------------------------+
PORTFOLIO HOLDINGS (INVESTED CAPITAL) ON 30 October 2009
+--------------------------------------------+------------------+-----------+
| Manager | Type | Portfolio |
| | | Weighting |
+--------------------------------------------+------------------+-----------+
| Cash | Cash | 40.5% |
+--------------------------------------------+------------------+-----------+
| Oaktree OCM Opportunities Fund VIIb LP | Specialty | 8.6% |
+--------------------------------------------+------------------+-----------+
| Greenpark International Investors III LP | Private Equity | 6.2% |
+--------------------------------------------+------------------+-----------+
| D.E. Shaw Oculus International Members | Strategic Hedge | 4.5% |
| Interest | Funds | |
+--------------------------------------------+------------------+-----------+
| Coller International Partners V LP | Private Equity | 3.8% |
+--------------------------------------------+------------------+-----------+
| Thomas H Lee Parallel Fund VI LP | Private Equity | 3.7% |
+--------------------------------------------+------------------+-----------+
| SVG Strategic Recovery Fund II LP | Specialty | 3.7% |
+--------------------------------------------+------------------+-----------+
| Aarkad Plc | Transitional | 3.0% |
+--------------------------------------------+------------------+-----------+
| MatlinPatterson Global Opportunities | Specialty | 2.7% |
| Partners III LP | | |
+--------------------------------------------+------------------+-----------+
| Paulson Advantage Plus Ltd | Strategic Hedge | 2.5% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Silver Lake Partners III LP | Private Equity | 2.3% |
+--------------------------------------------+------------------+-----------+
| Terra Firma Capital Partners III LP | Private Equity | 2.2% |
+--------------------------------------------+------------------+-----------+
| DFJ Athena LP | Private Equity | 2.0% |
+--------------------------------------------+------------------+-----------+
| Goldman Sachs Capital Partners VI LP | Private Equity | 2.0% |
+--------------------------------------------+------------------+-----------+
| HIG Bayside Debt & LBO Fund II LP | Specialty | 1.8% |
+--------------------------------------------+------------------+-----------+
| Tenaya Capital V LP | Private Equity | 1.8% |
+--------------------------------------------+------------------+-----------+
| King Street Capital Ltd | Strategic Hedge | 1.7% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Deephaven Global Multi-Strategy Fund Ltd | Strategic Hedge | 1.7% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Thoma Bravo Fund IX LP | Private Equity | 1.3% |
+--------------------------------------------+------------------+-----------+
| Pine Brook Capital Partners LP | Specialty | 1.2% |
+--------------------------------------------+------------------+-----------+
| Resonant Music LP | Specialty | 1.2% |
+--------------------------------------------+------------------+-----------+
| AIG Brazil Special Situations II LP | Private Equity | 0.9% |
+--------------------------------------------+------------------+-----------+
| Rho Ventures VI LP | Private Equity | 0.7% |
+--------------------------------------------+------------------+-----------+
Cash: The Company currently has six approved cash deposit accounts.
Transitional Investments: The Company will seek to avoid return dilution caused
by holding amounts that are not committed or are committed, but not yet
drawn-down, on both underlying private equity funds and underlying specialty
funds by investing such amounts in a range of transitional investments, which
may include equity hedge, senior debt, mezzanine and market neutral funds.
Strategic Hedge Funds: The part of the Company's portfolio was managed by RMF
Investment management, Nassau Branch (effective 1 October 2009, RMF changed its
name to Man Investments (CH) AG).
DISCLAIMER
On 19 November 2009, the appointment of Aberdeen Asset Managers Limited
("Aberdeen") as the investment manager of the Company in place of Bramdean Asset
Management LLP was announced.
This Factsheet update has been produced by Bramdean Asset Management which is
authorised and regulated by the Financial Services Authority ("FSA"). Bramdean
Asset Management was the Company's investment manager for the period under
review in this document.
This material constitutes a financial promotion for the purposes of the
Financial Services and Markets Act 2000 (the "Act") and the handbook of rules
and guidance issued from time to time by the FSA (the "FSA Rules").
This material is provided for information purposes, is intended for your use
only and does not constitute an invitation or offer to subscribe for or purchase
any of the products or services mentioned. This material has been provided
specifically for the use of the recipient only and must be treated as
proprietary and confidential information. It may not be passed on, nor
reproduced in whole or in part under any circumstances without express written
consent from Aberdeen. The material provided is not intended to provide a
sufficient basis on which to make an investment decision. Information and
opinions presented in this material have been obtained or derived from sources
believed by Bramdean Asset Management and its affiliates to be reliable, but
Aberdeen makes no representation as to their accuracy or completeness. Aberdeen
accepts no liability for loss arising from the use of this material. Aberdeen
gives no representations or warranty that any indicative performance or return
will be achieved in the future or that the investment objectives and policies
from time to time of the Company will be achieved.
You should note that, if you choose to invest in the Company, your capital will
be at risk and you may therefore lose some or all of any amount that you choose
to invest. This material is not intended to constitute, and should not be
construed as, investment advice.
Potential investors in the Company should seek their own independent financial
advice. Aberdeen neither provides investment advice to, nor receives and
transmits orders from, investors in the Company nor does it carry on any other
activities with or for such investors that constitute "MiFID or equivalent third
country business" for the purposes of this FSA Rule.
PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS.
Please note that up-to-date information on the Company, including its monthly
NAV and share prices, factsheets, Annual Report and Financial Statements,
Prospectus and portfolio information can currently be found at
www.bramdeanalternatives.com.
Capita Registrar's helpline is 0871 664 0300 (calls cost 10 pence per minute
plus network extras, lines are open 8.30am-5.30pm Monday-Friday). For callers
outside the UK, please dial: +44 20 8639 3399.
Registered Office: Canada Court, Upland Road, St. Peter Port, Guernsey, GY1 3QE,
Channel Islands.
CONTACT DETAILS:
Aberdeen Asset Managers Limited
Karen Drayton
Assistant Product Manager
E: karen.drayton@aberdeen-asset.com T: +44 20 7463 6525
This information is provided by RNS
The company news service from the London Stock Exchange
END
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