Portfolio Update

RNS Number : 4874R

BACIT Limited

19 November 2012

 



BACIT Limited

(a closed-ended investment company incorporated in Guernsey with registration number 55514)

BACIT Limited-Portfolio Update

The board of directors (the "Board") of BACIT Limited (the "Company") today announces an update in relation to the Company's investment portfolio. The Board is pleased with the progress that the management team has made in deploying capital since the launch of the Company on 26 October this year.  At 5 November 2012 the Company had invested approximately 70.4% of its net asset value as at 31 October ("NAV"), the "Invested Amount".

The Company is currently invested in 22 funds managed by 17 managers. These fund investments are as follows:

	% of NAV
Capital Gearing Portfolio Dollar Fund	7.8%
Majedie Asset UK Equity	5.9%
Maga Smaller Companies Fund	5.9%
BlackRock UK Special Situations Fund	4.9%
Armajaro AIMS	4.4%
Polygon Mining Fund	3.7%
SW Mitchell European Fund	3.4%
Polygon Convertible Opportunity Fund	3.0%
Polygon European Equity Opportunity Fund	3.0%
Polar Capital Japan Large Cap Fund	2.9%
Symphony (SFP) Japan Value Realization Fund	2.9%
Thyra Global Technology Fund	2.9%
Tower Fund	2.9%
Cumulus Energy Fund	2.5%
Russian Prosperity Fund	2.4%
Sinfonietta Fund	2.4%
BlackRock World Resources Income Fund	2.0%
Baker Steel Genus Dynamic Gold Fund	2.0%
Henderson Agricultural Fund	1.5%
Optimal Australia Fund	1.5%
Prosperity Russia Domestic Fund	1.5%
WyeTree RRETRO Fund	1.0%
Total	70.4%

The geographic focus split of the Invested Amount is approximately as follows:

	% of NAV
Global	20.4%
Europe ex-UK	14.8%
UK	10.8%
US	10.3%
Asia Pacific	7.3%
Emerging Markets	6.8%
Total	70.4%

The strategy split of the Invested Amount is approximately as follows:

	% of NAV
Equity Hedge	19.6%
Commodity	15.9%
Equity	13.7%
Emerging Markets	6.8%
Fixed Income	7.8%
Relative Value	3.0%
Global Macro	2.4%
Credit	1.0%
Total	70.4%

The investments and cash in the portfolio are currently held in UK Sterling and US Dollars, split approximately as follows:

	% of NAV
UK Sterling	55.5%
US Dollar	44.5%
Total	100.0%

In accordance with the Company's investment policy, all investments have been made into funds where the investment manager has provided investment capacity on a "gross return" basis, meaning that the Company will not bear the impact of management or performance fees on its investment. To date, the Company has invested in 15 funds (representing approximately 43.5% of NAV) where the relevant manager has agreed not to charge management or performance fees. The Company has invested in 7 funds (representing approximately 26.9% of NAV) where the manager will rebate or donate back to the Company management and performance fees charged, either in the form of cash or shares. An amount in respect of management fees will usually be rebated or donated to the Company on a monthly or quarterly basis whilst an amount in respect of performance fees will usually be rebated or donated to the Company annually at the end of the relevant fund's financial year.

The Board expects to release the Company's first monthly factsheet in December. This will contain a further update on committed capital and will include performance data, manager commentary and a portfolio breakdown as at 30 November.

For further information, please contact:

Rose Toussaint

[phone]

[e-mail]

 

END

 

 

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