Final NAVs June 2009
30 Juillet 2009 - 1:33PM
UK Regulatory
TIDMDASL
RNS Number : 5750W
Dexion Alpha Strategies Limited
30 July 2009
Dexion Alpha Strategies Limited (the "Company")
June Net Asset Values
Ordinary Shares
The net asset values of the Company's Ordinary Shares as of 30 June 2009 are as
follows:-
+--------------+--------------+-------------+-------------+
| Share Class | NAV | June | YTD |
| | |Performance |Performance |
+--------------+--------------+-------------+-------------+
| GBP Shares | 96.45 pence | +0.41% | +5.81% |
+--------------+--------------+-------------+-------------+
| EUR Shares | EUR 1.1649 | +0.47% | +3.25% |
+--------------+--------------+-------------+-------------+
| US$ Shares | US$ 1.6414 | +0.46% | +3.79% |
+--------------+--------------+-------------+-------------+
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 6 of the Company's 51 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 strongest contribution to the positive Portfolio performance came from the
European Loans strategy as riskier assets continued to rise. The reversal of
numerous trends resulted in mixed performance for most other strategies, with
strong gains in the Healthcare strategy and losses from Short-Term Managed
Futures funds.
The Investment Adviser continues to realise cash in the Portfolio and is
gradually increasing exposure to commodity related strategies.
Market Overview
Asian Opportunities: -0.87%. The loss in momentum as the global equity rally
stalled negatively affected certain Asian markets. It was a month where
volatility exposure was detrimental given declines in volatility pricing,
creating a difficult backdrop for the multi-strategy managers. Long/short
managers further detracted from performance and realised poor results from stock
selection in their portfolios. Japan was one of the strongest performing
countries in Asia, making it difficult for one manager who had short exposure to
this country. The largest loss came from one manager's biggest single name
holding declining significantly following an announcement that the company was
planning to sell some its non-core assets.
Healthcare Opportunities: +8.60%. Performance was driven by improved sentiment
towards small- and mid-cap biotech stocks which rallied strongly. Attitude
towards the sector became more positive as fears of the Obama administration's
attempt to socialise healthcare services gave way to investor realisation that
actual US legislative changes were likely to have less impact than first
thought. Despite impressive results from the healthcare sector, there has been
little change in fundamentals; the rebounds are a recovery correction from
oversold conditions that had depressed the sector last year.
Special Situations: +0.39%. With credit outperforming equity markets,
performance in the strategy was driven by distressed credit exposure. One
manager profited from bank debt positions, especially from a number of
corporations issuing high yield bonds to repay near-term loan maturities. On the
equity side, results were more mixed. One of the Portfolio's core managers, who
had previously built up gold positions, struggled as the sector sold off
slightly, with their largest position slipping back following previous strong
gains.
Emerging Markets Macro: -0.31%. The reversals in the emerging markets caused
havoc for some managers, as currency and equity strategies drove down
performance.
Commodity Strategies: -0.42%. Commodity markets were mixed, creating an
uncertain backdrop for managers. Agricultural exposure dominated both positive
and negative performance. On the positive side, strong returns came from one
manager's short exposure in corn. Large gains accrued amid sharp price falls
after a USDA report showed US farmers planted more acreage than previously
anticipated. Another manager's long sugar exposure also generated profits,
although these were offset by larger losses in grains and long cocoa positions
as coca prices retreated towards the end of the month.
Energy & Emissions: +0.36%. Performance was in large part driven by successful
trading in natural gas and European utility stocks. While European equity
markets, in particular the utilities sector, posted negative numbers, the
Portfolio's managers generated positive returns thanks to good stock selection.
With energy indices this month giving back 40-50% of their gains since March
lows, one manager was hurt from long exposure to energy stocks, although they
were able to mitigate some of the losses through tactical hedging.
Environmental Strategies: +1.74%. Good performance came from successful stock
selection by the Portfolio's long/short managers, with the bulk of returns
generated by the carbon trader. Carbon markets continued to trade lower on weak
EU industrial data, leading to lower emissions, and thus lower demand for
emission credits from such installations. This move benefited the Portfolio's
dedicated carbon manager's short exposure.
Short-Term Managed Futures: -1.05%. Managers struggled as volatility dropped and
markets continued to trade in a relatively tight range. Short-term contrarian
strategies have had little opportunity to realise profits, with the largest
losses arising from currency and interest rate trading, particularly the
Eurodollar.
European Loan Opportunities: +7.13%. The improving investor confidence towards
global credit markets, coupled with rising market liquidity, has driven loan
prices higher, strongly benefitting the strategy. The sustained increase in
secondary prices positively impacted the return of the European Leverage Loan
Index, up +16.74% during Q2 2009. Despite the positive effect of secondary
prices, the number of waiver requests asking for covenant resets has increased.
The Investment Adviser expects the number of waivers to increase in the short
term given the difficult trading environment negatively affecting the top and
bottom line performance of companies.
+-------------------------+------------+----------+-----------+-------------+
| Strategy |Allocation | Number | Performance by |
| | as of 1 |of Funds | Strategy |
| | July | as of 1 | % |
| | % | July | |
+-------------------------+------------+----------+-------------------------+
| | | | June | YTD |
+-------------------------+------------+----------+-----------+-------------+
| Asian Opportunities | 17 | 5 | -0.87 | 3.80 |
+-------------------------+------------+----------+-----------+-------------+
| Healthcare | 5 | 3 | 8.60 | 12.26 |
| Opportunities | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Special Situations | 15 | 5 | 0.39 | 4.98 |
+-------------------------+------------+----------+-----------+-------------+
| Emerging Markets Macro | 1 | 2 | -0.31 | 14.33 |
+-------------------------+------------+----------+-----------+-------------+
| Commodity Strategies | 9 | 10 | -0.42 | 6.01 |
+-------------------------+------------+----------+-----------+-------------+
| Energy and Emissions | 20 | 12 | 0.36 | 6.66 |
+-------------------------+------------+----------+-----------+-------------+
| Environmental | 8 | 6 | 1.74 | 9.89 |
| Strategies | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Short-Term Managed | 16 | 4 | -1.05 | 2.75 |
| Futures | | | | |
+-------------------------+------------+----------+-----------+-------------+
| European Loan | 9 | 1 | 7.13 | 17.07 |
| Opportunities EUR | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Total | 100 | 48 | | |
+-------------------------+------------+----------+-----------+-------------+
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/5750W_-2009-7-30.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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