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TIDMIRIS

RNS Number : 4467R

DCG IRIS Limited

11 September 2014

DCG IRIS Limited (the "Company")

July Net Asset Values

As at 31 July 2014, the final net asset value of the Company's ordinary shares is as follows:-

Ordinary Shares

 
 Share class    Final NAV   MTD Performance      2014 YTD 
                 31 July     (Total Return)     Performance 
                                               (Total Return) 
-------------  ----------  ----------------  ---------------- 
 Sterling 
  shares         97.75p         +0.43%            +1.80% 
-------------  ----------  ----------------  ---------------- 
 

This valuation, which has been prepared in good faith by the Company's administrator, is for information purposes only and is based on the unaudited final valuation supplied by the administrators of the Company's underlying investment. Both a weekly estimate and a monthly valuation of the underlying investment may be produced as at valuation dates which do not coincide with valuation dates for the Company, may be based on a valuation provided as of a significantly earlier date, may differ materially from the actual value of the Company's portfolio and is 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 administrator may not have sufficient information to confirm or review the completeness or accuracy of information provided by the administrators of the Company's investments.

Other risk factors which may be relevant to this valuation are set out in the Company's prospectus dated 12 November 2012.

Monthly Portfolio Review

Portfolio Commentary (provided by Credit Suisse AG, the manager of the Master Fund)(1)

Performance: The Company returned 0.43% (net of fees) in July, driven by the private transactions. There was no new issuance in the Cat Bond primary market during the month. Pricing in the ILW market continued to improve as we had anticipated last month as cedents filled gaps in their programmes by buying covers on an industry loss basis. Our team was busy for most of the month with the completion of the July renewal.

Large catastrophic events: On 3 July, Arthur - the first hurricane of the 2014 season - made landfall on the barrier islands of North Carolina as a category 2 storm. Insured losses are expected to be below USD 250m. On July 6, typhoon Neoguri passed west of Okinawa and weakened to a tropical storm on its way north before it made landfall on Kyushu. Strong winds and heavy rain caused localised flooding and landslides, damaging buildings and infrastructure, but insured losses are expected to remain limited. On July 17, Malaysia Airlines flight MH17 crashed near the Ukrainian/Russian border killing the 283 passengers and 15 crew members on board. Current reports indicate that the plane was brought down by a surface-to-air missile; however, experts are currently examining the black box information to confirm the cause of the crash. While the full impact of these loss events is still uncertain, we do not anticipate an impact on fund performance at current industry loss estimates. We will continue to monitor the impact of these events and keep investors advised of significant changes in insured losses in future reports.

Trading: There was some trading in the Cat Bond secondary market and we added some exposure on an ILW basis to the fund that we found to be well priced. There was some late season trading in private transactions with US insurance and reinsurance companies. We were also successful in getting on the programme of a large Australian insurance company where several existing counterparties were taken off the account as the cedents looked to consolidate their programme with larger protection sellers like us. In addition, we were able to expand our lines on a large UK composite account.

Outlook: We anticipate that trading activity will slow down over the next few months as we enter the peak of the US hurricane season in August and September. The fund is currently well invested and we will only do trading to the extent that interesting new opportunities arise. We do not expect much activity in the primary Cat Bond market over the next few months.

(1)Portfolio commentary compiled at the end of the month being reported on.

Supplementary Information

Click on, or paste the following link into your web browser, to view a full review of the DCG Iris portfolio.

http://www.rns-pdf.londonstockexchange.com/rns/4467R_-2014-9-11.pdf

This information is provided by RNS

The company news service from the London Stock Exchange

END

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