Portfolio Update

RNS Number : 3664U

BACIT Limited

02 December 2013

 



BACIT Limited

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

BACIT Limited C Share Issue - Portfolio Update

The board of directors (the "Board") of BACIT Limited (the "Company") today announces an update in relation to the Company's C Share issue. The Board is pleased with the progress that the management team has made in deploying capital since the listing of the C Shares on 28 October this year.  At 1 November 2013 the Company had invested approximately 71.2% of the net proceeds of the C Share issue (the "Invested Amount").

The proceeds of the C Share issue are currently invested in 15 funds managed by 13 managers, three of which are new additions to the BACIT portfolio. The C Share fund investments are approximately as follows:

	% of Net Proceeds
Salt Rock Fund	10.1%
Portland Hill Overseas Fund	7.5%
HC Fund	6.3%
SW Mitchell European	5.9%
Polygon European Equity Opportunity Fund	5.6%
BlackRock UK Special Situations Fund	5.6%
Polar Capital Japan Alpha Fund	5.1%
Sinfonietta	4.6%
Tower Fund	4.5%
WyeTree European Recovery Fund	3.9%
Russian Prosperity Fund	3.7%
Polygon Mining Opportunity Fund	2.5%
Prosperity Russia Domestic Fund	2.3%
Majedie Asset UK Equity Fund	2.0%
Henderson Agricultural Fund	1.6%
Total	71.2%

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

	% of Net Proceeds
Global	28.0%
Europe inc UK	23.0%
Emerging Markets	10.6%
Asia Pacific	9.6%
Total	71.2%

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

	% of Net Proceeds
Equity Hedge	26.0%
Equity	18.7%
Global Macro	14.6%
Commodity	8.0%
Credit	3.9%
Total	71.2%

The investments and cash in the portfolio are currently held in UK Sterling and US Dollars, with all Euro investments hedged back into UK Sterling. The split is approximately as follows:

	% of Net Proceeds
UK Sterling	41.4%
Euro (hedged into Sterling)	11.4%
US Dollar (unhedged)	47.2%
Total	100.0%

Further, the Company has committed €1.3m of C Share proceeds to Permira V, and £10m to M&G InfraCapital II. 

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 C Share proceeds are invested in nine funds (representing approximately 38.3% of net proceeds) where the relevant manager has agreed not to charge management or performance fees. The C Share proceeds have been invested in six funds (representing approximately 32.9% of net proceeds) where the manager will rebate or donate back to the Company management and performance fees charged, in the form of either 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 first detailed monthly data for the C Share issue 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.

The Board currently anticipates that conversion of the C shares into ordinary shares should take place following announcement of the November 2013 Net Asset Values for each of the C shares and the existing ordinary shares (NAVs) at a ratio calculated on the basis of those NAVs.  This is dependent, however, on the November NAVs being published sufficiently in advance of Christmas so that the issue and admission to listing of the new ordinary shares resulting from the conversion can take place prior to 31 December 2013.  If this is not possible, conversion would take place on the basis of the December 2013 NAVs with the new ordinary shares being issued and admitted to listing by 29 January 2014.  A further update on the specific timing will be made in due course.

For further information, please contact:

Rose Toussaint

[phone]

[e-mail]

 

END

 

 

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