Final NAVs April 2009
29 Mai 2009 - 5:54PM
UK Regulatory
TIDMDASL
RNS Number : 0755T
Dexion Alpha Strategies Limited
29 May 2009
Dexion Alpha Strategies Limited (the "Company")
April Net Asset Values
Ordinary Shares
The net asset values of the Company's Ordinary Shares as of 30 April 2009 are as
follows:-
+--------------+--------------+-------------+-------------+
| Share Class | NAV | April | YTD |
| | |Performance |Performance |
+--------------+--------------+-------------+-------------+
| GBP Shares | 93.70 pence | +3.27% | +2.80% |
+--------------+--------------+-------------+-------------+
| EUR Shares | EUR 1.1309 | +1.47% | +0.24% |
+--------------+--------------+-------------+-------------+
| US$ Shares | US$ 1.5891 | +1.45% | +0.49% |
+--------------+--------------+-------------+-------------+
These valuations, which have been prepared in good faith by the Company's
administrator, are for information purposes only and are based on the unaudited
estimated valuations supplied to the Company's investment adviser by the
administrators or managers of the Company's underlying investments and such
valuations may not be considered independent or may be subject to potential
conflicts of interest. Both weekly manager estimates and monthly valuations may
be produced as at valuation dates which do not co-incide with valuation dates
for the Company, may be based on valuations provided as of a significantly
earlier date, may differ materially from the actual value of the Company's
portfolio and are unaudited or may be subject to little verification or other
due diligence and may not comply with generally accepted accounting practices or
other generally accepted valuation principles. The Company's investment adviser,
investment manager and administrator may not have sufficient information to
confirm or review the completeness or accuracy of information provided by those
managers or administrators of the Company's investments. In addition, those
entities may not provide estimates of the value of the underlying funds in which
the Company invests on a regular or timely basis or at all with the result that
the values of such investments may be estimated by the investment manager. In
the case of 4 of the Company's 49 investments, where no such formal valuation
has been received by today's date, an estimated valuation prepared by the
Company's investment adviser or by the manager or administrator of the
underlying funds has been used. Certain other risk factors which may be relevant
to these valuations are set out in the Company's prospectus dated 10 March 2006.
Monthly Portfolio Review
Investment Adviser Portfolio Outlook
The Portfolio was up over the month with positive contributions from the
majority of underlying managers. European Leveraged Loans outshone all other
strategies, rebounding after difficulties during recent months. Looking ahead,
the Investment Adviser's view remains that the market environment will continue
to prove challenging, and they favour nimble strategies which can add alpha
through shorts and long volatility exposure.
Market Overview
Asian Opportunities: +3.12%. The strategy was up as investor optimism with
regards to the region rose steadily, especially following positive economic data
coming out of China. Performance was driven by the Portfolio's long-short funds,
with double digit returns from one manager due to long exposure to Korea and
Japan. Another manager's gains revolved around a large number of individual
names as stocks began to respond to strong results. The manager remains long
Hong Kong / China and the financial sector, while being short Japan and
consumer-related and utilities sectors. The multi-strategy managers were
generally flat, profiting from individual stock positions reacting favourably to
near-term catalysts, while losses were realised from long volatility and long
bond exposures.
Healthcare Opportunities: +1.17%. The strategy posted a gain as the defensive
sectors also profited from the rising equity prices. The two top performing
managers are in liquidation, and profited from price appreciation in some of
their illiquid positions. Further gains accrued from a fundamental US manager
whose small cap biotech positions performed well.
Special Situations: -0.80%. Performance was dragged down by a manager who,
despite being the largest contributor for 2009 so far, was hurt by the strong
rally in credit and equity markets, in particular from its short financial
positions as this sector was the biggest gainer during the month. The largest
contribution on the positive side came from a distressed manager who navigated
the credit markets well despite his cautious positioning. The core winning
position was in a commercial REIT that filed for bankruptcy, structured in such
a way that property foreclosures were avoided, thus driving the position upwards
as the market's concerns over foreclosure were lifted.
Emerging Markets Macro: +4.74%. It was another strong month for the strategy due
to a continued appetite for risky assets. Exceptional performance was realised
by one manager, once more outshining its peers and posting a +15% return from
gains in credit and Latin American FX positions. Profit generation also came
from long exposure in currencies, sovereign credit and interest rate receiver
strategies, with the Portfolio's manager exiting most of the receiver positions
going into May as economic indicators turned positive and central banks
approached the end of their quantitative easing cycles.
Commodity Strategies: -0.08%. The strategy was flat, driven lower by mediocre
returns from the agricultural focused managers. Cocoa prices sold off in April
following the release of lower European and US consumption figures, coupled with
improved weather in West Africa. This was detrimental for one manager with large
cocoa positions, although losses were slightly offset by positive performance
from coffee and sugar positions. One commodity trader generated profits through
tactical positioning in equities, base metals and grains, while another manager
had significantly decreased their long gold position at the end of March in a
well timed exit, as prices fell in April.
Energy & Emissions: +1.01%. With natural gas continuing to trade lower, one
manager was successfully positioned to generate a profit from bear spreads in
the sector, in particular from the blow-out in the gasoil versus heating oil
spread. Elsewhere, losses were recorded by an equity focused manager due to
short exposure in their shipping book. Despite poor fundamentals for the sector,
the manager underestimated the momentum of the market as the sector rallied in
line with global stock indices.
Environmental Strategies: +3.34%. Despite generally low net and gross exposures
and a cautious approach to the recent rally in the sector, the strategy posted
excellent performance. One manager's nimble trading style and early calls on
sector themes (long nuclear remediation and battery technology) proved
profitable, with speedy reaction to rapidly changing market conditions key to
the managers +19% returns for 2009 so far. In the carbon markets, EUAs rallied
strongly while CERs lagged behind. The spread extended from a low of EUR0.50 to as
much as EUR3.00/ ton as EUAs rallied by more than 21%. The Portfolio's dedicated
carbon manager navigated this difficult market and continued to perform well.
Having been short the spread in 2008 and into 2009, they reversed their
positions near the bottom and are currently long EUAs.
Short-Term Managed Futures: +0.21%. Choppy market action and declining
volatility created a difficult backdrop for the strategy, although the
Portfolio's managers posted a gain in aggregate. Managers suffered particularly
in currencies and fixed income, where positioning was mainly long US Dollar
versus other major currencies and long bonds, both of which fell. Impressive
double digit returns from one short-term trader was driven by long positions in
stock index futures, helping to limit losses.
European Loan Opportunities: +14.68%. The leveraged loan market followed last
month's high yield rally and posted strong gains. The secondary rally was not
only limited to better performing credits or flow names, but also reached down
to names that had previously been untouched. As a consequence, bids were
registered from investors looking for value in names that, although performing,
were more illiquid.
+-------------------------+------------+----------+-----------+-------------+
| Strategy |Allocation | Number | Performance by |
| | as of 1 |of Funds | Strategy |
| | May | as of 1 | % |
| | % | May | |
+-------------------------+------------+----------+-------------------------+
| | | | April | YTD |
+-------------------------+------------+----------+-----------+-------------+
| Asian Opportunities | 22 | 6 | 3.12 | 2.34 |
+-------------------------+------------+----------+-----------+-------------+
| Healthcare | 4 | 3 | 1.17 | -5.54 |
| Opportunities | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Special Situations | 17 | 5 | -0.80 | 0.80 |
+-------------------------+------------+----------+-----------+-------------+
| Emerging Markets Macro | 4 | 3 | 4.74 | 8.76 |
+-------------------------+------------+----------+-----------+-------------+
| Commodity Strategies | 6 | 10 | -0.08 | 2.87 |
+-------------------------+------------+----------+-----------+-------------+
| Energy and Emissions | 16 | 12 | 1.01 | 3.93 |
+-------------------------+------------+----------+-----------+-------------+
| Environmental | 7 | 7 | 3.34 | 5.55 |
| Strategies | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Short-Term Managed | 16 | 4 | 0.21 | 0.46 |
| Futures | | | | |
+-------------------------+------------+----------+-----------+-------------+
| European Loan | 8 | 1 | 14.68 | 4.58 |
| Opportunities EUR | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Total | 100 | 51 | | |
+-------------------------+------------+----------+-----------+-------------+
Strategy returns are in US$ (except where annotated) and net of underlying
manager fees only, and not inclusive of Dexion Alpha Strategies' fees and
expenses.
Voting Rights and Capital
The Company's share capital consists of 69,555,941 GBP shares (excluding
treasury shares) with voting rights, 15,898,020 EUR Shares (excluding treasury
shares) and 1,362,223 US$ Shares (excluding treasury shares) with voting rights.
All Shareholders have equal voting rights based on the number of Shares held.
Accordingly, the total number of voting rights in the Company is 86,816,184 and
this figure may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their interest in,
or a change to their interest in the Company under the FSA's Disclosure and
Transparency Rules.
Supplementary Information
Click on, or paste the following link into your web browser, to view a full
review of the Dexion Alpha Strategies Limited portfolio.
http://www.rns-pdf.londonstockexchange.com/rns/0755T_-2009-5-29.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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